Are you one of Beyonce’s Single Ladies? Member of the Lonely Heart’s Club? Whether you celebrate your singleton status or just can’t find a decent date, having a bigger pool of eligible candidates to draw from certainly helps your chances. Apartment Guide has dug deep into the data to help uncover the cities where you can find the most single folks in the United States and how the data differs between men and women in that metro area. If you’re single and looking for your next move, here’s where to start.
U.S. Cities With the Greatest Percentage of Single Men
U.S. Cities with the Greatest Percentage of Single Women
This data is sourced from Maponics based on self-reporting households. Single households are defined as households with no children under the age of 18 in which the head of the household is unmarried. Household is defined by the US Census Bureau as one or more people who occupy a housing unit.
When it comes to finding single men, it would appear that heading out west is the way to go. Six of the top 10 cities with the greatest percentage of single men are in California; more specifically around Los Angeles. It seems that L.A. isn’t just great for movie stars and fancy cars, it’s also great for finding single guys!
Great spots for finding single ladies, on the other hand, seem to be sprinkled around the entire country. The Midwest claims the top two spots, with Gary, IN and Detroit, MI coming in strong with slightly over 22% of self-reporting households claiming to be single women. That’s a pretty packed ladies night.
So why does it seem that the percentage rates of single women households are significantly higher than the men? It would appear it comes down to population. According to US Census Bureau demographic information of the United States in 2014, there were about 125.9 million adult women as compared to 119.4 million adult men. That’s a difference of 6.5 million.
Are you currently single and looking for love? Would you ever consider moving to widen your dating pool? Let us know below!
Opening a certificate of deposit (CD) account is one way to save for short- or long-term financial goals. You can deposit money, then earn interest for a set term until the CD maturity date rolls around.
At that point, you’ll have to decide whether to continue saving or withdraw the money. Your bank may renew the CD automatically if you don’t specify what you’d like to do with the account.
Understanding CD maturity options (and there are several) can help you decide what to do with your savings once the term ends. Here, learn more about:
• What happens when a CD matures
• What you can do with your CD when it matures
• What to do if you miss the grace period to withdraw funds
• What are the tax implications when a CD matures
What Can I Do When My CD Matures?
A certificate of deposit is a time deposit account. That means you make an initial deposit which earns interest over a set maturity term. You’re typically not able to make additional deposits to your CD, though some banks offer what are known as add-on CDs that allow you to do so.
You are not supposed to withdraw any or all of the funds until the CD matures; you’ve committed to keeping your cash there. That’s why CDs may pay a higher annual percentage yield (APY) than a conventional savings account.
Early withdrawal can trigger penalties, though there are some penalty-free CDs available, typically at a lower interest rate.
So what happens when a CD matures? It largely depends on your preferences, but there are four main possibilities for handling a CD once it reaches maturity.
Deposit It Into a Different Bank Account
If your financial goals have changed or you’d just like more liquidity when it comes to your savings, you could deposit CD funds into a bank account. For example, savings accounts and money market accounts are two types of deposit accounts that can earn interest.
You might deposit funds at the same bank or at a different bank if you’re able to find a higher rate for savings accounts elsewhere. Or you may choose to put your CD savings into checking if you were saving for a specific purchase and the time has come to spend that money.
Quick Money Tip: If you’re saving for a short-term goal — whether it’s a vacation, a wedding, or the down payment on a house — consider opening a high-yield savings account. The higher APY that you’ll earn will help your money grow faster, but the funds stay liquid, so they are easy to access when you reach your goal.
Deposit It Into a New CD
Another option is to continue saving with a new CD. You might prefer a certificate of deposit vs. savings account if you know that you won’t need the money prior to the CD maturity date.
Otherwise, you could end up paying a CD withdrawal penalty, as noted above, if you need to break into the new CD before it matures. The penalty for withdrawing money from a CD early can vary from bank to bank but it could cause you to forfeit a significant portion of the interest earned.
Automatically Renew the CD
Banks can renew CDs automatically if the account owner doesn’t specify that they’d like to make a withdrawal at maturity. In that case, your initial deposit and the interest you’ve earned would be moved into a new CD that would begin a new maturity term of similar length. The interest rate might be different, however, if rates have increased or decreased since you initially opened the account.
Continuing to save in CDs (or a savings account) can keep your money safe. When accounts are held at a FDIC-member bank, they’re protected up to $250,000 per depositor, per account ownership type, per financial institution by the Federal Deposit Insurance Corporation. If you choose to have a CD at an insured credit union, NCUA (the National Credit Union Administration) will provide similar insurance. So if you’re wondering, “Can CDs lose money?” fear not. You can rest assured knowing your savings are covered.
A point worth noting: When you invest in CDs, their security can make them a good way to balance out your holdings. They can be a wise move if you have some funds in the stock market or other more volatile uninsured investments.
Withdraw CD Savings In Cash
A fourth option is to withdraw your CD savings in cash. That might make sense if you need the money to pay for a large purchase. For example, if you were using a CD to save money so you could buy a car, you might use the proceeds to cover the cost.
How Long Do I Have to Withdraw My CD?
Banks typically offer a grace period for CDs which allows you time to decide what you’d like to do with the money at maturity. The CD grace period is usually around 10 days (say, one to two weeks), and the clock starts ticking on the day the CD matures.
Your bank should notify you in advance that your CD maturity date is approaching so you have time to weigh your options. You may also be able to find your CD maturity date by logging in to your account or reviewing your account agreement.
It’s important to keep track of CD maturity dates, especially if you have multiple CDs with varying terms. For example, you might build a CD ladder that features five CDs with maturity terms spaced three, six, nine, 12 and 18 months apart. Being aware of the dates and grace periods can help you plan in advance which of the maturity options mentioned earlier you’d like to choose.
What Happens If I Miss the Grace Period to Withdraw?
Once the CD grace period window closes, you’ll generally have to wait until maturity to make a withdrawal. As mentioned, banks can impose an early withdrawal penalty if you take money from a CD ahead of schedule.
The penalty may be a flat fee, but it’s more common for the fee to be assessed as a certain number of days of interest. The longer the maturity term, the steeper the penalty usually ends up being. For example, you might have to pay three months’ worth of interest for withdrawing money early from a 6-month CD but that might get bumped up to a year’s worth for a 5-year CD.
There is one way to get around that. If your bank offers a no-penalty CD, you’d be able to withdraw money at any time during the maturity term without paying an early withdrawal fee. There is something of a trade-off, however, since no-penalty CDs typically offer lower interest rates than regular CDs.
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Things to Think About When Your CD Matures
If you have one or more CDs that are approaching maturity, it’s important to have a game plan when deciding what to do with them. Otherwise, you could end up locked in to a new CD which may not be what you want or need.
Here are a few things to consider when weighing your CD maturity options:
• Do I need the money right now?
• Could I get a better rate by moving the money to a new CD or savings account elsewhere?
• If I let the CD renew automatically, how much of a penalty would I pay if I decide to withdraw the money early later on?
• Would it make more sense to keep the money in a savings account so that it’s more accessible if I end up needing it?
• If I have multiple CDs in a CD ladder, does it make sense to roll the money into a new CD “rung” or use the funds for something else?
Thinking about your financial goals and your current needs can help you figure out which option might work best for your situation.
What Are the Tax Implications Once a CD Matures?
Here’s one more question you might have about CD maturity: Are CDs taxable? The short answer is yes. Interest earned from CDs is considered taxable interest income by the IRS if the amount exceeds $10. That rule applies whether the bank renews the CD, you deposit the money into a new CD or savings account yourself, or withdraw the money in cash. If you have a CD and it accrues more than $10 in interest, those earnings are taxable.
Your bank should send you a Form 1099-INT in January showing all the interest income earned from CDs (or other deposit accounts) for the previous year. You’ll need to hang onto this form since you’ll need it to file taxes. And if you’re tempted to just “forget” about reporting CD interest, remember that the bank sends a copy of your 1099-INT to the IRS, too.
The Takeaway
CDs can help you grow your money until you need to spend it. Assuming your goals line up with your CD maturity dates, that shouldn’t be an issue.
On the other hand, you might prefer to keep some of your money in a savings account so you have flexible access. When you open an account with SoFi, you can get Checking and Savings (and the ability to spend and stash your cash) in one convenient place. You’ll earn a competitive APY on balances, and you won’t pay any of the usual account fees. Those are two features that can really help your money grow and work harder for you!
Better banking is here with up to 4.20% APY on SoFi Checking and Savings.
FAQ
Which should you do when your CD matures?
When a CD matures, you can roll it into a new CD, deposit the funds into a savings account, allow the CD to renew, or withdraw the money in cash. The option that makes the most sense for you can depend on your financial goals and whether you have an immediate need for the money.
Do you have to pay taxes when your CD matures?
Interest earned on CDs is taxable. Your bank will issue you a Form 1099-INT in January showing the interest earned for the previous year. You’ll need to keep that form so you can report the interest earnings when you file your annual income tax return.
Are there penalties if you withdraw a CD early?
Banks can charge an early withdrawal penalty for taking money out of a CD before maturity. You may pay a flat fee or forfeit some of the interest earned. The amount of the penalty can vary by bank and by CD maturity term. Generally, the longer the maturity term, the higher the penalty ends up being.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
SoFi members with direct deposit can earn up to 4.20% annual percentage yield (APY) interest on Savings account balances (including Vaults) and up to 1.20% APY on Checking account balances. There is no minimum direct deposit amount required to qualify for these rates. Members without direct deposit will earn 1.20% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 4/25/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice. SOBK0123019
A pending transaction on your bank account means that a transaction is underway but hasn’t been fully processed yet. Perhaps a vendor has accepted your debit card as payment and is working with your bank to receive payment. Or maybe you are expecting an electronic payment but the funds are awaiting release.
Usually, your bank takes a few business days to resolve the pending transaction and post it to your account. However, it’s vital to remember that pending transactions subtract your purchase amount from your bank account as soon as they appear. Likewise, an incoming credit will turn up as an addition to your balance, usually with an anticipated release date.
Bank pending transactions, even if they come from vendors you recognize, may require a closer look. For instance, why is there an extra charge from the gas station you visited this morning? And why would a charge still be pending from the sandwich shop you stopped at last week? These items are examples of pending transactions, which can create holds on your account until your bank resolves them.
Here are the details on how pending transactions affect your finances and what to do about them, including:
• What does pending mean on my bank account?
• What is a pending transaction on my bank account?
• How long does a bank pending transaction on my bank account last?
• What does a pending transaction do to my bank account balance?
What Is a Pending Transaction?
A pending transaction on your bank account means your bank is processing a purchase you made, a bill you paid, or a deposit that’s heading your way, but it hasn’t been completed yet. Either the payment hasn’t been sent to the vendor yet or the incoming funds haven’t cleared, although they are in process.
For instance, when you purchase a good or service by using your debit card, your account will show a pending transaction shortly after. This acknowledges that you used your card, shows the amount, but the transaction isn’t in the rearview mirror just yet. Here’s why:
• Pending purchases happen when you swipe, insert, or tap your card, the business you’re transacting with confirms the card is valid through a quick online process.
• Then, the business accepts the purchase and puts a hold on your account, signifying that your bank needs to pay them for the purchase. This hold creates a pending transaction on your checking account.
• The business resolves the pending transaction on your account by settling your purchase with your bank or financial institution. When your financial institution receives communication from the business, it will perform a bank transaction deposit to the business’s financial account.
• Once the business receives payment, the transaction goes from pending to posted.
Likewise, pending deposits happen when the funds from another account haven’t been released to your bank account yet. However, they appear pending to let you know funds are processing and should be deposited soon. This could reflect a check you deposited or perhaps a direct deposit that you set up.
How long do direct deposits take to clear? Typically, direct deposits can take a couple of days to clear, but paychecks are often orchestrated in advance to show up and be available on payday, so they may appear instantaneous.
If you’ve deposited a check, it typically takes no more than two days to clear, but in some situations, it can take up to a week.
Recommended: What Happens if a Direct Deposit Goes to a Closed Account?
Pending Transaction vs Posted Transaction
A bank pending transaction and a posted transaction represent two different stages of your bank or financial institution processing a payment or a deposit. Specifically, the difference is:
• A pending transaction on your bank account means one of two things: either a merchant initiated a request for payment to your bank because of a purchase you made with your debit card or a deposit is waiting to be released into your account.
• To get to posted transaction status, your bank finishes processing the payment or deposit request, and money goes from your account to the vendor to fund your purchase or vice versa. For example, say you spend $50 at the grocery store. After you use your card, the store communicates with your bank to record a pending transaction. Then, your bank uses funds in your account to fulfill your grocery purchase. Your account has a posted transaction, a debit, of $50 after your bank pays the grocery store.
How Long Does a Transaction Stay Pending?
A transaction typically stays pending for one to three business days. During this time, your bank or financial institution processes the request and transfers money from one account to another according to your purchase or deposit amount.
After these steps occur, the transaction is no longer pending. It becomes a posted transaction.
What Causes a Transaction to Stay Pending?
A transaction can stay pending for various reasons.
• First, the vendor you transacted with might be slow to move the payment from your bank. The transaction stays pending until the vendor accepts payment from your bank. If the vendor takes too long to accept the money, the bank can cancel the transfer. If that happens, the pending transaction will vanish from your account, along with the charge against your balance.
• In addition, pending transactions can take longer to clear because of how businesses operate in specific industries. For example, a hotel won’t resolve a pending transaction on your account until you check out because you might, say, order room service during your stay, increasing your bill. As a result, the pending transaction stays on your account until the hotel can charge the grand total to your card.
• Lastly, transactions can stay pending because of holidays and weekends. During these times, banks and businesses may take longer to resolve pending transactions on your account.
How Does a Pending Transaction Impact Your Account Balance?
Although a pending transaction on your bank account means the vendor hasn’t received payment yet or the funds for the deposit are not cleared, it still influences your account balance. Put another way, pending transactions count toward your balance, which helps prevent you from overspending money.
There’s another benefit to this practice: That quick deduction of pending charges from your bank account balance might help you avoid overdraft or NSF fees. You see how much money is actually in your account and can therefore be cautious with your purchases.
Pending Transaction Examples
Say you have $2,000 in your bank account, and you go to buy a $400 espresso machine. The merchant initiates a hold with your bank account, and your bank creates a $400 pending transaction on your account. This transaction reduces your account balance by $400.
Meanwhile, the bank takes four days to process the merchant’s request. However, the moment the pending transaction hit your account, your balance changed to $1,600. As a result, you had a realistic sense of the money available to spend immediately after buying the espresso machine despite your bank taking four days to pay the merchant.
In other words, the bank pending transaction is instantly subtracted from your bank account to prevent you from overdrafting. So, when managing your checking account, your balance might be lower than expected from time to time. In these situations, check for pending transactions from recent purchases, as they may be taking away from your balance sooner than you thought.
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Can You Cancel a Pending Transaction?
Depending on where you are in the purchase process, you may be able to cancel a pending transaction with the vendor or your bank. Here are a few scenarios to consider. First, here’s how you might be able to work with a vendor:
• Perhaps you place an online order for new clothes and feel buyer’s remorse a few hours later when you see the pending transaction hit your bank account. Fortunately, the vendor probably hasn’t shipped your order yet, so you contact them and cancel the order. Once your vendor processes the cancellation, the pending transaction should disappear from your bank account and restore your available funds.
• What if you placed an online order, but you notice the pending transaction on your bank account is double the amount of what you actually ordered? You realize the vendor has charged your account twice, so you notify them about the issue. Once they rectify the ordering error, the pending transaction should change to the correct amount.
In other situations, contacting your bank or financial institution is a better move.
• If you see an unfamiliar pending transaction from a company you don’t remember doing business with, it’s best to notify your bank of the suspicious activity. The bank will investigate on your behalf and cancel any fraudulent charges.
• If you see a pending transaction for an amount that doesn’t match your records, you can ask your bank to nullify the charge. This option is helpful if you can’t get in touch with the vendor or want to avoid overdrafting your account.
• Say you have a pending transaction from a business that is unresponsive to your communication or refuses to cancel the transaction. In that case, contacting your bank to cancel the pending transaction can resolve the issue.
Recommended: Benefits of Using Mobile Deposit
The Takeaway
A pending transaction on your bank account means your bank is processing a purchase or an incoming deposit from another account. Although a pending transaction signifies your vendor has yet to receive payment or the deposit funds aren’t released yet, the amount involved is typically reflected from your bank account. This gives you an accurate, up-to-date picture of the money you have available.
It’s possible to cancel a pending transaction by contacting the vendor or your bank, but it’s crucial to act quickly.
Looking for a banking partner that makes money management easy and rewarding? Open an online bank account with SoFi. Our high interest bank account offers a competitive annual percentage yield (APY) and no account fees, both of which can help your money grow. We also have features like Vaults and Roundups that can help take your savings to the next level. Plus, the fact that you spend and save in one convenient place can streamline the time you spend wrangling your finances.
Better banking is here with up to 4.20% APY on SoFi Checking and Savings.
FAQ
Are pending transactions already deducted from my account?
Once a pending transaction appears on your bank account, the amount is deducted from your balance. As a result, you don’t have to wait for the transaction to post to see how the purchase impacts your bank account.
What do I do if my transaction is pending?
If your transaction is pending, all you need to do is wait for your bank to resolve the charge with the vendor or the deposit to your account. This process usually takes one to three business days. The only reason to take action regarding a pending transaction is if you want to cancel it.
Can pending transactions be declined?
A vendor can decline a pending transaction by not accepting payment from your bank. This scenario means the vendor loses money on your purchase, so it’s rare for this to happen (unless, say, an item is sold out). The vendor will also decline a pending transaction if you successfully cancel your order with them.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
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. SoFi members with direct deposit can earn up to 4.20% annual percentage yield (APY) interest on Savings account balances (including Vaults) and up to 1.20% APY on Checking account balances. There is no minimum direct deposit amount required to qualify for these rates. Members without direct deposit will earn 1.20% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 4/25/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. SOBK0223017
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We are going to under the cover and discover $14 an hour is how much per year.
For most Americans, this is hovering near minimum wage.
Let’s get this straight… This is not a livable wage.
If you are in high school or college and have support from your parents, then this is great spending money for you.
However, if you are making it on your own, $14 per hour will not make ends meet each month.
For most people, being at minimum wage is common and the goal is to make your way up the payscale and quickly!
In this post, we’re going to detail exactly what $14 an hour is how much a year. Also, we will break it down to know how much is made per month, bi-weekly, per week, and daily.
That will help you immensely with how you spend your money. Because too many times the hard-earned cash is brought home, but there is no actual plan for how to spend that money.
When living close to minimum wage, you must know how to manage money wisely.
More than likely, you are living paycheck to paycheck and struggling to survive until the next paycheck. Take a deep breath and make this minimum wage just a season.
The ultimate goal is to make the most of your hourly wage with inspirations to make more money.
If that is something you want to do, then keep reading. You are in the right place.
$14 an Hour is How Much a Year?
When we ran all of our numbers to figure out how much is $14 per hour is an annual salary, we used the average working day of 40 hours a week.
40 hours x 52 weeks x $14 = $29,120
$29120 is the gross annual salary with a $14 per hour wage.
Breakdown of 14 Dollars an hour is how much a year
Typically, the average workweek is 40 hours and you can work 52 weeks a year. Take 40 hours times 52 weeks and that equals 2,080 working hours. Then, multiply the hourly salary of $14 times 2,080 working hours, and the result is $29,120.
That number is the gross income before taxes, insurance, 401K, or anything else is taken out. Net income is how much you deposit into your bank account.
Work Part Time?
But you may think, oh wait, I’m only working part time. So if you’re working part time, the assumption is working 20 hours a week at $14 an hour.
Only 20 hours per week. Then, take 20 hours times 52 weeks and that equals 1,040 working hours. Then, multiply the hourly salary of $14 times 1,040 working hours, and the result is $14,560.
How Much is $14 Per Month?
On average, the monthly amount would average $2,426.
Annual Amount of $20120 ÷ 12 months = $2426 per month
Since some months have more days and fewer days like February, you can expect months with more days to have a bigger paycheck. Also, this can be heavily influenced by how often you are paid and on which days you get paid.
Work Part Time?
Only 20 hours per week. Then, the monthly amount would average $1213.
How Much is $14 per Hour Per Week
This is a great number to know! How much do I make each week? When I roll out of bed and do my job, what can I expect to make at the end of the week?
Once again, the assumption is 40 hours worked.
40 hours x $14 = $560 per week.
Work Part Time?
Only 20 hours per week. Then, the weekly amount would be $280.
How Much is $14 per Hour Bi-Weekly
For this calculation, take the average weekly pay of $560 and double it.
$560 per week x 2 = $1120
Also, the other way to calculate this is:
40 hours x 2 weeks x $14 an hour = $1120
Work Part Time?
Only 20 hours per week. Then, the bi-weekly amount would be $560.
How Much is $14 Per Hour Per Day
This depends on how many hours you work in a day. For this example, we are going to use an eight-hour workday.
8 hours x $14 per hour = $112 per day.
If you work 10 hours a day for four days, then you would make $140 per day. (10 hours x $14 per hour)
Work Part Time?
Only 4 hours per day. Then, the daily amount would be $56.
$14 Per Hour is…
$14 per Hour – Full Time
Total Income
Yearly Salary (52 weeks)
$29,120
Yearly Wage (50 weeks)
$28,000
Monthly Wage (173 hours)
$2.426
Weekly Wage (40 Hours)
$560
Bi-Weekly Wage (80 Hours)
$1120
Daily Wage (8 Hours)
$112
Net Estimated Monthly Income
$1,853
**These are assumptions based on simple scenarios.
Paid Time Off Earning 14 Dollars an Hour
Does your employer offer paid time off?
As an hourly, close to minimum wage employee, more than likely you will not get paid time off.
So, here are the scenarios for both cases.
For general purposes, we are going to assume you work 40 hours per week over the course of the year.
Case # 1 – With Paid Time Off
Most hourly employees, get two weeks of paid time off which is equivalent to 2 weeks of paid time off.
In this case, you would make $29120 per year.
This is the same as the example above for an annual salary making $14 per hour.
Case #2 – No Paid Time Off
Unfortunately, not all employers offer paid time off to their hourly employees. While that is unfortunate, it is best to plan for less income.
Life happens. There will be times you need to take time off for numerous reasons – sick time, handling an emergency, or even vacation.
So, let’s assume you take 2 weeks off without paid time off.
That means you would only work 50 weeks of the year instead of all 52 weeks. Take 40 hours times 50 weeks and that equals 2,000 working hours. Then, multiply the hourly salary of $14 times 2,000 working hours, and the result is $28,000.
40 hours x 50 weeks x $14 = $28000
You would average $112 per working day and nothing when you don’t work.
$14 an Hour is How Much a year After Taxes
Let’s be honest… Taxes can take up a big chunk of your paycheck. Thus, you need to know how taxes can affect your hourly wage.
This is why you always wondering why your take-home pay is so much less.
Also, every single person’s tax situation is different.
On the basic level, let’s assume a 12% federal tax rate and a 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.
Gross Annual Salary: $29,120
Federal Taxes of 12%: $3,494
State Taxes of 4%: $1,165
Social Security and Medicare of 7.65%: $2,228
$14 an Hour per Year after Taxes: $22,233
This would be your net annual salary after taxes.
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$22233 ÷ 2080 hours = $10.69 per hour
After estimated taxes and FICA, you are netting $10.69 an hour. That is $3.31 an hour less than what you planned.
This is a very highlighted example and can vary greatly depending on your personal situation. Therefore, here is a great tool to help you figure out how much your net paycheck would be.
$14 an Hour Budget – Example
You are probably wondering can I live on my own making 14 dollars an hour? How much rent can you afford at 14 an hour?
Using our Cents Plan Formula, this is the best case scenario on how to budget your $14 per hour paycheck.
When using these percentages, it is best to use net income because taxes must be paid.
In this example, above we calculated that $14 an hour was $10.69 after taxes. That would average $1853 per month.
According to the Cents Plan Formula, here is the high level view of a $14 per hour budget:
Basic Expenses of 50% = $926
Save Money of 20% = $371
Give Money of 10% = $185
Fun Spending of 20% = $371
Debt of 0% = $0
Obviously, that is not doable when living so close to minimum wage. So, you have to be strategic on ways to decrease your basic expenses and debt. Then, it will allow you more money to save and fun spending.
To further break down an example budget of $14 per hour, then using the ideal household percentages is extremely helpful.
recommended budget percentages based on $14 per hour wage:
Category
Ideal Percentages
Sample Monthly Budget
Giving
10%
$73
Savings
15-25%
$194
Housing
20-30%
$728
Utilities
4-7%
$121
Groceries
5-12%
$231
Clothing
1-4%
$24
Transportation
4-10%
$109
Medical
5-12%
$243
Life Insurance
1%
$21
Education
1-4%
$12
Personal
2-7%
$36
Recreation / Entertainment
3-8%
$61
Debts
0% – Goal
$0
Government Tax (including Income Tatumx, Social Security & Medicare)
15-25%
$574
Total Gross Income
$2427
**In this budget, prioritization was given to basic expenses. Thus, some categories like giving and saving were less.
$14 An Hour Salary Calculator
Now, you get to figure out how much you make based on your hours worked or if you make a wage between $14.01-14.99.
This is super helpful if you make $14.25, $14.50, or $14.75.
Living on $14 Per Hour
Living close to minimum wage can be a very difficult situation.
Is it doable? Probably not for long.
You just have to be wiser (or frugal) with your money and how you spend the hard-earned cash you have been blessed with.
A lot of times when people are making under near the minimum wage mark, they feel like they are in this constant cycle that they can never keep up with (which completely makes sense it is hard!).
When your thoughts are constantly focused on how you are struggling to keep up with bills and expenses, that is all you focus on.
You need to do is change your money mindset.
This is what you say to yourself… Okay, I am making near minimum wage for now. I have aspirations and goals to increase how much I make. For now, I am going to make sure that I am able to live on my 14 dollars per hour. I’m going to try and avoid debt and payday loans at all costs.
Other Tips to Help You:
Check your minimum wage for your state and city. You might find a higher minimum wage in a nearby city.
Look to living in a lower cost of living area to stretch your money.
Find ways to minizine your basic expenses.
Thrive with a frugal green minimalist lifestyle.
Decide if a roommate or moving back with your parents would help.
Bike or walk to work.
In the next section, we will dig into ways to increase your income, but for now, you must focus on living on $14 an hour.
5 Ways to Increase Your Hourly Wage
This right here is the most important section of this post.
You need to figure out ways to increase your hourly income because I’m going to tell you…you deserve more. You do a good job and your value is higher than what your employers pay you.
Even an increase of 50 cents to $14.50 will add up over the year. Even better $15 an hour!
1. Ask for a Raise
The first thing to do is ask for a raise. Walk right in and ask for a raise because you never know what the answer will be until you ask.
If you want the best tips on how specifically to ask for a raise and what the average wage is for somebody doing your job, then check out this book. In this book, the author gives you the exact way to increase your income. The purchase is worth it or go down to the library and check that book out.
2. Look for A New Job
Another way to increase your hourly wage is to look for a new job. Maybe a completely new industry.
It might be a total change for you, but many times, if you want to change your financial situation, then that starts with a career change. Maybe you’re stressed out at work. Making $14 an hour is too much for you and you’re not able to enjoy life, maybe changing jobs and finding another job may increase your pay, but it will also increase your quality of life.
3. Find a New Career
Because of student loans, too many employees feel like they are stuck in the career field they chose. They feel sucked into the job that they don’t like or have the potential they thought it would.
For many years, I was in the same situation until I decided to do a complete career change. I am glad I did. I have the flexibility that I needed in my life to do what I wanted when I needed to do it. Plus I am able to enjoy my entrepreneurial spirit.
4. Find Alternative Ways to Make Money
In today’s society, you need to find ways to make more money. Period.
There is no way to get around it. You need to find additional income outside a traditional nine to five position or typical 40 hour a week job. You will reach a point where you are maxed on what you can make in your current position or title. There may be some advancement to move forward, but in many cases, there just is not much room for growth.
So, you need to find a side hustle – another way to make money.
Do something that you enjoy, turn your hobby into a way to make money, turn something that you naturally do, and help others into a service business. In today’s society, the sky is the limit on how you can earn a freelancing income.
5. Earn Passive Income
The last way to increase your hourly wage is to start earning passive income.
This can be from a variety of ways including the stock market, real estate, online courses, book sales, etc. This is where the differentiation between struggling financially and being financially sound happens.
By earning money passively, you are able to do the things that you enjoy doing and not be loaded down, with having a job that you need to work, and a place that you have to go to. And you still make money doing nothing.
Here is an example:
You can start a brokerage account and start trading stocks for $50. You need to learn and take the one and only investing class I recommend. Learn how the market works, watch videos, and practice in a simulator before you start using your own money.
One gentleman started with $5,000 in his trading account and now has well over $36,000 in a year. Just from practice and being consistent, he has learned that passive income is the way for him to increase his income and also not be a slave to his job.
Tips to Live on $14 an Hour
In this last section, grasp these tips on how to live on $14 an hour. On our site, you can find lots of money saving tips to help stretch your income further.
Here are the most important tips to live on $14 an hour. Highlight these!
1. Spend Less Than you Make
First, you must learn to spend less than you make.
If not you will be caught in the debt cycle and that is not where you want to be. You will be consistently living paycheck to paycheck.
In order to break that dreadful cycle, it means your expenses must be less than your income.
And when I say income, it’s not the $14 an hour. As we talked about earlier in the post, there are taxes. The amount of taxes taken out of your paycheck is called your net income which is your home $14 an hour minus all the taxes, FICA, social security, and medicare are taken out. That is your net income.
So, your net income has to be less than your net income.
2. Living Below Your Means
You need to be happy. And living on less can actually make you happier. Studies prove that less is better.
Finding contentment in life is one thing that is a struggle for most.
We are driven to want the new shiny toy, the thing next door, the stuff your friend or family member got. Our society has trained you that you need these things as well.
Have you ever taken a step back and looked at what you really need?
Once you are able to find contentment with life, then you are going to be set for the long term with your finances.
Here is our story on owning less stuff. We have been happier since.
3. Make Saving Money Fun
You need to make saving money fun. Period.
It could be participating in a no spend challenge for the month.
Check out the 200 envelope challenge (which is doable on your income)
It could be challenging friends not to go to Target for a week.
Maybe changing your habits and not picking up takeout and planning meals.
Whatever it is challenge yourself.
Find new ways of saving money and have fun with it.
Even better, get your family and kids involved in the challenge to save money. Tell them the reason why you are saving money and this is what you are doing.
Here are 101 things to do with no money. Free activities without costing you a dime. That is an amazing resource for you and you will never be bored.
And you will learn a lot of things in life you can do for free. Personally, some of the best ones are getting outside and enjoying some fresh air.
4. Make More Money
If you want if you do not settle for less, then find ways to make more money. If you want more out of life, then increase your income.
You need to be an advocate for yourself.
Find ways to make more money.
It could be a side hustle, a second job, asking for a raise, going to school to change careers, or picking up extra hours.
Whatever path you take, that’s fine. Just find ways to make more money. Period.
5. No State Taxes
Paying taxes is one option to increase what you take home in each paycheck.
These are the states that don’t pay state income taxes on wages:
Alaska
Florida
Nevada
New Hampshire
South Dakota
Tennessee
Texas
Washington
Wyoming
It is very interesting if you take into account the amount of state taxes paid compared to a state with income taxes.
Also, if you live in one of the higher taxed states, then you may want to reconsider moving to a lower cost of living area. The higher taxes income tax states include California, Hawaii, New Jersey, Oregon, Minnesota, the District of Columbia, New York, Vermont, Iowa, and Wisconsin. These states tax income somewhere between 7.65% – 13.3%.
6. Stick to a Budget
You need to learn how to start a budget. We have tons budgeting resources for you.
While creating a budget is great, you need to learn how to use one.
You do not have to budget down to every last penny.
You need to make sure your expenses are less than your income and that you are creating sinking funds for those irregular expenses.
Budget Help:
7. Pay Off Debt Quickly
The amount that you pay interest on debt is absolutely absurd.
Unfortunately, that is how many of these companies make their money from the interest you pay on debt.
If you are paying 5% to even 20-21% or higher, you need to find ways to lower that debt quickly.
Here’s a debt calculator to help you. Figure out your debt free date.
Make that paying off debt fast is your target and main focus. I can tell you from personal experience, that it was not until week paid off our debt that we finally rounded the corner financially. Once our debt was paid off, we could finally be able to save money. Set money aside in separate bank accounts and pay for cash for things.
It took us working hard to pay off debt. We needed persistence and patience while we had setbacks in our debt free journey.
Jobs that Pay $14 an Hour
You can always find jobs that pay $14 per hour. Polish up that smile, fill out the application, and be prepared with your interview skills.
Job Search Hint: Always send a written follow-up thank you note for your interview. That will help you get noticed and remembered.
First, look at the cities that require a minimum wage in their cities. That is the best place to start to find jobs that are going to pay higher than the federal minimum wage rate. Many of the cities are moving towards this model so, target and look for jobs in those areas.
Possible Ideas:
Cashiers
Back of the house restaurant staff
Landscape Laborer
Retail jobs
Paraeducators at schools
Janitors
Farm help
Warehouse workers
Fast Food Restaurants workers
$14 Per Hour Annual Salary
In this post, we detailed 14 an hour is how much a year. Plus all of the variables can impact your net income. This is something that you can live off.
How much is 14 dollars an hour annually…
$29120
This is under $30000 per year and you need to make at least $43k a year.
In this post, we highlighted ways to increase your income as well as tips for living off your wage.
Use the sample budget as a starting point with your expenses.
You will have to be savvy and wise with your hard-earned income. But, with a plan, anything is possible!
Learn exactly how much do I make per year…
Know someone else that needs this, too? Then, please share!!
When you start shopping for life insurance, you can be overwhelmed with the number of options that you have. There are hundreds and hundreds of life insurance companies on the market. How in the world are you supposed to decide which one is the best for you?
That’s why I’m here to help. I’ve reviewed dozens of different insurance companies to give you an idea of which one might work best for you.
Life insurance is one of the most important investments that you’ll ever make for your family, and it’s vital that you make the best decision for your family. One of the most important factors that you should consider is the type of life insurance policy that you are going to buy. There are several different kinds of coverage that you will need to review based on your needs.
In addition, it is also recommended that you review the background of the insurance company you are considering buying this type of coverage through. That is because you will want to ensure that the carrier is strong financially and that is has a good name in the industry for timely payment of its policy holder claims. One insurance carrier that meets these points is Erie Insurance Company.
The History of Erie Life Insurance Company
Erie Insurance Company has been in the business of offering coverage protection to its customers for nearly 100 years. The company was founded in the early 1920s when two employees of the Pennsylvania Indemnity Exchange decided to form their own insurance carrier.
In moving forward with their new company, H.O. Hirt and O.G. Crawford raised more than $30,000, and won over 90 stockholders – all from a hand written business plan. Then, in April of 1925, the Erie Insurance Exchange opened its doors.
Over the years, the company has grown and expanded exponentially, adding many different types of coverage, such as home owners, motorcycle, boat, life, business, and personal valuables coverage.
Erie Life Insurance Company Review
Today, Erie Insurance Company has more than 5,000 employees who serve its customers and policy holders. The company’s products are offered via approximately 12,000 independent insurance agents across the United States.
In addition to providing a variety of insurance coverage’s, Erie Insurance Company gives back to the communities in which it serves. For example, the company is involved in entities such as Meals on Wheels, coaching little league sports, and with helping people to rebuild following natural disasters and catastrophes.
Erie is considered to be a strong and stable life insurance company from a financial standpoint. The company has also been listed as number 411 on the 2016 Fortune 500 list. (The company made its initial debut on this list back in 2003).
Also, for the fifth year in a row, Erie Insurance was given the “Highest Satisfaction with the Auto Insurers Shopping Experience” award in the J.D. Power 2017 U.S. Insurance Shopping Study. Out of a possible score of 1,000 Erie obtained a score of 879.
BBB Grade and Ratings
Due to its strong financial foothold, Erie has received very high ratings from the insurer rating agencies. Here, the Erie Insurance Group has earned an A+ (Superior) rating from A.M. Best and Company, and the Erie Family Life Insurance Company has earned an A.M. Best grade of A (Excellent).
In addition to its high insurer ratings, Erie Insurance has also been given a grade of A+ (on a scale of A+ to F) from the Better Business Bureau (BBB). Although Erie Insurance is not an accredited member of the BBB, the company has closed out a total of 59 customer complaints over the past three years (of which 16 were closed out during the past 12 months).
Of the total 59 customer complaints that Erie has closed via the BBB, 39 had to do with problems with the company’s product and / or service, and 15 had to do with billing and / or collection issues. An additional two were in regard to advertising and / or sales issues, two had to do with delivery issues, and the remaining one was in regard to the company’s guarantee and / or warranty issues.
Life Insurance Coverage Offered by Erie Life Insurance Company
Erie Insurance offers a variety of different life insurance coverage options to choose from. These include both term and permanent policies. With a term life insurance policy, death benefit protection is offered, without any type of savings or cash value build up. Because of this, the premium that is charged for term life insurance is usually much lower than that of a comparable permanent plan.
With a term life insurance policy, coverage is purchased for a certain period of time, such as 10 years, 20 years, or even 30 years. Typically, these policies will have a fixed amount of death benefit, as well as a fixed premium charge for the life of the plan.
Erie Insurance offers level term life insurance protection, and policies can be chosen in time periods of 10, 15, 20, or 30 years. This coverage can be purchased starting at age 0, and in many instances, the policy holder will have the opportunity of converting the term policy over into a permanent life insurance policy – which can then provide coverage for the remainder of the insured’s lifetime.
With Erie, there is oftentimes no medical exam required on its term life policies of up to $90,000 in death benefit protection. All an applicant has to do is just simply answer a few health related questions. And, because there is no blood work or medical exam results to wait for, this coverage can usually be approved and issued within just days (or possibly even sooner).
The company also offers permanent life insurance coverage. With a permanent life insurance policy, there is death benefit protection, as well as cash value build up. The assets that are inside of the cash component of the policy can grow on a tax deferred basis. Essentially there is no tax due on the gain until these funds are withdrawn.
Erie Insurance offers both whole life and universal life for permanent life insurance coverage. With a whole life insurance policy, the insured will have guaranteed life insurance protection with a death benefit amount that will not decrease – even as he or she ages throughout the years.
These whole life plans also offer guaranteed cash value, as well as a set premium that will not be raised – even if the insured contracts an adverse health condition in the future. Plus, the insurance company cannot cancel the policy for any reason, if the premium is paid.
There are several different premium payment options that a whole life insurance policy holder can choose from – based on what suits their needs the best. There are also several different riders that may be added to the whole life insurance coverage – some at no additional charge.
Just like with the term insurance policies, whole life insurance plans through Erie offer a fast and easy application process. For those who wish to purchase coverage of up to $90,000, only a new medical questions need to be answered.
Whole life insurance protection from Erie can be purchased for adults and children (or other younger relatives, such as grandchildren and nieces / nephews). These plans can help the younger insureds to build up savings in a tax deferred manner, and to attain guaranteed insurability in the future.
Erie Insurance also offers universal life insurance. Universal life, or UL, is another form of permanent life insurance coverage. In many ways, UL is considered to be more flexible than whole life. This is because the policy holder – within certain guidelines – may choose how much of the premium will go towards the death benefit, and how much will go into the cash value portion of the policy. They may also be able to change the due date of the policy’s premium, based on their changing needs.
Universal life insurance can be advantageous for individuals and for business owners, as it offers guaranteed cash value, as well as the ability to get policy loans with tax free income potential.
These types of life insurance plans can also be ideal for a wide variety of coverage needs, such as:
College expense planning
Estate planning
Income replacement
Charitable giving
Wealth transfer
Inheritance
Mortgage balance payoff
Payoff of personal or other types of debt balances
Retirement income planning
Deferred compensation plans
Business continuation coverage
Key person coverage
While a universal life insurance policy offers both death benefit coverage and cash value, the premium on this type of coverage may be more affordable than that of a whole life insurance policy, depending on the insured’s specific parameters.
Burial Insurance
If you’re worried about leaving those you care about with funeral and final expenses, having a burial insurance policy can help. Today, the average cost of a funeral can be in the range of $8,500 to $10,000 – especially when factoring in items like the memorial service itself, along with flowers, transportation, and music, as well as a burial plot and a headstone.
Burial insurance – which is also oftentimes referred to as funeral insurance or final expense life insurance – is a type of coverage that will pay out a benefit quickly to your named beneficiary so that final expenses can be paid…and so that your survivors don’t have to dip into saving or use credit to pay these costs. With that in mind, having a burial insurance policy can be one of the greatest gifts you give to your family.
Before you purchase a burial insurance policy, though, it is important that you have a good idea of the type and the amount of coverage you’ll need. For example, you may want to only cover the anticipated cost of a funeral service. Or, alternatively, you may also want to add in some additional protection so that your loved ones can pay off other debts, such as final medical expenses and / or the cost of hospice care.
Other Products and / or Services Offered
In addition to just selling life insurance policies, Erie Insurance Company offers a long list of valuable products and services. These include the following:
Auto Insurance
Motorcycle Insurance Coverage
Insurance Coverage for Car Collectors, ATVs, and RVs
Insurance for Teen Drivers
Boat Insurance Coverage
Home Owners Insurance
Renters Insurance Coverage
Condo Insurance
Mobile Home Insurance
Personal Valuables Insurance
Flood Insurance
Retirement Solutions
Personal Catastrophe Liability Insurance
Identity Theft Recovery Coverage
Business Insurance
Erie also offers various industry insurance packages that can be fit to companies in a variety of different industries, such as auto services, contractors, hotels and hospitality, landlords and property owners, manufacturers, offices and professional services, restaurants, retail, and wholesaler-distributors.
Looking For The Best Premium Rates on Life Insurance Coverage from Erie Insurance?
If you are seeking the best premium rate on life insurance coverage from Erie Insurance Company – or from any insurer – it is recommended that you work together with an independent life insurance agency or broker. That way, you will be in a better position to compare, side-by-side, the coverage and the premium prices of numerous insurers – but in an impartial manner. You can then determine which will be best for you.
When you are ready to shop around, we can help you. How? We work with the best life insurance providers. We can provide you with the important details that you need for making a well-informed decision – and we can do this for you directly from your own computer. When you are ready to proceed, just simply fill out our short quote form.
We get that buying life insurance coverage is a big decision. There are many different parameters to keep in mind – and you want to be sure that you are going with the right type and amount of coverage through the best insurance company.
This process of purchasing life insurance protection can be made so much easier by working with an aid on your side who can guide you through the entire way, from beginning to end. So, contact us today – we’re here to help.
When you’re considering applying for a mortgage, one of your top questions is probably “What is the monthly payment going to be?”
For a 100K mortgage, the payment on a 30-year loan at 7% interest would be $665.30. For a 15-year mortgage loan term, the payment increases to $898.83, which helps you pay off the loan sooner and pay less in interest costs over the entire loan.
Your own loan will depend on a number of factors, including but not limited to fluctuating interest rates. Here’s what goes into a 100K mortgage, what income is required to get one, and what your payments would look like over the life of the loan.
Total Cost of a 100K Mortgage
The total cost of a 100K mortgage goes beyond the monthly payment. There are upfront costs and ongoing, long-term costs to consider, all of which affect how much house can you afford.
Upfront Costs
Upfront home loan costs can include:
• Closing Costs: There are costs you need to pay to get a mortgage, but they are not a part of the original loan. These are known as closing costs and include things like the mortgage origination fee, the cost of an appraisal, attorney fees, title fees, taxes, prepaids, and other expenses. With the average closing cost on a new home adding between 3% and 6%, that works out to $3,000 to $6,000 on a 100K mortgage.
• Down Payment: Unless you are able to obtain a 0% down payment loan, you’ll need some money to afford the down payment on a 100K mortgage loan.
The average down payment on a home is 13%, as per the National Association of Realtors®. This works out to $13,000 on a $100,000 home.
If you don’t quite have this amount, there are other types of mortgage loans that offer low down payment options. 3% and 3.5% are common, which would come out to $3,000 and $3,500 for the down payment on a 100K home.
Long Term Costs
Here are the ongoing costs of a mortgage loan:
• Interest. The biggest expense you’ll have over the life of the loan is interest. Interest costs are huge, especially in an economy with higher annual percentage rates (APRs). You’ll pay more in interest than you do in principal if you keep the mortgage loan for the whole 30-year loan term.
For a $100K mortgage with a 30-year term and 7% APR, the interest costs total $139,508.90.That’s on top of the $100,000 original loan amount. Adding the two together, you’re looking at paying $239,508.90 for the original 100K mortgage. Take a look at our mortgage payment calculator or the amortization table further down if you’re more curious about this amount.
• Escrow. You may pay for taxes and insurance through your escrow account every month. This expense doesn’t go away, even when you pay off your mortgage. The amount of tax and insurance varies by state and policy.
Estimated Monthly Payments of a 100K Mortgage
Payments on a 100K home will ultimately be determined by your loan term and interest rate. And the interest rate is determined by a number of factors. Of course, the Fed’s rate matters, but so too do such aspects as:
• Credit score. A good credit score can afford you a lower interest rate on your mortgage.
• Down payment. Generally, putting down a larger down payment affords you a lower interest rate.
• Home location. There are certain areas where you may be offered a lower interest rate just because of where you live.
• Loan amount. If you need a larger loan, such as a jumbo loan, you’ll usually see a higher interest rate. The same can be true of much smaller homes, such as tiny homes.
• Interest rate type. If you choose a loan with an adjustable APR, you may initially have a lower interest rate.
• Loan type. You’ll see different interest rates based on what loan type you’re using. Examples include VA loans, FHA loans, and a USDA loan which may offer a lower (or no) down payment as well as lower interest rates.
• Loan term. Choosing a mortgage term that’s shorter can help you score a lower interest rate.
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Recommended: First-Time Homebuyer Guide
Monthly Payment Breakdown by APR and Term
It’s helpful to see what potential mortgage loan payments on a 100K mortgage may be, adjusting for term length and APR variance. Keep in mind these costs do not include escrow items, such as taxes or insurance.
APR
Monthly Payment on a 30-Year Loan
Monthly Payment on a 15-Year Loan
3.5%
$449.04
$714.88
4%
$477.42
$739.69
4.5%
$506.69
$764.99
5%
$536.82
$790.79
5.5%
$567.79
$817.08
6%
$599.55
$843.86
6.5%
$632.07
$871.11
7%
$665.30
$898.83
7.5%
$699.21
$927.01
8%
$733.76
$955.65
8.5%
$768.91
$984.74
9%
$804.62
$1,014.27
9.5%
$840.85
$1,044.22
10%
$877.55
$1,074.61
How Much Interest Is Accrued on a 100K Mortgage?
Each month, your payment is split into principal and interest payments. Those interest payments go to the bank as payment for lending you money. Principal payments go toward the original loan amount and pay down the loan.
The longer the loan term, the more you’ll pay in overall interest. For a 100K mortgage on a 30-year term with a 7% APR, the interest costs total $139,508.90 on top of the original loan.
On a 15-year term with the same parameters, the interest costs are a more modest $61,789.09. Yes, your monthly payments are higher, but the difference between a 15 vs. 30 year mortgage with 7% APR is significant.
Recommended: Home Loan Help Center
100K Mortgage Amortization Breakdown
The amortization of a 100K mortgage shows how much of your monthly payment pays off the loan each month.
You can see in the early years of your mortgage, more of your monthly payment goes toward interest, and very little of your loan is paid off. In later years, more of the payment will go toward the principal.
Year
Monthly Payment
Beginning Balance
Total Amount Paid
Interest
Principal
Ending Balance
1
$665.30
$100,000.00
$7,983.60
$6,967.81
$1,015.79
$98,984.19
2
$665.30
$98,984.19
$7,983.60
$6,894.39
$1,089.21
$97,894.95
3
$665.30
$97,894.95
$7,983.60
$6,815.64
$1,167.96
$96,726.96
4
$665.30
$96,726.96
$7,983.60
$6,731.21
$1,252.39
$95,474.55
5
$665.30
$95,474.55
$7,983.60
$6,640.66
$1,342.94
$94,131.59
6
$665.30
$94,131.59
$7,983.60
$6,543.59
$1,440.01
$92,691.55
7
$665.30
$92,691.55
$7,983.60
$6,439.49
$1,544.11
$91,147.41
8
$665.30
$91,147.41
$7,983.60
$6,327.86
$1,655.74
$89,491.65
9
$665.30
$89,491.65
$7,983.60
$6,208.17
$1,775.43
$87,716.19
10
$665.30
$87,716.19
$7,983.60
$6,079.81
$1,903.79
$85,812.38
11
$665.30
$85,812.38
$7,983.60
$5,942.19
$2,041.41
$83,770.95
12
$665.30
$83,770.95
$7,983.60
$5,794.61
$2,188.99
$81,581.94
13
$665.30
$81,581.94
$7,983.60
$5,636.38
$2,347.22
$79,234.69
14
$665.30
$79,234.69
$7,983.60
$5,466.70
$2,516.90
$76,717.75
15
$665.30
$76,717.75
$7,983.60
$5,284.75
$2,698.85
$74,018.87
16
$665.30
$74,018.87
$7,983.60
$5,089.64
$2,893.96
$71,124.88
17
$665.30
$71,124.88
$7,983.60
$4,880.45
$3,103.15
$68,021.68
18
$665.30
$68,021.68
$7,983.60
$4,656.10
$3,327.50
$64,694.16
19
$665.30
$64,694.16
$7,983.60
$4,415.56
$3,568.04
$61,126.09
20
$665.30
$61,126.09
$7,983.60
$4,157.62
$3,825.98
$57,300.08
21
$665.30
$57,300.08
$7,983.60
$3,881.03
$4,102.57
$53,197.49
22
$665.30
$53,197.49
$7,983.60
$3,584.46
$4,399.14
$48,798.32
23
$665.30
$48,798.32
$7,983.60
$3,266.46
$4,717.14
$44,081.14
24
$665.30
$44,081.14
$7,983.60
$2,925.44
$5,058.16
$39,022.95
25
$665.30
$39,022.95
$7,983.60
$2,559.78
$5,423.82
$33,599.10
26
$665.30
$33,599.10
$7,983.60
$2,167.69
$5,815.91
$27,783.17
27
$665.30
$27,783.17
$7,983.60
$1,747.26
$6,236.34
$21,546.80
28
$665.30
$21,546.80
$7,983.60
$1,296.45
$6,687.15
$14,859.60
29
$665.30
$14,859.60
$7,983.60
$813.02
$7,170.58
$7,688.98
30
$665.30
$7,688.98
$7,983.60
$294.64
$7,688.96
$0.00
What Is Required to Get a 100K Mortgage?
When you’re applying to qualify for a mortgage, lenders look for a few key things to approve your application.
• How much debt you will be carrying. Lenders look for your monthly payment to be lower than 28% of your gross monthly income. A 100K mortgage payment at 7% interest on a 30-year term is $665.30. For this payment to be less than 28% of your monthly income, your monthly income needs to be over $2,376, assuming you have no debt. This turns into a $28,512 yearly salary requirement to afford a 100K mortgage payment.
If you have debt, the calculation changes a little bit. Your lender will add your monthly debts to your projected monthly mortgage payment. These two numbers added together need to be less than 36% of your monthly income. This calculation a lender does is known as the debt-to-income ratio, or back-end ratio.
• Credit score. It’s advisable to have a credit score of 620 or higher when applying for a mortgage loan.
• Consistent work history. If you are unemployed, self-employed, or have recently changed jobs, lenders may be less likely to approve your loan. They may worry about your having a steady enough income to make your payments.
The Takeaway
A 100K mortgage will have a monthly cost that varies depending on such factors as the loan’s interest rate, the term of the loan, and whether it’s a fixed- or variable-rate loan. By understanding more about how the cost of a mortgage is calculated, plus the related costs, you can be better prepared for the milestone of being a homeowner.
When you’re ready to apply for a mortgage, SoFi will be there for you. Our rates are competitive, and we offer flexible loan terms and down payment options (as little as 3% for first-time homebuyers) to suit your needs. The online application simplifies the process, and our dedicated Mortgage Loan Officers can help you every step of the way.
See how smart and simple a SoFi Mortgage Loan can be.
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36k salary is a solid hourly wage; above most minimum hourly wage jobs.
For most people, an entry-level job would be paying just over $36,000 a year. The question that remains is can you make a living off $36k a year.
The median household income is $67,521 in 2020 which decreased by 2.9% from the previous year (source). Think of it as a bell curve with $68K at the top; the median means half of the population makes less than that and half makes more money.
The average income in the U.S. is $48,672 for a 40-hour workweek; that is an increase of 4% from the previous year (source). That means if you take everyone’s income and divided the money evenly between all of the people.
But, the question remains can you truly live off 36,000 per year in today’s society since it is well below both the average and median household incomes? The question you want to ask all of your friends is $36000 per year a good salary.
In this post, we are going to dive into everything that you need to know about a $36000 salary including hourly pay and a sample budget on how to spend and save your money.
These key facts will help you with money management and learn how much per hour $36k is as well as what you make per month, weekly, and biweekly.
Just like with any paycheck, it seems like money quickly goes out of your account to cover all of your bills and expenses, and you are left with a very small amount remaining. You may be disappointed that you were not able to reach your financial goals and you are left wondering…
Can I make a living on this salary?
$36000 a year is How Much an Hour?
When jumping from an hourly job to a salary for the first time, it is helpful to know how much is 36k a year hourly. That way you can decide whether or not the job is worthwhile for you.
36000 salary / 2080 hours = $17.31 per hour
$36000 a year is $17.31 per hour
Let’s breakdown how that 36000 salary to hourly number is calculated.
For our calculations to figure out how much is 36K salary hourly, we used the average five working days of 40 hours a week.
Typically, the average workweek is 40 hours and you can work 52 weeks a year. Take 40 hours times 52 weeks and that equals 2,080 working hours. Then, divide the yearly salary of $36000 by 2,080 working hours and the result is $17.31 per hour.
Just above $17 an hour.
That number is the gross hourly income before taxes, insurance, 401K, or anything else is taken out. Net income is how much you deposit into your bank account.
You must check with your employer on how they plan to pay you. For those on salary, typically companies pay on a monthly, semi-monthly, biweekly, or weekly basis.
What If I Increased My Salary?
Just an interesting note… if you were to increase your annual salary by $7K to $43K per year, it would increase your hourly wage to over $20 an hour – a difference of $3.36 per hour.
To break it down – 43k a year is how much an hour = $20.67
That difference will help you fund your savings account; just remember every dollar adds up.
How Much is $36K salary Per Month?
On average, the monthly amount would be $3,000.
Annual Salary of $36000 ÷ 12 months = $3000 per month
This is how much you make a month if you get paid 36000 a year.
$36k a year is how much a week?
This is a great number to know! How much do I make each week? When I roll out of bed and do my job of $36k salary a year, how much can I expect to make at the end of the week for my effort?
Once again, the assumption is 40 hours worked.
Annual Salary of$36000/52 weeks = $692 per week.
$36000 a year is how much biweekly?
For this calculation, take the average weekly pay of $692 and double it.
This depends on how many hours you work in a day. For this example, we are going to use an eight-hour workday.
8 hours x 52 weeks = 260 working days
Annual Salary of$36000 / 260 working days = $138 per day
If you work a 10 hour day on 208 days throughout the year, you make $173 per day.
$36000 Salary is…
$36000 – Full Time
Total Income
Yearly Salary (52 weeks)
$36,000
Monthly Salary
$3,000
Weekly Wage (40 Hours)
$692
Bi-Weekly Wage (80 Hours)
$1,384
Daily Wage (8 Hours)
$138
Daily Wage (10 Hours)
$173
Hourly Wage
$17.31
Net Estimated Monthly Income
$2,290
Net Estimated Hourly Income
$13.21
**These are assumptions based on simple scenarios.
36k a year is how much an hour after taxes
Income taxes is one of the biggest culprits of reducing your take-home pay as well as FICA and Social Security. This is a true fact across the board with an all-salary range up to $142,800.
When you make below the average household income, the amount of taxes taken out hurts your hourly wage.
Every single tax situation is different.
On the basic level, let’s assume a 12% federal tax rate and a 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.
So, how much an hour is 36000 a year after taxes?
Gross Annual Salary: $36,000
Federal Taxes of 12%: $4,320
State Taxes of 4%: $1,440
Social Security and Medicare of 7.65%: $2,754
$36k Per Year After Taxes is $27,486
This would be your net annual salary after taxes.
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$27486 ÷ 2,080 hours = $13.21 per hour
After estimated taxes and FICA, you are netting $27,486 per year, which is $8,514 per year less than what you expect.
***This is a very high-level example and can vary greatly depending on your personal situation and potential deductions. Therefore, here is a great tool to help you figure out how much your net paycheck would be.***
Taxes Based On Your State
In addition, if you live in a heavily taxed state like California or New York, then you have to pay way more money than somebody that lives in a no tax state like Texas or Florida. This is the debate of HCOL vs LCOL.
Thus, your yearly gross $36000 income can range from $24,606 to $28,926 depending on your state income taxes.
That is why it is important to realize the impact income taxes can have on your take home pay. It is one of those things that you should acknowledge and obviously you need to pay taxes. But, it can also put a huge dent in your ability to live the lifestyle you want on a $36,000 income.
How Much Is 36K A Year Hourly Salary Calculator
More than likely, your salary is not a flat 36k, here is a tool to convert salary to hourly calculator.
Many entry-level jobs start at this range, which may make you believe that a business degree is worth it.
36k salary lifestyle
Every person reading this post has a different upbringing and a different belief system about money. Therefore, what would be a lavish lifestyle to one person, maybe a frugal lifestyle to another person? And there’s no wrong or right, it is what works best for you.
One of the biggest factors to consider is your cost of living.
In another post, we detailed the differences of living in an HCOL vs LCOL vs MCOL area. When you live in big cities, trying to maintain your lifestyle of $36,000 a year is going to be extremely difficult because your basic expenses, housing, transportation, food, and clothing are going to be much more expensive than you would find in a lower cost area.
To stretch your dollar further in the high cost of living area, you would have to probably live a very frugal lifestyle and prioritize where you want to spend money and where you do not. Whereas, if you live in a low-cost of living area, you can afford the cost of living and maybe save more money. Thus, you have more fun spending left in your account each month.
As we noted earlier in the post, $36,000 a year is well below the average income that you would find in the United States. Thus, you have to be wise in how you spend your money.
What a $36,000 lifestyle will buy you:
If you are debt free and utilize smart money management skills, then you are able to enjoy the lifestyle you want.
You are able to rent in a decent neighborhood in LCOL.
Driving a beater car is normal.
You should be able to meet your basic expenses each and every month.
Not be able to afford many of the fun spending luxuries.
Ability to make sure that saving money is a priority, and very possibly save $5000 in one year.
When A $36,000 Salary Will Hold you Back:
However, if you are riddled with debt or unable to break the paycheck to paycheck cycle, then living off of 36k a year is going to be pretty darn difficult.
There are two factors that will keep holding you back:
You must pay off debt and cut all fun spending and extra expenses.
Break the paycheck-to-paycheck cycle.
It is possible to get ahead with money!
It just comes with proper money management skills and a desire to have less stress around money. That is a winning combination regardless of your income level.
$36K a year Budget – Example
As always, here at Money Bliss, we focus on covering our basic expenses plus saving and giving first, and then our goal is to eliminate debt. The rest of the money leftover is left for fun spending.
If you want to know how to manage a 36k salary the best, then this is a prime example for you to compare your spending.
You can compare your budget to the ideal household budget percentages.
recommended budget percentages based on $36000 a year salary:
Category
Ideal Percentages
Sample Monthly Budget
Giving
10%
$150
Savings
15-25%
$450
Housing
20-30%
$884
Utilities
4-7%
$135
Groceries
5-12%
$270
Clothing
1-4%
$18
Transportation
4-10%
$135
Medical
5-12%
$150
Life Insurance
1%
$8
Education
1-4%
$8
Personal
2-7%
$24
Recreation / Entertainment
3-8%
$60
Debts
0% – Goal
$0
Government Tax (including Income Tatumx, Social Security & Medicare)
15-25%
$710
Total Gross Monthly Income
$3000
**In this budget, prioritization was given to basic expenses and no debt.
Is $36,000 a year a Good Salary?
As we stated earlier if you are able to make $36,000 a year, that is a low salary. You are making around or just above minimum wage.
While 36000 is a decent salary just starting out in your working years, it is a salary that you want to rapidly increase before your expenses go up or the people you provide for increase. If not, you will be left working multiple jobs to make ends meet.
However, too many times people get stuck in the lifestyle trap of trying to keep up with the Joneses, and their lifestyle desires get out of hand compared to their salary. And what they thought used to be a great salary actually is not making ends meet at this time.
This $36k salary would be considered a lower class salary. You must make each dollar count in your budget.
Check: Are you in the middle class?
In fact, this income level in the United States has enough buying power to put you in the top 95 percentile globally for per person income (source).
The question you need to ask yourself with your 36k salary is:
Am I maxed at the top of my career?
Is there more income potential?
What obstacles do I face if I want to try to increase my income?
In the future years and with possible inflation, in many modest cities 36,000 a year is not a good salary because the cost of living is so high, whereas these are some of the cities where you can make a decent living at 36000 per year.
If you are looking for a career change, you want to find jobs paying at least $45000 a year.
Is 36k a good salary for a Single Person?
Simply put, you can make it work.
You can stretch your salary much further because you are only worried about your own expenses. A single person will spend much less than if you need to provide for someone else.
Your living expenses and ideal budget are much less. Thus, you can live comfortably for $36000 per year.
And… most of us probably regret how much money wasted when we were single. Oh well, lesson learned.
Is 36k a good salary for a family?
Many of the same principles apply above on whether $36000 is a good salary. The main difference with a family, you have more people to provide for than when you are single or have just one other person in your household.
At the 36K salary with a family, you would need more than one income stream to make this possible without government help.
The costs of raising children are high and will steeply cut into your income. As you can tell this is a huge dent in your income, specifically $12,980 annually per child and this does not include college.
That means that amount of money is coming out of the income that you earned.
So, the question really remains can you provide a good life for your family making $36,000 a year? This is the hardest part because each family has different choices, priorities, and values.
More or less, it comes down to two things:
The location where you live in.
Desire to improve your career and make more money.
Your lifestyle choices.
You will not be able to afford everything on this salary.
Many times when raising a family, it is helpful to have a dual-income household. That way you are able to provide the necessary expenses if both parties were making 36,000 per year, then the combined income for the household would be $72,000. Thus making your combined salary a very good income.
Learn how much money a family of 4 needs in each state.
Can you Live on 36000 Per Year?
As we outlined earlier in the post, $36000 a year:
$17.31 Per Hour
$138-173 Per Day (depending on the length of day worked)
$692 Per Week
$1384 Per Biweekly
$3000 Per Month
Next up is making $40,000 a year.
Like anything else in life, you get to decide how to spend, save and give your money.
That is the difference for each person on whether or not you can live a lower-class lifestyle depends on many potential factors. If you live in California or New Jersey you are gonna have a tougher time than Oklahoma or even Texas.
In addition, if you are early in your career, starting out around 32,000 a year, that is a okay place to be getting your career. However, if you have been in your career for over 20 years and still making $36K, then you probably need to look at asking for pay increases, pick up a second job, or find a different career path.
Regardless of the wage that you make, if you are not able to live the lifestyle that you want, then you have to find ways to make it work for you. Everybody has choices to make.
But one of the things that can help you the most is to stick to our ideal household budget percentages to make sure you stay on track.
Learn exactly how much do I make per year…
One of the best ways to improve your personal finance situation is to increase your income. Here are a variety of side hustles that are very lucrative. With time and effort, you can start enjoying the lifestyle you want.
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More than 50% of Americans will be diagnosed with a mental illness or disorder during their lifetime, according to the Centers for Disease Control and Prevention. Chances are, some of these individuals will be inheriting wealth at some point.
If a family member’s mental health issues may interfere with their ability to manage finances, answering these questions could help them create long-term financial stability.
Have I set up a trust?
Setting up a trust is one way to transfer wealth to a loved one and create financial stability for them. A trust enables you to leave specific instructions for trustees about how to care for your loved one and distribute assets.
Trusts can be especially helpful for transferring assets to loved ones who have a mental illness but are still able to function independently. While these loved ones are often independent, they may still have difficulty managing assets on their own, says Lillie Nkenchor, an attorney who does estate planning in New York. One example includes someone with depression.
“You can put assets in a trust,” Nkenchor says. “It can simply be a trust that says, ‘This money is to be used to take care of my sister who is high functioning, but is not great with money.’”
Likewise, you can request money be allocated to health care expenses and anything else that helps them live a healthy and functional life. Having a trust in place can also help beneficiaries avoid probate, a court process for handling estates that could be stressful for someone who has a mental illness.
Does my loved one receive government assistance?
Another important question to ask is whether the person receives government assistance or may need to in the future. While a basic trust may suffice for a loved one who has a mental illness but mostly functions independently, it could negatively impact one who doesn’t and receives government assistance.
“We want to make sure that if we are caring for someone who’s receiving that type of benefit, we don’t accidentally leave them something that disqualifies them from that benefit,” Nkenchor says.
People who receive government assistance may have limits on how much they can have in assets. For instance, to be eligible for Supplemental Security Income through Social Security, they generally can’t have resources of more than $2,000 as an individual or $3,000 as a couple. That is, unless you put those assets into a special needs trust. It’s an estate planning tool for individuals with disabilities or functional needs.
“The special needs trust is meant to supplement government benefits that person is receiving. It doesn’t replace it, it’s meant to supplement it,” Nkenchor says.
Nkenchor adds that a standard special needs trust isn’t effective until the person who establishes the trust dies. So, if you plan to financially support your loved one while you’re alive while they receive benefits, consider setting up a stand-alone special needs trust. Since setting up an SNT can be complicated, it’s advisable you speak to a professional who specializes in this area. The Special Needs Alliance website has a directory that can point you toward attorneys for special needs planning to help you get started.
Have I named the right trustees?
The estate managers you name will be responsible for distributing assets to your loved one when you die or if you’re incapacitated. Talisa Utsey, an independent estate planning attorney licensed in Maryland and New York, says a mistake some people make is not appointing the right trustee. She adds that people sometimes take advantage of older adults, young people and those with mental illnesses.
You have two options: someone you know or a corporate fiduciary. Utsey says if you opt for the former, choose someone who has a good relationship with the beneficiary. You also want to be sure they have some knowledge of estates or can get advice from someone who does.
“If they are not familiar with estate administration, if they’re not familiar with the documents that give them the authority, they’re not familiar with their actual authority, then that can be harmful,” Utsey says.
Alternatively, you may choose to appoint a corporate trustee since they’re usually experienced and have no emotional investment. For example, you could use a financial institution like a bank. Just know that corporate fiduciaries often charge heavy fees.
Utsey also advises appointing at least one successor trustee — a person who takes over trustee duties if the initial trustee can’t serve. And don’t forget to consult with prospective trustees first, Utsey says: “Make sure that the primary and the successor are both interested in taking on that type of responsibility.”
Is my estate plan clear?
To protect your loved one from financial abuse and prevent mishandled funds, you want your estate plan to be clear and streamlined, Utsey says. This means ensuring all your accounts and assets are addressed to the trust, none are in your loved one’s name, and there are clear directions about how money is spent. All assets should flow through the trust if possible.
“When there’s a plan, there’s less likelihood of manipulation and funds being wasted because it’s clear, it’s a process and it’s written down in plain English, and black and white,” Utsey says. “And to some extent, it’s legally enforceable when it’s done the right way.”
Being clear will also help the trustee execute your plan with ease.
Ever wonder how much that real estate agent you constantly see on bus benches and your grocery store receipts makes?
Well, the National Association of Realtors (NAR) released some interesting data regarding just that. And it’s not really good news (surprisingly).
The study, titled “2017 National Association of Realtors Member Profile,” covers the approximately 1.22 million active real estate agents in the United States.
It found that the median income for a “Realtor” was $42,500, up from $39,200 in 2015. That’s a healthy 8.4% year-over-year increase, thanks to a fairly robust housing market (despite limited inventory).
For NAR members in the game just two years or less, the median income was a paltry $8,930, while of those in the real estate business 16 years or more earned a median $78,850.
Very Few Real Estate Agents Earn Six Figures
There seem to be really big winners and equally big losers
In the residential real estate business
Top producers capable of bringing in $100k+, while many others do $10k or less
The typical agent closed 12 transactions throughout the year
But it’s not all bad. Of the real estate agents with 16+ years of experience, 38% earned more than $100,000 in 2016. Unfortunately, the average real estate agent only has 10 years of experience.
Then you’ve got the 56% of members with less than two years of experience who earned under $10,000 throughout the year, which kind of highlights the wide range of possible salaries based on the entrepreneurial nature of the job.
Essentially, you’ve got a large group of real estate agents who don’t close many if any transactions in a given year, then the heavy hitters who close the lion’s share of sales year after year.
That’s evidenced by their work rate, which ranges from 20 hours per week to some throwing down 60 hours per week or more. These top producers are the ones making a life in real estate.
The others might just be dipping their toes in the pool – we also have to consider the individuals who get licensed simply to close their own home, or to help a friend or family member.
This could explain the relatively low 12 transactions per year on average, which is just one per month.
Do Realtors Practice What They Preach?
Some 82% of Realtors own their primary residence
Which means they practice what they preach
This number has fallen in recent years
As a result of the massive housing crisis that took place
Largely, yes. Apparently 82% of Realtors are homeowners, and many others own an investment property, or at least one vacation home.
Additionally, a small percentage own at least one commercial property. So they’re aren’t just out there selling real estate, they’re buying real estate as well.
Oh, and the median gross household income for a Realtor was $111,400, which is well above the national median, so I suppose they marry well too!
For the record, 2017 wasn’t a particularly great year in the real estate world, so the numbers could be skewed somewhat. But then again, real estate is cyclical, so bad years are expected (and should be calculated) along with the good over time.
Have you ever wondered how you could double your money with or without the stock market? The reality is, there are a ton of ways you can double your money by investing smartly and giving it enough time. There are also plenty of ways to double your money in a hurry — maybe within a day.
The thing is, it’s a lot easier to double a $300 or $500 initial investment than it is to double, say, $10,000 or $20,000. Either way, we all want our money to grow, and there are lots of ways to achieve a great return-on-investment on both your money and your time.
Let’s Talk Safety vs. ROI
Wouldn’t we all want an investment which gave us a 12% ROI and had no risk? That would be a perfect world.
Sadly, you won’t find an investment with decent returns which doesn’t come with a certain level of risk.
Think of safety and ROI as a seesaw. The more you have of one, the less you’re going to have of the other. As the old adage goes, “more risk, more reward.”
For example, let’s look at investments with low-risk.
Bonds are a common low-risk investment. If you buy a long-term bond, you can get around 4% back on your investment. This means that bonds will give you a modest return (depending on the type of bond) and they have almost zero risk.
At the other end of the spectrum, you’ll find stocks, REITs, and high-yield bonds. These are going to come with a much higher level of risk, but there is a chance you could make a lot more money over the long-term.
For example, you can put some money in a REIT. You could get dividends worth around 15%, but the real estate market can be shaky.
If someone ever tells you they have an investment you can make excellent returns on with ZERO risk, then it’s probably a scam. You will never be able to invest your money without the chance of losing some or all of it.
The Rule of 72
The Rule of 72 is an easy strategy you can use to determine how long it will take for an investment to double based on a fixed rate.
To use this method, all you have to do is take the number 72 and divide it by the rate of return you expect to receive. The number you get back is a rough estimate of how many years it’s going to take for the investment to double.
Here’s a good example: Let’s say you invest in a specific index fund known as the Mid-Cap Growth Fund from T. Rowe Price (RPMGX), which has returned a whopping 14.91% for investors over the last 10 years. Using the Rule of 72, you would find this fund might let you double your money in 4.82 years. That’s pretty amazing if you ask me.
But all funds are not created equal. Imagine for a moment you invested in VanEck Global Hard Assets (GHAAX) instead, which has featured an average return of .67% over the last 15 years. Using the Rule of 72, you would probably be shocked to find that you could double your money with this fund in 107 years. Obviously, that is not going to do you much good!
With all this in mind, one problem with the Rule of 72 is the fact that, the higher the rate of return is, the less accurate it becomes. This is due to the fact that, by and large, short-term investment returns are incredibly volatile and hard to predict. With that in mind, my suggestion is you never use the Rule of 72 as a “hard” rule. Instead, use it as a rough estimate of what you may be able to earn on an investment.
50/50 Approach
The 50/50 investment technique has become one of the most popular through the years.
The idea is simple: Put half of your investments in stocks and the other half in bonds. Ideally, the bonds will give you financial security while the stocks give you an opportunity to achieve much higher returns.
With that being said, my suggestion is to put half of your money into a CD. You will be able to sleep at night knowing you won’t lose the money, but you can still earn a slight return.
Take the other half of the money and put into some higher risk investments. This can be mutual funds or ETFs depending on your goals and your risk tolerance.
These investments can help you earn some extra returns without leaving you high and dry if something were to happen to the investment market.
7 Ways to Double Your Money Fast
If you don’t want to wait a decade or longer to double your money, there are some ways to double smaller initial investments in a hurry. Some of these strategies require more work than others, but at least one of them should work for you. Read over these options, pick one, and get started toward doubling your investment right away.
Get a free stock
When you open an account with Robinhood, you get a free stock. You don’t get to choose which stock since Robinhood randomly chooses from their inventory of settled shares. However, you will get a stock worth something, and you can keep it or sell it down the line.
Better yet, Robinhood will give you a free stock each time you refer a family member or friend who opens an account through your link. You can receive up to $500 in free stock through referrals each calendar year, which is pretty sweet.
Webull is another online brokerage firm that offers free stock when you meet certain conditions. Just remember that the stock you receive will be chosen automatically from their settled shares, so the value of your free stocks can vary. In total, you can receive a stock worth up to $250 for opening your account and another stock worth up to $1,400 with your initial investment of at least $100.
These options are actually better than doubling your money. Robinhood and Webull offer free money, and who wouldn’t want that?
Buy the right IPO
An IPO is an initial public offering, which is basically the first time a stock is being sold to the general public. IPOs can wind up flopping for sure, but you can definitely double your money or better if you buy into the right IPO at the right time.
Case in point: The IPO price for Facebook stock was around $38, yet its trading at over $290 as of this writing. If you had bought a single share at the IPO price point, you would have received a return of over 700 percent so far.
The same is true with Tesla stock, which was originally offered at around $17 per share. Tesla stock was recently trading at well over $2,000 per share, so initial investors basically made bank. The stock went through a five-for-one stock split in August of 2020, and investors in Tesla are still ahead by a lot more than double since just the beginning of 2020.
With all this being said, keep in mind that not all IPOs are created equal and that you can buy the wrong IPO just as easily as you buy the right IPO.
Take the SmileDirect Club Inc. (SDC) I received as a free stock from Robinhood, for example. This stock is currently trading at a little over $11 per share when the original IPO price was $23 per share. This means early investors in Smile Direct Club did not double their money. Instead, they have lost about half of their initial investment so far, provided they bought in at the IPO price and haven’t sold.
When it comes to IPOs, the most important factor to keep in mind is buying into companies positioned for growth. According to Barron’s, IPOs performed really well in 2019 with the average IPO gaining around 20 percent. A few IPOs from 2019 are up huge too, like Karuna Therapeutics (KRTX) and NextCure (NXTC).
Buy and sell sneakers
Shoes are pretty hot right now, and the spoils of their surge in value really does go to those who can put in some time and effort. There are many times in the last few years where I have purchased a pair of “hot” sneakers for around $800 then turned around and sold them for $1,250. That’s not quite doubling my money, but it’s not bad, either. Plus, you can do it over and over again.
My Air Jordan One Chicagos (which are super sweet I might add) were originally purchased for $519. However, they now sell for a little over $1,300. Part of this is due to all the hype surrounding The Last Dance, which is a newer documentary that chronicles the historic rise of basketball legend Michael Jordan.
Crazy enough, one pair of Michael Jordan’s sneakers recently sold at auction for over $500,000. I don’t have any shoes that can sell for anywhere close to that, but you can still check out this video where I share my top 10 Jordan sneakers and more insights into how to make money buying and selling shoes.
If you love sneakers and want to get into the game, you can try buying and flipping shoes using StockX or even eBay.com. You can also download the SNKRS app from Nike, which can help you be the first to know when a popular pair of sneakers is about to drop.
Use Fiverr
Fiverr is an online marketplace that helps connect creatives with people who want to hire them. You can use this site to hire someone to design a logo, build your website, design a video, or work on data entry for you.
On the other side of the spectrum, you can use Fiverr to find almost any kind of work, and usually with little investment or no investment upfront. You don’t have to have an incredibly technical skillset, either. Or you might have a really specific skill set. For example, one time I paid a day trader who was advertising his services on Fiverr to tell me which stocks to invest in for speedy returns. You could watch this video to see how that project turned out, and to find out what happened to the $10,000 in cash I put on the line.
Funny enough, this example actually shows two different ways to make money on Fiverr. First, someone is making money by teaching other people how to become a day trader on Fiverr. Second, you can make money as a day trader, although it’s also just as likely you could lose your initial investment.
Keep in mind there are plenty more additional ways to make money with Fiverr. You could sign up for a service like Canva for $10 per month, for example, then charge people for basic design work they don’t have time for. Heck, you could edit resumes or write blog posts or do other basic tasks without any initial investment at all. Either way, Fiverr is an excellent resource if you need to earn money or double money you have in a hurry.
Garage Sales
Garage sales and consignment shops are a great place to find stuff you can buy and sell. You’ll only get ahead and double your money with this strategy if you buy low and sell high, but this is entirely possible if you know which items to look for.
At garage sales especially, many people price extremely nice clothing and household items for a few bucks, and you can monopolize on this by buying low and reselling these items online at a higher price point.
Heck, a lot of people head to garage sales to buy brand name clothing then resell it for much higher prices using websites like Poshmark.com. This is an easy side hustle that can help you double your money over and over again if you know which brands sell easily and for how much.
While I’m not a garage sale junkie, Gary VaynerChuk is constantly sharing his tips and tricks to help people double their money or better. Gary V. has a ton of blog posts and videos where he talks about buying vintage beer mugs for $5 and reselling them for $20, or how you can sometimes find collectible stuffed animals for $1 or less and resell them on ebay for many multiples of that.
One time he even bought a box of Skylander toys for $7 and sold them for over $180. The key to making money with garage sales is knowing which items can sell for a lot of money, and of course paying as little as possible.
Flip Websites
You can also buy and sell websites, which are basically virtual property. You might be amazed at how much some people are willing to pay for just a simple domain name. For example, my friend Noah Kagan once paid $1.5 million dollars for the domain Sumo.com. He’s made his money back and then some, but whoever bought the domain the first time definitely made a pretty penny.
You can find websites to buy on Flippa.com, including both domains and full websites that already have some content. From there, you can try to improve the sites so you can sell them for more money later on. You can also use them to make long-term, passive income with affiliates or ads.
As an example, I bought a website called FinanceforTeachers.com several years ago. I haven’t sold it, but I have more than doubled my money thanks to the ad revenue it brings in! I might keep it for a while until I feel I have made enough money and sell it for a profit, too.
Buy an Online Course
Sometimes you have to spend money to make money, right? This is exactly how I feel about buying online courses.
I’ve invested up to $30,000 on different courses over the years, and that doesn’t even include mastermind and coaching programs. For example, I bought Brian Dean’s course on how to make money using YouTube videos, which has paid for itself many times over even though the initial cost was over $2,000.
However, there are a ton of other courses out there that can help you double your money. This includes the Facebook side hustle course from LapTop Empires, which can teach you how to set up a Facebook ad company. With your own company, you can get paid to run Facebook ads for other people. Obviously, you’ll need to fork over some money upfront, but with a few clients, the course can pay for itself and you can be on your way to doubling your money over and over again.
Bobby Hoyt of Laptop Empires says the reason that you can get such high return-on-investment from this course is pretty simple. Once you’re trained on how to run Facebook ads, you can realistically charge a $1,500 monthly retainer for your services. The course is less than $500, so you can “double or triple your investment” within the first month of working with a client.
If you’re curious about more ways to earn money by investing in yourself, you should also check out my Passive 1K Income Accelerator Course. My course will help you learn how to grow a passive income business from the ground up — as in, make money while you sleep!
I will provide one final caution about investing in online courses. You should only fork over the cash if you’re willing to do the work. So many people buy courses but never finish them or follow through, which will not help you double your money in the long-term.
New to Investing?
If you’ve never invested your money, you might be worried about getting started. Maybe you clicked on this page to get some advice about doubling your money, but you’re scared to put your money on the stock market or you don’t know where to begin.
Thanks to the internet and some fancy algorithms, investing your money has never been easier. There are plenty of websites where you can start investing and they make it as simple as a few mouse clicks.
Betterment is one of the best. All you have to do is create an account, set your investment and financial goals, and then start contributing money. Betterment will handle the rest for you.
They automatically invest your money and will continue to invest it as you earn returns.
If you are interested in learning more about investing an inheritance, safe places to store your money, and the best places to open up a brokerage or savings account, here are some good reads:
Best Online Brokers for Beginner Investors – Want to get started investing, but don’t know how. Check out our post that outlines the best places online to get going.
Top Places to Invest Your Money for The Short Term – This post outlines 11 different options to put your money for the short-term. Also good options for people that don’t want to take a lot of risk starting out.
Low Risk Investments with High Return – Does investing give you sweaty palms and elevated heart rate? If so, first go out and buy some good deodorant. 🙂 Next, check out our post that lists 10 different safer options for people timid of the stock market.