Do you find yourself dreaming about what you would do if you were a millionaire? Maybe you fantasize about retiring early and traveling the world. Or perhaps what excites you is the thought of being able to donate to causes you care about.
But, you might be wondering, how to become a millionaire? You may suspect the only way you’ll ever be that rich is if you win the lottery.
Fortunately, the road to wealth isn’t that narrow — there are many ways to become a millionaire. For instance, some individuals retire with over a million dollars in savings because they made good financial decisions.
Others may have started businesses that brought them success, advanced their careers so that they made enough to save seven figures, or made smart investments.
Read on to learn more about how to become a millionaire, and strategies that could help get you there.
Introduction to the Millionaire Mindset and Goals
You may have a certain image of a millionaire in your mind. Maybe it’s a jetsetter or a celebrity. But many millionaires are not born into wealthy families or individuals who suddenly struck it rich. In fact, many millionaires are people who work for a living every day. In general, what tends to set them apart is that they have a millionaire mindset. They are smart and disciplined when it comes to their money. And they stay focused on their financial goals.
Defining What it Means to be a Millionaire
The true definition of a millionaire is someone with a net worth of at least $1 million. That means that their assets, minus any debt, is $1 million or more.
So, if you have $500,000 in savings and investments, plus a house that’s worth at least $500,000, are you a millionaire? Yes, if you own the house outright and don’t have a lot of debt such as car loans, student loans, or credit cards to pay off. But if you still owe money on your house and you’ve got a fair amount of debt to repay, you probably aren’t a millionaire. At least, not yet.
To do the math for your situation, total up your assets. Then subtract your debts from that amount. This will show you how close you are to reaching millionaire status, and possibly give you a sense of what you might have to do to get there.
Following these eight strategies can help when it comes to how to become a millionaire. 💡 Quick Tip: Did you know that opening a brokerage account typically doesn’t come with any setup costs? Often, the only requirement to open a brokerage account — aside from providing personal details — is making an initial deposit.
Step 1: Stay Away From Debt
As we just saw in the example above, one thing that could be holding you back from becoming a millionaire is debt — especially if that debt is “bad debt,” a term often used for high-interest debt. Eliminating your debt is key because it’s difficult to build wealth if you’re paying a significant portion of your income toward interest.
Paying off debt could help free up money to invest and build wealth. One way to repay debt is to use the debt avalanche method. With this technique, you pay off your debts with the highest interest rates first and then focus on debts with the next highest interest rates (while still making minimum payments on all of your debt, of course).
Eliminating debt isn’t just about paying off existing debt, though, it’s also about avoiding the chances of going into debt in the future. Part of a debt payoff strategy could involve spending less so that you don’t need to rely on credit. You can also set a strict budget and pay with cash whenever possible.
In addition, you may want to create an emergency fund by setting aside a certain amount of money every month. That way, if you have a financial setback, you don’t have to go into credit card debt.
Step 2: Invest Early and Consistently
Investing successfully doesn’t happen overnight. It takes time. That’s why you need to start early. There are a few rules to know that could help you improve your chances of becoming a millionaire.
Benefits of Compounding Returns
First, compounding returns can make all the difference. They can help your money grow, as long as the returns are reinvested.
Here’s how they work: Compounding returns depend on how much an investment gains or loses over time, which is known as the rate of return. The longer your money is invested, the more compounding it can do. That’s why some individuals start saving aggressively when they’re young.
Saving $100,000 by the time you’re 30 might not be possible for everyone, but the more you save early on, the greater impact it could have on your net worth.
And here’s the thing: Even if you’re in your 30s, 40s, or 50s now, it’s never too late to start saving. The important thing is that you start, period. And that you keep saving.
There are other investing strategies that could help as you work on how to become a millionaire. For instance, you could reduce the amount you spend on investment fees. High investment fees can have a big impact on your returns, so you might want to look into low-fee investments.
Also, you should make sure that you invest in a way that’s right for you throughout your life. That may mean investing more aggressively when you’re younger and gradually becoming more conservative in your investments as you get older and closer to retirement.
Step 3: Make Saving a Priority
Your savings is the amount of money you have left after paying taxes and spending money.
Many Americans aren’t saving enough to become a millionaire — in October 2023, the average personal savings rate was 3.8%, according to the Bureau of Economic Analysis. You’ll likely need to save more than three times that amount to become a millionaire.
Effective Saving Strategies for Long-term Wealth
To save for your goals, start by investing in your company’s 401(k). Max out your 401(k) if you can. At the very least, invest at least enough to earn the employer match, if there is one. That way your employer is contributing to your savings.
In addition, consider opening a traditional IRA or a Roth IRA and contribute as much as possible — up to the limit set by the IRS. These IRAs are tax-advantaged, so they’ll help with your tax bill, too.
And investigate other savings options as well. For instance, you could open a high-yield savings account rather than a regular savings account for a higher return.
Step 4: Increase Your Income
You can’t join the ranks of millionaires if you’re not bringing in more money than you need for your basic necessities. The more money you make, the more you can save and invest.
Tips for Boosting Earnings and Maximizing Income
Some ways to boost your income include asking for a raise or looking for a new higher-paying job. You could also go back to school to earn an advanced degree that could lead to a position with a higher income. Your current employer might even help you cover the cost; check with your HR department.
Another one of the ways to earn extra money is to take on a side hustle. You could tutor students on evenings or weekends, do freelance writing, or dog sit. And those are just some of the options to consider.
Step 5: Cut Unnecessary Expenses
Getting control of your spending is critical to building wealth. That doesn’t mean you have to cut back on everything that gives you pleasure, but you could consider the happiness return on investment you get from the money that you spend. How big of an apartment or home do you truly need to be content? What kind of car do you need? Do you have to buy lunch out every day or could you bring your own lunch from home?
Identifying and Eliminating Non-Essential Spending
You could find ways to cut back on the things that don’t matter so much, but not skimping to the point that you miss out on things you love. For example, maybe you need your gym sessions (and there are plenty of low-cost gyms out there), but you can do without a $5 latte every morning.
Also, you could focus on cutting back on big expenses instead of those that won’t have a huge impact on your budget. For example, dining out only once a month, adjusting your thermostat higher or lower depending on the season, or finding a less expensive, smaller home could help you save a significant amount of money over time. 💡 Quick Tip: Distributing your money across a range of assets — also known as diversification — can be beneficial for long-term investors. When you put your eggs in many baskets, it may be beneficial if a single asset class goes down.
Step 6: Keep Your Financial Goals in Focus
To become a millionaire, you’ll need to stay laser-focused on your financial goals. When everyone else around you is spending money, going on fancy vacations, and buying expensive cars, remind yourself what’s truly important to you. Keep your spending in check, continue to save and invest, and avoid taking on debt.
It takes discipline. But instead of thinking about the stuff you don’t have, appreciate all the good things in your life, like your family and friends. Remember that you’re saving for your future. You’ll be able to enjoy yourself then if you have the money you need to live comfortably and happily.
Think of it this way: You’re making yourself and your financial security the priority. Make that your mantra.
Step 7: Consult with Investment Professionals
Investing can be complicated because there are so many options to choose from. If you need help figuring out what investments are right for you, consider working with a qualified financial advisor.
Leveraging Expert Advice for Wealth Building
A good financial advisor could help you select the right investments and the best investing strategies for your situation. They can also help you plan and budget to reach your goals. But be sure to be an active participant in the process. Ask questions, be involved. Why are they suggesting a specific investment? And if you don’t feel comfortable with something, say so.
Finally, be sure to check your investment performance regularly. Know what you are investing in, how much, and why.
Recommended: How to Find the Best Investment Advisor For You
Step 8: Repeat and Refine Your Financial Plan
The final step to becoming a millionaire is to stay committed to your goal and your plan. Keep saving and investing your money. Stay out of debt. Let time and the power of compounding returns kick in. Be patient.
But also, don’t be afraid to refine or change your plan if need be. For instance, as you get closer to retirement, you will likely want to choose safer, less aggressive investments. You can keep saving and growing money throughout different ages and stages, but your method for doing so can evolve to make sense for where you are in your life.
Additional Tips for Wealth Building
In addition to all of the strategies above, there are a few other techniques that may help you reach millionaire status.
Lifestyle Considerations and Spending Habits
As you work your way up the ladder and earn more money throughout your career, you may be tempted to increase your lifestyle spending, too. After all, you have more money now, so you may feel the urge to spend it.
But here’s the thing: Giving in to these temptations can be a slippery slope. It might start with a bigger house in a nice neighborhood, and then grow to taking extravagant vacations and driving a luxury car. Before you know it, you could be spending way more than you’re saving.
Try to avoid lifestyle splurging if you want to be a millionaire. Instead, take the extra money and save and invest it. That way, you’ll be able to reach your goal even faster.
The Takeaway
Becoming a millionaire is possible if you take the right approach. It involves saving and investing your money, spending wisely, and avoiding debt. You need to be disciplined and focused, and it won’t always be easy. But staying committed to your goals can reward you with financial security and success.
Ready to invest in your goals? It’s easy to get started when you open an investment account with SoFi Invest. You can invest in stocks, exchange-traded funds (ETFs), and more. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).
Invest with as little as $5 with a SoFi Active Investing account.
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Transport your family and visitors back in time with retro kitchen concepts.
Decorating your kitchen is an exciting adventure only those brave enough to experiment and express themselves embark on. The opportunities are endless between multiple ways to decorate and many styles to converge and bring to life. While following trends is an easy way to decorate, there are more decorating style options when you incorporate timeless pieces and even vintage finds into your kitchen space through retro kitchen ideas.
Retro pieces blend character and charm seamlessly, adding a unique touch that transports your kitchen into a personal haven filled with stories and nostalgia. Curating this feeling, especially in a space where meals are shared, is special because it transforms the act of dining into a celebration of togetherness.
What defines retro style?
Easily defined as a vintage look, retro style emulates or deliberately draws inspiration from historical lifestyles, trends or artistic expressions. It encompasses music, modes, fashions or attitudes emblematic of various eras.
Within popular culture, the “nostalgia cycle” commonly revolves around the two decades that unfolded 20 to 30 years in the past. However, no decade is off-limits when it comes to designing a retro-style kitchen.
Retro kitchen ideas to travel back in time
Whether you’re looking for a decor style to enhance your current kitchen or maybe have a few retro pieces on hand and want to fully dive into the vintage style, this list will assist in your retro kitchen design process. Feel free to mix and match styles, or pair one of the below suggestions with an otherwise-modern setup.
Author note: When you buy through links in this article, we may earn an affiliate commission.
Peel and stick checkboard floors
Checkerboard floors were a staple of 1950 American diners. Select a traditional black and white checkered floor pattern for the ultimate nostalgic feel. Even better, peel-and-stick flooring makes this retro kitchen idea renter-friendly, leaving little to no damage behind.
Retro gallery wall
If you’re unsure where to start or are struggling to find some of the larger pieces, start with creating a gallery wall. Retro art is easy to find, whether you’re printing images out or finding framed vintage patterns that resonate with the era you’re aiming for. Design ideas for these galleries range from funky black-and-white patterns to vintage family photographs.
Coca-Cola decor
Another staple of American history is the popular soda (or pop, as some say), Coke. Retro kitchens, dating back to the 70s, featured everything from wall clocks to signage with verbiage to drink an ice-cold Coca-Cola. Channel this retro cool vibe with antique signage that lets your guests know there’s a cold beverage waiting for them.
Vintage wall clock
If you’re lacking enough wall space to do a gallery, opt for a wall clock. While wall clocks are becoming less and less popular, it’s among the list of perfect retro kitchen accessories to create a vintage vibe. Consider choosing a wall clock with a charming, nostalgic design to not only tell time but also add a touch of timeless elegance to your entire kitchen.
Vintage bar stools
A great way to curate a retro kitchen is through vintage furniture. Take a trip to your local antique store to snag some vintage bar stools. When shopping, keep an eye out for retro patterns and color combinations that offer a retro feel. For example, bright-colored bar stools with chrome accents or vinyl upholstery can instantly transport your kitchen back in time.
Mid-century modern appliances
Brands like SMEG and Forte have created a line of retro appliances that are both aesthetically pleasing and high-functioning. Their appliance lines appear as vintage appliances but work with today’s technology and advanced functionality. These retro kitchen appliances are the perfect addition to any kitchen seamlessly blending the charm of yesteryear with the convenience of modern living.
Diner-style booth furniture
Retro kitchens, back in the day, featured iconic diner seating. This booth seating is a little trickier to emulate in kitchens today but not impossible. Furniture like corner breakfast nooks or bench seating makes for perfect retro-inspired furniture pieces that blend nostalgic charm with contemporary sophistication.
Antique lighting fixtures
Lighting not only brightens up your space but can truly set the mood in a kitchen. For a retro look, find bright color fixtures or fixtures with unique shapes that will enhance the lighting but also serve as a fun focal point. Pendant lights, specifically, can be found in a range of fun retro options that are sure to match your style.
Take a trip down memory lane
These retro kitchen ideas will not only create a unique kitchen space but also open conversations about the past, allowing you to infuse your home with a sense of nostalgia and timeless charm. By blending classic design elements with modern functionality, you can achieve a perfect balance that not only honors the traditions of the past but also caters to the needs of contemporary living.
Still looking for that perfect apartment to decorate your dream kitchen? Explore available apartment or rental home options here.
Wesley is a Charlotte-based writer with a degree in Mass Communication from the University of South Carolina. Her background includes 6 years in non-profit communication and 4 years in editorial writing. She’s passionate about traveling, volunteering, cooking and drinking her morning iced coffee. When she’s not writing, you can find her relaxing with family or exploring Charlotte with her friends.
In a year that saw the federal funds rate reach its highest level in more than two decades, high-yield savings accounts are earning some of the best rates we’ve seen in a while. This means savvy savers are ending 2023 on a high note.
But the Fed has recently hit pause on rate increases. The target range has remained between 5.25% and 5.50% since July. The many savings account rate hikes we saw earlier in the year have leveled off accordingly.
So where will savings rates go in 2024?
Before making predictions, it’s worth taking a moment to understand what the Fed rate is, why it sometimes changes, and what effect those changes have on your savings account. Once you understand that, you can take steps to maximize your own bank moves, regardless of what the Fed announces.
A look back: The Fed rate and how it affects you
The federal funds rate is the interest rate that banks charge each other to borrow money to meet regulatory requirements. The Fed can use rate increases (and decreases) to respond to market conditions.
Raising the rate can help curb inflation by making it more expensive for banks to borrow money. This can increase the cost of loans to consumers and businesses. When loans are more expensive, some households may be less willing to spend money, which could eventually lead to lower prices and lower inflation. Fed rates increased four times between February 2023 and July 2023, following seven consecutive increases in 2022.
Rising Fed rates are good news for savers, as hikes tend to correspond with savings rate increases. In January 2023, the average national savings account rate was 0.33%, according to the Federal Deposit Insurance Corp. By November 2023, that figure had bumped up to 0.46%. (Both rates are significantly higher than the average of 0.06% in January 2022, before the series of rate hikes.) These increases, while notable, are just averages. The best savings rates have risen from less than 1% in January 2022 to an annual percentage yield of more than 5% today.
Here’s what a high rate means.Say you put $5,000 in your emergency savings fund and it earns 0.06% APY. If you left that amount in your account without touching it for a year, your bank balance would grow by only about $3. But put the same amount in a savings account that earns 5% APY and it would grow by more than $250 in the same period. That’s extra money without extra effort. You can use a savings calculator to tally more potential gains.
It’s worth noting that not everyone can leave money untouched in savings for a year. According to J.D. Power’s October 2023 Banking and Payments Intelligence report, more than a quarter of American bank customers surveyed reported tapping their emergency savings account in the previous 90 days to pay for regular expenses, such as gas, food or rent.
Rising costs due to inflation were a big reason customers drew down their savings over the past year, says Jennifer White, a senior consultant in the banking and payments intelligence practice at J. D. Power and author of the study. The cost of goods and services can affect customers’ ability to save.
But relief may be on the horizon.
SoFi Checking and Savings
Min. balance for APY
$0
CIT Bank Platinum Savings
Min. balance for APY
$5,000
BMO Alto Online Savings Account
Min. balance for APY
$0
What to expect in 2024
Today, the core inflation rate is lower than it was in 2022 when Fed rate increases began. Forecasters are predicting that going into next year, inflation will continue to fall or moderate.
The economic indicators now “seem to be moving in a positive direction,” White says.
Lower inflation can mean lower prices for consumers, and it could also mean no more Fed rate increases for a while. The CME FedWatch tool, which aggregates analyst predictions for Fed rate changes, shows a high probability that the Fed rate will decrease at some point in 2024, potentially as early as March. Keep in mind that this is just an estimate.
If the Fed rate does decrease, we will likely see a drop in the top savings account yields. But remember that the savings account increases we saw earlier this year didn’t happen overnight, and sudden steep slides aren’t likely to happen either.
If rates do decrease, your savings may not earn interest as fast as before. But having your money in a high-rate account still gives you the best chance to make the most of your funds. High-interest savings accounts tend to outperform their competitors even when rates drop. Back in January 2022, when the average savings account rate was a pitifully low 0.06%, high-yield savings accounts still earned around 0.50% APY — nearly 10 times more than the average at the time.
“If you are not taking whatever amount of money you have and taking a look at those high-yield options, you may be leaving money on the table,” White says.
Getting your savings ready for 2024
You can’t control the Fed, but you can control your own money moves. Here are some ways to put yourself in a strong financial position, no matter what happens with savings rates.
Review your savings plan to build your balance and prepare for unexpected expenses.
Avoid monthly fees on bank accounts.
No one can predict Fed action or savings rates in 2024. But maximizing your deposits now can help put you in the best possible position for today, next year and beyond.
Want to learn how to make $1,000 in 24 hours? While it’s not as easy as making $100 in a day, you do have some options. Some may allow you to make $1,000 right away, and others may mean that you have to build up to reach this level. Perhaps you’re looking for extra money…
Want to learn how to make $1,000 in 24 hours?
While it’s not as easy as making $100 in a day, you do have some options.
Some may allow you to make $1,000 right away, and others may mean that you have to build up to reach this level.
Perhaps you’re looking for extra money to pay for an unexpected bill that popped up (like a car repair or medical bill!), or maybe you’re just looking to increase your income by having a $1,000-a-day income goal.
Key Takeaways
The fastest way to make $1,000 quickly is to sell stuff from around your home, like electronics, jewelry, or nice furniture.
Freelance jobs like consulting and writing can pay a high income.
Jobs in the gig economy, like driving or delivering, can make you money right away, and you can stack them with others to increase your daily earnings.
$1,000 a day in passive income is possible through starting an e-commerce business, a blog, and selling digital products (like a course or printable).
Best Ways To Make $1,000 In 24 Hours
Here are the best ways to make $1,000 in 24 hours.
1. Sell stuff online and near you
If you want to learn how to make $1,000 by tomorrow, then the fastest option is usually to find items in your home that you already own to sell.
This is because you already have stuff in your home (the average household has over 300,000 items!!) – so you may be able to sell something to make quick cash.
So, these would either have to be a lot of items or more expensive items. For example, you could sell clothing or gift cards, something big like a piece of furniture, electronics (maybe a gaming system or computer?), or a piece of jewelry.
Here are places where you can sell your stuff:
eBay: This site is great for unique or collectible items.
Amazon: Good for books, electronics, and almost everything. Here’s a helpful article to learn more – How To Work From Home Selling On Amazon FBA
Craigslist: The site has a wide range of categories for selling in your local area.
Facebook Marketplace: Connects you with local buyers.
Pawn shops: Quick cash for things like jewelry.
Flea markets: Rent a booth for the day and sell homemade items.
Garage sales: Set up a sale in your yard.
Poshmark: Easy online marketplace to sell clothing online.
To sell your stuff for the most money, make sure you take clear pictures, write honest descriptions (is there a tear or a stain?), price items competitively, and clean your items to make them more appealing.
And, always remember to stay safe by meeting in public spaces and avoid sharing personal information. With some effort and strategic selling, you can reach your $1,000 goal.
2. Start a blog
Starting a blog is not a quick way to make money, but it can be a stepping stone to making $1,000 in a day.
Plus, it’s my favorite way to make money online. In fact, I earn over $1,000 a day with this blog. So, I know that it is possible (don’t assume that means it is easy – it is not easy, trust me!).
Here are some steps to get started with a blog:
Set up your blog:
You’ll want to start by choosing a topic to write about, such as finance, family, travel, food, etc.
Purchase a domain name (this is basically the name of your blog).
Select a hosting service and install WordPress (you can find my tutorial for this here).
Write blog posts:
Write helpful and fun blog posts.
Publish a blog post at least once a week.
Monetize your blog:
Affiliate Marketing: Include affiliate links in your posts.
Sponsored Posts: Partner with brands for sponsored content.
Ad Revenue: Sign up for Google AdSense, Mediavine, Adthrive, or another display advertising company.
Drive traffic:
Promote your content on social media.
Engage in community related to your niche.
Guest post on other blogs to find new readers.
I recommend taking my How To Start A Blog FREE Course. In this free course, I show you how to create a blog, from the technical side to earning your first income and attracting readers.
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Want to see how I built a $5,000,000 blog?
In this free course, I show you how to create a blog, from the technical side to earning your first income and attracting readers.
3. Freelance writing
Freelance writing can be a great way to make money quickly.
I have been a freelance writer for years, and I also know of many other freelance writers who are able to earn $1,000 in a day. For a freelancer who writes high-quality articles, a $1,000 day is simply a normal day for them.
Sites like Upwork, Fiverr, and Freelancer have plenty of writing opportunities across many different industries. If you can write quality, original content quickly, it’s possible to reach your goal of $1,000 by taking on multiple writing assignments.
You could also try cold pitching, which is where you find businesses that could benefit from your writing services and send them an email about how you can help them achieve their goals with your writing.
To make $1,000 in a day as a freelance writer, you may want to focus on your existing network as well, if you have one. So, this means that you may want to reach out to former clients or colleagues who might need your writing services.
4. Real estate investing
Although real estate investing requires up-front cost and time, you may be able to build up to earning $1,000 a day.
$1,000 a day is $365,000 a year, which some real estate investors are able to earn through methods such as:
Renting out a home on Airbnb
Flipping properties for income
Investing in REITs
And more.
Recommended reading: How This 34 Year Old Owns 7 Rental Homes
5. Affiliate marketing
Affiliate marketing is my favorite way to earn money, and it helps me to earn $1,000+ a day here on this blog.
With affiliate marketing, you are promoting products or services on your website, email list, or social media account. If you get someone to sign up or purchase through your referral link, you then earn a commission.
Most products that you can think of have an affiliate program too, so there are plenty of things you can share.
Think about sharing books from Amazon on your blog, for example. You share a link to a specific book and tell your readers to buy it through your special link. Companies like Amazon like affiliates who bring in good traffic because it helps them make more sales.
Here’s a helpful article where you can learn more: What You Need To Know About Affiliate Marketing For Beginners + How 17 Bloggers Earned Their First Affiliate Income
6. Making money on YouTube
Creating a successful YouTube channel can lead to you making an income. While it’s unlikely to make $1,000 within 24 hours from right now, you may be able to get up to that amount by building a following on YouTube by consistently producing high-quality videos.
I know several YouTubers who are able to make $1,000 each day through their YouTube channel.
Here’s a breakdown of some different ways to make money with a YouTube channel:
Ad revenue – Once part of the YouTube Partner Program, you can earn money through ad views on your videos. You’ll need at least 1,000 subscribers and 4,000 watch hours in the past year to join.
Channel memberships – Your fans pay a monthly fee for special perks like exclusive badges, emojis, and access to members-only content.
Super Chats and Super Stickers – During live streams, viewers can purchase Super Chats and Super Stickers to highlight their messages. This is a direct way to earn as you interact with your audience.
Affiliate marketing – Promote products within your videos and include affiliate links in the video description. You’ll earn a commission for every sale made through your links.
Sponsorships – Companies can pay you to create content that features their products, especially if your content aligns with their brand, and you have an engaged audience.
7. Drive with Uber or Lyft
Driving for a rideshare service such as Uber or Lyft can make you money, but it might be difficult to make $1,000 in one day. It can help you to reach a $1,000-in-24-hours goal, though, by stacking it with other side hustle opportunities.
Also, there are things you can do like focusing on high-demand areas and driving during peak hours to increase the amount of money that you can earn.
I know of several people who only drive for these gig apps when they know that they are able to make the most amount of money. This is because you may be able to earn hundreds of dollars extra each day or week by timing when you drive.
Here’s a strategy to boost earnings:
Drive during peak hours – Surge pricing during busy hours means higher rates.
Look for driving bonuses – Look out for streak bonuses and other incentives. Uber or Lyft will list these in the app.
Manage your car expenses – Keep track of your gas, maintenance, and other costs to maximize profits.
Peak Times
Potential Earnings Boost
Rush Hour (AM/PM)
Increased Surge Pricing
Weekend Nights In Nightlife Areas
High Demand, More Rides
Events (concerts, sports games, etc.)
Surge Pricing, Bonuses
To reach your goal, you should know about your city’s traffic and when people need services. Getting $1,000 in a day is tough, but with a good plan, hard work, and a bit of luck, it’s something you may be able to work toward.
Other gigs related to this include driving for Instacart, Doordash, Uber Eats, and other food delivery services to earn cash. They won’t earn you $1,000 in a day, but they can be another way to make money.
8. Sell printables on Etsy
Designing and selling printables on Etsy, such as planner pages or art prints, is a creative way to make passive income. While reaching your goal of $1,000 quickly might be a challenge, growing your Etsy store can lead to long-term earnings.
I know of several successful printables sellers, and it is something that I would like to start one day as well. This is an area that I think will just continue to grow. Printables are very popular these days, and more and more people use them all the time. I personally buy printables all the time, and I find them very easy to use and helpful.
Printables are digital items that you can download and print at home, such as grocery shopping checklists, budget planners, wedding invitations, wall art, and more.
I recommend signing up for the Free Workshop: How To Earn Money Selling Printables. This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.
Recommended reading: How I Make Money Selling Printables On Etsy
Do you want to make money selling printables online? This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.
9. Sell your engagement ring
Selling jewelry, such as an engagement ring, can lead to you making money fast for when you need money right away.
If you really need the money and don’t mind parting with your engagement ring, then this may be an option for you to look into.
The value of your ring will depend on several factors, including the 4 Cs — cut, color, clarity, and carat weight — of the diamond, as well as the metal type and current market conditions.
One company I recommend looking into is Worthy.
Worthy sells wedding rings, loose diamonds, earrings, necklaces, bracelets, and luxury watches. They take care of everything, including appraisals and getting payment from the buyer.
You send your jewelry to them using a label they give you, and it’s insured. They put your item up for auction, and professional jewelry buyers can bid on it (you can set a minimum price). After the auction, you get the sale amount minus Worthy’s fee.
It usually takes around 2 weeks for the whole process, from sending the ring to getting paid.
Pawn shops and local jewelers are faster, but they might not give you the best prices. Selling online can make more money, but it takes longer with the auction process.
Recommended reading: How To Sell An Engagement Ring For The Most Money
10. Look for Craigslist gigs that pay
If you’re aiming to make $1,000 in a short span of time, you may be able to find quick jobs on Craigslist. Most of these will be one-time jobs, but there may also be full-time or part-time jobs.
To find Craigslist gigs in your town, just go to Craigslist and look for the “gigs” section.
Here are some jobs I found through a quick search:
Help loading and unloading a moving truck
Help with painting a home
Pet sitting and dog walking
Taking online surveys
Delivery driver
Data entry
Turning photographs into digital copies
Transport and install a microwave
House cleaner
Related reading: How I Earned $655 From Random Craigslist Jobs In One Month
11. Rent out your unused storage space
If you have extra space at home, you can rent it out to people in your area for storage. This could be a garage, driveway, closet, basement, or even an attic.
While reaching $1,000 in a single day would definitely be a stretch, renting out your space could give you a long-term income that you stack with other jobs on this list to make $1,000 a day.
You can use a website called Neighbor to list any extra space you have for rent, and you could make up to $15,000 per year.
You can also learn more about Neighbor at Neighbor Review: Make Money Renting Your Storage Space.
12. Consulting
If you’re really good at something, like business or marketing, selling consulting services can make you a good amount of money. You can charge more because of your expertise, and it’s doable to reach your $1,000 goal by taking on a few well-paying consultations.
I know several consultants who are able to make a very high income, in fact.
Companies hire consultants to get outside knowledge, a fresh viewpoint, and handle specific issues better.
Here’s how to start selling consulting services:
Identify Your Expertise – What are you good at? It could be marketing, finance, management, technology, or any other area where people seek expert advice.
Set Your Rate – Determine an hourly rate that reflects the value of your consultation. As a point of reference, if you charge $250 per hour, you would need to book four hours of consulting to meet your goal.
Network – Reach out to your professional network and let them know about your consulting service. Recommendations can go a long way.
13. Ask for a raise or for more hours
Talking to your boss about a raise might not get you $1,000 in a day, but negotiating a higher salary can be a good long-term strategy to make more money each year.
When approaching your employer about a raise, preparation is key.
Demonstrate your value – Before the meeting, compile a list of your accomplishments, contributions, and any additional responsibilities you’ve taken on.
Research market rates – Know the industry standards for your position and experience level to set a realistic raise request.
Time your ask – Ideally, schedule this conversation after a significant achievement or during a performance review.
Another way to increase your income at the job you already have is by working overtime. If you are paid hourly, you can see if your employer needs you to work any extra.
14. Sell an online course
If you know a lot about something, you can make and sell an online course. Websites like Teachable and Udemy let you create, host, and sell your course. While you might not make $1,000 right away, getting students over time can bring in a good amount of money.
I have an online course that I sell, Making Sense of Affiliate Marketing. I have also taken many online courses, such as on helping my toddler get better sleep, speech therapy for parents, business courses, blogging courses, and so much more.
And, these are all created and run by people like you and me.
There are many other things you can teach in an online course, such as:
Painting
Music lessons
Fitness and exercise
Time management tips
Parenting
Languages
Computer programming
Personal finance
Traveling
Photography and photo editing
Plants and gardening
Baking and cooking
Arts and crafts
Dropshipping
And so much more!
How Can I Get A $1000 Loan Within 24 Hours?
So, after reading the above, maybe you realize that you need $1,000 quickly and the above won’t work out for you fast enough. If that’s the case, then a loan may be another option to look into.
If you need a $1000 loan in 24 hours, first look at your options. Check if you can use your own things for quick cash. If not, check out personal loans and other ways to borrow money, but be aware that quick loans like these typically have very high interest rates that can be hard to pay off.
1. Assess your credit score: Your credit score plays an important role in your interest rate and terms of a personal loan. Generally, a higher score increases your chances of getting approved for loans with lower interest rates.
2. Explore online lenders: Some online lenders offer loans within a day, so you can get a $1000 loan in 24 hours. Fill out an easy application and compare the terms and payment choices from different lenders to pick the best one for what you need.
3. Look for short-term loans: If time is really important, you may be thinking about short-term loans like payday loans or title loans. They usually get approved faster, but keep in mind, these loans almost always have high interest rates and shorter times to pay back, so please be as careful as you can. You don’t want to go into some crazy debt that you will never be able to pay off.
Frequently Asked Questions About How To Make $1,000 In 24 Hours
Below are answers to common questions about how to make $1,000 in 24 hours.
How can I make a quick $1,000?
To make $1000 quickly, you can start by thinking about selling things you don’t need. Everyone has stuff in their home that they aren’t using – start with those items!
What are the fastest ways to earn $1,000 online?
Some of the fastest ways to earn $1,000 online include:
Freelancing with your skills, such as writing, designing, or coding
Affiliate marketing through your personal blog or social media channels
Creating and selling digital products, like ebooks, graphics, or courses
This really depends on what your definition of fast is. Some of the above income streams will take longer than others, of course.
Which passive income streams can pay $1,000 quickly?
While passive income streams typically take time to build, there are some options that can make $1000 quickly, such as with:
Rental properties, if you own an empty space or have a spare room in your home that you can rent out
Dividend-paying stocks, though you’ll need a very large amount of money invested to make that kind of money in a single day
Online courses or subscription-based services
The initial setup might take time and effort, but the long-term rewards could be worth it. Learning how to make $1,000 a day in passive income is possible, but it would require a lot of up-front legwork to get you there.
Recommended reading: 18 Passive Income Ideas To Earn $1,000+ Each Month
Which freelance jobs can generate $1,000 within a day?
Earning $1000 within a day of freelancing is ambitious, but it’s possible through high-paying gigs and opportunities like:
High-ticket sales or consulting services, where you share valuable advice and expertise
Technical jobs, like IT consulting or software development, if you have in-demand skills
Creative projects with tight deadlines, such as writing marketing copy for advertisements, web design, and graphic design
Learning how to make $1000 in 24 hours online through freelancing is possible, but it will take you some time to get to this point.
How To Make $1,000 In 24 Hours – Summary
I hope you enjoyed this article on how to make $1,000 in 24 hours.
While some may earn you $1,000 in the next 24 hours (such as selling an expensive item that you already own – like jewelry or a gaming system), others may take you time to earn $1,000 in a 24-hour time period.
Some on this list may be a full-time job, and others may be part-time or even one-time odd jobs (such as on Craigslist).
Getting $1,000 in a day might seem hard, but with the right plans and effort, it is doable. Whether you have a surprise expense that you need to pay for, want to boost your savings, or simply just want to start making more money, making money at this level is possible.
Have you ever needed $1,000 fast? What have you done to make $1,000 quickly in the past?
Secured credit cards are designed to help individuals improve their credit history and score. However, these cards differ from traditional unsecured cards in a few ways, and it’s important to understand all the details before you apply for a secured card.
What Is a Secured Credit Card?
A secured card is one with a credit limit that’s secured by collateral you put up. In the case of these cards, the collateral is a cash deposit you make to secure the credit limit. Typically, your credit limit is equal to your deposit, and you may have an option for how much that is.
For example, some cards allow you to deposit $200 to $3,000 to open your card account. So if you choose to deposit $500, your credit limit will be $500.
Your deposit is held by the credit card company the entire time you have the card. If you fail to make payments on your balance in a timely manner, the credit card company may close your account and use the deposit funds to cover its losses. This reduces risk for the lender, which is why these card companies are willing to offer credit cards to people with no or bad credit.
Once you close your account—assuming you’ve paid off your balance—you get your security deposit back.
Other than the factors surrounding the security deposit, a secured credit card typically works like any other credit card. You can use it to pay for purchases anywhere it’s accepted—these are usually Visa or Mastercard cards, so they’re accepted widely. If you carry over a balance each statement cycle, you’ll be charged interest on it in keeping with the rates associated with your card.
Building Credit With a Secured Credit Card
Secured credit cards aren’t a magic elixir for your credit. You have to manage these accounts appropriately to get the benefits. Here are some tips for building credit with a secured credit card.
Don’t apply randomly for credit cards. Every application could result in a hard inquiry on your credit report, bringing your score down further. Instead, do your research. Check your own credit, and consider what type of credit the lender is looking for before you apply. That increases your chances of getting approved the first time.
Make sure the cardholder reports your payments. Credit card companies don’t actually have to report your payments—so some won’t report to any bureaus, while others report to just one or two. Ideally, you want to work with a secured credit card lender that will report to all three credit bureaus. That way, your timely payments can help you build your credit on each of your credit reports.
Make every payment on time. Failing to make a payment can result in a negative mark on your credit reports, which defeats the entire purpose of the card. It can also result in hefty missed payment fees, which increase your balance even more.
Don’t max out your credit limit. Try to keep your utilization below 30%. That means if you have a credit limit of $1,000, keep your balance at $300 or lower. Your credit utilization—how much of your credit limit you use—impacts your credit score.
Don’t expect your credit to improve immediately. It takes time to build your credit via any means.
Tools like our Credit Report Card can help you keep track of your credit score and the factors affecting it so you can make good and informed decisions when building credit.
How to Choose a Secured Credit Card
When shopping for a secured credit card, consider the following factors:
Likelihood of approval. Don’t apply for a card you know requires good or excellent credit if you have poor credit. That just creates unnecessary hard inquiries.
Annual fee. You want to pay as little as possible for the benefit of building your credit. A few secured credit cards have no annual fee, but most do. Look for options with the most competitive annual fees, which tend to be under $40 per year.
Credit reporting. The best secured credit card options are those that report to all three credit bureaus. Plenty of secured credit card companies do, so you don’t have to settle for one that doesn’t.
Competitive interest rates. Rates for bad-credit products tend to be higher than average in general. However, you can find secured credit cards with more competitive rates, and you should definitely compare these cards to each other to find the lowest possible rate.
Account management tools. Look for a card lender that makes it easy for you to manage your account well. Payment reminders, online portals and apps can keep you in the know about your balance and reduce the risks you’ll miss a payment.
Next Steps After Using a Secured Card
Once you’re approved for and start building credit with a secured card, continue to plan for your financial future. At some point, hopefully, your credit will improve enough that you qualify for cards with better rates, limits, and perks.
Once you establish new cards, you might consider closing your secured credit card account because you may not want to keep paying an annual fee on a card that no longer serves your needs. However, closing your account might hurt your credit by potentially increasing your credit utilization ratio and also by affecting your average credit age, so weigh the pros and the cons of closing your card before making a choice. Visit Credit.com to learn more about our products like ExtraCredit® that could help you stay on top of your credit.
Huge Rally as Dots Deliver and Powell Stays Out of The Way
By:
Matthew Graham
Wed, Dec 13 2023, 5:02 PM
Huge Rally as Dots Deliver and Powell Stays Out of The Way
It may have seemed that we were paying too much attention to today’s dot plot on the approach, but hindsight suggests it could not have been overdone. Rates plummeted as the dots revealed that September’s big revision was completely erased (in Sept, Fed members priced in 50bps of “higher for longer in 2024”). After the dots, some market watchers worried that Powell would push back on the rally in order to temper the volatility. He did not. He simply said the same things he’s been saying. Hikes are likely done unless data manages to surprise in an inflationary way. Bonds rejoice across the curve.
Core PPI m/m
0.0 vs 0.2 f’cast
09:46 AM
Gradually stronger overnight with modest additional gains after PPI data. MBS up 5 ticks (.16) and 10yr down 4bps at 4.17.
10:24 AM
Some illiquidity in MBS, currently up 3 ticks (.09), but briefly showing as being down more than an eighth. 10yr down 3.6bps at 4.174
01:35 PM
A bit weaker ahead of the Fed. MBS still up 1 tick (0.03) but down 3-4 ticks from highs. 10yr down 4.4bps on the day at 4.166.
02:07 PM
First move is stronger after the DOTS. 10yr down 11bps at 4.10. MBS up half a point in 5.5 coupons.
03:36 PM
Mostly holding massive gains seen during Powell’s press conference. 10yr down 18bps at 4.03. MBS up nearly a point in 5.5 coupons and nearly 5/8ths in 6.0 coupons.
Download our mobile app to get alerts for MBS Commentary and streaming MBS and Treasury prices.
The housing market cheered as the Federal Reserve signaled interest rate cuts next year after making a series of rapid rate hikes starting in 2022.
While the central bank did not completely rule out the possibility of a rate increase in 2024, that action seems unlikely. Instead, fresh economic projections from central bank officials showed rates would be slashed to a median 4.6% by the end of 2024, suggesting three 25 basis points (bps) cuts from current levels.
The so-called dot plot estimates show interest rates falling to a median 3.6% in 2025, indicating four more 25 bps cuts. For 2026, Fed officials projected rates to fall below 3% by the end of 2026 through three more quarter percentage point reductions.
What does this mean for mortgage rates?
“Mortgage rates should get better. If the spreads get better, that will be an extra plus,” said Logan Mohtashami, lead analyst at HousingWire. “The main focus now is that if the economic data gets weaker, bond traders have the green light to take yields lower.”
Mortgage rates track the yield on 10-year U.S. Treasuries, which move based on anticipation about the Fed’s actions, what the Fed ends up doing and investors’ reactions. When Treasury yields go down, so do mortgage rates. The 10-year Treasury yield hit a low of 4.007% following the Fed’s press conference, declining from 4.202% at market open on Wednesday.
“While nobody in the mortgage world would say ’tis the season to be jolly’ based on current market conditions, the Fed’s outlook at its December meeting points to an increased possibility of a happier new year,” said Marty Green, principal at mortgage law firm Polunsky Beitel Green.
Expect lower mortgage rates
With the central bank shifting toward the next phase in its fight against rapid inflation, experts expect the path for monetary policy to support further declines in mortgage rates, just in time for a traditionally busy spring housing market.
“The commentary about three expected cuts next year and no rate hikes is great news for the mortgage industry,” Michael Merritt, senior vice president of customer care and default mortgage servicing at BOK Financial. “These cuts will allow mortgage rates to fall faster throughout 2024. The conservative expectation of three cuts also paints a positive overall outlook since they are not expecting to have to make large numbers of cuts to fuel economic growth or make increases to offset inflation.”
After hovering below 8% at the time of the last FOMC meeting in November, mortgage rates sit at just under 7%, according to HousingWire’s mortgage rate center on Wednesday.
“We’re probably at an inflection point where rates have come down enough that more buyers are coming back into the marketplace,” said Melissa Cohn, regional vice president of William Raveis Mortgage.
While mortgage rates are expected to decrease, high home prices combined with low inventory still pose a challenge for potential homebuyers.
“We don’t expect rates to fall that much in this period and it may not offset rising home prices in hot housing markets. So, homebuyers who wait on the sidelines for better rates next year may find the waiting game didn’t pay the dividends they expected,” said Max Slyusarchuk, CEO of A&D Mortgage.
The median price of single family homes in the U.S. is $424,900, which is up 2.4% from last year at the same time, according to Altos Research.
“There are really no national indicators, anywhere in the data, that show home prices currently falling,” Mike Simonsen, president of Altos, said in a recent commentary.
While inventory typically rises with higher mortgage rates and falls with lower mortgage rates, there is no signal of any flood of sellers, which would be bearish for home prices, Simonsen noted.
For there to be a supply-demand balance, rates would need to stay higher and cuts would have to come slower than markets are predicting, according to Jack Macdowell, chief investment officer at Palisades Group.
“The housing market plays a role in this given the contribution to headline inflation calculations,” Macdowell said.
“If rates come down too much (and mortgage rates follow), we’ll see the current supply-demand imbalance exacerbated as pent-up demand gets released into an undersupplied market, putting upward pressure on home values–and inflation. Until mortgage rates drop below 6% it is unlikely that pent-up deferred sales will meaningfully contribute to supply.”
Just when it appeared that the recent rally was running out of steam, mortgage rates sunk even lower.
Despite a lackluster CPI report yesterday that merely met expectations, an updated dot plot and dovish comments from Fed chairman Jerome Powell seemed to do the trick.
That resulted in a big move downward for mortgage rates, which are now the lowest they’ve been since May.
The 30-year fixed is now priced at around 6.75%, or even lower if you pay points.
Ironically, home buyers weren’t thrilled with those rates back then, but they might be moving forward. Thank human psychology.
Why Did Mortgage Rates Fall So Much Today?
The Fed left the federal funds rate unchanged, as was widely expected. So that wasn’t it.
And remember, the Fed doesn’t control mortgage rates anyway.
But along with that announcement, they released an updated dot plot and Fed chair Jerome Powell held a press conference.
In prepared remarks he said, “While we believe that our policy rate is likely at or near its peak for this tightening cycle, the economy has surprised forecasters in many ways since the pandemic, and ongoing progress toward our 2 percent inflation objective is not assured.”
Powell essentially confirmed that the rate hike in July was likely the last for this economic cycle.
He added that, “If the economy evolves as projected, the median participant projects that the appropriate level of the federal funds rate will be 4.6 percent at the end of 2024, 3.6 percent at the end of 2025, and 2.9 percent at the end of 2026, still above the median longer-term rate.”
The federal funds rate is currently 5.25% to 5.50%, so this represents about a one percentage point decrease within a year.
In other words, rate cuts are now in view and not just speculation. Though as Powell said, the economy has to cooperate.
But seeing that inflation has cooled significantly and Fed policy remains restrictive, an easing in rates is possible while continuing the fight toward its two percent goal.
Taken together, rates have likely peaked and cuts are now the next most likely outcome.
In fact, we could see the first rate cut as soon as January, with the CME FedWatch Tool now giving a quarter-percent cut at the next Fed meeting a 16.5% chance.
It’s more likely that cuts will begin in March though. And by December, the odds are now on a fed funds rate between 3.75% and 4%.
Bond Yields Plummeted After Fed’s Latest Summary of Economic Projections
The Fed’s latest Summary of Economic Projections (SEP) includes the all-important dot plot mentioned by Powell.
That revealed a more dovish outlook from the 12 FOMC participants and that rate cuts are likely in the cards for 2024.
Shortly after the Fed released their statement and updated SEP, the 10-year bond yield dropped about 17 basis points.
It’s now around 4%, well below the near-5% levels seen in late October when mortgage rates peaked.
Simply put, bonds rallied because the economy is no longer overheating, which means the Fed can ease rates.
Mortgage rates tend to follow bond yields. So this rosier outlook resulted in a midday reprice, with many lenders slashing rates by about 0.25%.
The 30-year fixed is now back in the high 6% range, with rates as low as the high 5s if it’s a vanilla scenario and discount points are paid at closing.
Aren’t Mortgage Rates Still Pretty High Though?
Here’s the funny part. While mortgage rates have rallied since late October, they’re still quite high relative to recent levels.
In fact, the 30-year fixed was in the low-to-mid 6% range for much of early 2023. Yes, this year.
And in early 2022, rates were still being quoted in the 3% range, even if it feels like forever ago.
They remained below 6% all the way until the fall of 2022, at which point they began to ascend toward 7% and beyond.
The mortgage rate picture got really bad this past August to October, before they appeared to finally peak.
Rates have since staged a huge rally, dropping from around 8% to 6.75% today. While that’s a big move in a short time span, it really only gets us back to levels seen in late spring.
They remain markedly higher than they were, though due to human psychology, an interest rate starting with a 5 or 6 is going to look (and maybe even feel) good.
After all, if you were used to seeing 7s and 8s, it’s a big improvement, even if it’s not a 3 or a 4 again.
Read more: 2024 Mortgage Rate Predictions from Top Economists
I’m obsessed with a TV show called “Japan Railway Journal.” It’s a half-hour English-language show dedicated to new trains and rail lines opening throughout Japan.
Sounds pretty niche, right? Yet snippets of the show are posted to NHK World-Japan’s YouTube channel, which has over 2.5 million subscribers.
What’s striking about the show, beyond the popularity of cute, pink rail cars, is how much pride the locals take in their railways. Being into trains is a thingin Japan.
Contrast that with the U.S., where not only do we lack a single Hello Kitty-themed train line, but also many of us forget about railways when considering travel options. I’ve been writing about travel for over five years now and have written about rail travel — let me check my notes — zero times.
Jokes aside, this nationwide disinterest in trains could have major consequences as we try to reduce the climate impact of transportation. Air travel contributes 11% of total transportation-related emissions in the U.S., according to a White House fact sheet from September 2021, with the trend only going higher. Yet, there’s currently no clear path to making aviation sustainable.
Contrast that with rail travel, which is one of the least carbon-intensive means of travel, according to a December 2022 report from the Congressional Budget Office.
That means we either have to invent a new transportation modality that burns less carbon, or go back to one invented during the Industrial Revolution: railways.
But boosting train ridership isn’t going to be easy.
How many billions?
There is at least one notable U.S. resident who’s a total rail geek: “Amtrak Joe” Biden, who famously commuted between Delaware and Washington, D.C., by train for years.
Biden recently pushed through billions of dollars in funding for Amtrak as part of a larger infrastructure spending effort. That might sound like a big deal for train travel in this country, until you dig into the details.
The spending only affects the Northeast Corridor train line (yes, a single line). A full $3.8 billion is being spent to rehabilitate a tunnel connecting New York to New Jersey. And not a single Pokemon-themed car is included in the enormous spending package.
Basically, this money is being spent to keep the lights on, rather than to make huge improvements that will improve ridership and — by extension — sustainability.
If the federal government spending billions of dollars on railway infrastructure without having much to show for it sounds familiar, you might remember the Obama administration’s efforts to expand high-speed rail. Over a decade later, the U.S. still lacks a single high-speed line (Amtrak’s Acela doesn’t go fast enough to be considered true “high speed”).
Optimists will point to the many high-speed projects under construction or consideration as evidence that rail travel has a future in the U.S. But history seems to indicate that it will take more than a few measly billion dollars to kick America’s flying habit.
One step forward
Technology is changing and improving our lives at a dizzying rate. Chatbots are almost human. Cars are quickly electrifying. Yet technology hasn’t improved long-distance travel much in recent decades. In fact, it may be regressing. According to a recent article in the New York Times, nearly every aspect of traveling — from flying to driving — actually takes longer now than it did in the 1970s.
Meanwhile, the travel industry faces an enormous climate dilemma. Commercial aviation emits, on its own, as much carbon dioxide as a large industrial nation on a yearly basis. We can’t keep flying this much without burning way more fossil fuels. Something has to give.
Train travel is hardly cutting-edge technology. When the first commercial steam locomotive was introduced, James Madison was president and the U.S. was at war with Britain. Yet it may be one of our best bets for making travel more sustainable.
But the odds are long. Billions of dollars have already been poured into the country’s rail infrastructure, with billions more on the way. Yet no significant changes to where or how quickly we can travel by train are set to come over the horizon.
And we still don’t have a single cute pink train.
How to maximize your rewards
You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2023, including those best for:
Federal Reserve left its key short-term interest rate unchanged again Wednesday, hinted that rate hikes are likely over and forecast three cuts next year amid falling inflation and a cooling economy.
That’s more rate cuts than many economists expected.
The decision leaves the Fed’s benchmark short-term rate at a 22-year high of 5.25% to 5.5% following a flurry of rate increases aimed at subduing the nation’s sharpest inflation spike in four decades. The central bank has now held its key rate steady for three straight meetings since July.
That provides another reprieve for consumers who have faced higher borrowing costs for credit cards, adjustable-rate mortgages and other loans as a result of the Fed’s moves. Yet Americans, especially seniors, are finally reaping healthy bank savings yields after years of paltry returns.
Best high-yield savings accounts of 2023
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Is a soft landing in sight? What the Fed funds rate and mortgage rates are hinting at
Will the Fed raise interest rates again?
The central bank didn’t rule out another rate increase as it downgraded its economic outlook for next year while lowering its inflation forecast. In a statement after a two-day meeting, it repeated that it would assess the economy and financial developments, among other factors, to determine “the extent of any additional (rate hikes) that may be appropriate to return inflation to 2% over time.”
Fed Chair Jerome Powell said at a news conference, noting the Fed’s key rate is “at or near its peak.”
while the Dow Jones Industrial Average closed at a record high after rising 1.4% following the Fed’s signals that it’s probably done lifting rates and is forecasting three cuts next year. The 10-year Treasury was down to about 4% from 4.21% on Tuesday.
Last month, Powell said high Treasury yields, if persistent, likely would constrain the economy and require fewer Fed rate increases,
In its statement Wednesday, however, the central bank didn’t acknowledge the recent decline in Treasury yields, suggesting yields are still relatively high and could spike again, crimping the economy.
“Tighter financial and credit conditions for households and businesses are likely to weigh on economic activity, hiring and inflation,” the Fed said, repeating the language of its previous statement.
Is inflation really slowing down?
The Fed’s middle-ground approach may have been cemented Tuesday by a mixed report on the consumer price index. The good news was that overall inflation barely budged in November amid falling gasoline prices, pushing down annual price gains to 3.1% from 3.2%, still well above the Fed’s 2% goal.
The Federal Reserve System is the U.S.’s central bank.
When does the Fed meet again?
The first Federal Reserve meeting of the new year will be from Jan. 30 through 31.
Federal reserve calendar
Jan. 30-31
March 19-20
April 30- May 1
June 11-12
July 30-31
Sept. 17-18
Nov. 6-7
Dec. 17-18
The U.S. economy was strong in the third quarter as consumers continued to spend despite high interest rates and inflation.
The value of all services and products generated in the U.S., or GDP, rose at a seasonally adjusted 4.9% for the year in the months spanning July to September, according to the Commerce Department. That was more than twice the 2.1% increase in the previous quarter and the most aggressive pace of growth since the end of 2021 when the economy surged back from a recession sparked by the pandemic.
a recession over the next year, down from the 61% odds forecast in May.
Barclays predicted a loss of roughly 375,000 jobs by the middle of next year. But consumer spending remains robust despite high inflation and interest rates that are making credit card use and consumer loans more expensive. And that may help stave off a recession, says Barclays economist Jonathan Millar.
What does FOMC stand for?
The FOMC is the Federal Open Market Committee, the voting body responsible for setting interest rates. The 12-member committee includes seven members of the Board of Governors and five of the 12 Reserve Bank presidents.
What causes inflation?
Inflation can have many roots. Typically, it’s caused by “a macroeconomic excess of spending over the economy’s relative ability to produce goods and services,” said Josh Bivens, the director of research at the Economic Policy Institute, a left-leaning think tank based in Washington D.C.
That means more people are wanting items and services than there is adequate supply, leading producers to raise prices.
“If everyone in the economy, tomorrow, decided they weren’t going to save any money from their paychecks, and they’re just going to spend every last dollar out of the blue, they would all run to the stores and try to buy things,” Bivens said. “But, producers haven’t produced enough to accommodate that big surge of across-the-board spending. So, you would see prices bid up.”
Inflation can also happen when there are too few producers, or there aren’t enough employees to provide the coveted products and services, Bivens said.
Finally, economies also have some “built-in inflation” to help keep inflation in check. In the U.S., that target is 2%, meaning businesses can raise prices 2% annually year and that shouldn’t overburden consumers. That’s also the typical cost of living raise offered by employers.
Inflation meaning
Inflation is the term for a “generalized rise in prices,” according to Josh Bivens, head of research at the Economic Policy Institute, a left-leaning think tank based in Washington D.C.
Everything from food to rent can become costlier due to inflation. But it is the overall impact that determines what the inflation rate actually is.
“Inflation, though, really is meant to only refer to all goods and services, together, rising in price by some common amount,” Bivens said. The Federal Reserve’s inflation goal is 2%, which means businesses can hike prices by 2% a year and that shouldn’t cause consumers financial distress. Cost of living increases to workers’ pay are also expected to meet that target to ensure consumers can adequately deal with the rising costs of goods and services.
What is CPI?
In November, the Consumer Price Index (CPI) ‒ a measure of the average shift in prices for different products and services ‒ was 3.1%, down slightly from the month before.
Annual inflation is down dramatically from the 9.1% in June 2022 that marked a 40-year high but remains above the 2% target the Fed sees as the level that signals the rate of price increases is under control.
Why is CPI important?
The Federal Reserve watches two key aspects of the economy, price stability and maximum employment, and those are the main factors it takes into account for its interest rate decisions. The CPI is a primary measure the Fed looks at to help determine if prices are “stable.’’
What is the difference between CPI and core CPI?
Core prices don’t count the volatile costs of food and energy items, giving a more accurate window into longer-term trends.
Are wages going up in 2024?
If you’re deemed a top performer at a company that is offering raises, you’ve got a pretty good chance of getting a pay boost next year.
About 3 out of four business leaders told ResumeBuilder.com they intended to give raises. But half of those company executives said only 50% or less of their staff members would see a pay hike, and 82% of the raises would hinge on performance. For those who do manage to get the salary boost, 79% of employers said the pay hikes would be greater than those given in recent years.
Are U.S. Treasury yields rising?
Not recently.
The 10-year Treasury yield was above 5% in November when the Fed kept rates steady for the second consecutive month the first time it had left the key rate unchanged two months in a row in almost two years.
That led to mortgage rates spiking to almost 8% and pushed up other borrowing costs for consumers and businesses. Stocks meanwhile sank close to a recent low, leading Fed Chair Jerome Powell to say such financial pressures could achieve the same cooling effect on the economy as additional rate hikes.
But in the following weeks, 10-year Treasury yields dipped to 4.2% and stocks rebounded. That might make the Fed resist rate cuts in case the economy heats up and causes the broader dip in prices “to stall at an uncomfortably elevated level,” Barclays says.
Barclays and Goldman Sachs forecast that rate cuts won’t happen until the spring, and that there will be only two, to a range of 4.75% to 5%, with more cuts implemented in the next two years.
When will inflation go back to normal?
It may take a little while.
Inflation’s decline likely “won’t show much progress in coming months,” Barclays wrote in a research note.
Overall price hikes have eased significantly since peaking at 9.1% in June 2022, a four-decade high. And in October, broader inflation as well as core prices experienced a dip, leading to a lower 10-year Treasury yield.
But core prices, which exclude the volatile costs of food and energy, will probably rise 0.3% each of the next three months, Goldman Sachs says. Used cars and furniture have been getting cheaper as the supply-chain shortages of the pandemic end. Meanwhile, health care, auto repairs, car insurance and rent continue to get more expensive, as employers pay higher wages to attract workers amid a labor shortage lingering from the global health crisis.
What is core inflation right now?
Core prices, which leave out the more volatile costs of food and energy, bumped up 0.3% in November, slightly more than the 0.2% uptick seen the previous month. That kept the yearly increase at 4%, the lowest rate since September 2021.
New inflation tax brackets
Inflation may also impact the amount of taxes you have to pay.
The Internal Revenue Service said in its annual inflation adjustments report that there will be a 5.4% bump in income thresholds to reach each new level in next year’s tax season.
In 2024, the lowest rate of 10% will apply to individuals with taxable income up to $11,600 and joint filers up to $23,200. The top rate of 37% will apply to individuals earning over $609,350, and married couples filing jointly who make at least $731,200 a year.
The IRS makes these adjustments annually, using a formula based on the consumer price index to account for inflation and stave off “bracket creep,” which happens when inflation shifts taxpayers into a higher bracket though they’re not seeing any real rise in pay or purchasing power.
The 2024/25 increase is less than last year’s 7% increase, but much more than recent years when inflation was below the current 3.1% inflation rate.
Will Social Security get a raise because of inflation?
Yes, but it will be a lot less than what recipients received in 2023.
The cost-of-living adjustment, or COLA, to Social Security benefits will be 3.2% next year. That’s roughly one-third of the 8.7% increase given in 2023, which marked a forty-year high.
The 2024 COLA hike is above the average 2.6% raise recipients have received over the past two decades, but seniors remain concerned about being able to pay their expenses as well as the increasing possibility Social Security benefits will be reduced in coming years, according to a retirement survey of 2,258 people by The Senior Citizens League, a nonprofit seniors group.
How does raising rates lower inflation?
The federal funds rate is what banks pay each other to borrow overnight. If that rate increases, banks usually pass along that extra cost, meaning it becomes more expensive for businesses and consumers to borrow as rates rise on credit cards, adjustable rate mortgages and other loans. That’s why the funds rate is the key mechanism used by the Federal Reserve to calm inflation.
Simply put, companies and consumers don’t borrow as much when loans cost them more, and that means an overheated economy can cool and inflation may dip.
Will credit card interest rates continue to rise this holiday season?
The Fed’s string of rate hikes, aimed at easing the highest inflation in four decades, are a big reason credit card interest rates have reached record highs just in time for the holiday season.
Some retail credit cards now charge more than 33% interest, topping a 30% threshold that stores and banks were previously able to bypass but seldom did – until now.
“They can charge that much,” said Chi Chi Wu, a senior attorney at the nonprofit National Consumer Law Center. “Credit cards can actually charge whatever they want. It’s a little-known fact.”
The domino effect of a high benchmark rate and soaring credit card interest could put many Americans in financial straits this holiday season.
Though some consumers are paring back to deal with high prices, rising debt and shrinking savings, the average shopper expects to spend $1,652 this year on holiday purchases, according to the consultancy Deloitte, more than was typically spent in the last three years.
A lot of the buying will be done with credit cards. In an October poll of 1,036 shoppers by CardRates.com, nearly 4 in 10 respondents said they intend to have holiday credit card debt in the new year.
The nation’s collective credit card debt was $1.08 trillion, at the end of September, a record high. And the average interest rate was 21%, the highest ever documented by the Federal Reserve.
Savings account impact of high rates
The upside to the Fed’s string of rate hikes has been that consumers were able to earn good interest on their savings for the first time in years. Even when the Fed leaves interest rates unchanged, savers can do well.
Unfortunately, most account holders aren’t making the most of that potential opportunity.
Roughly one-fifth of Americans who have savings accounts don’t know how much interest they’re earning, according to a quarterly Paths to Prosperity study by Santander US, part of the global bank Santander. Among those who did know their account’s interest rate, most were earning less than 3%.
But consumers have time to make a change that could enable them to make more from their savings.
“We’re still a long way from (the Fed) beginning to cut rates,” said Greg McBride, chief financial analyst at financial services platform Bankrate. “This is great news for savers, who will continue to enjoy inflation-beating returns in the top-yielding, federally insured online savings accounts and certificates of deposit. For borrowers, interest rates staying higher for a longer period underscores the urgency to pay down and pay off costly credit card debt and home equity lines.”
The string of Fed rate hikes that began in March 2022 has made it costlier for consumers to borrow as interest rates on credit cards and other loans increased dramatically.
At the same time, inflation has made daily needs more expensive, pushing more Americans to lean on credit cards to get by. But lenders have become more reluctant to issue new cards, so in the midst of the holiday season, more shoppers are seeking higher credit limits, experts say.
In October, the application rate for higher limits rose to 17.8% from 11.2% in the same month the previous year, and from 12.0% in 2019, New York Fed data showed.
For some consumers, a higher limit on a card they already have is about their only option.
“After COVID, inflation and interest rates went out of control … people have less emergency funds for car repairs or buying presents,” said Brandon Robinson, president and founder of JBR Associates, which specializes in retirement strategies. “What they’re doing is using more credit card utilization – over 30% or well over 50% of their credit card allowance – and then can’t get approved for another card because their credit rating is down.”
Inflation is leading more Americans to work multiple jobs
The number of Americans working at least two jobs is at its highest peak since before the COVID-19 pandemic, according to federal data, an uptick that may reflect the financial pressure people are feeling amid high inflation.
Almost 8.4 million people had multiple jobs in October, the Labor Department said, a figure that represents 5.2% of the laborforce, the highest percentage since January 2020.
“Paying for necessities has become more of a challenge, and affording luxuries and discretionary items has become more difficult, if not impossible for some, particularly those at the lower ends of the income and wealth spectrums,” Mark Hamrick, senior economic analyst at Bankrate, told USA TODAY in an email.
People may also be moonlighting to sock away cash in case they’re laid off since job cuts typically peak at the start of a new year.
What is the Federal Reserve’s 2024 meeting schedule? Here is when the Fed will meet again.
What is the mortgage interest rate today?
Mortgage rates are falling, so is it time to buy?
It depends.
First of all, the Fed doesn’t directly set mortgage rates, but its actions have an impact. For instance, when the central bank was steadily boosting its key rate, the yield on the 10-year treasury bond went up as well. Because those bonds are a gauge for the interest applied to an average 30-year loan, mortgage rates increased.
But over the past six weeks, mortgage rates have been declining, averaging 7% for a 30-year fixed mortgage. That’s down from almost 7.8% at the end of October, according to data released by Freddie Mac on Dec. 7.
That may be giving some wannabe homeowners the confidence to start house hunting. For the week ending Dec. 1, mortgage applications rose 2.8% from the prior week, according to the Mortgage Bankers Association.
“However, in the big picture, mortgage rates remain pretty high,” says Danielle Hale, senior economist for Realtor.com. “The typical mortgage rate according to Freddie Mac data is roughly in line with what we saw in August and early to mid-September, which were then 20 plus year highs.”
So, many potential buyers may still need to sit on the sidelines, waiting for rates to drop further, says Sam Khater, chief economist for Freddie Mac. Hale and many other experts believe mortgage rates will dip next year.
Interest rate projection 2024
The Fed is expected to cut interest rates next year, though markets and economists disagree about how many rate cuts there will be.
Futures markets forecast there will be four or five rate cuts in 2024, amounting to a quarter of a percentage point each. The cuts, they predict, should start by spring, and ultimately drop interest rates as low as 4% to 4.25%.
But core prices, which leave out the volatile costs of food and energy and are the metric followed more closely by the Fed, ticked up 0.3% in November, higher than the 0.2% increase the month before. That might make the Fed more hesitant to nip rates in the immediate future.
Goldman Sachs and Barclays expect there to be only two rate decreases in 2024. And Fed Chair Jerome Powell has cautioned in recent public remarks that it was “premature” to talk about rate cuts.
November inflation report
Inflation dipped slightly last month, with falling gas prices mitigating the impact of rising rents.
Consumer prices overall increased 3.1% from a year earlier, slightly below the 3.2% rise in October, according to the Labor Department’s consumer price index. That slower pace moves the inflation rate nearer to the level, reached in June, that was the lowest in over two years. Month over month, prices increased a slight 0.1%.
Core prices, however, which leave out the more erratic costs of food and energy and which are more closely monitored by the Fed, increased 0.3% in November after rising 0.2% the previous month. That means core inflation’s yearly increase remained at 4%, though it’s the lowest level since September 2021.