Maryland, the “Old Line State,” is a place where the charm of the South meets the bustle of the North. The state is famous for its picturesque beach towns, as the birthplace of the national anthem, and, of course, for its mouthwatering blue crabs. But what else is Maryland known for? Whether you’re considering renting a home in Baltimore, looking to settle into a charming apartment in Annapolis, or just planning a visit, you’ll soon find that the Maryland has much more to offer than meets the eye. In this article, we’ll uncover the hidden gems and iconic features that make Maryland a state that’s truly one of a kind and why so many are proud to call it home. Let’s jump in.
1. Chesapeake Bay
People famously know Maryland for the Chesapeake Bay, the largest estuary in the United States. This iconic body of water supports a thriving ecosystem and is crucial for the state’s seafood industry, especially blue crabs and oysters. The bay also offers a plethora of recreational activities like boating, fishing, and kayaking, making it a top destination for outdoor enthusiasts.
2. Blue crabs
One of Maryland’s most renowned culinary delights is its blue crabs. The state is celebrated for its crab cakes and annual crab feasts, drawing food lovers from across the country. Maryland’s blue crabs are typically seasoned with Old Bay, a unique spice mix that has become synonymous with the state’s cuisine.
3. Old Bay seasoning
Speaking of Old Bay, this seasoning is a staple in Maryland kitchens and beyond, giving a distinctive flavor to seafood dishes. Baltimore created this blend of spices, and it has been a favorite for over 75 years. It’s not just for seafood; locals sprinkle it on everything from popcorn to French fries.
4. Historic Fort McHenry
Fort McHenry, located in Baltimore, is a historic site where Francis Scott Key penned the Star-Spangled Banner during the War of 1812. The fort’s star-shaped design and the dramatic story of its defense against British forces make it a fascinating visit for history buffs and tourists alike.
5. Connection to Edgar Allan Poe
Maryland is also the final resting place of Edgar Allan Poe, the famous poet and author. Poe’s legacy is deeply intertwined with Baltimore, where visitors can explore his gravesite and the Edgar Allan Poe House and Museum. The city celebrates his life and works with annual events like the International Edgar Allan Poe Festival.
Fun facts Maryland is known for
First American Railroad: Maryland established the first American railroad, the Baltimore and Ohio Railroad (B&O), in 1827, playing a crucial role in the country’s transportation history.
Annapolis Naval Academy: The United States Naval Academy in Annapolis, established in 1845, is one of the most prestigious military academies in the world.
Jousting: Maryland recognizes jousting as the official state sport, a tradition dating back to medieval times, celebrated with various tournaments throughout the state.
6. Assateague Island
Assateague Island is a unique barrier island famous for its wild horses. These feral horses roam freely across the island’s beaches and marshes, providing a stunning natural spectacle. The island also offers opportunities for camping, bird watching, and exploring its pristine coastal environment.
7. Johns Hopkins University
Johns Hopkins University in Baltimore is a world-renowned institution known for its contributions to education and medical research. The university’s hospital consistently ranks among the best in the nation, attracting top-tier professionals and students. Researchers and doctors at Johns Hopkins have achieved medical breakthroughs with a global impact, particularly in public health and surgery.
8. Ocean City boardwalk
Ocean City’s boardwalk is a must-visit attraction, stretching three miles along the Atlantic coast. This bustling promenade is lined with shops, eateries, and amusement rides, offering fun for all patrons. Ocean City also hosts numerous events, including the annual White Marlin Open, the world’s largest billfish tournament.
9. Hometown of Cal Ripken Jr.
Baseball fans know Maryland as the home of Cal Ripken Jr., one of the greatest players in Major League Baseball history. Ripken, who played for the Baltimore Orioles, is celebrated for his record-breaking consecutive games played streak. Camden Yards, the Orioles’ ballpark, is a pilgrimage site for baseball enthusiasts.
10. The National Aquarium
The National Aquarium in Baltimore is one of the country’s top aquariums, attracting over a million visitors annually. It features a wide array of marine life, from sharks and dolphins to exotic tropical fish. The aquarium offers exhibits that are both educational and visually stunning, making it a favorite for people of all ages.
11. Antietam National Battlefield
Antietam National Battlefield in Sharpsburg is the site of the bloodiest single-day battle in American history during the Civil War. The well-preserved battlefield and its visitor center provide a poignant and educational experience, commemorating the lives lost and the significance of the battle.
12. Black-Eyed Susan flower
The Black-Eyed Susan is Maryland’s state flower, symbolizing the state’s natural beauty. This vibrant yellow flower can be seen in gardens and fields across Maryland, and it plays a significant role in the state’s cultural heritage. The flower is also prominently featured at the annual Preakness Stakes, the second jewel of the Triple Crown in horse racing.
Jenna is a Midwest native who enjoys writing about home improvement projects and local insights. When she’s not working, you can find her cooking, crocheting, or backpacking with her fiancé.
Purchasing a home is one thing, but purchasing a luxury home is a project at a different level. And if you’re planning to take out a $700,000 mortgage — one that’s just shy of the 2024 conforming loan limit of $766,550 — you’re going to need some pretty serious income to repay that debt. We’re talking about an annual income of around $180,000 – $200,000.
When it comes to qualifying for a mortgage, it’s more than just income that matters — and there’s no one-size-fits-all answer to the question, “What income do I need for a $700K mortgage?” That said, there are some important rules of thumb around how much of your income should be spent on a mortgage that can help you determine what’s appropriate for your income — and other factors that mortgage lenders look at during the qualification process.
Income Needed for a $700,000 Mortgage
Again, there’s no set income level required for a $700,000 mortgage — but a mortgage that large is likely to have a hefty monthly payment, which means you’ll need some decent cash flow to be able to make it work.
One rule of thumb states that your housing costs should be no more than 30% of your gross monthly income — that is, your income before taxes or any other deductions. We can use this rule to estimate how much income you need to make a $700,000 mortgage payment feasible.
First-time homebuyers can prequalify for a SoFi mortgage loan, with as little as 3% down.
How Much Do You Need to Make to Get a $700K Mortgage?
Let’s start by using a mortgage calculator to get a rough estimate of how much money per month a $700,000 mortgage will cost.
To create an example, we’ll assume the property value is $750,000, and that you start out with a $50,000 down payment. While your interest rate will vary depending on factors like market conditions and your credit score, we’ll put it at 7.00%, which is fairly typical as of the second quarter of 2024.
Plugging those numbers into the calculator, you’ll see that the estimated monthly payment comes out to about $4,657 per month. To make our 30% rule above even simpler, we can multiply that total by three to get a low-end ballpark income that’s appropriate for a payment that large. That figure comes to around $170,000 per year. Keep in mind, though, that this figure doesn’t include taxes and insurance, which can add an appreciable amount to that monthly bill. And if you’re putting down a smaller down payment, you’ll also have to pay private mortgage insurance (PMI). Add all that to the mix and you’re looking at an annual income requirement that is closer to $180,000 – $200,000.
For many Americans, that income requirement probably sounds pretty hefty: Per the most recent Census data from 2022, the median household income in the United States is $74,580. (Of course, exact income and cost-of-living figures vary by state.) Still, such a large loan may be within reach for some households — though it’s not just income that matters.
Recommended: The Best Affordable Places to Live by State
What Determines How Much House You Can Afford?
Income is obviously an important part of what qualifies you for a mortgage. After all, lenders are interested in your being able to repay the loan over time. However, your ability to earn enough money to support the payment is only one factor that goes into their overall assessment. While each lender has its own specific requirements and criteria, they all look at similar factors.
What Mortgage Lenders Look For
Some of the factors lenders consider when qualifying a borrower for a mortgage include:
• Income
• Job stability
• Credit history and credit score
• Existing debt
• Existing assets, such as bank and investment accounts
• Money available for down payment
To verify all this information, your mortgage loan officer will likely ask for documentation including your tax returns, W-2s, pay stubs, bank statements, and potentially more. Speak with your loan officer directly to learn exactly what you’ll need to submit as part of the mortgage preapproval process.
What Is a Good Debt-to-Income Ratio?
Let’s take a closer look at one very important part of your mortgage application: your debt-to-income (DTI) ratio. This important measurement is expressed as a percentage, and shows lenders how the debt you already carry compares to your available monthly income. It’s calculated by dividing your monthly debts over your gross monthly income.
While, again, specific requirements vary, most lenders require a DTI of 36% or lower, though in some cases borrowers can be qualified with a DTI of up to 50%. Generally speaking, though, the lower your DTI, the better; even if you can qualify with a higher amount of debt, it’ll be more difficult to make your monthly payments.
$700,000 Mortgage Breakdown Examples
As we’ve seen above, in order to qualify for a $700,000 mortgage loan, you’ll likely need a household income of at least about $180,000 per year — although again, whether or not you qualify will depend on many factors aside from your income, like your credit score and existing level of debt.
One way to get a good sense of how much house you can afford at your current income level is to use a home affordability calculator. If you toggle the “advanced” settings, you can also include costs like homeowners insurance and property taxes along with your income and existing debts. The calculator will spit out an estimate of how much house you can afford given all these circumstances — but remember, again, that this is only an estimate and not a guarantee.
Pros and Cons of a $700,000 Mortgage
Like any financial product (and anything in life), a $700,000 mortgage has both drawbacks and benefits to consider. Here are a few to keep in mind.
Pros of a $700,000 Mortgage
• Home appreciation may pay for the amount you spend in interest and prove a worthwhile investment
• Home ownership offers stability
• If you make timely payments, your mortgage could reflect positively on your credit history — and boost your credit score over time
Cons of a $700,000 Mortgage
• A mortgage is still a form of debt, and you will pay for the loan in the form of interest
• When you own your home, you’re responsible for any and all maintenance and repairs — which isn’t true for those who rent
• Depending on your interest rate, you may end up paying far more than the original home price over the loan’s lifetime
How Much Will You Need for a Down Payment?
There’s an old rule of thumb that states you should save up at least 20% of the home’s purchase price for a down payment. On a property listed for more than $700,000, that would come out to at least $140,000 — a pretty sizable chunk of change to save up!
However, these days, even conventional loans allow some first-time borrowers to put down as little as 3.00% on their home purchase — which, in this case, comes out to a far more reasonable $21,000. There is a caveat to be aware of, though: Borrowers who put down less than 20% will likely be required to pay PMI, which can add a few hundred dollars a month to your mortgage payment. Still, for those who have the cash flow to support this additional cost, it can be a worthy trade for earlier access to homeownership.
Can You Buy a $700K Home With No Money Down?
Some mortgage programs do allow borrowers to take out a mortgage with no money down — though you may have to meet certain eligibility requirements to qualify. For example, government-backed loans from the U.S. Veterans Administration (VA) and U.S. Department of Agriculture (USDA) loans don’t have a minimum required down payment, though these are only available to service members, veterans, and their families or to those looking in designated rural areas, respectively.
Is a $700K Mortgage With No Down Payment a Good Idea?
Even if you do qualify for a $700,000 mortgage with no down payment, it may not be the best idea financially speaking. Along with potentially being on the hook for the additional expense of mortgage insurance, you’ll start out with very low equity in your new investment, and your monthly payments may be substantially higher than they would be otherwise.
Can You Buy a $700K Home With a Small Down Payment?
Short answer: Maybe! As we’ve discussed, your ability to qualify for a mortgage is multifactorial, and the size of your down payment is only one of the many pieces mortgage lenders will consider. If the rest of your application is solid, a lender may qualify you for a $700,000 mortgage with a down payment as low as 3.00% ($21,000) if you’re a first-time homebuyer. Again, though, the only way to know for sure is to actually apply.
Can’t Afford a $700K Mortgage With No Down Payment?
If you’re not yet in financial shape to afford a $700,000 mortgage, or the process of saving up a down payment is getting you, well, down, there are steps you can take to get ready to make the purchase.
Pay Off Debt
It may be one of the most common tips to qualify for a mortgage — but it’s for good reason. Having even a small amount of debt can seriously impact your buying power, so paying off what you can and lowering your DTI can go a long way toward making a larger mortgage possible.
Look into First-Time Homebuyer Programs
If you’re a first-time buyer, it’s worth looking into first-time buyer programs that may be able to help you with your down payment or qualify you for a mortgage when you might otherwise not. One of the best-known first-time homebuyer programs is the FHA mortgage, which is backed by the Federal Housing Administration and may help you qualify even with a lower credit score.
Build Up Credit
Along with lowering your overall debt, building up your credit score can also help you qualify for a lower interest rate — which, over the course of a 30-year loan, can translate to big savings. Even a percentage point difference could save you thousands of dollars in the long run, so taking the time to repair or strengthen your credit today may be a well-placed effort.
Start Budgeting
If you don’t yet have a budget, the time before you purchase a home is a great time to start one. After all, homeownership usually comes with its own slate of expenses, from repairs to maintenance items and more, so ensuring you know where your money is going will help you prepare to meet those financial needs. (And, in the meantime, you may find some areas where you can make cuts that will make the upfront expenses, like your down payment, more feasible.)
Recommended: Refinance Your Mortgage and Save
Alternatives to Conventional Mortgage Loans
While conventional mortgages are the most common — and one of the most affordable options for those who qualify — there are different types of mortgage loans to consider. For example, as discussed, if you’re a first-time homebuyer, you may be able to qualify for an FHA loan from the Federal Housing Administration, which helps buyers qualify with lower credit scores than a conventional loan requires.
USDA and VA loans are also viable options for those looking in rural areas or who are (or are married to) service members or veterans.
Mortgage Tips
Need more mortgage help? Visit a home loan help center to study up on everything from amortization to escrow.
The Takeaway
While it takes a higher income to qualify for (and successfully pay off) a $700,000 loan, for many borrowers, it’s within reach — especially once you’ve found the right lender. Getting a mortgage doesn’t only depend on your income. There are multiple factors in play and learning the right mix could land you in a new home.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% – 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It’s online, with access to one-on-one help.
SoFi Mortgages: simple, smart, and so affordable.
FAQ
How much income do I need for a $700K mortgage?
While there’s no one set income level that will automatically qualify you for a $700,000 mortgage, using the rule of thumb that your housing payment should be no more than a third of your gross monthly income, you’ll likely need somewhere between $180,000 and $200,000 per year to qualify, depending on other factors like your interest rate.
What is the monthly payment on a $700K mortgage?
Specific payment amounts depend on a wide range of factors including the interest rate you qualify for, the property taxes in your location, and the size of your down payment. In an example where you’re purchasing a $750,000 home with a $50,000 down payment at a 7.00% interest rate, your monthly payment would be close to $4,700 before insurance or taxes.
Can I afford a million-dollar home if I make $100K?
Again, how much money you make is only one factor that qualifies you for a mortgage — no matter its size. That said, because of the size of the monthly payment of a large mortgage, a $100,000 salary likely wouldn’t be enough to get you into a million-dollar home.
Photo credit: iStock/DMP
SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Mortgages Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
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.
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.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Whether you’re looking at homes for sale in Charlotte, NC, already renting a home in Atlanta, GA, or looking for your first apartment in Charleston, SC, decorating your child’s room is no easy feat. Their rooms are more than just a place to sleep; it’s a space where they can play, learn, and grow. Designing a kids’ room requires careful consideration of their current needs and future growth, ensuring the space is adaptable and flexible.
From selecting the right color palette to incorporating educational elements and ensuring the room is safe and organized, every detail contributes to creating an environment that nurtures your child’s development and happiness. Taryn Pratt reminds moms and parents alike to keep an open mind when curating a kids’ space. “Don’t underestimate what you can transform your spaces into,” Pratt shares. “Simple is best. You don’t need to spend a lot of money to make your room look nice.”
Inspiring and practical kids’ room ideas
Whether you’re designing a nursery for a newborn, creating a fun and functional space for a toddler, or updating a room to suit the evolving tastes of an older child, these inspiring and practical kids’ room ideas will help you transform a simple room into a magical haven that your child will love and cherish.
1. Embrace fun
Before diving into the journey of decorating your kid’s room, it’s important to channel the fun spirit of kids. “Kids are passionate about their favorite characters and interests, making their interests the center of the decorating = FUN,” Eboni with CR8JOI shares. “Whether it’s Batman, Barbie, sports, or a particular trending “aesthetic”- use toys and color to bring the theme to life. Since childhood interests change like the wind, focus on elements that can be easily updated. A themed pillow or picture, for example, can be easily swapped out. A themed room can be a joy-filled space where their creativity can shine.”
2. Themed rooms
Themed rooms, like Eboni shared above, can ignite your child’s imagination and make their space uniquely theirs. These spaces can provide a sense of adventure and excitement, creating an environment that stimulates creativity and play. Themes can also serve as an educational tool, teaching children about different worlds and concepts.
Space explorer: Use starry wallpapers to give the illusion of outer space, along with glow-in-the-dark ceiling stickers of planets and constellations. A spaceship bed can become the centerpiece, making bedtime an intergalactic adventure. Incorporate elements like moon and star-shaped cushions and posters of astronauts and spacecraft.
Nature lover: Create a forest ambiance with treehouse beds and leaf-shaped rugs. Wall decals of animals, trees, and birds can make the room feel like a walk in the woods. Consider adding a small indoor tent or a reading nook with a nature-themed design to enhance the outdoor feel.
Fairy tale: Canopy beds draped with soft, flowing fabrics can evoke a princess’s castle or a knight’s tent. Pastel colors and whimsical furniture like mushroom stools and fairy lights can transform the room into a magical kingdom. Add storybook characters on the walls and a treasure chest for toy storage.
3. Educational spaces
Incorporating educational elements into your child’s room can promote learning and curiosity. This approach ensures that learning is seamlessly integrated into daily activities, fostering a love for knowledge from a young age.
World maps: Use wallpaper or decals featuring world maps to teach geography. This can be both decorative and educational, helping children learn about different countries, continents, and oceans. Add interactive elements like map pins or stickers to mark places they’ve learned about or visited.
Bookshelves: Accessible bookshelves filled with age-appropriate books encourage reading and independence. Organize books by theme or reading level, and create a cozy reading corner with comfortable seating and good lighting to make reading time enjoyable.
4. Multi-functional furniture
Kids’ rooms often require flexibility as they grow. Multi-functional furniture can adapt to their changing needs, maximizing space and usability. Investing in versatile pieces can save money and space in the long run.
Bunk beds with desks: Ideal for shared rooms or small spaces, bunk beds with built-in desks provide sleeping, studying, and storage areas. The desk underneath can be used for homework, art projects, or computer time, making efficient use of vertical space.
Convertible cribs: Cribs that transform into toddler beds and later into daybeds or full-sized beds grow with your child. “Kids grow fast,” shares Mikayla Taylor. “Opt for an heirloom-quality convertible crib. With this crib, you can update your kids’ room with each stage up to a full-size bed. It’s a nice keepsake to remember those precious baby days as your child grows.” This adaptability ensures that the bed remains a fixture in the room for many years, making it a smart investment.
5. Creative storage solutions
A well-organized room can make playtime and cleanup easier. Creative storage solutions help keep toys, clothes, and books neatly tucked away, ensuring the room remains tidy and clutter-free. John with RAD Children’s Furniture recommends implementing a toy rotation system to keep their room organized and uncluttered. “Display a few toys at a time and store the rest out of sight. Regularly rotate the toys available to the child. This not only keeps the environment tidy but also renews interest and engagement with their toys. A minimalistic approach reduces overwhelm and helps children focus better.”
Under-bed storage: Utilize the space under the bed with drawers or bins for toys, clothes, and out-of-season items. This is a great way to keep the floor clear and make use of every inch of the room.
Height-appropriate, kid-friendly shelves: Use vertical space for storage by installing shelves for books, toys, and decorative items. Wall-mounted shelves keep items off the floor and within reach, creating a clean and organized look.Choosing shelving that matches your child’s height, such as our infant and 3-tier shelves is another great option, John with RAD Children’s Furniture also recommends. “This design allows children to easily access their belongings, fostering independence and encouraging self-directed play. It also enhances safety, reducing the need for children to climb or reach for items.”
Toy chests: Classic and functional, toy chests can double as benches. Opt for designs with soft-close lids to prevent pinched fingers and add cushions on top to provide extra seating.
6. Personal touches
Adding personal touches makes the room feel special and uniquely suited to your child’s personality. These elements can reflect their interests, hobbies, and achievements, making the space truly their own.
Customized art: Frame your child’s drawings and paintings to create a gallery wall. This not only showcases their creativity but also boosts their confidence and sense of pride in their accomplishments.
Name decals: Wall decals or wooden letters spelling out your child’s name add a personal touch. Choose designs that match the room’s theme and color scheme for a cohesive look.
Photo displays: String lights with clips can hold photos, drawings, and mementos, creating a dynamic and ever-changing display. This adds a warm, personal element to the room and allows for easy updates as new memories are made.
7. Interactive play areas
Incorporating areas dedicated to play within the room encourages imagination and activity. These spaces can be both fun and functional, providing a dedicated area for various activities.
Reading nooks: Create a cozy corner with bean bags, soft cushions, and shelves of books. A small canopy or tent can make the nook even more inviting, offering a quiet retreat for reading and relaxation.
Art stations: Set up a small table with art supplies for drawing, painting, and crafting. Ensure the area is well-lit and equipped with storage for supplies to keep the space organized and ready for creativity.
8. Lighting
Proper lighting can make a big difference in a child’s room, affecting both functionality and mood. Layered lighting ensures the room is versatile for various activities.
Layered lighting: Combine ceiling lights for general illumination, wall sconces for ambient lighting, and table lamps for task lighting. This approach provides flexibility and ensures that the room is well-lit for different activities.
Night lights: “Using nightlights is also essential to help with any potential nightmares or night terrors that may be happening,” Unnati Patel, certified pediatric sleep consultant and owner of Nested to Rested Sleep Consulting notes. “It also helps provide a clear path at night to the restroom in case they need to use the potty.”
9. Safety protocols
Safety is paramount in any child’s room. Ensuring the room is secure and hazard-free allows for peace of mind and a safe environment for your child to play and sleep.
Furniture anchors: Secure heavy furniture like dressers and bookshelves to the wall to prevent tipping. This is especially important as children may climb or pull on furniture.
Allergy considerations: Something you may not have thought of when planning your child’s perfect bedroom space is how to provide a healthy space with regard to allergies, asthma, sensitivities, and general health. from The Allergy Mom, Melissa Scheichl recommends paying extra attention to materials that attract dust mites.
“Dust mites affect quality of sleep, breathing, and general health and well-being and are attracted to carpeting, upholstery, drapery, stuffed animals, bedding, and mattresses. The dust mite feces can wreak havoc for allergies, asthma, skin sensitivities, etc,” Scheichl warns. “To reduce the effect of dust mites, consider protective mattress and pillow covers that advertise dust-mite protection (they need to be of a particular quality and fabrication to be effective – not just any mattress cover will do – and they need to completely encase the mattress.”Scheichl also recommends purchasing a portable HEPA filter or other indoor air purifier to remove particulate matter from the air in the bedroom.
Soft flooring: Use rugs or padded mats to cushion falls and provide a soft surface for play. Choose non-slip options to prevent tripping and sliding.
10. Don’t discount teenage years
As children grow into teenagers, their room becomes a vital personal space that reflects their evolving identity and provides a sanctuary for study, relaxation, and socializing. It’s important not to discount the teenage years when designing a child’s room, as their needs and tastes will change significantly during this period. Creating a flexible and adaptable space ensures that the room can evolve with them, accommodating their growth and changing interests.
Reduce clutter: “Your teen has a lot going on in their mind so try to keep things less noisy (in the visual sense),” shares Leyla Preston, founder and editor of Motherhood Diaries. “Studies show that maintaining a serene bedroom environment by minimizing clutter can enhance sleep quality. Make sure the room is free from excessive stimuli beyond schoolwork, including electronic devices that emit blue light to help maintain a conducive sleep setting. Blue light exposure from screens is known to disrupt the circadian rhythm, making it harder to fall asleep and stay asleep.
Tech integration: On the other hand, modern teenagers rely heavily on technology for both schoolwork and entertainment. Incorporate solutions for managing electronics, such as a charging station for devices, a desk with built-in cable management, and adequate outlets. Ensure the room has reliable Wi-Fi coverage and consider adding a comfortable seating area for reading or using a laptop when necessary.
Designing a place where kids can be kids
Designing a kid’s room is a delightful journey that allows you to blend creativity with practicality. By focusing on themes, multifunctional furniture, creative storage solutions, and personal touches, you can create a space that not only looks fantastic but also supports your child’s growth and development. Remember, the best kids’ rooms are those that reflect the child’s interests and provide a safe, comfortable, and inspiring environment for them to thrive.
Wesley Masters works on Redfin’s stellar Content Marketing team as a content writing specialist. She has been with Rent. since 2023 and her previous experiences include non-profit communications, graphic design, and content creation. Wesley lives in Atlanta, GA, and loves outdoor walks, hanging out with her loved ones, and finding new recipes to try on Pinterest. Her ideal home is a brownstone with contemporary interiors.
Want to know what the best businesses that run themselves are? Have you ever dreamed of having a business that runs by itself? Whether you want extra income or a full-time job, these businesses make money without needing you all the time. Having a business that runs itself means more time for you to do…
Want to know what the best businesses that run themselves are?
Have you ever dreamed of having a business that runs by itself? Whether you want extra income or a full-time job, these businesses make money without needing you all the time.
Having a business that runs itself means more time for you to do what you love. This could be more family time, traveling, pursuing passions, or starting another venture. These kinds of businesses are perfect for making your dreams a reality.
Now, that doesn’t mean that all of the businesses below will require zero hours of work from you – they will need varying amounts of time dedicated to them. Maybe some time in the beginning to get it started, some time to maintain it, or even hiring an employee to keep it going or check in occasionally.
Recommended reading: 18 Passive Income Ideas To Earn $1,000+ Each Month
Businesses That Run Themselves
Below are the best businesses that run themselves.
1. Self-service laundromat
A laundromat business can be a great business idea if you want something that mostly runs itself.
With the right setup, you might only need to check in occasionally. Laundromats can give you a steady source of income because people always need clean clothes.
The day-to-day operations of a laundromat include opening the business up in the morning, maintaining machines (the washers and dryers) and keeping the business clean, stocking detergents, and having someone handle the finances. The average self-service laundromat has 2 employees or less, so this is a business where you can outsource that job even.
Running a laundromat can be rewarding and mostly hands-off, making it a popular choice among business owners. If you’re looking for a steady income with minimal daily effort, this could be the option for you.
Recommended reading: Are Laundromats Profitable? How Much Do Laundromats Make?
2. Sell printables
Digital products, such as printables, can be a great way to have a business that runs itself.
Making printables on Etsy can be a great idea because you just need to create one digital file per product, which you can then sell an unlimited number of times. This is what makes it a great passive income opportunity, plus, you can make printables without anything other than just your laptop/computer and internet connection.
Printables are digital products that customers can download and print themselves at home. Examples of printables include:
Grocery shopping checklists
Gift tags
Candy bar wrappers
Printable quotes for wall art
Patterns
Planners
Coloring sheets
Stickers
These items are designed to be easily printed from a computer or other devices, being convenient for buyers who want to customize and use them right away.
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.
3. Blogging
Blogging can be a business that runs itself mostly, but it’s not passive, especially at the beginning. It requires a lot of hard work and can take up most of your time when you’re starting out. Over the years, I’ve automated much of my blog so that it runs with about 10 hours of maintenance from me each week.
Starting a successful blog is challenging – it’s not something everyone can easily do!
That said, learning how to start a blog has been one of the best decisions I’ve made. It’s a great way to earn semi-passive income and extra money.
I think it’s one of the best businesses that run themselves, and it’s something that I have been doing for years. I can take weeks off at a time and still earn a great income during that time.
Blogging can generate passive income because you can create a blog post (high-quality content is key) and continue to earn money from it for years. This income can come from affiliate marketing or display advertising. Unlike traditional jobs where you have to work daily to earn money, a blog allows you to make money around the clock – even while you sleep – thanks to the work you’ve already done in the past.
I have a free training that you can take – How To Start A Blog FREE Course. 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.
4. Affiliate marketing
Affiliate marketing is a great way to make money with a business that mostly runs itself and can make money in your sleep.
Among these businesses that practically run themselves, this one is my favorite. I’ve earned more than $2,000,000 through affiliate marketing over the years, and much of it is semi-passive. I can earn money while I’m on vacation, without internet, while I’m sleeping, and more.
Affiliate marketing is when you earn money by placing a special link on your website or social media. When people buy something through your link, you get a commission. For example, if you link to a book on Amazon (after joining the Amazon affiliate program) from your website and someone buys it through your link, you earn a commission. Companies like Amazon value good affiliates because they help promote their products and services.
You earn a commission by promoting other companies’ products or services. When someone buys through your link, you get paid.
Now, this doesn’t mean that affiliate marketing completely runs itself. You will need to write the content that draws readers in and find ways to get page views. But, once you get things started, you can earn money without always actively working for it.
Recommended reading: Affiliate Marketing Tips For Beginners – Free eBook
5. Rental real estate and rental properties
Being a property owner and managing properties can be a great way to run a business that makes money on its own.
One way to earn extra money is by listing your property on Airbnb or another short-term rental platform. You can rent out your entire house, apartment, or just a room to travelers looking for short stays.
Another way to earn money is through long-term rentals. Long-term rentals involve renting out a property for an extended period, typically six months to a year or more. For example, you might rent out an apartment or house to a family who will live there full-time.
One advantage of long-term rentals is the stable and consistent income they provide. By leasing your property to tenants for a longer duration, you establish a steady stream of rental payments. This reliability can be particularly appealing for those seeking a reliable source of passive income. Plus, managing a long-term rental is usually less demanding than a short-term rental since you don’t need to clean the property frequently or find new renters regularly.
Whether you rent out your property short-term or long-term, you can lessen your involvement by hiring a property manager to do any of the day-to-day work that may be needed. This can make your rental property business more of a hands-off business model.
Recommended reading: 23 Best Real Estate Side Hustles To Make Extra Money
6. Online courses
Creating and selling online courses can be a great way to earn passive income. Once you develop the content and put it on a platform like Teachable, it mostly takes care of itself.
With an online course, you share what you know with others. Maybe you’re good at math, photography, or playing guitar. You can turn those skills into a course.
Creating online courses is a smart way to take what you know and turn it into a business that runs almost by itself. It can be fun too, and you can help a lot of people at once.
I created Making Sense of Affiliate Marketing, my first online course, several years ago and have earned over $2,000,000 from it.
Creating a course is not the easiest way to start a business that runs itself, but it can be a great way to earn an income around the clock. Most of the work is done in the very beginning, and then there is some maintenance along the way to keep the course updated, help students, and so on.
Recommended reading: How I’ve Made Over $1,000,000 From My First Course Without a Big Launch.
7. Storage facility
Running a storage facility is a great way to have a business that can largely manage itself. Plus, this can be a steady income stream, and many storage facilities have long waiting lists and are in high demand.
Self-storage facilities are places where people store their belongings, like boxes of their keepsakes, vehicles, RVs, and more, in storage units or in a big lot.
Owning a self-storage business can be a way to earn money with low expenses. These businesses usually only need a couple of employees.
Often, when I visit a self-storage lot, it’s just the owner or one employee working, and there are very few customers around. Sometimes, no one is working and I just use a code to go in and out.
Another idea similar to this is to rent out your storage space on Neighbor.
Neighbor.com is a platform where you can rent out your space to people who need storage for their belongings such as boxes, furniture, and even cars. You can list spaces like your driveway, garage, closet, and more on Neighbor.com. It’s similar to Airbnb but for storage – no one stays overnight, just their belongings! Depending on demand in your area and the type of storage space you have, you can earn between $100 to $400 or more each month.
Recommended reading: How To Invest In Self-Storage For Beginners
8. Stock photography
Stock photography is a great way to start a business that will eventually run itself. With this type of business, you take photos and upload them to stock photo websites. When someone buys your photo, you get paid.
Once your photos are online, they can sell again and again too.
Stock photos have many different purposes for websites, companies, blogs, and more. Businesses use stock photos because they may not have the resources to photograph everything they need. Instead, they can use stock photos to improve the visual appeal of their content, website, or business.
I personally use stock photos in my blog posts, as do many others. All the photos in this article are stock photos, actually.
There are several well-known stock photo websites such as Shutterstock, iStock by Getty Images, Adobe Stock, and Dreamstime.
To sell photos on these sites, you’ll need to create a contributor account and upload your images following the site’s rules. Each time someone downloads your photos, you earn a commission.
On stock photo websites, having high-quality photos is very important, but having a larger portfolio also matters. The more pictures you have in your stock photo collection, the more potential income you can generate.
Recommended reading: 18 Ways To Get Paid To Take Pictures
9. Car washes
Running a car wash business can be a great way to earn money with minimal effort. Automatic and self-serve car washes are especially popular because they require less work to manage day-to-day.
A self-service car wash is a place where customers pay to use equipment to wash their own cars.
An automatic car wash is a place where customers drive through a tunnel where machines do all the cleaning.
Starting a car wash can be cost-effective over time. The equipment can handle many customers with little human help. You just need to check the machines and refill supplies.
10. Write ebooks
Creating ebooks can be a great way to generate passive income streams. Once you write and publish an ebook, it can keep earning you money with very little effort.
Writing a book can provide passive income because you only need to write it once, yet you can continue to earn money from it for years. While you may need to do some promotion to keep readers engaged, the writing itself is a one-time effort. This makes it possible for the income to be passive over time.
Plus, you can start by self-publishing an ebook and selling it directly on Amazon or on your own website.
11. Dropshipping
Dropshipping is a popular business model that lets you sell products without keeping any inventory. You simply partner with a supplier who ships the items directly to your customers.
Dropshipping can be a great choice because there are low start-up costs as you don’t need to buy stock or rent a warehouse. This keeps costs down at the beginning.
Plus, there’s a lot of flexibility. You can run your dropshipping business from anywhere with an internet connection. This makes it perfect for those who like to travel or work from home.
There are many different things you can sell in a dropshipping business, such as T-shirts (you could even have a print-on-demand business), home decor, mugs, kitchen tools, pet supplies, and baby items.
12. Run a membership website
Membership websites are a great way to run a business that can almost take care of itself. These are websites where people pay regularly to access exclusive content or services.
Now, these will require work and some maintenance. But, you can earn recurring income 24/7, without actively needing to work.
Plus, as more people join, your income grows without adding lots more work.
Some examples of membership sites can include running a Patreon for your YouTube channel, a stock photo membership site, a paid forum, and an online school.
13. ATM business
If you want a low-maintenance business idea that almost runs itself, you may want to look into ATMs.
ATMs can be great because they don’t need much daily work. Once set up, you just need to check them regularly and refill cash.
To start, you’ll need one or more ATM machines (these typically cost around $2,000 to $10,000), you’ll need to find locations (such as convenience stores, malls, gas stations, etc.), set up the ATM (connect it to a network), and monitor and maintain it.
You would earn money through the ATM transaction fees that people are charged when they withdraw money.
Using ATMs can be a good way to make extra money without a lot of effort. They need some work at first but can become a reliable source of income.
14. Parking lots
Parking lots can be great businesses that mostly run themselves.
People always need places to park, such as in cities, near popular venues, at airports, and at shopping centers. If you can find a good location, your parking lot can bring in steady income without much daily work from you.
To get started, all you need is a plot of land. You can set up pay stations to handle money collection. Some lots even use apps for payments, making the process easier for everyone.
And, with the right setup, you can keep things running smoothly with just occasional cleaning and repairs.
15. App development
If you have technical skills, developing and selling an app can be a way to start a business that operates autonomously.
Creating your own app, whether it’s a useful tool, a fun game, or something else, can be profitable.
Although it requires initial effort and investment, once your app is available in app stores, it can generate revenue around the clock through in-app purchases or with the initial download.
You can create mobile apps like a budget tracker, meal planner, fitness tracker, meditation guide, travel planner, and others that cater to specific needs or interests.
16. Billboards
A billboard business is a great way to make passive income. Once set up, it needs little maintenance. You can rent the advertising space to companies for their ads.
Now, building new billboards isn’t allowed everywhere, but in many places, you can still add them onto your own land or buy one that already exists. You’ll want to check local laws to know more before you begin.
Billboards require minimal upkeep, which makes it a great business that runs itself. Regular checks and occasional repairs are needed. Digital billboards need more maintenance, but they can display multiple ads and increase income.
17. Sell on Amazon
Amazon FBA (Fulfillment by Amazon) allows sellers to store their products in Amazon’s warehouses. Amazon takes care of shipping to customers, handling returns, and managing customer service for the seller. This setup frees sellers from storing inventory or dealing with shipping logistics.
While you still need to find products to sell, Amazon FBA makes it possible for anyone, even without experience, to earn money selling items like household goods, toys, books, electronics, and more through their platform.
Recommended reading: How To Work From Home Selling On Amazon FBA
18. Vending machine business
A vending machine business can be a great way to earn passive income. With some initial investment and a bit of planning, you can start making money with minimal effort. Vending machines typically need minimal upkeep and the hours are low.
You can start with as little as $1,500 to $3,000, and even buy used or refurbished vending machines to save money.
Vending machines can be placed in high-traffic areas (with permission and an agreement, of course), such as schools, offices, gyms, hospitals, and more. You may need to pay 5% to 25% of your earnings to use their space.
Vending machines run on their own for the most part. You will have to refill the machines regularly and make any needed repairs.
A vending machine business can be a smart way to generate passive income while requiring little hands-on work. With the right location and products, you can see steady profits.
Recommended reading: How To Start A Vending Machine Business – How I Make $7,000 Monthly
Frequently Asked Questions
If you are thinking about having a self-running business, here are some common questions and helpful answers that might guide you in the right direction.
How can I start a business that doesn’t need me to be there all the time?
To start a business that doesn’t need you to be there all the time, I recommend finding a business model that can be easily automated. Examples include online stores using dropshipping or print-on-demand services. These models let you automate order processing and inventory management, reducing your need to be involved in daily operations. Other businesses include running a laundromat, selling printables on Etsy, blogging, rental real estate, and stock photography.
What are some top businesses known for making money while the owner sleeps?
The best businesses known for making money while the owner sleeps include rental real estate, blogging, stock photography, dropshipping, ATMs, developing an app, and selling an online course. These businesses have systems in place that handle most tasks automatically, allowing you to earn money with minimal hands-on management.
How to have a business that runs itself?
To have a business that runs itself, you need to try something like vending machines, ATMs, blogging, stock photography, dropshipping, and more. Then, you can either automate as much as you can, or outsource the hours where something needs to be done (such as refilling the vending machine).
What is the easiest business to start and run?
Among the easiest businesses to start are online stores using dropshipping, vending machines, and digital products like printables. These business ventures require low upfront investment and minimal ongoing management, making them accessible for beginners.
How do you find a self running business for sale?
To find a self-running business for sale, you can look for listings on business-for-sale websites or contact business brokers. Many websites list businesses for sale, such as BizBuySell and LoopNet. Always research and vet any business thoroughly before buying.
Businesses That Run Themselves – Summary
I hope you enjoyed this article on the best businesses that run themselves.
Self-sustaining business examples include online businesses like blogging and affiliate marketing, where you create content or promote products and enjoy passive income.
Even offline options like laundromats and car washes can be mostly self-sustaining, needing only occasional maintenance. Another good example is a vending machine business. You just put your machines in good spots and let them do the work.
Managing a rental business can be another way to have a business plan that doesn’t require a lot of active hours from you.
For me, I have a business that I work a low amount of hours and can run itself for the most part. I have automated a lot to make this possible, as well as have worked a lot of hours in the beginning. I love having a business that can run itself, as it means that I have more time for other things in life.
What do you think are the best businesses that run themselves?
San Antonio, a vibrant city in Texas, is renowned for its rich cultural heritage and historical significance. Known for the iconic Alamo and the picturesque River Walk, it seamlessly blends historic charm with modern attractions. With a diverse culinary scene, bustling markets, and a lively arts community, San Antonio offers a unique and dynamic living experience for residents and visitors alike. If you’re looking to rent an apartment in San Antonio you’ll find a range of neighborhoods to choose from, each with its own unique charm and appeal. ApartmentGuide has compiled a list of the most expensive neighborhoods in San Antonio to help you find the perfect place to call home.
9 Most Expensive Neighborhoods in San Antonio
From the historic King William to the stylish streets of Far North Central, there are plenty of charming neighborhoods in San Antonio where the average rent is $1,088. Whether you’re looking for an adobe home to rent in Omaha or wondering where to live in the city, read on to find out what neighborhoods made the list.
1. Government Hill 2. Stone Oak 3. King William 4. Dellview 5. Heritage 6. Far North Central 7. Far West Side 8. Oakwell Farms 9. West San Antonio
Let’s jump in and see what these neighborhoods have to offer.
1. Government Hill
Average 1-bedroom rent: $1,545 Apartments for rent in Government Hill
First on our list is the Government Hill neighborhood, which comes in at $450 above the San Antonio average rent. The area is home to popular restaurants like The Smoke Shack, known for its delicious barbecue. Fort Sam Houston Museum offers residents a scenic space to learn about Texas history and the San Antonio Botanical Garden provide enriching experiences and a touch of nature. Housing options in Government Hill range from beautifully restored historic homes to contemporary apartments, catering to a variety of tastes and preferences.
2. Stone Oak
Average 1-bedroom rent: $1,357 Apartments for rent in Stone Oak
Stone Oak is a sought-after neighborhood for renters. The area offers a variety of rental options, from luxurious apartments with modern amenities to spacious townhomes in gated communities. Renters will appreciate the convenience of nearby shopping centers like Village at Stone Oak, which features popular retailers, dining options, and entertainment venues. Outdoor enthusiasts will enjoy the many parks and green spaces, including nearby Bracken-Hill Country Nature Preserve, ideal for hiking, biking, and picnicking. Additionally, Stone Oak boasts highly-rated schools and healthcare facilities, making it a practical choice for those seeking a well-rounded living environment.
3. King William
Average 1-bedroom rent: $1,300 Apartments for rent in King William
Third on our list is the King William neighborhood, where renters typically pay roughly $200 more than the San Antonio average. The neighborhood is known for its historic charm and friendly community. Renters will find an array of unique shopping options, including boutiques and antique shops along South Alamo Street. Dining in King William is a delight, with popular spots like Rosario’s and The Haven offering delicious Tex-Mex cuisine. The neighborhood’s architecture is stunning, featuring beautifully preserved Victorian homes and historic mansions that add to its unique character. Additionally, renters can enjoy the scenic beauty of the nearby River Walk and the peaceful ambiance of King William Park, perfect for leisurely strolls and picnics.
4. Dellview
Average 1-bedroom rent: $1,240 Apartments for rent in Delview
Renters love the Dellview neighborhood enough to pay about $150 over San Antonio’s average rent. Dellview is known for its friendly community atmosphere and convenient location. Renters will appreciate the variety of shopping options nearby, including the bustling Wonderland of the Americas mall, which offers numerous stores and dining choices. The dining scene in Dellview is diverse, with local favorites like Blanco Cafe serving hearty Tex-Mex cuisine and DeWese’s Tip Top Cafe offering classic American comfort food. The neighborhood is home to several parks, such as Dellview Park, which features sports facilities, playgrounds, and picnic areas for outdoor enjoyment. Architecturally, Dellview showcases a mix of mid-century homes and charming bungalows, providing renters with a range of housing styles to choose from.
5. Heritage
Average 1-bedroom rent: $1,224 Apartments for rent in Heritage
The Heritage neighborhood is characterized by its peaceful residential environment and well-maintained community spaces. Architecturally, the neighborhood consists predominantly of well-kept single-family homes, characterized by modern suburban designs and spacious layouts, making it an attractive choice for renters and homeowners alike. Residents enjoy convenient shopping options, with nearby Westover Marketplace offering a variety of retail stores and dining establishments. The dining scene in Heritage includes local gems like Taqueria El Charro de Jalisco, known for its authentic Mexican cuisine, and Big Lou’s Pizza, famous for its gigantic, shareable pizzas. Heritage residents have access to several parks, including the Heritage Duck Pond Park, which features walking trails, playgrounds, and serene pond views.
6. Far North Central
Average 1-bedroom rent: $1,213 Apartments for rent in Far North Central
Next up is Far North Central, the sixth most expensive neighborhood in San Antonio. The neighborhood is known for its upscale living. This area offers a wide range of shopping options, with The Shops at La Cantera providing a high-end shopping experience and The Rim featuring popular retail stores and entertainment venues. Dining in Far North Central is a treat, with diverse options such as the renowned Perry’s Steakhouse & Grille and the popular local spot, Pasha Mediterranean Grill. Architecturally, the area features a mix of modern apartments, luxury townhomes, and spacious single-family homes, catering to various lifestyle preferences.The neighborhood boasts beautiful parks like Friedrich Wilderness Park, offering extensive hiking trails and natural scenery for outdoor enthusiasts.
7. Far West Side
Average 1-bedroom rent: $1,174 Apartments for rent in Far West Side
The Far West Side neighborhood is known for its rapidly growing community and friendly atmosphere, making it a popular choice for renters. Shoppers will find numerous options at Alamo Ranch Shopping Center, which features a variety of retail stores, restaurants, and entertainment venues. Dining in the area is diverse, with popular spots like 54th Street Grill & Bar offering American cuisine and Tiu Steppi’s Osteria serving delicious Italian dishes. The neighborhood is home to several parks, including Culebra Creek Park, which provides ample space for outdoor activities and relaxation. Architecturally, the Far West Side boasts a mix of modern suburban homes, stylish townhouses, and contemporary apartments, providing a range of housing options for renters.
8. Oakwell Farms
Average 1-bedroom rent: $1,158 Apartments for rent in Oakwell Farms
Oakwell Farms is the next neighborhood on our list. The area features charming single-family homes and modern townhomes, with many properties boasting unique designs and ample green spaces. The neighborhood is known for its tranquil, gated community and well-maintained landscapes, making it a desirable option for renters. There are convenient shopping options nearby, such as the Alon Town Centre, which features a variety of retail stores and eateries. Dining options include local favorites like Thai Topaz, known for its flavorful Thai cuisine, and Max & Louie’s New York Diner, offering classic American dishes. Residents can enjoy the outdoors at nearby Oakwell Trailhead Park, which provides scenic walking and biking trails.
9. West San Antonio
Average 1-bedroom rent: $1,154 Apartments for rent in West San Antonio
Last but not least, West San Antonio is known for its diverse community and convenient amenities. Neighborhood parks such as Cuellar Park provide ample recreational opportunities with sports facilities, playgrounds, and picnic areas. Architecturally, West San Antonio showcases a blend of ranch-style homes, contemporary apartments, and charming bungalows, providing renters with a range of housing choices. The neighborhood also offers a variety of shopping destinations, including Ingram Park Mall, which features numerous retail stores and dining options. Food enthusiasts will enjoy local dining spots like Los Barrios, famous for its Tex-Mex dishes.
Methodology: Whether a neighborhood has an average 1-bedroom rent price over the city’s average. Average rental data from Rent.com in June 2024.
Inside: Becoming financially sound is the first step towards proper money management. Learn how do I get financially sound in the next 30 days.
One of the smartest moves that you can make with your money is to become financially sound.
This is the one concept that should be taught before you even move out of the house or start your first job.
However, most of us wonder what it truly means to be financially sound.
Before we dig in and answer that question, let’s discuss the benefits of being financially sound.
Being financially sound means that you are wise with your money.
You exercise proper money management techniques and consistently save for your future.
While these concepts are very simple in thought, many people struggle to become financially sound. Most of the reason why is people typically start in debt way before they even start to earn an income.
In this post, we will detail exactly what you need to do today to become financially settled. Plus, the good news for you is you can accomplish this quickly – specifically become financially sound in the next 60 days.
Are you ready to become financially sound?
Why is it Important to Be Financially Sound?
One of the things that we constantly stress here at Money Bliss is by having money, the doors of opportunity open up.
When you don’t have money, you are left either going into debt, full of stress, exhausted by worry, and constantly wondering if you can get out of your current situation.
You need to learn how to become financially sound.
Growing up, you may have lived in a household that was constantly broke and far from examples of proper financial management of money. So, the concepts of becoming financially sound are more intriguing to you and important to learn.
On the flip side, you may have had parents who manage their money so well, you never had to worry about it. Yet they never taught you those solid money principles.
The most important reason to be financially sound is to have the money you need to do the things that you need (and want) to do.
Whether that is paying your bills, going on vacation, or giving back to a charity.
The other reason is more is a feeling of being financially sound. By becoming financially sound, these types of situations will be your life:
Not constantly stressed about money.
Do not have to worry about stretching money to your next paycheck.
Actually have money at the end of the month.
You can sleep at night knowing your finances are in order.
To be financially wise with your money, you need to prioritize your personal finance situation.
Over time, you can slowly adapt and improve your money position over time.
How do I get Financially Sound?
The good news is you can become financially sound in less than 60 days.
Becoming financially sound helps you understand why things need to happen and what needs to be done, and then put the steps in place to accomplish them.
At this stage, it is more of a money mindset change than it is about reaching specific financial goals.
1. Emergency Fund in Place
An emergency fund is just that – money set aside for an unplanned, unknown, catastrophic event that you need money for.
Ultimately, the goal is to never touch your emergency fund. But you have money set aside, just in case.
The “just in case” you want a new pair of shoes, or you want to take that vacation with friends; that is not an emergency.
A true money emergency is when you have not established a sinking fund available and you need to have unplanned maintenance done on your car. Another example is one of your loved ones is sick, and you need to take time off work to help care for them.
An emergency fund is money set aside for an unplanned, unknown situation.
By having an emergency fund in place, you can weather the storm and get through it without hurting your monthly finances.
2. Stop Living Paycheck to Paycheck
Living paycheck to paycheck means you have to wait until the next paycheck to take care of your bills and obligations. That comes with a lot of stress and worry.
By quitting a lifestyle of living paycheck to paycheck cycle, you can get ahead of your bills by at least one month.
Can you imagine the possibilities if you break the cycle of learning how to stop living paycheck to paycheck?
One of the best ways to do that is to actually have a spending freeze and to track your spending. That will help you eliminate unnecessary expenses while you get your finances on track.
To be able to get ahead by one month of a paycheck will make you financially sound.
3. Spend Less Than You Make
This concept is very simple…
Your expenses are less than your income.
However, many of us live a bigger lifestyle than we can afford and this will cause you financial detriment.
You must learn how to live below your means! This is different from within your means.
When you live WITHIN your means, you are spending exactly what you bring home in pay.
By living BELOW your means, you can save money and increase your savings percentage each year.
If you spend more money than you make, you are absolutely financially unsound.
4. Insure Yourself Properly
One of the biggest financial mistakes is not having the proper insurance that you may need.
Yes, the purpose of insurance exists as a security blanket in case something were to happen; you never know when your insurance may come in handy.
For example, you might have a horrible windstorm come in and a tree falls over onto your car. Well, that would be covered under your car insurance policy (or possibly the homeowner’s property where the tree fell).
Maybe your loved one got sick unexpectedly and did not survive, there would be a life insurance policy in place to help the heirs financially move forward with that loss of income.
In order to be financially sound, you need to review your insurance policies at least yearly.
You need to make sure that you are properly covered with insurance. Various types of insurance you may need include home, auto, life, health, disability, or long term care.
Always review your policies to see if another carrier is cheaper, you need to increase your insured levels or see if there are any more discounts that you qualify for now that you have not qualified for before.
5. Invest Time in Learning More about Finances
You need to become a constant learner with money.
If you put learning about money on the back burner, you will never reach your money goals that you have for yourself and you are guaranteed to never have a net worth of millionaire dollars.
You must invest time and energy into learning about personal finances.
The great thing is free to go down to a local library, and check out some of the top all-time best personal finance books available. Make it a goal to read one book a month. And if that’s too much, then make a goal of reading one money management book every quarter.
Here are some of the best ways to become a constant learner:
Join our email list for Money Bliss. We constantly send out great tips to help you advance your situation.
Listen to a podcast.
Choose one of the best finance books and find unparalleled success with money.
Find somebody on YouTube that you want to watch and learn.
Invest in the top investing course and learn how to win in the stock market.
Here’s my challenge to you… If you are willing to spend an hour, two, or more hours entertaining yourself with Netflix, sports, or YouTube, then you have the time to invest in your financial future.
6. Eliminate Wasted Money Situations
One of the most common mistakes that I see happen over and over is the amount of wasted money that happens in our society.
If you were letting dollars slip between your fingers because you are too lazy to cut out expenses, then that means that you are not financially sound.
Being lazy with your money will leave you financially unsound.
Do you know how you spend your money? Are willing to pay a higher price for something knowing you should actually pay less for it? Do you continue subscriptions because you do not want to call customer service and cancel?
If so, then you are giving away your hard-earned cash.
Start with a money mindset change.You work hard for your hard earned cash.
So, you need to quit wasting money and start keeping as much of it as you possibly can. Learn how to save money fast on a low income.
7. Pay Yourself First
This is the best money management tip I got from financial experts.
Pay yourself first.
That means when you get paid, you instantly move money into a savings account, an investment account, or a retirement account.
Start planning for your future today. You don’t wait until tomorrow. You don’t wait until you have more money.
I can tell you from personal experience… my biggest money mistake was waiting until I thought I had enough money to start saving and paying myself first. And now, thanks to the compounding interest, I have to contribute WAY more than if I would have just started saving money at a younger age and started investing it more aggressively.
8. Get Out of Debt
Make a plan to get out of debt.
I am not saying right now that you need to get out of debt in the next 30 to 60 days. Specifically, start to craft a plan to help you get out of debt shortly.
You are unable to move forward financially if you have debt on your shoulders, it will constantly be dragging you behind. You will not be able to increase your bank account balance and net worth like you would want to when you are in debt.
Figure out ways to get out of step and stick to that plan to pay off that debt.
It may take you three months to pay off your debt, it may take you a couple of years to get out of debt. The amount of time that it takes to pay off your debt does not matter. It is the fact that you were making a plan to actually pay off your debt.
And then later on, when you move to become financially stable, that is when your debt is completely paid off.
If you are reading this and saying “well, I don’t have to worry about this, I don’t have any debt.” Stay that way to be financially sound by saying no to debt.
Don’t go into debt, any more than you already are today.
Debt Resources:
9. Increase Your Income
A great principle to help you with money management is to make more money.
The more money that you have in your income bucket, the more you are able to save. Then, you have money available for other things that you want to do in life.
Find ways to increase your income:
Whatever it is you need to do, you need to find ways to increase your income.
10. Make Smart Financial Goals
One of the steps to becoming financially sound is knowing where you want to go next. And not be satisfied where you are today.
You want to learn to be financially sound and then move towards becoming financially stable, and then, ultimately financially secure. It’s a three-step process to get to where you want to go.
You can start today by making your first smart financial goal.
For me, my first one was starting an emergency fund. Then, I moved on to getting out of debt. Currently, my goal is to increase my savings percentage each year.
My smart financial goals do not have to be yours. You have to do what you want to do and makes the most financial sense for you.
Financially Sound Means Proper Money Management
Money management is not taught. More often than not, it is learned typically through the case of hard knocks.
One of the concepts above that we consistently talk about is making learning about personal finances a priority.
And that’s because you can read everybody else’s stories and not make the same financial mistakes. That my friend is huge.
If you want to maximize your finances the best way possible, then learn from others and do not make the same financial mistakes.
Learn the concepts of money management:
How to save consistently
How to reduce your expenses
Stay clear of debt
Live within or below your means
Become a smart investor and so much more.
Here on our site, Money Bliss, you can find plenty of tips to help guide you.
Imagine Your Life as a Financially Sound Person
For just a moment, I want you to close your eyes and think how life is today for you.
Are you filled with stress, worry, and anxiety? Not sure if you can pay rent the next month or have enough for food? Maybe you aren’t making the progress financially that you want to.
If that is you, think about what your life would be like if you became a financially sound person.
Maybe you’re reading this and you’ve been blessed financially, but your spending is still out of control. Even though you make a six figure salary, you are still scraping by at the end of the month and waiting for your next paycheck.
Imagine what your life could be like if you were a financially sound person.
It all comes down to basic financial money management.
You have to spend less than you make and you have to save money for a rainy day.
You can accomplish anything as long as you put your mind to it.
Now, are you wondering…. When can you say that a person is financially stable?
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
Hawaii is a state brimming with natural beauty, unique culture, and fascinating history. From the stunning beaches of Waikiki to the majestic volcanoes of the Big Island, Hawaii’s attractions draw millions each year. Known for its rich traditions, hula dancing, and Aloha spirit, Hawaii offers a diverse array of experiences. But what else is Hawaii known for? Whether you’re looking to rent a home in Honolulu, move into an apartment in Kahului, or just soak up the sun, you’ll quickly discover that this island paradise has much more to offer than meets the eye. In this article, we’ll explore what makes Hawaii unique and why so many are proud to call it home. Let’s dive in.
1. World famous beaches
Hawaii boasts stunning beaches known worldwide. For instance, Waikiki Beach in Oahu is one of the most famous beaches in the world. Its golden sands and crystal-clear waters attract surfers, sunbathers, and tourists from all over. The beach is lined with luxury resorts, shops, and restaurants, making it a bustling hub of activity. Visitors can also learn about the history of surfing at the Duke Kahanamoku Statue, honoring the legendary Hawaiian surfer. The less crowded Hapuna Beach in Big Island is another gem, boasting white sands and excellent conditions for swimming and snorkeling.
2. Active volcanoes
Hawaii is home to some of the world’s most active volcanoes. Kilauea, on the Big Island, has been erupting continuously since 1983, offering visitors a rare chance to witness flowing lava. The Hawaii Volcanoes National Park provides numerous hiking trails, scenic drives, and educational exhibits about the island’s volcanic activity. Mauna Loa, another massive volcano on the Big Island, is considered the largest volcano on Earth by volume.
3. Hawaiian cuisine
Hawaiian cuisine is a fusion of flavors reflecting the islands’ diverse cultural influences. Poke, a dish made of raw fish seasoned with soy sauce and sesame oil, is a local favorite. Food trucks and restaurants across the islands offer various poke bowls. Additionally, Spam musubi is another favorite snack made with grilled Spam on rice wrapped in seaweed, showcasing Hawaii’s love for Spam. For dessert, many enjoy shaved ice topped with sweet syrups and sometimes azuki beans or ice cream. It’s a refreshing treat loved by locals and tourists alike.
4. The art of Hula
Hula dance is an iconic part of Hawaiian culture, telling stories through graceful movements and traditional music. The Merrie Monarch Festival, held annually in Hilo, celebrates the art of hula with competitions and performances. People can experience hula shows at various venues across the islands, such as the Polynesian Cultural Center on Oahu. Hula preserves the history and legends of Hawaii, connecting people to the islands’ rich heritage.
5. World-class surfing
Surfing is deeply ingrained in Hawaiian culture, with the islands being the birthplace of the sport. Hawaii’s warm waters and consistent waves make it a paradise for surfers. The North Shore of Oahu is famous for its massive winter waves, attracting surfers from around the world. Additionally, Waimea Bay, Pipeline, and Sunset Beach host prestigious surfing competitions like the Vans Triple Crown of Surfing.
Fun facts Hawaii is famous for
– Hawaii is the only state in the United States that grows coffee commercially. Kona coffee is particularly well-known for its rich flavor and aroma. – The state fish of Hawaii is the humuhumunukunukuapua’a, also known as the reef triggerfish. Its long name translates to “triggerfish with a snout like a pig” in Hawaiian. – Hawaii has its own time zone (Hawaiian Standard Time) and does not observe daylight saving time. This makes it one of only two states that do not observe this practice.
6. Whale watching
Every winter, humpback whales migrate to the warm waters of Hawaii to breed and give birth. Maui’s waters, particularly around the islands of Maui, Lanai, and Molokai, are prime spots for whale watching. The best time to catch a glimpse is from November to May, with peak activity between January and March. Visitors can join boat tours to see these majestic creatures up close or visit The Pacific Whale Foundation to take advantage of their educational tours about conservation efforts.
7. Luau
A luau is a traditional Hawaiian feast featuring music, hula, and delicious food. The Polynesian Cultural Center and Paradise Cove Luau on Oahu are popular spots to experience this cultural event. Kalua pig, cooked in an underground oven called an imu, is a highlight of the feast. Other traditional dishes include poi, lomi salmon, and haupia, a coconut milk-based dessert. Luaus provide an immersive way to enjoy Hawaiian cuisine and hospitality.
8. Haleakalā National Park
Haleakalā National Park on Maui is renowned for its stunning sunrises and volcanic landscapes. The summit of Haleakalā, a dormant volcano, stands over 10,000 feet above sea level. Locals often wake up early to watch the sunrise from the summit, a truly breathtaking experience. The park also features diverse ecosystems, from lush rainforests to desert-like terrain. Hiking trails, such as the Sliding Sands Trail, offer opportunities to explore the unique landscape.
9. Hawaiian music
Hawaiian music, with its distinctive slack-key guitar and ukulele sounds, is an integral part of the islands’ culture. The Ukulele Festival Hawaii, held annually in Honolulu, celebrates this beloved instrument. Artists like Israel Kamakawiwo’ole have gained international fame for their soulful renditions of traditional songs. Live music can be enjoyed at many venues, from beachside bars to cultural festivals.
10. Hawaiian language
The Hawaiian language, ʻŌlelo Hawaiʻi, is a cornerstone of the state’s cultural identity. Efforts to revitalize the language include Hawaiian immersion schools, like those run by the ʻAha Pūnana Leo organization. The Hawaiian Language College at the University of Hawaii at Hilo offers advanced studies in the language. Common phrases such as “Aloha” (hello) and “Mahalo” (thank you) are used daily by locals and tourists alike. Hawaiian language signage is prevalent throughout the islands, reflecting its cultural significance and the ongoing efforts to preserve and promote it.
11. Banyan Tree of Lahaina
The Banyan Tree in Lahaina, Maui, is one of the largest in the United States, covering nearly an acre. Planted in 1873, it has grown into a massive, sprawling tree with multiple trunks. The tree is a central feature of Lahaina Banyan Court Park, hosting art fairs and community events and its sprawling canopy provides a shady retreat for visitors.
12. Kauai’s Na Pali Coast
Kauai’s Na Pali Coast is renowned for its dramatic cliffs, lush valleys, and secluded beaches. The coastline’s remote and rugged beauty has been featured in numerous films, including “Jurassic Park.” On the coast, the Kalalau Trail offers a challenging hike with breathtaking views of the coastline. Not up for a hike? Boat tours and helicopter rides provide unique perspectives of this natural wonder. The Na Pali Coast exemplifies Hawaii’s pristine and untouched landscapes.
13. Hawaiian festivals
Hawaii hosts numerous festivals that celebrate its diverse culture and traditions. The Aloha Festivals, held annually, include parades, music, and hula performances. The Honolulu Festival showcases the cultural heritage of Hawaii and other Pacific Rim nations. The Maui Film Festival offers screenings under the stars, attracting filmmakers and celebrities. These festivals provide vibrant displays of Hawaii’s community spirit and cultural richness.
Inside: Learn what 21 an hour is how much a year, month, and day. Plus tips to budget your money. Don’t miss the ways to increase your income.
You’re probably wondering if I made $21 a year, how much do I truly make? What will that add up to over the course of the year when working? Is $21 an hour good?
Is this wage something that I can actually live on? Or do I need to find ways that I can increase my hourly wage? How much more is $21.50 an hour annually?
In this post, we’re going to detail exactly what $21 an hour is how much a year. Also, we are going to break it down to know how much is made per month, bi-weekly, per week, and daily.
That will help you immensely with how you spend your money. Because too many times the hard-earned cash is brought home, but there is no actual plan for how to spend that money.
By taking a step ahead and making a plan for the money, you are better able to decide how you want to live, make sure that you put your money goals first, and not just living paycheck to paycheck struggling to survive.
The ultimate goal with money success is to be wise with how you spend your money.
If that is something you want too, then keep reading. You are in the right place.
$21 an Hour is How Much a Year?
When we ran all of our numbers to figure out how much is $21 per hour is as annual salary, we used the average working day of 40 hours a week.
40 hours x 52 weeks x $21 = $43,680
$43,680 is the gross annual salary with a $21 per hour wage.
As of June 2023, the average hourly wage is $33.58 (source).
Let’s breakdown how that number is calculated.
Typically, the average work week is 40 hours and you can work 52 weeks a year. Take 40 hours times 52 weeks and that equals 2,080 working hours. Then, multiply the hourly salary of $21 times 2,080 working hours and the result is $43,680.
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.
Just above $43000 a year.
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 $21 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 $21 times 1,040 working hours, and the result is $21,840.
How Much is $21 Per Month?
On average, the monthly amount would average $3,640.
Annual Amount of $43,680 ÷ 12 months = $3,650 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.
Plus by increasing your wage from $15 an hour, you average an extra $1000 per year. So, yes a few more dollars an hour add up!
Work Part Time?
Only 20 hours per week. Then, the monthly amount would average $1,840.
How Much is $21 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 $21 = $840 per week.
Work Part Time?
Only 20 hours per week. Then, the weekly amount would be $420.
How Much is $21 per Hour Bi-Weekly
For this calculation, take the average weekly pay of $840 and double it.
$840 per week x 2 = $1,680
Also, the other way to calculate this is:
40 hours x 2 weeks x $21 an hour = $1,680
Work Part Time?
Only 20 hours per week. Then, the bi-weekly amount would be $840.
How Much is $21 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 work day.
8 hours x $21 per hour = $168 per day.
If you work 10 hours a day for four days, then you would make $210 per day. (10 hours x $21 per hour)
Work Part Time?
Only 4 hours per day. Then, the daily amount would be $84.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
$21 Per Hour is…
$21 per Hour – Full Time
Total Income
Yearly (52 weeks)
$43,680
Yearly (50 weeks)
$42,000
Monthly (173 hours)
$3,640
Weekly (40 Hours)
$840
Bi-Weekly (80 Hours)
$1,690
Daily Wage (8 Hours)
$168
Net Estimated Monthly Income
$2,779
**These are assumptions based off simple scenarios.
Paid Time Off Earning 21 Dollars an Hour
Does your employer offer paid time off?
As an hourly employee, you may or may not get paid time off.
So, here are the scenarios for both cases.
For general purposes, we are going to assume you work 40 hours per week over the course of the year.
Case # 1 – With Paid Time Off
Most hourly employees get two weeks of paid time off which is equivalent to 2 weeks of paid time off.
In this case, you would make $43,680 per year.
This is the same as the example above for an annual salary making $21 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 $21 times 2,000 working hours, and the result is $42,000.
40 hours x 50 weeks x $21 = $42,000
You would average $168 per working day and nothing when you don’t work.
$21 an Hour is How Much a year After Taxes
Let’s be honest… Taxes can take up a big chunk of your paycheck. Thus, you need to know how taxes can affect your hourly wage.
Also, every single person’s tax situation is different.
On the basic level, let’s assume a 12% federal tax rate and a 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.
Gross Annual Salary: $43,680
Federal Taxes of 12%: $5,242
State Taxes of 4%: $1,747
Social Security and Medicare of 7.65%: $3,342
$21 an Hour per Year after Taxes: $33,350
This would be your net annual salary after taxes.
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$33,350 ÷ 2,080 hours = $16.03 per hour
After estimated taxes and FICA, you are netting $16.03 an hour. That is $4.97 an hour less than what you thought you were paid.
This is a very highlighted example and can vary greatly depending on your personal situation. Therefore, here is a great tool to help you figure out how much your net paycheck would be.
Plus budgeting on a just over $16 an hour wage is much different.
$21 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 $21.01-21.99.
This is super helpful if you make $21.30 or $21.63, or $21.88.
You are probably wondering can I live on my own making 21 dollars an hour? How much rent can you afford at 21 an hour?
Using our Cents Plan Formula, this is the best case scenario on how to budget your $21 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 $21 an hour was $16.03 after taxes. That would average $2,779 per month.
According to the Cents Plan Formula, here is the high level view of a $21 per hour budget:
Basic Expenses of 50% = $1389.50
Save Money of 20% = $555.80
Give Money of 10% = $277.91
Fun Spending of 20% = $555.83
Debt of 0% = $0
Obviously, that is not doable for everyone. Even though you would expect your money to go further when you are making double the minimum wage.
Learn how to budget on a low income.
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 money.
To further break down an example budget of $21 per hour, then using the biweekly budget template is extremely helpful.
recommended budget percentages based on $21 per hour wage:
Category
Ideal Percentages
Sample Monthly Budget
Giving
10%
$218
Savings
15-25%
$510
Housing
20-30%
$983
Utilities
4-7%
$182
Groceries
5-12%
$291
Clothing
1-4%
$36
Transportation
4-10%
$146
Medical
5-12%
$182
Life Insurance
1%
$18
Education
1-4%
$36
Personal
2-7%
$67
Recreation / Entertainment
3-8%
$109
Debts
0% – Goal
$0
Government Tax (including Income Taxes, Social Security & Medicare)
15-25%
$861
Total Gross Income
$3,640
**In this budget, prioritization was given to basic expenses. Thus, some categories like giving and saving were less.
Can I Live off $21 Per Hour?
At this $21 hourly wage, you are close to double the minimum wage. Things should be easy to live off this $21 hourly salary.
However, it is still below the median income of over $60,000 salary. That means it can still be a tough situation.
Is it doable? Absolutely.
In fact, $21 an hour is higher than the median hourly wage of $19.33 (source). That seems backward, but typically salaried workers earn more per hour than hourly workers.
Can you truly live off $21 an hour annually?
You just have to be wiser (or frugal) with your money and how you spend the hard-earned cash you have been blessed with.
If you are constantly struggling to keep up with bills and expenses, then you need to break that constant cycle. It is possible to be smart with money.
You need to do is change your money mindset.
This is what you say to yourself… Okay, this is my season of life right now. I have aspirations and goals to change how much I make, but for now, I am going to make sure that I am able to live on my 21 dollars per hour. No going into debt for me. I will start saving money.
In the next section, we will dig into ways to increase your income, but for now, is it possible to live on $21 an hour?
Yes, you can do it, and as you can see it is possible with the sample budget of $21 per hour.
Living in a higher cost of living area would be more difficult. So, you may have to get a little creative. For example, you might have to have a roommate. Move to a lower cost of living area where rent is cheaper.
Also, you must evaluate your “fun spending” items. Many of those expenses are not mandatory and will break your budget. You can find plenty of free things to do without spending money.
5 Ways to Increase Your Hourly Wage
This right here is the most 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 $21.50 will add up over the year. Even better $24 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 $21 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.
It is important to uncover what should I do for a living.
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 of struggling financially and becoming 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.
Related Question: How Fast Can you Make Money in Stocks? The Real Answer
Tips to Live on $21 an Hour
In this last section, grasp these tips on how to live on $21 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 $21 an hour. An increase to $22 an hour is even better!
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 $21 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 $21 an hour minus all the taxes, FICA, social security, and Medicare is taken out. That is your net income.
So, your net income has to be less than your gross 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. If you’re good, since you must keep your expenses low, you have to find ways to make your savings fun!
Save $5k in cash with the trending 200 envelope challenge.
Use one of the popular saving money charts to help you!
It could be participating in a no spend challenge for the month.
It could be challenging friends not to go to Target for a week.
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. There are so many legit ways how to make 300 dollars fast today!
Whatever path you take, that’s fine. Just find ways to make more money. Period.
Can you imagine life earning a $100k salary?
5. No State Taxes
Paying taxes is one option to increase what you take home in each paycheck.
These are the states that don’t pay state income taxes on wages:
Alaska
Florida
Nevada
New Hampshire
South Dakota
Tennessee
Texas
Washington
Wyoming
It is very interesting if you take into account the amount of state taxes paid compared to a state with income taxes.
Also, if you live in one of the higher taxed states, then you may want to reconsider moving to a lower cost of living area. The higher taxes income tax states include California, Hawaii, New Jersey, Oregon, Minnesota, the District of Columbia, New York, Vermont, Iowa, and Wisconsin. These states tax income somewhere between 7.65% – 13.3%.
6. Stick to a Budget
You need to learn how to start a budget. We have tons of budgeting resources for you.
While creating a budget is great, you need to learn how to use one.
You do not have to budget down to every last penny.
You need to make sure your expenses are less than your income and that you are creating sinking funds for those irregular expenses.
Budget Help:
7. Pay Off Debt Quickly
The amount that you pay interest on debt is absolutely absurd.
Unfortunately, that is how many of these companies make their money is 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.
Here are resources now for you to pay off your debt:
Jobs that Pay $21 an Hour
You can find jobs that pay $21 per hour. Polish up that resume, cover letter, and interview skills.
Job Search Hint: Always send a written follow-up thank you note for your interview. That will help you get noticed and remembered.
First, look at the cities that require a minimum wage in their cities. That is the best place to start to find jobs that are going to pay higher than the federal minimum wage rate. Many of the cities are moving towards this model so, target and look for jobs in those areas.
Possible Ideas:
Virtual Assistant – Get free training NOW!
Customer service representatives
Bank tellers
Freelance writers
Restaurant Kitchen staff
Truck driver
Uber /Lyft driver
Security guard
Movers
Warehouse workers
Pharmacy Tech
Welder
Forklift operator
Merchandiser
Call center agent
Nursing Assistant
Companies that pay more than $21 per hour:
Bank of America
USAA
Nationwide
Costco
Wayfair
Amazon
Best Buy
Target
Wells Fargo
Disney World
Disney Land
JP Morgan
Cigna
Aetna
$21 Per Hour Annual Salary
In this post, we detailed 21 an hour is how much a year. Plus all of the variables that can impact your net income. This is something that you can live off.
How much is 21 dollars an hour annually…
$43,680
This is right between $43000 per year and $44k 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!
Still thinking I don’t want to work anymore, you aren’t alone and need to start to plan for your early retirement.
Learn exactly how much do I make per year…
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
If you’re in a bind and there aren’t many other options available to you, it is possible to get a personal loan for paying rent. However, you’ll need a solid credit score and credit history to get a good interest rate on a rental assistance loan.
Before you’d get a loan for rent, you may want to evaluate the costs involved and the pros and cons. Read on to learn more about getting a loan for rent payment.
What Types of Loans Can You Use for Rent Payments?
There are several different types of personal loans that you can obtain for paying rent. These include secured and unsecured personal loans for rent assistance, as well as payday loans.
Secured Personal Loans
Secured loans require putting up collateral, which is an item of value used to back up the loan. If the payments on the loan are not made, the lender can seize the collateral and sell it to make up for their losses. Some types of collateral that may be used include cash savings, stocks, a car, a boat, a home, jewelry, fine art, and future paychecks.
Securing a loan with collateral may result in a lower rate, but all conditions are dependent on what the lender is willing to take and what terms they’re willing to offer on a personal loan.
Unsecured Personal Loans
Unsecured personal loans do not require collateral. Since the lender has fewer options for recovering the funds should the borrower default, these types of loans often come with higher rates and shorter terms.
Payday Loans or Cash Advances
A payday loan, or cash advance loan, is a small, expensive loan you repay all at once, typically on your next payday. Interest rates and fees can be exorbitant. As a result, this type of loan should generally only be a last resort for covering rent payments.
Recommended: The Problem With Online Payday Loans and Fast Cash
Reasons Why You May Need to Use Loans for Rent
Using a personal loan for rent isn’t something you’d want to do routinely, but you may come across certain scenarios where it may make sense, such as when:
• You have a short-term financial setback.
• You’ll soon have the funds to pay the loan back.
• You have a good to excellent credit score.
• You can afford to make the monthly payments.
• Your only other option is a payday loan.
Keep in mind that while there’s a lot you can use a personal loan for, taking one out still involves assuming debt. If you’re not confident you can repay a loan for rent, then it’s worth considering if you have any other options available to cover your rental costs for the month.
What Happens If You Do Not Pay Your Rent?
If you do not pay your rent, your landlord can start eviction proceedings against you. Laws vary from state to state and city to city, but it’s important to pay your rent on time.
If you know you’re going to have trouble paying rent, dig out your lease agreement and find out if you have a grace period, what the late fees are going to be, and who to contact if you need to pay late. If you reach out to your landlord before you miss a due date and explain your situation, they may be willing to give you a grace period and delay eviction proceedings.
Is It a Good Idea to Use Personal Loans for Rent Payments?
Generally, experts advise against using a personal loan for paying rent. Ideally, you should have an emergency fund that can cover these essential costs if something unexpected arises.
However, if you’ve decided this is your best course of action, there are some positive aspects to obtaining loans for rent over other potential options. Of course, there are downsides to take into account as well.
Recommended: How to Start an Emergency Fund
Pros of Using Loans for Rent Payments
Personal loans are known for their flexibility and versatility. Here are some of the upsides of turning to a personal loan for paying rent.
Potentially Competitive Loan Terms
A personal loan can come with competitive terms. If you’ve kept your credit in good shape, you may be able to qualify for a low interest rate with low fees and a reasonable repayment term. Your credit score doesn’t have to be perfect to be approved for a personal loan, but a score higher than 670 can increase your chances of getting approved for a personal loan with a competitive interest rate.
Recommended: Typical Personal Loan Requirements Needed for Approval
Versatility and Accessibility
Personal loans are known for being flexible. Borrowers can use them for a wide variety of purposes. For instance, you can use a personal loan for debt consolidation or to cover home renovations, an upcoming vacation, or even rent, among other things. Plus, personal loans offer quick access to funds — sometimes even the same day you apply.
Could Help You Build Credit
If you make all of your payments on time, having a personal loan could improve your credit profile. Adding an installment loan can also improve your credit mix, which is factored into your score.
Affordability
Interest rates on personal loans are generally lower than interest rates for credit cards. Your landlord may not even be able to take a credit card payment.
Cons of Using Loans for Rent Payments
Using a personal loan to pay rent generally isn’t recommended unless it’s a last resort. There are a number of drawbacks to consider.
Additional Fees
Personal loans aren’t free. You may have to pay an upfront fee to take out the loan, not to mention late fees if you miss a payment or even prepayment penalties if you pay in advance.
Possible Harm to Credit Score
If you run into trouble making your loan payments on time, it could have a negative impact on your credit. This could make it harder to qualify for other types of loans, such as auto loans and mortgages, with favorable interest rates in the future.
Interest Rates
If you’re having trouble making your rent payment, other areas of your financial life may have taken a hit. This could mean the interest rate you’re given for a personal loan will be less than ideal. Even if you’ve been able to maintain great credit, you’ll still need to pay interest on a loan for rent.
Increased Debt
Personal loans add debt to your bottom line. You’ll pay more over time by financing your rent payment into a loan. If you’re experiencing financial woes, adding a loan payment on top of what you’re going through may not be a good option.
More Personal Loan Tips
It’s possible to obtain a personal loan for a wide range of purposes, including paying rent. However, it’s important to weigh the pros and cons of getting a loan for rent before you do so. You’ll owe interest (and possible fees), and you could do harm to your credit if you’re not timely about repayment. But if it’s your last resort, a loan for rent is an available option.
If you do decide to get a personal loan — whether for covering rent or another purpose — it’s important to shop around to find the best possible offer.
Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.
SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.
FAQ
Are you able to use loans for rent payments?
Yes, you can use loans for rent payments. You may want to examine all your options before you do, though. Personal loans carry fees and interest, and if you miss payments, you can drag down your credit score.
Is it hard to get a loan for rent payments?
It can be hard to get a loan if you have poor or thin credit or a low income. A lender will analyze your credit score, credit history, and income to determine what amount you can afford to borrow and on what terms.
What type of loan is good for rent payments?
Personal loans are a flexible means to pay for a number of things, including rent. Payday loans and credit card cash advances are high-cost ways to make rent payments, and generally should be avoided.
Photo credit: iStock/nortonrsx
SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
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.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .
Mortgage rates cooled slightly once again this week, now averaging 6.95%, as they continued to dial back after last month’s surge and returned to averages typical of a year ago, Freddie Mac reports.
“Mortgage rates continued to fall back this week as incoming data suggests the economy is cooling to a more sustainable level of growth,” says Sam Khater, Freddie Mac’s chief economist. “Top-line inflation numbers were flat but shelter inflation, which measures rent and homeownership costs, increased, showing that housing affordability continues to be an ongoing impediment for buyers on the house hunt.”
Inflation Remains a Thorn for Rates
The Federal Reserve voted this week to hold its key benchmark interest rate, blaming still stubbornly high inflation for delaying its plans for cuts. The Fed’s announcement came shortly after the latest consumer price inflation data showed the CPI up by 3.3% compared to a year ago. While that is its slowest gain in three years, the CPI remains far from the Federal Reserve’s 2% target that it has set as justification for starting to cut its rate.
The biggest pressure on inflation remains the shelter component of the CPI, which is up 5.4%. Shelter made its slowest gain in two years, but it remains high and continues to cause inflation to remain high as well, says Lawrence Yun, NAR’s chief economist. “The non-official private sector data points to rising apartment vacancy rates from temporary oversupply, and rents are essentially showing no increases,” Yun says. “So, official consumer price inflation, with a lag time, no doubt has more room to slow down.”
Yun says the timing for the Fed to start cutting rates remains unclear. “But the longer-term outlook is for the Fed to cut interest rates six to eight rounds by the end of next year,” he says. If mortgage rates then soon follow, “home prices will remain solid, and home sales will pick up, especially in regions with rising inventory,” he adds.
Mortgage Rates This Week
Freddie Mac reports the following national averages for mortgage rates for the week ending June 13:
30-year fixed-rate mortgages: averaged 6.95%, dropping from last week’s 6.99% average. A year ago, 30-year rates averaged 6.69%.
15-year fixed-rate mortgages: averaged 6.17%, falling from last week’s 6.29% average. Last year at this time, 15-year rates averaged 6.10%.