Philadelphia, PA, is known for its rich history, vibrant culture, and diverse neighborhoods. With iconic landmarks like the Liberty Bell and Independence Hall, the City of Brotherly Love offers a unique blend of old-world charm and modern amenities. If you’re looking to rent an apartment in Philadelphia, you’ll find that the average rent for a one-bedroom apartment is $1,787. ApartmentGuide has gathered a list of the top ten most expensive Philadelphia neighborhoods to rent an apartment this year.
10 Most Expensive Neighborhoods in Philadelphia
From University City to Rittenhouse Square, there are plenty of fantastic neighborhoods in Philadelphia. Whether you’re looking for a luxurious home to rent in Philadelphia or wondering where to live in the city, read on to find out what neighborhoods made the list.
1. Logan Square 2. University City 3. Society Hill 4. Center City 5. Avenue of the Arts North 6. Rittenhouse Square 7. Northern Liberties 8. Avenue of the Arts South 9. Old City 10. Washington Square West
Let’s jump in and see what these neighborhoods have to offer.
1. Logan Square
Average 1-bedroom rent: $2,310 Apartments for rent in Logan Square
This vibrant neighborhood offers a strategic location with easy access to major highways, public transportation, and the business district, making commutes and city exploration seamless. Logan Square is renowned for its cultural institutions such as the Franklin Institute and the Barnes Foundation, providing residents with rich educational and recreational opportunities. The neighborhood’s beautiful architecture, ranging from historic brownstones to modern high-rises, caters to diverse housing preferences. Additionally, the presence of Logan Circle and the Benjamin Franklin Parkway offers ample green space for relaxation and outdoor activities.
2. University City
Average 1-bedroom rent: $2,215 Apartments for rent in University City
Renters are drawn to University City for its unique blend of academic vibrancy, cultural diversity, and modern amenities. This neighborhood, anchored by prestigious institutions such as the University of Pennsylvania and Drexel University, offers a dynamic atmosphere rich with opportunities. The area is known for its eclectic mix of restaurants, cafes, and shops, catering to a wide range of tastes and preferences. Excellent public transportation options, including several SEPTA lines, make commuting to other parts of the city convenient. University City’s green spaces, like Clark Park and Penn Park, provide residents with welcoming outdoor areas to relax and socialize. Additionally, the neighborhood’s strong sense of community and ongoing developments in housing and infrastructure enhance its appeal. The average rent for one-bedroom apartments is $2,215, which is about $400 above the city’s average, making it a pricier neighborhood. However, University City’s charm and amenities are worth it.
3. Society Hill
Average 1-bedroom rent: $2,085 Apartments for rent in Society Hill
Society Hill is the next most expensive neighborhood in Philadelphia. Known for its beautifully preserved 18th-century architecture, cobblestone streets, and lush green spaces, Society Hill offers a picturesque and tranquil environment that contrasts with the bustling city. The neighborhood’s proximity to Center City allows for easy access to the city’s business districts, cultural attractions, and dining and shopping options. Additionally, Society Hill’s strong sense of community, coupled with its safety and cleanliness, creates a welcoming and comfortable atmosphere for residents.
4. Center City
Average 1-bedroom rent: $2,077 Apartments for rent in Center City
Center City is a stellar neighborhood if you want to live close to downtown. The neighborhood offers an abundance of amenities within walking distance, including diverse dining options, upscale shopping, and a variety of attractions like theaters, museums, and historical sites. Its central location provides easy access to public transportation, making commutes seamless whether within the city or to surrounding areas. The lively atmosphere, marked by events, festivals, and a bustling nightlife, appeals to those seeking an active social scene. Additionally, Center City’s blend of historic architecture and modern residential buildings provides a range of housing options to suit different tastes and budgets. This dynamic environment, combined with the allure of living at the heart of Philadelphia’s cultural and economic activity, makes Center City a highly desirable area for renters.While more expensive, the perks of living in Center City may help offset the costs.
5. Avenue of Arts North
Average 1-bedroom rent: $2,061 Apartments for rent in Avenue of Arts North
Next up is Avenue of Arts North, the sixth most expensive neighborhood in Philadelphia. This neighborhood, stretching along North Broad Street, is renowned for its proximity to some of the city’s premier performing arts venues, including the historic Met Philadelphia and the Pennsylvania Academy of the Fine Arts. Its central location provides easy access to public transportation, making commutes and travel throughout the city straightforward. Additionally, the area offers a mix of modern apartments and charming historic buildings, catering to a range of lifestyle preferences and budgets. With a variety of dining, shopping, and entertainment options, renters appreciate the lively atmosphere and the sense of community in Avenue of the Arts North.
6. Rittenhouse Square
Average 1-bedroom rent: $1,995 Apartments for rent in Rittenhouse Square
Located west of downtown, Rittenhouse Square is the next neighborhood on our list. At the heart of this area lies Rittenhouse Square Park, a lush, historic green space that offers a tranquil retreat amidst the city’s hustle and bustle. Surrounding the park are high-end boutiques, gourmet restaurants, and chic cafes, creating a lively atmosphere that caters to a sophisticated lifestyle. The neighborhood’s elegant brownstones and modern apartment buildings provide a range of housing options, many with picturesque views of the park. Its central location ensures easy access to other parts of the city, enhancing the appeal for renters.
7. Northern Liberties
Average 1-bedroom rent: $1,962 Apartments for rent in Northern Liberties
Northern Liberties takes the eighth spot on our list of most expensive neighborhoods in Philadelphia. Renters are drawn to the Northern Liberties neighborhood for its unique blend of urban sophistication and artistic charm. This area, once a manufacturing district, has transformed into a trendy hotspot known for its vibrant community and eclectic vibe. Northern Liberties boasts an array of stylish lofts, modern apartments, and historic row houses. The neighborhood’s thriving arts scene, independent boutiques, and a plethora of dining options, ranging from chic cafes to gourmet restaurants, provide a lively and engaging atmosphere. Its close proximity to Center City and convenient SEPTA options make it an ideal location for professionals seeking a balance between work and leisure.
8. Avenue of Arts South
Average 1-bedroom rent: $1,922 Apartments for rent in Avenue of Arts South
A well-loved Philadelphia neighborhood, Avenue of Arts South is the next area on our list. Avenue of the Arts South is centered around the southern stretch of Broad Street and is renowned for its theaters, including the Kimmel Center for the Performing Arts and the Academy of Music. The area offers a rich array of live performances from Broadway shows to symphony orchestras. The neighborhood’s lively arts scene is complemented by a diverse selection of restaurants, cafes, and boutiques, providing ample entertainment and dining options. Additionally, its central location offers excellent accessibility to public transportation, making commutes easy and efficient. The blend of historic architecture with modern amenities adds to its charm, making Avenue of the Arts South a desirable and dynamic place for renters who appreciate both cultural vibrancy and urban convenience.
9. Old City
Average 1-bedroom rent: $1,900 Apartments for rent in Old City
The penultimate neighborhood on our list of most expensive neighborhoods in Philadelphia is Old City. Known as America’s most historic square mile, Old City is home to numerous colonial-era landmarks such as Independence Hall and the Betsy Ross House, offering residents a daily connection to the nation’s founding history. The cobblestone streets, preserved 18th-century architecture, and art galleries create a picturesque and culturally rich environment. Additionally, Old City boasts a lively social scene with its trendy bars, diverse dining options, boutique shops, and regular events like the First Friday art walk. Its convenient location, with easy access to public transportation and proximity to other popular neighborhoods and downtown Philadelphia, further enhances its appeal.
10. Washington Square West
Average 1-bedroom rent: $1,795 Apartments for rent in Washington Square West
Last, but not least, on our list is Washington Square West. This eclectic neighborhood offers a diverse array of rental options, from charming brownstones to modern apartment complexes, catering to various tastes and lifestyles. Residents appreciate the area’s central location, providing easy access to the city’s top attractions, dining establishments, and entertainment venues. Washington Square West boasts a lively atmosphere, with bustling streets lined with trendy boutiques, cozy cafes, and lively bars. Its proximity to iconic landmarks like Washington Square Park and the Avenue of the Arts adds to its allure, offering renters the opportunity to immerse themselves in Philadelphia’s rich history and cultural scene. With its vibrant energy and prime location, Washington Square West continues to be a sought-after destination for renters looking to experience the best that Philadelphia has to offer.
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.
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June 18, 2024 at 6:17 AM
Daily mortgage rates for Tuesday, June 18, 2024 (mohd izzuan via Getty Images)
Average mortgage rates continue sliding lower for popular 30-year and 15-year terms as of Tuesday, June 18, 2024.
The current average interest rate for a 30-year fixed mortgage is 7.02% for purchase and 6.96% for refinance, down 10 basis points from 7.12% for purchase and 19 basis points from 7.15% for refinance last Tuesday. For homeowners looking to refinance to a 15-year term, the average rate is 6.49% — down 22 basis points from 6.71% over the past week. The average rate on a 30-year fixed jumbo mortgage is 7.17%.
Mortgage rates for Tuesday, June 18, 2024
30-year fixed rate — 7.02%
20-year fixed rate — 6.76%
15-year fixed rate — 6.43%
10-year fixed rate — 6.31%
5/1 adjustable rate mortgage — 6.69%
30-year fixed FHA rate — 6.86%
30-year fixed VA rate — 7.02%
30-year fixed jumbo rate — 7.17%
Mortgage rates for Tuesday, June 18, 2024
30-year fixed rate — 6.96%
20-year fixed rate — 6.77%
15-year fixed rate — 6.49%
10-year fixed rate — 6.32%
5/1 adjustable rate mortgage — 6.56%
30-year fixed FHA rate — 6.99%
30-year fixed VA rate — 7.62%
30-year fixed jumbo rate — 7.08%
Freddie Mac weekly mortgage report: Rates continue falling back
Freddie Mac reports an average 6.95% for a 30-year fixed-rate mortgage, down 4 basis points from last week’s average 6.99% for a 30-year fixed-rate mortgage, according to its weekly Prime Mortgage Market Survey of nationwide lenders published on June 13, 2024. The fixed rate for a 15-year mortgage is 6.17%, down 12 basis points from last week’s average 6.29%. These figures are higher than a year ago, when rates averaged 6.69% for a 30-year term and 6.10% for a 15-year term.
“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, of the latest data. “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.”
Freddie Mac updates its Prime Mortgage Market Survey data weekly on Thursday mornings.
Mortgage rates for June 18, 2024
Mortgage rates are determined by many factors that include inflation rates, economic conditions, housing market trends and the Federal Reserve’s target interest rate. Lenders also consider your personal credit score, the amount available for your down payment, the property you’re interested in and other terms of the loan you’re requesting, like 30-year or 15-year offers.
Because mortgage rates can fluctuate daily, it’s best to lock in a rate when you’re comfortable with the overall conditions of your mortgage or home loan.
Mortgage rates in the news
Mortgage lenders keep a close eye on the benchmark federal funds target interest rate set by the Federal Reserve, the U.S.’s central bank. Called the Fed rate, it’s the benchmark that affects rates on deposit accounts, loans and other financial products. Typically, as the fed rate rises, so do APYs on savings products like CDs, high-yield savings accounts and money market accounts. Mortgage and home loan rates don’t follow the Fed rate as closely, but they do reflect the same elements the Fed evaluates when making decisions on the benchmark — especially inflation — which means as the Fed rate increases, mortgage rates also tend to rise.
The Federal Reserve increased the target interest rate 11 times from March 2022 to July 2023 in an effort to combat the highest inflation in four decades coming out of the pandemic.
June 12, 2024: Fed holds benchmark rate unchanged for seventh time since July 2023
At the conclusion of its fourth rate-setting policy meeting of 2024 on June 12, 2024, the Federal Reserve kept the federal funds target interest rate steady at a 23-year high of 5.25% to 5.50%, marking the seventh consecutive time the Fed’s held the benchmark rate unchanged since July 2023.
In its post-meeting statement, the Federal Reserve acknowledged “there has been modest further progress toward the Committee’s 2 percent inflation objective,” but also that the “economic outlook is uncertain, and the Committee remains highly attentive to inflation risks.”
The Federal Reserve is focused on a 2% inflation goal that’s ideal for keeping employment high and prices low. Despite speculation in March of three rate cuts by the end of the year, the Fed reiterated from its May statement that its rate-setting committee “does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent.”
Officials now estimate one rate cut this year with an additional four cuts anticipated in 2025.
What to expect at the Fed’s July policy meeting
It’s too early to predict what the Federal Reserve will decide at its next policy meeting on July 30 and July 31, 2024, though officials have signaled a cut to the key interest rate later this year.
Inflation appears to be cooling, falling from a peak of 9.1% in June 2022 to rates that have ranged from 3% and 4% since May 2023. The Consumer Price Index released on June 12 revealed consumer prices rose 3.3% year over year, unchanged from 3.3% in April, which was celebrated as “unequivocally good” by economists and puts pressure on the Fed’s timetable for rate cuts. Producer Price Index data released on June 13 reports a 0.2% increase in wholesale prices — or the prices manufacturers pay to producers of goods and services — from April’s 0.5% increase, adding evidence to cooling inflation.
Adding to the good news is the June 7 jobs report that showed a surge in hiring, with employers adding 272,000 jobs in May — higher than the 175,000 positions added in March.
When asked at a post-meeting press conference whether new inflation data changes the timeline on rate cuts, Federal Reserve Chair Jerome Powell said while it’s “plausible” a cut could come as early as September, “We want to gain further confidence. Certainly, more good inflation readings will help with that.”
The Powell-led rate-setting panel will announce a rate decision at the conclusion of its meeting on July 31 at 2 p.m. ET.
NAR settlement offers ray of hope to summer homebuyers
While high mortgage rates could convince current homeowners to delay selling their properties, resulting in low housing inventory, a major change in the way Americans buy and sell homes may offer a ray of sunshine to prospective homebuyers. On April 23, a judge granted preliminary approval to a $418 million antitrust settlement with the National Association of Realtors that ends customary real estate broker commissions of up to 6% of a home’s purchase price starting in July. The settlement isn’t expected to affect mortgage rates, yet it paves the way for consumers to negotiate what they pay for an agent’s services, saving homebuyers money in the long run.
Dig deeper: When’s the next Federal Reserve meeting? The FOMC — and how it affects your finances
4 top factors that affect your mortgage rate
The difference of even half a percentage point on your interest rate can save you hundreds of dollars a month and thousands of dollars over the life of your mortgage, but the mortgage rate you’re ultimately offered depends on the mortgage you’re interested in, payments you’re willing to pay up front and your overall financial health.
Your credit score. Knowing your credit score can help you shop around for lenders you’re likely to get approval through, as well as understand the type of mortgage for your lifestyle and income. The best mortgage rates go to borrowers with good to excellent credit — typically a FICO credit score of at least 670 — though even with fair credit, you may be able to find a mortgage offering decent rates.
Your down payment. The more money you can put down toward your home, the better it benefits your interest rate. Paying at least 20% of your home’s purchase price up front generally results in a lower interest rate — and you can avoid mortgage insurance, which increases your total cost.
Your loan term. While the 30-year mortgage remains a popular way for Americans to purchase homes, you can find terms of 20 years, 15 years and 10 years. Shorter loan terms usually come with lower interest rates, though with higher monthly payments. Longer mortgage terms can result in smaller monthly payments, though you’ll pay higher total interest over the life of your loan.
Interest rate type. Mortgage rates come with two basic types of rates — fixed and variable. Fixed-rate mortgages offer a consistent interest rate over the life of your loan, whereas adjustable-rate mortgages (ARMs) often start with a lower fixed rate for an agreed-on time and then adjust to a variable rate based on market conditions for the remainder of your term. Choosing between these two rates depends on your financial goals and tolerance for risk.
Frequently asked questions about mortgage rates
What are mortgage lenders?
Lenders are financial institutions that loan money to homebuyers. A lender is different from a loan servicer, which typically handles the operational tasks of your loan, like processing payments, talking directly with borrowers and sending monthly statements.
What does it mean to refinance a mortgage?
Refinancing is a process of trading in your current mortgage to another lender for lower rates and better terms than your current loan. With a refinance, the new lender pays off your old mortgage and you then pay your monthly statements from the new lender.
What is an adjustable-rate mortgage?
An adjustable-rate mortgage — commonly called an ARM — is a type of home loan with a variable rate. Unlike a fixed-rate mortgage, which locks in an interest rate and predictable payments that apply over the full loan term, an ARM starts at an initial fixed rate for a period of three years or longer, after which it adjusts to a higher rate and then further adjusts periodically over the remaining life of the loan.
For a 5/1 adjustable-rate mortgage, the first number indicates the number of years at the fixed rate — or five years — and the second number indicates the rate at which the mortgage rate readjusts after — in this case, each year or annually.
Why are mortgage rates so high?
Mortgage rates are influenced by complicated factors like inflation, employment rates, the bond market and the overall economy. While the Federal Reserve doesn’t set mortgage rates, this central bank of the U.S. sets benchmark rates that indirectly affect rates on financial products like mortgages, personal loans and deposit accounts.
March inflation data came in higher than expectations, which is among the main concerns driving mortgage rates higher in April.
Can I negotiate my mortgage rate?
It’s not likely — lenders consider the market conditions and other financial factors when determining rates. You can, however, ask about how you can reduce costs in other ways when comparing mortgage lenders. For instance, many lenders offer lower rates in exchange for “mortgage points” — upfront fees you pay to your lender. A mortgage point could cost 1% of your mortgage amount, which means about $5,000 on a $500,000 home loan, with each point lowering your interest rate by about 0.25%, depending on your lender and loan.
Editor’s note: Rates shown are as of Tuesday, June 18, 2024, at 6:15 a.m. ET. APYs and promotional rates for some products can vary by region and are subject to change.
Sources
Primary Mortgage Market Survey, Freddie Mac. Accessed June 14, 2024.
Employment Situation Summary, U.S. Bureau of Labor and Statistics. Accessed June 7, 2024.
Consumer Price Index Summary, U.S. Bureau of Labor and Statistics. Accessed June 12, 2024.
Producer Price Index News Release summary, U.S. Bureau of Labor and Statistics. Accessed June 13, 2024.
Mortgage Industry Insights, Bankrate. Accessed June 18, 2024.
Miami is known for its beautiful beaches, vibrant culture, and diverse neighborhoods. With an average rent of $2,792, Miami offers a variety of luxurious living options for renters. If you’re looking to rent an apartment in Miami, 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 Miami to help you find the perfect place to call home.
8 Most Expensive Neighborhoods in Miami
From the picturesque Golden Pines to the bustling streets of Brickell, there are plenty of colorful neighborhoods in Miami Whether you’re looking for a luxurious home to rent in Miami or wondering where to live in the city, read on to find out what neighborhoods made the list.
1. Miami Financial District 2. Riverview 3. Brickell 4. Riverfront 5. Bay Point 6. Downtown 7. Edgewater 8. Golden Pines
Let’s jump in and see what these neighborhoods have to offer.
1. Miami Financial District
Average 1-bedroom rent: $4,069 Apartments for rent in Miami Financial District
Renting an apartment in the Financial District offers a dynamic urban lifestyle with a fusion of culture, cuisine, and convenience. Renowned for its bustling atmosphere, the neighborhood boasts a plethora of upscale dining options, including world-class restaurants like Komodo and Zuma, where residents can savor delectable international cuisine and enjoy vibrant nightlife. Beyond dining, the area features attractions such as the iconic Brickell City Centre, offering high-end shopping and entertainment venues, as well as the picturesque Brickell Key, perfect for leisurely strolls and stunning waterfront views. With its proximity to major business hubs and transportation arteries, living in the Financial District provides unparalleled access to employment opportunities and a vibrant cosmopolitan lifestyle, making it an enticing choice for those seeking a blend of sophistication and convenience in the heart of Miami.
2. Riverview
Average 1-bedroom rent: $4,051 Apartments for rent in Riverview
The Riverview neighborhood is an enticing choice for those seeking a taste of Miami’s dynamic culture. With its diverse culinary scene, residents can savor an eclectic array of cuisines from around the world, ranging from Latin American delights to fusion eateries and upscale dining options. Riverview also offers easy access to Miami’s vibrant cultural attractions, including the renowned Pérez Art Museum and the bustling Brickell City Centre for shopping and entertainment. Nature enthusiasts can enjoy the nearby scenic beauty of the Miami River Greenway or take a leisurely stroll along the Riverwalk. Additionally, the neighborhood’s proximity to downtown Miami ensures convenient access to employment opportunities and a lively nightlife scene, making it an ideal choice for those craving both excitement and convenience in their urban lifestyle.
3. Brickell
Average 1-bedroom rent: $3,550 Apartments for rent in Brickell
Renowned for its thriving culinary scene, Brickell boasts a diverse array of restaurants, from upscale dining experiences to cozy cafes and trendy eateries serving cuisine from around the globe. Residents can indulge in delicious seafood at acclaimed spots like Truluck’s Seafood, Steak and Crab House or savor Latin-inspired dishes at renowned eateries such as Novecento and Coyo Taco. Beyond its culinary delights, Brickell offers an array of attractions, including the vibrant nightlife of Mary Brickell Village, where locals can enjoy live music, craft cocktails, and lively bars. Additionally, the neighborhood’s proximity to attractions like the Pérez Art Museum Miami and Bayfront Park provides cultural enrichment and outdoor recreational opportunities, making Brickell an enticing destination for those seeking a vibrant urban lifestyle.
4. Riverfront
Average 1-bedroom rent: $3,300 Apartments for rent in Riverfront
Living in the riverfront neighborhood of Miami offers a unique blend of urban living and natural beauty. With stunning views of the Miami River and easy access to water activities like boating and kayaking, residents can enjoy an active outdoor lifestyle. The neighborhood boasts several parks, such as Lummus Park and Bayfront Park, which provide green spaces for relaxation and recreation. Additionally, the area is home to a diverse selection of restaurants ranging from upscale waterfront dining to casual eateries, offering culinary experiences to suit every palate. For entertainment, residents can explore nearby attractions like the Adrienne Arsht Center for the Performing Arts or catch a show at the Kaseya Center. Housing options in the riverfront neighborhood vary from luxurious waterfront condos with panoramic views to charming historic homes, catering to a range of preferences and lifestyles.
5. Bay Point
Average 1-bedroom rent: $3,200 Apartments for rent in Bay Point
Bay Point offers a blend of luxury living and serene surroundings, featuring an array of upscale housing options ranging from waterfront estates to modern condominiums, catering to diverse tastes and lifestyles. Residents enjoy access to beautiful parks such as Legion Park, which offers green spaces for relaxation and recreational activities. The neighborhood also boasts a variety of dining options, from gourmet restaurants serving international cuisine to cozy cafes offering artisanal coffee and pastries. Attractions like the nearby Design District provide a vibrant cultural scene with art galleries, designer boutiques, and events showcasing contemporary art and design. With its combination of elegant residences, green spaces, dining establishments, and cultural offerings, Bay Point offers an exceptional quality of life for its residents.
6. Downtown
Average 1-bedroom rent: $3,112 Apartments for rent in Downtown
Next up is Downtown, the sixth most expensive neighborhood in Miami. The area features a mix of housing styles, including sleek high-rise condominiums with stunning waterfront views and historic loft-style apartments, providing options to suit various preferences. Beautiful parks like Bayfront Park offer green spaces for relaxation and outdoor activities, while attractions such as the Perez Art Museum and the Frost Science Museum provide cultural enrichment and entertainment. Downtown Miami is also renowned for its diverse culinary scene, boasting an array of restaurants ranging from upscale dining establishments to cozy cafes and food markets, ensuring residents have endless options to satisfy their cravings.
7. Edgewater
Average 1-bedroom rent: $3,035 Apartments for rent in Edgewater
Edgewater is the next neighborhood on our list. The neighborhood offers a unique blend of urban living and waterfront tranquility, featuring a diverse range of housing options that include luxurious high-rise condominiums with panoramic views of Biscayne Bay and charming historic homes nestled along tree-lined streets. Residents enjoy easy access to Margaret Pace Park, a waterfront oasis with jogging trails, sports courts, and scenic picnic spots, perfect for outdoor recreation and relaxation. The neighborhood is dotted with trendy restaurants, cafes, and bars, offering culinary delights from around the world, as well as local favorites showcasing the vibrant flavors of Miami. Edgewater’s proximity to cultural attractions such as the Adrienne Arsht Center and the Wynwood Arts District provides residents with endless opportunities for entertainment and enrichment. With its stunning waterfront vistas, green spaces, diverse dining scene, and cultural offerings, Edgewater embodies the quintessential Miami lifestyle, making it a coveted place to call home.
8. Golden Pines
Average 1-bedroom rent: $3,005 Apartments for rent in Golden Pines
Golden Pines is the last neighborhood on our list. This peaceful residential enclave offers a variety of housing options, including single-family homes with spacious yards, townhouses, and some apartment complexes, providing a range of choices for renters. Residents can enjoy the lush greenery and recreational amenities of Mar-Len Park, featuring playgrounds, sports fields, and walking trails, perfect for outdoor activities and community gatherings. While Golden Pines may be primarily residential, it boasts a selection of local eateries and cafes serving up a range of cuisines, from homestyle comfort food to international flavors, providing convenient dining options for residents. With its blend of residential tranquility, recreational opportunities, dining options, and nearby attractions, Golden Pines offers a comfortable and inviting place to call home in Miami.
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.
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For many Americans, one of the best ways to get closer to their ideal annual income is to learn how to make money online.
According to a 2024 study from Smart Asset, individual Americans need an annual salary of $96,500 to live comfortably in a major city, and families with two children need to make about $235,000.
However, the Bureau of Labor Statistics (BLS) recently reported that the weekly median earnings for Americans was $1,139. This makes the median annual salary a little less than $60,000—far below the annual cost of living in many cities.
Some leverage the thriving “gig economy,” where you find contracted gigs in a virtual marketplace, and others generate passive income. Regardless of your skill set and interests, you’re sure to find something that works for you.
We put together a list of 27 different ways you can make money from home to supplement your income. You’ll also learn what it takes to get started and whether or not it’s right for you.
1. Find miscellaneous freelance jobs
A great place to start when learning how to make money online is by looking at platforms that offer a wide range of work. Before diving into the rest of the list, it’s helpful to know about popular platforms like Upwork and Fiverr. Every day, people and companies post jobs you may be perfect for.
At these sites, you can type in some of your various skills to see if any jobs are available. You can also create a detailed profile marketing your skills so people can find you more easily and offer you work.
Best for: People with a wide range of skills.
What you need to get started: Skills will vary depending on the specific job.
2. Take online surveys
Many companies out there want to get opinions from specific demographics and will pay you to take these surveys. While these don’t pay as much as many of the other options on the list, they also don’t take that long to do, so they are a simple way to make extra money. You can sign up to take these surveys at websites like Survey Junkie or Swagbucks.
Best for: Anyone with access to the internet.
What you need to get started: Access to a web browser.
3. Perform data entry
Data entry is a skill that many people can learn if they don’t already have experience. Doing data entry typically involves inputting data from different sources into a spreadsheet. Sometimes, you can find businesses looking for long-term workers, which can offer a little more stability than finding “gig work.” In addition to sites like Upwork and Fiverr, you can find data entry work at TechSpeed and Oworkers.
Best for: Well-organized individuals.
What you need to get started: Some proficiency with spreadsheet programs like Excel and Google Sheets.
4. Become an online tutor
For teachers looking for online side hustles, becoming an online tutor is a great option. Even if you’re not a teacher, you may be able to find some subjects that you can help students with. The platforms that link tutors with students usually cover school subjects like math, English, foreign languages, writing, and more. You can sign up to tutor on websites like TutorMe, Skooli, and Preply.
Best for: Those who love to teach.
What you need to get started: Experience teaching and expertise in the subject matter.
5. Be a virtual assistant
Many businesses of all sizes need additional help, so they hire virtual assistants. Virtual assistant tasks can vary depending on the gig. Some of these opportunities may be for one day of work, but others may need help for longer stretches of time.
These may pay you per job or per hour, and you can find these gigs on any freelance website. As of 2024, the average hourly rate for virtual assistants is $24 per hour and can be upward of almost $34 per hour.
Best for: People with a wide range of skills.
What you need to get started: Skills will vary depending on the specific job, but some skills can be helpful for many gigs like project management, organization skills, and data entry.
6. Get paid for your perspective
Focus groups are a key aspect of marketing, but it’s no longer just for new products hitting store shelves. In the digital age, companies are looking for people to review the user experience for their websites.
Sites like UserTesting pay you to share your opinions about different products from a variety of different brands. There are also sites like Userbrain that allow you to test different websites, applications, and software.
Best for: Individuals who like sharing their opinions.
What you need to get started: Access to a web browser.
7. Rent out your stuff
Do you have things that you don’t mind renting out? Well, websites like FriendWithA connect you with people who are looking to rent various items. Some of the main items people rent include cameras and film equipment, tools, generators, bikes, and other items people may only need for a day or two.
Best for: People with items they aren’t regularly using.
What you need to get started: Items in good condition to rent.
8. Rent out a room
In addition to apps like Uber, Airbnb is one of the most popular platforms in the new “sharing economy.” Many people use Airbnb as an alternative to hotels while traveling, but some people need a room to rent for longer periods.
Joining a platform like Airbnb allows you to make use of the extra room in your home for both travelers and long-term renters.
Best for: People with an extra room or home.
What you need to get started: A well-maintained room or home.
9. Sell used items
Selling used items is one of the best ways to make money because we all have things we no longer use. You no longer need to have a garage sale to sell your old items because there are platforms that can help you find buyers. There’s a long list of platforms that allow you to sell your used items like:
One of the primary advantages is that you’re no longer limited to your neighborhood and can reach a larger pool of potential buyers. If you have unique novelty items you’re willing to sell, you may want to consider a platform like eBay, where people are regularly looking for hard-to-find items. This is also a great way for kids to make extra money by selling old toys.
Some of these sites are also a great way to make money fast online because they have quick payouts once an item is sold. If the buyer is local, you can get paid the same day.
Best for: Those with old items they no longer need.
What you need to get started: Supplies to ship orders or transportation to deliver locally.
10. Sell graphic design services
There’s no shortage of graphic design jobs, and you can find these jobs through freelance websites or directly with businesses. Many businesses of all sizes need people who can design advertisements, logos, and more. If you’re a graphic designer, it may be a good idea to create a website that hosts a portfolio of your work where people can contact you directly as well.
Although it’s helpful if you have a background in graphic design, you can learn many graphic design skills on your own. There are many helpful tutorials for popular programs like Photoshop on YouTube and other social media sites.
Best for: Graphic designers.
What you need to get started: Graphic design software.
11. Create online courses
Is there something you know quite a bit about that you can teach to others? If so, you can create and sell online courses. From work-related topics to yoga to parenting strategies, offering classes for something you are a subject matter expert in can help you make money while doing something you love! Some of the best websites to sell your courses include Udemy, Skillshare, and Teachable.
You may want to familiarize yourself with online course platforms because they are a great resource to broaden your skills. If you’re willing to invest some time and a little money, there are many courses to teach you new skills that you can turn into more ways to make money online.
Best for: Those who love to teach.
What you need to get started: Expertise in the subject matter you want to teach.
12.Self-publish books
There are many ways for writers to make money online, and writing books is easier than ever. You no longer need to go through a publisher to make money selling books. Today, there are many different websites that allow you to self-publish and sell your books.
The most popular site is Amazon’s Kindle Direct Publishing (KDP), but you can also sell your books on websites like Apple, Google Play books, Kobo, and more. If you have a microphone, you can turn your books into audiobooks as a way to make even more money from your writing.
Best for: Writers.
What you need to get started: Writing software.
13. Start a blog
Blogging became big as a way to make extra money online in the early days of the internet, and it’s still very viable. The great thing about blogging is that you can write about anything you’re interested in and just need to find others who are interested in the same topic.
There are different ways to make money from a blog. You can create your own website and sell Google Ad space or find sponsors. You can also use platforms like Medium, which has a built-in audience, and you can earn revenue as more people read your posts.
Best for: Those who like to write.
What you need to get started: Writing skills and knowledge about a topic.
14. Do freelance writing
Although many news outlets and websites have dedicated journalists, there is also a lot of work out there for freelance writing. Some of the biggest websites out there, from the Washington Post to the New York Times, take submissions from freelance writers.
One of the best ways to find freelance writing work is by following editors on X (formerly known as Twitter). They’ll often post asking for people who can write on a specific topic. Sometimes, these gigs will pay hundreds of dollars for a single article. If you’re a fast writer and can write articles within a couple of hours, you could earn an hourly rate of $100 an hour or more.
If there’s a specific website you’d like to write for, just check and see if they have a page that tells you how to submit pitches for articles. Keep in mind that each publication pays different rates, and sometimes, the work can be inconsistent.
Best for: Writers. What you need to get started: Writing software.
15. Find voice-over work
There are many people looking for voice-over work in advertisements, presentations, or audiobooks. If you can read a script, there may be people out there who will hire you for your voice work. Freelance platforms like Upwork often have miscellaneous voiceover job postings, but you can make more with longer-form content.
ACX is the platform Amazon’s Audible uses for authors to find people to read their audiobooks. The prices vary, but you can sometimes make significantly more there than on the freelance websites.
Best for: Anyone with a great voice.
What you need to get started: A microphone with good quality.
16. Sell arts and crafts
There are many different marketplaces online for those who love making arts and crafts. One of the most popular marketplaces is Etsy, and there’s a market for just about anything you enjoy making. You can make your own prices, and the platform takes a small percentage of the sale.
Best for: Creatives and artists.
What you need to get started: Materials to create items.
17. Sell stock photography and videos
Have you ever wondered where websites get their high-quality photos or videos? Many of them don’t have in-house photographers or videographers. They buy stock photos and stock video footage for a variety of projects.
For those who love photography and videography, there are a variety of websites that will buy your photos and videos. Websites like SmugMug Pro, 500px, Getty Images, and many others will pay you for the rights to your photos and videos.
Best for: Photographers and videographers.
What you need to get started: A camera.
18. Sell royalty-free music
Similar to photography and videography, many websites will pay you for your music. This type of music goes in the background of YouTube videos, advertisements, and anywhere else people may need some background music. Websites like Epidemic Sound and Pond5 are good places to start when it comes to selling your tunes.
Best for: Musicians.
What you need to get started: Instruments and recording equipment. Royalty and licensing information is available on the websites.
19. Create an e-commerce website
There are many websites that allow you to sell your product, but each one takes a percentage of the profits for using their platform. You can keep a larger portion of your profits by creating an e-commerce website.
When you create your own website, you’ll hold onto most of the profits. One of the most popular ways to sell is with Shopify, which easily plugs into your website. Shopify and similar services have fees as well, but it’s less than using a platform like Etsy.
The primary downside is that marketplaces like Etsy have a built-in user base, so you would have to do your own marketing to get the word out about your website.
Best for: People with something to sell who want a larger portion of the profits.
What you need to get started: The ability to create a website.
20. Utilize affiliate links
Affiliate links are a way to make additional money that work in conjunction with many of the other jobs on this list. An affiliate link is a special link that you use for a product or service from a company, and each time someone uses your link, you get a commission. This is how many stay-at-home parents popularized blogging in the 2000s. You can easily make passive income by using affiliate links with any of the following:
Personal blogs and websites
Social media profiles and content
Podcasts
In an interview with Business Insider, creative entrepreneur and YouTuber Roberto Blake explained how he started making $5,000 a month from affiliate marketing. “I fell into affiliate marketing from the Amazon affiliate program, but then I realized a lot of subscriptions and software I was using had programs, too,” said Blake while discussing additional ways to do affiliate marketing.
Best for: Those who also make money from creating a platform like a blog, YouTube channel, or podcast.
What you need to get started: Discussing other products and services that you can link to.
21. Edit audio or video
There are many different job postings on freelance websites for audio and video editing. Many companies find freelancers through sites like Upwork and Fiverr to help them with their marketing content.
In addition to companies hiring audio and video editors, many social media influencers on platforms like YouTube and TikTok outsource their editing. Podcasters often hire audio editors as well.
This is another one of the skills that you can potentially learn if you don’t have experience yet.
Best for: People who enjoy editing audio and video.
What you need to get started: Software to edit audio and video.
22. Edit copy
People are always looking for editors. Whether it’s an author looking for someone to edit their next book or a company that needs an editor for something they’re publishing for the public, people need their words to look excellent. Previously mentioned websites like Upwork and Fiverr regularly have jobs for editors, but you can also find work at Reedsy and Wordvice.
Best for: Those who love language.
What you need to get started: Familiarity with the English language and various types of grammar rules, such as Chicago or AP style.
23. Become a social media influencer
Currently, it’s easier than ever to make money online through social media platforms. Platforms like YouTube and TikTok pay creators directly through their creator programs. Typically, you have to meet certain criteria to be eligible for these programs, but some people make hundreds or even thousands of dollars each month through them.
If you’re an online business owner, a writer, or anyone who sells products or services, social media is a great way to find new buyers. On these platforms, you can provide links to your products, and you can also include affiliate links as a way to earn even more.
Best for: People who don’t mind being on camera.
What you need to get started: Some or all of the following: a camera, smartphone, and editing software.
24. Start a podcast
Podcasting is an easy way to start making content that could potentially make you money. You have a lot of creative freedom with podcasts as well. You can talk about topics that you’re interested in, tell stories, or interview people. Then, you can broadcast it to thousands or even millions of potential listeners on apps like Apple Podcasts and Spotify.
It can take some time to make money from podcasting. Unlike social media platforms like YouTube or TikTok, podcasting platforms don’t have a program to pay creators. Podcasters primarily make their money from advertisements and affiliate links. Once you have a dedicated audience, you can reach out to companies to sell ad space on your podcast.
Best for: People who enjoy talking.
What you need to get started: A microphone and audio-editing software.
25. Create a newsletter
Newsletters were some of the first ways for people to make money online. Services like Mailchimp and others allow you to create an email list and send a newsletter out to your subscribers.
The newsletter can be as frequent as you’d like, you can discuss different topics that interest you, and you can put it behind a paywall on your website. Substack is a newer platform that combines blogging with newsletters, and you can charge readers a monthly or annual subscription. This is a helpful tool for those who don’t want to build their own website.
You can also use a newsletter as a way to promote your online business and alert your customers of new products or discounts.
Anne Janzer is a self-published author and discusses how she uses her newsletter to sell more books. “When I have something new going on, I can go and ask those folks, ‘Hey, can you share the word about this?’ and they’re the first ones to go out and post about my new book,” Janzer said in an interview about how her newsletter leads to more sales.
Best for: Writers and people with an online business. What you need to get started: The ability to write.
26. Walk or board dogs
If you’re a dog lover, this may be the right option for you. There are apps like Wag and Rover that connect dog walkers with people, but you can board dogs as well. For those who rent, you may need your landlord’s approval before boarding dogs, but this is a great option for those who want to make money from home.
Both Wag and Rover offer additional dog services for those with other dog specialties. These include:
Drop-in visits to check on dogs while the owner is away
Dog training
Dog sitting
Best for: People who love dogs.
What you need to get started: Possibly transportation to get to clients and a home that allows pets if you choose to board them.
27. Trade stocks
This path of making money from home is on the riskier side, but it can also come with higher rewards. The difference between investing and day trading stocks is that investments are long term, whereas trading involves buying and selling stocks on a daily basis.
To make money trading stocks, you’ll need to stay updated on all of the latest stock news and learn when to buy and sell properly. There’s a learning curve to trading stocks, but some people make full-time income trading stocks through brokerages like Charles Schwab, Vanguard, or Robinhood.
Best for: People with a high risk tolerance.
What you need to get started: Before trading, you’ll want to learn as much as you can about various stocks and how to read the market to minimize losses. Then, you need a computer to trade, or you can trade on apps like Robinhood.
Making money online can help you pay off your debts
If you have a lot of debt, allocating funds from your paycheck can be difficult. Making money online is a great way to earn extra income that you can put toward your debts and potentially improve your credit. Some people are even able to make more money online than they would in an office job.
Having a good credit score is also a way to get access to credit cards and loans. You can use these to fund your online business or better equipment. This all starts with knowing your credit health and having the right tools.
At Credit.com, you can get your free credit report card to check your credit. Sign up for ExtraCredit for additional tools like credit monitoring and ways to report additional payments to the major credit bureaus.
Inside: Dream about what life could be if you didn’t have a job? If you are in the boat of I don’t want to work anymore, then you must read this post.
The reality is most people have days where they absolutely have no desire to work. Yet, you know deep down that you have to make money in order to pay your bills.
You are thinking… I don’t want a job I just want a life.
So, what happens when you don’t want to work anymore?
Well, if you don’t want to go to work today, you could take a sick day and get away with it. You can do that here and there for a while, but unfortunately, your employer is going to catch up to the quality of work that you are able to do or not do.
At this point you might be saying, you know I don’t want a job, I just want a life.
And that is very understandable if you don’t want to work in a field anymore job that you don’t love.
You want time freedom in your life!!
We will dive into the reasons for not wanting to work and how to overcome them when you need the money.
What to do if I don’t want to work?
The best thing to do is to find a job that you love and want to do on a daily basis!
Something that you can’t wait to go to work to be able to do. A way to make money that doesn’t feel like a job!
Unfortunately, too many of us feel we cannot do what we want to do when we want to do it. Thus, we want more out of life.
In this post, we are going to detail. If you don’t want to work anymore, what steps can you take to quit the job and live the life that you want?
Is it normal to not want to work?
I think each and every one of us has a desire not to work. Maybe you are thinking “I hate my job.”
This desire to work may ebb and flow based on what is going on, how you are feeling, and your current situation.
Especially if you are in a situation where you do not enjoy your boss, your co-workers, the company culture, or the current assignment, it will make going to work harder.
Whatever your job entails, if you are not enjoying what you’re doing, it is harder and harder to go to work on work every day.
As you can read on Reddit personal finance threads, there are plenty of people who have shared their stories about how they don’t want to work, seeking solace from others, and looking for ways to get out of the current situation that they’re in.
Also, if you are thinking that I can never make it until I am 55 then think about retirement. You are just sick of working and you may be in your 20s, 30s, or 40s.
It is okay to dream about not working daily!
Why We Don’t Want to Work
There are several reasons for not wanting to work.
Primarily many people do not feel engaged at their jobs, which makes them less likely to want to continue working. Gallup found that only 15% of employees feel engaged at work.1
In addition, there is an increasing amount of competition in the workforce as well as a lack of clear career paths and advancement opportunities for those who desire more freedom or flexibility with their careers. This can lead someone to think about becoming self-employed or going into a different field.
There are many reasons for not wanting to work.
People on Reddit share their stories about how they don’t want to work anymore. Some are still in school, some are retired, and others have other reasons for not wanting to work.
We all have heard about the Great Resignation with people saying “enough is enough; I don’t want to go back to work.”
1. Burnout
Burnout is when an employee begins to feel exhausted and overwhelmed by their job. They do not want to be there anymore and it negatively impacts the happiness of both the individual and their work environment.
If you want to stop working, it is okay!
Just make sure you can still be financially independent.
2. Not enjoying your job
Many people wake up and say, “I don’t really want to do the work today.” If you are not enjoying your job, it is harder and harder to go in every day.
People don’t want to work because they feel like they’re working more than is necessary, or there’s no meaning behind their job anymore.
If you find yourself not enjoying your job, it might be time to leave. Many people experience dissatisfaction with their jobs and want to retire early.
Many times this is when people leave their jobs and find success is the best revenge.
3. Mental Health
Mental health issues can be caused by outside factors, such as stress and anxiety, and can lead to feelings of wanting to avoid work.
For many, the idea of going to work can feel overwhelming and lead to feelings of anxiety and dread. It is also essential to take a step back and assess the quality of your mental health.
If this is something you have been struggling with, it is important to think about why you are feeling this way and take steps to address it.
If this persists, it is important to seek professional help. Visiting a therapist or counselor can help you identify the root causes of your negative feelings and develop a plan to overcome them. In many cases, your workplace may even cover the cost of therapy, so you don’t have to worry about paying out-of-pocket.
This is one of the good excuses to miss work.
4. Lack of Interest
When you find yourself feeling like you don’t want to work anymore, it’s important to take some time to examine the reasons why and identify potential solutions.
It could be that you’ve been in the same job for a long time and need a change of scenery.
Maybe you’re feeling overwhelmed and undervalued by your current role.
Possibly you have other things that are taking president and you don’t have the same level of interest.
Whatever the source of your feelings, they need to be addressed.
5. Support System
Friends and family can be a great source of support, offering advice and understanding. However, if they do not believe in you, it can make it even harder to find motivation.
On top of that, if you have family obligations such as childcare, it can be difficult to make the time to work or even to access the necessary resources.
Talking to your loved ones about your feelings and concerns is a great first step in getting through this tough time.
One of these family emergency excuses could help you in a pinch.
6. Lack of Appreciation
It can be incredibly disheartening to work hard and not be appreciated.
It’s easy to become discouraged and feel like you don’t want to work anymore if you’re putting in the effort and not being recognized.
When this happens it’s important to remember that you are valuable and your work does matter. It’s also important to talk to someone about how you’re feeling, whether that be a friend, family member, or therapist.
You just want someone to say to you, “I appreciate you!”
7. Thinking of Career Change
If you find yourself in a position where you don’t want to work for weeks on end, it’s important to figure out why. Are you having a hard time at your current job or do you no longer wish to pursue a career? If it’s the latter, it can be freeing to consider all the possible career changes you can make.
Many people don’t want to work anymore because:
they don’t want to pursue a career in corporate America
tired of the same job they’ve been doing for years
don’t want to continue vying for raises, bonuses, or promotions
It’s okay to dream about something else, something fresh and different.
You may find yourself researching other opportunities to put your skillset to use.
9. More Interest in Hobby to Turn into Side Hustle
For many people, having a side hustle is a great way to make extra money, explore a passion, and turn a hobby into something productive and profitable.
If you find yourself no longer wanting to go to work and feeling more fulfilled in your hobbies, it may be time to pursue a side hustle.
You can monetize your hobby and create a side gig to give yourself a new source of income.
This will provide you with the freedom to pursue what you’re interested in and make a living from it. It can also give you the option to quit your job and explore other areas of your life.
10. Wanting to make money passively
Making money passively is a goal that many people desire, but it can be hard to turn into reality.
While it is possible to make money passively in the stock market, real estate, or a small business, one can also earn passive income by doing any type of side hustle.
It is better to find ways to make passive income from something you enjoy.
You need to figure out what should I do for a living that will make passive income.
How do you make a living if you don’t want to work?
If you don’t want to work, you still need to find a way to make a living.
Passive income is the most effective way of making money without working.
It allows you to work on your business or hobby full-time and then withdraw a certain amount every month that helps pay for all of your expenses, including food, rent/mortgage, etc.
So, your first step is to create a passive income source.
If you don’t, then don’t say, “I don’t want to do the work today.”
In fact, there are many good excuses to miss work.
Can I survive without working?
Well, that completely depends on your financial situation. (Since most people are not aware of where they stand financially, here are the Money Bliss Steps to help you.)
If you are lucky enough to be a trust fund baby with somebody else managing your money, you are likely fine and can survive without working.
However, if you are like most normal folk, then you may be able to survive for a little bit without working. But over time, it will catch up to you. Not working is not a long-term solution.
While you may be on unemployment and collecting unemployment benefits, or maybe even disability payments that are not enough to make ends meet. In most cities, you can survive in the short term without working. But in the long term, it is not going to work out for you.
If you are serious about not wanting to work, you need to find the FIRE movement, which means financial independence retire early.
That is a better term for not wanting to work anymore. When you want to quit the job and do something else in life, you have to do what is called FIRE.
5 Simple Steps To Quit the Job
To quit the job or the career path that you were in, you have to take steps ahead of time to make sure that your transition (financially) is as smooth as possible.
The biggest question is how can I make money if I don’t want to work ever.
You set aside money to take care of your obligations and bills while being able to live the life that you want to live. That means you have more types of income than just a paycheck.
These are the exact steps you need to take to quit the job. Obviously, it won’t happen overnight. But, you can see the light at the end of the tunnel.
1. Make an Exit Plan
First, you have to make a plan of how finances will work without a typical paycheck. You need to learn how to FI quickly.
In order to retire early or quit the job, you must be able to financially support yourself without a consistent income coming in from a regular paycheck.
Specifically, it means you need to find ways to make passive income. That could be in the stock market, real estate, small business, side hustle hobby, or driving for Uber. There are a variety of different ways to make money; it is just better to find ways to make money doing something you enjoy.
One of the things you will quickly realize is that to make money passively, you must have money on hand to invest. That is the “Catch 22” of why people get caught in the cycle of it being too difficult to change their financial position and just give up.
If you don’t like your job and you don’t want to work anymore, then you need the mindset that something is gonna change, you are gonna make it a reality.
It will be hard for a short period of time to save up the money necessary to build the steps to be able to quit working or FIRE, but you might be surprised how you can double $10k quickly when you put your mind to it.
Motivation is a great thing, especially given the right circumstances.
Related Answers:
2. Save Money
If you don’t want to work anymore, then you have to save money to cover your bills. Period.
There is no way to get around that situation.
Your friends and family are not going to pick up the slack just because you want to quit your job.
So, you have to find all of the possible ways to save money. A great place to start is with one of our money saving challenges.
Another great way to save more money is by changing your habits.
In order to “retire early,” you must save a majority of your income at an early age to gain the benefit of compounding early. If you are thinking, “Well shoot, I missed that bucket,” then don’t worry … now is better to start than waiting too long.
Things only look up from here!
3. Cut Expenses
You have to be able to live below your means.
If you’re not interested in your job or the career that you are currently in and you don’t want to work anymore, then you need to cut your expenses in order to save more money.
One of the wisest tricks of the FIRE community is becoming a thrifty person. You know when to spend money on quality items as well as you know when to save money on frivolous expenses.
4. Pick a date.
As with any smart financial goal, you need to put a deadline on when you want things to happen.
If you are not happy with your job and your depression isn’t worth it anymore, then you have to find a date to move on and do something else.
Obviously, you’ll need some of these FIRE calculators to learn how much you need to make your dream a reality.
that happen. Here are some of the best fire calculators that you can find, to learn, how much you need to quit your job.
5. Start Hustling
Let’s face it, 2020 changed the workplace as well as our priorities. Honestly, I think it was for the better. We all realize there is more to life than just the constant line of being busy.
In addition, many of us found the extra time that we can now put to work and start to make money.
It is easier to work when you have a target goal in mind of not working anymore. You must start saving money to put to work passively.
Below you will find ideas to help you search out the best serious ways to make more money. The last thing you want to do is learn what happens when you don’t save enough for retirement.
When You Don’t Want to Work Anymore
In this post, we answered the question of how can I make money if I don’t want to work.
The secret sauce is called passive income.
You must earn money on your investments. So, yes, now is a good time to invest in stocks.
There are many ways to make passive income; it could be in the swing trading the stock market, real estate, a business venture, a side hustle, or simply long-term investing.
Unless you are massively independently wealthy and part of the 1%, with millions of dollars that you do not know what to do with, then you will want to make some money on your nest egg that you create over time.
If you are saying, “I just want a life,” then stop waiting for the magic time for your retirement. You don’t have to wait until the retirement age of 65 years old.
You are in charge of your life and can make it happen… if you put your mind to it.
Source
Gallup. “What Is Employee Engagement and How Do You Improve It?” https://www.gallup.com/workplace/285674/improve-employee-engagement-workplace.aspx#:~:text=Based%20on%20over%2050%20years,in%20the%20%22engaged%22%20category. Accessed March 11, 2024.
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.
Delaware is a state full of rich history, stunning coastlines, and unique cultural experiences. From the historic streets of New Castle to the serene beaches of Rehoboth, Delaware’s attractions draw visitors year-round. Famous for its lack of sales tax and the storied legacy of the DuPont family, Delaware stands out in many ways. But what else is Delaware known for? Whether you’re looking to buy or rent a home in Dover, move into an apartment in Milford, or you’re just passing through, you’ll quickly discover that this state has much more to offer than meets the eye. In this article, we’ll explore what makes Delaware unique and why so many are proud to call it home.
1. First state
People know Delaware as the “First State” because it ratified the U.S. Constitution first on December 7, 1787. This historic moment is celebrated annually with various events and educational programs. Dover, the state capital, hosts many of these celebrations, attracting history enthusiasts from around the nation.
2. Scrapple
Scrapple is a beloved Delaware dish made from pork scraps and cornmeal, seasoned and fried to perfection. People often enjoy it as a breakfast item, with eggs and toast. The Apple Scrapple Festival in Bridgeville celebrates this unique food with tastings, cooking contests, and exciting activities.
3. DuPont legacy
The DuPont family has played a pivotal role in shaping the Delaware’s economy and culture. Starting with the establishment of gunpowder mills in the early 19th century, the DuPont Company evolved into one of the largest chemical companies in the world. Visitors of Delaware can spend a day exploring the original DuPont Company powder yards and workers’ community. The family’s influence extends beyond industry, with significant contributions to education, healthcare, and the arts in Delaware.
4. Beaches and boardwalks
Delaware’s coastline is famous for its beautiful beaches and bustling boardwalks. Rehoboth Beach, known as the “Nation’s Summer Capital,” attracts visitors with its charming boardwalk and lively atmosphere. Bethany Beach offers a quieter, more relaxed vibe, perfect for a serene getaway. A popular event for locals is the annual Sea Witch Festival in Rehoboth Beach, featuring a parade, costume contests, and fun activities.
Delaware is a haven for shoppers, thanks to its lack of a state sales tax. The Christiana Mall near Newark is a major shopping destination, featuring over 150 stores, including high-end retailers and popular brands. Additionally, outlets in Rehoboth Beach offer great deals on designer goods, drawing bargain hunters year-round. Downtown Wilmington and Dover also provide unique shopping experiences with local boutiques and specialty shops.
Fun facts Delaware is famous for
The Delaware Memorial Bridge: This bridge, spanning the Delaware River, is one of the longest twin-span suspension bridges in the world.
Historic celebration: The state is home to the longest-running uninterrupted Fourth of July parade in the nation, held annually in the town of Smyrna since 1777.
Tax haven: Delaware is known for its business-friendly laws and is home to more than 1 million corporations, including over 60% of the Fortune 500 companies, due to its favorable tax policies and corporate laws.
6. Horseshoe Crabs and Shorebirds
Delaware Bay is known for its unique ecological phenomenon involving horseshoe crabs and migratory shorebirds. Each spring, thousands of horseshoe crabs come ashore to lay their eggs. This event attracts a variety of shorebirds, especially the Red Knot, which feeds on the crab eggs to fuel its long migration. This natural spectacle is crucial for bird conservation and attracts biologists and bird watchers worldwide.
7. Nemours Children’s Health System
Founded by Alfred I. du Pont, Delaware is home to the renowned Nemours Children’s Health System. The Nemours/Alfred I. duPont Hospital for Children in Wilmington is a leading pediatric care facility. It provides specialized medical treatments and comprehensive healthcare services for children. The hospital’s state-of-the-art research programs contribute significantly to pediatric medicine advancements. Families from across the region seek care at this world-class institution.
8. Punkin Chunkin
Punkin Chunkin is a uniquely Delaware event where teams compete to launch pumpkins as far as possible using homemade contraptions. Categories include air cannons, catapults, and trebuchets, showcasing engineering creativity. The competition is held in the rural areas of Sussex County, offering a festive atmosphere with food vendors and live music.
9. Air Mobility Command Museum
The Air Mobility Command Museum at Dover Air Force Base showcases the history of military airlift and refueling aircraft. This museum is a must-visit for aviation enthusiasts and history buffs featuring over 30 aircraft, including the iconic C-5 Galaxy. Interactive exhibits and simulators provide an immersive experience for visitors. Additionally, the museum hosts special events, such as vintage aircraft fly-ins and educational programs for the community.
10. Bombay Hook National Wildlife Refuge
Bombay Hook National Wildlife Refuge is a haven for wildlife and nature lovers. Located along the Delaware Bay, it spans 16,000 acres of tidal salt marsh. The refuge is home to diverse bird species, making it a prime spot for birdwatching. Visitors can enjoy scenic drives, walking trails, and photography opportunities. The refuge plays a vital role in preserving Delaware’s natural habitats.
11. Delaware Art Museum
The Delaware Art Museum in Wilmington is renowned for its collection of American art and illustrations. It features works by Howard Pyle, a native of Wilmington and a prominent illustrator. The museum’s Bancroft Collection includes British Pre-Raphaelite art, offering a unique perspective. Special exhibitions and community programs make the museum a cultural hub in Delaware.
12. Fenwick Island Lighthouse
The Fenwick Island Lighthouse, built in 1858, stands as a historic landmark on the Delaware-Maryland border. This iconic structure served as a critical navigational aid for boats traveling along the Atlantic coast. Over the years, it has attracted numerous visitors offering them a glimpse into the life of 19th-century lighthouse keepers and the evolution of coastal navigation technology. Today, it’s preserved as a cherished landmark, embodying the heart of Delaware’s coastal communities.
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.
The total household debt in 2023 was $17.1 trillion, according to Experian®.
The Fair Debt Collection Practices Act prohibits collection agencies from threatening you or calling your family members.
The avalanche method helps you pay off debt from the highest to lowest interest rates. The snowball method targets your smallest balances first.
The lower your account balance is, the less your interest rate will affect you.
Experian reported $17.1 trillion as the total American household debt by the end of 2023. Unfortunately, debt doesn’t just hamper your current spending power—it can also detract from your nest egg and savings accounts.
The best way to tackle debt is to be proactive. Here, we’ll discuss several methods to help you get out of debt in 2024. We’ll cover everything from DIY plans to working with debt relief agencies, and we’ll share powerful tools like Credit.com’s debt-to-income (DTI) calculator.
1. Gather Your Debt-Related Paperwork
Gathering all your debt-related documents in one place helps you see how much you owe and who you need to repay. Some of the information you’ll want to collect includes:
Monthly statements: Check the downloadable monthly statements attached to your checking and savings accounts.
Recurring bills and utilities: Cell phone bills, utility bills, and rent payments all fall under this umbrella. Income information: Look at paycheck stubs or your bank accounts so you know what, on average, you can expect in income each month.
Credit reports: You can request your credit report from the three bureaus and a free credit report card from Credit.com.
You can log your outstanding debt information in a spreadsheet, then sort the page from least to greatest to see which items are top priorities.
2. Build a Monthly Budget
Next, you can build a monthly budget based on the information you’ve just gathered. Ideally, you’ll account for major budget categories like rent, groceries, and recurring medical bills. You can then allocate any remaining funds toward your debts, and then your savings goals after your DTI reduces. To start, you can use Credit.com’s free monthly budget template to better visualize your finances. This template is fully customizable, so you can remove or add categories based on your needs.
Regularly update your monthly budget doc to reflect increases or decreases in your income.
3. Address Any Debts in Collections
When debt goes to collections, that means a bill you’ve yet to repay has been sold to a debt collection agency. Collections agencies can be very aggressive, so it helps to know your debt collection rights.
Sometimes, agencies might mistakenly try to collect debts that have already been repaid. If this error occurs, you’ll be able to rectify the situation with a phone call. If you’re determined to be responsible for the debt in question, it’s best to address it quickly to preserve your credit health.
If a collections agency violates FDCPA guidelines, you can potentially sue them for breaking the law.
4. Explore Debt Repayment Methods
The avalanche method and the snowball method are two popular debt repayment strategies. Effectively using these strategies is a great way to get out of debt quickly.
The avalanche method takes a top-down approach to debt repayment. Here, you’ll focus on repaying your debts with the highest interest rates first, and then you’ll move to paying off your less expensive debts as time goes on. It can be slow going at first, but if you stick to it, you can save more money using this method than if you were to use the snowball method.
With the snowball method, you focus on repaying your smallest debts first as you gradually work toward your largest bills. Taking this “least to greatest” approach to repayment will help build momentum and keep you motivated as you pay off your debts.
Use spare change to help pay your debts down faster. If you use $10 to by an $8 drink, count the leftover $2 toward your debt.
5. Lower Your Interest Rates
Interest rates are essentially fees that lenders charge you for borrowing money. If you have a high interest rate, you’ll have to pay a significant amount of interest in addition to the funds you need to repay. Here are some potential ways to lower your interest rate:
Request a lower rate: Once they’ve built rapport, cardholders can ask their banks for lower interest rates. Having strong credit scores and a solid credit history increases the likelihood of success.
Consider debt consolidation or refinancing: Debt consolidation loans help you pay off accounts with higher interest rates and gather all of your debt under one bill.
Use balance transfer credit cards: Balance transfer credit cards help you move your credit card debt over to accounts with low or even no interest rates during promotional periods.
Interest payments are based on the amount you currently owe. Try to pay down your balances as much as possible.
What to Do If I Can’t Repay My Debt
If you don’t currently have the capital to pay off your debts, you have several options to reduce your financial burden:
Write a hardship letter: You can write a hardship letter that details your current financial situation and send it to your creditors. These letters might pave the way for credit card debt forgiveness.
Meet your minimum balance: Try to pay at least your minimum balances due to keep your payment history intact.
Gain additional income: If possible, pick up a second job or a financially secure side hustle to help you pay off your debts faster.
File for bankruptcy: Chapter 7 and Chapter 13 bankruptcy can greatly reduce the debt you’re responsible for, but there can be consequences, such as a significant hit to your credit.
Options for Debt Relief
There are alternative strategies for debt relief to consider alongside more tried and true methods. Here are some examples:
Increase your financial knowledge: Tap into online financial education courses and workshops to boost your literacy and learn more ways to get out of credit card debt.
Start a debt management plan: A trustee or credit counseling agency will help you create a plan to whittle down your debts.
Debt settlement: You might be able to negotiate with creditors to pay a lower amount of debt than originally owed. However, debt settlement can adversely affect your credit.
Learn More Debt Management Tips With Credit.com
The more financial knowledge you have, the easier it will be to get out of debt. Check out Credit.com’s personal finance guide to gain more insights on debt management and debt relief solutions. And when you’re ready, get your free credit score with Credit.com to see how your debts are impacting your credit.
The Sunshine City, Tampa, FL, is known for its beautiful beaches, lively culture, and diverse neighborhoods. With an average rent of $1,787 for a one-bedroom apartment, Tampa offers a variety of luxurious and unique neighborhoods for renters. If you’re looking to rent an apartment in Tampa, we’ve gathered a list of the most expensive neighborhoods to help you find the perfect place to call home. Read on to discover the 18 mos neighborhoods in Tampa for renters.
9 Most Expensive Neighborhoods in Tampa
From the historic Hyde Park to the Channel District, there are plenty of Tampa neighborhoods to choose from. Whether you’re looking for a luxurious home to rent in Tampa or wondering where to live in the city, we’ve got you covered.
1. Historic Hyde Park North 2. Hyde Park 3. Downtown 4. Uptown Tampa 5. Harbour Island 6. Southeast Tampa 7. Channel District 8. Northeast Tampa 9. Northwest Tampa
Let’s jump in and see what these neighborhoods have to offer.
1. Historic Hyde Park North
Average 1-bedroom rent: $2,825 Apartments for rent in Historic Hyde Park North
Historic Hyde Park North is the most expensive neighborhood in Tampa, as the average rent for a one-bedroom unit is $2,825. There are plenty of reasons why this neighborhood draws residents. Historic Hyde Park North is near attractions like the Tampa Museum of Art and the Glazer Children’s Museum, making it a prime location to explore the city. If you’re looking for a taste of the neighborhood, there are a variety of local restaurants to explore, showcasing Tampa’s food scene; On Swann is a popular spot in the area. There are plenty of bus stops close to Historic Hyde Park North for renters living in Tampa without a car.
2. Hyde Park
Average 1-bedroom rent: $2,600 Apartments for rent in Hyde Park
With an average one-bedroom rent of $2,600, Hyde Park is the second most expensive neighborhood in Tampa. This neighborhood has plenty of historic homes in styles like Mediterranean Revival and Craftsman, as well as properties with picturesque views of the cityscape. Hyde Park is also near the highway, making it a convenient location for commuters. The neighborhood’s proximity to downtown Tampa and the scenic Bayshore Boulevard makes it ideal for both convenience and leisure activities, including jogging and waterfront views.The neighborhood is home to an array of local boutiques, trendy restaurants, and vibrant nightlife, providing endless entertainment and dining options. The strong sense of community and frequent neighborhood events foster a tight-knit, friendly atmosphere that residents cherish.
3. Downtown
Average 1-bedroom rent: $2,455 Apartments for rent in Downtown
Downtown is the next most expensive neighborhood in Tampa. As one of Tampa’s oldest neighborhoods, it’s no wonder that this is a popular area. Downtown is colorful and energetic, with a lot of shops, restaurants, parks, and attractions. This neighborhood is known for its central location, including the Curtis Hixon Waterfront Park and the Tampa Riverwalk. It’s also the cultural heart of Tampa. Downtown museums include the Tampa Museum of Art and Glazer Children’s Museum. For opera and classical music, residents flock to the Straz Center. Downtown is a popular attraction for visitors to Tampa so residents can expect a bustling and busy neighborhood.
4. Uptown Tampa
Average 1-bedroom rent: $2,455 Apartments for rent in Uptown Tampa
Just about 1 mile from downtown, Uptown Tampa is a stellar neighborhood if you want to live close to downtown. While more expensive, the perks of living in Uptown Tampa may help offset the costs. The area is home to the University of South Florida, creating a vibrant and youthful atmosphere enriched by academic events and diverse dining options. Proximity to major employers and medical institutions like the Moffitt Cancer Center makes it an ideal location for professionals seeking a short commute. Residents can enjoy various recreational activities with easy access to parks, shopping centers, and entertainment venues such as Busch Gardens. The well-connected public transportation network and major highways nearby ensure convenient travel throughout the city and beyond.
5. Harbour Island
Average 1-bedroom rent: $2,453 Apartments for rent in Harbour Island
Next up is Harbour Island, the fifth most expensive neighborhood in Tampa. Harbour Island is full of history and charm with tree-lined streets, historic buildings, and museums. The neighborhood is highly desirable due to its prime waterfront location, offering stunning views and easy access to the Tampa Riverwalk. The neighborhood provides a luxurious lifestyle with upscale amenities, including gourmet dining, chic boutiques, and vibrant nightlife, all within walking distance. Residents enjoy a blend of urban convenience and serene island living, with well-maintained parks and scenic spots for relaxation and recreation. The secure, gated community atmosphere fosters a sense of safety and exclusivity, making Harbour Island a sought-after place to call home. This area also has plenty of parks, restaurants, and attractions, so you’ll have lots of explore. Make sure to enjoy the outdoors at Cotanchobee Fort Brooke Park just across the Garrison Channel. It’s no wonder the rents are above Tampa’s average.
6. Southeast Tampa
Average 1-bedroom rent: $2,453 Apartments for rent in Southeast Tampa
Located east of downtown, Southeast Tampa is the next neighborhood on our list. Southeast Tampa has a friendly atmosphere and community-feeling, with plenty of local cafes and restaurants along Channelside Drive, such as Cena and District Tavern. Much of Southeast Tampa is composed of the ports that line Tampa’s waterfront. Renting an apartment in Southeast Tampa is appealing due to its convenient access to major highways, making commutes to downtown Tampa and surrounding areas quick and easy. The neighborhood offers a diverse array of dining and shopping venues, catering to a variety of tastes and preferences. Outdoor enthusiasts will appreciate the proximity to numerous parks and recreational facilities, perfect for weekend activities and relaxation. The area is also home to a variety of cultural and community events, fostering a colorful and inclusive atmosphere for residents.
7. Channel District
Average 1-bedroom rent: $2,415 Apartments for rent in Channel District
Channel District takes the seventh spot on our list of most expensive neighborhoods in Tampa. The average rent for a one-bedroom unit is roughly $100 more than the city’s average. The Channel District is known for its sleek, modern residential complexes and high-rise buildings, providing stunning views of the city and waterfront. Residents enjoy easy access to a plethora of trendy restaurants, chic boutiques, and lively entertainment venues, including the Amalie Arena and Florida Aquarium. The neighborhood’s strategic location near major highways and public transit makes commuting convenient, while its walkability fosters a car-free lifestyle. Additionally, the vibrant cultural scene and regular community events create an engaging and energetic atmosphere that appeals to young professionals and families alike.
8. Northeast Tampa
Average 1-bedroom rent: $2,302 Apartments for rent in Northeast Tampa
A well-loved Tampa neighborhood, Northeast Tampa is the next area. Northeast Tampa is home to Busch Gardens Tampa Bay and Adventure Island, meaning there’s plenty to do throughout the week. The area is also known for its diverse culinary scene, featuring popular restaurants like Ulele, which offers indigenous-inspired cuisine, and the bustling Armature Works, home to a variety of food vendors and eateries. Residents can enjoy outdoor activities at nearby Lettuce Lake Park, which offers scenic trails, kayaking, and wildlife viewing. Additionally, the neighborhood’s proximity to the University of South Florida provides access to cultural events, lectures, and sports. With its mix of dining, recreation, and cultural attractions, Northeast Tampa promises a dynamic and engaging lifestyle.
9. Northwest Tampa
Average 1-bedroom rent: $2,101 Apartments for rent in Northwest Tampa
The ninth most expensive neighborhood in Tampa is Northwest Tampa. This area has a vibrant feeling with its popular restaurants and quirky shops. You can find parks like Al Lopez Park and Lowry Park, perfect for enjoying a sunny day in Tampa. Northwest Tampa also hosts the Tampa Bay Blues Festival each year, providing residents with lots of opportunities to enjoy their neighborhood. Renting an apartment in the Northwest Tampa neighborhood is an excellent choice for those seeking a dynamic yet comfortable lifestyle. The area is home to the popular International Plaza and Bay Street, offering an upscale shopping experience and a variety of dining options such as The Capital Grille and Ocean Prime. For a more casual night out, residents can enjoy local favorites like the Cigar City Brewing Company, renowned for its craft beers and laid-back atmosphere. Additionally, the nearby Raymond James Stadium hosts exciting events, including Tampa Bay Buccaneers games and major concerts, adding to the vibrant local culture. The neighborhood’s convenient access to Tampa International Airport and major highways makes travel and commuting a breeze, enhancing the appeal for both busy professionals and leisure seekers.
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: The exact habits you need to learn how to be financially stable. Financial stability is when you are in control of your finances. Make sure you have these money habits!
Are you ready to move from financially sound to financially stable?
Well, the good news is this is something you can easily accomplish and we are going to show you exactly how to do it in this post. Learn over thirty simple traits to prove to yourself that you are financially stable.
One of the great things about being money financially stable is it means that you are less worried about money. You are established with your finances and you are consistent on how you spend and save your money.
It is a great feeling to be financially stable because you know that your bills are taken care of and everything that you want to spend money on that you actually can!
The Money Bliss Steps for Financial Freedom is a guide to help you become financially independent. Along your path, you will go through many different journeys and many different seasons, but it is a great feeling to know that you are in a good place financially.
Becoming financially stable is something that anybody is capable of doing.
It just takes determination, a growth mindset, and a desire to be wise with your money.
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.
What does Financial Stability Mean?
Financial stability is when you are confident in your personal financial situation. You have money to pay monthly bills, set aside for big purchases, invest in your future, and be able to sleep at night.
When you can do these above things, that is when we can say that a person is financially stable.
When you define financial stability, the definition should motivate you to improve your money situation because the more you work towards becoming financially stable, the better the opportunities present themselves.
It is one step up from being financially sound and moving closer to financial security.
Another way of saying financially stable is of good financial standing.
Overall, the financially stable meaning is you have made wise decisions that will ultimately let you live the life you want. One step closer to financial freedom.
How to Be Financially Stable
The good news is you only need to do three steps to become financially stable plus they are not complicated.
This is exactly how do you become financially stable…
It is just a habit that you need to start doing.
If you have bad habits with money, then you are not going to have the success with money that you need. If you have good habits with money, then you will end up becoming financially stable.
Just a side note, If you need a good book on changing bad habits into good habits. I highly recommend Atomic Habits by James Clear. It is a great book to help you change the habits that need to change, and start to live the life that you want.
Now, back to the three steps to becoming financially stable.
If you want to learn how to become financially stable, then this is what you need to do.
1. Pay Yourself First
This is the most important habit that you can do to become financially stable.
Many times, I feel like I sound like a broken record about the importance of how you need to pay yourself first. It doesn’t matter if it is your very first job in high school, starting out at 21, or quickly approaching your 50s, you need to pay yourself first today.
Take your paycheck and automatically save a certain percentage.
If you have never saved before start with 10%.
If you know that your spending is out of control plus you have the income to save a higher percentage, then plan to save 20-25% ot your income.
When you first begin to save, the goal is not the amount you save; it is about the first time that you begin to save.
It is about proving to yourself that you are capable of saving and seeing that account, increase over time will continue to motivate you.
So, if you want to be financially stable, then you must pay yourself first. Set up a separate savings account or an investment account where you will put that money.
2. No Debt
Second, no debt. Period.
If you cannot buy something in cash, then wait until you have the cash available to make the purchase. Do not use debt just because you have access to credit.
If you want to be financially stable over the long term, that means you must eliminate consumer debts.
Now, before you freak out and say, “I can’t be financially stable because I have so much debt that is dragging behind me and holding me back.” Don’t freak out. You can make a plan to get out of debt.
By getting out of debt, you are proving that you are on the path to becoming financially stable.
In the meantime, you just don’t go into any more debt.
If you are in your 20s, steer clear from debt and do not get into the debt trap.
The Trickly Mortgage Debt Conversation….
Because owning a house comes with a price and it comes with a premium since there is a cost to upgrade it, pay property taxes, and so much more. Plus this varies greatly in an HCOL vs LCOL area.
Do your research and figure out is it more cost-effective for you to purchase a home and pay the mortgage payment or is it better to rent and not have the responsibilities of being a homeowner. This is a personal situation that you must determine what works best for you and it is very location and market driven.
For example, we bought in a high cost of living area before the prices skyrocketed. Thus, our mortgage is way less than the cost of rent. So for us, we are still financially stable because we have a mortgage because it is cheaper than rent (and by a lot).
On the flip side, if you are just starting out and trying to purchase a home, it may be more cost-effective for you to keep renting to stay out of debt and become financially stable quicker. Then you will be able to reach financial independence faster.
3. Invest Your Money
The last piece to becoming financially stable is you must invest your money.
This is not the time or place just to be stuffing money under the couch or in a savings account that is earning .02%. You need to invest your money in the stock market.
The best way to invest is on a consistent basis. Every paycheck you invest a certain amount consistently. It does not matter if the market is up or the market is down.
The returns from investing will be greater than doing nothing with your money.
Doing nothing with your money means that you are actually losing money when you account for the cost of inflation.
So, you must invest your money.
One of the types of income is passive income, and you can earn passive income through investing.
A huge step to becoming financially stable is to diversify your income. This may not be as important to you today, but if you are in that category of “I don’t want to work anymore” or retirement is on the horizon.
Your financial future can be secured through investing in your portfolio.
Recap – How to be Financially Stable at any Age
You can become financially stable at any age – 20, 25, 30s, without college, or even in your teens at 17 or 19. You can even be financially stable with a low income.
The formula is still the same for everyone.
These are the three things you must do for financial stability:
Pay Yourself First
No Debt
Invest
If you are serious about wanting to be financially stable, these are the three steps that you need to take. It is not rocket science.
It is very simple, clear steps to make sure that you are successful in the long term with money.
Now, let’s dig into the habits and traits of someone who is financially stable.
Learn:
Traits of someone who is financially stable
This is when we can say that a person is financially stable.
In this section, we are going to dive into the qualities, traits, and habits of people that are financially secure.
These are things that you can start working on today. Over time you will begin to make better solid money choices going forward.
These are solid money habits that will transform your financial future.
These are simple and easy ways for you to become financially secure.
1. Emergency Fund
An emergency fund is the backbone of financial security – there is absolutely no way around it.
The goal is for you to never use your emergency fund. But let’s be real, there will be a time or a place that you will have to dig into your emergency fund because an actual true emergency exists.
A financially stable person has an emergency fund to fall back on when times get tough.
Here is more information on how to build an emergency fund and the steps that you need to build one fast:
2. Plan to Be Debt Free
Like we said earlier, one of the basic steps of how to become financially free is to have no debt.
However, for too many people that would automatically say that is not in the cards for me. Paying off my debt is way too difficult. But, not for the financially stable person!
I am here to tell you that you can become financially stable by creating a plan to becoming debt free and actually stick to it.
That means your debt balance is going down each and every month. Plus you know your debt payoff date because that paying off debt is one of the best decisions that we ever personally made.
Also, it does not matter if good debt and bad debt – the concept promoted by many financial gurus. Debt is debt.
Debt means that you owe somebody else and you are going to have to pay it back at some point for a premium. So, the sooner you pay off your debt, the better of you will be.
3. Save 20% of Income
Do you save at least 20% of your paycheck? If so, then you know what financial stability means.
When you are financially stable, you are not living paycheck to paycheck and you automatically save money at the beginning of the month when your paycheck comes in.
The best place to start is to start saving at least 20% of your income.
If you are not quite there (yet), then look at one of our main money saving challenges. They are plenty of savings numbers to start small and then work on the bigger challenges. Prove to yourself that you save money.
Since saving money is easy for them, they work on increasing their savings percentage each year. Personally, I find it a better challenge to increase that savings percentage more than anything else.
4. Spend Less Than You Make
In order to make progress, your expenses are less than the money that is coming in.
That does not mean the amount of money coming in is the same amount that you can be spending. The reason why is you have to account for the money saved adn invested.
You learn how to live below your means.
This may mean giving up a coffee, a trip to the salon, happy hour, or something you do out of habit in order to start saving money.
Remember, the goal for this type of person who is financially stable is they spend less than they make. They may spend on the little luxuries here and there because they are able to do since they have set money aside and they are not overspending.
5. Mastering Money management Skills
The best trait of somebody that is financially stable is they understand the basics of money management.
This does not necessary mean the person is in love with spreadsheets, budgets, numbers, and reads money management books every single second. This means they understand the basics.
You earn, you save, you spend.
You save more, spend less, and you prioritize your money goals to make sure you are making the progress on your financial journey that you want to do.
Many times financially stable people start to enjoy learning about money management and tend to dive into their finances even further. Once they get started, they want to learn more about their money situation, and how they can improve their finances quicker by making a few more changes.
6. Their Finances are Exciting
You don’t have to be an Excel spreadsheet nerd to find that your finances are exciting.
This type of person enjoys waking up checking their balances and seeing a positive increase in their net worth.
They find it exciting, they find it motivating. It makes them realize all of their sacrifices is making a difference in the long term. They look at the greater picture and saying I’m not going to work till I am 65; I may look at retiring when I am 50.
They are working hard today and enjoy finding ways to improve their money situation; which they find exciting and fun. You love quoting these money mantras daily.
7. Month or More Ahead on Bills
A financially stable person uses their income from this month to pay for the next month. They are not living behind where the income coming in is going is paying for the current expenses.
They are actually a full month, maybe even two, maybe even three months ahead of their bills.
For example, their paycheck from July will be their August spending. For some that want an even bigger cushion, their money earned in July is actually going to be for their September spending.
That is a sign that somebody is financially stable and has the ability to avoid temptation and not to spend the extra money.
8. Sinking Funds are a Priority
A financially stable person sets aside money regularly for expenses in the future. These are called sinking funds.
These buckets of money is money allocated for a certain purpose.
One of the most popular sinking funds that most people have is for vacations, kids activities, home repair, or car repair. Those are probably the most common.
You can have as many sinking funds as you want as a financially stable person. Another option is just to have one big sinking fund that will cover whatever is needed in case something be happens. A wise person knows how much money they need to cover these expenses.
A financially stable person utilizes sinking funds to make sure they are able to meet unexpected expenses when they happen.
9. Invest in Stock Market Consistently
In the last two years, the stock market on average typically earns 13.9% each year (source).
The reason that this is important is your money can make you money without you doing anything.
Once you have your investment account set up and automatically contribute a slice of your paycheck, then you select a fund or a few stocks of companies you believe in. Starting your investing system is not as bad as you would think.
By investing in the stock market consistently, you are more likely to have higher returns than somebody who invest once a year, twice a year, or three times a year.
By investing either every week or every month, the likelihood that your account size will increase is greater than when you try and time the market.
I’ll be very honest…the average person has no idea how the stock market is going to react and even most experts. However, you can take an investing course, like Trade and Travel with Teri Ijeoma, and learn about buyers zones and seller zones. This is the best financial knowledge someone can have and you probably will not lose money by attempting to figure it out yourself.
This investing course is a great resource and something I highly recommend all of my readers to take. Read my Trade and Travel review.
Because the amount of the course is eye-opening, I can pretty much guarantee it will be less than the amount that you can lose in the stock market by yourself.
That is what a savvy person would do – invest in the course and then invest in the stock market.
10. Focused on Next Money Goal
A financially stable person knows exactly what they have done to get where they are today. Plus they know exactly where they are headed to in the future.
They don’t waver on their next money goal.
They have short term financial goals that they are determined to make happen. That is their number one or two priority in their life because they know that by reaching their money goals, they will have more time freedom in life.
At the end of the day, having money equates to freedom.
This is not the same as having money does not equate to success. There will always be the age-old debt on whether is money everything.
The answer may surprise you, but at the end of the day… money does equal freedom.
11. Saving for Retirement
If I don’t save for my retirement, then who else will help me in my older golden years? That is exactly what a financially stable person would ask.
They know that social security and all the government programs might run out of funding, so they are focused on saving for their retirement and most financial state. They are in control of what they are able to control. You cannot control future government programs or tax rates.
In addition, they are using a Roth IRA to get the maximum contributions that they can have each year for retirement. They are savvy enough to get the maximum contribution from their employer’s 401K match.
This type of person won’t be wondering… What Happens If you Don’t Save for Retirement?
12. Able to Vacation When They want
These are the people that you probably envy the most because they paid cash for the vacation that you financed.
A financially stable person is not worried about having to pay for the trip on the way home. They are savvy and use a vacation fund that they contribute to on a regular basis.
That right there helps them to go on vacation each and every year.
Don’t be jealous! Join the bandwagon and start traveling the world today.
13. Money Set Aside for a Rainy Day
As much as we like to think we can predict the future, in reality, we do not know what the next day, week, month, or even year can bring. And in many circumstances, you may be caught off guard when difficulties come.
If you have a loss of income and still have bills to pay today, that is where having a rainy day fund set aside will help you be prepared.
This is a step to becoming financially secure and a long-term habit to embrace.
A person who has a rainy day fund that will cover at least six months of living expenses is somebody that is financially secure.
They know that hopefully, they will not have to use that money, but in case they do, the money is available to them.
14. Don’t Cry When Something Breaks
When you’re financially secure, you know things that are going to break.
And as much as it sucks, you are not going to be in tears, trying to figure out how to pay to replace that item. You understand the concept of… It is what it is you move on.
Replace the item and you go on with your day.
Since you know you have money set aside for various purposes, there is no reason to cry. It may not be how you feel like spending money, but that is just part of life.
When you are financially insecure and a light comes on in your car, that is a red flag that something is wrong. Many people freak out because they don’t have the money set aside for a $500 or $1,000 repair.
So you know when you are financially secure when you can laugh it off, shake it off and move on with your day.
15. Fun Spending Can Happen
This is one of the best reasons for being financially secure…you can spend money!
When you decrease your other expenses, you can increase the amount of fun spending. There are great benefits to becoming aware of your financial situation.
Too many times, people give up to their money situation. Instead of saying, no, no, no all the time, you will get to a position where you can say yes yes yes! I want to do this and this!
You do not feel guilty about spending extra money!
At this point, you know you have earned whatever it is you want to spend money on.
16. You Can Sleep at Night
This is one of the best traits of a financially secure person! Their finances are NOT waking them up in the middle of the night wondering “oh my gosh, how am I gonna pay my bills, how am I going to pay my rent, how am I going to pay my car payment, I am sick of my job, etc.”
You quit worrying about do I have enough money to make it to the end of the month. That is financially security right there.
When you can sleep at night knowing all of your bills, expenses, and saving are taken care of. You know deep down that you are on track of your financial future.
That is financial security at its best.
If you are in a situation right now where you can’t sleep at night, then you need to learn how to drastically cut expenses. You must get a hold of your situation before it spirals any further out of control.
17. No Frivolous Spending
Financially, even though a financially secure person can spend money when they want. They have the money to be able to spend, right?
Most choose not to be frivolous with their money.
(Hint: that is why they stay financially stable.)
They tend to be a thrifty person knowing a good price to purchase an item. They know when something is overrated or overpriced.
Even if they can afford it, they are just not willing to spend money on it. That is okay because they are in the situation of being financially secure because of the solid money decisions they have made.
Spending frivolous money here and there can up quickly. Even something as low as $10 or $20 here or there may not impact your financial picture in one day. If you add it up over the course of a year, it can become $3,650 or $7,300. Just by frivolously spending a small amount each day.
18. Know Your FI Number
Your FI number will help you to make the jump to financial freedom.
You know what it will take for you to become financially independent – specifically, the dollar amount needed.
In the FIRE community, it is typically known as your FI number, which is your financial independence number. The number is the amount of your net worth and the amount saved up, so you can start living off of your investment income.
This number will vary from person to person.
It is based on your personal situation. The variables that impact your FI number include:
Your income today
How much you plan to spend today
The amount you save today
How much you plan to spend in the future
Your age now
Age you want to quit working (aka retire)
Typically, most couples with kids can start looking at FI number in the $1.5 million range. The first reaction is that the number is either WAY LOWER than they thought it would be. Yes, because we have been taught by “financial professionals” that you need so much more in assets in your retirement accounts than you actually do.
The time is now to become a financially secure person and learn your fi number today. Here’s a great resource to help you.
19. Diversify Your Income
Just as with as above and knowing your FI number, financial independence becomes more likely to happen once you start diversifying your income.
A financially stable person earns all three types of income.
Most people rely on earned income only. If you only rely on earned income, then you reach a max threshold of what you are able to earn.
So a financially secure person has multiple buckets of income; they are diversified in investments, real estate, or side hustle. The key to long term success is finding ways to make passive income.
20. Budget isn’t AS Important
A trait of a financially secure person is they know how much they are able to spend, how much they need to save, and the amount of money that they come in every single month.
They do not need to budget down to the very last line item. (thank goodness for many of you reading this!)
A financially secure person has an overall sense that income exceeds their spending and saving goals.
That is financial security.
While a budget may help them stay focused and a more detailed budget may help them reach their longer term goals.
It does not mean that a budget is necessary. You can still have a loose budget and know that you are still making ends meet because they have a system set up and a system set in place.
Budgeting is not as important as it was previously.
21. Splurging is Okay
This is one of the best feelings as a financially secure person is knowing that it is okay to splurge. It is okay to spend extra money. It is okay to stop cutting corners at every single turn.
You remember back to the days when each month was a struggle to make ends meet. That is not the life that you live anymore; you live a completely different life. And now, it is okay to splurge.
And to be very honest, for most people, once they become financially secure, it is actually really, really hard for them to loosen that tight fist on their money and start spending it.
22. Same Page with Finances with Spouse or Significant Other
They share the same money vision and together they set smart financial goals. All of their decisions are made together.
Did you get that keyword??? Together. Meaning with the other person.
While they may not agree on every single line item of their budget or how they spend money individually, they still set aside money for each of them to spend as they please. Around here at Money Bliss, we call this money a slush fund.
Because at the end of the day, as a couple, they know they are still making progress in the right direction for the long term. So, these couples do not worry about the short term of how you spend your $100 each month if you are reaching your goals and that happens once financial security sets in.
23. Net Worth Grows Significantly Each Year
If your net worth does not grow significantly each year, then you got a problem.
A financially secure person knows their net worth and has systems in place to keep it growing significantly each and every year.
It’s not just one or two percentage points typically, you can expect a much higher rate of growth of 8-10%. Once your net worth increases, the bigger the bucket for the percentage of growth.
24. Credit Cards are Paid in Full
Financial security means you were able to pay your credit card bill in full each and every month without blinking. This is a mantra of a financially secure person.
They chose to use their credit cards wisely so they can get points, cash back, and travel benefits.
But, they are also cognizant that each and every month that credit card is paid off in full; this type of person will not carry a credit card balance for any reason. Period.
25. Prepared for Large Purchases
Nothing states financial security more than being able to go out and replace $5000- $10,000 worth of appliances or home repairs or something similar.
A financially secure person realizes that they have to be prepared for large purchases since they are going to happen.
It is only a matter of when a big purchase will happen.
This person is consistently setting money aside in a sinking fund for those large purposes. In our house, we like to call it the big murph fund.
We know that it may be a small remodel project, an appliance that needs to get fixed or looking at replacing a car. Many items can fall under this big murph fund umbrella. For us, we do not set aside money for each of those purposes in their own sinking funds because then we would not able to maximize our investments.
Instead, we estimate how much money is likely needed and set aside for large purchases that are likely to happen in the next one to two years.
Ways to Save $5000:
26. Your Health Matters
Financial stability means that you are able to spend money on your health and it is a priority for you and your household.
You start realizing the benefits of taking care of your body, eating properly, and managing your health in better ways.
The light bulb starts going off and says slaving at my work for 60 to 80 hours a week may not be worth it. While the income may be great, a financially stable person may feel like they are killing themselves inside for the benefit of others.
A financially secure person knows that their health matters more than money does.
You are more likely to spend money on organic produce because you know it is better for your body. You consistently review to see if you are spending your time in ways that benefit your overall health.
27. Bad Money Habits Are a Thing of the Past
We have all had them.
We have all made stupid money mistakes.
And the best part is a financially secure person has learned from their bad money habits and made changes so they never happen again.
All of the things that they used to do, they don’t do anymore. Bad habits are something that happened in the past. While they may regret it, which is absolutely okay and part of working through the process to make further progress.
Their past mistakes are not going to hold them back from their future self and build solid money habits.
28. Giving Money is Generous
When you are able to give 10% of your income and not be panicked about making ends meet, that is when you know that you have reached a higher level of financial security.
Giving money is generous.
It is something that helps society come together and as a community making the world a better place.
By you being able to give money will help somebody else become a better version of themselves. We have all had others that have helped us.
By giving money, you can pay it forward. It can be something as simple as paying for the people behind you. It could be something grand like having a building named after you because you made a massive donation.
The size of the giving does not matter. It is the fact that you decided and made the conscious decision to start giving your money.
29. People Ask You about Money Questions
When others start looking towards what you have accomplished in your financial journey, that is when you know you have created an environment of solid money management skills.
People will start coming to you asking questions on how they can improve their money situation. And that is fabulous!
That means that others view you as being financially secure and stable in your personal finances. You deserve a pat on the back and motivation to keep up the hard work.
30. Happy With Your Financial Path
Remember that saying, “If you are happy and you know it, clap your hands.” Well, as a financially secure person, it is when you wake up and look at your overall financial picture and say, “You know what, I’ve got this, I’m on the right path,” and you put a big grin on your face. And you pat yourself on the back.
As a financially stable person, you are proud of what you have overcome, the difficult challenges you faced, and now you are excited about where the next step is going to take you and your future.
It is not roses and happiness the entire way; there are ups and downs along your path that got you to a financially stable place.
But deep down you know that you are on a stable future with a solid path.
31. You Know You are In Control of Your Money
This type of person knows exactly where their money goes.
They are in control of their money; their money doesn’t control them.
They make the decisions on how, when, why, and where they spend money.
They are not told by outsiders how to manage their money. A financially stable person has control over their money and in the long run, it opens up the doors of opportunity.
This is a sign of financial independence.
How Much Money is Financially Stable?
How much money do you need to be financially stable?
This will depend on everybody’s personal situation.
If you are single and only providing for your one household, the amount of money that you need is much less than a family of six to eight people. In view of that fact, the more people that you’re responsible for, the more money that you need to become financially secure.
Let’s put some number on the question of how much money is financially stable.
3-6 months of expenses
Positive net worth
No debt (or a solid plan to get out of debt)
Able to give 5% of your income
Saving at least 20% of your income
$100k of F-you money (read JL Collins book for terminology)
Increasing saving percentage each year
At a bare minimum, you could estimate to need at least $25,000 for a single person or $100,000 for a family of four.
These assumptions include you continuing to live below your means and not regressing from the progress you made.
However, most people feel more financially secure when their net worth hits $250,000 or $500,000. Once you hit millionaire status, you are financially secure.
Are you Ready to Move from Not Financially Stable to Financial Stability?
You are in charge of your destiny.
You are able to go from one place to another, but you have to be willing to take the jump, take the risks, and seize opportunities.
So if you are not sure that you are ready to move on to financially stable, you need to be financially sound first. For now, save this post and come back once you are ready to move to the next step of becoming financially stable.
If you are ready to move to financial stability, then you need to start today and make all of these habits of somebody who is financially stable a part of your life.
There is no “Oh, I’m gonna wait till tomorrow.” Because then you are just going to keep putting it off. Tomorrow needs to become today.
The sooner that you can become financially stable, the better off that you will be.
Procrastination is just like having a plan, but not setting it into motion. You actually need to take action and start today. Enough planning, enough procrastination.
Start slow with easy habits. A good habit here and there. Keep building on those habits and you will slowly step-by-step learn how to become a financially stable person.
It does not take a huge monumental stream of income to achieve financial stability. All it takes is perseverance to make better yourself.
You can become the next millionaire with no money!
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.
Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate mortgages to write unbiased product reviews.
Mortgage rates are down thanks to cooling inflation data and expectations that the Federal Reserve should still cut rates at least once this year.
Average 30-year mortgage rates fell to 6.95% this week, according to Freddie Mac. This is down four basis points from last week’s average. If inflation continues to show signs of slowing in the coming months, we could see rates continue to trend down.
“Mortgage rates continued to fall back this week as incoming data suggests the economy is cooling to a more sustainable level of growth,” Sam Khater, Freddie Mac’s chief economist, said in a press release. “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.”
On Wednesday, the Fed announced that it will keep the federal funds rate steady for now, and new projections from policymakers suggest we’ll only get one rate cut this year. But in his press conference following the Fed’s June meeting, Fed Chair Jerome Powell hinted that their forecast could change if the data continues to show that the economy is cooling off.
Investors are still betting that the Fed will lower rates at least twice by the end of 2024, according to the CME FedWatch Tool, with the first cut likely to come in September. This would remove some of the upward pressure off of mortgage rates and allow them to trend down.
Mortgage Rates Today
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Mortgage Calculator
Use our free mortgage calculator to see how today’s interest rates will affect your monthly payments.
Mortgage Calculator
$1,161 Your estimated monthly payment
Total paid$418,177
Principal paid$275,520
Interest paid$42,657
Paying a 25% higher down payment would save you $8,916.08 on interest charges
Lowering the interest rate by 1% would save you $51,562.03
Paying an additional $500 each month would reduce the loan length by 146 months
By clicking on “More details,” you’ll also see how much you’ll pay over the entire length of your mortgage, including how much goes toward the principal vs. interest.
30-Year Fixed Mortgage Rates
This week’s average 30-year fixed mortgage rate was 6.95%, according to Freddie Mac. This is a four-basis-point decrease from the previous week.
The 30-year fixed-rate mortgage is the most common type of home loan. With this type of mortgage, you’ll pay back what you borrowed over 30 years, and your interest rate won’t change for the life of the loan.
The lengthy 30-year term allows you to spread out your payments over a long period of time, meaning you can keep your monthly payments lower and more manageable. The trade-off is that you’ll have a higher rate than you would with shorter terms or adjustable rates.
15-Year Fixed Mortgage Rates
Average 15-year mortgage rates inched up to 6.17% last week, according to Freddie Mac data. This is a 12-basis-point decrease from the week before.
If you want the predictability that comes with a fixed rate but are looking to spend less on interest over the life of your loan, a 15-year fixed-rate mortgage might be a good fit for you. Because these terms are shorter and have lower rates than 30-year fixed-rate mortgages, you could potentially save tens of thousands of dollars in interest. However, you’ll have a higher monthly payment than you would with a longer term.
How Do Fed Rate Hikes Affect Mortgages?
The Federal Reserve increased the federal funds rate dramatically to try to slow economic growth and get inflation under control. So far, inflation has slowed significantly, but it’s still a bit above the Fed’s 2% target rate.
Mortgage rates aren’t directly impacted by changes to the federal funds rate, but they often trend up or down ahead of Fed policy moves. This is because mortgage rates change based on investor demand for mortgage-backed securities, and this demand is often impacted by how investors expect Fed hikes to affect the broader economy.
The Fed has indicated that it’s likely done hiking rates and that it could start cutting this year. This would allow mortgage rates to trend down later this year.
When Will Mortgage Rates Go Down?
Mortgage rates increased dramatically over the last two years, but they’re expected to go down at some point this year.
In May 2024, the Consumer Price Index rose 3.3% year-over-year. Inflation has slowed significantly since it peaked last year, but it has to slow further before rates can continue trending down.
For homeowners looking to leverage their home’s value to cover a big purchase — such as a home renovation — a home equity line of credit (HELOC) may be a good option while we wait for mortgage rates to ease. Check out some of our best HELOC lenders to start your search for the right loan for you.
A HELOC is a line of credit that lets you borrow against the equity in your home. It works similarly to a credit card in that you borrow what you need rather than getting the full amount you’re borrowing in a lump sum. It also lets you tap into the money you have in your home without replacing your entire mortgage, like you’d do with a cash-out refinance.
Current HELOC rates are relatively low compared to other loan options, including credit cards and personal loans.