The Consumer Financial Protection Bureau issued consent orders against a pair of companies Tuesday, citing what it called harmful delays in their work servicing loans older adults use to withdraw equity from their homes.
The order seeks to permanently bar two Sutherland Global subsidies and Novad Management Consulting from reverse mortgage services and called upon them to pay millions of dollars in redress and a civil monetary penalty.
Sutherland was a subcontractor for Novad, and the two were responsible for servicing Home Equity Conversion Mortgages between 2014 and 2022. HECMs are Federal Housing Administration-insured products available to borrowers 62 and older.
“Sutherland and Novad were unprepared to support the hundreds of thousands of older homeowners whose reverse mortgages the defendants were responsible for,” CFPB Director Rohit Chopra alleged in a press release.
“The defendants ignored complaints and calls for help, and they let problems snowball into disasters,” he added. CFPB alleged around 150,000 distressed mortgage borrowers per year experienced financial harm as a result.
The companies “systematically failed to respond to thousands of homeowner requests for loan payoff statements, short sales, deeds-in-lieu of foreclosures, lien releases and requests for general information,” the bureau further alleged.
“The companies allowed problems to fester to critical points, which resulted in borrowers losing out on home sales, paying unnecessary costs, and fearing foreclosure,” the CFPB stated.
In doing this, the companies allegedly violated the Real Estate Settlement Procedures Act and also engaged in unfair, deceptive or abusive acts and practices, such as falsely telling borrowers they were in default or not offering options, according to the CPPB.
The bureau specifically named two units of Sutherland respectively handling government solutions and mortgage services in its complaint. They have been ordered to pay $11.5 million in redress to customers for their actions.
The CFPB also is ordering both those entities and Novad to collectively pay a roughly $5 million civil money penalty that will go into a relief fund for affected borrowers.
The bureau is asking for $1 million from Novad due to its declaration of an inability to pay.
At one point Novad was the official Department of Housing and Urban Development subservicer, but in 2022, Celink took over that role. Novad lodged a protest against the change at the time, but the Government Accountability Office dismissed it.
Sutherland said in a press release Tuesday that it had “reached a voluntary agreement” with the bureau regarding work as a subcontractor for Novad in its HUD work, performing “specified limited support services” for reverse and other mortgages.
The company said it “was not directly responsible for the reverse mortgage servicing conduct that is the subject of the CFPB agreement. HUD controlled all aspects of the reverse mortgage servicing and communicated only with Novad.”
“Sutherland had no direct access to HUD guidelines, the HUD servicing system, borrower communications, or the borrower files,” it added. “Sutherland therefore disagrees with the CFPB findings and denies the CFPB’s allegations.”
The company said it agreed to the order and to absorb the bulk of payments because it wanted to focus on current customers, not a past issue. Both a review of Novad financials and a key executive’s tax statement showed an inability to pay, it added.
Novad had not responded to inquiries from this publication at the time of this writing.
The CPFB has warned servicers that it won’t tolerate what it has called excessive or “junk” fees in many areas, including loss mitigation, stressing that customers have little choice in the matter of who tends to their mortgage after origination.
“Older homeowners did not choose Sutherland and Novad as their reverse mortgage servicer, and the CFPB is holding these defendants accountable for their unlawful neglect,” Chopra said.
Reverse mortgage servicing is a specialized process, and a relatively limited number of companies are active in the space.
Novad is a Landover, Maryland-based nonbank company and Sutherland Global is a digital services provider with headquarters in Pittsford, New York.
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.
Mortgage rates continued to inch toward the 7% mark following last week’s meeting of Federal Reserve policymakers and new inflation data that showed further cooling of consumer prices.
On Tuesday, HousingWire‘s Mortgage Rates Center showed that the average 30-year rate for conforming loans was 7.08%. That was down 11 basis points from the same time last week and exactly 50 basis points below this year’s peak rate that was recorded in early May.
HousingWire Lead Analyst Logan Mohtashami recently noted that some specific economic signals are working in the favor of lower mortgage rates. These include a decline in the 10-year Treasury yield (which fell from 4.61% on May 29 to 4.24% on June 13) and a narrowing of the spread between the 30-year mortgage rate and the 10-year yield.
“If we took the worst levels of the spreads from 2023 and incorporated those today, mortgage rates would be0.52% higher,” Mohtashami wrote on Saturday. “While we are far from being average with the spreads, the fact that we have seen this improvement is a plus this year.”
Along with the lower costs of borrowing, prospective homebuyers are also being helped by more homes listed for sale. Data from Altos Research shows that for-sale inventory at the national level grew by 1.5% during the week ending June 14 and has reached its 2024 peak of more than 620,000 homes. For context, the inventory level in mid-June 2023 was less than 452,000.
“If mortgage rates keep falling and demand picks up, we will have a much better buffer with active inventory than in 2022 and 2023,” Mohtashami observed. “My rule of thumb has been that inventory should have some weekly prints between 11,000 – 17,000 as long as rates are above 7.25%. We have hit that three times this year; last year was a whopping zero.”
Last week, as expected, the Federal Open Market Committee left benchmark rates unchanged for a seventh straight meeting, holding them steady at a range of 5.25% to 5.5%. That came a day after the Consumer Price Index for May showed that annualized inflation fell to 3.3%, down from 3.4% growth in April. Fed officials have taken a hardline stance that inflation must move closer to their 2% target before short-term interest rates can be trimmed.
The U.S. employment report for May also influenced the Fed’s decision to leave rates unchanged. The national economy added 272,000 jobs last month, beating estimates of 180,000 and far outpacing the revised figure of 160,000 jobs added in April.
Melissa Cohn, a Florida-based regional vice president for William Raveis Mortgage, said in prepared remarks last week that the Fed’s “updated dot plot was more hawkish than we had hoped.“ She noted that in March, 10 of 19 officials indicated a total of three rate cuts this year. Last week, 11 of 19 predicted one cut or fewer.
“We are back to data-watching. There were no huge surprises in the Fed’s comments or dot plot,“ Cohn said. “Expecting one rate cut should be neutral for the markets, and the Fed’s future actions will depend on the markets. Let’s hope that we see the CPI report next month to show further progress on inflation — then we will have a good summer for mortgage rates and the real estate market.”
A Redfin report released last week noted that even as the U.S. median home price reached another record high of $394,000 during the four weeks ending June 9, declining mortgage rates are helping to alleviate monthly mortgage payment burdens. But Redfin also cautioned that if lower rates lead demand to outpace supply, affordability could take a hit.
”Lower rates and higher prices may ultimately cancel each other out when it comes to homebuyers’ monthly payments,” Chen Zhao, Redfin’s economic research lead, said in the report.
Now that Jeff Lewis and his talented team of designers have finished revamping Christina Ricci’s home, the actress is listing her Woodland Hills pad for sale.
Fresh off the heels of a Hollywood Houselift appearance, where Lewis brought the team in to renovate the kitchen and primary bathroom for season two of the celebrity home reno show, the 4-bedroom home popped up for sale with a $2,249,000 asking price. Mercedes “MJ” Javid with The Agency (also famous for her role on the BRAVO series Shahs of Sunset) holds the listing, but more on that in a minute.
It’s worth noting that Ricci’s house got the full Jeff Lewis treatment after its appearance on the show, with the actress commissioning the veteran interior designer to redo the rest of the house before bringing it to market.
“Jeff and I basically ended up partnering on doing the entirety of my house,” the Wednesday star told Us Magazine. “And then we’re going to look for future opportunities to flip houses together.”
While a future house-flipping show starring Christina Ricci and Jeff Lewis isn’t out of the question (and we would 100% tune in to watch it), today we’d like to focus on the project the two have already completed.
Particularly since the results are nothing short of spectacular.
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Christina Ricci’s Woodland Hills home: Specs & features
Originally built in 1956, the traditional home sits on a 0.28-acre lot in a private, lush enclave south of the boulevard in Woodland Hills.
Clocking in at 2,718 square feet of living space, the inviting home has 4 bedrooms (including a primary with an en-suite bathroom, walk-in closets, and a Romeo and Juliet balcony), 4 bathrooms, a home office, and quite a few outdoor amenities, including a pool and putting green.
Jeff Lewis-renovated interiors
A longtime fan of the designer’s work, Ricci was more than happy to let Jeff Lewis give her home a makeover.
“When I was approached to do this, I was really excited,” she shared when season 2 of Hollywood Houselift first aired. “I also needed a few rooms in my house redone, so it seemed like a win-win.”
But the former Flipping Out star didn’t stop at the kitchen and bathroom; he went on to renovate the entire 1956-built home, giving it a fresh, contemporary look — and a note of glam that befits its current famous owner.
The “Hollywood Houselift”-featured kitchen
The focus of the home’s appearance on the show, the kitchen has been meticulously renovated. It now features new custom cabinetry, brand-new marble countertops, custom white shelves, JennAir appliances, and a 36″ professional-style gas range.
Cleverly masked additions (meant not to intrude on the stylish design) include a built-in microwave drawer, a panel-ready dishwasher, and an under-the-counter beverage fridge.
Beautifully appointed living spaces
The open floorplan flows freely from the chef’s kitchen into the dining and living areas, with warm wood and gold accents dotting the spaces.
There’s also a formal living room with a double-sided fireplace, perfect for entertaining guests and hosting intimate gatherings.
See also: Ben Affleck and Jennifer Lopez’s $60M mansion was inspired by Marie Antoinette’s ‘Le Petit Trianon’
A primary suite worthy of a Hollywood star
The primary bedroom suite is the only bedroom set on the upper level of the house, with the remaining three bedrooms being located on the lower level.
With an en-suite bathroom, walk-in closets, and doors opening to the Romeo and Juliet balcony, the bedroom is a quiet, stylish retreat that hints at its soon-to-be-former owner’s star power.
The newly-renovated floral bathroom
Undoubtedly one of the most memorable transformations in Season 2 of Hollywood Houselift, Christina’s primary bathroom is now a stylish retreat featuring bold floral wallpaper, a walk-in shower, a freestanding tub, and gold fixtures and accents throughout.
The outdoor areas are equally charming
Christina Ricci’s house isn’t just beautiful on the inside.
The freshly revamped abode has an absolutely beautiful backyard that takes full advantage of its lush Woodland Hills location, complementing the greenery with water features, cozy seating, nature pathways, and more.
Amenities include a pool, waterfall, and pathways
Enchanting pathways add another note of charm to this beautiful celebrity home.
With water features like a pool and waterfall and surrounded by lush greenery, the outdoor space is great for entertaining and relaxation alike.
There’s even a putting green
Widening the potential buyers pool for his famous client, Jeff Lewis added a putting green right outside the house, making it a great choice for golfing enthusiasts.
The house doesn’t hold the best memories for the actress
“One of the reasons I wanted to sell the house and move on was because that is the house where I lived through an abusive marriage,” Ricci told SheKnows ahead of the Hollywood Houselift season finale on Jan. 31. “I actually don’t have wonderful memories in it and living in that house was not great afterward for my emotional state.”
Ricci shared the Woodland Hills home with ex-husband James Heerdegen, whom she divorced in 2020. Following their split, the Yellowjackets actress opened up about the alleged emotional and physical abuse she endured during their 7-year marriage, making it easy to see why the Addams Family Values star doesn’t have the fondest memories of the home.
Ricci’s other homes
In 2022, Christina sold her New York townhouse, a three-story, four-bedroom home located in the Fort Greene neighborhood of Brooklyn, listed for $2.4 million.
Ricci also famously owned the architectural gem known as the Samuel-Novarro House — a historic Mayan Revival residence designed by Lloyd Wright, son of legendary architect Frank Lloyd Wright, in 1928 — selling it in 2006 for a little over $2.8 million.
A Hollywood favorite, the Los Feliz residence has been owned by several A-listers over the years, with composer Leonard Bernstein, actress Diane Keaton, and director Gary Ross all calling it home at one point.
Listed with a famous real estate agent
Fitting for a property with so much star power, Ricci’s house is listed for $2,249,000 with Shahs of Sunset star Mercedes “MJ” Javid.
Beyond her reality TV fame, Mercedes is a highly accomplished real estate agent with celebrity-favorite brokerage The Agency, best known outside of the industry for their hit Netflix series Buying Beverly Hills.
She currently holds the keys to Christina Ricci’s Hollywood Houselift home — though not for long, as we’re willing to bet this listing won’t spend too much time on the market.
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“Mortgage rates are likely to remain stubbornly above 6.5% for the rest of 2024,” Lewis said in a statement. “The Federal Reserve says it expects to cut short-term interest rates just one time this year. Three months ago, the Fed projected two rate cuts. The mortgage market might sulk the same way your dog does … [Read more…]
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.
A zero-coupon certificate of deposit or zero-coupon CD is a type of CD that’s purchased at a discount and pays out interest at maturity. Zero-coupon CDs can offer higher yields than standard CDs for investors who have the patience to wait until maturity to collect their original deposit and the interest earned.
Zero-coupon certificates of deposit are similar to bonds in that both are considered lower-risk, fixed-income instruments, but they serve different purposes in a portfolio. Understanding how a zero-coupon CD works can make it easier to decide if it’s a good investment for you.
What Is a Zero-Coupon CD?
To understand zero-coupon CDs, it’s important to know how a regular certificate of deposit works. A CD account, also referred to as a time-deposit or term-deposit account, is designed to hold money for a specified period of time. While the money is in the CD, it earns interest at a rate determined by the CD issuer — and the investor cannot add to the account or withdraw from it without penalty.
CDs are FDIC or NCUA insured when held at a member bank or credit union. That means deposits are insured up to $250,000.
CDs are some of the most common interest-bearing accounts banks offer, along with savings accounts and money market accounts (MMAs).
A zero-coupon certificate of deposit does not pay periodic interest. Instead, the interest is paid out at the end of the CD’s maturity term. This can allow the purchaser of the CD to potentially earn a higher rate of return because zero-coupon CDs are sold at a discount to face value, but the investor is paid the full face value at maturity.
By comparison, traditional certificates of deposit pay interest periodically. For example, you might open a CD at your bank with interest that compounds daily. Other CDs can compound monthly. Either way, you’d receive an interest payment in your CD account for each month that you hold it until it matures.
Once the CD matures, you’ll be able to withdraw the initial amount you deposited along with the compound interest. You could also roll the entire amount into a new CD if you’d prefer.
Remember: Withdrawing money from a CD early can trigger an early withdrawal penalty that’s typically equal to some of the interest earned.
How Do Zero-Coupon CDs Work?
Ordinarily when you buy a CD, you’d deposit an amount equal to or greater than the minimum deposit specified by the bank. You’d then earn interest on that amount for the entirety of the CD’s maturity term.
With zero-coupon CD accounts, though, you’re purchasing the CDs for less than their face value. But at the end of the CD’s term, you’d be paid out the full face value of the CD. The discount — and your interest earned — is the difference between what you pay for the CD and what you collect at maturity. So you can easily see at a glance how much you’ll earn from a zero-coupon CD investment.
In a sense, that’s similar to how the coupon rate of a bond works. A bond’s coupon is the annual interest rate that’s paid out, typically on a semiannual basis. The coupon rate is always tied to a bond’s face value. So a $1,000 bond with a 5.00% interest rate has a 5.00% coupon rate, meaning a $50 annual payout until it matures.
Real World Example of a Zero-Coupon CD
Here’s a simple example of how a zero-coupon CD works. Say your bank offers a zero-coupon certificate of deposit with a face value of $10,000. You have the opportunity to purchase the CD for $8,000, a discount of $2,000. The CD has a maturity term of five years.
You wouldn’t receive any interest payments from the CD until maturity. And since the CD has a set term, you wouldn’t be able to withdraw money from the account early. But assuming your CD is held at an FDIC- or NCUA-member institution, the risk of losing money is very low.
At the end of the five years, the bank pays you the full $10,000 face value of the CD. So you’ve essentially received $400 per year in interest income for the duration of the CD’s maturity term — or 5.00% per year. You can then use that money to purchase another zero-coupon CD or invest it any other way you’d like.
💡 Quick Tip: Typically, checking accounts don’t earn interest. However, some accounts do, and online banks are more likely than brick-and-mortar banks to offer you the best rates.
Tips When Investing in a Zero-Coupon CD
If you’re interested in zero-coupon CDs, there are a few things to consider to make sure they’re a good investment for you. Specifically, it’s important to look at:
• What the CD is selling for (in other words, how big of a discount you’re getting to its face value)
• How long you’ll have to hold the CD until it reaches maturity
• The face value amount of the CD (and what the bank will pay you in full, once it matures)
It’s easy to be tempted by a zero-coupon certificate of deposit that offers a steep discount between the face value and the amount paid out at maturity. But consider what kind of trade-off you might be making in terms of how long you have to hold the CD.
If you don’t have the patience to wait out a longer maturity term, or you need the money in the shorter term, then the prospect of higher returns may hold less sway for you. Also, keep in mind what kind of liquidity you’re looking for. If you think you might need to withdraw savings for any reason before maturity, then a standard CD could be a better fit.
Comparing zero-coupon CD offerings at different banks can help you find one that fits your needs and goals. You may also consider other types of cash equivalents, such as money market funds or short-term government bonds if you’re looking for alternatives to zero-coupon CDs.
Recommended: How to Invest in CDs: A Beginner’s Guide
Get up to $300 when you bank with SoFi.
Open a SoFi Checking and Savings Account with direct deposit and get up to a $300 cash bonus. Plus, get up to 4.60% APY on your cash!
Pros of Zero-Coupon CDs
Zero-coupon CDs have some features that could make them more attractive than other types of CDs. The main advantages of investing in zero coupon certificates of deposit include:
• Higher return potential than regular CDs
• Guaranteed returns, since you’re unable to withdraw money before maturity
• Suited for longer-term goals
• Can be federally insured
Zero-coupon CDs are lower-risk investments, which can make them more appealing than bonds. While bonds are considered lower-risk investments generally, if the bond issuer defaults, then you might walk away from your investment with nothing.
A zero-coupon certificate of deposit, on the other hand, does not carry this same default risk because your money is insured up to $250,000. There is, however, a risk that the CD issuer could “call” the CD before it matures (see more about this in the next section).
Cons of Zero-Coupon CDs
Every investment has features that may be sticking points for investors. If you’re wondering what the downsides of zero-coupon CDs are, here are a few things to consider:
• No periodic interest payments
• No liquidity, since you’re required to keep your money in the CD until maturity
• Some zero-coupon CDs may be callable, which means the issuer can redeem them before maturity, and the investor won’t get the full face value
• Taxes are due on the interest that accrues annually, even though the interest isn’t paid out until maturity
It may be helpful to talk to your financial advisor or a tax professional about the tax implications of zero-coupon CDs. It’s possible that the added “income” from these CDs that you have to report each year could increase your tax liability.
How to Collect Interest on Zero-Coupon CDs
Since zero-coupon CDs only pay out at interest at the end of the maturity term, all you have to do to collect the interest is wait until the CD matures. You can direct the bank that issued the CD to deposit the principal and interest into a savings account or another bank account. Or you can use the interest and principal to purchase new CDs.
It’s important to ask the bank what options you’ll have for collecting the interest when the CD matures to make sure renewal isn’t automatic. With regular CDs, banks may give you a window leading up to maturity in which you can specify what you’d like to do with the money in your account. If you don’t ask for the money to be out to you it may be rolled over to a new CD instead.
How to Value Zero-Coupon CDs
The face value of a zero-coupon CD is the amount that’s paid to you at maturity. Banks should specify what the face value of the CD is before you purchase it so you understand how much you’re going to get back later.
In terms of whether a specific zero-coupon CD is worth the money, it helps to look at how much of a discount you’re getting and what that equates to in terms of average interest earned during each year of maturity.
Purchasing a $10,000 zero-coupon CD for $8,000, for example, means you’re getting it at 20% below face value. Buying a $5,000 zero-coupon CD for $4,500, on the other hand, means you’re only getting a 10% discount.
Of course, you’ll also want to keep the maturity term in perspective when assessing what a zero-coupon CD is worth to you personally. Getting a 10% discount for a CD with a three-year maturity term, for example, may trump a 20% discount for a five-year CD, especially if you don’t want to tie up your money for that long.
The Takeaway
Investing in zero-coupon CDs could be a good fit if you’re looking for a lower-risk way to save money for a long-term financial goal, and you’d like a higher yield than most other cash equivalents.
Zero-coupon CDs are sold at a discount to face value, and while the investor doesn’t accrue interest payments annually, they get the full face value at maturity — which often adds up to a higher yield than many savings vehicles. And because the difference between the discount and the face value is clear, zero-coupon CDs are predictable investments (e.g. you buy a $5,000 CD for $4,000, but you collect $5,000 at maturity).
As with any investment, it’s important for investors to know the terms before they commit any funds. For example, zero-coupon CDs don’t pay periodic interest, but the account holder is expected to pay taxes on the amount of interest earned each year (even though they don’t collect it until they cash out or roll over the CD).
If you’re eager to earn a higher rate on your savings, you’ve got a lot of options to explore — including a high-yield bank account or a regular CD.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.60% APY on SoFi Checking and Savings.
FAQ
What is a coupon on a CD?
The coupon on a CD is its periodic interest payment. When a CD is zero coupon, that means it doesn’t pay out interest monthly or annually. Instead, the investor gets the full amount of interest earned paid out to them when the CD reaches maturity.
Is a certificate of deposit a zero-coupon bond?
Certificates of deposit and bonds are two different types of savings vehicles. While a CD can be zero-coupon the same way that a bond can, your money is not invested in the same way. CD accounts also don’t carry the same types of default risk that bonds can present.
Are CDs safer than bonds?
CDs can be safer than bonds since CDs don’t carry default risk. A bond is only as good as the entity that issues it. If the issuer defaults, then bond investors can lose money. CDs, on the other hand, are issued by banks and typically covered by FDIC insurance which generally makes them safer investments.
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As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
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A business microloan is a loan of up to $50,000 that the US Small Business Administration (SBA) funds to help entrepreneurs grow their businesses. These loans offer repayment terms of up to six years, and interest rates typically range from 8%–13%.
struggle to continue operations and expand. While traditional loans can be a good option, you may not meet the credit score requirements. Luckily, business microloans are an excellent alternative for those who may not qualify for traditional lending.
Read on to learn about business microloans, including eligibility requirements, benefits, and how to apply.
Table of contents:
What Is a Business Microloan?
How to Use a Microloan to Grow Your Business
SBA Microloan Requirements
Benefits and Drawbacks of Business Microloans
How to Apply for a Microloan
Learn More About Small Business Loan Options
What Is a Business Microloan?
A business microloan is a loan program offered by the U.S. Small Business Administration (SBA) that offers loans up to $50,000 to help small businesses start and expand their operations. There is no minimum loan amount, and according to the SBA, most microloans are $13,000 on average.
While the SBA funds the loans, intermediary lenders administer them to borrowers. Eligibility requirements, interest rates, and repayment terms vary depending on each lender. Here’s an overview of the key features of an SBA microloan:
Get matched with a personal
loan that’s right for you today.
Learn
more
Type of loan
Short-term loan
Requirements
Vary based on lender
Loan amount
Up to $50,000
Repayment term
Maximum repayment term is six years
Interest rates
Typically between 8%–13%
How to Use a Microloan to Grow Your Business
Microloans can provide opportunities to grow your small business. Here are some examples of ways you can use a microloan:
Product stock
Inventory and supplies
Furniture
Equipment and tools
Machinery
Employee wages
Note: Keep in mind that microloans cannot be used to fund real estate or repay existing debt.
For example, let’s say a baker named Phoebe is looking to expand her small doughnut shop to meet the growing demand for her unique flavors. However, due to her limited savings, she can’t afford to purchase the new equipment and ingredients needed to grow her business.
As a result, Phoebe decides to apply for a $10,000 microloan to purchase another oven, bulk ingredients, and outdoor furniture so guests can enjoy their doughnuts on the patio out back.
After she makes these upgrades, she introduces even more new flavors and her business flourishes.
How to Use a Microloan to Grow Your Business
Microloans can provide opportunities to grow your small business. Here are some examples of ways you can use a microloan:
Product stock
Inventory and supplies
Furniture
Equipment and tools
Machinery
Employee wages
Note: Keep in mind that microloans cannot be used to fund real estate or repay existing debt.
For example, let’s say a baker named Phoebe is looking to expand her small doughnut shop to meet the growing demand for her unique flavors. However, due to her limited savings, she can’t afford to purchase the new equipment and ingredients needed to grow her business.
As a result, Phoebe decides to apply for a $10,000 microloan to purchase another oven, bulk ingredients, and outdoor furniture so guests can enjoy their doughnuts on the patio out back.
After she makes these upgrades, she introduces even more new flavors and her business flourishes.
How to Apply for a Microloan
Here’s how to apply for a microloan for your small business:
Research-certified microlenders: The SBA provides a list of microlenders authorized to participate in its program. You can filter the list by state or territory to easily access lenders operating in your area.
Review lender requirements: Review each lender’s requirements to see if your business is eligible.
Create a business plan and compile necessary documents: Create a business plan and gather any documents necessary for the application, such as financial statements, tax returns, and licenses.
Fill out the application: Complete the application form provided by the lender.
Wait for approval and receive funds: Wait for the lender to approve your application. Once approved, you will receive the funds within seven to 14 days.
Similar to other loans, business microloans plus interest need to be repaid to the lender according to the terms of the loan. With business microloans, the repayment period is shorter than for other loans, with a maximum repayment term of six years.
Learn More About Small Business Loan Options
All in all, business microloans are an excellent option for entrepreneurs looking to grow their businesses due to their flexible requirements, accessibility, lower interest rates, and longer repayment terms.
However, microloans may not be a great option for you if you require more funds or don’t meet the eligibility requirements. It’s important to consider your business goals and current financial situation to determine the best loan type. Explore more small business loans to find the right fit for your business.
Inside: Here is the real answer from a day trader and long term investor on how fast can you make money in stocks? Increase freedom by day or swing trading.
The answer depends.
It depends on what your particular objectives are for making money.
If you are a day trader, you obviously can make quick money during the day.
If you are a swing trader, you can make money over the course of typically two to five days. Most swing trades are closed within 30 days.
If you are a long-term investor, it takes longer to make money in the stock market since the rate of return is slower with index funds or mutual funds.
The biggest caveat for the average person to make money with stocks quickly is they buy at the wrong times and sell at the wrong times.
Everyone has heard the mantra of buy low, sell high. Right?
Sounds simple enough.
However, the amateur investor does not understand how the overall market moves, the momentum of the day, and their particular stock of choice.
Personally, I know I can make money with stocks quickly. For me, I average $300-500 in a day easily (and way more using options). But, I have moved from novice investor by taking this investing course. I have practiced with paper trading (simulated account) and I have worked hard to get the results that I see on a consistent basis.
My mantra is… I need to be consistent enough to achieve remarkable results in the stock market.
That is your answer to how fast can I make money in the stocks.
Even Jean-Jacques Rousseau, a philosopher, writer, and composer has a perfect quote when it comes to making money fast in stocks, “Patience is bitter, but its fruit is sweet.”
If you don’t understand what patience means, you are not prepared to make money fast in stocks.
You have to be disciplined enough to pull the trigger at the right time and exit before you get greedy or lose everything.
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.
Trading involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Past performance is not necessarily indicative of future results.
Your results will vary. Trade at your own risk.
How Fast Can you Make Money In Stocks?
You can make money quickly in a matter of seconds. You can also lose money in a matter of seconds.
The brutal truth… day trading is not made for everyone.
However, you can make consistent income to supplement your paycheck. And that right there is enticing for anyone.
As a day trader, you close out all of your trades on the same day. Thus, you will have a realized gain or loss at the end of the day. This is the fastest way to make money in the stock market.
As a swing trader, you will hold your trades until the stock moves to your desired price. Once you close your trades, that is when you have a realized gain or loss.
For long term investing, that is normally a buy and hold strategy of holding a stock, EFT, or index fund for longer than a year.
The best part is you can design what type of trading style works best for your personality and maximize the profits you are capable of.
In order to have the highest success rates of making money in the quickest time possible, I highly recommend that you take this course.
Trading has been a life-changing event for her, as well as her 1000s of students that have all made over $1,000 per day. That is a testament to the quality education that you would receive on how to trade.
So, if you were wondering can you make $1000 a month trading stocks? The answer is yes and you can make $1000 a day if you take the course I have taken.
Personally, I truly believe that spending the money on this online investing course is money better spent paying a financial advisor or paying for college.
Is Day trading worth It?
Can you make a living day trading?
Yes, it is very possible to make day trading a viable career path for you.
There are many benefits to being a day trader because you set your own hours. Since you are your own boss, you do not have to answer to anybody else. And in many cases, you could possibly work fewer hours than a regular salaried position.
On the flip side of being a day trader is you will have highs and lows. Until you fully grasp the concept that as a trader you will not win 100% of the time, you will struggle. In fact, most traders are probably executing trades with 50% wins and 50% are losses; that is what they call their batting average.
As an active trader, you must be careful to protect your account balance through the proper execution of risk management. (If you don’t understand this risk concept, then you must watch this video).
The goal for a day trader is to lose small amounts of money and reap a bigger reward of profit at the end of the day.
According to Glassdoor, the average day trader makes $71,260 a year. Thus, day trading is a very viable career because this is a higher potential than the average salaried $60000 per year that somebody else can provide for you.
Now, let’s break down how much does the average day trader make in days, weeks, and months.
The stock market is open for trading for about 252 days per year. This can fluctuate slightly based on holidays, Leap Year, or major events.
Average Trader Makes
Daily
$282.78
Weekly
$1,370.38
Monthly
$5,938.33
Yearly
$71,260.00
Your results will vary. Trade at your own risk.
Now, what if you love your job and just want to supplement your income with trading? That is completely possible and something many people do today.
Check out this person’s journey.
Serious About Learning How Fast You Can Earn Money In Stocks?
The stock market can be tricky. The stock market can be a beast to try to understand. That is why so many financial gurus are always making predictions and a very small handful actually pan out.
In the most simplistic form, a stock price is when a buyer and seller agree on a specific price. That price can move up and it can move down throughout the day. But at that particular moment in time, that is where the buyers and sellers agree on a price.
Once you move from a novice investor to a beginner investor to a good investor to an advanced investor, you are able to increase how fast you can potentially earn money.
The biggest mistake is to just jump into the market and start trading without any clue to what you are doing.
To have a greater probability of success, then you must take a top-notch investing course. The other option is to skip the cost of the course and lose even more in the stock market. Your choice.
I picked this top-notch investing course and am very happy with my decision. Thus, I highly recommend it to others who are serious about trading to supplement their income.
Check out my Trade and Travel Review – Join the $1000 in a Day Club!
If you don’t have cash for the full course upfront, just start with the basic Trade and Travel course. You can always upgrade to VIP once you begin profiting off the stock market and move to advanced trading strategies of shorting and options.
On top of that, you need to spend time practicing your trades in a simulated account; also known, as paper trading.
Practice everything you are learning from the course without losing money. You are trading with fake money until you can get the hang of day and swing trading.
Learn how the stocks move.
Learn how the market reacts.
Master your trading plan.
Refine your trading mindset.
Once you are comfortable and ready, then you can move on to a live trading account. That is where you actually start reaping what you have sown.
Day trading or swing trading is not a waste of time or a bad idea if you know how to execute properly and know your long term goal.
Plus it helps you find time freedom in your life.
Best Stocks to Invest in 2023
Are you trying to find the best stocks to invest in the current year? It may remind you of looking into an eight ball, taking your best guess, and then throwing a dart to hit a bullseye.
There are over 6000 stocks that trade on the NYSE & Nasdaq (source)!
That is a lot of companies to search through to find the best stocks for 2021. Typically, day traders look heavily on technology stocks and growth stocks.
So, how do you go along and pick the best stocks?
One option is to listen to the big financial gurus on TV or in the news telling you to buy this or that stock. They may have some good ideas, but they also may have a few misses. Plus those stocks may be at all time highs.
Another option is you copy what your friend has done. See the stocks they picked, and hopefully, you don’t get burned by a bad stock pick.
Look around your house and find products that you use and believe will continue to do better. (Buyer beware… your favorite products may not be the best stocks in their sector.)
If you truly want to be a savvy investor, then you need to find an easier way for you to pick stocks that fit within your financial portfolio. Even better to find stocks that align with your values and ethics.
More importantly, do this research without spending a ton of your own time!
If you are looking for the best stocks to invest in right now, you can use the Motley Fool’s services to help you pick the best stocks right now.
The other option is to do all of your due diligence and time picking your own company.
Personally, I use Motley Fool’s Stock Advisory. It is an easy way to start with a group of solid companies and less time for me to search out all other detailed information provided.
Is it possible to make a living trading stocks?
Most aspiring day traders will never become profitable. Even though this is the perfect early morning job.
Sad, but true.
That is because they do not have a system (aka trading plan) in place. They were not taught how to trade effectively, manage risk, and happily close a trade for a profit or a loss.
Unfortunately, trying to trade by the seat of your pants and whatever fits your fancy, will not work. The same goes for trading with you you hear on popular Reddit forums, Discord groups, or Twitter.
You have to know when to buy, how much to buy, what your risk tolerance is, when you plan to sell (win or lose), and your potential profit.
Just because you calculate a potential profit of $1,000 does not mean that it is a great trade since you may lose 3000 dollars to make that $1,000 profit happen. And in that case, that trade is not worth it.
There is a consensus out there that day trading is not worth it. Probably because those people lost a ton of money in the market because they were clueless on how to trade.
The question becomes are you willing to advance your knowledge more than the average person to make a living trading stocks.
To be successful at making money in stocks, you must understand how the market moves, be able to make solid decisions on buying or selling the stock or option.
If you struggle to make simple decisions on what you are going to have for dinner, then day trading might not be for you. So, stick with long-term investing with index funds.
If you have an inkling to add another type of income, then day trading or swing trading might be favorable for you. Or a desire of I don’t want to work anymore.
Day trading is a good idea if you are looking to change your personal finance situation and find freedom by increasing your net worth.
Think about how your life and how your stress level can be transformed by short term investing. What can you possibly accomplish by using the stock market as another stream of income?
I cannot stress enough that you must take a solid investing course.
Are you Ready to Make Money Fast in Stocks?
In conclusion, the real answer is yes, you can make money fast in the stock market. Even more when you have successful trade options (VIP level). The market comes with risk and you can also lose money fast in the stock market.
Yes, now is a good time to invest in stocks.
The determination will be decided by how much time you spend truly learning about how to make real money in the stock market.
If you’re following Twitter, discord, Reddit groups, or just following the trends, you may have some success, but it is not guaranteed for a long time.
If you have a proven reliable trading system, like I have taken I you can make the progress you need to start making real money in the stock market.
But remember, nothing is guaranteed.
Nothing that I have said in this post is a promise that you are guaranteed to make money in the stock market. All I’m saying is…it is possible.
You can learn how to make 300 dollars fast. Or even make 5000 fast.
You just have to put in the time, the dedication, and the desire to do it.
Just remember, do not start trading with real money until you have made significant progress in a simulated account and feel confident in your ability to make money in a live account.
You must be able to take money away from other people in the stock market and not have them steal your money.
LearnHow to Get Weekly Paychecks From The Stock Market
Trading involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Past performance is not necessarily indicative of future results.
Your results will vary. Trade at your own risk.
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