Housing does not come cheap in Los Angeles. But if you are willing to live somewhat like a troll, there might be something available for you in Alhambra.
Compass Real Estate recently put on the market a one-bedroom fixer-upper on East Main Street that sits under a bridge, within walking distance of a Vietnamese restaurant and a hair salon.
Southern California’s pricey housing market has forced many potential buyers to either settle into comfortable homes in far-flung suburbs or purchase postage stamp-size properties closer to the region’s job centers. The recent hikes in mortgage interest rates have only aggravated the problem.
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Another extreme option for potential buyers: Consider a quirky, one-of-a-kind property like Alhambra’s bridge house.
The 450-square-foot apartment built in 1949 has a terrace that looks over a stream and a rooftop patio that sits next to a road bridge, separated only by a fence. It is priced at $250,000 — a steal considering the median sale price for an existing single-family house in Southern California is about $785,000.
“We had no comparables … no similar properties,” said Doug Lee, the Compass agent who listed the home, which he said once belonged to a high school friend’s parents. “This is a very, very unique property.”
Lee said his friend’s parents purchased the home in 2005 for about $72,000.
Interior view of an Alhambra home built over a stream that is on the market for $250,000
(Courtesy of Douglas Lee / Compass)
Already, Lee has seen a flurry of interest in the home, which has been on the market for a few weeks.
He held open houses and showed the place to 40 or 50 groups each day, he said.
“This weekend we had it open and it was a zoo,” he said.
The average one-bedroom home in the Alhambra neighborhood costs about $350,000, so Lee decided to strategically price the apartment at just under $250,000 to generate interest — and because there’s no dedicated parking spot, Lee said.
“It’s a fixer-upper. We didn’t know how responsive the market would be,” he said.
The low price makes it one of only 11 properties in the county listed for under $250,000, Lee said.
There is one potential hiccup. While most homeowners own the land under their house, the bridge is presumably public land, Lee said. The real estate agents are working to clear up such property issues with the U.S. Army Corps of Engineers.
Nelson Rising, who oversaw some of the biggest real estate projects in California and ran Los Angeles Mayor Tom Bradley’s political campaigns, has died at 81.
Rising’s family said he died Thursday at his Pasadena home of complications from Alzheimer’s disease.
Rising led the development of such large-scale properties as U.S. Bank Tower, an office skyscraper in downtown Los Angeles that was for many years the tallest building in the West, and Playa Vista, a mixed-use neighborhood created on land near the Los Angeles coast that had been home to business mogul Howard Hughes’ aviation empire.
In San Francisco, he oversaw one of largest mixed-use developments in the city’s history with the revitalization Mission Bay, an abandoned rail yard and brownfield site near downtown.
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“From Mission Bay to projects that helped revitalize downtown Los Angeles, Nelson Rising spearheaded iconic developments that transformed neighborhoods across California,” Gov. Gavin Newsom said. “Nelson cared deeply about California and Californians, and his dynamic leadership and problem-solving brought together stakeholders from across the board to accomplish monumental feats.”
A protege of diplomat and former Secretary of State Warren Christopher, Rising forged consensus for mammoth urban projects that required backing from multiple government agencies and citizen stakeholders.
“He made stuff happen that was extremely complicated,” said John Cushman, chairman of global transactions at real estate services firm Cushman & Wakefield.
In addition to navigating complex government approval processes, Rising was able to defuse passions that inevitably rose around large real estate projects that altered city streets and skylines, Cushman said.
“People get very fired up. Nelson could bring calm,” Cushman said. “He could take confusion and chaos and translate it into common sense and bring people back to the table who were yelling. He was a genius in terms of dealing with people”
Rising was shepherded into behind-the-scenes roles in Democratic politics by Christopher and served as Bradley’s campaign chairman in each of his mayoral victories beginning in 1973, as well as in his gubernatorial defeat in 1982.
Rising worked for Bradley after successfully managing the upstart 1970 campaign of John Tunney, a 36-year-old lawyer who defeated a Republican incumbent in the U.S. Senate. After Tunney’s victory, The Times described campaign manager Rising as an “enthusiastic amateur” who was “pleasant but tough.”
The experience led Rising to becoming a producer on “The Candidate,” a satiric 1972 film with parallels to the Tunney campaign. Robert Redford played an idealistic young lawyer running for the U.S. Senate who grows dependent on the advice of his campaign manager and media consultants.
Recognized as an authority in corporate and public finance, Rising served on the board of directors of the Federal Reserve Bank of San Francisco in the late 1990s and early 2000s, including a three-year stint as chairman. Other public service included three years in the United States Marine Corps Reserve during college.
Rising was born on Aug. 27, 1941, in the Queens borough of New York, the second of two children. A few years later the family headed west to Glendale. Rising’s father, Henry, worked as chief engineer at the Statler Hotel in downtown Los Angeles. His mother, Mary, was a seamstress.
Rising displays a mock-up of San Francisco’s Mission Bay in 2001.
(Liz Hafalia / San Francisco Chronicle via Associated Press)
Rising attended UCLA on a football scholarship and went on to graduate from its law school in 1967. He found work at Los Angeles law firm O’Melveny & Myers, where he was mentored by Christopher, a partner at the firm. The attorney and statesman was a high-profile leader in Democratic politics and served as secretary of State under President Clinton.
“Christopher was a mentor to me all … through my life,” Rising said in a podcast. Rising named his first son Christopher in honor of their friendship.
Former Los Angeles Dodgers owner Peter O’Malley had a decades-long friendship with Rising and tapped him to be “my No. 1 consultant” in O’Malley’s drive to build an NFL stadium next to the Dodgers’ ballpark in the 1990s, he said. At the time, Los Angeles did not have a pro football team.
Rising, then chief executive of Catellus Development Corp., was an “extraordinary communicator” who built support for the project, O’Malley said. The plan had the backing of many city officials and the NFL, but O’Malley withdrew his proposal at the request of then-Mayor Richard Riordan, who supported a plan to get pro football back in the Los Angeles Memorial Coliseum.
“You can’t fight City Hall,” O’Malley said, but Rising proved his mettle to the team owner in the failed campaign. “He was at my side with brilliance and ideas. He was a very thorough guy — he even brought in an acoustician who could advise us on sound levels.”
O’Malley said he enjoyed brainstorming with Rising. “He was a very forward-thinking realist. I don’t think I have met anyone in L.A. similar.”
Rising was an executive for commercial developer and landlord Maguire Thomas Partners in the 1980s and ’90s and oversaw some of its biggest projects, including Playa Vista, the sprawling and controversial development that sprang from property near Marina del Rey where Hughes built his enormous wooden airplane popularly known as the “Spruce Goose” during the 1940s.
Hughes’ company tried to develop the property after his death, but ran into tenacious opposition over its proposed density and threat to local wetlands. Maguire Thomas took over the stalled project in the 1980s and put Rising in charge of reviving it in a new form. Rising labored for four years to reach compromises with environmental activists and other opponents. He secured city approval for the project in 1993.
Maguire Thomas lost control of Playa Vista in 1997 after defaulting on payments to its lenders, but the project moved forward largely on the vision Rising advanced and is now home to thousands of residents. Its office space is in the heart of the Westside’s “Silicon Beach” favored by technology companies.
Rising was Maguire Thomas’ partner-in-charge for the Library Square development in downtown Los Angeles, which included the 72-story U.S. Bank Tower and the 52-story Gas Co. Tower. The intricate project created by the developer, the city and the Community Redevelopment Agency provided about $125 million toward financing the renovation and expansion of the fire-damaged Central Library and other city benefits.
Rising was an executive for commercial developer and landlord Maguire Thomas Partners in the 1980s and ‘90s and oversaw some of its biggest projects, including Playa Vista.
(Kirk McKoy / Los Angeles Times)
“Nelson Rising has left a lasting mark on our city’s skyline,” Mayor Karen Bass said. “Nelson’s work is very much a part of L.A.”
Rising was recruited in 1994 to take over Catellus Development, the languishing real estate spin-off of Southern Pacific Railroad that hoped to reinvent itself as a builder. Over the next 11 years he supervised the growing company and its most ambitious project, Mission Bay.
Catellus, which also owned Union Station in Los Angeles, was sold in 2005 and Rising went on to start a private real estate company with his son Christopher.
Rising’s civic roles included serving as chairman of the Grand Avenue Committee, and as real estate advisor to and negotiator for the Joint Powers Authority, which consisted of the city of Los Angeles, the Los Angeles Community Redevelopment Agency and Los Angeles County. The Joint Powers Authority oversaw the Grand Avenue Project, which includes the Broad museum, expansive Grand Park and the $1-billion Grand LA hotel, apartment and retail complex designed by Frank Gehry.
“To have somebody of his experience and his capacity to understand all sides of an issue to talk with was not only unusual but critical,” said Bill Witte, chief executive of Related California, the primary developer of the Grand Avenue project. “The consistent theme was his ability to deal with both the public and private sectors, to understand all sides of an issue but to be focused on getting things done. I think no one was ultimately better at getting all of those things done than Nelson.”
Rising is survived by his wife of 59 years, Sharon; sons Christopher and Matthew; three grandchildren; and a sister, Charlotte Conway. His daughter, Corinne, died in 2018.
A unique hillside estate located in South Lake Tahoe has recently come to market at $19.8 million. Gunbarrel Lodge sits adjacent to Heavenly Ski Resort and was named after Gunbarrel Run, the ski spot’s iconic slopes.
But the chalet-style mansion is more than your ordinary luxury lodge.
It has gained quite a bit of TV fame, after having appeared on The Kardashians, The Real Housewives of Beverly Hills, and The Bachelor.
Photo credit: Arial Canvas courtesy of Compass
This lodge is a favorite filming spot of reality TV stars
Spanning 17,000 square feet of living space with 17 bedrooms and 18 bathrooms, the stunning home, which was built in 2017, has hosted some of the most popular reality shows.
The Kardashian clan filmed the finale of Keeping Up with the Kardashians here, before moving to a new network.
It also served as a one-on-one date destination in an episode of The Bachelor.
BRAVO star Lisa Rinna also rented the property for a glamorous getaway with her castmates.
Related:Where do the ‘Real Housewives of Beverly Hills’ Live?
In the second episode of season 11, the Housewives of Beverly Hills retreated to the lodge amid the pandemic (and we know the RHOB have impeccable taste when it comes to their luxury retreats, their gorgeous Aspen rental from Season 12 stands as proof of that).
Photo credit: Arial Canvas courtesy of Compass
Combining rustic elegance and contemporary details
It comes as no surprise that the Gunbarrel Lodge draws in high-profile names.
With vast living areas and gorgeous views from every angle, it is built for entertainment.
Photo credit: Arial Canvas courtesy of CompassPhoto credit: Arial Canvas courtesy of Compass
Tahoe builder Bob McIntyre conceptualized the home, combining rustic elegance and contemporary details. Reclaimed materials were incorporated all throughout for a rugged, cabin-style finish.
Photo credit: Arial Canvas courtesy of Compass
“The idea was to maintain the traditional rustic feel of a classic Tahoe lodge,” explains Compass agent Mark Salmon, who currently holds the listing.
What’s inside Gunbarrel Lodge?
A private gated entrance and scenic driveway lead to a grand Porte-cochere entry and a six-car garage. The property has two sections — a main house and a guest house — linked together by a bridge-like staircase and grassy lawn.
Photo credit: Arial Canvas courtesy of Compass
Inside the lodge, there are two fully-equipped kitchens, over a dozen fireplaces, spacious rooms, and two dining tables. The semi-detached guest house has four bedrooms, four bathrooms, a covered outdoor deck, and a rooftop viewing area.
The expansive abode can comfortably house 30 to 40 people.
Photo credit: Arial Canvas courtesy of CompassPhoto credit: Arial Canvas courtesy of CompassPhoto credit: Arial Canvas courtesy of CompassPhoto credit: Arial Canvas courtesy of CompassPhoto credit: Arial Canvas courtesy of CompassPhoto credit: Arial Canvas courtesy of Compass
Most bedrooms have an ensuite bathroom and a private terrace that offers stunning views of the lush surroundings. Large glass windows bring plenty of natural light in, creating an inviting indoor-outdoor ambiance.
Photo credit: Arial Canvas courtesy of CompassPhoto credit: Arial Canvas courtesy of Compass
One of the most notable areas is the great room — a grand entertainment space with a wrap-around terrace that provides a sweeping panoramic view of the lake below.
Amenities include a heated indoor pool, game rooms, a rooftop hot tub, a sauna, a steam room, and a 24-seat private movie theater. As the lodge is situated just above the base of the resort, it also has convenient ski-in/ski-out access.
Photo credit: Arial Canvas courtesy of CompassPhoto credit: Arial Canvas courtesy of CompassPhoto credit: Arial Canvas courtesy of Compass
Discerning buyers can enjoy luxurious cabin living and also get bragging rights for owning a property that has been heavily featured on the small screen. Compass agent Mark Salmon holds the listing.
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Looking to live the California dream in L.A., but don’t want to sacrifice your workout? Find a place with a gym, and you’ll be all set.
Los Angeles is full of outdoor hiking trails that take you up hills and look out onto the ocean, but what about when you want to grab a quick workout? Finding an apartment community with an on-site gym makes it easy to stay on top of your fitness routine.
So, where are the best gyms in Los Angeles? They’re right outside your doorstep in communities like these.
Source: Rent. / Villa Vicente
Open 24 hours the white-on-white fitness center at Villa Vicente has a huge wall of windows. White strength and cardio machines comfortably fill this open space, giving you plenty of room for your workout.
Dubbed a “tropical paradise,” Villa Vicente is in Mid-Wilshire along the Miracle Mile. This puts it in proximity to world-class restaurants, shopping and entertainment.
Source: Rent. / Ten Thousand
Massive windows that reach up toward the high ceilings provide ample light in the fitness center at Ten Thousand. Tree-filled views extend from the main fitness area where you’ll find CrossFit Boxes, Peloton bikes and a variety of equipment to use. The fitness space also includes a yoga studio and an indoor lap pool.
A smoke-free, green community, this Westside location is close to the Pacific Ocean. You can enjoy local beaches, shops and restaurants while also partaking in Ten Thousand’s long list of amenities.
Source: Rent. / Wilshire Margot
Situated between UCLA and Beverly Hills in Greater Wilshire, the gym at Wilshire Margot has a minimalist feel so you can focus on your workout rather than the decor. Sleek lines and creative lighting do give the space some character though.
The fitness center at Wilshire Margot comes complete with cardio and weight training equipment along with a CrossFit box and a dry sauna. Other community amenities include a rooftop lounge with a fireplace, media lounge and an executive business center.
Source: Rent. / Broadway Palace Apartments
With the decor throughout the Broadway Palace Apartments dripping with Old Hollywood opulence, the fitness center provides a modernized break in all the rich colors and heavy fabrics. The gym here has a sleek layout with a wide array of equipment.
Located within Downtown Los Angeles, the epitome of urban living, Broadway Palace Apartments lets you extend your fitness routine beyond the gym. The community features indoor basketball and volleyball courts, a steam room and a resort-style rooftop pool. You’ll also find a serene garden and study library for quieter moments.
Source: Rent. / Casa Granada
If you’re looking to live in one of Los Angeles’ coolest neighborhoods, the Brentwood community of Casa Granda may be a good fit. With a water feature that runs through the entire space, a koi pond and lush tropical landscaping, Casa Granada is a bit of an oasis in the city.
The fitness room provides a nice collection of strength-building equipment, cardio machines and free weights. There’s also a game room with billiards and a very nice pool.
Source: Rent. / Vision on Wilshire
If you’re looking for a well-lit, executive-style fitness center, make sure to check out Vision on Wilshire. Fresh, clean towels greet you on site before you access the variety of cardio and strength equipment.
Vision on Wilshire is in the lightly-walkable area of Mid-City West. A LEED-certified Silver building, this pet-friendly spot has a rooftop pool, garage parking and EV charging stations. What’s most impressive though are the views you can get from here of both Downtown L.A. and the Hollywood Hills.
Source: Rent. / Concourse
A colorful design brings in pops of neon colors as well as softer blues and earth tones throughout the multiple spaces that make up the fitness center at Concourse. There’s a cardio space with big windows and a section with a CrossFit Box, strength training equipment and a boxing trainer. An additional fitness studio is also available.
This amenity-filled Silicon Beach community has three fire pits, outdoor grills and a pool and outdoor spa. It provides quintessential SoCal living alongside more than 500 technology companies like Amazon and Snapchat.
Source: Rent. / The Apartment Residences at AKA
Within the legendary mix of restaurants and nightclubs that make up West Hollywood, The Apartment Residences at AKA have a great urban vibe. The massive, high-tech fitness center starts with a bright line of cardio equipment. You then move to a separate section of strength training machines and a yoga studio space.
The Apartment Residences at AKA also have a bar/lounge area, private screening room and outdoor pool and deck as part of their amenity package.
Source: Rent. / The Mansfield at Miracle Mile
Another hot spot in Greater Wilshire, The Mansfield at Miracle Mile weaves a lot of color throughout its decor. Pops of teal, blue and lime green dot the outside deck and patio areas, and are also visible in the cool cabanas alongside the pool and hot tub.
When it comes to the gym, you’re greeted by the green floors and unique half-wall mirrors. You then have access to a sauna, CrossFit Box and strength equipment among other exercise options. The community also features four outdoor decks and an outdoor movie theater.
Source: Rent. / The Fifty Five Fifty
If you’ve come to L.A. to be closer to the movies, consider a home in the Hollywood Studio District. Stopping by The Fifty Five Fifty, you’ll find a 3,000-square-foot, professional-grade fitness center. The room of exercise machines is massive. There’s also a yoga studio with plenty of mirrors and a dance barre and a spin studio.
This smoke-free community also has a great outdoor space with a pool and hot tub and screening room.
Grab an apartment workout in one of the best gyms in Los Angeles
No matter what’s enticing you to make a move to Los Angeles, finding a place to live comfortably, with a lot of on-site amenities is essential.
Start your search by keeping your physical fitness in mind. Make sure you check out Los Angeles apartments with excellent fitness centers from the very start.
Featured image source: Rent. / The Fifty Five Fifty
Whether you’re furnishing a new house or redecorating an old one, you’ll soon discover that good furniture can cost you. Luckily, just because your budget is tight, it doesn’t mean you have to skip on style. We’ve pulled together a list of some of the most affordable (and stylish) furnishings at one of the most affordable stores: Target! Click through to see our picks.
Photo: target.com
Sneaky Storage
There’s a lot to like about multifunctional furniture, no matter the size of your home. Of course, there’s no shortage of clever, double-duty designs out there on the market, but the classic storage bench remains a top favorite. Indeed, it may be the single most versatile piece you can own. With a modern construction and rich vegan leather upholstery, this one from Target offers hide-away storage for countless home accessories under its padded, lift-off top, even while serving as a seat for extra guests, a spot to at the foot of the bed, or a decorative touch in your hallway. Get it at Target for $292.49 (Save $97.50);
Related: 12 Double-Duty Products You Never Saw Coming
Stand Apart
Photo: target.com
It’s a testament to the utility of the TV stand that it remains as popular as ever, despite the rise of flat-screens. That’s likely because, even if you take the time or spend the money to mount your flat-screen on the wall, you still need a way to store everything that goes along with it—components like the cable box, say, or your collection of music and movies. It all fits easily and neatly into a TV stand like this one. Boasting a built-in cabinet plus two tiers of shelf space, the streamlined design makes for a fine focal point in your den or family room. Get it at Target for $107.99 (Save $12).
Related: 9 Smarter Spots for the TV
De-Clutter Your Space
Too much stuff, not enough storage space—it’s an all-too-common problem. An untidy room can leave you feeling disgruntled and distracted, but many homes don’t have sufficient cupboards and closets to hide excess clutter. This six-cube organizer shelf from Target provides an easy and practical solution. Made of paper laminate, the shelf is highly customizable and easy to assemble. Hide your items with fabric drawers (like the 11″ ones from Cubeicals), or display them against a wooden back panel. Get it at Target for $35
Related: 11 Best Buys to Make Your Small Home Feel Big
Photo: target.com
Modern Seating
As formal dining rooms become less common, people are searching for ways to style a casual dining table. One solution: replace a couple of chairs with benches, like this one from Target. The simple and charming piece of furniture comfortably seats two, and the warm wood finish gives off a rustic countryside feeling. Plus, the sturdy bench isn’t limited to the eating area; place it against the wall for instant seating in any area of your house. Get it at Target for $76.99.
Related: 11 Types of Furniture That Are Going Extinct
End to End
Photo: target.com
If something feels “off” in your room, your accent furniture (or lack of it) may be to blame. To adorn an under-decorated living room or den, try adding a simple end table like this one from Room Essentials. Set alongside a plush couch or chair, the table adds warmth and functionality to any space. Plus, because its base doubles as a second shelf, you’ll transform wasted floor space into working storage. Get it at Target for $32
Related: 11 Totally Unexpected Uses for IKEA Furniture
A Step Up
Photo: target.com
Once relegated to the dark corners of the garage, metal shelving is finally coming home—and with a whole new look. For a stylish take on a storage classic, add this 3-tiered version to your living room, dining room, or entryway. The generous shelves are deep enough to house your book collection and put prized family photos on display—and since it’s a mix of metal and wood, this handy shelving unit will serve up storage for years to come. Get it at Target for $86.99 (Save $73)
Related: 18 Clever Storage Solutions You Can DIY for Free
Shelf Life
Photo: target.com
Apartment dwellers and homeowners alike struggle with the spaces so small that it’s a question of storage versus square footage. Simply adding any old side table or bookshelf could add more clutter than order! The near-invisible profile of this three-tier shelf from Convenience Concepts takes up hardly any floor space visually, though, thanks to its sleek and primarily tempered glass design. And at just over 24 inches tall, 18 inches wide, and 14 inches deep, it tucks easily next to seat—be it a cushioned lounge chair or a toilet—for the extra surface. Get it at Target for $62.99 (Save $7)
Related: The 12 Best Buys for Your Tiny Bathroom
Bar None
Photo: target.com
Stackable and Storable
Photo: target.com
Bedside Convenience
Photo: target.com
Furnishing a child’s room can be surprisingly expensive. That expense only increases over the years, since many parents switch out a child’s furniture as they grow. It’s inevitable that trading a kid’s race car bed for a double mattress will set you back, but there’s no reason to shell out for a pricey bedside table to match. In fact, this simple nightstand from Costway is so versatile that it can match almost any style, and cheap enough that it pays for itself in usefulness by the time your child outgrows it. Get it at Target for $60.99 (Save $40)
Related: 9 Problem-Solvers You Can Snag on Amazon for Under $20
Don’t Miss!
Photo: istockphoto.com
If you have the money to hire a handyman for every household woe, go ahead. But if you want to hang on to your cash and exercise some self-sufficiency, check out these clever products that solve a million and one little problems around the house. Go now!
The gig economy was just beginning to blossom pre-pandemic. Between 2010 and 2020, the number of gig workers or side hustlers increased by 15%. Unlike many aspects of life, which stagnated during the pandemic, freelancing only grew. Statista reported that 73.3 million people work as freelancers in the U.S. right now, an increase from 57.3 million pre-pandemic.
Freelancing has tremendous benefits for many people. Freelancing or gig work can provide:
Flexibility
A better work-life balance
Increased income potential
But it can come with some financial complications, too.
As a freelancer, you’ll need to manage cash flow so that you’ll have money in your account to pay your bills. You’ll be responsible for paying your own taxes. And, with that in mind, you’ll want to track expenses carefully so that you can deduct the costs of running your freelance business from your bottom line.
That’s where having a business bank account can come in handy.
Why You Need a Bank Account If You Have a Side Hustle
According to tax laws, you don’t have to have a business bank account to run a side hustle or a freelance business. You can file your taxes using your Social Security number and receive a 1099 form as a sole proprietor.
But as your business grows, you may want to incorporate under a tax ID number. You may choose to register as a corporation like an S-Corp or, more commonly, a limited liability corporation or LLC. This can get confusing, so it’s important to speak to a tax account before you take this step.
If you incorporate your business, you’ll need a business checking account to keep your personal finances separate from your business expenses. You would pay yourself a salary out of your business account and use your personal bank account to pay for your daily living expenses, entertainment, and anything that isn’t considered a business expense.
Benefits of Business Accounts
Most small business owners, freelancers and side hustlers prefer to open a business account even if they aren’t incorporated. Having a dedicated business checking account makes it easier to track your business income and expenses, which makes filing taxes – and making quarterly estimated tax payments – easier. If you ever get audited, you’ll have a clear record of your personal and business finances.
Plus, if you do any sales and marketing for your freelance business, your business debit card can often pique people’s interest. You’d be surprised how having a debit card with your business name on it can help you generate leads in odd places, whether you’re at your favorite bar or paying for groceries.
If you’re ready to open a separate business account, it’s important to find one that will meet your needs.
Freelancer vs. Side Hustler vs. Entrepreneur
Before you choose a business account, you may be wondering about the differences between entrepreneurs, freelancers, and side hustlers. Which category do you fit in?
These are all loose terms to describe anyone who owns their own business or is self-employed. Self-employed is a tax designation, which means you are a 1099 contractor for other companies. This term would apply to most freelancers and side hustlers.
On the other hand, if you start your own business, you might consider yourself an entrepreneur. The dictionary defines an entrepreneur as someone who starts a business and is willing to take a financial risk in hopes of great success.
A freelancer may also take financial risks, including leaving a steady paying job. In a lot of cases, whether you describe yourself as an entrepreneur, small business owner, freelancer or side hustler is up to you.
Compare the Best Freelancer Checking Accounts
In most cases, business owners, freelancers and side hustlers can all benefit from a good business bank account. Read on as we compare the best business checking accounts for freelancers, gig workers, and entrepreneurs.
1. Lili Bank: Overall Best Bank for Freelancers
Lili calls itself “the one-stop shop for all your small business financial needs.” An online financial services company that provides business banking, accounting for freelancers, invoicing, and tax support, Lili is backed by Choice Financial Group Inc.
As a US-based bank, Choice is a member FDIC, which means your funds deposited in Lili are protected by the federal government up to $250,000 per account.
What sets Lili apart as one of the best bank accounts for freelancers?
In addition to all the other services it offers to business owners, Lili has no minimum balance requirements, no monthly fees for basic checking, and a network of 38,000+ fee-free ATMs nationwide. You can also open a business savings account and earn 1.50% APY at Lili.
Lili’s basic business checking account has no monthly fee, expense categorization for your purchases, and the ability to generate quarterly expense reports.
Alternatively, for $9 per month, you can earn 1.5% on savings, get a Visa business debit card with cashback rewards, overdraft protection up to $200 and tax, invoicing software, and accounting support.
Lili integrates with third-party services that gig workers may use, including Etsy, Shopify, Venmo, QuickBooks, and your PayPal business account.
When you compare the prices of other invoicing and online accounting services, you may find that Lili offers tremendous value for the money as one of the overall best banks for gig workers you can find.
Bluevine: Best for Business Interest Checking Account
Like Lili, Bluevine is a financial technology company. It is backed by Coastal Community Bank, Member FDIC to protect your deposits. The Bluevine business checking account offers 2.0% interest, which sets it apart from competitors.
To take advantage of the interest, you’ll need to either spend $500 per month with your Bluevine Business Debit Mastercard or receive $2,500 per month in customer payments to your Bluevine business checking account.
There are no monthly fees or minimum balance requirements and you can make unlimited transactions with no fees. Like Lili, Bluevine also offers other services for business owners.
If you are looking for a business interest checking account with value-added services, consider Bluevine. Your account integrates easily with QuickBooks, with no fees involved. Plus, you can set up sub-accounts to easily manage your money, add authorized users, and pay bills via ACH or wire transfer from your Bluevine account.
While many credit providers offer business credit cards, Bluevine is one of only a few business checking accounts that offers a business line of credit. You may qualify for a credit line of up to $250,000, with a rate as low as 6.2% interest. This interest rate is much lower than the national average of 20.46% for business credit cards right now, as reported by The Balance. Plus, you could get approved in as fast as five minutes, according to the Bluevine website.
For entrepreneurs seeking to purchase tools or resources, or freelancers in need of business equipment, Bluevine’s line of credit could provide you with the financial security you need to grow. Take note that you’ll need a credit score of 625 or more to qualify and $40,000 in monthly revenue. This is probably not a service for a gig worker, but for a seasoned entrepreneur.
Even so, it’s never too early to get started with a business checking account, especially one with no monthly fees.
Amex: Best for Debit Card Rewards and Bonus Offer
American Express is a renowned name in business and consumer rewards credit cards. But you might not be aware that the company also offers a business checking account with 1.30% APY on balances up to $500,000.
American Express also has no monthly maintenance fees, no fees on domestic ACH payments, and no fees at MoneyPass ATMs. The American Express Business Blueprint app makes it easy to manage your account.
Amex stays true to its credit card rewards roots with a rewards business debit card. Earn 1 Membership Reward point for every $2 on eligible purchases. You can combine points earned with Membership Rewards points accrued with other Amex cards, and use those points for travel, gift cards, or cash back. You can also convert those points into cash deposits directly into your new business checking account.
Amex’s bonus offer stands out to us. Earn 30,000 Membership Rewards points after you deposit $5,000 or more within the first 30 days of account opening, maintain that balance for the next 60 days, and make five or more qualifying transactions within those first 60 days.
NBKC Business Checking: Best for No Fees
If finding a business bank account with no fees is most important to you, a nbkc Business Checking account might fit the bill. The bank offers unlimited transactions with no fee, no minimum balance requirements, no monthly fees, and no opening deposit requirements either. You can also have out-of-network atm fees reimbursed for up to $12 per month.
If you are a freelancer just getting started or just looking to supplement your full-time income with a side hustle, you’ll find nbkc bank a low-cost and convenient option among free business checking accounts.
NBKC lacks some of the bells and whistles of the top choices on our list. You won’t get integrations with common business software or invoicing and accounting support. But a nbkc business checking account is free with your personal account and provides an easy way to keep your business and personal funds separate.
Novo: Best for Payment and P2P Money Transfer App Integration
Novo is another choice with no monthly maintenance fee, no monthly fee, free ACH transfers, and no minimum balance needed. Like many of the business bank accounts on this list, Novo is a financial technology company. It’s backed by Middlesex Savings bank, a Member FDIC, which means your money is protected up to $250,000 per account.
Novo is the best for business owners looking for an easy way to process payments or transfer funds. You’ll get free ACH transfers from another checking or savings account and refunds on all out-of-network ATM fees.
Novo integrates with many P2P payment apps, including Square, Shopify, and Stripe, as well as Etsy, eBay, Amazon and more.
When you use Novo Boost, you can get paid 95% faster through Stripe, or two business days before the funds would ordinarily appear in your account.
Plus, it’s quick and easy to open an account online, with approval as fast as 10 minutes – rather than days with some other online bank accounts.
Axos Bank: Best for New or Scaling Businesses
Many freelancers don’t think about opening a business account until they have incorporated their company to make that transition from self-employed to entrepreneur. If this sounds like you, Axos Bank could have the best bank accounts for you. The online bank is offering business owners who incorporated after June 2020 an extra $200 in their new business bank account.
If you aren’t newly incorporated, you can earn a $100 bonus.
Like many of the best business accounts on this list, Axos has no monthly fee, no minimum monthly average balance to hold, ATM fee reimbursements for all domestic transactions, and no minimum opening deposit. The bank accepts cash deposits or you can transfer money from other checking accounts via ACH.
Unlike many online banks, Axos offers business owners a dedicated relationship manager to help point you to the products and services that are best for your growing business.
Chase Business Complete Banking: Best for Credit Card Processing
As the largest U.S. bank, with assets of $3.31 trillion, Chase is a traditional bank that offers all the convenience of online banks. This includes personalized service, stellar fraud protection, and a host of other features and benefits we’ve come to expect from any financial institution.
The Chase Business Complete Banking account is ideal for entrepreneurs, offering unlimited transactions and no monthly fee (if you meet certain requirements). These requirements are relatively easy to meet with a $2,000 minimum balance, $2,000 in purchases on your Chase Ink Business credit card, a link to a Chase Private Client Checking account, or $2,000 in deposits from QuickAccept or Chase eligible merchant services.
The best aspect of Chase Business Complete Banking is the ability to process credit card transactions and receive funds the same day through Chase QuickAccept. (Additional fees apply.)
You can open an account with no minimum deposit to get started.
Wave Money Business Banking: Best for Free Business Banking
Wave Money integrates a free checking account with easy bookkeeping for freelancers and solopreneurs. Wave is best for those who want to improve cash flow with instant pay and want bookkeeping tools to make tax prep easier.
Wave has no monthly fee or transaction fees, so you keep more of what you earn. You can use the mobile check deposit feature for convenience, and make ACH transfers easily. There are no transaction limits with Wave, and you can also connect third party payment processors.
Wave is another fintech company, with banking provided by Community Federal Savings Bank, Member FDIC. That means your funds are insured for up to $250,000 per account.
TIAA Bank: Best for Business Investments
Besides checking accounts, TIAA Bank offers a variety of banking products for entrepreneurs and gig workers that sets it apart.
If you’re considering business savings accounts, TIAA offers CDs and money market accounts to earn interest at a rate higher than you may get with another account. Currently, TIAA’s one-year business CD offers an APY of 3.75%.
TIAA’s checking accounts offer easy online banking and mobile check deposit, along with personalized service from a business solutions specialist.
LendingClub Bank Tailored Checking: Best for Earning Checking Account Rewards
The LendingClub Bank tailored checking account for freelancers is one of the few banks on our list where you can earn interest on your checking balance, plus 1% cash back rewards when you use your debit card.
Account holders earn 1.5% APY on balances up to $100,000 and 0.10% APY on the portion of your balance that exceeds $100,000.
LendingClub Bank reimburses fees if you use an out-of-network ATM. The bank also supports QuickBooks, Quicken and Mint for budgeting and bookkeeping. You can also send digital invoices and get paid directly to your LendingClub account, making LendingClub Bank Tailored Checking one of the more robust and affordable online banks for freelancers.
Just make sure to maintain an average daily balance of at least $500 to have the monthly fee waived.
How to Choose the Best Bank Account for Your Business
When you’re evaluating business bank accounts, you’ll want to consider your needs and the features that are most important to you.
It should go without saying that you want an account with no monthly fees or no monthly fees. Unless you’re an established business owner, you may also want no minimum balance requirements. You don’t want to get saddled with fees if your business runs into cash flow problems or you have a down month.
If you run a high-volume business, look for a bank account with no transaction limits, no in-network ATM fees, and unlimited ATM fee rebates.
Need a way to manage contracts, collect invoices, and help with taxes?
Your business bank can represent much more than just a place to deposit cash and a means to pay your bills. Many of the best bank accounts on this list also offer freelancer invoicing, tax assistance, and ways to manage contracts.
Budgeting and Savings Features to Look For
When you’re a freelancer, it’s convenient to have an easy way to track your expenses and budget for not just expected costs, but surprise opportunities or financial emergencies.
Just as you should have a personal bank account established with emergency savings, you want a business savings account. In fact, you may want multiple business savings accounts or the ability to divide money into various buckets for known costs – like taxes – and unexpected expenses, such as car repairs or a new phone.
Some budgeting and savings features are nice to have, such as an interest-earning checking account and cash back on debit card purchases.
Why We Chose Lili as the Best Business Bank Account
Lili graces the top of our list because the fintech company offers so many value-added services for entrepreneurs that it’s virtually a one-stop shop for freelancers. However, the other banks on our list for best business accounts have their own benefits you might want to consider.
Should You Use Different Banks for Personal and Business Finance?
If you already have a separate bank account for your personal finance, there is something to be said for opening a business account through the same bank. You may get extra perks and benefits or waived fees. Best of all, it’s easier to use one app to manage all your personal and business banking.
But if you opt for an online financial services company, instead, it is typically easy to transfer funds between accounts. Also, companies like Lili and Bluevine specialize exclusive in business accounts, which means they have services tailored specifically to your needs.
Bottom Line
A lot of factors go into choosing the best bank account for your business checking needs. Knowing your must-haves, nice-t0-haves, and those features that don’t really matter to you can help make the decision easier.
FAQs
What is a business bank account?
A business bank account is a dedicated account separate from your personal accounts that you use to deposit cash, checks, or other customer payments earned through your business. You should also use your business checking account to pay for business expenses.
Do You Need a Business Bank Account if You’re a Freelancer?
Freelancers are not required by law to have a separate business banking account. But if your business is incorporated as an S-corp, C-corp, or LLC, you are required to keep your business and personal accounts separate.
Should You Have a Separate Bank Account If You’re a Freelancer?
Even though it’s not required by law, it’s a good idea to have an account separate from your personal checking account to help you keep track of business income and expenses.
What Makes a Business Bank Account Ideal for Freelancers?
Business bank accounts often have many of the same features as some of the best personal bank accounts. That would include low or no minimum balance requirements, no monthly maintenance fee, no transaction fees, and no hidden fees.
You may also look for features like mobile check deposit, unlimited electronic deposits, and low wire transfer fees if you have a lot of customers, clients, or vendors outside the U.S.
Methodology: How We Select the Best Bank Accounts for Freelancers and Side Hustlers
We evaluated the best bank accounts for freelancers based on the ability to earn interest, monthly maintenance fees, minimum balance requirements, the ease of making cash deposits, customer service, and more.
Some banks are better for freelancers who don’t maintain a high balance or only have a few transactions per month. Entrepreneurs with fast-growing businesses looking to scale may prefer a business checking account with unlimited transactions and the ability to accept credit card payments through the same bank.
Some business owners may want to be able to integrate their Quickbooks accounting system through their bank.
We have banks on this list designed for small business owners, freelancers and side hustlers at every stage of business growth.
These reports, excerpted and edited by Barron’s, were issued recently by investment and research firms. The reports are a sampling of analysts’ thinking; they should not be considered the views or recommendations of Barron’s. Some of the reports’ issuers have provided, or hope to provide, investment-banking or other services to the companies being analyzed.
Salesforce
CRM-NYSE
Buy • Price $213.69 on June 12
by Goldman Sachs
We reiterate our Buy rating and $325 price target, as Salesforce’s AI Day provided color on the company’s generative-AI tech stack, market strategy, and monetization plans after a slew of product announcements over the past few months.
Salesforce’s approach is likely to set the industry standard going forward, given that: 1) it’s not reliant on any one foundation model, 2) it will gather relevant information from a variety of data sources to drive personalized and accurate prompts/outputs, and 3) it offers an enterprise-grade solution for data governance.
Combining AI, data, and Salesforce capabilities, the company is uniquely positioned to execute on this strategy.
Oracle
ORCL-NYSE
Buy • Price $116.43 on June 13
by Mizuho
Oracle reported strong fiscal fourth-quarter results ahead of consensus. We believe investors continue to underestimate Oracle’s potential over the medium term to generate solid top-line and cash-flow growth, and exceed its fiscal 2026 targets. Strong fiscal-fourth-quarter results with upside potential from solid AI momentum should improve investor sentiment and drive upside to fiscal-2026 estimates. We reiterate our Buy rating and raise our price target to $150 from $116.
Chevron
CVX-NYSE
Buy • Price $157.09 on June 14
by UBS
We recently hosted CFO Pierre Breber and General Manager, Investor Relations Jake Spiering for investor meetings. A key strength of Chevron is its balance sheet that’s at 4% net debt/capital with $15.7 billion of cash on hand. While only $5 billion of cash is needed to run operations, we see Chevron maintaining a higher balance in the current uncertain economic environment.
However, cash will be deployed over time, including to support shareholder returns, should Brent crude oil fall to $50 a barrel. Chevron stressed the importance of dividend growth, and we’re modeling in 6% annual growth through 2027, but we see upside at $75-plus Brent. We view the $7.6 billion PDCE Energy acquisition as positive, with the transaction accretive to free cash flow per share and the return of capital profile. There’s also minimal integration risk. Target price: $212.
Netflix
NFLX-Nasdaq
Buy • Price $423.97 on June 13
by Guggenheim
We continue to see underappreciated opportunity in Netflix shares over the next 12 months, even after year-to-date outperformance. We believe that the company’s position as the global leader in high-quality, long-form streaming video will drive further financial upside through higher subscription average revenue per user, advertising revenue, and margin expansion. Our review of Apptopia download data supports broader feedback that the recently expanded paid-sharing initiative is not driving a sustained increase in member churn.
We raise our price target to $500 from $375.
Kohl’s
KSS-NYSE
Outperform • Price $23.09 on June 14
by TD Cowen
We upgrade shares of Kohl’s to Outperform, as we expect new home-decor and gifting products, improved fashion execution, a simplified promotional strategy, and pragmatic store layout revisions to drive healthier and more consistent traffic and faster inventory turns. Valuation is attractive at five times enterprise value/Ebitda, with an 8% dividend yield.
We believe the new CEO, Tom Kingsbury, has practical retail ideas that are well positioned to work after many years of insufficient change. Our take is that Kingsbury has a practical merchant background and is leveraging this experience to drive positive change.
We also believe he is making pragmatic edits to the store, such as deleting unused registers, adding gifting tables in attractive parts of the store, and moving to a more modern markdown cadence.
We believe these plans are supported by an encouraging foundation for younger customers, given the new Sephora shop-in-shops, which are outperforming the rest of the business. Price target: $30.
Floor & Decor Holdings
FND-NYSE
Buy • Price $94.87 on June 15
by Jefferies
Checks indicate that Floor & Decor’s in-home pilot has ramped over the past few years, as Texas and Florida homeowners have found value in the convenience of a designer-led consultation in their residence. Access to customer homes is a rarity in retail. Floor & Decor’s in-home pilot launched in early 2020, and our checks indicate that it has expanded to 15% of the store base. Customers are tiered depending on project size and pay a fee of $199 (one-to-two rooms), $399 (more than two rooms), or $599 (more than 5,000 square feet) for in-home visits. Floor & Decor’s in-store conversion is already industry-leading at about 81%, with levels higher when design associates are involved. Theoretically, in-home experiences should drive conversion even higher.
Thinking longer term, we’re intrigued with the data that Floor & Decor’s design associates may be able to gather and potential for proactive outreach. Price target: $110.
To be considered for this section, material should be sent to [email protected].
Find the garden of your dreams in one of Charlotte’s top apartment complexes.
As you browse through all the best neighborhoods, looking for that perfect apartment in Charlotte, what specific amenities come to mind? Do you need a resort-style pool? A top-of-the-line fitness center? What about a great view of the city?
Among all the things you could want for your next apartment, don’t discount the value of having easy access to a private and pristine outdoor space. To get a jump start on the search to find this vital amenity, check out some of the best courtyards and gardens in Charlotte at these 10 hand-selected apartment communities.
Source: Rent. / MAA Gateway
The massive and modern courtyard at MAA Gateway has a lot going for it. Yes, this is where you’ll find one of the pools, but it’s also home to the chic outdoor dining area and striped lounge furniture. With stone tiles on the ground and finely manicured landscaping all around, it almost feels like you’re hanging out in a cafe in rural Italy rather than your own apartment community.
Situated in the Fourth Ward neighborhood, this is urban living at its finest. The city center is literally next door and you’re close to great venues like Bank of America Stadium, where you can see professional football and soccer, in addition to great concerts.
Source: Rent. / The Fairways at Piper Glen
It’s not exactly a courtyard or a true garden but walking to your apartment through a green space like this is nothing but soothing. At The Fairways at Piper Glen, long stretches of close-cropped grass and tight landscaping put you into the perfect park-like setting to wrap up your day and soak in a little natural beauty.
Located on 23 acres full of resort-style amenities, Piper Glen Estates is a neighborhood worth checking out. On the south side of Charlotte, this area exudes an undeniable country club vibe.
Source: Rent. / Waterford Square
There’s nothing like getting welcomed to an apartment community with a nice little garden. At Waterford Square, this great space is what you’ll walk through to get to the front door. Colorful flowers and pruned bushes elevate the space, while mature trees complete the look and provide some shade. It’s a small sample of the natural beauty you can find in and around Charlotte at the drop of a hat.
Encompassing over 50 acres, this Carmel community is its own picturesque and tranquil retreat. Set in one of the city’s most desirable neighborhoods, locals gravitate here for its location as much as for its amenities. It’s a great option to enjoy a slightly quieter life without being too far from the city center.
Source: Rent. / Lincoln at Dilworth
Peaceful courtyards are a prime selling feature at Lincoln at Dilworth. Multiple spots are available, whether you want to gather with friends, grill up some grub or just take a moment to yourself. This particular spot gives you a little greenery with a nice patch of grass combined with bright orange Adirondack chairs. Off to the side, under the wraparound pergola, tables and chairs are set up in the shade.
Laidback and full of tree-lined streets, Dilworth is one of those classic neighborhoods that give you a solid place to live without holding you back from great places to eat and shop. Nearby, you’ve access to Freedom Park, with both a lake and walking trails. There’s also Discovery Place Nature Museum, with live animals and interactive nature exhibits.
Source: Rent. / ARIUM FreeMoreWest
A nice little courtyard becomes the perfect hangout spot when you add a fire pit, mural and plenty of chairs. At least that’s the formula ARIUM FreeMoreWest uses to make the most of its courtyard’s small footprint. With an artistic representation of Charlotte’s skyline painted on the bricks, and string lights overhead, this is a unique and functional space for any group of friends.
Close to the hustle and bustle of the city, but more conducive to an active, outdoor lifestyle, Ashley Park has a lot going for it. The location is great, but the area also includes two fantastic outdoor spots. Bryant Neighborhood Park is an 8+ acre urban park considered a national landmark. The Stewart Creek Greenway Trailhead starts you on a hike right through the center of Charlotte.
Source: Rent. / NOVEL University Place
It’s a garden, a park and a lake all in one at NOVEL University Place. Kicking things up a notch once you leave the pool area, you’re greeted by a pleasing variety of flowers and bushes. This soothing garden area makes way to a more park-life area with wide expanses of lawn and a walking path. Beyond, the lake is available for water sports and recreation.
To say this University City community is in a perfect location is an understatement. Where else can you find great amenities like a park and a lake all in one in Charlotte? Just a four-minute drive away from the University of North Carolina at Charlotte, living here puts you close to all the fun spots that also attract college students. This includes great restaurants, pubs, shops and more.
Source: Rent. / Broadstone Optimist Park
Giving residents a nice spot to hang out and have a meal, at least one part of the courtyard at Broadstone Optimist Park is all about dining al fresco. Multiple four-top tables are set out beside a nice grassy patch to create a quaint dining area in the center of the community. Funky chairs and modern lighting add a little something extra to the space as do the raised beds of greenery and the bushy trees.
Giving off great urban vibes, the highly walkable Optimist Park area is a friendly and busy place to live in Charlotte. This neighborhood has a little bit of everything, with options galore when it comes to bars, restaurants and coffee shops. An assortment of parks brightens up this spot in the city as well.
Source: Rent. / Camden Southline Apartments
Cool patterns mix with intricate brickwork to create this little raised hangout spot at Camden Southline Apartments. Even the fire pit is a bit funky with its bowl shape set into a pebbled plant bed. The combination of modern and classic styles creates a memorable space, and the massive couch means everyone can get a seat in front of the flames to warm up on cold nights.
Another great community, close to the shopping, dining and entertainment options in Dilworth, living here gives you access to an array of upscale amenities. You can take a dip in the saltwater pool or use the adjacent outdoor space to chill. You can work out any time in the fitness center or yoga zone too. For a little fun, there’s a game room, and for your furry friends, there’s a paw spa and off-leash dog park. What’s not to love?
Source: Rent. / Strawberry Hill
Named after a fruit many people plant themselves, it’s no wonder Strawberry Hill gives residents their own garden plot. Going for a very natural vibe, the fenced-in and mulched garden includes long, raised planters broken into sections for easy use. Plant your favorite herbs, veggies or fruits in order to have the freshest produce in your kitchen.
Shopping tops the list of things to do when you live in Southpark. This neighborhood is known for its designer shops, independent fashion stores and elevated shopping centers. There are plenty of posh bars and even a happening dining scene for when you need a break from your shopping spree.
Source: Rent. / Camden South End
The courtyard may be mostly stone and brick, but what Camden South End does with its greenery really elevates this space. Take this excellent outdoor lounge, with ample seating and multiple options for gathering with friends. It’s great and functional, but you add the arch of greenery beside it that takes you into the pool, and you’ve got a serious ‘wow’ factor in the mix. The combination of trees and bushes, artfully arranged in raised beds, adds so much elegance to this space.
Known as a lively area, that really kicks it up a notch at night, the South End neighborhood keeps things going into the wee hours with great craft breweries, locally-loved bars and unique restaurants.
Find an apartment with one of the best gardens in Charlotte
Among all the facts locals know to be true about Charlotte, one of the most important things is to love where you live. This means finding an apartment with all the right amenities, including an awesome outdoor space. What will the right Charlotte apartment include for you?
Featured Image Source: Rent. / Lincoln at Dilworth
For most people, a private island falls firmly within vacation-only territory. But the property known as Merancas Island, offers a full-time getaway for its next owners.
The 4.5-acre island on North Carolina’s beloved Lake Norman is available for $22,000,000.
Just 30 minutes from uptown Charlotte, Merancas Island is accessed by causeway. Beyond its gated entry, a retreatlike 14,000-square-foot mansion awaits.
“The property was built to resort standards,” says listing agent Jessica Grier. “It really feels like you’re entering a spa in Hawaii, from the moment you go through the gates.”
Merancas Island
(Realtor.com)
Main home
(Realtor.com)
Blended indoor-outdoor living
(Realtor.com)
Living room
(Realtor.com)
Kitchen
(Realtor.com)
One of five bedrooms
(Realtor.com)
One of the baths
(Realtor.com)
Private dock
(Realtor.com)
The five bedrooms and eight bathrooms at 14051 Island Drive are spread across the main home and guesthouse. Other notable features include a tennis court, indoor pool, private boat dock, and a spacious garage.
“The home has a gourmet kitchen with a scullery and wine cellar,” Grier says. “The primary suite takes up the whole east-facing side of the upstairs and includes a spa bath, three walk-in closets, and access to the exercise room and dance studio.”
Walking trails and one-of-a-kind sculpture abound throughout the rambling acreage, which was thoughtfully curated by architect Harry Schrader. He designed the estate, completed in 2000, from the ground up.
“The island was vacant and unimproved when the Mermans purchased it from the previous owners,” Grier explains. “It was, in total, a five-year process to stabilize the causeway, bring in utilities, and the build out of the house and other structures.”
If the home sells at asking price, the transaction will be one of the most expensive in North Carolina history.
Currently, the state’s most expensive home on the market is a mountaintop compound listed for $29 million.
I used to be guilty of spending money on the life I thought I lived, rather than the life I was actually living. To illustrate what I mean, consider the following past expenditures:
Snowboarding apparel, for my first and only snowboarding trip to date.
Evening dresses from Bluefly.com. Yes, they were purchased at a big discount, but I had nowhere to wear them!
A mountain bike. I was so dedicated to riding, for about three months.
Last week I read an article on the Psychology Today blog titled “What You Do Every Day Matters More Than What You Do Once In a While.” Written by Gretchen Rubin, author of The Happiness Project, the main point of the article is that people are happiest when they make decisions based on their daily life, not the life they lead every once in awhile. From the article:
In his fascinating book, House Lust, Daniel McGinn notes that market researchers use the term maximum-use imperative to describe the fact that people will often buy something to accommodate a use that they need only rarely…Along the same lines, I’ve noticed that when making decisions, I tend to give too much thought to what I do once in a while and not enough weight to what I do every day. For example, I wear running shoes 29 days out of 30 days a month, yet I have three pairs of black flats and only one pair of running shoes.
Maximum-use imperative doesn’t just affect happiness, though, it also affects your bottom line.
Buying For Someone Else’s Life
It struck me that spending money on the things I used to do once in awhile was a large part of why I wasn’t saving money, or at least spending on the things that really mattered, and yes, that led to a lot of unhappiness.
For example, as mentioned earlier, I used to buy clothing for someone else’s lifestyle. I had clothes for snowboarding, cocktail parties, and mountain biking. I had several winter coats and countless pairs of gloves, and I live in Texas. Who knows how much I spent over the years, buying new apparel every time a new hobby interested me or picking up a little black dress without so much as an event on my calendar? Not only was the money wasted, but it also chipped away at my happiness. I had a closet full of clothes and nothing to actually wear. I also had to look at the result of my spending habits every morning when I got dressed, which only made me feel bad.
Then one day I’d had enough. I started cleaning out my closet and pared it down so much that my husband and I now use the same small closet — a huge accomplishment if you knew me 10 years ago! (If you’re interested, you can read more on my process and how I’ve maintained a streamlined wardrobe in a previous GRS post.) I’m not perfect in this regard, but I do ask myself if I’ll really wear something before I buy it, and I walk away more often than not, which surprisingly feels pretty good.
House Rich, Lifestyle Poor
Another example of maximum-use imperative is the person who buys too much house so he can host the entire family during the holidays. This isn’t far-fetched; I know more than one person who has done it. It’s a lovely sentiment to want your entire family under one roof, and a gracious thing to offer to host them, but if you’re a family of three and you buy enough house to accommodate 15-plus people, that’s a huge expense you’ll pay all because of a few days during the holiday season. The mortgage payments will be higher, not to mention taxes, interest, insurance, utilities, and then the time (or money) spent to clean a larger house.
Instead, if you think about your family’s daily needs and go with a smaller house, you’ll have more options, which might include the following:
Moving somewhere more central (paying for location instead of square footage)
Paying off your mortgage faster
Buying a smaller house and using the extra money to travel
Saving the money you’d spend on a larger house for long-term goals, retirement, and other investments
On a day-to-day basis, one of those options will probably make you much happier. Then, during those few days of the year when family is in town, you can find a way to make things work. Better to structure your life and your spending around the other 362 days of the year.
Invest in Your Real Life
I just returned from a trip to Italy and Spain, and I was tempted more than once by a great sweater or scarf that I saw in a shop window. One of my travel companions said, “You’re here, just get it so you won’t think about it later.” I thought about it for a second, and then I remembered that I have more than enough sweaters and scarves and decided I’d rather spend the money on tickets to a museum or a round of churros and chocolate, or maybe just save it toward the next trip.
As Rubin writes, “…we’re happiest when our decisions most closely match our natures and our values,” and that’s definitely applicable to our spending decisions. Instead of spending money on the things you use once in awhile, ask yourself how often you’ll need something before you buy it. Then invest in your day-to-day life, not your fantasy life.