Quadruple witching refers to the simultaneous expiration of four popular investment contracts, creating wild market conditions. Given its name, it may just be the spookiest day of the year for investors – sorry, Halloween! Quadruple witching day occurs on the third Friday in March, June, September, and December.
The last hour of those trading days is known as the “quadruple witching hour”, when many derivatives contracts expire, often creating volatility in the markets. That’s because there may be higher market volume on those days as traders either close out or roll over their positions.
What is Quadruple Witching Day?
Quadruple witching, or quad witching, is trader’s terminology for the four dates on the calendar when four kinds of options contracts expire: stock options, stock index futures, index options, and stock futures.
Each of the contracts has expiration dates that will match up each quarter, which is why quadruple witching, or quad witching, happens in the third, sixth, ninth and twelfth month of the year respectively. The expiration for these contracts happen at the same time in the day — the afternoon.
While events like quadruple witching may not impact how and when you invest (especially if you’re investing for the long term), they are a good reminder of the investment risks that any investing strategy or approach brings.
How much attention individual investors pay to witching day may depend on their investing philosophy and their time horizon. Since quad witching can result in short-term volatility, many passive investors may ignore them entirely. On the other hand, active investors who try to time the market and get in and out of trades quickly in the most advantageous manner, may use them to inform their strategy and consider buying or selling witching hour stocks.
💡 Quick Tip: If you’re opening a brokerage account for the first time, consider starting with an amount of money you’re prepared to lose. Investing always includes the risk of loss, and until you’ve gained some experience, it’s probably wise to start small.
Contracts Involved in Quad Witching
To understand quadruple witching, you have to first understand the different options contracts involved. Stock index futures, stock index options, single stock futures and single stock options are all derivatives, meaning their value corresponds to the value or change in value of an underlying asset. The underlying assets are either stock market indexes, like the S&P 500, or individual company stocks.
Options contracts give holders the right, but not the obligation, to buy or sell a stock at a certain price at a future date. Futures contracts are contracts to purchase shares of a given stock at a certain price in the future.
For indices, futures and options are contracts on the value of an equity index. Investors often use these either to hedge or make outright speculations on the moves of an index. All four derivatives are complex investments that involve risks when playing the market, and they’re more often used by professional traders and institutional traders than retail investors.
Recommended: Is it Possible to Time the Stock Market?
How Does Quadruple Witching Affect the Market?
Quadruple witching days are those four days of the year when these types of contracts all expire, those who bought contracts and choose to exercise them will receive their stock or cash, or they make additional transactions to take advantage of arbitrage opportunities.
This can lead to more buying and selling of shares than is typical for a given day or, especially a given hour. Increased volume can mean more volatility in the markets and the possibility of large swings during the day.
One reason these days can cause hiccups in the markets is that while certain positions expire, investors may want to extend them. This means they have to “roll” the bet in order to keep it active, potentially forcing other players in the market to buy or sell, especially if the market is already volatile or choppy.
For trades that involve the transfer or automatic buying of stock, like options trades on individual shares, the quadruple witching date can mean automatic buying up of shares to fulfill the options contracts, leading to spikes even if there is no “fundamental” reason for them.
Overall, volumes in options trades can go up on quadruple witching days, which can sometimes have knock-on effects on the price of the underlying assets involved in options contracts.
The Takeaway
Quadruple witching day occurs on the third Friday in March, June, September, and December. The last hour of those trading days is known as the “quadruple witching hour”, when many derivatives contracts expire, often creating volatility in the markets. That’s because there may be higher market volume on those days as traders either close out or roll over their positions.
Quadruple witching offers an opportunity to understand how market mechanics can affect actual prices, but it may not impact the strategy for most long-term investors. More experienced investors and traders may find profitable opportunities, however, as the markets enter a period of volatility.
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SoFi Invest® The information provided is not meant to provide investment or financial advice. Also, past performance is no guarantee of future results. Investment decisions should be based on an individual’s specific financial needs, goals, and risk profile. SoFi can’t guarantee future financial performance. Advisory services offered through SoFi Wealth, LLC. SoFi Securities, LLC, member FINRA / SIPC . SoFi Invest refers to the three investment and trading platforms operated by Social Finance, Inc. and its affiliates (described below). Individual customer accounts may be subject to the terms applicable to one or more of the platforms below. 1) Automated Investing—The Automated Investing platform is owned by SoFi Wealth LLC, an SEC registered investment advisor (“Sofi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC, an affiliated SEC registered broker dealer and member FINRA/SIPC, (“Sofi Securities).
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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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Screening tenants is the only true way to know that the people moving into your rental are the best fit. Make a list of questions to ask tenants so you can streamline the process and ensure that you’re treating all applicants fairly.
Tenant screening questions can reveal a lot, such as the applicant’s track record as a renter, their ability to pay rent on time and whether they’ll adhere to the lease agreement. Discuss each of the questions to ask renters before conducting a background check or checking references to save you time and money.
Top questions to ask tenants
Tenant screening questions to ask renters should revolve around a potential renter’s income, their rental history and how they’ll maintain the property’s condition. So, what should (and shouldn’t) you ask? Here are 10 questions to ask tenants during the screening process:
How long have you lived in your current residence?
This question gives you a sense of the applicant’s stability as a renter and you should ask it early. If the applicant has skipped out on a lease or moves every year, that’s something to think about. Ideally, you want a tenant who will live in your rental for as long as possible. Having to fill a vacancy after the lease ends, usually just a year later, will be a headache and cost you rental income as the property sits empty.
Why are you moving?
Finding out why someone is moving out of their current home also offers a glimpse into their rental history. It could reveal past evictions or issues of where they broke a lease. But, most renters have a legit reason for moving. The cost of rent inspired 27 percent of renters to move in the past year, while 24 percent needed more space and 18 percent simply wanted a change, according to a survey by Entrata.
Have you ever been evicted or violated a lease?
You don’t want to rent to someone with a history of evictions or breaking leases. Asking about past evictions or lease agreement breaches gives renters the chance to come clean about past infractions. They might have experienced a rough patch and struggled to pay rent but are now more stable, or maybe they had to move out of a home unexpectedly due to an unforeseen event. Tenants might not answer this question truthfully, so that’s why it’s a good idea to talk to previous landlords.
What’s your monthly income?
This is an important question to ask tenants because you need to ensure they can afford the rent and pay on time. Generally, renters shouldn’t spend more than 30 percent of their income on rent. If you charge $900 a month for rent, the tenant should earn at least $3,000 a month. Property managers and owners can ask for pay stubs and contacts for their employer and conduct a credit history. But, make sure you know what you’re allowed to ask in regards to income in your area — some state rental laws let you ask about total monthly income but not how the tenant earns income.
Can I contact your employer and past landlords?
With rental history and income such important topics when screening tenants, it’s a good idea to ask for references. Contacting past landlords and the renter’s current employer will provide you with the information you need. Ask employers to verify that the tenant works there, how long they’ve worked there and how much they earn. Ask previous landlords if the tenant was reliable, if they paid on time and if they’d rent to them again.
How many people will live in the home?
You have the right to know everyone who is living in your rental. So, it’s a good idea to ask how many people will live there and who will be on the lease. This question is especially crucial if your state sets occupancy limits for a rental property or requires a home to have a certain number of bedrooms per person. Just don’t ask for too many details about family status, such as how the relation of tenants or how many children they have, which could violate fair housing rules.
Do you smoke?
Smoking is a source of property damage. As a property owner or manager, you have the right to set a no-smoking policy or designate certain smoking areas. When you ask applicants if they smoke, remind them of this policy and be sure to also include it in the lease agreement.
Do you have any pets?
Whether to allow pets in your rental is up to you. But keep in mind that most households have pets, so not allowing them automatically reduces your tenant pool. If you do allow pets, you can and should set parameters. A pet policy stipulates the type and size of pets allowed and if you’ll charge pet deposits or monthly pet rent. Asking tenants this question lets you determine if their pets adhere to your policy and give you a chance to remind renters of what’s allowed. Fair Housing laws don’t allow you to prohibit service or emotional support animals.
Do you agree to a background and credit check?
A few other questions to ask tenants involve their criminal and credit history. First, ask them if they consent to a background and credit check (and get written permission). If someone won’t agree to a check, you don’t have to rent to them. Ask, too, if there’s anything you should know before running the reports. Credit reports will show past bankruptcies and other issues, so this gives tenants a chance to explain what happened and how they’re working to improve past mistakes.
You can’t deny applicants for committing a crime or having been arrested. But you can deny someone if they’ve been convicted of a crime that potentially puts you, your property, others in the tenant’s household or the neighborhood at risk. Burglary, arson, illegal manufacturing of drugs or violent crimes are things you should note.
When do you want to move in?
Another critical question to ask tenants is when they would like to move into the home. Knowing their moving timeframe helps ensure you and the renter are on the same page. If you’re looking to fill a vacancy immediately and they’re not planning to move for a few months, it’s not a good match. Once you establish that the timing aligns, be sure to let them know about the security deposit and other fees that you charge and ask if they’ll be able to pay everything when they sign the lease.
What you should not ask tenants
When crafting your list of questions, be mindful of the Fair Housing Act, which prohibits discrimination in housing based on sex, race, color, national origin, disability, religion, disability and familial status. Some states extend Fair Housing laws to other protected classes, including sexual orientation or marital status. So, there are several topics you should not bring up with renters, including:
Where they were born
Their race or nationality
Their sexual orientation
Which languages do they speak
How many children they have — or, the ages and gender of their children and where the kids go to school
Whether they’re interested in nearby religious congregations
Do they have a service dog or a disability
If they’ve ever been arrested
If they receive public assistance
The best tenant screening questions to ask tenants
Screening tenants and learning more about their rental history and monthly income will help you choose someone who’s likely to pay rent on time and take care of your home. Listing your property on Rent. lets you accept applicants and screen tenants online. Creating a standard list of questions to ask everyone will ensure that you’re being as fair as possible.
Erica Sweeney covers real estate, business, health, wellness and many other topics. Her work has appeared in The New York Times, The Guardian, Good Housekeeping, HuffPost, Parade, Money, Business Insider, Realtor.com and lots more.
Leverage ratios are a collection of formulas commonly used to compare how much debt, or leverage, a company has relative to its assets and equity. It shows whether a company is using more equity or more debt to finance its operations. Understanding a company’s debt situation is a key part of fundamental analysis during stock research. Calculating its financial leverage ratio helps potential investors understand a company’s ability to pay off its debt.
A high leverage ratio could indicate that a company has taken on more debt than it can pay off with its current cash flows, potentially making the company a riskier investment.
How to Calculate Leverage
A company increases its leverage by taking on more debt, acquiring an asset through a lease, buying back its own stock using borrowed funds, or by acquiring another company using borrowed funds.
There are several types of leverage ratios, which compare a company’s or an individual’s debt levels to other financial indicators. Some commonly used ones are:
Debt-to-Assets Ratio
This ratio compares a company’s debt to its assets. It is calculated by dividing total debt by total assets. A higher ratio could indicate that the company has purchased the majority of its assets with debt. That could be a warning sign that the company doesn’t have enough cash or profits to pay off these debts.
Formula: Total debt / total assets
Debt-to-Equity Ratio (D/E)
The debt-to-equity ratio compares a company’s debt to its equity. It is calculated by dividing total debt by total equity. If this ratio is high, it could indicate that the company has been financing its growth using debt.
The appropriate D/E ratio will vary by company. Some industries require more capital and some companies may need to take on more debt. Comparing ratios of companies in the same industry can give you a sense of what the typical ranges are.
Formula: Total debt / total equity
Asset-to-Equity Ratio
This is similar to the D/E ratio, but uses assets instead of debt. Assets include debt, so debt is still included in the overall ratio. If this ratio is high, it means the company is funding its operations mostly with assets and debt rather than equity.
Formula: Total assets / total equity
Debt-to-Capital Ratio
Another popular ratio, this one looks at a company’s debt liabilities and its total capital. It includes both short- and long-term debt, as well as shareholder equity. If this ratio is high, this may be a sign that the company is a risky investment.
Formula: Debt-to-capital ratio: Total debt / (total debt + total shareholder equity)
Degree of Financial Leverage
This calculation shows how a company’s operating income or earnings before interest (EBIT) and taxes will impact its earnings per share (EPS). If a company takes on more debt, it may have less stable earnings. This can be a good thing if the debt helps the company earn more money, but if the company goes through a less profitable period it could have a harder time paying off the debt.
Formula: % change in earnings per share / % change in earnings before interest and taxes
Consumer Leverage Ratio
This ratio compares the average American consumer’s debt to their disposable income. If consumers go into more debt, their spending can help fuel the economy, but it can also lead to larger economic problems.
Formula: Total household debt / disposable personal income
💡 Quick Tip: Investment fees are assessed in different ways, including trading costs, account management fees, and possibly broker commissions. When you set up an investment account, be sure to get the exact breakdown of your “all-in costs” so you know what you’re paying.
Ways to Use Leverage Ratio Calculations
Understanding the definition of leverage ratio and the formulas for various types, is the first step toward using the measurement to make investing decisions. Investors use leverage ratios as a tool to measure the risk of investing in a company.
Simply put, they show how much borrowed money a company is using. Each industry is different, and the amount of debt a company has may differ depending on who its competitors are and other factors, such as its historical profits. In a very competitive industry or one that requires significant capital investment, it may be riskier to invest in or lend to a company with a high leverage ratio.
The interest rates companies are paying matters also, since debt at a lower rate has a smaller impact on the bottom line.
Regardless of industry, If a company can not pay back its debts, it may end up going bankrupt, and the investor could lose their money. On the other hand, if a company is using some leverage to fuel growth, this can be a good sign for investors. This means shareholders can see a greater return on equity when the company profits off of that growth. If a company can’t or chooses not to borrow any money, that could signal that they have tight margins, which may also be a warning sign for investors.
Investors can also use leverage ratios to understand how a potential change in expenses or income might affect the company.
Recommended: How Interest Rates Impact the Stock Market
How Lenders Use Leverage Ratios
In addition to investors, potential lenders calculate leverage ratios to figure out how much they are willing to lend to a company. These calculations are completed in addition to other calculations to provide a comprehensive picture of the company’s financial situation.
Overall, leverage ratio is one calculation amongst many that are used to evaluate a company for potential investment or lending.
Recommended: What EBIT and EBITDA Tell You About a Company
How Leverage is Created
There are several different ways companies or individuals create leverage These include:
• A company may borrow money to fund the acquisition of another business by issuing bonds
• Large companies can take out “cash flow loans” based on their credit status
• A company may purchase assets such as equipment or property using “asset-backed lending”
• A company or private equity firm may do a leveraged buyout
• Individuals take out a mortgage to purchase a house
• Individual investors who trade options, futures, and margins may use leverage to increase their position
• Investors may borrow money against their investment portfolio
The Takeaway
All leverage ratios are a measure of a company’s risk. Understanding basic formulas for fundamental analysis is an important strategy when starting to invest in stocks. Such formulas can help investors weigh the risks of a particular asset investment and compare assets to one another.
There are numerous ways to use leverage ratios, and lenders can use them as well. In all, knowing the basics about them can help broaden your knowledge and understanding of the financial industry.
Ready to invest in your goals? It’s easy to get started when you open an investment account with SoFi Invest. You can invest in stocks, exchange-traded funds (ETFs), and more. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).
For a limited time, opening and funding an Active Invest account gives you the opportunity to get up to $1,000 in the stock of your choice.
Photo credit: iStock/MicroStockHub
SoFi Invest® The information provided is not meant to provide investment or financial advice. Also, past performance is no guarantee of future results. Investment decisions should be based on an individual’s specific financial needs, goals, and risk profile. SoFi can’t guarantee future financial performance. Advisory services offered through SoFi Wealth, LLC. SoFi Securities, LLC, member FINRA / SIPC . SoFi Invest refers to the three investment and trading platforms operated by Social Finance, Inc. and its affiliates (described below). Individual customer accounts may be subject to the terms applicable to one or more of the platforms below. 1) Automated Investing—The Automated Investing platform is owned by SoFi Wealth LLC, an SEC registered investment advisor (“Sofi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC, an affiliated SEC registered broker dealer and member FINRA/SIPC, (“Sofi Securities).
2) Active Investing—The Active Investing platform is owned by SoFi Securities LLC. Clearing and custody of all securities are provided by APEX Clearing Corporation.
3) Cryptocurrency is offered by SoFi Digital Assets, LLC, a FinCEN registered Money Service Business.
For additional disclosures related to the SoFi Invest platforms described above, including state licensure of Sofi Digital Assets, LLC, please visit www.sofi.com/legal.
Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform. Information related to lending products contained herein should not be construed as an offer or prequalification for any loan product offered by SoFi Bank, N.A.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Claw Promotion: Customer must fund their Active Invest account with at least $10 within 30 days of opening the account. Probability of customer receiving $1,000 is 0.028%. See full terms and conditions.
As the cradle of American history and a hotbed for innovation, Boston offers renters with a wide range of incomes a lifestyle teeming with opportunities and experiences. From ample job opportunities in technology, healthcare and finance to a lively culture that embraces the arts and sports, there’s something for everyone. Fortunately, the average salary in Boston is also above the national average, providing a financial counterbalance for those looking to dive into all that this vibrant city has to offer.
Yet, it’s essential to consider that the cost of living in Boston is higher than in many other U.S. cities, particularly when it comes to rent and utilities. We’ll dive into both aspects of Boston living below to examine how much the average salary feels like when bills and entertainment costs are accounted for.
Overall average salary in Boston: $80,507
Average salary in Boston as an hourly rate: $38.71
Boston job market at a glance
Boston’s job market is rife with opportunities across a multitude of industries. Often referred to as the “hub of innovation,” the city is home to a burgeoning tech scene that rivals Silicon Valley, particularly in biotech, cybersecurity and software development.
It’s not just tech companies that are hiring, though. Boston’s status as a world-class city for education, boasting institutions like Harvard and MIT, has created a ripple effect of opportunities in academia, research and educational technology. Finance and consulting are also well-represented, with many major firms settling down in the city.
But it’s not all white-collar jobs and six-figure salaries. Boston’s thriving tourism industry provides a host of opportunities in hospitality, from hotel management to culinary arts.
The city’s extensive healthcare network, with renowned facilities like Massachusetts General Hospital and Brigham and Women’s Hospital, offers a range of jobs from clinical to administrative. Construction and skilled trades are also in demand, as Boston’s growth shows no signs of slowing down. Retail and service jobs abound, especially in tourist-heavy areas like Faneuil Hall Marketplace or the historic North End.
In essence, whether you’re a recent graduate, a seasoned professional or someone looking for a career change, Boston’s job market is likely to have something that aligns with your skills and aspirations while netting you the average salary in Boston or above.
Renting in Boston
The rental market in Boston reflects an increasingly costly environment for tenants, with average rents ranging between $3,421 for a studio apartment to $5,330 for a two-bedroom. While studios and two-bedroom apartments have both seen an annual rent increase of 7%, one-bedroom apartments have had a more moderate increase of 2%, averaging $4,002.
Notable areas like Kenmore and Back Bay have seen astronomical rent increases of 40% and 59% respectively, for studio apartments. Conversely, the Seaport District experienced a 4% decrease in average rent for studio apartments, suggesting that not all areas in Boston are subject to the same upward pressure on rent.
When compared to nearby cities, Boston’s rents are generally higher. For example, the average studio rent in Cambridge is $2,910, a decrease of 5% compared to the previous year, while in more affordable areas like Roxbury and Manchester, the average rents for a studio are $1,900 and $1,627 respectively.
Among the most affordable neighborhoods in Boston for a one-bedroom apartment are Brook Farm, Forest Hills – Woodbourne and Jeffries Point, where average rents range from $1,950 to $2,200. In stark contrast, the most expensive neighborhoods include Kenmore, Fenway and Audubon Circle – Longwood, where one-bedroom apartments go for an average of around $4,779 to $4,843.
The Boston rental market thus reveals a significant range in pricing, depending on location and apartment size, with a predominant trend towards high rental costs. This could be a deterrent for lower-income families and individuals, effectively creating economic barriers to living in many areas of the city if you make below the average salary.
That said, if you’re raking in an average salary in Boston, while homeownership may not be on the table, you’ll have a deep pool of apartments within your price range to choose from.
Transportation
Navigating Boston is a breeze thanks to the city’s robust public transit system, affectionately known as the “T.” Managed by the Massachusetts Bay Transportation Authority (MBTA), the T includes subway lines, buses and even scenic ferry routes across Boston Harbor. Major subway lines connect key hubs, while buses serve the city’s nooks and crannies. The standard fare for a subway ride is $2.40 with a CharlieCard, and bus rides start at $1.70. Monthly passes are available for frequent commuters.
While the T is a staple for many, having a car in Boston comes with its challenges, including congested roads and expensive parking. The city’s historic layout makes for narrow streets that aren’t always car-friendly. Parking costs can add up quickly, with rates in downtown garages often exceeding $30 a day. Many residents opt for resident parking permits but even then, finding a street spot can feel like hitting the jackpot.
In summary, the T offers a cost-effective and generally safe way to traverse the city, while owning a car demands a higher financial and logistical commitment.
Food
From the narrow alleys of the North End, teeming with Italian eateries, to the modern fusion restaurants of the Seaport District, Boston’s food scene is a culinary expedition waiting to happen. The city’s storied history has given rise to iconic eats like Boston Cream Pie and the iconic bowl of clam chowder, but don’t let tradition fool you. Boston is no slouch when it comes to trendy gastronomy; think vegan bakeries, gourmet food halls and artisanal coffee shops that dot the landscape from Fenway to Southie.
But that’s not all. Bostonians also have a soft spot for casual fare. The city boasts an impressive selection of food trucks serving everything from Korean barbecue to vegan tacos and more. The local bar scene contributes with its own genre of comfort food: Think loaded nachos, buffalo wings and overstuffed burgers best enjoyed while bellied up to the bar watching a Red Sox game. And let’s not forget the strong international cuisine scene; in neighborhoods like Allston, you can chow down on Thai curries, Japanese ramen and Middle Eastern kebabs all in a single street.
Entertainment
Often referred to as the “Athens of America” for its intellectual vitality, Boston has an entertainment scene that caters to every taste and sensibility. For the highbrow crowd, the city’s Symphony Hall, home to the Boston Symphony Orchestra, offers an unmatched acoustic experience, while the Museum of Fine Arts and the Institute of Contemporary Art serve as sources of inspiration for art aficionados.
Those enamored by the stage will find solace in Boston’s flourishing theater district, which hosts a mix of Broadway hits, avant-garde performances and everything in between. There’s even a vibrant indie film scene, with theaters like the Coolidge Corner Theatre offering a sanctuary for lovers of the silver screen outside the mainstream.
Yet, for all its refinement, Boston is also a city that pulsates with the energy of its passionate sports fans. The words Red Sox, Celtics and Bruins are spoken here with a kind of religious reverence, and catching a game at historic Fenway Park or the state-of-the-art TD Garden is an experience that pulses with excitement and local pride.
For a more casual night out, the city is home to a ton of bars, from the clubs in the South End to raucous rock venues in Allston. Beer gardens, rooftop bars and dance clubs pepper the city, ensuring that when the sun goes down, Bostonians have no shortage of places to let loose. From the upper crust to the down-to-earth, Boston’s entertainment scene is as varied as it is abundant.
Other expenses
Living in Boston comes with its share of additional recurring expenses that go beyond the basics of rent, food and entertainment. One significant outlay is utilities, which can run higher than the national average, especially during the city’s harsh winters and hot summers.
Expect to shell out for heating costs in the form of gas or electricity, which can range between $150 to $300 a month depending on the size and efficiency of your home. Don’t forget the cost of water, internet and cable, which can collectively add another $100 to $200 to your monthly budget.
Healthcare is another major recurring expense, with Massachusetts having some of the highest healthcare costs in the country. Even with insurance, co-pays and premiums can add up. Monthly premiums for a standard plan can range from $200 to $400, while specialized treatments or medications can be substantially higher.
Similarly, fitness-conscious Bostonians might find themselves paying for gym memberships or yoga classes, which usually cost around $50 to $100 per month. Pet owners aren’t exempt from recurring costs either, with pet insurance, vet visits and grooming services contributing to the monthly bills.
Make your move to Boston
Life in Boston is a rich collection of experiences, from its dynamic job market and world-class educational institutions to its diverse food and entertainment scenes. While the cost of living can be steep, particularly when it comes to rent and utilities, the thriving job market often compensates with competitive salaries.
According to various reports, the average salary in Boston ($80,507) is higher than the national average, making it possible for renters to enjoy the city’s amenities and culture while also planning for a financially secure future. If you’re lucky enough to be bringing in $100,000 a year, you should have no problem finding the perfect place to call home in Boston.
With its tree-lined streets, historic architecture, and a warm, small-town atmosphere, La Plata exudes a timeless charm. This quaint town in Maryland has plenty to offer – including historic landmarks, a strong sense of community, and wonderful restaurants. Whether you just moved into a new home in La Plata or you’ve lived here for awhile, let’s explore some of the restaurants in La Plata that locals love.
#1: Marie’s Diner
Cuisine Type: Diner, American Restaurant Location: 6325 Crain Hwy, La Plata, MD 20646 Website: Marie’s Diner
First on our list is the beloved Marie’s Diner. A charming American restaurant known for its classic diner atmosphere, Marie’s Diner offers a menu filled with delicious comfort food options. From juicy burgers to fluffy pancakes, you can find all your favorite American dishes here. Don’t forget to try their famous milkshakes for a sweet treat after your meal.
#2: The Charles
Cuisine Type: New American Restaurant Location: 417 Charles St, La Plata, MD 20646 Website: The Charles
The Charles is a New American restaurant located in La Plata, MD. With a menu featuring a variety of dishes inspired by local and seasonal ingredients, guests can expect a unique dining experience. From their signature dishes like the Chesapeake Bay Crab Cakes to their creative cocktails, The Charles offers a delicious and innovative taste of American cuisine.
#3: Pizza Hotline
Cuisine Type: Pizzeria Location: 203 Charles St, La Plata, MD 20646 Website: Pizza Hotline
Pizza Hotline is a popular pizzeria specializing in a variety of delicious pizzas, with a menu that includes classics like pepperoni and margherita, as well as specialty options. The restaurant offers a casual and welcoming atmosphere, making it a great spot for a quick bite.
#4: La Tolteca
Cuisine Type: Mexican Restaurant Location: 6625 Crain Hwy, La Plata, MD 20646 Website: La Tolteca
La Tolteca is a delicious restaurant to visit in La Plata. A popular Mexican spot, this is a great place to catch up with friends over some chips and salsa, or indulge in tasty tacos and enchiladas with family.
#5: Benny’s Sub Shop
Cuisine Type: Chinese Restaurant Location: 6505 Crain Hwy, La Plata, MD 20646 Website: Benny’s Sub Shop
Benny’s Sub Shop offers a unique twist on Chinese cuisine with their specialty sub sandwiches. In addition to traditional options, such as fried rice and lo mein, they also serve a variety of delicious sub options.
#6: Charles Street Bakery
Cuisine Type: Bakery Location: 507 Charles St, La Plata, MD 20646 Website: Charles Street Bakery
Charles Street Bakery is a delightful bakery in La Plata that specializes in a variety of baked goods, including fresh bread, pastries, and cakes. With their warm and inviting atmosphere, it’s the perfect place to satisfy your sweet tooth or pick up a delicious treat for any occasion. Be sure to try their signature cupcakes and don’t miss out on their famous cinnamon rolls, which are a customer favorite.
#7: Hunan Star Chinese Restaurant
Cuisine Type: Chinese Restaurant, Sushi Location: 6277 Crain Hwy, La Plata, MD 20646 Website: Hunan Star Chinese Restaurant
Another great restaurant in La Plata to check out is Hunan Star Chinese Restaurant is a popular eatery located in La Plata, MD. From classic Chinese cuisine to tasty sushi rolls, Hunan Star has something for everyone.
#8: B. Doughnut
Cuisine Type: Donut Shop Location: 6700 Crain Hwy, La Plata, MD 20646 Website: B. Doughnut
Got a sweet tooth? B. Doughnut dishes out unique and delicious donuts that are freshly made every day. From classic glazed donuts to specialty flavors like maple bacon and cookies and cream, there are plenty of options.
A great spot in La Plata for sushi is Bento Sushi. Their menu includes classic rolls, sashimi, and nigiri. Don’t miss out on their specialty rolls, like the Dragon Roll or the Spicy Tuna Roll, which are always a hit among La Plata locals.
At Galazio Restaurant, you can find a variety of traditional Greek dishes such as moussaka, spanakopita, and souvlaki. The restaurant has a cozy and welcoming atmosphere, perfect for enjoying a delicious meal with family and friends.
#11: Eastern Chinese Restaurant
Cuisine Type: Chinese Restaurant Location: 6619 Crain Hwy, La Plata, MD 20646 Website: Eastern Chinese Restaurant
Eastern Chinese Restaurant is a popular Chinese restaurant in La Plata, MD. With a focus on traditional Chinese cuisine, they have an extensive menu offering something for everyone.
#12: Foster’s Grille
Cuisine Type: American Restaurant, Wings Joint Location: 6390 Crain Hwy Ste 105, La Plata, MD 20646 Website: Foster’s Grille
Next up on our list of must-try restaurants in La Plata is Foster’s Grille. Their menu offers a variety of classic American dishes such as burgers, sandwiches, and salads. However, what sets Foster’s Grille apart is their deliciously crispy and flavorful chicken wings. With a casual and friendly atmosphere, it’s a great place to grab a bite and watch a game with family and friends.
#13: Texas Ribs & BBQ
Cuisine Type: BBQ Joint, American Restaurant Location: 7415 Crain Hwy, La Plata, MD 20646 Website: Texas Ribs & BBQ
Indulge in the mouthwatering flavors of Texas-style ribs and BBQ at Texas Ribs & BBQ. You can expect to find classic BBQ dishes like tender ribs, pulled pork, and smoky brisket on their menu. The relaxed and rustic atmosphere adds to the charm of this local favorite.
This article is part of a series put together by the Total Mortgage marketing team that provides loan officers and other sales professionals with a crash course in marketing and self-promotion. To read other articles in this series, click here.
This article is designed to teach loan officers and other sales professionals how to properly maintain and boost their social media presence. It will hit all the key points such as connecting, managing multiple profiles, engaging with influencers, and what to post.
Want to jump ahead?
LinkedIn
Connecting & Following
Managing Multiple Profiles
Properly Engaging with Influencers
How and What to Post
Facebook
Connecting & Following
Managing Multiple Profiles
Properly Engaging with Influencers
How and What to Post
Twitter
Connecting & Following
Managing Multiple Profiles
Properly Engaging with Influencer
How and What to Post
Google +
Connecting & following
Managing Multiple Profiles
Properly Engaging with Influencers
How and What to Post
LinkedIn
How to Gain/Find Connections
When you first started setting up your LinkedIn account, you were prompted to import your contacts from your email address book. If you clicked yes, you probably already have a few dozen connections. However, once your profile is completed, you will need to search for those connections you didn’t have on your contact list, like loan officers you met at a conference or realtors you haven’t had a chance to work with yet. There are many different ways to go about finding and linking with connections on LinkedIn.
The first way is arguably the easiest way: using the Search box. It can be found on the top of any tab of the LinkedIn interface. There are also many “Advanced Search” options available if you click the “Advanced” text link right next to the search button.
You could also find connections from clicking onto your Profile, scrolling down to your experience and hovering over your business place icon and then clicking onto the icon or your company title, highlighted by the red arrow.
After clicking on your company’s icon, scroll down until you see the “How You’re Connected” on the right side of the screen. Click “See all.”
Now you have the opportunity to see coworkers and contacts who you’re not connected to.
Managing Multiple Profiles
LinkedIn is generally a place where you focus on one personal profile. However, if you run your own business, you will want to create a company page for it. If you need help creating a company page, check out my Social Media Basics post. If you only manage one page, then this section may not be that useful.
If you are on your profile page and you want to switch to your company page, you simply click on the small icon on the top right hand corner of your screen (where the arrow is shown) then on “Company Page.”
This will lead you to this screen.
You’ll now be able manage, change, analyze, and update your company page. If you want to switch back to your profile page, just click on the home tab or profile tab.
Engaging with Influencers
Connecting with influencers—that is, the people who are active, established, and popular in your industry—is a great way to widen your reach. Of course, engaging with influencers on LinkedIn is not something you should do blindly. It takes strategy and time to do correctly.
Do Not:
Do not connect with an influencer without ever interacting with them
Do not like, comment, or share everything they post
Do not post more than 3 times per day
Do:
Do connect if you had previous relations
Do connect if you are connected on other networks
Do connect if you have exchanged emails or contact info
How and What to Post on LinkedIn
Posting on LinkedIn is very straight forward. LinkedIn allows you to share updates, publish a post, upload a photo, share in groups, and post job opportunities. You can access these options in the home tab, except for sharing in groups and posting job opportunities.
Sharing in a Group
Sharing in a group could be a great way to get your content to a broader audience. Joining groups on LinkedIn is very easy. First, click on the “Interests” tab and then click on “Groups” If you are already a member of a group it will appear under the “My Groups” section. If you aren’t a member of any groups, just click on the “Discover” tab and LinkedIn will provide recommendations for groups to join. You have the option to select “not interested,” “ask to join,” or you can ignore and continue to scroll.
Once you ask to join a group, your request must get approved by an admin, which can take a day or two depending on how busy they are. After you’re accepted, you can view what the others in the group are posting. To get started, click on “Start a conversation with your group.” The box will expand and you get the options listed below. At this screen, type in your title and a brief description with a link to the real content. Follow the same process for posting a job opportunity in a group.
If you run a LinkedIn business page, then you have the option of posting a job ad through the “Business Services” tab. Once you hover over “Business Services,” click on “Post a Job” to get to this screen.
After you fill out the appropriate information and click “Start job post,” LinkedIn will walk you through a series of prompts, where you will fill out information like job function, company industry, and job description. Once that’s done, review everything and click submit.
What to Post:
Career status updates
News and events
Articles shared by your connections
Your own articles
What not to Post:
Quotes
Updates trying to sell services/items
Material you deem not appropriate for the workplace
Facebook:
How to Gain Followers:
With more than 1.65 billion monthly active users, Facebook has the potential to connect you to people across the globe. If you’re using Facebook for business purposes, you need to understand how to properly navigate it to connect with others.
There are multiple strategies to take. For example, you can create a personal account, a business page, or both. If you’re in an industry where you need to keep things professional (like, for instance, the mortgage and financial industry), then I recommend creating a business page so you can separate your professional life from your personal life. You have to mindful of whom you invite to like your page, but we’ll touch on that topic a little later.
If you’re completely new to Facebook, prepare to spend some time connecting with people you know. You can manually add friends by clicking in the search box at the top of the screen and typing the name of the person you are trying to find. Eventually Facebook will tailor a carousel of “People You May Know,” which will allow you to click “Add Friend.” Thankfully, Facebook has implemented a few tricks to make it easier to add friends in bulk.
Go to the Friends Request page then to the “Add Personal Contacts,” enter your email and click find friends.
After you enter your email it will take you through to a similar screen. Click “Agree,” then follow the on-screen instructions.
On the Go
You can also import contacts from your mobile device.
Tap
Hit “Find Friends” in the Apps section
Tap “Contacts,” then follow the on-screen instructions
Connecting to Others Via Your Business Page
Click on the triangle in the top right corner of your home page.
Click on the drop down menu and select your business page.
Click on the […] on your cover photo and then click on “Invite Friends.”
Search all friends: click the invite box next to your friends’ names to invite them to like your page—or type their names in the search box.
Managing Multiple Profiles
Facebook does a fantastic job of making it easy to manage as many pages as you want. Their interface organizes your pages so you can easily switch through and manage every single of one of them. Every time you create a new page, Facebook allows you to add that page into your “Favorites” section. I highly recommend doing this, because it keeps all of your pages in easy reach, which you can see in the image below.
You can also switch between pages by clicking the drop-down triangle on the upper right corner of your home page. In that menu, you’ll find a list of three of your pages. Shown below:
If you manage more than 3 pages—like we do here at Total Mortgage—you can just click on “See More…” and it will give you a list of all the Facebook pages that you manage. To switch back to your personal page, you simply just need to hit the “Home” button and it will take you back to your feed.
Properly Engaging with Influencers
Recently, Facebook has changed how you interact with other people or businesses when you’re on your business page. Once, you were able to be on your business profile, click on “Home” and interact with people and businesses that follow your business page. However, that is essentially nonexistent today. Now you really need to be creative if you want to engage with influencers in your community.
To Like a Different Page as Your Business Profile
Go to the page you want to like and click on the […]
Click “Like As Your Page.” Then this screen will pop up and you choose the business account that you want your like to come from. Click “Save.”
Tagging other influencers in your Facebook posts is simple if you know the name of their business page. A lot of influencers have both personal and professional profiles, however, so make sure you know which one you’d like to connect with.
Unfortunately, you can’t tag a personal account from your business profile. If you want to tag a professional account from your business page, you craft your post, then add the appropriate tag at the end. You always want to convey that you got the content from a source and you are using it credibly.
In the picture below, you see that I have crafted a draft of my message and tagged the source I got it from with the tag “via @[name].” Instead of via you could use from, by, thanks to, etc. When possible, try to use a link shortener such as Buffer or Hootsuite to keep things looking tidy.
Once you get the proper etiquette down for interacting with influencers, now it’s time to engage with them. Like I mentioned above, you can like other pages as your page. You are able to do the same for posts. You do that by going to the page you want to like something on and scrolling to the post that you want to interact with. Before you like the post or comment, make sure you switch from your profile to your business profile. You do this by:
1. Clicking on the downwards arrow next to your small Facebook default icon
2. Click on the account you want to like and comment as.
You are now liking and commenting as your business account. This is the best way you can engage with your influencers. There are 3 important things you must always remember to do and don’t do before you start engaging with influencers.
Do Not:
Do not like/comment on everything that they post
Do not ask for a favor like sharing a post right away
Do not reach out to them right away
Do:
Gradually interact with them by liking their page and commenting on a few posts/pictures 1-3 times a week
Share some of their posts 1-2 times a week
Always remember to thank them for sharing information that you find important
Here’s where you use your gut. Once you think you’ve earned yourself a spot on the influencer’s radar, the next step is to reach out personally. This can be done in an open forum through commenting, or it can be done through private message. The eventual goal is to take the conversation “offline” through either phone or email so you can begin building an even more personal relationship.
How and What to Post on Facebook
Posting and sharing on Facebook is very easy. If you have a personal Facebook, you already know the drill. If this is your first time on Facebook or you don’t know how to post to your business page, then keep reading.
Posting on Your Personal Page
Bring your mouse to the top tab and click on your name
Click on the box where it says:
3. Click on the kind of post you want to craft: status, photo/video, or life event. Finish typing it with the appropriate tags (if needed) and click post.
Posting on your Business Page
Make your way over to your business page
Click on the box where it says “status, photo/video, or life event” and create the post you want to send out
When you are finished, click “Publish”
What to Post on Facebook
There are two types of content that you should post on Facebook. The difference depends on what account you plan to post with. For both profiles, you should post content that really resonates with your audience and makes people see you as a credible source (i.e. if you’re a loan officer, try content based around changes in the industry or tips on how to make the mortgage process easier).
Content like this positions you as an authority and encourages your audience to consider using your services if they are shopping for a home or refinancing. Every once in a while, it’s okay to throw in a shameless plug, whether you’re asking for referrals or encouraging people to use your services. Your personal page can have all the other updates—photos of your family, your dog, things you’re passionate about, etc. It is ok to post some business topics on your personal page, but make sure to do so sparingly. Your personal page is meant for personal things.
Twitter:
How to Gain Followers
Twitter is a great place to gain followers based on things that you find interesting. You can use the search box to find other professionals and people in your industry by looking for relevant hashtags, like #realestate.
Top Tips for Gaining Followers
Try finding your connections from other places like Facebook and LinkedIn on Twitter
Follow users who follow your followers
Follow the accounts recommended by Twitter
Join a Twitter chat
Managing Multiple Profiles
Unfortunately, Twitter doesn’t have an interface within itself to switch profiles easily—unless you are on your mobile device or want to use multiple web browsers. However, there are certain tricks, tips and hacks you can use to make managing multiple profiles easier.
Toggling Profiles in the Twitter App for iOS
From the “Me“ tab, tap the people icon
Tap “More options.”
From here you can “Create new account” or “Add an existing account.”
Once you’ve added your additional account, you can toggle between accounts by tapping the people icon.
Toggling Profiles in the Twitter App for Android:
Tap the overflow icon
Tap “Accounts.”
From here you can “Create new account” or “Add existing account.”
Once you’ve added your additional account, you can toggle between accounts by tapping the overflow icon, then tapping “Accounts.”
If you’re uninterested in downloading the Twitter app for your mobile device, there are other options. If you manage more than one profile you can easily manage multiple accounts if you use a tool like Tweetdeck, Buffer, or Hootsuite. All of these applications have free versions, so you don’t have to worry about spending money.
These apps make it easy to manage countless amounts of accounts. My personal favorite of the three is Buffer, because the interface is very easy to use and it provides multiple tabs to check out how your account is doing in terms of analytics. It also has a built-in link shortener that automatically shrinks your links when you are adding them to a post. Shown below is a screenshot of my Buffer interface.
Engaging with Influencers
Engaging with influencers on Twitter is a great way to kick-start your influencer marketing strategy. This is where Twitter search comes in handy; you can use it to find the people who tweet regularly in your industry regularly. If you want to stay organized, I recommend creating a spreadsheet that has a list of your influencers, their names, follower count, and what stage of your relationship you’re in. Once you’ve found a handful of them, it’s time to start engaging.
Do not:
Tweet, retweet, or like everything that they tweet
Try to directly reach out to them—it comes off creepy
Follow them on other networks without establishing a relationship with them
Do:
Occasionally tweet, retweet, or like their posts to get on their radar
Appreciate their content by tweeting it out to your audience (and making sure your attribute the author)
Once you established a relationship, make it easy for them to tweet about your service by crafting an email with a few sample tweets that they could send out about your services. Make sure you convey the message that you are willing to reciprocate the favor
How and What to Post:
Posting on Twitter is very simple. If you are on the web browser version of Twitter the tweet box is one of the first things that you see. You can find it by looking for the “What’s happening?” text.
To compose a tweet you just click on this box and type the content you want to share.
Posting a Tweet on a Mobile Device
Tap the compose Tweet icon accessible from your Home timeline, the Notifications tab, or your profile (usually located on the upper right hand of your screen.)
Start typing where it says “What’s happening?”
If you’d like to Tweet an image, tap the camera icon
Tap “Tweet” to post.
What to Post
Just like any other platform, choosing what to post comes down to a few key factors.
Who your audience is
What kind of message are you trying to portray
What kind of content will resonate with that audience
Make sure you don’t forget to utilize the power of hashtags on Twitter. To see how a hashtag is performing simply search the hashtag in the search box before you post the tweet or check it out on Tagboard.
You want to have the appropriate amount of hashtags to text ratio. Most marketers recommend using no more than 3 hashtags per tweet. However, if your tweet only contains 3 words, don’t hashtag them all. Finding the perfect mix of creativity and content is surely a challenge but once you find your niche you will be good to go.
Google Plus
Google+ is one of the most underrated social media platforms, but it could be a great asset to your strategy if used properly.
How to Gain Followers
Make Your Profile Look Good
I know, it sounds obvious, but a lot of people just use the default graphics that Google supplies. Make sure your profile looks good and is customized so you reach people in your niche.
Follow other Google Plus People
Just like other social platforms, you’ll need to work for your followers. You do this by following as many people as possible. There are multiple ways of doing this. If you are looking for people to connect with , search for something relevant to your industry like, for example, “Real Estate.” A list like below will pop up and you will be able to decide who what you want to follow, whether it be collections, communities, people & pages, or if you just want to view posts.
You can also follow people manually:
Click the People Icon on the left side of the screen
You should see a “Find People” option. Click on that
Go through the list of people and see who you want to add
You can add them to just your follower base or you can add them to relevant circles, such as “Realtors”
Join Communities
If you’re looking for the fast track way of getting your name in front of dozens, even hundreds of people at once, then you’re looking for communities. When you join a community, you are part of a much larger group of people who are interested in a certain topic. This is how you engage the right kind of followers.
Utilize Hashtags
With Google Plus know you can search content by words, phrases, and hashtags. Even though hashtags are more popular on Twitter, they work the same way on Google+.
Let’s say you hashtag a word or phrase in your post, i.e. #RealEstate. Thanks to that hashtag, your post enters a stream with hundreds of other posts with that same hashtag. Meaning, anyone watching that stream or looking for specific information centered on that topic will easily find your post.
Add a Google+ Badge to Your Website
If you have your own website, it’s a sin in 2016 to not have visible social widgets. These are clickable icons that take you right to your social media pages. They take the hassle out of finding your social pages, making it easier to gain followers.
Managing Multiple Profiles
Managing multiple profiles on Google+ is very simple if you add all your accounts to one email address. Once you associate all your different profiles to that one email address it becomes very easy to switch back and forth between the different profiles from the Google+ interface. Don’t forget—you can always use a social media management tool like Buffer to switch profiles simultaneously.
Switching Profiles:
Click the icon on the upper right hand corner (Note: Your icon will be different from ours)
Once you click on that icon it will release a drop down menu of all the other profiles you have connected to your account
Now you are free to switch through whichever profile you deem necessary
Properly Engaging with Influencers
Engaging with influencers is a lot like engaging with influencers on any other platform—you need a strategy and you need to find the right influencers.
Do not:
Plus one (+1) everything they share
Try to directly reach out to them–it comes off creepy
Follow them on other networks without establishing a relationship with them
Do:
Occasionally +1, comment, and share their posts
Appreciate their content by sharing it in your communities
Share some of their posts 1-2 times a week
Thank them for sharing information that you find important
How and What to Post
Posting on Google+ seems a lot more complicated than it really is. Just keep in mind that you can post publicly, in a community, or in a group. To post you simply go to the page, community or group you want to post to.
Click on the pencil icon on the bottom right hand corner
Which will bring you to this screen
Here you type in the text of the message you want to draft in the ‘What’s new with you?’ section. If you are adding a link, click on the. If you want to add a picture (recommended) click on the camera icon. You can also add your location by clicking on the location pin.
What to Post
Just like any other network, you need to find your niche before posting blindly. Finding content that really resonates with your audience is half the battle. Like I said previously, try testing a few types of content to see what works best.
Don’t be afraid to use content with a lot of pictures like infographics. The more pictures the better. A very good post is a combination of clever content, great pictures and captive CTA’s (call to actions.) Once you find this balance roll with it and optimize your Google+ account to its full potential.
Thinking About Your Next Steps?
All of these social media platforms are great for connecting and getting your content out there. Each platform is a little different from the next, so don’t try to implement the same strategy throughout all of them. Finding your groove might take some time, but keep working towards it and tweaking your strategy to see what gives you the best results. Once you hit that sweet spot, roll with it.
You can learn more about what the Total Mortgage marketing team does for our loan officers by checking out other articles in this series, or by visiting our career portal.
Carter Wessman
Carter Wessman is originally from the charming town of Norfolk, Massachusetts. When he isn’t busy writing about mortgage related topics, you can find him playing table tennis, or jamming on his bass guitar.
Inside: Are you looking for an affordable budgeting app that offers a range of features? YNAB may be the perfect choice for you! This guide will compare YNAB vs Mint, highlight their key features, and help you decide which is best for your needs.
Are you trying to make a choice between Mint and YNAB for managing your financials?
Here’s a comprehensive overview that would definitely point you in the right direction.
Both Mint and YNAB have proven to be efficient and reliable online budgeting tools, but their offering varies in some aspects.
While Mint shines with its free budgeting tools and comprehensive credit score and report management capabilities, YNAB stands distinguished with its robust features and specialist credit management options, making it worth its fee for some users.
Herein, we dive into the similarities, differences, and unique functionalities of both platforms to help you decide which one best aligns with your financial management needs and lifestyle.
As a finance expert, I’ve seen both YNAB and Mint apps work wonders for different people.
In my opinion, both have unique value. Novices may find Mint’s overview helpful, while more determined budgeters might prefer YNAB.
Remember, it’s perfectly fine to use both if it aids your long-term money management.
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 is YNAB?
YNAB is a budgeting software I’ve utilized that provides detailed financial tracking and education for effective money management. Also, known as you need a budget app.
Adhering to its unique Four Simple Rules for Successful Budgeting, every dollar is assigned a specific task. YNAB operates via an online account or a mobile app, involving color codes and features like ‘The Inspector’ for efficient budget overview. However, it’s important to note that YNAB caters only to the zero budgeting style and charges a monthly subscription fee.
This is a great budgeting method as it gives you a cash flow budget plan for your money.
Overall, YNAB helped me gain control over my finances by setting realistic goals, getting one month ahead on bills, and focusing on each dollar’s purpose.
What is Mint?
Mint is a free, all-in-one finance platform owned by Intuit that can be used to easily manage my money.
It links all accounts in one place for easy tracking and includes features such as budgeting, credit score monitoring, and bill tracking.
For instance, Mint categorizes transactions, monitors changes in my credit score, and sets up budgetary limits.
With over 30 million users, Mint is a leading free tool in personal finance management.
A step up from Mint would be Intuit’s Quicken platform or Simplifi budget app.
Comparison of YNAB and Mint Apps
Mint is a comprehensive, free budgeting app, that provides an overall view of your finances. It links to your accounts, tracking and categorizing spending, while also offering savings tips. Conversely, YNAB, a paid app, focuses on giving users control over budgeting. It will link to your accounts and encourage a proactive role in handling finances.
These are two of the budget apps available on the market.
1. YNAB vs Mint: Features
YNAB and Mint are both renowned budgeting apps, but they possess some notable differences.
While both support account linking, goal setting, and spending tracking, Mint pulls ahead with its investment and credit score tracking features.
YNAB distinguishes itself with a forward-thinking, zero-based budgeting strategy and benefits like manually adding transactions. Think budget by paycheck style.
From the ease of use standpoint, both are equally user-friendly.
2. YNAB vs Mint: Budgeting Snapshot
YNAB offers a rigorous, manually updated budgeting snapshot that employs a zero-based budgeting philosophy. This feature provides a detailed outlook, encouraging users to assign every dollar a job.
On the other hand, Mint has an automated tracking system that offers an all-in-one snapshot of all financial accounts and spending categories.
Mint integrates your accounts, offering useful tips and an overview of your finances. Conversely, YNAB requires a manual categorization of income and expenses but affords more budgeting control. Similar to using the ideal household budget percentages.
The budgeting snapshot in Mint is best suitable for individuals seeking a hands-off approach, while YNAB is ideal for those who prefer an in-depth, hands-on budget strategy.
A great way to move digital from your budget binder with envelopes.
3. YNAB vs Mint: Goal Setting
The Goal Tracking feature in YNAB allows users to set various budgeting goals such as saving targeted amounts of money or conversely working towards getting out of credit card debt. This in-built functionality provides a structured pathway for users to stick to and pursue their financial objectives effectively.
Your interaction with your YNAB account through the goal-tracking tool ties back to YNAB’s four Simple Rules for Successful Budgeting, aiding in fiscal responsibility.
This innovative feature assists individuals in staying focused on their planned budgets, ensuring they are empowered to make strides toward their unique financial goals.
Mint however doesn’t offer this feature.
4. YNAB vs Mint: Interface
While YNAB is ideal for meticulous budgeters prioritizing forward planning, Mint is perfect for those seeking an easy-to-use, comprehensive glimpse of their financial standing.
YNAB’s interface is focused on budgeting, featuring tools for expense tracking, goal setting, and manual transaction input.
In contrast, Mint offers a comprehensive overview of your financial health, automatically categorizing expenses, tracking investments, and offering set-up alerts.
5. YNAB vs Mint: Categorization
Mint offers automated categorization of transactions, which eases the process of budgeting for the user. However, it doesn’t allow the removal of default categories, and the addition of new ones might take time due to server communication.
On the other hand, YNAB allows a deeper level of categorization, with an option to visually nest categories, and more effortless editing of these categories.
In my opinion, Mint’s categorization feature suits a casual budgeter looking for automation, while YNAB would be ideal for those desiring granular control over their personal budget categories.
6. YNAB vs Mint: Mobile App & Cross Platforms
Both YNAB and Mint offer comprehensive personal finance management via mobile apps, compatible with iOS, Android, and desktops.
YNAB stands out with its Apple Watch integrations and a slightly better syncing experience based on user reviews on Trustpilot1.
YNAB also syncs across a desktop app as well.
7. YNAB vs Mint: Alerts
Mint provides a wide selection of alerts, including low balances, upcoming bill payments, over-budget warnings, ATM fees, and unusual expenditure notifications.
These comprehensive alerts from Mint give a more thorough financial pulse check but can be overwhelming for some.
On the other hand, YNAB recently added live push notifications based on your preferences.
8. YNAB vs Mint: Syncing
YNAB leads the game when it comes to synchronization, outshining Mint. While Mint supports numerous banks, issues with synchronization often lead to grievances among its users. YNAB, on the other hand, offers smoother syncing and fewer complaints, proving its superiority.
Many users find YNAB’s syncing consistent and reliable.
Personally, I believe that if you prioritize seamless syncing and don’t mind spending $14.99 a month, YNAB becomes a clear choice.
However, if you’re okay with potential sync issues and prefer free usage, Mint could be more suitable.
It’s crucial to pick according to your priorities and needs.
9. YNAB vs Mint: Savings Accounts
Mint offers automatic expenditure tracking and classifies my spending into categories, providing a comprehensive view of where my money is going.
YNAB, on the other hand, empowers me to manually budget my net income each month, ensuring I don’t overspend and promoting a proactive approach to saving.
10. YNAB vs Mint: Investment Tracker
Mint offers investment tracking features, allowing users to view their investment portfolio and monitor performance.
In contrast, YNAB lacks this feature, not providing any investment tracking at all.
As a user, if you highly prioritize tracking investments in one place, you may lean towards using Mint. Conversely, if investment tracking is less important to you than budgeting, YNAB’s strong budgeting emphasis, despite its lack of investment tracking, makes it a considerable option.
11. YNAB vs Mint: Learning Curve with your Finances
YNAB has a steeper learning curve, necessitating a proactive approach to money management by assigning every dollar a purpose. Thus, YNAB gives you a free 34-day free trial to understand how to use the app.
Mint, however, requires minimal user input post-account linkage and auto-categorizes your spending. For sheer ease of use, Mint might appeal to novices looking for automated budget tracking.
On the other hand, users wishing to take charge of their finances might appreciate YNAB’s proactive, behavior-altering approach. Despite having a steeper learning curve, YNAB offers an abundance of online tutorials and customer support, making the learning process manageable and rewarding.
The same is true when you are learning to use the biweekly budget template.
12. YNAB vs. Mint: Data Security
Data security is a paramount concern when utilizing online budgeting apps as they deal with sensitive financial information.
Apps like YNAB and Mint incorporate stringent security measures to protect user data.
For instance, YNAB uses a one-way salted and hashed password system and data encryption.
Mint, on the other hand, employs two-factor authentication and a Touch ID sensor for iOS for enhanced security.
Nonetheless, it’s important to note that while these apps provide bank-level security, Mint does anonymize and sell user data to advertisers.
13. YNAB vs Mint: Advertising
YNAB derives income primarily from subscription fees offering an ad-free experience, holding a straightforward revenue model. In contrast, Mint generates income through affiliate commissions by advertising financial products to users and selling anonymized user data!
Mint, contrastingly, is a free app reliant on ads and sells anonymized user data for third-party advertisements.
From my perspective, if avoiding ads and preserving data privacy matters to you, YNAB’s approach might be more appealing. However, if you prefer a free service and don’t mind the ads, Mint would be suitable.
14. YNAB vs Mint: Customer Support
When evaluating the customer support of Mint and YNAB, it’s evident that YNAB takes a more well-rounded approach.
With a commitment to respond to email queries within 24 hours, YNAB also provides educational resources such as the “get started” class, their blog, and user forums. This is in contrast to Mint, which, despite offering live chat support, has had reports of slow response times.
Both platforms offer online training materials, but YNAB seems more comprehensive and responsive in its support-providing role. Overall, YNAB appears to be the preferred choice when customer support is a primary consideration.
15. YNAB vs Mint: Cost
Mint is a free, ad-supported budgeting app while YNAB is a subscription-based model of $14.99 monthly or $99 annually.
However, for individuals seeking in-depth surgical budgeting capabilities without concerns for associated costs, YNAB’s price might represent a great investment.
Given the claimed average user saves $600 in two months and $6,000 in the first year.2
For those budgeting with minimal funds, the free price tag of Mint might be more attractive, but you are giving away your privacy.
Pros and Cons of YNAB vs Mint
Our Favorite
Key Features:
YNAB offers a comprehensive approach to budgeting, helping you plan monthly budgets based on your income. It also offers expert advice, making it suitable for those who require an in-depth, forward-thinking budgeting strategy.
YNAB’s superior synchronization skills make it the winner in this area. YNAB has extra features like goal setting for budgeting, shared budgeting tools for partners
YNAB provides an option to manually add and upload transactions from accounts each month, a feature that Mint does not offer.
YNAB prioritizes user privacy, requires an opt-in to access budgeting data, and doesn’t sell user data.
Key Features:
Mint offers a centralized platform for monitoring all your financial accounts, including credit cards and bank accounts.
It provides a complete financial overview at a glance through the auto-population of data from linked accounts.
Mint’s features include detailed reporting in multiple categories, free credit score access, and exceptional compatibility with financial institutions.
The service is free, funded by ads and offers, and it best serves those who wish to categorize spending, budget their monthly expenses, and access all financial details from one place.
Lack of investment tracking feature
Customer service is only accessible via email, which might not be ideal for urgent queries
Steep learning curve which requires time and effort to navigate through.
Mint, which belongs to Intuit, automatically accesses all data and sells the data. Thus, an intrusion of privacy.
Budgeting feature doesn’t enable effective planning of future expenses.
Mint suffers from more technical glitches and synchronization issues.
Ads included in the free version of Mint can be obtrusive and may deter users.
$14.99 monthly or $99 annually
Free to Use, But Served Ads and They Sell your Data.
Offers a 100% money-back guarantee at any point of use.
Does not require credit card information to signup, a departure from the usual free trial model)
Our Favorite
Key Features:
YNAB offers a comprehensive approach to budgeting, helping you plan monthly budgets based on your income. It also offers expert advice, making it suitable for those who require an in-depth, forward-thinking budgeting strategy.
YNAB’s superior synchronization skills make it the winner in this area. YNAB has extra features like goal setting for budgeting, shared budgeting tools for partners
YNAB provides an option to manually add and upload transactions from accounts each month, a feature that Mint does not offer.
YNAB prioritizes user privacy, requires an opt-in to access budgeting data, and doesn’t sell user data.
Lack of investment tracking feature
Customer service is only accessible via email, which might not be ideal for urgent queries
Steep learning curve which requires time and effort to navigate through.
$14.99 monthly or $99 annually
Offers a 100% money-back guarantee at any point of use.
Does not require credit card information to signup, a departure from the usual free trial model)
Key Features:
Mint offers a centralized platform for monitoring all your financial accounts, including credit cards and bank accounts.
It provides a complete financial overview at a glance through the auto-population of data from linked accounts.
Mint’s features include detailed reporting in multiple categories, free credit score access, and exceptional compatibility with financial institutions.
The service is free, funded by ads and offers, and it best serves those who wish to categorize spending, budget their monthly expenses, and access all financial details from one place.
Mint, which belongs to Intuit, automatically accesses all data and sells the data. Thus, an intrusion of privacy.
Budgeting feature doesn’t enable effective planning of future expenses.
Mint suffers from more technical glitches and synchronization issues.
Ads included in the free version of Mint can be obtrusive and may deter users.
Free to Use, But Served Ads and They Sell your Data.
Who should use YNAB?
From my experience, YNAB works best for those who are ready to seriously manage their money and spend some time learning a new budgeting approach. Its use of the zero-based budgeting system not only makes you more intentional with your money but also demands active participation in decision-making.
YNAB’s ability to link to your accounts and its multitude of educational resources available are admirable features I’ve used.
YNAB offers detailed financial tracking and built-in education, but its monthly subscription fee and suitability for a specific budgeting style may be limiting for some.
However, it comes with a monthly or annual cost – a worthy investment for those searching for a robust, hands-on, and future-focused budgeting tool. Most YNAB budgets agree they save multiples of the subscription cost.
However, it can be less suitable for those not ready for a hands-on approach or those sensitive to subscription pricing.
Who should use Mint?
On the other hand, Mint is an all-in-one app that automatically tracks and categorizes your spending.
Based on my experience, Mint is an excellent tool for novice-level budgeters seeking to track their expenses, set budgets, and manage their finances with ease. This budgeting app allows a comprehensive view of all your financial accounts, which differentiates it from YNAB.
If you’re comfortable seeing ads and not needing investing features, Mint could be a perfect fit. However, if you require the ability to assign multiple savings goals to one account or a bill pay feature, YNAB may be more suitable for you.
Therefore, Mint is most applicable for beginners seeking a free and user-friendly budgeting platform.
YNAB vs. Mint: Which is better for you?
As a content writer and budgeting app user, I find Mint and YNAB are unique in their offerings.
Mint automatically tracks and categorizes your spending, providing an intuitive picture of where your money goes, ideal for beginners in budgeting.
In contrast, YNAB promotes a proactive approach, helping to set and monitor budgets, hence perfect for those with specific financial goals. To sum up, Mint offers a simplified, passive overview, while YNAB is excellent for a detailed, forward-thinking approach to managing finances.
Personal preferences and needs really influence the choice here. Do you need intricate control and don’t mind paying a fee? YNAB might be your fit. Prefer automation and want a free option? Mint could work for you.
YNAB vs Mint: Verdict
As an expert in personal finance tools, I’ve explored both YNAB and Mint.
In my experience, there are distinct differences between YNAB and Mint. For my readers, I recommend YNAB.
YNAB, with its laser-focused approach towards budgeting, is a boon for individuals needing extensive assistance in the budgeting arena. You learn to assign every dollar with intention, thereby gaining a higher degree of control over your finances.
This proactive approach will help you to be financially independent faster.
To sum up, if detailed budgeting is your priority, choose YNAB.
YNAB
Enjoy guilt-free spending and effortless saving with a friendly, flexible method for managing your finances.
Pros:
Comprehensive approach to budgeting, helping you plan monthly budgets based on your income.
Offers expert advice, making it suitable for those who require an in-depth, forward-thinking budgeting strategy.
Superior synchronization skills make it the winner in this area.
YNAB has extra features like goal setting for budgeting, shared budgeting tools for partners.
Option to manually add and upload transactions from accounts each month.
YNAB prioritizes user privacy.
Start 34 Day Free Trial
However, for a more holistic financial insight with less emphasis on budgeting, Mint might be the better choice.
Now, make sure to check out our Quicken Review.
Source
TrustPilot. “YNAB Review.” https://www.trustpilot.com/review/ynab.com. Accessed on September 27, 2023.
YNAB. “YNAB Pricing.” https://www.ynab.com/pricing/. Accessed on September 27, 2023.
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Though FICO® and VantageScore® ranges start at 300, most new credit users don’t start this low. In fact, if you’ve never taken out credit or applied for a loan, you might not have a credit score at all.
When applying for credit cards and loans, you begin to build credit, but you may be wondering—what does your credit score start at? Most people’s initial credit scores are between 500 and 700 points, depending on the steps taken when establishing credit. However, you won’t have a credit score to report if you’ve never opened a credit account.
Read on to learn more about your starting credit score and how to build your credit over time.
What Credit Score Does an 18-year-old Start with?
Contrary to popular belief, you don’t automatically receive a credit score the day you turn 18 years old. However, you need to be at least 18 years of age to apply for credit and start building your score. Remember that if you haven’t used credit yet, you likely won’t have a score at all.
Once you start using credit, you will get a score roughly three to six months after opening your first credit account. Your credit score will be calculated based on a variety of factors outlined in the next section.
How Are Credit Scores Calculated?
So, how are credit scores determined if everyone doesn’t receive the same default credit score? According to FICO, they use the following five factors to calculate your credit score:
Payment history: The most important factor to determine your credit score is your history of paying credit accounts on time.
Accounts owed: While owing money on credit accounts isn’t necessarily bad, using a majority of your available credit can lead to lenders viewing you as higher-risk.
Length of credit history: Generally, the longer your credit history, the better it is for your score since lenders have a more accurate assessment of your risk.
Credit mix: The different types of credit you have, such as credit cards, installment loans, and finance company accounts, are your credit mix.
New credit: Opening too many credit cards in a short period of time can hurt your score since doing so signals to lenders that you’re a greater risk.
How to build credit
If you’re new to credit, you may be wondering how to start building your credit in the first place. Receiving a loan without a credit score might be difficult, so FICO suggests the following ways to start building credit:
Become an authorized user on a family member’s credit card. You can be added to a card owner’s account, which allows you to make purchases with their credit card. Keep in mind that this method doesn’t have a large effect on your score but can be a good stepping stone to building credit.
Apply for a secured credit card. As a person with no credit, your risk to lenders is considered very high. A secured credit card requires you to pay a refundable security deposit to mitigate risk.
Report rent and other service providers. Credit and loans aren’t the only factors that affect credit. While landlords and utility companies typically don’t report to the credit bureaus, you can request that they do so to start building your credit.
How long does it take to build a 700 credit score?
According to FICO, a credit score of 700 or above is considered good. And since the national average credit score is 716 as of April 2022, it certainly is achievable, although it will take time. If you’re starting with no credit, you can expect building a 700 credit score to take at least six months of practicing positive credit habits.
Keep in mind that there are steps you can take to increase your initial credit score and reach your credit score goal of 700 or higher credit.
How to improve your initial credit score
So, how can you help make sure that you start out with a good credit score? Follow the tips below to improve your credit score.
Review your credit report. Once you open a credit account, be sure to view your credit report and look for any inaccuracies.
Be on time with your payments. Since payment history is the most important factor that influences your credit score, be sure to pay your bill on time and avoid missing payments.
Limit applying for multiple lines of credit in a short period of time. Applying for credit results in a hard inquiry, which may slightly lower your credit score. Too many of these hard inquiries in a short period of time can cause your credit score to drop.
Keep your credit utilization ratio under 30 percent. Credit utilization refers to the amount of credit you’re using divided by the amount that is available to you. For example, if your monthly credit limit is $1,500, aim to use under $450 each month.
Be patient. Again, the length of credit history is an important factor that contributes to your credit score. The more time that passes since you opened your account, the better for your score.
FAQs
Below, we’ve answered some common questions regarding your first-time credit score.
Does your credit score start at 0?
Your credit score doesn’t start at zero. In fact, the lowest credit score possible is 300. However, you likely won’t start at this score unless you’ve made actions that have damaged your credit score.
Does everyone start with the same credit score?
Everybody doesn’t start with the same credit score. As mentioned above, your individual credit score is based on a number of factors.
Is no credit worse than bad credit?
No credit means you lack a credit history, whereas bad credit means you’ve made credit-damaging mistakes, such as multiple late payments. While both scenarios can cause limitations, building credit from scratch is generally easier than rebuilding a bad credit score. As a result, it’s worse to have bad credit than no credit.
What’s a good credit score for young adults?
A good credit score is 670 and up. According to Experian®, the average credit score for young adults ages 18-25 is 679, so any score above that is considered above average for the age group.
How to check your credit score for free
Once you begin building credit, it’s crucial to follow responsible financial practices that will help you raise your credit score over time. And don’t forget to regularly monitor your credit to make sure you’re on the right track.
ExtraCredit by Credit.com gives you tools to manage your credit at an affordable monthly price so you have information you need to help you achieve your financial goals. Get started today.
Figuring out how to double your money with investments often hinges on striking the right balance between risk and reward. Your personal risk tolerance and goals can influence how you invest and the returns your portfolio generates.
However, doubling your money is a reasonable goal, especially if you’re willing to wait for your money to grow. And that’s a big variable to keep in mind: Time. If you’re interested in doubling your money and growing wealth for the long-term, there are several investing strategies to consider.
Investing Strategies to Double Your Money
1. Get to Know the Rule of 72
The rule of 72 can be a helpful guideline for answering this question: How long to double your money?
If you’re not familiar with this investing rule, it’s not complicated. It uses a simple formula to estimate how long doubling your money might take, based on your annual rate of return. You divide 72 by your annual return to get the number of years you’ll need to wait for your investment to double.
So, for example, if you have an investment that generates a 5% annual return, it would take around 14.5 years to double it. On the other hand, an investment that’s generating a 12% annual return would double in about six years.
The rule of 72 doesn’t predict how an investment will perform. But it can give you an idea of how quickly (or slowly) you can double your money, based on the returns you’re getting each year. Just keep in mind that the rule’s accuracy tends to decrease as the rate of return increases, so it’s more of a guideline than a hard-and-fast rule.
💡 Quick Tip: How do you decide if a certain trading platform or app is right for you? Ideally, the investment platform you choose offers the features that you need for your investment goals or strategy, e.g., an easy-to-use interface, data analysis, educational tools.
2. Leverage Your Employer’s Retirement Plan
One way to attempt to double your money through investing may be through your workplace retirement plan. If your employer offers a matching contribution to the money you’re deferring from your paychecks, that’s essentially free money for you.
Employer matching contributions are low-hanging fruit, in that you don’t need to change your investment strategy to take advantage of them. All that’s required is contributing enough of your salary to your employer’s retirement plan to qualify for the match.
The matching formula that companies use varies, but some companies offer a dollar-for-dollar match, meaning that the money you put into a 401(k) would automatically double when you receive your match. Keep in mind that some companies use a vesting schedule, meaning that you have to work at the company for a certain period of time before you get to keep all the employer contributions.
Aside from potentially helping to double your money, investing your 401(k) or a similar qualified retirement plan can also yield tax benefits. Contributions made with pre-tax dollars are deducted from your taxable income, which could lower your annual tax bill.
3. Diversify Strategically
Diversification means spreading your money across different investments to create a portfolio that will meet your needs for both risk and return.
As a general rule of thumb, riskier investments like stocks have the potential to generate higher returns. More conservative investments, such as bonds, tend to generate lower returns but there’s less risk that you’ll lose money on the investment.
If you want to double your money, then it’s important to pay attention to diversification and what that means for your return on investment. For instance, if you’re investing heavily in stocks then you could see greater returns but you might experience deeper losses if the market takes a hit. Playing it too safe, on the other hand, could cause your portfolio to underperform.
Also, keep in mind that there are many types of investments besides stocks, mutual funds and bonds. Real estate, stock options, futures, precious metals and hedge funds are just some stock and bond alternatives you could use to build a portfolio. Understanding their risk/reward profiles can help you decide what to invest in if you’re focused on doubling your money.
💡 Quick Tip: Distributing your money across a range of assets — also known as diversification — can be beneficial for long-term investors. When you put your eggs in many baskets, it may be beneficial if a single asset class goes down.
4. Consider Buying When Others Are Selling
The stock market is cyclical and you’re guaranteed to experience ups and downs during your investing career. How you approach the down periods can impact your ability to double your money when the market goes up again.
When the market drops, some investors start selling off stocks or other investments to avoid losses. But if you’re comfortable taking risks, the sell-off could present an opportunity to buy the dip.
If you can purchase stocks at a discount during periods of volatility when other investors are selling, you could double your money when those same stocks increase in value again. But again, making this strategy work for you comes down to knowing how much risk is acceptable to you.
5. Commit for the Long Term
There are different investment philosophies you can adopt. For example, traders regularly buy and sell investments to try and get quick wins from the market. A buy-and-hold strategy takes a different approach, but it could pay off if you’re trying to double your money.
Buy-and-hold investing involves buying an investment and holding onto it for the long-term. The idea is that during that holding period, the investment will grow in value so you can sell it at a sizable profit later.
This is a passive investment strategy that relies on patience and time to increase your portfolio’s value. The longer you have to invest, the more you can capitalize on the power of compounding gains, or gains you earn on your gains.
If you’re using a buy-and-hold strategy with a value investing strategy, you could potentially double your money or more if your investments meet your expectations. Value investing means investing in companies that you believe the market has undervalued.
This strategy takes a little work since you have to learn how to understand the difference between a stock’s market value and its intrinsic value. But if you can find one of these bargain hidden gems and hold onto it, you could reap major return rewards later when you’re ready to sell.
6. Step Up Your Investment Contributions
Another simple strategy to double your money is to invest more. Assuming your portfolio is performing the way you want and need it to to reach your goals, doubling your investment contributions could be a relatively easy way to boost your returns.
If you can’t afford to put big chunks of money into the market all at once, there are ways to increase your investments gradually. For instance, you could start building a portfolio with fractional shares and increase your contributions by a few dollars each month.
If you’re investing your 401(k) at work, you could ask your plan administrator about raising your contribution rate annually. For example, you might be able to automatically bump up salary deferrals by one or two percent each year. And if that coincides with a pay raise you may not even miss the extra money you’re contributing.
7. Focus on Tax Efficiency
Minimizing tax liability is another opportunity to stretch your investment dollars. There are different ways to do that inside your portfolio.
Investing in your retirement plan at work is an obvious one, so if you aren’t doing that yet you may want to consider getting started. Remember, the longer you have to invest, the more time your money has to grow.
If you don’t have a 401(k) or a similar plan at work, you could open a traditional or Roth Individual Retirement Account (IRA) instead. A traditional IRA allows for tax-deductible contributions, meaning you get an upfront tax break. Then, you pay ordinary income tax on that money when you withdraw it in retirement.
Roth IRAs aren’t tax-deductible, since you fund them with after-tax dollars. The upside of that, however, is that qualified withdrawals in retirement are 100% tax-free.
A taxable brokerage account is another way to invest, without being subject to annual contribution limits the way you would with a 401(k) or IRA. The difference is that you’ll pay capital gains tax on your investment growth.
Paying attention to asset location can help with maximizing tax efficiency across different investment accounts. For example, exchange-traded funds can sometimes be more tax-efficient than other types of mutual funds because they have lower turnover. That means the assets in the fund aren’t bought or sold as frequently, so there are fewer taxable events.
Keeping ETFs in a taxable account while putting less tax-efficient investments into a tax-advantaged account, such as a 401(k) or IRA, could help with doubling your money if it means reducing the taxes you pay on investment gains.
The Takeaway
Learning how to double your money can mean taking a slow route or a quicker one, but it all comes down to how much risk you’re comfortable with and how much time you have to invest. One of the keys to growing your investments is being consistent and that’s where automated investing can help.
There are numerous strategies and tactics that you can try to leverage to your advantage. But ultimately, whether you’re able to double your money will likely come down to how much you’re willing to risk, how much time you have on your side, and probably a little bit of luck.
Ready to invest in your goals? It’s easy to get started when you open an investment account with SoFi Invest. You can invest in stocks, exchange-traded funds (ETFs), and more. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).
For a limited time, opening and funding an Active Invest account gives you the opportunity to get up to $1,000 in the stock of your choice.
Photo credit: iStock/South_agency
SoFi Invest® The information provided is not meant to provide investment or financial advice. Also, past performance is no guarantee of future results. Investment decisions should be based on an individual’s specific financial needs, goals, and risk profile. SoFi can’t guarantee future financial performance. Advisory services offered through SoFi Wealth, LLC. SoFi Securities, LLC, member FINRA / SIPC . SoFi Invest refers to the three investment and trading platforms operated by Social Finance, Inc. and its affiliates (described below). Individual customer accounts may be subject to the terms applicable to one or more of the platforms below. 1) Automated Investing—The Automated Investing platform is owned by SoFi Wealth LLC, an SEC registered investment advisor (“Sofi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC, an affiliated SEC registered broker dealer and member FINRA/SIPC, (“Sofi Securities).
2) Active Investing—The Active Investing platform is owned by SoFi Securities LLC. Clearing and custody of all securities are provided by APEX Clearing Corporation.
3) Cryptocurrency is offered by SoFi Digital Assets, LLC, a FinCEN registered Money Service Business.
For additional disclosures related to the SoFi Invest platforms described above, including state licensure of Sofi Digital Assets, LLC, please visit www.sofi.com/legal.
Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform. Information related to lending products contained herein should not be construed as an offer or prequalification for any loan product offered by SoFi Bank, N.A.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Claw Promotion: Customer must fund their Active Invest account with at least $10 within 30 days of opening the account. Probability of customer receiving $1,000 is 0.028%. See full terms and conditions.
Investment Risk: Diversification can help reduce some investment risk. It cannot guarantee profit, or fully protect in a down market.
Even with a small apartment, cleaning is daunting, especially if you’re not a Type-A personality. If only we could all have a cleaning company.
From deep cleaning to everyday chores, this apartment cleaning guide will show you what to clean, how to clean it and those quick hacks that will make your life easier.
Everyday apartment cleaning checklist
Leaving all the cleaning to one day of the month won’t help you stay on top of things. It would help if you started building cleaning habits that you put into action every day. Here are a few cleaning tips that will help you do a little every single day.
Clean as you go to keep the apartment tidy
The key to this is to ‘put it away when you’re done with it.’ If you’re walking by your living room, fold up the blankets, take any clothes to your laundry hamper and quickly puff up your throw pillows.
If you go to the bedroom to get something, grab the laundry hamper and start a load of laundry or bring your laptop or books, you left in the kitchen with you.
When you’re in the bathroom, check the trash can, open the shower curtain to let it air out and keep a box of disinfecting wipes on top of the toilet so you can quickly clean the sink as you’re standing there. Any spills that sit overnight will be harder to clean later. It all takes a few minutes and will shave off time spent on cleaning every weekend.
Concentrate on one room
While you’re in the kitchen cooking dinner, start cleaning all countertops as you wait for the water to begin boiling or empty the dishwasher so you can start to load it as soon as dinner is ready. Make a note to check the trash every night and take it out if it’s full.
If it’s the weekend and you have time, go ahead and work your way from top to bottom in the kitchen or bathroom. Start by clearing out any debris from countertops, backsplash, reorganizing and then clean the floors.
Keep a cleaning tote and garbage bag with you
A quick hack is to have cleaning wipes nearby for the kitchen and bathroom so you can quickly do the task at hand. If you have to think about it, you’ll procrastinate. But another similar hack is to have a cleaning tote.
As you move from room to room, you can take the tote with you — include rags, cleaning sprays, sponges, dusters and anything else you use to deep clean. Also, bring a garbage bag along with you so you can throw out any excess trash lying around and maybe even declutter a few items as you go.
How to deep clean your apartment
Sometimes, despite cleaning a little every day, those tough stains stick around, and you have to call in reinforcements. You can get rid of weird smells and avoid deep scrubbing with a few household items — some of them are pantry items, too!
Clean your dishwasher monthly
Dishwashers need to be cleaned too! You’re putting dirty plates, grease and so much more every time you run a cycle and mildew, or food residue will build up over time. Luckily it’s easy to do — no scrubbing need it. First, run a wash cycle with a small dish of white vinegar placed on the dishwasher’s top shelf to sanitize the interior.
Once that’s done, sprinkle baking soda along the bottom of the dishwasher to deodorize the inside and run another wash cycle.
Deodorize your garbage disposal
A foul-smelling garbage disposal can indeed linger in the air and make your clean apartment smell terrible. A quick hack using lemons and white vinegar can help you get rid of it. Use an ice cube tray, fill each one with white vinegar and tiny lemon chunks, and then wait for it to freeze.
When needed, drop one of the frozen cubes in and run warm water for a minute or so while the disposal is on.
No bending required to clean that oven
After that frozen pizza you made, your oven looks extra greasy dirty. But who wants to spend a few hours bent down to scrub off grease and gunk in the range? You can clean your oven while you do other kitchen tasks. If you know your oven model, check the internet for cleaning instructions or follow these instructions.
Preheat your oven to 150 degrees Fahrenheit. Meanwhile, set a medium-sized pot of water to boil on the stovetop. Once the oven preheats, turn it off. If you have a gas stove, make sure the pilot light extinguishes as soon as you have finished preheating the oven.
Once your oven is preheated, and the water is boiling, pour one cup of ammonia (use gloves!) into a shallow baking dish and place it on the top rack of your oven. Place the pot of boiling water on the bottom shelf.
Leave it in there for a minimum of three hours
Once the ammonia has had enough time to loosen any messes inside the oven, remove the ammonia and water. Add a small amount of dish soap to the ammonia, and use the soapy ammonia mixture and a sponge to wipe away any grease or grime. It should be relatively easy since the ammonia loosened the stains.
Don’t forget about your other appliances when cleaning your apartment
While the stove is always top of mind for cleaning, don’t forget about your other appliances. It’s still good to empty the refrigerator, check expiration dates and give the shelves a good scrub with a little dish soap and a sponge. Or grab a disinfecting spray and clean the inside of the microwave — those greasy stains can go everywhere.
If you have a coffee machine, fill the reservoir with half white vinegar and half water and run the brew cycle to get rid of any mildew that may be building up in there.
Other things to deep clean
As you wait for things to soak, here are a few things you can quickly do as you move from room to room.
Walk around with your disinfecting spray and clean all the doorknobs, trash cans, light switches, handles and faucets to eliminate any lingering bacteria.
Throw your shower curtain in the shower with some OxiClean or half a cup of baking soda and half a cup of laundry detergent to get rid of any mold.
Clean the toilet seat and the bowl. Add a cleaning pod to the toilet tank to get any remaining things off in the next few flushes. Keep a little cleaning station next to the toilet to make the task easier.
Change your bedsheets and drop the other ones in the washer along with the rest of your laundry.
Walk around with the duster and clean all picture frames, surfaces, windowsills, coffee tables and even around the TV.
Don’t forget to vacuum under the couch and bed and move furniture around to get every corner of your rug clean.
If you have a fan, don’t skip the ceiling fan blades. Grab a damp dust cloth, start from the center and wipe out to catch everything in your fabric.
If you have a work station, grab a disinfecting wipe and clean your keyboard, mouse and other desk surfaces. Use a keyboard cleaner to remove any crumbs or dust.
An apartment cleaning schedule will become your best friend
It’s OK if you don’t dust your shelves and scrub your countertops daily. Many of us don’t have the time to stay on top of these cleaning tasks. But building a routine through a schedule can help!
Here’s a sample schedule that covers some weekly basics, and then you can leave deep cleaning and dirty work for Saturdays.
Monday: Sweep and mop hard surfaces
Tuesday: Scrub the toilet and shower
Wednesday: Wipe down the refrigerator and oven
Thursday: Wash the bedroom linens
Friday: Dust furniture and clean windows
Apartment cleaning doesn’t have to be awful
Building your ultimate apartment cleaning habits may take a few tries, but once you get to know your apartment and know precisely what demands your attention every day, cleaning will get a little easier. From building a daily schedule to picking up as you go, these cleaning tips will help you get your apartment sparkling clean and not just for spring.
Muriel Vega is an Atlanta-based journalist who writes about technology and its intersection with arts and culture. She’s worked on content for startups like Mailchimp, Patreon, Punchlist, Skillshare, Rent. and others. Muriel has also contributed to The Washington Post, Eater, DWELL, Outside Magazine, Atlanta Magazine, AIGA Eye on Design, Bitter Southerner and more.