Savings Account Archives - Paul D. Polk Photography

Weâre all looking for ways to cut down on expenses â especially fixed expenses that lock us into a contracted bill month after month. One common way to spare your budget is to decrease your living expenses, including your house payment. Refinancing your loan could help cut down on your mortgage payments and could update your loan terms, saving you money. If youâre considering refinancing, you may ask, âhow long does it take to refinance a house?â

Refinancing your home can be tedious but it could help your budget in the long run. Luckily, weâre here to help by sharing the typical refinancing process and detailing how to make it as efficient as possible.

How Long Does It Take to Refinance?

Typically, refinancing a house takes 45 days, but it may vary depending on your financial situation and your lender vetting process. Preparing your financials early and picking the appropriate lender for your case are a few factors that could help the timeline of your updated mortgage loan. To speed up the refinancing application process, skip to our section below or keep reading to refinance your home in seven steps.

Steps to Refinance Your Home

Refinancing your mortgage has its positives and potential negatives. You could decrease your monthly mortgage payments, get a shorter loan period, or lock in a better interest rate. But you could also end up spending more on application fees or face prepayment penalties. Before speaking with a lender, research the refinancing process, requirements, and added costs that could deter your ideal result.

The 7-Step Home Refinancing Timeline

Step 1: Define Your Financial Goals

Start by asking yourself what youâd like to get out of a refinancing loan agreement. Do you want to shorten your loan term? Do you want to secure an interest rate lower than your current rate? Or, do you want both? Determine your ideal end result, verify your investment choice, and seek a lender that supports your goals.

Step 2: Compare Lenders (and Reviews)

Ask around or search online to find the right lender for you and your goals. Pick out a few professionals youâd be interested in working with and ask them their rates, terms, and requirements. To help narrow down your lender options, seek out reviews online or ask for referrals in your network to ensure you pick the right choice.

Step 3: Double-Check for Additional Fees or Costs

Refinancing a loan can rack up a bill you may not be aware of until after you start the loan process. Attorney, application, inspection, appraisal, and title searches are a few refinancing tasks that you could be charged for. To budget for these expenses, save a bit extra from each paycheck or assess your current savings account using our app. If you have enough saved, start inquiring about this loan. If you donât, put extra cash into savings each month until you have enough to cover the extra charges.

Mortgage Refinancing Documents

Step 4: Apply for Your Best Loan Estimate

Once youâve found the right loan for your financial goals, the next step is to fill out your application.. To submit your application, you may have to provide proof of income, assets, debts, and other forms that complete your financial portfolio. These documents may be helpful in the application process:

Proof of income: W2 earnings statements, 1099 DIV income statements, Federal tax returns for the last two years, bank statements for the last few months, recent paycheck stubs.
Credit information: your credit score and your credit reports from the last three years will be pulled for you, upon your approval.
Proof of assets: reports from your checking, savings, retirement, and other investment accounts.
Proof or insurance: providing evidence of your homeowners and title insurance.
Debts statements: statements of any debt accounts open â student loans, credit cards, current home loan, auto loans, etc.

Step 5: Start the Loan Process and Appraise Your Home

Itâs now time to begin the loan process and appraise the value of your home. Once youâre approved for your loan, itâs time to get your home inspected, appraised, and conduct a title search. To ensure you’re on track with your timeline, prepare all your documents ahead of time. Skip to our section below for more ways to speed up this process.

Step 6: Wait for Underwriters to Cross-Reference

Now, the underwriters take it from here. Underwriters double-check your financial information to ensure everything is accurate before approving your loan. Your creditworthiness and debt-to-income ratio are generally the key factors underwriters will look at. Your property details, including when you bought your house and your home’s value, are a few other determining factors. This process may be the longest time constraint, taking a few days up to a few weeks.

Step 7: Close Your Loan to Lock in Your Interest Rate

Once your loan is approved and youâve agreed upon your terms, itâs time to lock in your rate. This stage is commonly known to stretch your timeline as well. It can take your lawyer anywhere from one day to two months to settle your current loan and redeem your property. Keep in mind, this is typically where you pay the brunt of your fees whether youâre approved or denied. These fees may include closing costs and application fees.

Ways to Speed up the Application Process

credit score of 620 or higher, it may be the right time to check in on your score. Use our app to see your credit score, your credit history, and helpful tips to boost your ranking.

Avoid taking on more debt: Your credit score is impacted by your debt. Maxing out your credit card could negatively impact your credit score and cost more in the long run. Focus on paying off debts and only spending your readily available money to free up more credit utilization.

Stay away from applying for new credit: Additionally, inquiring about new debt opportunities could drop your credit score up to eight points. Next time youâre offered a new credit card or a deal on a car loan, take a few days to analyze the potential credit changes that could impact your refinanced mortgage.

Do what you can to accommodate your appraiser and lender: During this process, you may run into a couple issues â such as needing different paperwork or extra signatures. While life can get busy, do your best to make your appraisers and lenders liveâs easy. Doing so could speed up your process and earn you a better home loan in no time!

Refinancing your home takes time, but it can be well worth it in the long run. Getting a lower interest rate and a shorter term length could lessen your payments going towards interest. Use our app and our loan calculator to see what refinancing could do for your budget.

The post How Long Does It Take to Refinance a House (+ 5 Ways to Speed Up the Process) appeared first on MintLife Blog.

Source: mint.intuit.com

In Insurance

Money Audit: Should We Hold on to Our Rental Properties?

Cathy WilsonJanuary 22, 2021

This weekâs Mint audit helps out a couple, Pasquale, 46, and Jillian, 39, who are starting a new life together after each experiencing divorce. Both work in software sales earning roughly the same income. When combined, their earnings average $450,000 a year.

The New Jersey couple shares a new mortgage and a savings account. They recently purchased a home together and pool a fraction of their incomes together into a joint account to pay for shared expenses such as the home loan, property taxes and utilities.

Pasquale and Jillian also arrived at the relationship owning their own properties. Pasquale has held onto his townhome in a nearby town that he bought after his divorce. He rents it out, earning a nice $500 monthly profit. Jillian also has a home in Florida, which she rents out. She more or less breaks even every month.

They would like advice related to managing their rental properties (should they sell them?), possibly buying a vacation home in the $250,000 to $350,000 range and, for Pasquale, saving up to help send his two daughters (ages 13 and 17) to college. Theyâre also wondering if theyâre saving âenoughâ for retirement.

They had lots of good questions, and after an hour on the phone and a review of their finances, I was able to fit together some of their puzzle pieces.

First, hereâs a break down of some their finances:

Retirement Savings

Pasquale: Contributes 5% to 401(k) and has about $500,000 in it. He also invests 15% in companyâs ESPP (Employee Stock Purchase Plan)
Jillian: Contributes 5% to a 401(k) plus employerâs match, totaling 10%. She has about $200,000 saved. She also invests 11% in her companyâs ESPP.
If they were to both cash out their ESPPs today, theyâd have about $250,000 in gains, which are subject to income tax.

Child Support Payments

Pasquale: $4,000 per month

Debt (Credit Cards and Student Loans)

Pasquale: $18,000 in student loans
Jillian: $40,000 in student loans

Real Estate Holdings

Each of their individual properties has about $80,000 in equity.

Here are my top 3 recommendations:

Max Out the 401(k)s

The couple is doing fairly well with their retirement savings, but I think they are too exposed to their ESPPs. They contribute more to their ESPPs than their 401(k)s, which is very risky, considering an ESPP puts all your money in a single stock. A 401(k) is far more diversified.

They may benefit from reallocating some of those dollars back into their company 401(k). In doing so, I recommend they both aim to max out their 401(k)s, which also means a bigger tax deduction. This yearâs maximum contribution is $18,500.

Transfer Some ESPP Earnings to College Savings

Every six months, each receives the chance to cash out some or all of the money in their ESPP. I recommend striking at the next opportunity to reduce their exposure to a market downfall and help pay for future college expenses. Taking 20 or 30 percent off the table and placing the dollars into a safer haven like a CD creates less risk.

For Pasquale, specifically, Iâd look into selling some of his shares at the next opportunity and placing it into a plain vanilla savings account to cover at least the first two years of his daughterâs education. His daughter will choose a school soon and expects to receive some grants and scholarships to reduce the cost. At that point Pasquale can better estimate how much to withdraw from the stock plan.

For his youngest daughter, itâs not too late for Pasquale to open a 529-college savings account. That money can later be used for higher education costs without being subject to taxes. Investing $500 a month in a 529 starting today could help to afford at least the first year or two of school, depending on where she lands. Pasquale may even consider using some of the ESPP gains to fund the new 529 for daughter #2, if his eldest doesnât need it.

Sell Rentals to Purchase a New Second Home

How emotionally tied are they to their individual properties? Pasquale said he could take it or leave it. The $500 cash flow is nice, but heâs open to selling it. Jillian, however, would be sad to part ways with the Florida home. While its rental income is just enough to cover the carrying costs, she likes the idea of keeping it. Sheâs always wanted to have a house by the water.

But I propose a scenario: What if they sold both rental properties and pooled the equity ($160,000) to afford a new second home that theyâd both own? Theyâre eyeing a cabin near the Poconos in Pennsylvania. The estimated cost for a home that suits them is between $250,000 and $300,000. A 50% down payment on a $300,000 home would mean that their monthly mortgage would be roughly $700 per month, given todayâs average interest rate of about 4.50% (or possibly higher for second homes.)

From selling the two properties they achieve their goal of affording a second home. Located in a popular resort area, they can also rent it out from time to time for more than $700 a week. Renting the place for just 8 or 10 weeks out of the year would probably cover the annual mortgage.

From there, any extra cash flow could be used to save more for retirement, travel, college, or whatever they wish.

Farnoosh Torabi is Americaâs leading personal finance authority hooked on helping Americans live their richest, happiest lives. From her early days reporting for Money Magazine to now hosting a primetime series on CNBC and writing monthly for O, The Oprah Magazine, sheâs become our favorite go-to money expert and friend.

The post Money Audit: Should We Hold on to Our Rental Properties? appeared first on MintLife Blog.

Source: mint.intuit.com

In Financial Advisor, House Architecture, Investing, Personal Finance, Retirement, Uncategorized

How To Retire At 50: 10 Easy Steps To Consider

Cathy WilsonJanuary 22, 2021

Can you retire at 50? On average, people usually retire at 65. But what if you want to retire 15 years earlier than that likeÂ at 50? Is it doable? Below are 10 easy steps to take to retire at 50.Â Retiring early can be challenging. Therefore, SmartAsset’s free tool can match you with Â a financial advisor who can help to work out and implement a retirement income strategy for you to maximize your money.

10 Easy & Simple Steps to Retire at 50:

1. How much you will need in retirement.

The first thing to consider is to determine how much you will need to retire at 50. This will vary depending on the lifestyle you want to have during retirement. If you desire a lavish one, you will certainly need a lot.

But according to a study by SmartAsset, 500k was found to be enough money to retire comfortably. But again that will depends on several factor.

For example, you will need to take into account where you want to live, the cost of living, how long you expect to live, etc.

Read: Can I Retire at 60 With 500k? Is It Enough?

A good way to know if 500k is possible to retire on is to consider the 4% rule. This rule is used to figure out how much a retiree should withdraw from his or her retirement account.

The 4% rule states that the money in your retirement savings account should last you through 30 years of retirement if you take out 4% of your retirement portfolio annually and then adjust each year thereafter for inflation.

So, if you plan on retiring at 50 with 500k for 30 years, using the 4% rule you will need to live on $20,000 a year.Â

Again, this is just an estimation out there. You may need less or more depending on the factors mentioned above. For example, if you’re in good health and expect to live 40+ years after retiring at 50, $500,000 may not be enough to retire on. That’s why it’s crucial to work with a financial advisor.

Get Matched With 3 Fiduciary Financial Advisors
Managing your finances can be overwhelming. We recommend speaking with aÂ financial advisor. TheÂ SmartAssetâs free matching toolÂ will pair you with up to 3 financial advisors in your area. Hereâs how it works: 1.Â Answer these few easy questionsÂ about your current financial situation 2. In just under one minute, the tool will match you with up to three financial advisors based on your need. 3. Review the financial advisors profiles, interview them either by phone or in person, and choose the one that suits yourâ needs. Get Started Now>>>

Get Matched With 3 Fiduciary Financial Advisors

Managing your finances can be overwhelming. We recommend speaking with aÂ financial advisor. TheÂ SmartAssetâs free matching toolÂ will pair you with up to 3 financial advisors in your area.

Hereâs how it works:

1.Â Answer these few easy questionsÂ about your current financial situation

2. In just under one minute, the tool will match you with up to three financial advisors based on your need.

3. Review the financial advisors profiles, interview them either by phone or in person, and choose the one that suits yourâ needs.

Get Started Now>>>

2. Maximize your tax-advantaged retirement accounts.

Once you have an idea of how much you need in order to retire at 50, your next step is to save as much as possible at a faster rate. If you are employed and you have a 401k plan available to you, you should definitely participate in it. Nothing can grow your retirement savings account faster than a 401k account.

See: How to Become a 401k Millionaire.

That means, you will need to maximize your 401k contributions, for example. In 2020, and for people under 50, the 401k contribution limit is $19,500. Also, take advantage of your company match if your employee offers a match.

In addition to the maximum contribution of $19,500, your employer also contributes. Sometimes, they match dollar for dollar or 50 cents for each dollar the worker pays in.

In addition to a 401k plan, open or maximize your Roth or traditional IRA. For an IRA, it is $6,000. So, by maximizing your retirement accounts every year, your money will grow faster.

3. Invest in mutual or index funds. Apart from your retirement accounts (401k, Roth or Traditional IRA, SEP IRA, etc), you should invest in individual stocks or preferably in mutual funds.Â

4. Cut out unnecessary expenses.

Someone with the goal of retiring at 50 needs to keep an eye on their spending and keep them as low as possible. We all know the phrase, “the best way to save money is to spend less.”

Well, this is true when it comes to retiring 15 years early than the average. So, if you don’t watch TV, cancel Netflix or cable TV. If your cell phone bill is high, change plans or switch to another carrier. Don’t go to lavish vacations.

5. Keep an eye on taxes.

Taxes can eat away your profit. The more you can save from taxes, the more money you will have. Retirement accounts are a good way to save on taxes. Besides your company 401k plan, open a Roth or Traditional IRA.

6. Make more money.

Spending less is a great way to save money. But increasing your income is even better. If you need to retire at 50, you’ll need to be more aggressive. And the more money you earn, the more you will be able to save. And the faster you can reach your early retirement goal.

7. Speak with a financial advisor.

Consulting with a financial advisor can help you create a plan to. More specifically, a financial advisor specializing in retirement planning can help you achieve your goals of retiring at 50. They can help put in a place an investment strategy to put you in the right track to retire at 50. You can easily find one in your local area by using SmartAsset’s free tool. It matches users with financial advisors in just under 5 minutes.

8. Decide how you will spend your time in retirement.

If you will spend a lot of time travelling during retirement, then make sure you do research. Some countries like the Dominican Republic, Mexico, Panama, the Philippines, and so many others are good places to travel to in retirement because the cost of living is relatively cheap.

While other countries in Europe can be very expensive to travel to, which can eat away your retirement money. If you decide to downsize or sell your home, you can free up more money to spend.

9. Financing the first 10 years.

There is a penalty of 10% if you cash out your retirement accounts before you reach the age of 59 1/2. Therefore, if you retire at 50, you’ll need to use money in other accounts like traditional savings or brokerage accounts.

10. Put your Bonus, Raise, & Tax Refunds towards your retirement savings.

If retiring at 50 years old is really your goal, then you should put all extra money towards your retirement savings. That means, if you receive a raise at work, put some of it towards your savings account.

If you get a tax refund or a bonus, use some of that money towards your retirement savings account. They can add up quickly and make retiring at 50 more of a reality than a dream.

Retiring at 50: The Bottom Line:

So can I retire at 50? Retiring at 50 is possible. However, it’s not easy. After all, you’re trying to grow more money in less time. So, it will be challenging and will involve years of sacrifices, years living below your means and making tough financial decisions. However, it will be worth it in the long run.

How Much Is Enough For Retirement
How to Grow Your 401k Account
People Who Retire Comfortably Avoid These Financial Advisor Mistakes
5 Simple Warning Signs Youâre Definitely Not Ready for Retirement

Speak with the Right Financial Advisor

You can talk to a financial advisor who can review your finances and help you reach your goals (whether it is making more money, paying off debt, investing, buying a house, planning to retire at 50, saving, etc). Find one who meets your needs with SmartAssetâs free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.

The post How To Retire At 50: 10 Easy Steps To Consider appeared first on GrowthRapidly.

Source: growthrapidly.com

In Extra Income, Money Tips

80+ Best Side Job Ideas To Make Extra Money in 2021

Cathy WilsonJanuary 22, 2021

Do you want to know, “What can I do as a side job?”

Today, I have a list of over 80 possible side hustle ideas for 2021. With these side jobs, you can make extra money in 2021.

So, what is a side job? I say side job meaning something that you do on the side of your regular job. side job ideas for 2021

Side jobs are sometimes called side hustles, and the idea is that you put some of your extra time towards making more money.

You can find side jobs online, side jobs from home, side jobs outside your home, and pretty much wherever else. There are many different options when it comes to finding side jobs for extra money.

Over the years, I have spent a lot of time making extra money through side hustle jobs.

In fact, I paid off my $38,000 student loan debt in just 7 months by side hustling. I did several of the things on the list that you are about to read through.

Learning how to find a side job changed my life in a crazy way — it helped me to stop living paycheck to paycheck, pay off my debt, and leave my day job to pursue my job as a full-time blogger.

And, this is why I talk about making extra money through a side job so much — because I believe that it can change your life for the better.

What I like so much about the ideas on this list is that there is something for everyone. There are really so many different options. While I have included over 80 different side job ideas, there are many, many more out there. You can find something to fit your lifestyle, interests, and the amount of time you have to dedicate towards earning more money.

Whether your goal is to pay off your debt, stop living paycheck to paycheck, start saving for retirement, plan an amazing vacation, or something else, finding a side hustle idea in 2021 can make that a reality.

Making extra money through a side job can help you:

Save up for a big purchase, such as for a down payment on a house
Pay off your student loan debt, credit card debt, or medical debt
Save for retirement and even retire early
Leave a job you don’t love to pursue something else
Diversify your income sources
Save for emergencies
And more!

What some people don’t realize about making extra money is that it doesn’t have to take all of your time. You can dedicate as much or as little time to it as you want. I started this blog on the side of my full-time job. It took a lot of work, but I was in control of when I worked.

That’s one of the reasons I love blogging and many of these other side jobs. Many of them are very flexible and let you pick your schedule. Below you’ll find great options if you work full time, are a parent, are in school, etc.

Besides starting a successful side hustle, there are some great small ways to earn extra money. The point is, there are so many ways to make money on the side with a full-time job that there is no reason not to start now.

Related content on how to make extra money:

How To Start and Launch A Successful Money Making Blog FREE Course
12 Work From Home Jobs That Can Earn You $1,000+ Each Month

Below are over 80 different side job ideas.

Find an online side job.

There are so many side jobs that can be found online these days. The internet has introduced more possibilities, many of which have extremely flexible schedules.

Working an online side job allows you to create your own business in your spare time or work remotely for a company. These are some of the flexible options for 2021.

For me, I love being able to work online as it allows me to have a flexible schedule, there is no commute, and I simply enjoy working from home more than working in an office.

Below are ways to work an online side job:

Create a money making blog – This is the first thing I recommend to anyone interested in learning how to make money with an online side job, and this is because it’s exactly what I did! I have a Free How To Start and Launch A Money-Making Blog Course that you can join, and it will help you start and launch a successful blog!
Answer questions online – Course Hero is a website that helps high school and college students with course-specific questions. Please read How To Make $300+ Weekly Answering Questions With Course Hero to learn more.
Get paid to answer surveys – Answering surveys online won’t make you rich, but it is one of the easiest ways to earn extra money online. Even though it’s a small amount of money, you can put it towards your debt payoff or savings goals. Survey companies I recommend include American Consumer Opinion, Swagbucks, Survey Junkie, Branded Surveys, and Pinecone Research. These survey companies are free to join and free to use! You get paid to answer surveys and to test products. To receive the most survey opportunities, it’s best to sign up for as many survey sites as you can.
Join a focus group – You can get paid $50 to $100 per hour by joining a focus group with User Interviews.
Write an ebook – Writing your own eBook is a great way to earn extra money online, and there is probably something super helpful that you could write about (even if you think otherwise!). In fact, my friend Alyssa self-published her first book and has sold more than 13,000 copies. She is now earning a great passive income of over $200 a day from her book ($6,500 in one month alone!). Learn more at How Alyssa is making $200 a DAY in book sales passively.
Run Facebook advertising for local businesses – Bobby Hoyt, a former band teacher who now runs the successful website Millennial Money Man, started running Facebook ads for local businesses to help him pay off $40,000 in student loan debt in only 18 months. In our interview you can learn about how Bobby got started, why businesses want to run Facebook ads, and how easy it is to start this flexible side job. Also, Bobby has free training on this too. His free email course (you can sign up here) will teach you how to start this business even if you’re brand new, how to find paying clients, and more. Read the full interview at How To Make $1,000 Extra In Your Spare Time With Facebook.
Edit content for others – Websites, books, courses, and more all need editors to help them improve the quality of their content. No matter how many times a person reads a piece of content, something will usually slip through. If you’re a grammar-nut, then this can be one of the best side jobs from home ideas.
Sell printables online – Creating printables on Etsy can be a great side hustle. Because you are creating PDF files, you can create and sell them an unlimited number of times. You can learn more at How I Make Money Selling Printables On Etsy.
Manage social media accounts for businesses – Being a social media manager can be a fun job for the right person. If you have social media skills and don’t mind spending more time on social media sites, then it might be something to look into. Learn more about How I Started a Pinterest Consulting Side Hustle and why it’s more than just sharing random content online.
Get paid to search online – Swagbucks allows me to earn Amazon gift cards with very little work. Swagbucks is just like using Google to do your online searches, except you get rewarded with points called SB for the things you do through their website. Then, when you have enough points called SB, you can redeem them for cash, gift cards, and more. You’ll receive a free $5 bonus just for signing up through my link!
Proofread for a living – In just one year, Caitlin made slightly over $43,000 as a freelance proofreader, while also going on several fun vacations. If you are looking for a new job, or just a new way to earn extra money on the side, this may be something to look into. Learn more at Make Money Proofreading By Becoming A Freelance Proofreader.
Help job seekers improve their resume – A few years ago, I interviewed a reader who ran a resume business. She showed me how others can earn money by helping people create the kind of resumes they need to land their next job. Because having a good resume is an important part of getting the job you want, this is an in-demand option. If you are constantly reviewing resumes for your friends because you’re so good at creating them, then you may want to turn your skills into a paying job!
Post on social media – If you have social media accounts, even just a personal Facebook account, it’s possible to earn extra money by posting small ads on your account. One popular company that I recommend is Izea.
Become a freelance writer – A freelance writer is someone who writes for a number of different clients, such as websites, blogs, magazines, and more. These writers don’t work for one specific company, rather they work for themselves and contract out their writing. Learn more at How I Earn $200,000+ Writing Online Content.
Moderate forums – Some online forums will pay you to moderate their message boards. If there is a forum you visit often, you might want to see if they are hiring.
Become a transcriptionist – Do you know what a transcriptionist does? They take audio files and turn them into a text format. You can learn more about what this side job takes and how it’s possible to earn extra money on the side as a transcriptionist at Make Money At Home By Becoming A Transcriptionist.
Become a scopist – A scopist is someone who works from home and edits legal documents. Yes, this is a skill that you can learn. You can find a free course to learn more about how to become a scopist by clicking here.
Become a virtual assistant – Virtual assistant tasks may include social media management, formatting and editing blog posts, scheduling appointments or travel, email management, and more. Basically, you get paid to do any task that needs to be done for someone’s business but doesn’t need to be done by them. You can read more about how Kayla is earning $10K per month working from home as a virtual assistant.
Become a bookkeeper – Ben, founder of Bookkeeper Business Academy, explains how becoming a bookkeeper may be a possibility for you. Ben helps people start and grow their own online bookkeeping business with his online bookkeeping course. And, guess what? You don’t have to be an accountant or have any previous experience! You can read more about how becoming a bookkeeper at Make Money At Home By Becoming A Bookkeeper.
Create an online store – Did you know that you can create your own online store to earn extra money? Jenn, a reader of mine, started her online business a little over four years ago and since then she has developed and grown three successful online ecommerce stores earning an average of $19,000 per month. Learn more at How Jenn Makes Over $10,000 A Month With Her Online Store In Less Than 10 Hours Per Week.
Become a Google Rater – This is when you help Google improve the quality of their search engine results. You can learn more about this at Help Google Better The Internet And Make $1,000+ A Month From Home.
Build a course and teach others what you know – Before you think that you have nothing to teach, I want to tell you that you most likely do! Online courses are extremely popular right now, and you don’t need to have a blog in order to be successful with an online course. I use Teachable for my online course platform, and I highly recommend it. Here’s How I’ve Made Over $1,000,000 From My First Course Without a Big Launch.
Podcast editing – Podcasting has grown a lot in the past few years, and it’s estimated that there are now over 850,000 podcasts. Podcasters need help editing their audio and adding music, so if you have audio editing skills, this could be a fun side job. Listing your service on Fiverr could be a great way to find clients who need your service. Learn more at How I Make $1,500 A Month As A Podcast Virtual Assistant.
Teach English online to kids – Did you know that you may be able to make money from home by teaching English online to children? VIPKID is a company that allows you to work from home, create your own schedule, and earn $18-21 per hour (many teachers are earning over $1,000 per month) all while teaching English online. You don’t need a teaching degree, but you do need to have a four year degree in something. This is a great option for anyone who has a passion for teaching and looking for ways to earn extra money online. I recommend VIPKID and Education First.

What can I do as a side job?

Build a side business (or even a full-time business!).

If you’re looking for a side job, one possibility is to create a side business for yourself.

The ones you just read about above are online side jobs, but many of the ones in this section require in-person work. Not everyone wants to work online, and these side jobs will get you outside of the house and earning money.

For me, my side business of creating a blog actually turned into a full-time business for myself. And, I am so happy that I made that choice!

Here are some side business ideas:

Pick up garbage – This might not be the most exciting way to make extra income, but did you know that you can get paid $30- $50 an hour to pick up trash in your local area? Please read Get Paid $30 – $50 Per Hour To Pick Up Trash to hear more about this side hustle idea.
Sell on Amazon – If you want to learn one of the many real ways to make money from home, then you may want to start an Amazon FBA business! Jessica Larrew, of The Selling Family, explains how selling on Amazon may be a possibility for you. She is a friend of mine, and I am blown away by her success! In the first year that Jessica’s family ran their Amazon FBA business together, working less than 20 hours a week total, they made over six figures profit! If you are looking for a new job, or even just a side hustle, this may be something that you want to look into. Learn more at How To Work From Home Selling On Amazon FBA.
Maintain and clean yards – You can make money by mowing lawns, killing/removing weeds, cleaning gutters, raking leaves, and so on. Because every season offers the opportunity for some type of yard maintenance, this can turn into a year round job.
House sit for others – House sitting is becoming more and more popular these days, and there are many websites out there for house sitting. You may be paid to watch someone’s house, take in the mail, water plants, and so on. House sitting doesn’t just have to be in your own town either. It can be something you do while taking amazing vacations. You can read more about it at How We Became Professional House Sitters In Europe & Saved Over $5,000.
Rent out your RV – Many RVs sit unused in storage lots, driveways, and backyards, so why not try to make a little extra money while you’re not using your RV? Learn more at How To Make Extra Money By Renting Out Your RV.
Share your car – Did you know that you can share your car with travelers on a daily, weekly, or even on a long-term basis and make extra money? I’m talking about listing your car and making money on Turo, which is like Airbnb for cars. It takes as little as 10 minutes to list your car, and you can earn up to 90% of the trip price.
Walk dogs and/or pet sit for extra money – If you love animals, then this is one of the best ways to make money on the side! Walking dogs and pet sitting can be a lot of fun because who doesn’t love animals!? With this side hustle, you may be going over to your client’s home to check in a few times a day, you may be staying at their house, or the animals may be staying with you. Rover is a great company to sign up for if you’re interested in becoming a dog walker and pet sitter.
Groom pets – This is yet another animal related side business, and it could be a good one for you. With a mobile pet grooming business you will go directly to the pets rather than needing to find and set up a permanent business location.
Become a local tour guide – Do you love showing off your city to friends and out-of-town guests? If so, you can earn extra money as a tour guide in your city. You can create any kind of tour you like — touring restaurants or bars, historical tours, bike tours, and more. Tours By Locals is a great site to connect with if you’re interested in learning more.
Become a landlord – Whether you rent out a room in your home or start buying up properties to invest in and then rent out, this could be one of the more lucrative ways to earn extra money on the side. Check out my blog post to learn more: How This 34 Year Old Owns 7 Rental Homes.
Shovel snow – We no longer need to have our snow shoveled, but it was definitely something we didn’t enjoy doing while we were living in St. Louis. If you get snow where you live, then you may be able to knock on your neighbors’ doors to see if they would like their driveways and sidewalks shoveled. If you want to go a little further, you could even invest in a plow and market your services.
Become a Tasker – TaskRabbit is an online platform where people list odd jobs that they need done, like assembling furniture, running errands, or cleaning. You can find one-off jobs in your area using TaskRabbit to earn extra money.
Babysit and/or nanny children – When I was just 14, I was making $10 an hour babysitting for a neighbor. I babysat 40 hours a week and it was a great way to make extra money! If you have any special skills or can provide extra work, such as cleaning up around the house, teaching the child how to speak another language, picking up the child after activities, and so on, you will most likely be able to charge more than $10 an hour.
Become an Uber or Lyft driver – Spending your spare time driving others around can be a great money maker, and many rideshare drivers earn $15-$20/hour. Read more about this in my post How To Become An Uber Or Lyft Driver.
Help people fix things around their home – If you are a handy person, this could be a great option for you. Word of mouth is big when it comes to finding clients, but you can also post your services on Craigslist, post flyers to bulletin boards around your town, and more.
Clean homes – Cleaning is something that many people dread. If you are good at cleaning and enjoy it, then you may be able to find clients who want you to come to their home to clean. This can pay around $20 an hour or more in some areas. Because cleaning for others is such a personal job, you will often find loyal customers who want you to come back over and over again.
Help people move – Moving is another task that many people dislike. Movers can earn a broad range when it comes to hourly pay, but it’s usually somewhere around $25-$50 an hour if you run your own business.
Become a photographer – Do you love photography? Then this is a great way to earn extra money while doing something you love to do. Learn more at How To Make $25,000 – $45,000 A Year As A New Photographer.
Write and self-publish romance novels – This definitely isn’t something that most people will think about, but it is a growing and profitable industry. You can learn how Yuwanda Black, a freelance writer, started writing and self-publishing short romance novels in this interview. She earned over $3,000 in one month alone!

Find a part-time job.

Online side jobs are becoming more and more popular, but you can still make good money with more traditional part-time jobs.

I know many people who have part-time side jobs, and they love that they are low-commitment ways to make extra money.

You can find a part-time side job on sites such as Snagajob, Craigslist (yes, I’ve found a legitimate job through there before), and so on.

Deliver items through Postmate – Postmates is a service that lets people use their phones to order food, drinks, and groceries. Delivering those items is where you come in! Because the holidays are a busy time, many people are looking to make their life easier with delivery services like Postmates. And, you can deliver for Postmates with your car, scooter, motorcycle, or bicycle. How much can you make with Postmates? Postmates says that you can earn up to $25 an hour with their platform. Click here to check out Postmates and sign up.
Deliver RVs to dealerships – RVs are huge, and the majority of the time they can’t be transported by semi-trucks because of their size. Due to that, someone has to drive them from the manufacturer to the RV dealership. We met a couple who did this for a living, and they both loved what they did. They were able to travel a lot, earn a living, and got to see new RVs all the time. To make extra income doing this, you can contact transport companies in your area, RV manufacturers, RV dealerships, and more.
Find a part-time seasonal job – If you have a job that gives you the summers off (or whatever season), then finding a part-time seasonal job could be a good way to earn extra money during your time off. Employers like Starbucks, REI, and Costco even offer part-time jobs with benefits, which adds even more value to these side jobs.
Bartend – With bartending experience, you may be able to find a bartending job at a bar, restaurant, catering company, and more. Since the hours for this are usually later at night and on the weekends, it could easily fit with your regular 9-5 job schedule.
Work at a restaurant – You could be a host, wait tables, bus tables, and so on. You may even get to eat delicious food and receive a discount when dining out at the restaurant you work for.
Substitute teach – I know quite a few people who substitute teach both part-time and full-time and love it. Sometimes the schedule can be tricky as you may be called at the last moment, but other times you may secure a long-term position. In some places, substitute teaching can pay around $100 per day.
Teach during summer school – If you are a teacher, then spending part of your summer teaching summer school is a great way to make extra money. My brother-in-law is a teacher and he earns around $3,000 for three 4-day weeks of work, and they aren’t even full days. He and his wife use that money to fund their summer vacations.
Work at a hotel, motel, hostel, resort, etc. – There are many jobs in the hospitality industry. If you love meeting new people who are visiting your area, this can be a great way to earn extra money. When we were RVing, we met several RVers who make money at RV parks and campgrounds while they are full-time RVers.
Work at a retail store – I worked in retail for over five years and made lifelong friends in the process. The income is okay, but you usually receive a good discount when working in retail.
Deliver pizza – Pizza delivery drivers make $15/hour or more delivering pizza in their spare time. It might not be the most glamorous side job, but it’s a good way to make extra money.
Lifeguard – You could be a lifeguard at a community pool, a private pool, a water park, and so on. You don’t have to be a teenager to be a lifeguard either!
Work as a referee – Did you know that soccer refs for local community centers can make around $25/hour or more? You’ll have to know the rules to work as a referee, and you can learn more by contacting the community or sports center in your area.
Deliver newspapers – Delivering newspapers can be a good way to make some side money. You may have to wake up early, but maybe those are the hours you are looking for.
Run errands for others – Being someone’s assistant can be an interesting way to earn extra money. You may get paid to do someone else’s laundry, clean their home, pick up their food, answer phone calls, and more.

Sell items to make extra money.

There are so many different types of items that you can sell to make extra money.

You may be able to find things around your home that you can sell, or you may even search for items online or in-person to buy and resell for a profit.

Flip items – Melissa’s family was able to make $42,875 in one year through buying and flipping items for sale, and they were only working about 10-20 hours per week. Learn more in How Melissa Made $40,000 In One Year Flipping Items.
Sell/donate eggs and sperm – Yup, both of these can be sold for a price, and you can definitely earn extra money by doing so. Depending on your characteristics, women can earn anywhere from a few thousand dollars to $10,000 or more for their eggs. Egg donors are typically under the age of 30 and healthy. African American women and Asian American women usually make the most money as there is a larger need for their eggs. This is not easy money, though. There are a number of doctor visits, and extracting the eggs requires a medical procedure. For sperm, the average donation pays anywhere from $50 to $100, and some men donate as often as 2-3 times each week.
Sell items on eBay – Whether it’s clothes, a car, electronics, and so on, eBay is a great place to sell all sorts of things online. eBay also has a worldwide reach, which can be great if the market in your area isn’t large enough for what you specialize in. I know many people who earn extra money selling on eBay, and it’s very easy to get started.
Sell items on Craigslist – Craigslist has gotten a bad rap in the past, but I have always had great success when I have bought or sold things through this platform. Craigslist can be a great way to sell your items, while often earning a higher value for them too. However, be safe, because you will have to meet with strangers to complete the transactions.
Sell things on Facebook Marketplace – Facebook is a great place to sell your items to earn extra money. You can find buyers in your area, but for larger items, like cars and furniture, buyers are often willing to travel. Plus, because you are probably already on Facebook, this is one of the easiest ways to sell your stuff, and it’s free.
Sell on Poshmark – Poshmark is one of the most popular places online for people to buy and sell gently used clothing, shoes, and more. You should always be honest in your listings, take great photos, and ship items out as soon as they sell.
Sell to second hand stores – There are many second hand stores out there that will take your clothing and shoes. Stores like Plato’s Closet, Hut No. 8, and Buffalo Exchange will pay you upfront for on-trend young adult clothing, and they take all of the legwork out of selling items, which is really helpful. There are also second hand stores for designer items, women’s clothing, children’s items, and more. Some pay upfront, whereas others may not pay you until after the item has sold.
Sell your gently used sports gear – Play It Again Sports is one of several second hand stores that buys and resells sports equipment and workout gear. These kinds of items also sell well on eBay, Craigslist, and Facebook Marketplace.
Sell on Etsy – Etsy is a great place to sell handmade items, vintage finds, and craft supplies. If you are a crafty person, definitely check out this website if you are looking for ways to earn extra money.
Sell your gift cards – If you have gift cards that you aren’t going to use, why not sell them to earn extra money? There are many, many websites out there that will pay you cash for your gift cards. Gift Card Granny, Cardpool, and Raise are just a few.
Sell items through a garage sale – A garage sale can be an easy way to make extra money because people come straight to your house. The only downside is that you usually don’t make as much for your items as you would if you were to sell them on sites such as eBay, Craigslist, or Facebook Marketplace.
Sell your old books – Back when I was in college, I sold my textbooks as soon as the class was over. This helped me regain the amount that I originally paid for the book. You can sell your books online, and most university bookstores have a buyback option.
Flip cars, mopeds, or scooters – In addition to teaching summer school, one of the ways my brother-in-law makes extra money is from buying vintage moped and scooters, fixing them up, and selling them for a profit on online marketplaces, like Facebook or Craigslist. In one flip, he made more than $900 profit. This is a very specific skill, but worth looking into if you know what you’re doing.

Make extra income at the day job you already have.

If you’re already employed and not interested in starting a side hustle, by starting an online business, or taking on a part-time job, you can still learn how to earn more at your current job.

Work overtime – One way to earn extra money at your job is to see if your company will allow you to work overtime. In many cases, overtime is welcomed, and you can earn a decent amount of money by doing so. Plus, what’s an extra hour or two when you’re already there?
Ask for a raise – Asking for a raise may be the best way to earn extra money at your current job, as the work is the same and you most likely won’t be adding additional hours to your work week. Many people never ask for a raise, which means you might be leaving money on the table. Over numerous years, this can add up to a significant amount of income! If you’ve just successfully completed a big project or taken on new responsibilities, then it might be time to ask for a raise.
Get a promotion – If a raise is not possible, then you may want to try for a promotion that comes with a pay bump. Sometimes companies can only pay you so much for the job you currently have, but perhaps a promotion with different and/or additional job duties, a possible move, etc. may result in an increase in pay.
Earn bonuses – Depending on the industry and the company you work at, you may be able to earn bonuses. Bonuses often come in large chunks which makes them ideal for paying off large amounts of credit card or student loan debt. Or, you could even invest your bonus to earn even more in the long run.

Miscellaneous ways to make extra money in 2021.

Of course, I can’t include every single side job in this blog post, as there are way too many options to list in one place. But, here are some more that didn’t fit one of the categories above.

Cuddle with strangers – Did you know that you can get paid to cuddle with people that you don’t even know? Surprisingly, there are many cuddling companies out there, and this option seems to be growing more and more each year. Some people even make a few hundred dollars a day by cuddling with others.
Scoop poop – Okay, like picking up trash, this isn’t going to be the most glamorous job, but someone has to do it.
Place advertisements on your car, home, or even on your body – Yes, there are companies out there that will pay you to place an advertisement on your car, home, or even your body (such as a tattoo on your forehead). If there’s space on your car or fence that you don’t mind placing an ad on, then look into this! Carvertise is one company I recommend checking out if you’re interested in advertising on your car — they pay around $100/month.
Help crew a sailboat delivery – Because you need sailing experience to do this, this won’t be for everyone. But, if you know your way around a boat, then you may be able to earn extra money delivering sailboats. Wes actually helped out on a couple of sailboat deliveries in the past few years, and he traveled to many amazing places along the way, such as visiting several European countries.
Be an extra in a movie or TV show – If there’s a movie or TV show that is being filmed near you, you can apply to be an extra to make some money on the side. You won’t have to do much, and it could be a lot of fun, especially if you are able to meet someone famous!
Start investing with spare change – Investing through platforms like Acorns makes investing even more approachable. You simply link your bank or credit cards and Acorns rounds every transaction up to the next dollar. Read more at How To Start Investing With Little Money.
Sell breast milk – Only recently did I realize that some women do this as a side job. If you are breastfeeding, then you may be able to sell your breast milk to make extra money. Breast milk often goes for $1 to $2.50 per ounce, and sometimes it sells for as much as $4 per ounce. There are many people who are looking to buy breast milk, not just mothers.
Receive bonuses and rewards for using a credit card – There are many credit cards out there that will give you cash back just for using them. If you are good with credit cards (please skip this if you are not), this is something to look into as you can make money without having to do much. Read more at How To Take A 10 Day Trip To Hawaii For $22.40 – Flights & Accommodations Included.
Take part in medical research studies – Medical studies allow you to help with the research and study of diseases, medicines, treatments, and more. To find paid medical research studies, I recommend checking out your local Craigslist, contacting universities in your area, and seeing if there are any medical testing companies around you. Most cities have these options, and you just have to look for them.
Enter contests and giveaways – There’s no guarantee that you will win anything when entering contests, but if you get lucky, this would be a really fun way to earn extra money. You may win cash, gift cards, vacations, electronics, and more. The key here is to enter as many as you can. And, many stores and restaurants post drawings and giveaways at the bottom of your receipt.
Mystery shop – Yes, you can actually get paid to shop at stores and eat at restaurants. A few years ago, I mystery shopped a lot to earn extra money. I made anywhere from $150 to $200 a month mystery shopping and received free meals, makeup, and more as a mystery shopper. I used Bestmark for mystery shopping, so I know that they are a 100% legitimate company. Learn more at Want To Make An Extra $100 A Month? Learn How To Become A Mystery Shopper.
Use InboxDollars – InboxDollars is an online rewards website I recommend if you want to find ways to earn extra money on the side. You can earn cash by taking surveys, playing games, shopping online, searching the web, redeeming grocery coupons, and more. Also, by signing up through my link, you will receive $5.00 for free!
Travel the world and be an au pair – In 2016, my sister was an au pair in Italy. It was an interesting experience, and she shares how you can become an au pair and travel the world in her blog post How To Become An Au Pair And Travel The World.
Open a high yield savings account. Savings accounts at brick and mortar banks are known for having really low interest rates. That’s because they have a much higher overhead — paying for the building, paying the tellers, etc. Betterment Everyday is an online option, which means they have lower costs, then passing the savings on to you. Simply click here and sign up.

How do I make an extra $1000 a month?

If earning $1,000 a month or more is your financial goal, there are lots of different approaches.

You can run Facebook ads for small businesses, deliver food for Postmates, start a freelancing side job, and more. Or, you can combine several smaller side jobs.

If you are willing to put in the work, starting a blog is something that can help you earn $1,000 a month or more. It takes time to grow your blog, but with time and effort, you can well exceed $1,000/month in blogging income.

How can I make money on the side?

There are so many different ways to make money on the side in 2021, and I just gave over 80 different ideas.

Look through the options above and make a list of the ones that interest you. Think about what skills you have, how much time you want to dedicate to your side job, and how to get started with each option.

There are honestly options for anyone, no matter how much time you have to spare. And remember, even just a $100 extra a month can begin to make a dent in your debt, can be invested for your future, or help you stop living paycheck to paycheck.

Have questions about finding a side job?

If you have any questions about finding a side job, I recommend heading to 10 Of The Most Common Questions About Having A Side Job.

Some of the questions I answer in that blog post include:

How do you find a side hustle?
How much money can I make from a side job?
How do you get paid with a side job?
How can I find time for my side job idea?
How can I balance my day job, side job, and life?!
How can I grow my side income? How can I find clients?
What is a good side job?
Should I tell my boss about my side hustle?
Do I have to pay taxes on a side job?
How do I avoid side job scams?

Out of the side jobs listed above, which one interests you the most? Which side job would you like to learn more about?

The post 80+ Best Side Job Ideas To Make Extra Money in 2021 appeared first on Making Sense Of Cents.

Source: makingsenseofcents.com

In Food Budgets

The Chilling Truth About Debt Settlement Programs

Cathy WilsonJanuary 22, 2021

The post The Chilling Truth About Debt Settlement Programs appeared first on Penny Pinchin' Mom.

If you are in debt do NOT use a debt settlement company - it could cost you!!!!

Debt is a very touchy subject for most people. Feeling the stress of overwhelming monthly payments, many people just look for what seems to be the easiest way out. This is when the salesmen tend to strike. Â The reason is a good deal of your financial information can be considered public knowledge.

Every day, many in debt get phone calls from high energy salesmen talking about the miraculous debt settlement concept. So, I’m going to start by saying, one great lesson we all learn young in life is, âIf it sounds too good to be true, it probably is!â

I made this mistake myself. Â I was so far in debt that I was drowning. In an act of desperation, I used a debt settlement company. Â Turns out, they did nothing to help me. It only made the situation much worse.

Here are a few chilling facts that you should know about debt settlement programs. Â These may just prove that the concept is too good to be true!

Fact #1: You May Be Sued For Not Paying Debts Even As You Make Payments

Did you know the payments you make may not go to your lenders? Â Yep! Â When working with a debt settlement company, your payments are not sent in on a monthly basis. Â Instead, these companies hold the funds from your payments. In most cases, the money is held in special purpose savings accounts until it has reached enough to pay off a debt. Once one debt is paid off, the savings process is started for the next.

Therefore, the last lender or two may wait 3, 4 or even 5 years before they see the next payment. The truth is, if you look at it from their perspective, it’s cheaper to take you to court. They will get the money faster through a settlement because they can garnish your wages. Also, in many cases, you will have to pay the court costs as well!

Fact #2: Your Credit Will Be Destroyed

While talking to a debt settlement agent, you will find that their last interest is in your credit score. Also, if you bring up the topic, they may try to downplay the effects of debt settlement on consumer credit scores. With that said, I’m not going to downplay it at all for you! Here is the truth…Because lenders are not being paid for long periods of time, your debts will be charged off.

One collections agency will sell it to the next and each time, it will damage your credit score! This is why I generally advise against this option if the consumer has good or excellent credit scores. The effects of credit card debt settlement programs will not pass in 6 months either! They will last throughout the term of your settlement and at least a year and a half to 2 years afterwords.

Fact #3: Debt Settlement Costs Thousands Of Dollars In Most Cases

The truth is, if you are going to settle your debts, with a little bit of online research, you can do it on your own. However, when you higher a debt settlement company, chances are, you will pay a percentage of the total amount owed, somewhere around 15%. That means if you have the minimum amount of debt that most companies accept, $10,000.00, your fee will be $1,500.00 minimum in most cases.

This does not include the cost of a special purpose savings account which, usually runs about $25 per month. Add in the cost of paying an attorney when you get taken to curt and, you will now find yourself paying just as much as you did before you hired the debt settlement company in the first place!

Every Dark Cloud Has A Silver Lining

Although debt settlement may not be the option for most, always remember, there is an option for you. As a matter of fact, I recently wrote an article that included a few great options called DIY Alternatives To Debt Consolidation. Trust me, those alternatives only begin to touch the tip of the iceberg when it comes to great, legitimate ways to get out of debt!

This article was written by Joshua Rodriguez, proud owner and founder of CNA Finance and avid personal finance journalist. Join the discussion about this article on facebook and Google+!

The post The Chilling Truth About Debt Settlement Programs appeared first on Penny Pinchin' Mom.

Source: pennypinchinmom.com

In Checking Account, Credit Card Guide, Savings Account

Hours of Work Needed to Pay Rent in the 25 Largest Cities â 2021 Edition

Cathy WilsonJanuary 22, 2021

Image shows a blue house figurine on top of a stack of a few bills; these sit on a desk, next to a smartphone that shows the interface of a budgeting app. SmartAsset analyzed Census data to conduct this study on the hours of work needed to pay rent in the 25 largest U.S. cities.

According to the Census Bureau, almost 20 million renters allocate at least 30% of their household income towards rent, indicating that they are housing cost-burdened. This can be especially true in larger cities where the cost of living is higher. And if time is money, then many Americans will have to resort to working longer hours to make ends meet without having to use up any existing emergency funds.

In this study, SmartAsset measured the hours of work needed to pay rent in the 25 largest cities in the U.S. To determine our estimates, we considered data on the following metrics: average annual take-home pay, average hours worked per year and median monthly rent. For details on our data sources and how we put all the information together to create our final rankings, check out the Data and Methodology section below.

This is SmartAssetâs fourth annual study on the hours of work needed to pay rent. Check out the 2020 version here.

Key Findings

56.6 hours. The average number of work hours needed to pay rent across the largest 25 U.S. cities is 56.6. In the six cities at the top of our list, renters must work at least 6% longer to pay rent alone. It takes more than 60 hours of work in all six cities to cover average rental costs.
California cities stay at the very top, but Los Angeles drops for the first time in recent years. In every version of this study since 2018, the three cities where the average worker needs to work the most to pay rent have been as follows: San Jose, Los Angeles and San Diego, California â in that order. In this yearâs study, however, San Diego jumps to the No. 2 spot and Los Angeles drops to No. 3.

1. San Jose, CA

In San Jose, California, it takes more than 76 hours of work on average to pay median monthly rent, which is $2,223 or almost $26,700 per year. The median worker earns $41,419 after taxes, with an estimated hourly wage of about $29.

2. San Diego, CA

The average annual take-home pay in San Diego, California is $34,157, or an hourly wage of less than $25. According to our estimates, the average worker in this city would need to work almost 74 hours to be able to pay a monthâs rent, which is $1,806.

3. Los Angeles, CA

In Los Angeles, California, the average worker needs to clock almost 73 hours to cover median monthly rent, which is $1,554. The average number of hours worked in the city is about 38 hours per week, which means that it would take this person almost two weeks to cover that total amount of time. The average worker in Los Angeles earns $34,669 before taxes and takes home about $28,815 â or a little more than $21 per hour.

4. Boston, MA

In Boston, Massachusetts, the average worker earns $35,800 after taxes, or about $25 an hour. The median monthly rent in Boston is $1,735, which means residents there will have to work more than 69 hours to pay for a monthâs rent. At an average of about 38 hours worked per week in Boston, it would take nearly 13 days for a worker to cover this amount.

5. New York, NY

New York City has the fifth-highest number of hours needed to pay rent across the 25 largest cities in this study. With a median monthly rent in the city of $1,483, a worker person would have to work 62.0 hours to cover rent. The average worker in New York earns $42,326 and takes home $32,608 after taxes, or $23.90 per hour.

6. San Francisco, CA

In San Francisco, California the median monthly rent is $1,959. This is the second-highest monthly rent amount across all 25 cities in our study, following only San Jose, California. The average worker in the city earns about $32 per hour, or $51,548 after taxes. This means that the worker would have to work 61.2 hours to cover rental costs. At an average of 40.2 hours worked per week in San Francisco, it would take this worker about a week and a half to do so.

7. Denver, CO

In order to cover the costs of the average rental apartment or home in Denver, Colorado, the average worker would need to work almost 60 hours. The median monthly rent in Denver is $1,433. The average worker in Denver earns $47,146 before taxes, with a take-home pay of $37,922 or $23.92 an hour.

8. Nashville, TN

The median monthly rent in Nashville, Tennessee is $1,191 or $14,292 per year. With the average worker there earning $31,889 after taxes or $20.77 per hour, it would take him or her approximately 57 hours of work to cover the cost of rent each month.

9. Austin, TX

The average worker in Austin, Texas earns $42,416 and takes home $35,739 or $23.34 per hour. Monthly rent costs in Austin reach $1,334 per month, or $16,008 per year. At that rate, it would take this worker more than 57 hours to cover rental costs.

10. Charlotte, NC

Median earnings for a worker in Charlotte, North Carolina are $38,528. This worker would take home $31,118 or $20.61 an hour. Charlotte has the lowest median monthly rent across the 10 cities on this list, at $1,174, resulting in a total annual rent of $14,088. To be able to pay for a monthâs rent in Charlotte, the average worker would have to work 57 hours.

Data and Methodology

To find out how many hours of work are needed to pay rent in the 25 largest cities in the U.S., we looked at data on the following three metrics:

Average annual take-home pay. This is the average workerâs earnings after accounting for income taxes. To find out how much each worker would pay in income taxes, we ran median workerâs earnings data through our income tax calculator. We assumed the average worker would contribute nothing to an IRA or 401(k), take the standard deduction and file as a single filer. Earnings data comes from the U.S. Census Bureauâs 2019 1-year American Community Survey.
Average hours worked per year. This is the number of weeks worked per year multiplied by the number of hours worked per week. Data comes from the U.S. Census Bureauâs 2019 1-year American Community Survey.
Median monthly rent. Data comes from the U.S. Census Bureauâs 2019 1-year American Community Survey.

First, we found the average hourly wage for each worker by dividing average annual take-home pay by average hours worked per year. Then we divided the monthly median monthly rent by the average hourly wage. This resulted in the average hours of work needed to pay a monthâs rent. Finally, we ordered the cities from highest to lowest based on the average number of hours needed to pay rent.

Tips for Managing Your Savings

How much are you really taking home? When budgeting how much to allocate to needs, wants and savings, itâs important to know how much youâre actually starting with. Use SmartAssetâs paycheck calculator to find out your post-tax earnings.
Budgeting is key. If the cost of living in an area is high and moving is not an option, consider using our online budget tool to make sure your expenses are all covered.
401(k) matching. Taking advantage of a 401(k) employer match program is an ideal way to build your retirement savings faster. When considering a new job always review the retirement plan offerings to be sure that itâs the right one for your needs.
Expert financial advice. You already work hard to make ends meet, so why put in any more hours than you need to in order to get expert help with your assets? Finding the right financial advisor doesnât have to be hard. SmartAssetâs free tool matches you with financial advisors in your area in five minutes. If youâre ready to be matched with local advisors that will help you achieve your financial goals, get started now.

Questions about our study? Contact press@smartasset.com.

The post Hours of Work Needed to Pay Rent in the 25 Largest Cities â 2021 Edition appeared first on SmartAsset Blog.

Source: smartasset.com

In Budgeting, Commercial Real Estate, Family Finance

Banking for Busy Parents: 4 Essential Checking Account Features

Cathy WilsonJanuary 21, 2021

It’s a nonstop day. The usual. You’re at the grocery store, grabbing a few things for dinner (note to self: hit the ATM on the way out!), then a much-needed coffee at the drive-through (swipe that debit card), before you drop your tween at her first day of basketball practice (remember to bring your checkbook). Phew. And you’re only halfway done.

In the middle of it all, you certainly don’t want the nagging feeling that you can’t access your money at a moment’s notice, that you’re missing spending perks or that you’ll be hit with unnecessary fees. So a good question for you might be, “What’s the best checking account for busy families?”

How about a checking account that matches your lifestyle? Robert Farrington, founder of millennial personal finance site The College Investor and father of two, suggests that banking for busy parents should include an account that is âconducive to an on-the-move life.”

With everything on your plate, you may not realize that as your family’s needs change, the way you manage your money will likely need to change too. The good news is that many financial institutions offer bank accounts for busy families like yours, designed with features aimed at supporting your active lifestyle.

The best checking account for busy families like yours should offer features that support your busy lifestyle.

To select the checking account that best serves your needs, Farrington recommends first examining your current patterns. âNotice how you deposit money and how you spend it,” Farrington says. âLook at your banking trends and see where you’re being charged.”

Next, identify the unique features offered by each new checking account you are considering. To help you do that, here are four key things to look for as you narrow down your search:

1. Cash back rewards: More bang for your buck

According to the U.S. Department of Agriculture, it costs about $12,980 a year to raise a child. Even if your kids get their share of hand-me-downs and you don’t buy them everything they want, you’re still spending a lot. The biggest costsâafter housing (29 percent of child-rearing costs)âare food (18 percent) and child care/education (16 percent). None of that even includes birthdays, holidays and so on…

If you’re trying to find the best checking account for busy families, consider that all those purchases could be a little less painful with a checking account that rewards spending, typically in the form of cash back or rewards points.

Ashley Patrick, founder of the blog Budgets Made Easy, loves the idea of a checking account that offers rewards. Patrick, whose blog tells the story of how she paid off $45,000 of debt in 17 months, recommends that budget-conscious families use debit cards for purchases. âIf those purchases were rewarded,” Patrick says, âthat money would multiply.”

Say hello to
cash back on debit
card purchases.

No monthly fees.
No balance requirements.
No, really.

See Details

Discover Bank, Member FDIC

If you’re using a checking account that rewards you for debit card purchases, some of those seemingly endless expenses can actually help you save a bit of extra cash. Discover Cashback Debit, for example, lets you earn 1% cash back on up to $3,000 in debit card purchases each month.¹ That means your monthly cash back earnings could yield $360 in total rewards each year. This feature of a bank account for busy families could pay for one night at your favorite family resort!

2. Easy account access: At home or on the run

You’re dropping off one kid, picking up the other, then have to get ready for a fundraiser. You are always on the go, so it’s time to find the best checking account for busy families that’s always right there with you. Patrick suggests opening a checking account with a bank that has a vast network of no-fee ATM locations. For example, Discover offers more than 60,000 no-fee ATMs around the U.S.

Look for easy access to your funds when searching for the right bank account for busy families.

âI live out in the country, about 12 to 13 miles from town, so I need an ATM nearby,” Patrick says. âI usually go to town on Fridays or Mondays, get lunch for the kids, go to the store for groceries and get cash. Everything needs to be in one location.”

Besides getting money for day-to-day purchases, a conveniently located ATM is a must for depositing cash. Why make a special trip to visit your local branch when you can make deposits at an ATM that’s at or near a place you already frequent? Banking for busy parents is hard to imagine without this benefit.

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âNotice how you deposit money and how you spend it. Look at your banking trends and see where you’re being charged.”

– Robert Farrington, founder of The College Investor and father of two

3. Online and mobile features: Save time in spades

In fact, you may not need a brick-and-mortar bank branch at all. Another option to consider is opening a checking account with an online bank.

The best bank account for busy families is one that offers maximum convenience. With an online checking account, all you need is a computer, tablet or smartphone to deposit a check (most online banks have a mobile app that allows you to take a photo of your check to deposit the funds). An online checking account also makes banking for busy parents effortless by allowing them to manage bills and bank statements from a deviceâeither while at home or out and about. Save the paper for your kids’ cute drawings that you tack up on the fridge.

Mobile and online features are important when looking for the right banking for busy parents.

Nermeen Ghneim, blogger at Savvy Dollar and mom of two, says the best checking account for busy families would offer a mobile app.

âI want to be able to access everything a bank can offer through my mobile device,” Ghneim says. âIt saves time, and it’s huge for a parent with a full-time job.”

Here are some of the other online and mobile features that are key if you’re looking for the best checking account for busy families:

Online transfers. Farrington says the ability to transfer money between accounts is especially important. Things come up unexpectedly and you may need to quickly transfer from savings to checking, or move those cash back rewards into a college fund for the kids. If you’re moving your cash back rewards into savings, you may even be able to make that happen automatically. For example, when you enroll in Discover’s Auto Redemption to Savings, we’ll automatically deposit your cash back into a Discover Online Savings Account every month.
Online bill payments. With everything else on your mind, you shouldn’t have to go through a stack of bills every month. The best checking account for busy families would allow you to set up automatic bill payments, so each month’s charges are automatically debited from your checking account.
Balance notifications. You should never be in the middle of a transaction and see those dreaded words: Insufficient Funds. Instead, you want to get a heads-up when your balance is close to zero, so there aren’t any surprises.
Debit card protection. While it’s important to be able to quickly and easily use your debit card, Ghneim says it’s just as important to be able to freeze it. Some banks offer a digital feature that enables you to switch your debit card on and off, so you can instantly freeze your debit card if it’s been misplaced or you want to curb spending.
Connecting to other digital applications. Nowadays, busy families rely on budgeting and spending apps to help manage their finances. A good bank account for busy families would be able to easily sync with those other tools online or via your mobile device so that you can efficiently manage your money and take advantage of the features of each app.

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4. No-fee checking: A money-saving must-have

Farrington says that when selecting the best bank account for busy families, a no-fee checking account is a must-have, so it’s worth shopping around until you find one. For example, Discover Cashback Debit has no account-related fees.² âYou shouldn’t have to pay a fee if you don’t keep a minimum balance,” Farrington says. âParents often don’t have the bandwidth to keep track of whether they’ve made a certain number of transactions.”

If you are getting hit with a checking account fee for any of the items below, you may want to consider a new checking account to make banking for busy parents easier:

Monthly maintenance
In-network ATM withdrawals
Replacement debit card
Standard checks
Online bill pay
Insufficient funds
Stop payment order
Official bank check

If you’re exploring a new bank account for busy families, Ghneim advises to watch out for hidden costs. Even no-fee checking accounts will sometimes hit you with unexpected charges. âThere should be no hidden fees because if a family is living off a budget, it’s very stressful to incur unexpected fees,” Ghneim says. Farrington agrees: âThere are some things that might cost you money, like wire transfers, but you shouldn’t have to pay for most features these days.”

âThere should be no hidden fees because if a family is living off a budget, it’s very stressful to incur unexpected fees.â

– Nermeen Ghneim, blogger at Savvy Dollar and mom of two

Banking for busy parents just got easier

Above all, Farrington says you want to prioritize the features that are most relevant to your family’s needs and lifestyle. If you’re always on the go, you may care most about convenient, no-fee ATMs and mobile check deposits. If your schedule necessitates a lot of out-of-pocket spending, you may want to prioritize debit card cash back rewards.

Keep in mind that when it comes to establishing the best banking for busy parents, you have options. âThere are so many checking accounts being offered now,” Farrington says. As long as you’re aware of the features that are available, you can make an informed decision and choose the account that’s best for you and your family.

¹ ATM transactions, the purchase of money orders or other cash equivalents, cash over portions of point-of-sale transactions, Peer-to-Peer (P2P) payments (such as Apple Pay Cash), and loan payments or account funding made with your debit card are not eligible for cash back rewards. In addition, purchases made using third-party payment accounts (services such as Venmo^Â® and PayPal, which also provide P2P payments) may not be eligible for cash back rewards. Apple, the Apple logo and Apple Pay are trademarks of Apple Inc., registered in the U.S. and other countries.

² Outgoing wire transfers are subject to a service charge. You may be charged a fee by a non-Discover ATM if it is not part of the 60,000+ ATMs in our no-fee network.

The post Banking for Busy Parents: 4 Essential Checking Account Features appeared first on Discover Bank – Banking Topics Blog.

Source: discover.com

In Commercial Real Estate, Investing

Here are Safer Alternatives if Youâre Too Obsessed with the Stock Market

Cathy WilsonJanuary 21, 2021

Some of the links in this post are from our sponsors. We provide you with accurate, reliable information. Learn more about how we make money and select our advertising partners.

A website called Insure makes it super easy to compare car insurance prices. All you have to do is enter your ZIP code and your age, and itâll show you your options â and even discounts in your area.
But is it dangerous to be too obsessed with the stock market?
If you owe your credit card companies ,000 or less, AmOne will match you with a low-interest loan you can use to pay off every single one of your balances.
Using Insure, people have saved an average of 0 a year.
Another way to grow your money: Stop overpaying on your bills.

1. Just Steadily Invest Like a Normal Person

Enter your email address here to get a free Aspiration Spend and Save account. After you confirm your email, securely link your bank account so they can start helping you get extra cash. Your money is FDIC insured and they use a military-grade encryption which is nerd talk for âthis is totally safe.â
But a debit card called Aspiration lets you earn up to 5% cash back and up to 16 times the average interest on the money in your account.
Yup. That could be 0 back in your pocket just for taking a few minutes to look at your options.
*For Securities priced over ,000, purchase of fractional shares starts at It takes about one minute to sign up, and start getting paid to watch the news.

2. Grow Your Money 16x Faster â Without Risking Any of It

Plus, with Stash, youâre able to invest in fractions of shares, which means you can invest in funds you wouldnât normally be able to afford.
Is it OK that heâs stopped contributing to his 401(k) so he can trade stocks? the reader asked. How do I ask him what heâs actually investing in? Iâm worried that heâs gambling money that we need for our retirement.
The benefit? Youâll be left with one bill to pay each month. And because personal loans have lower interest rates (AmOne rates start at 3.49% APR), youâll get out of debt that much faster. Plus: No credit card payment this month.
You bet it is. Our financial advice columnist, Dear Penny, recently heard from a reader whose husband stopped funding his 401(k) so he can bet on the stock market, instead.
Not too shabby!

3. Stop Paying Your Credit Card Company

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
Weâre big on investing. Itâs an important way to grow your money and set yourself up for retirement someday.
**Youâll also bear the standard fees and expenses reflected in the pricing of the ETFs in your account, plus fees for various ancillary services charged by Stash and the custodian.
Source: thepennyhoarder.com
Weâre living in historic times, and weâre all constantly refreshing for the latest news updates. You probably know more than one news-junkie who fancies themselves an expert in respiratory illness or a political mastermind.

4. Cut Your Bills by $540/Year

Save some of your money in a safer place than the stock market â but where youâll still earn money on it.
Mike Brassfield (mike@thepennyhoarder.com) is a senior writer at The Penny Hoarder. He tries not to be obsessed with the stock market.
Thatâs not the way to go. Here are five safer ways to invest and grow your money.

You just have to answer honestly, and InboxDollars will continue to pay you every month. This might sound too good to be true, but itâs already paid its users more than million.
And research companies want to pay you to keep watching. You could add up to 5 a month to your pocket by signing up for a free account with InboxDollars. Theyâll present you with short news clips to choose from every day, then ask you a few questions about them.

5. Add $225 to Your Wallet Just for Watching the News

For example, whenâs the last time you checked car insurance prices? You should shop your options every six months or so â it could save you some serious money. Letâs be real, though. Itâs probably not the first thing you think about when you wake up. But it doesnât have to be.
It takes two minutes to see if you qualify for up to ,000 online. You do need to give AmOne a real phone number in order to qualify, but donât worry â they wonât spam you with phone calls.
Instead of betting all your money on the stock market, just steadily invest in it. Take the long view. The stock market is unpredictable, which means that sometimes stock prices go up, and sometimes they go down â but over time, they tend to go up.
We like Stash, because it lets you choose from hundreds of stocks and funds to build your own investment portfolio. But it makes it simple by breaking them down into categories based on your personal goals. Want to invest conservatively right now? Totally get it! Want to dip in with moderate or aggressive risk? Do what you feel.
One way to make sure you have more money is to stop wasting money on credit card interest. Your credit card company is getting rich by ripping you off with high interest rates. But a website called AmOne wants to help.
Under your mattress or in a safe will get you nothing. And a typical savings account wonât do you much better. (Ahem, 0.06% is nothing these days.)
Hereâs a safe way to earn a little cash on the side.
If you havenât started investing and have some money to spare, you can start small. Investing doesnât require you throwing thousands of dollars at full shares of stocks. In fact, you can get started with as little as .*
AmOne keeps your information confidential and secure, which is probably why after 20 years in business, it still has an A+ rating with the Better Business Bureau.
If you sign up now (it takes two minutes), Stash will give you after you add to your invest account. Subscription plans start at a month.**

Tags: All, build, Business, car insurance, cash back, credit, Credit Card, dear penny, Debit Card, Debt, ETFs, evergreen, Fees, Financial advice, Financial Wize, FinancialWize, Get Out of Debt, Grow, Insurance, interest rates, invest, Investing, loan, Loans, Make Money, money, News, Personal Loans, Purchase, retirement, Save Money, savings, Savings Account, Stocks

In Banking, Investing, Money, Personal Finance, Uncategorized
6-Month CD Rates: Earn More Money

Author Cathy WilsonPosted on January 13, 2021

6-month CD rates can be a smart strategy for your short-term saving goals.

If you’re saving for a house, you may be wondering where you can park your hard-earned cash safely and earn interest at the same time.

If so, you should consider a 6-month CD, because the rates can still be very competitive.

In fact, 6-month CD rates can range from 0.50% APY to 1.00% APY, which produce higher yields than bank savings accounts.

Also, a six-month CD comes with FDIC insurance that protects your money up to $250,000.

Why shouldn’t you take advantage of a higher yield and safety?

Of note, if you are looking for higher yields, consider investing in Vanguard index funds.

In the meantime, here’s a table listing the best 6-month CD rates.

6-Month CD Rate APY Minimum Balance

EmigrantDirect CD 1.00% $1,000

MySavingsDirect 1.00% $1,000

Limelight Bank CD 0.95% $1,000

Sallie Mae Bank CD 0.90% $2,500

BMO Harris Bank CD 0.80% $5,000

Live Oak Bank CD 0.80% $2,500

Bank5 Connect CD 0.75% $500

HSBC CD 0.75% $1,000

TIAA Bank CD 0.75% $5,000

Ally Bank CD 0.65% $0

PurePoint Financial CD 0.50% $10,000

Best 6-month CD rates to help you achieve short-term saving goals.

*TOP CIT BANK PROMOTIONS*

PROMOTIONAL LINK OFFER REVIEW

CIT Bank Money Market 1.00% APY Review

CIT Bank Savings Builder 0.95% APY Review

CIT Bank CDs 0.75% APY 1 Year CD Term Review

CIT Bank No Penalty CD 0.75% APY Review

What is a CD?

A certificate of deposit or CD is a type of short-term investment where you agree to keep your money for a certain period of time, usually for three months to several years.

You usually open a CD with a traditional bank, credit union or even an investment company. For example, investment company such as Vanguard offers brokered CDs.

Once the CD “matures” or becomes “due,” you receive the principal money invested, plus interest.

If you withdraw your money before the stated period of time, an early withdrawal penalty will apply.

However, there are some banks that offer CDs with no penalty. Banks such as CIT Bank has an 11-month, no penalty CDs. However, those CDs usually have lower APY.

CDs are very safe. That’s because they are insured by the federal government for up to $250,000.

So, if you’re looking for safety, a CD is a good choice.

Is a six-month CD right for you?

Before you start shopping for the best 6-month CD rates, you need to ask yourself these questions:

How much interest will you earn?

Are 6-month CD rates better than interests from a savings account, money market funds, etc?

With a 6-month CD, you can expect to earn good money. But not a lot when comparing to longer CD terms. It is because the longer the length of the CD, the more money you will make.

But one thing for sure is that you will earn more money on a 6-month CD than on a savings account (more on this later).

Here’s how much you can earn with a 6-month CD rate.

Overview of the best 6-Month CD Rates: how much should you expect to earn.

The minimum balance requirement and the rates for these 6-month CDs vary depending on the bank. The rates range from 0.50% to 1.00%.

EmigrantDirect 6-month CD rate

The applicable rate for a six-month CD from Emigrant Direct is 1.00% . This six-month CD has a $1000 minimum deposit requirement. This is one of the highest interest rates out there.

MySavingsDirect 6-month CD rate

This 6-month CD also has a 1.00% APY and requires a $1000 minimum deposit.

Limelight Bank 6-month CD rate

The applicable yield for a six-month CD from Limelight Bank is 0.95%. It also has a $1000 minimum balance requirement.

BMO Harris 6-month CD rate

For a BMO Harris six-month CD, it is 0.80% APY and $5,000 minimum deposit.

Live Oak Bank 6-month CD rate

You can expect a 0.80% APY, But the minimum deposit can be high, $2,500.

Sallie Mae Bank 6-month CD rate

Sallie Mae’s 6-month CD offers a 0.90% APY and requires a $2,500 minimum deposit.

TIAA Bank 6-month CD rate

The minimum deposit can be steep for a six-month CD from TIAA Bank, which is $5,000. But a rate of 0.75% is still competitive.

Ally Bank 6-month CD rate

For an Ally Bank six-month CD, the rate is 0.65%. And there is no minimum deposit.

Bank5 Connect 6-month CD rate

The Bank5 Connect 6-month CD has the lowest minimum deposit requirement ($500) with a rate of 0.75%.

HSBC Direct 6-month CD rate

For a 6-month CD from HSBC, the yield is 0.75% and the minimum deposit requirement is $1,000.

PurePoint 6-month CD rate

The yield for this six-month CD is 0.50%Â and the minimum deposit is $10,000. This deposit requirement can be too much for most people.

Why should you invest in a 6-month CD?

Given that these banks’ 6-month CD offer competitive rates, they may be a good option for you.

So, you may want to consider them for the following reasons:

Emergency fund. A 6-month CD is a good place for your emergency fund. However, if an emergency occurs before the CD matures and you withdraw the money, a penalty will apply.

Saving for a down payment. A 6-month CD is a good option if you’re thinking of buying a house in the next six months.

It’s a good place to accumulate and grow the down payment. You certainly don’t want to risk your money investing it in the stock market, because the market can plunge in a relatively short of time.

Wedding. If you have an upcoming wedding, a six-month CD is a good place to keep your cash.

Vacation. If you’re planning of taking a vacation in 6 months or so, a 6-month CD makes the most sense. Your money is safe and you’ll earn interest at the same time.

CDs vs. savings accounts vs. money market funds

While a 6-month CD can be a good option for your money, it may not be the best options in all situations.

If you need your money before the stated period and withdraw it, you will get hit with a penalty.

So, it makes sense to see what other options are available to you. And the best way to do so is to compare a 6-month CD rate with other saving vehicles.

6-month CD vs. savings account

There is no doubt you’ll receive a higher return on your money with a CD than with a savings account.

However, a savings account is more liquid than a CD. You can withdraw money in your savings account with no fear that you’ll get hit with a penalty.

With a CD, however, an early withdrawal penalty will apply if you need access to your money before the CD becomes “due.”

6-month CD vs. money market fund

It’s likely that you will earn more interest on your money with a CD than with a money market fund.

However, just like a savings account, you can easily access your funds in your money market fund at any time without the early withdrawal penalty that comes with taking money out of your 6-month CD before it matures.

You can write a check or you can call the fund company and ask them to transfer your money to your bank.

The bottom line

6-month CD rates are competitive. A six-month CD can be a good choice if you’re saving for a short-term goals. You’ll earn a higher rate on a 6-month CD than on a savings account.

Speak with the Right Financial Advisor

If you have questions about your finances, you can talk to aÂ financial advisorÂ who can review your finances and help you reach your goals (whether it is making more money, paying off debt, investing, buying a house, planning for retirement, saving, etc).

Find one who meets your needs withÂ SmartAssetâs free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals,Â get started now.

*TOP CIT BANK PROMOTIONS*

PROMOTIONAL LINK OFFER REVIEW

CIT Bank Money Market 1.00% APY Review

CIT Bank Savings Builder 0.95% APY Review

CIT Bank CDs 0.75% APY 1 Year CD Term Review

CIT Bank No Penalty CD 0.75% APY Review

The post 6-Month CD Rates: Earn More Money appeared first on GrowthRapidly.

Source: growthrapidly.com

Tags: 6-month CD, 6-month CD raes, All, Banking, Buying, Buying a house, CD, CDs, certificate of deposit, cit bank, color, credit, Debt, down payment, Financial Advisor, Financial Goals, Financial Wize, FinancialWize, Grow, house, Insurance, interest rates, invest, Investing, money, Personal Finance, retirement, Saving, savings, Savings Account, Shopping, Uncategorized, Vs.

In Auto
7 Big Insurance Mistakes to Avoid During the COVID Crisis

Author Cathy WilsonPosted on January 13, 2021

The coronavirus has upset lives and livelihoods all over the globe. While insurance can’t keep you from getting COVIID-19, having the right types of insurance can reduce your financial risk as the virus spreads.

There’s never been a better time to protect your health, life, property, and business with the right insurance. Let's take a look at seven insurance mistakes you might be making during the pandemic. You’ll learn how to face new risks and challenges with the help of different types of affordable insurance.

Coronavirus insurance mistakes

Here’s the detail on each mistake you should avoid to make sure you and your family stay safe during the pandemic.

1. Skipping health insurance

The coronavirus has changed the health insurance landscape in drastic ways. If you’ve become unemployed or have your work hours cut and lost employer-sponsored health insurance, don’t go without coverage when you may need it most.

Here are several ways to get health insurance:

Medicaid and Children’s Health Insurance Program (CHIP) may be options for free or low-cost coverage if you can’t afford health insurance. These programs allow you to get coverage at any time of year, depending on your income, family size, and where you live. You can learn more at the Medicaid website at Medicaid.gov.

Your parent’s health plan may be an option if they have coverage, you’re under age 26, and they’re willing to insure you. Even if you’re married, not living with a parent, and not financially dependent on them, they can cover you until your 26^th birthday.

COBRA coverage is typically available when you leave a job with group health insurance. Whether you quit, are laid-off, or get fired, COBRA is a federal regulation that gives you the option to continue your employer-sponsored health, dental, and vision insurance for a certain period, such as 18 months. However, if you have funds in a health savings account or HSA, you can use them to pay your COBRA premiums.

Affordable Care Act (ACA) coverage is available through federal or state health online marketplaces, insurance brokers, and insurance websites. If your income is below certain limits based on your family size, you qualify for a federal subsidy, which reduces your healthcare premiums. No matter where you live, you can begin shopping at the federal exchange at Healthcare.gov.

2. Not using telehealth services

If you have a high-deductible health plan (HDHP), it typically only covers certain preventive care costs, such as an annual physical or vaccinations, before you meet the yearly deductible.

The CARES Act makes it easier to use telehealth services because your plan must cover it cost-free before your HDHP deductible is satisfied.

However, the CARES Act makes it easier to use telehealth services because your plan must also cover it cost-free before your deductible is satisfied. For other types of health plans, such as HMOs and PPOs, they must also waive any cost-sharing or co-pays for remote health services.

The telehealth relief is only temporary for 2020 and 2021. However, it can give you significant savings if you have a non-emergency or medical question that you want to address with a doctor online.

3. Only getting minimum car insurance coverage

During tough financial times, it can be tempting to cut your auto insurance coverage or drive uninsured. Remember that it’s against the law to drive without having the minimum liability coverage for your home state.

Since many drivers are uninsured, you should never go without uninsured motorist coverage.

However, since many drivers are uninsured, you should never go without uninsured motorist coverage. This insurance protects you from a driver who hits-and-runs or is uninsured or underinsured for the damage they cause you, your passengers, and your car.

According to the Insurance Information Institute (III), 13 percent of drivers are uninsured nationwide. My home state, Florida, has the highest number—almost 27 percent! This data from 2015 is the most recent. Due to coronavirus-related financial hardships, I’d bet those numbers are much higher now.

If you drop any auto insurance coverage, make it collision or comprehensive, which repair or replace your vehicle if it’s damaged or stolen (after paying your deductible). Reducing or eliminating these coverages could make sense if your car isn’t worth much, such as less than $1,000. A good rule of thumb is to drop these coverages if their annual cost is 10% or more of your car’s cash value.

Another way to save on auto insurance is to increase your deductibles or bundle it with other coverage, such as your home or renters policy.

4. Not purchasing a non-owners auto insurance policy

If you’ve sold your car or you tend to borrow or rent cars when needed, don’t forget that you still need the protection of a non-owner auto insurance policy. This coverage gives you liability protection when you drive a car you don’t own or are a passenger in someone else’s car.

Here are some situations when you need non-owner car insurance:

You rent a car and don’t already have insurance on a vehicle you own.

You use ride-sharing services, such as Uber and Lyft.

You borrow cars from family, friends, or neighbors for short or long trips.

5. Overlooking a renters insurance policy

According to the III, a surprisingly low number of renters, 35 percent have renters insurance. Whether you mistakenly believe that your landlord is responsible for your personal belongings (they’re not) or that you don’t have enough to insure (you probably do), you should have a policy.

Landlords only have insurance to protect the structure of a home or apartment you rent, not for a tenant’s personal property. Nor do they protect your liability if someone gets injured accidentally injured in your rental place.

Landlords only have insurance to protect the structure of a home or apartment you rent, not for a tenant’s personal property. Nor do they protect your liability if someone gets injured accidentally injured in your rental place.

Standard renters insurance offers a lot more protection than many people think. It covers your possessions if they’re stolen or damaged from a covered event, such as a water leak, fire, or natural disaster. A renters policy also pays living expenses if you have to move out while repairs get made after an insured disaster, such as a tornado or fire.

Even more important is the liability protection I mentioned. If you get involved in a lawsuit related to property damage or medical injuries, you’ll be covered up to your policy limit.

Renters insurance gives you a lot of protection for the money. It’s probably more affordable than you might think, costing only an average of $188 per year across the nation. Bundling it with your auto insurance could even reduce the cost.

6. Working from home without commercial coverage

Due to stay-at-home mandates during the pandemic, most people who can work from home are doing so. If you’re self-employed as a solopreneur or operate a small business from home, be aware that your home or renters insurance excludes most home-based business activities.

For instance, if you keep inventory at home or have special business equipment, they aren’t covered under a standard homeowner or renter policy. Make sure your business assets and liability are protected by having a separate commercial policy or adding a home-business rider or endorsement to your existing insurance.

The type of business coverage you need varies depending on your industry, whether you drive for business purposes, if you see clients at your home, the value of your business assets, and how much potential risk you have. But it could cost as little as $150 per year. Check with your existing insurance company or a trade association for your industry about getting coverage.

RELATED: How to Qualify for the Coronavirus Economic Relief Package

7. Thinking you can’t get life insurance

It’s not fun to think about death or what would happen to your family if you weren’t alive. If your surviving spouse, partner, children, parents, other dependents, or business partners would be hurt financially after your death, you need life insurance to protect them.

Think about how your survivors would care for your children and meet financial obligations without additional income. Consider how your children would survive if you and your spouse or partner died at the same time. If you’re procrastinating getting life insurance or increasing your current coverage, think about the legacy you want to leave.

The good news is that term life insurance is affordable and still readily available during the pandemic. For example, a $500,000 payout for your family could cost about $200 a year if you’re middle-aged and reasonably good health. Bankrate.com is a good site to learn more and get free life insurance quotes.

Source: quickanddirtytips.com

Tags: All, Auto, auto insurance, Business, car insurance, Coronavirus, covid, existing, Family, Financial Wize, FinancialWize, health, Health Insurance, Home, How To, Insurance, Life, money, News, savings, Savings Account, Shopping

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1. Skipping health insurance

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