Tampa is by far one of the finest cities in Florida, and its neighborhoods are some of the best in the state.
Whether you’re looking to immerse yourself in the history of Ybor City or are looking for easy access to Tampa’s nightlife, there are many fantastic areas to call home.
Here are our 10 favorite Tampa neighborhoods.
If you’re looking for a Tampa neighborhood with great schools, consider moving to Bayshore Beautiful. This liberal-leaning community boasts plenty of coffee shops, parks and restaurants for residents to enjoy. It’s a highly walkable district with low crime rates. It is also one of the quietest neighborhoods in the Tampa Bay area.
What makes Bayshore Beautiful even more desirable are its waterfront views and Riverwalk. You can expect to see people biking, walking, jogging and enjoying the Tampa Bay sunset.
The entire Channel District has become increasingly popular over the last few years. It even made the list of the top five Tampa neighborhoods where rent is increasing the most. This highly coveted area is full of condos with panoramic views and local hotspots like Victory Coffee and the District Tavern.
Channel District residents also appreciate being within walking distance of Sparkman Wharf, the Florida Aquarium and Amalie Arena. With all these amenities at your doorstep, it’s easy to see why the Channel District is one of Tampa’s hottest areas.
If you’re looking for an urban community with lots of high-rises, condos and access to first-rate theaters and museums, Downtown Tampa is the place for you. Downtown residents will enjoy having easy access to the city’s business district and major highways.
In addition, there are several dining and shopping options located nearby, and the city’s nighttime hotspots are only a quick taxi ride away.
Although it’s technically a part of Downtown Tampa, Harbour Island truly is a community of its own. Living in this neighborhood is a status symbol by many, and the rental prices reflect that.
Harbour Island has a very low crime rate with access to good schools, which is a strong draw for many residents. Additionally, the Riverwalk area is minutes away.
Tampa’s Hyde Park is an excellent choice for renters looking for a charming place to settle down. This historic area of the city is next to Tampa Bay and attracts young professionals and families alike.
One of the most popular attractions in the neighborhood is Hyde Park Village, which has restaurants, boutiques, bars and specialty stores.
As you might expect, New Tampa is one of the newest communities in Tampa. Close to the University of South Florida, this increasingly popular area of town is a great place to raise a family.
Its easy access to several corporate headquarters also makes this neighborhood popular with professionals. But that popularity comes at a cost, as prices have steadily increased over the past year.
Source: Rent. / Avenue Lofts
North of Downtown Tampa is Seminole Heights, a historic district that honors its roots while maintaining a cool, suburban feel. You’ll find plenty of local bars and restaurants, along with a countless number of antique and second-hand stores.
Due to its popular bar and restaurant scene and its location near the University of South Florida, rent prices in Seminole Heights have increased dramatically in recent years.
Tampa Palms is an excellent option for future Tampa residents who are looking for decent schools and a politically moderate area of town. This enclave has a suburban/urban feel and attracts young professionals and young families alike.
Tampa Palms is highly walkable and known for being a dog-friendly community. Additionally, the neighborhood has a number of local bars and restaurants for residents to choose from. This community also is close to the University of South Florida and its nearby attractions.
If you’re looking for a liberal, family-friendly area of Tampa to settle down in, University Square is a great choice. University Square schools are above average, the neighborhood is known for its safety and the entire area has a good suburban/urban mix. There are also plenty of restaurants, shops and parks, and it’s incredibly close to Busch Gardens and the Museum of Science and Industry.
Convenient to the University of South Florida, this area is also quite popular with students and professors. Furthermore, University Square is near some of the best hospitals in Central Florida.
Source: Rent. / The Warehouse Lofts
Located on the northwest side of Ybor City, Ybor Heights residents enjoy the lifestyle and amenities found in a dense, suburban area. There are plenty of local parks, coffee shops, bars and restaurants and the famous Ybor City Historic District is within walking distance.
Ybor Heights has a good mix of renters and homeowners and is one of the city’s more diverse areas. This young, liberal neighborhood is perfect for renters who can appreciate history while enjoying the famous nightlife. And, although Ybor Heights typically caters to young professionals, the above-average schools make this area attractive to young families, as well.
Find the best neighborhood for you
If you’re thinking about moving to Central Florida, you can’t go wrong by choosing Tampa. The city has amusement parks, world-class universities and hospitals, and some of the best year-round weather in the country. Hopefully, this guide to the best Tampa neighborhoods will help you decide which community is right for you.
Lindsay Mickles is a freelance writer and web designer who has been living in the Tampa Bay area for the past three years. An avid travel blogger, Lindsay enjoys exploring Central Florida’s cities and towns every chance she gets. Whether she’s searching for the area’s best taco truck or discovering the coolest art museums around, Lindsay is determined to experience all that central Florida has to offer.
You’ve been getting up early weekend after weekend to go to open houses and have spent hours looking at online listings. You’ve finally found a place that you like, but before you make an offer, one good idea is to do some research on what to look for when buying a home.
Most people don’t want to buy a home that is going to require a lot of work or be difficult to finance because it’s structurally unsound or unsafe. The home might look great on the surface, but it’s recommended that a buyer order the proper home inspection(s) to see if it actually measures up prior to lifting any property contingencies. It can be stressful or even derail the home purchase to find out that you’ll need to make all sorts of costly renovations that make you go over budget or have to look for renovation financing vs. traditional financing, after you’ve worked hard to find that dream home.
Signs Your Dream Home Could Be a Nightmare
There are a lot of things to look for when buying a home. But these are 10 common home inspection red flags that would put even your dream home on the buyer-beware list because of the home repair costs and stress involved in fixing the issues. (Passing the home inspection will also be an important part of getting through the real-estate purchase contract process.) Consider these factors as you continue your search for your new nest, and especially if you’re a first-time homebuyer, lean on professional inspectors for help.
First-time homebuyers can prequalify for a SoFi mortgage loan, with as little as 3% down.
1. Structural Problems
If there is a problem with the foundation or load-bearing walls in your new home, structural repairs involving health and safety issues could derail your home loan by making the property ineligible for financing, or could wind up costing thousands of dollars. But structural problems aren’t just expensive to fix, they could also be considered unsafe — which is why they should be at the top of any list of things to check when buying a home.
Look for major cracks in the foundation, problems with doors closing, door frames not being perfectly rectangular, or walls or floors that seem to sag. You’ll want to spend the money for a professional home inspection. If the inspection reveals there is a larger issue, a structural engineer’s report may be able to provide additional insight. 💡 Quick Tip: When house hunting, don’t forget to lock in your home mortgage loan rate so there are no surprises if your offer is accepted.
2. Water-Damage Woes
The biggest cause of rot and mold is moisture. So if your potential new home has leaking pipes or a roof that lets in water, it won’t just be expensive to replace your roof or find where the leak is coming from — the leak could have already created other problems.
Water stains and mold are home inspection red flags. Not only can mold have implications for your health, it could indicate a bigger problem with the house. If you see either of them, look into the cause of the stain, because a new roof or new plumbing could set you back a significant amount of money. Dry rot and related problems like mold can also fall under health and safety issues and, as a result, affect the home’s eligibility for most types of home mortgage loans.
3. Poor Drainage
Poor grading and drainage can potentially cause huge problems with the foundation or basement of your home, so it should be high on your list of home inspection red flags. When it comes to bad drainage, things to look for when buying a home can include but are not limited to: pooling water around the foundation; leaking in the basement; gutters that are blocked or overflowing; and soil being moved by water in any flower beds around the home. While there are ways to fix poor drainage and improper grading if it’s minor, you might struggle with larger drainage problems if the home is in a low-lying area.
4. Bad Plumbing
The last thing you want is for your sink to spring a leak. Plumbing problems could have an array of causes, including improper installation or older pipes that need to be replaced or are leaching metals into your water supply. Plumbing that regularly leaks could cause water damage, which, as noted previously, could have some pretty serious consequences (like mold and rot). The home inspector will generally test the plumbing system, but as you look at houses, be observant and try running all the faucets and flushing the toilets. Keep an eye out for any signs of possible water damage and be aware of any funky smells.
5. Pests
There are a few ways to avoid buying a pest-infested home, such as having a home inspector look for pests. If the general home inspection calls out pest issues, it is recommended to go a step further and request a pest inspection report from a licensed pest inspector.
If the inspector finds signs of bugs, it might be possible to request that the seller fix the infestation before you close the house. Sometimes, pest infestation can mean a significant discount, which may be appealing to some buyers. But getting rid of certain kinds of bugs can be very costly, complicated, toxic, and even require you to leave your home while the fumigation takes place. So the discount may not actually be as rosy as it seems. Lenders do not usually close on a traditional home loan with a serious pest issue because it may present a health and safety issue.
6. Electrical Problems
A general home inspection will cover basic electrical items, but some buyers opt for an additional electrical inspection. Depending on when the home was built, there could be improper or even dangerous wiring throughout the house. That could affect eligibility for home financing due to health and safety issues, increase the fire risk in your home, or affect how you budget for buying the house.
7. Neighborhood Troubles
You might have found a beautiful home, but what if the location isn’t ideal? If your home is in a neighborhood that has a high number of vacant properties, a high crime rate, or a poorly rated school system, your investment might not pay off. Ask your real estate agent and neighbors about the neighborhood, stop by at different times, search for the area’s crime statistics, and check out the reputation of local schools. 💡 Quick Tip: Not to be confused with prequalification, preapproval involves a longer application, documentation, and hard credit pulls. Ideally, you want to keep your applications for preapproval to within the same 14- to 45-day period, since many hard credit pulls outside the given time period can adversely affect your credit score, which in turn affects the mortgage terms you’ll be offered.
8. Homeowners Association Problems
If you’re moving into a development with dues, you’ll want to know more about the homeowners association (HOA). Your lender will likely require you to obtain a completed Homeowners Association Questionnaire, and once this form is completed, it could answer many of the questions you may have, such as: How much are the HOA fees? What are the rules around making changes to your property? Is there any pending litigation against the condo association? Can you rent out your place or use it as an Airbnb when you go on vacation? Before you put in an offer, it’s a good idea to find out the answer to these or any other issues of importance to you and your family.
9. DIY Improvements
Watch out for shoddy renovations. If the house looks like it has undergone a recent facelift, have a close look at the workmanship. If there are visible shortcuts, there may be other areas of the house that weren’t properly renovated that could cause you headaches in the future. Check them carefully and make sure the major improvements or additions were done with the proper permits.
10. Older Windows
Older windows could translate into higher heating and cooling costs for your home. Moisture leakage can cause mold issues over time. Those costs add up, so you’ll want to add windows to your list of things to look at when buying a home. On your house tour, look for windows that stick, have discoloration around the indoor casing, or are warping. Updating windows (or replacing them completely) could be costly.
The Takeaway
In certain situations, a buyer may consider making an offer on a house even with one or two of these home inspection red flags. But before committing to a property that needs TLC, you’ll want to add up what the potential repairs may cost. Doing the math now could mean fewer financial surprises when you move in. And in some cases, it may be possible to negotiate with the seller so that major issues are addressed before the closing.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% – 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It’s online, with access to one-on-one help.
SoFi Mortgages: simple, smart, and so affordable.
Photo credit: iStock/Jitalia17
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
What’s the Difference Between a 403(b) and a Roth IRA?
A 403(b) and a Roth IRA account are both tax-advantaged retirement plans, but they are quite different — especially regarding the amount you can contribute annually, and the tax implications for each.
Generally speaking, a 403(b) allows you to save more, and your taxable income is reduced by the amount you contribute to the plan (potentially lowering your tax bill). A Roth IRA has much lower contribution limits, but because you’re saving after-tax money, it grows tax free — and you don’t pay taxes on the withdrawals.
In some cases, you may not need to choose between a Roth IRA vs. a 403(b) — the best choice may be to contribute to both types of accounts. In order to decide, it’s important to consider how these accounts are structured and what the rules are for each.
Comparing How a 403(b) and a Roth IRA Work
When it comes to a 403(b) vs Roth IRA, the two are very different.
A 403(b) account is quite similar to a 401(k), as both are tax-deferred types of retirement plans and have similar contribution limits. A Roth IRA, though, follows a very different set of rules.
403(b) Overview
Similar to a 401(k), a 403(b) retirement plan is a tax-deferred account sponsored by an individual’s employer. An individual may contribute a portion of their salary and also receive matching contributions from their employer.
An employee’s contributions are deducted — this is known as a salary reduction contribution and deposited in the 403(b) pre-tax, where they grow tax-free, until retirement (which is why these accounts are called “tax deferred”). Individuals then withdraw the funds, and pay ordinary income tax at their current rate.
Although 403(b) accounts share some features with 401(k)s, there are some distinctions.
Eligibility
The main difference between 403(b) and 401(k) accounts is that 401(k)s are offered by for-profit businesses and 403(b)s are only available to employees of:
• Public schools, including public colleges and universities
• hurches or associations of churches
• Tax-exempt 501(c)(3) charitable organizations
Early Withdrawals
Typically, individuals face a 10% penalty if they withdraw their money before age 59 ½. Exceptions apply in some circumstances. Be sure to consult with your plan sponsor about the rules.
Contribution Limits and Rules
There are also some different contribution rules for 403(b) accounts. The cap for a 403(b) is the same as it is for a 401(k): $23,000 in 2024 and $22,500 in 2023. And if you’re 50 or older you can also make an additional catch-up contribution of up to $7,500 in 2024 and 2023.
In the case of a 403(b), though, if it’s permitted by the 403(b) plan, participants with at least 15 years of service with their employer can make another catch-up contribution above the annual limit, as long as it’s the lesser of the following options:
• $15,000, reduced by the amount of employee contributions made in prior years because of this rule
• $5,000, times the number of years of service, minus the employee’s total contributions from previous years
• $3,000
The wrinkle here is that if you’re over 50, and you have at least 15 years of service, you must do the 15-year catch-up contribution first, before you can take advantage of the 50-plus catch-up contribution of up to $7,500.
Roth IRA Overview
Roth IRAs are different from tax-deferred accounts like 403(b)s, 401(k)s, and other types of retirement accounts. With all types of Roth accounts — including a Roth 401(k) and a Roth 403(b) — you contribute after-tax money. And when you withdraw the money in retirement, it’s tax free.
Eligibility
Unlike employer-sponsored retirement plans, Roth IRAs fall under the IRS category of “Individual Retirement Arrangements,” and thus are set up and managed by the individual. Thus, anyone with earned income can open a Roth IRA through a bank, brokerage, or other financial institution that offers them.
Contribution Limits and Rules
Your ability to contribute to a Roth, however, is limited by your income level.
• For 2024, if you’re married filing jointly, you can contribute the maximum to a Roth if your modified adjusted gross income (MAGI) is less than $230,000. If your income is between $230,000 and $240,000 you can contribute a reduced amount.
• For single filers in 2024, your income must be less than $146,000 to contribute the maximum to a Roth, with reduced contributions up to $161,000.
• For 2023, if you’re married filing jointly, you can contribute the maximum to a Roth if your modified adjusted gross income (MAGI) is less than $218,000. If your income is between $218,000 and $228,000 you can contribute a reduced amount.
• For single filers in 2023, your income must be less than $138,000 to contribute the maximum to a Roth, with reduced contributions up to $153,000.
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Roth 403(b) vs Roth IRA: Are They the Same?
No. A Roth 403(b) does adhere to the familiar Roth structure — the individual makes after-tax contributions, and withdraws their money tax free in retirement — but otherwise these accounts are similar to regular 403(b)s.
• The annual contribution limits are the same: $23,000 with a catch-up contribution of $7,500 for those 50 and older for 2024; $22,500 with a catch-up contribution of $7,500 for those 50 and older for 2023.
• There are no income limits for Roth 403(b) accounts.
Also, a Roth 403(b) is like a Roth 401(k) in that both these accounts are subject to required minimum distribution rules (RMDs), whereas a regular Roth IRA does not have RMDs.
One possible workaround: You may be able to rollover a Roth 403(b)/401(k) to a Roth IRA — similar to the process of rolling over a regular 401(k) to a traditional IRA when you leave your job or retire.
That way, your nest egg wouldn’t be subject to 401(k) RMD rules.
Finally, another similarity between Roth 403(b) and 401(k) accounts: Even though the money you deposit is after tax, any employer matching contributions are not; they’re typically made on a pre-tax basis. So, you must pay taxes on those matching contributions and earnings when taking retirement withdrawals. (It sounds like a headache, but your employer deposits those contributions in a separate account, so it’s relatively straightforward to know which withdrawals are tax free and which require you to pay taxes.) 💡 Quick Tip: Investment fees are assessed in different ways, including trading costs, account management fees, and possibly broker commissions. When you set up an investment account, be sure to get the exact breakdown of your “all-in costs” so you know what you’re paying.
Which Is Better, a 403(b) or Roth IRA?
It’s not a matter of which is “better” — as discussed above, the accounts are quite different. Deciding which one to use, or whether to combine both as part of your plan, boils down to your tax and withdrawal strategies for your retirement.
To make an informed decision about which retirement plan is right for you, it can be helpful to conduct a side-by-side comparison of both plans. This chart breaks down some of the main differences, giving you a better understanding of these types of retirement plans, so that you can weigh the pros and cons of a Roth IRA vs. 403(b).
403(b)
Roth IRA
Who can participate?
Employees of the following types of organizations:
• Public school systems, if involved in day-to-day operations
• Public schools operated by Indian tribal governments
• Cooperative hospitals and
• Civilian employees of the Uniformed Services University of the Health Sciences
• Certain ministers and chaplains
• Tax-exempt charities established under IRC Section 501(c)(3)
Individuals earning less than the following amounts:
• Single filers earning less than $146,000 for 2024 (those earning $146,000 or more but less than $161,000 may contribute a reduced amount)
• Married joint filers earning less than $230,000 for 2024 (those earning $230,000 or more but less than $240,000 may contribute a reduced amount)
• Single filers earning less than $138,000 for 2023 (those earning $138,000 or more but less than $153,000 may contribute a reduced amount)
• Married joint filers earning less than $218,000 for 2023 (those earning $218,000 or more but less than $228,000 may contribute a reduced amount)
Are contributions tax deductible?
Yes
No
Are qualified distributions taxed?
Yes
No (if not qualified, distribution may be taxable in part)
Annual individual contribution limit
$23,000 for 2024 (plus catch-up contributions of $7,500 for those 50 and older)
$22,500 for 2023 (plus catch-up contributions up to $7,500 for those age 50 and older)
$7,000 for 2024 (individuals 50 and older may contribute $8,000)
$6,500 for 2023 (individuals 50 and older may contribute $7,500)
Are early withdrawals allowed?
Depends on individual plan terms and may be subject to a 10% penalty
Yes, though account earnings may be subject to a 10% penalty if funds are withdrawn before account owner is 59 ½
Plan administered by
Employer
The individual’s chosen financial institution
Investment options
Employee chooses based on investments available through the plan
Up to the individual, though certain types of investments (collectibles, life insurance) are prohibited
Fees
Varies depending on plan terms and investments
Varies depending on financial institution and investments
Portability
As with other employee-sponsored plans, individual must roll their account into another fund or cash out when switching employers
Yes
Subject to RMD rules
Yes
No
Pros and Cons of a 403(b) and a Roth IRA
There are positives to both a 403(b) and a Roth IRA — and because it’s possible for qualified individuals to open a Roth IRA and a 403(b), some people may decide that their best strategy is to use both. Here’s a side-by-side comparison of a 403(b) vs. a Roth IRA:
403(b)
Roth IRA
Pros
• Contributions are automatically deducted from your paycheck
• Earning less during retirement may mean an individual pays less in taxes
• Employer may offer matching contributions
• Higher annual contribution limit than a Roth IRA
• More investment options to choose from
• Withdrawal of contributions are not taxed; withdrawal of earnings are not taxed under certain conditions and/or after age 59 ½
• Account belongs to the owner
Cons
• May have limited investment options
• May charge high fees
• There may be a 10% penalty on funds withdrawn before age 59 ½
• Has an income limit
• Maximum contribution amount is low
• Contributions aren’t tax deductible
Pros of 403(b)
• Contributions are automatically deducted by an employer from the individual’s paycheck, which can make it easier to save.
• If an individual earns less money annually in retirement than during their working years, deferring taxes may mean they ultimately pay less in taxes.
• Some employers offer matching contributions, meaning for every dollar an employee contributes, the employer may match some or all of it, up to a certain percentage.
• Higher annual contribution limit than a Roth IRA.
Pros of Roth IRAs
• Individuals can invest with any financial institution and thus will likely have many more investment options when opening up their Roth IRA.
• Withdrawal of contributions are not taxed; withdrawal of earnings are not taxed under certain conditions and/or after age 59 ½.
• Account belongs to the owner and is not affected if the individual changes jobs.
There are also some disadvantages to both types of accounts, however. 💡 Quick Tip: How much does it cost to set up an IRA? Often there are no fees to open an IRA, but you typically pay investment costs for the securities in your portfolio.
Cons of 403(b)s
• There are limited investment options with 403(b)s.
• Some 403(b) plans charge high fees.
• Individuals typically pay a 10% penalty on funds withdrawn before age 59 ½. However, there may be some exceptions under the rule of 55 for retirement.
Cons of Roth IRAs
• There’s an income limit to a Roth IRA, as discussed above.
• The maximum contribution amount is fairly low.
• Contributions are not tax deductible.
Choosing Between a Roth IRA and 403(b)
When considering whether to fund a 403(b) account or a Roth IRA, there’s no right choice, per se — the correct answer boils down to which approach works for you. You might prefer the automatic payroll deductions, the ability to save more, and, if it applies, the employer match of a 403(b).
Or you might gravitate toward the more independent setup of your own Roth IRA, where you have a wider array of investment options and greater flexibility around withdrawals (Roth contributions can be withdrawn at any time, although earnings can’t).
Or it might come down to your tax strategy: It may be more important for you to save in a 403(b), and reduce your taxable income in the present. Conversely, you may want to contribute to a Roth IRA, despite the lower contribution limit, because withdrawals are tax free in retirement.
Really, though, it’s possible to have the best of both worlds by investing in both types of accounts, as long as you don’t exceed the annual contribution limits.
Investing With SoFi
Because 403(b)s and Roth IRAs are complementary in some ways (one being tax-deferred, the other not), it’s possible to fund both a 403(b) and a Roth IRA.
Ready to invest for your retirement? It’s easy to get started when you open a traditional or Roth IRA with SoFi. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here.)
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FAQ
Which is better: a 403(b) or a Roth IRA?
Neither plan is necessarily better. A 403(b) and a Roth IRA are very different types of accounts. A 403(b) has automatic payroll deductions, the possibility of an employer match, and your contributions are tax deductible. A Roth IRA gives you more control, a greater choice of investment options, and the ability to withdraw contributions (but not earnings) now, plus tax free withdrawals in retirement. It can actually be beneficial to have both types of accounts, as long as you don’t exceed the annual contribution limits.
Should you open a Roth IRA if you have a 403(b)?
You can open a Roth IRA if you have a 403(b). In fact it may make sense to have both, since each plan has different advantages. You may get an employer match with a 403(b), for instance, and your contributions are tax deductible. A Roth IRA gives you more investment options to choose from and tax-free withdrawals in retirement. In the end, it really depends on your personal financial situation and preference. Be sure to weigh all the pros and cons of each plan.
When should you convert your 403(b) to a Roth IRA?
If you are leaving your job or you’re at least 59 ½ years old, you may want to convert your 403(b) to a Roth IRA to avoid taking the required minimum distributions (RMDs) that come with pre-tax plans starting at age 73. However, because you are moving pre-tax dollars to a post-tax account, you’ll be required to pay taxes on the money. Speak to a financial advisor to determine whether converting to a Roth IRA makes sense for you and ways you may be able to minimize your tax bill.
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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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Founded in late 1886 and originally named “The Palms” for the imported palm trees, Palms is one of the oldest neighborhoods in Los Angeles. Most of the residents of Palms, Los Angeles are young singles and families looking to put down roots.
That being said, Palms has something to offer for everyone looking to find their L.A. home. The neighborhood offers its residents great dining options, unique attractions, parks and so much more.
Where is Palms?
Palms, Los Angeles, is a densely populated neighborhood with a current population of 42,545. It’s located on the Westside of L.A. and other popular neighborhoods surround it making it a central location for many people to live.
Palms is just north of Culver City and to the south of Cheviot Hills, Beverlywood and Rancho Park. To the east, you’ll find Mid City, and to the west is Mar Vista and Venice.
Source: Rent.
What’s it like to live in Palms, Los Angeles?
The neighborhood of Palms, Los Angeles, is a great area to reside in. The area was founded in 1886 by entrepreneurs and families looking to start a new life in the sunny state of California. These residents brought in 5,000 palm trees to line the street, thus giving the neighborhood its name. Today, Palms is just as exciting with great dining, education and so much more.
Community
Are you a millennial? Then Palms is the place for you. Recently voted as one of the best places for millennials by Culture Trip, Palm has an average age range of 19 to 35 years old and is primarily for singles or small families. While the majority of residents are younger, there are all different age groups residing in Palms.
Palms is a diverse neighborhood with all different walks of life living there. Around 45 percent of residents have a four-year degree or higher according to the Los Angeles Times and make an annual income of around $50,684 a year.
Education
The neighborhood has an abundance of schools, including private, language immersion schools, charter and public elementary, middle and high schools. Some of these schools include Canfield Avenue Elementary School, Clover Avenue Elementary School and Marvista Elementary School to name a few. The neighborhood is also a go-to place to live for UCLA students as Palms is close to campus.
Source: Rent. / 3665 Hughes Avenue Apartments
Entertainment
Palms has an endless supply of entertainment for its residents from dining to nightlife and everything in between — there’s never a dull moment here. There are many popular dining areas in the neighborhood, such as The Irish Times Pub & Restaurant, Lobster & Beer and The Doughroom, known for its pizza, craft beer and use of local ingredients. While there aren’t many fancy restaurants in the neighborhood, there are several options in the surrounding neighborhoods like Culver City.
Check out the Rancho Park Branch library and spend the day reading. Palms is also full of outdoor activities, with countless parks and weekend farmer’s markets where you can get local products and fresh produce. If you’re looking for an educational day, check out the Museum of Jurassic Technology. At night, check out The Velvet Lounge or Boardwalk 11 for a night of karaoke. Palms is also the home of L.A.’s “Little Brazil,” where you can enjoy an abundance of authentic restaurants and street food.
Transportation
Surprise, surprise, Palms is no exception to the traffic of Los Angeles, and similar to most neighborhoods, driving is the preferred method of transportation. The average commute time is 30 minutes and with many people driving, parking is difficult in this neighborhood. The neighborhood is near both major freeways and is in a central location to other main areas. Palms is also a very walk- and bike-friendly neighborhood, according to Walk Score. It’s the 10th most walkable neighborhood in Los Angeles.
Safety
While there’s crime in every neighborhood, Palms is a relatively safe area for L.A. There is an average of 2.2 crimes in Palms per every 10,000 people. According to the L.A. Times crime map, most of the crimes committed in this neighborhood are property and vehicle theft.
Finding an apartment in Palms
Palms, Los Angeles, is one of the oldest and most diverse neighborhoods in the city. With its close proximity to other popular cities and its unique traits, many young people seek out Palms as their new home. The cost of living in Palms is 46 percent higher than the national average, with an average rent in Palms $2,456 a month for a one-bedroom apartment.
If you think Palms is for you, check out these apartments and start your new life in Palms, Los Angeles.
Ashley Singleton is a writer who loves following and writing about current lifestyle, DIY and home improvement trends. You can read some of her other work on the Lady Spike Media website. In her spare time, she performs stand-up comedy in Los Angeles.
Looking for the best fun jobs that pay well? Many people dream of having a job they love that also pays well. I completely get it – you don’t want to hate working a job that you’ll be at 40 hours a week! I’m very grateful to have a job that I love. I don’t…
Looking for the best fun jobs that pay well?
Many people dream of having a job they love that also pays well. I completely get it – you don’t want to hate working a job that you’ll be at 40 hours a week!
I’m very grateful to have a job that I love. I don’t dread any day of the week, and I genuinely love what I do. Due to that, I hope everyone gets to feel the same about their job as well.
Thankfully, it’s easy to find a job that lets you do what you enjoy and still pays you a good paycheck. Whether you love working online or driving fast cars, there are many job options that let you have fun while also making good money.
Whether you want to make extra income or find a full-time job, there are many fun jobs that pay well that may interest you.
Fun Jobs That Pay Well
When you’re looking for a job, it’s great to find one that you find fun and that also pays well. Here are some top choices to start with:
Bloggers work from anywhere and write about topics such as family, recipes, personal finance, travel, and more. This is what I do, and I think it’s a ton of fun. Plus, it pays very well!
Art therapists use creativity to help others. They draw or paint as a way to support people’s emotional health. This job requires a master’s degree, but it combines art with helping people, which can be very rewarding.
A Ferrari driving instructor teaches others how to drive a luxury sports car. It’s not just exciting; it can also pay between $90,000 and $120,000 a year.
If you like spotting mistakes in content, then finding a proofreading job may be perfect for you. Proofreaders act like an extra set of eyes to read articles, papers, books, ads, and other written content.
Below are over 40 other fun jobs that pay well that I recommend learning more about.
1. Blogger
If you want to find a fun job that pays well, my favorite way is to start a blog. That’s exactly what I do for a living!
A blog is content written on a website. It usually includes articles like what you’re reading here.
You can blog about something you’re passionate about or something you know a lot about. Or even a topic you want to learn more about (people love following others’ firsthand journeys!).
I began Making Sense of Cents in 2011, and since then, my blog has earned me over $5,000,000 over the years.
I started my blog on a whim to share my own money journey. At first, I didn’t even know people could earn money from blogs or how to make a successful one. And now, it’s my full-time job!
There are many ways to make money blogging such as:
Advertising revenue (banner ads that you see in blog posts)
Sponsored blog posts (when a blogger partners with a company to promote a specific item or company)
Affiliate marketing (when a blogger receives income for referring readers to a product)
Selling digital products or services (such as courses, clothing, books, and more)
You can learn how to start a blog with my free How To Start a Blog Course (sign up by clicking here).
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Want to see how I built a $5,000,000 blog?
In this free course, I show you how to create a blog, from the technical side to earning your first income and attracting readers.
2. Printables designer
Making and selling printables can be a fun way to earn money. When you create printables on Etsy, you only need to make one digital file for each product. After that, you can sell it many times to make more money.
Printables are things you can find online and print at home.
These can be things like a planner, coloring pages, wall art prints, greeting cards, gift tags, and so much more.
I buy printables frequently, and so do others all the time. Recently, I bought a printable for my daughter and it was a useful tool to help teach her the alphabet. I love that I can easily search what I’m looking for and get exactly what I want – plus I can print it right at home quickly!
Recommended reading: How I Make Money Selling Printables On Etsy
Do you want to make money selling printables online? This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.
3. Voice actor
A voice-over actor is someone you hear but don’t usually see in things like videos on YouTube, documentaries, radio ads, TV ads, corporate talks, online courses, audiobooks, video games, movies, and cartoons.
Voice actors don’t necessarily need experience for this job (although it can be helpful later on). What’s important is having a voice that matches what the company is searching for.
Recommended reading: How To Become A Voice Over Actor
4. Photographer
As a photographer, you get a special chance to capture moments and tell stories with your camera. Photography has many different areas where you can focus, and they can be both satisfying and financially rewarding.
Here are some examples:
Photojournalist – You document events for media outlets, such as National Geographic.
Wedding Photographer – Your role would be capturing wedding moments in couples’ lives.
Stock photo photographer – Photographers can sell their pictures on stock image sites, which are really popular. These sites let customers purchase pictures for things like websites, TV shows, books, and social media.
Recommended reading: 18 Ways You Can Get Paid To Take Pictures
5. Buy and sell flipper
Being a buy-and-sell flipper means you’re into flipping items for profit.
This includes getting undervalued things from flea markets, garage sales, or online places and then selling them for more money.
This could be things like clothing, electronics, furniture, cars, and so much more. Basically, anything and everything!
Your success depends on how good you are at finding good deals, knowing the values in the market, and selling things again for a profit.
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This free workshop will teach you how to get into the flipping business. It will teach you how to resell furniture, electronics, appliances, and anything else you can find.
6. Proofreader
As a proofreader, your careful attention to detail can become a rewarding career. Proofreading means going through texts to fix grammar, spelling, and punctuation mistakes before they get published. This job is important to make sure written content is clear and doesn’t have errors.
Many people, like authors, website owners, and students often hire proofreaders to make their work better. There’s a big need for proofreaders, and you can find jobs on various platforms.
Even the best writers can make mistakes in grammar, punctuation, and spelling. That’s why getting a proofreader can be really helpful for almost everyone.
In fact, although I have written over 2,000 articles, I have a proofreader who will have proofread this very blog post.
Recommended reading: 20 Best Online Proofreading Jobs For Beginners (Earn $40,000+ A Year)
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This free 76-minute workshop answers all of the most common questions about how to become a proofreader, and even talks about the 5 signs that proofreading could be a perfect fit for you.
7. Freelance writer
Freelance writers create content for clients, like blog posts and advertising. Freelance writing usually involves working independently. Clients give you a topic, you write about it, and then you might receive feedback, like suggestions to improve or add paragraphs.
You can write about any topic that you want to – such as travel, money, home, and so on.
How much you make as a freelance writer depends on your experience and the topics you write about. When you start, you might earn around $50 to $75 for a 500-word article. As you get better, you can charge more. For a 1,000-word article, you could make between $100 and $150. If you do well over time, you can ask for even higher rates.
I was a freelance writer for many years before transitioning to full-time writing here on Making Sense of Cents. It’s a great career where you can mostly work from home on your own.
Recommended reading: 14 Places To Find Freelance Writing Jobs
8. Graphic designer
A graphic designer is someone who makes designs for people and businesses. As a digital designer, you might create images, social media graphics, printables, T-shirt designs, business cards, stickers, logos, and more.
As a graphic designer, your main job is to communicate through visuals. You use a mix of typography, images, color, and layout to convey messages and brand identities. This field gives you the freedom to express your creativity in different ways, whether it’s through digital designs or print materials.
Recommended reading: How To Make Money As A Digital Designer
9. Social media manager
Being a social media manager is an exciting career choice and your main job is to take care of how a company or person appears online on different platforms. Your tasks include interacting with followers, selecting content, and planning social media posts.
Here are the key areas you typically need to focus on:
Content creation – Create fresh, original posts tailored to each platform.
Engagement – Interact with the audience by responding to comments and direct messages.
Strategy planning – Use data analytics to drive social media strategies, aiming for increased engagement and reach.
The salary can vary, and you can choose to do this job either part-time or full-time.
10. Social media influencer
Related to the above, you can make money with your own social media accounts as well.
Have you ever followed someone on Instagram or TikTok and thought to yourself that it would be fun if you could do something similar?
Social media influencers use different online platforms to create, share, and connect with content that their audience likes. Your success depends on growing a big group of followers and establishing yourself as a trusted voice in your specific area.
As an influencer, you’ll create your brand by sharing your interests, pictures, and opinions on social media platforms such as Instagram, TikTok, Facebook, and others.
You can earn money through sponsored posts (when brands pay you to promote their products or services in your Instagram posts), affiliate marketing (earning commissions from sales through your referral links), and by creating digital products like ebooks or online courses.
I’ve been a social media influencer for years, monetizing my Instagram and Facebook accounts. It’s a great experience as I get to collaborate with companies I love and promote products I already use.
11. Veterinarian
If you have a passion for animals, then becoming a veterinarian may be a great fit for you.
Veterinarians have a skilled and fulfilling role dedicated to animal health and welfare. The main responsibility is to provide medical care to animals, diagnose health problems, and perform surgeries.
Vets work in private clinics, animal hospitals, research facilities, zoos, and more.
The veterinarian career path is rewarding as it lets you blend a love for animals with the chance to make a positive impact on their lives.
To become a veterinarian, you must complete a Doctor of Veterinary Medicine (DVM) program and obtain a state license to practice. This usually involves:
A bachelor’s degree
A four-year veterinary program
The national average salary for veterinarians is around $100,000 per year.
12. Marine biologist
One job that I dreamed of as a kid was to become a marine biologist. It always sounded like so much fun to work with water and sea animals.
Marine biologists study marine organisms and how they behave and interact with the environment. Your work might take you from coastal wetlands to the deepest parts of the ocean.
Here are some of the things they do:
Conduct research on marine wildlife and ecosystems
Monitor the health of marine habitats
Develop conservation plans
Educate the public and policymakers
Marine biologists are important for understanding marine life and contributing to ocean conservation efforts.
13. Mystery shopper
Retailers, restaurants, and financial institutions need mystery shoppers for detailed feedback to improve their customer service and products.
This might not be a full-time job, but it can provide you with some extra money each month.
I remember when I first learned about mystery shoppers. I was working at a clothing store, and we would have mystery shoppers come in to see how we were doing. We never knew who the mystery shopper was, but we would get to read their report afterward and see what they thought of us.
After learning about mystery shopping, I found a website where I could become one as well. It sounded like fun to get paid to shop.
I would make about $150 to $200 per month through mystery shopping, and I also got free items and services, like $100 to spend at restaurants (where I had to provide feedback while I was there), makeup, and more.
Recommended reading: How To Become A Mystery Shopper
14. Architect
Architects have a special mix of creativity and technical skills, allowing them to design buildings that are not just attractive but also functional and safe.
Their role includes making detailed plans, and considering factors like sustainability, budget, and client needs.
To become an architect, you typically need a bachelor’s or master’s degree in architecture and you’ll need state licensure, which is obtained by passing the Architect Registration Examination (ARE).
15. Stunt person
A stunt person is a cool job where you use your physical skills to create exciting action scenes for movies, TV, and live shows. It’s a big part of making the action look real and thrilling.
To do this job, you might need lots of training in things like martial arts, gymnastics, or extreme sports. You also have to be good at handling pressure and follow safety rules closely.
16. Professional video gamer
Yes, if you like video games, you may actually be able to make money as a professional video gamer.
While the amount of money you can make will definitely vary, top gamers have the potential to earn from tournament prizes, sponsorships, and streaming content for fans:
Tournaments: Prize pools can be large, reaching into the millions for top-ranking competitions.
Streaming: Platforms like Twitch and YouTube pay through ads, subscriptions, and donations.
Sponsorships: Companies may endorse you and pay you with sponsorships or free items.
You could maybe even find a job working for a video game designer, testing out video games so that companies can improve their video game design.
Recommended reading: How Much Do Twitch Streamers Make?
17. Chocolatier
Many people at some point in their lives want to become the person who makes chocolate and candy – sounds amazing after all, right?
A chocolatier is someone who uses cooking and art skills to make chocolates. It’s a job that needs creativity, precision, and a good sense of taste.
You might work for yourself, making chocolates, or you may even work for a large chocolate company. I know people who do both!
18. Personal trainer
If you want to find a job that you’ll love, becoming a personal trainer may be it.
Personal trainers play an active role by combining fitness with motivational skills to help people reach their health and fitness goals. This job includes:
Assessing clients’ fitness levels and health conditions
Developing personalized workout and nutrition plans
Demonstrating exercises and routines to clients
Tracking clients’ progress and adjusting plans as needed
How much you earn as a personal trainer can change a lot based on where you work, your qualifications, and the clients you get. Personal trainers usually make an average of $40,000 to $70,000 per year.
19. Supercar driving instructor
Supercar driving instructors have an exciting job where they help people learn how to drive fast cars on racetracks.
The role includes teaching safety and giving an exciting experience as well as explaining how to handle the vehicles, follow track rules, and use advanced driving techniques.
You can usually earn a high income doing this, plus you get to drive some of the world’s most exotic supercars.
20. Toy designer
Being a toy designer is probably most children’s dream career. After all, who hasn’t loved toys at one point in their life?
The toy industry is always looking for creative designers to make new toys that will grab kids’ attention and imagination.
Toy designers have a cool job where they mix creativity with making things work well. The main aim is to create toys that are fun and help kids learn and grow. This special job combines artistic skills with knowing about how children think and learn.
21. Restaurant critic
Restaurant critics evaluate dining establishments and share their experiences through written reviews. Their main responsibility is to provide an unbiased review of the food quality, service, ambiance, and overall dining experience.
To gain experience and get started, begin by developing your taste buds and learning about different cuisines. This can involve:
Going to cooking workshops
Exploring different food places when you travel
Creating your own blog or starting an Instagram dedicated to food
22. Brewmaster
If you love craft beers and enjoy understanding how fermentation works, becoming a brewmaster could be a fun and rewarding career.
Brewmasters manage the brewing process, such as creating recipes, choosing ingredients, and making sure the quality is top-notch during production.
To start, you might need formal education, such as a degree in brewing science or a related field. However, some brewmasters climb the ladder from roles like brewing assistants, gaining experience through on-the-job learning.
23. Fashion designer
Fashion designers make clothing, accessories, and shoes, and they draw designs, pick fabrics and patterns, and guide how the products designed should be made.
Fashion designing can be a fulfilling career if you love fashion and enjoy creating. It gives you a chance to express yourself personally and can even lead to getting noticed in the industry.
24. Food stylist
Food stylists combine culinary art with aesthetics, making sure that dishes not only taste good but also look delicious and perfect for photographs.
Their duties include choosing ingredients thoughtfully, preparing the food, and presenting it in a way that’s visually attractive. This is important for different media like advertising, packaging, cookbooks, and film.
25. Event planner
Event planners organize events, from big corporate conferences to small weddings. Their main job is to make sure every part of the event matches the client’s vision, fits the budget, and meets the goals.
According to Glassdoor, the average pay for an event planner is around $50,000 per year. Your salary can change based on things like your experience, where you work, and the size and type of events you handle.
26. Animator
If you’re looking for fun jobs that pay well, then becoming an animator may be it!
Animators make visual creations, and their main focus is on designing characters, environments, and entire worlds in 2D or 3D formats.
Here’s what you may work on:
Character design: Create and develop characters for various media.
Story development: Collaborate on storyboards to plan out visual narratives.
Animation: Work with digital tools to animate drawings and models.
The animation industry values creativity and technical skills and also pays competitive salaries with the opportunity to contribute to exciting storytelling processes. Whether you’re involved in creating animated TV shows, movies, or video games, being an animator can be both enjoyable and financially rewarding.
27. Real estate agent
Real estate agents are professionals who help people buy and sell properties, such as houses and commercial buildings.
I know a few real estate agents, and they all seem to love their jobs. They get to see beautiful new homes and properties and help their clients find their dream property.
Plus, they usually set their own schedule, which can help you create a better work-life balance.
28. Private investigator
Private investigators conduct investigations on various matters, including legal, financial, and personal issues.
This may include doing things like surveilling someone to get information, interviewing people to get details, researching public and legal documents, as well as gathering evidence for cases.
Here are some steps to becoming a private investigator:
Have a high school diploma or equivalent. Perhaps even get a degree or certification in criminal justice or a related field.
Gain experience in a related field such as law enforcement or the military.
Acquire a private investigator license, as required by your state.
29. Romance novelist
Starting a career as a romance novelist can bring both fulfillment and income. If you love storytelling and especially romance, this can be a fun one to think about.
Recommended reading: How to Make Money Self-Publishing Short Romance Novels
30. Interior designer
Interior designers mix creativity with practicality to decorate the insides of properties. Their job is to design and put in place the aesthetic and functional aspects of residential or commercial spaces.
Your job would be to create an environment that looks good and is comfortable for your clients.
31. Airline pilot
Airline pilots have a career that is both exciting and has the potential to make a lot of money. Their main job is to pilot commercial aircraft, flying from one place to another, and making sure everyone on board, including passengers and crew, stays safe.
Some of their daily duties include:
Conduct pre-flight inspections
Navigate the aircraft
Communicate with air traffic control
Monitor weather conditions and aircraft systems
Lead the crew and manage any in-flight issues
32. Drone pilot
Drones have gained popularity lately, not just for recreational use but also for jobs requiring aerial photos and videos. This creates a growing opportunity for individuals to start small businesses and make money with their drones.
Your job as a drone pilot may be to:
Take high-quality images and videos from unique perspectives, such as for real estate, construction, or events.
Perform inspections, surveys, and mapping for various industries like mining or agriculture.
Analyze data and images to give insights to clients.
Recommended reading: How To Make Money With A Drone
33. Sommelier
Sommeliers have a lot of knowledge of wine and can share it in a fun way.
This job is usually found in upscale restaurants, and this role involves suggesting wines that go well with customers’ meals, conducting wine tastings, managing wine service, and taking care of the wine cellar.
34. Chef
Chefs, of course, play an extremely important role in a restaurant kitchen, crafting menus and overlooking meal execution. Their primary responsibilities include tasks like:
Menu Design: They create food menus for a restaurant.
Food Preparation: They oversee and sometimes partake in the detailed preparation of ingredients.
Cooking: They cook the restaurant meals and oversee other cooks in the kitchen.
35. Cruise director
Cruise directors make sure passengers have an unforgettable experience aboard a cruise ship. This job requires a fun personality and excellent skills in managing both entertainment programs and a team of staff members.
Their responsibilities include planning and supervising all onboard entertainment, such as shows, events, and activities.
We went on an around the world cruise recently and had an amazing cruise director. It looked like such a fun job, and they got to travel everywhere that we did (of course!).
Recommended reading: How To Get Paid To Travel The World (18 Realistic Ideas!)
36. Astronomer
Astronomy is a field that combines the excitement of exploring the cosmos with the satisfaction of solving complex problems. As an astronomer, you enter a world dedicated to understanding celestial phenomena and the principles of the universe.
Usually, a Ph.D. in astronomy or a closely related field is needed to conduct independent research or work at a university. However, with a bachelor’s or master’s degree, you might find opportunities at planetariums, observatories, or assisting with research.
37. Netflix tagger
If you’re seeking a fun yet rewarding job, becoming a Netflix tagger could be an interesting option. In this job, you watch Netflix content and assign specific labels to shows and movies, influencing the platform’s recommendation algorithm.
To get started, you will need to apply through the Netflix jobs portal, where available positions are listed. Experience in film and media studies, while not mandatory, can give you an advantage.
Recommended reading: 7 Best Ways To Get Paid To Watch Netflix
37. Geologist
Geologists explore and study the earth’s composition, processes, and history.
Their job can lead to finding valuable resources like minerals, oil, and gas, and they also have an important part in environmental conservation and predicting natural disasters.
38. Dog walker
If you love pets, then this is the fun paying job for you!
Dog walkers do exactly that – walk dogs while their owners are busy, such as at work or on vacation. If you like dogs, then this can be a fun way to spend time with animals and get paid for it.
To become a sought-after dog walker, you should be reliable, good with animals, and you should have excellent customer service skills to build connections with clients. Dog walking allows you to enjoy the fresh air, bond with different dogs, and make money doing something you love.
Recommended reading: 7 Best Dog Walking Apps To Make Extra Money
39. Ethical hacker
Ethical hackers think and operate like malicious hackers but with a specific goal: identifying and fixing security vulnerabilities before they can be exploited.
They act as safeguards, testing and securing systems to prevent potential breaches for companies.
This job involves a lot of problem-solving skills, as you are looking for possible security problems.
40. Travel agent
If you like planning trips, then becoming a travel agent may be a great way to have a fun high-paying job.
Travel agents craft and sell travel experiences. They help advise clients on different travel destinations and arrange transportation, hotels, tours, and more. It’s a job that not only pays well but allows you to help others travel.
You may help people plan their honeymoon, a trip to Disney World, an around-the-world cruise, and so much more. There are travel planners for every kind of trip that you can think of.
Your knowledge and skill in handling the challenges of travel planning make you a very important help to travelers who want their experiences to be stress free.
The average annual salary can vary by a lot, and this can be either a part-time or full-time job. There is a lot of job growth too, as more and more people are going on vacations!
41. Personal shopper
Personal shoppers give a shopping service for clients who either lack the time or the style to select their own stuff. As a personal shopper, your job may range from picking clothing to finding the perfect gift.
You may work at a high-end retail store, or you may be a freelance personal shopper – there are many jobs in this field!
42. Park ranger
Have you ever been to a beautiful place like Yosemite National Park and wondered what it would be like to work there?
Park rangers work in places like beautiful national parks and get to enjoy the scenery every single day. Their responsibilities include protecting and managing parks, wildlife, and historical sites and making sure that both the natural resources and the visitors exploring them are safe.
To become a park ranger, you usually need a combination of education in fields related to conservation, environmental science, or wildlife management, and relevant work experience.
Recommended reading: 15 Outdoor Jobs For People Who Love Being Outside
43. Tour guide
Being a tour guide gives you a chance to share your love for travel or history with others, all while making a living. You’ll get to be in different places like historical sites, museums, or outdoor adventures.
This can be a low-stress job with a big fun factor – as you get to explore places that you probably already love and are an expert at.
Recommended reading: How to Make Money as an Airbnb Experience Host
44. Yacht crew
Working on a yacht can be a thrilling job that mixes travel, adventure, and the chance to meet new people, along with the possibility of earning good money.
If you work on a yacht, your job could be as a captain, mechanic, server, cleaner, chef, and more. If you’re on a smaller boat, you might even handle all these tasks.
Jobs on a yacht or big sailing boat are usually hard work, but the perk is that you get to travel with most expenses covered, while also earning a high income.
45. Flight attendant
Being a flight attendant is important for making sure passengers are comfortable and safe. You’re like the friendly face of the airline during flights, taking care of different needs and keeping service standards high.
Plus, you get to enjoy the unique perk of discounted or free travel, which is a big perk of becoming a flight attendant.
Flight attendants can earn a good income, and the benefits are excellent. They usually make between $50,000 to over $100,000 a year. The training to become a flight attendant usually takes around 1 to 2 months.
Recommended reading: How To Become A Flight Attendant And Make $61,640 Each Year
46. Art therapist
Art therapists combine the creative process with psychological healing to provide a unique kind of mental health therapy. They conduct one-on-one or group therapy sessions, and being an art therapist can be very fulfilling as you help people discover their voice and heal through art.
Art therapists work at schools, psychiatric hospitals, veterans associations, and more. Usually, you need a master’s degree to enter this field.
They use art therapy to assist people in expressing their emotions, dealing with complex feelings, and enhancing self-awareness. Their job isn’t just about being artistic; it’s deeply connected to therapeutic practices that help a variety of clients.
Another job similar to this is becoming a music therapist.
Frequently Asked Questions
Below are answers to common questions about how to find fun jobs that pay well.
What is the most high-paying fun job?
The most high-paying fun job can vary based on your skills and interests. Some high-paying fun jobs include being a blogger, pilot, stunt person, and romance book author.
What are random jobs that pay well?
There are many unique jobs, such as a private island caretaker, yacht captain, or a voice-over artist.
Which is the most exciting and highest paying job in this world?
This will depend on who you ask! Maybe it’s being a pilot, a stunt person, an actor, or something else.
What are some fun jobs that pay six figures?
Some fun jobs that pay over $100,000 may include becoming a blogger, selling printables, photographer, architect, and more.
What are some low-stress fun jobs that pay well?
Jobs like a yoga instructor or a massage therapist can be low stress and fun, and they provide a good income, especially when experienced or working in more affluent areas.
What are some fun jobs that pay well without a degree?
You can pursue jobs such as a social media influencer, a real estate agent, or a personal trainer, which can pay well and be rewarding without requiring a traditional four-year degree.
Best Fun Jobs That Pay Well – Summary
I hope you enjoyed this article on the best fun jobs that pay well.
There are many fun careers that pay a part-time or full-time income.
Careers like voice acting, managing social media, and ethical hacking not only pay well but also let you have a good balance between work and life. The key is to know your talents and find the right fit in these exciting jobs.
I have been working a fun job for many years now, and I really really love it. It makes each day enjoyable and I actually look forward to work. I hope that you get to one day say the same as well.
What do you think are the best fun jobs that pay well?
Finding your dream home has changed with the rise of online real estate platforms in today’s fast-changing digital world. Just like swiping right on a dating app, the process of finding your ideal home has become more intuitive and efficient. These are essential characteristics you need in a home, ensuring that every swipe brings you one step closer to your dream house.
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Create Your Dream Home Wishlist
Start by creating a wishlist that reflects your lifestyle, preferences, and plans. Consider the number of bedrooms, bathrooms, and square footage you want in your dream home. Think about features such as a spacious kitchen, a backyard oasis, or a dedicated home office. This wishlist will be the foundation for your search, helping you focus on the characteristics that matter most.
Set a Realistic Budget
Before searching for dream homes, create a budget. Include the expenses of purchasing a property, as well as other costs such as taxes, maintenance, and renovations. Knowing your financial limits helps you choose affordable homes and avoid future disappointment.
Prioritize Lifestyle
Your home is an extension of your lifestyle. If you’re an avid entertainer, prioritize homes with open layouts and inviting communal spaces. If you work from home, consider a property with a dedicated workspace. Tailoring your home’s characteristics to suit your lifestyle ensures an enjoyable living experience.
Evaluate Locations
Just as location is important in the dating world, it’s a critical factor in finding your dream home. Choose homes in neighborhoods that match your lifestyle, close to work, have good schools, and have important amenities. Assess the neighborhood’s safety and atmosphere to ensure it complements your preferences.
Think Long-Term Commitment
Swipe with the future in mind. Consider your long-term plans, whether it’s starting a family, changing careers, or adjusting to new habits. Say yes to homes that can adapt and grow with you, providing a long-term commitment to your evolving needs.
Consult with Real Estate Professionals
Like friends in dating, real estate professionals can help you find a home. Talk to an agent who knows your dream home market. They can give advice and find homes that suit you. They can also offer expert guidance.
In the enchanting world of real estate, each swipe brings you closer to the love story of a lifetime – the perfect home that aligns with your dreams. So grab your virtual keys, embark on this modern adventure, and let the love story unfold within the walls of your dream home. Happy swiping! Looking to make a move this season? Let love lead the way! Give us a call today at Zoocasa, where our dedicated team of real estate “cupids” is ready to guide you through the journey of finding your dream home!
Are you ready to fall in love with your own dream home?
Imagine slashing your monthly mortgage payment to zero or, better yet, turning a profit from the very place you call home. This isn’t a daydream for the financially savvy few; it’s the reality of house hacking.
Through the eyes of those who’ve made it work, house hacking transforms your living situation into an opportunity for financial freedom. From young professionals to families, people across the country are finding that their biggest expense—housing—can actually become their biggest asset.
What is house hacking?
House hacking is a strategy that involves purchasing a primary residence with the intention of living in one part while renting out the rest as a rental property. This could mean buying a multifamily home and living in one unit, renting out the others, or even renting out spare bedrooms in a single-family home. The rent collected from tenants goes towards the mortgage and other property-related expenses, potentially allowing the owner to live for free or even make a profit.
A Spectrum of Possibilities
The beauty of house hacking lies in its flexibility. Here are a few scenarios to illustrate its range:
The Multi-Unit Maven: Alex buys a duplex, lives in one unit, and rents out the other. The rent from the second unit covers the mortgage, meaning Alex lives mortgage-free.
The Single-Family Sharer: Jamie purchases a four-bedroom house, occupies one room, and rents out the other three. The rental income covers all housing costs.
The Basement Dweller: Casey acquires a home with a separate basement apartment. Living in the basement, Casey rents out the main floor, using the rent to pay the mortgage and save for future investments.
These examples highlight how you can house hack to adapt to different housing markets, personal living preferences, and financial goals. Whether you’re drawn to the idea of living rent-free, eager to dive into real estate investment, or looking for a way to reduce your housing expenses, house hacking offers a practical path to achieving your objectives.
Tailoring the Strategy to Your Lifestyle
Choosing the right house hacking approach depends on your lifestyle, financial goals, and how comfortable you are sharing your space. Considerations include the type of investment property, your desired level of interaction with tenants, and local market conditions. The key is to find a balance that works for you, ensuring your home remains a comfortable place for you while optimizing its income potential.
By embracing the concept of house hacking, you can transform your approach to homeownership, turning a typically expensive part of your life into a source of income. With careful planning and a bit of creativity, your journey towards financial independence might just start at your own front door.
Benefits of House Hacking
House hacking isn’t just a real estate strategy; it’s a lifestyle adjustment that opens doors to numerous financial and personal benefits. Let’s dive into the advantages, supported by real-world examples and data, to understand why so many are turning to house hacking as a way to improve their financial health.
Financial Freedom Faster
One of the most compelling benefits of house hacking is the accelerated path it provides toward financial freedom. By significantly reducing or eliminating one of life’s largest expenses—housing—you can allocate funds towards paying down debt, investing, or saving for future goals.
For instance, consider the case of Sam, who purchased a triplex, lived in one unit, and rented out the other two. The rental income not only covered the mortgage but also allowed Sam to save an additional $1,000 a month. This extra savings contributed to Sam’s ability to retire early, a dream that seemed unreachable before house hacking.
Access to Better Financing Options
House hackers often enjoy more favorable financing terms. Owner-occupants can qualify for lower down payments and better interest rates compared to traditional investment property loans.
For example, an FHA loan might require as little as 3.5% down for a multi-unit property, provided one of the units will be owner-occupied. This lower barrier to entry makes real estate investment accessible to more people. Data shows that owner-occupied financing options can save homeowners thousands of dollars over the life of a loan, making the investment in house hacking even more appealing.
Learning the Ropes of Real Estate Investing
House hacking serves as an invaluable hands-on education in real estate investing and property management. This benefit is difficult to quantify, but incredibly valuable.
Take Angela, who started her real estate journey through house hacking. By managing her duplex, Angela gained firsthand experience in screening tenants, handling maintenance issues, and understanding the financial aspects of real estate investments. This knowledge empowered her to expand her portfolio and become a full-time real estate investor.
Tax Advantages
House hacking can also lead to potential tax deductions, including mortgage interest, property taxes, and expenses related to renting out part of your home. These deductions can significantly lower your taxable income.
For example, let’s say John allocates 50% of his property’s square footage to tenant use. John can deduct 50% of the mortgage interest, property taxes, and maintenance expenses on his tax return, providing a substantial financial benefit at the end of the fiscal year.
Building Wealth Over Time
House hacking stands out not just for its immediate financial relief on living expenses but also for its profound long-term impact on wealth accumulation. By strategically applying rental income towards mortgage payments, those who house hack effectively build equity without dipping into personal savings. This method of leveraging other people’s money accelerates wealth building, offering a tangible path to increasing net worth over the years.
Instead of allocating a significant portion of their income towards housing, house hackers can redirect these funds into savings, investments, or debt reduction. This shift not only enhances financial security but also amplifies the potential for future financial growth
While outcomes can vary based on numerous factors like market dynamics and property management, the foundational strategy of house hacking provides a compelling approach to financial independence and wealth building.
Case Studies That Inspire
The real magic of house hacking comes alive through the stories of those who’ve embraced it. From the young professional who used house hacking to eliminate student debt to the couple that built a real estate empire starting with a single house hack, these narratives underscore the transformative power of this strategy.
By analyzing their journeys, we uncover a common thread—a strategic approach to living and real estate investing that turns conventional wisdom on its head and opens up new possibilities for financial independence.
Exploring Your Options: Five House Hacking Strategies
So, now that you understand what housing hacking is and what the benefits are, how do you get started? Well, depending on your goals, here are four different ways you can go about it.
1. Rent out a portion of your home
The most common way to get started house hacking is by buying a home and then renting out a portion of it. For instance, if you bought a two-story home, you could rent out the downstairs. Or, if you buy a home with a finished basement, you could live upstairs and rent out the basement.
This house hacking strategy is good in low-cost living areas because the rental income could actually cover your monthly mortgage payments. However, this may not work out in parts of the country that have a high cost of living.
2. Rent out your home entirely
If renting out a portion of your home isn’t enough to move the needle financially, then you could try renting your entire house. This could be a suitable option for anyone who is young and able to find an alternative, affordable living situation.
For instance, if you could temporarily live in a trailer or rent an apartment with a roommate, you could rent out your home for more money. This would allow you to pay off the house and cover your monthly rent payments.
3. Rent out by the room
If you’re just looking for a little extra money every month and don’t want to sacrifice the majority of your home, you could just try renting out one room. For instance, if you have a large four-bedroom home, you could rent out one room.
This gives you some extra money to put toward your mortgage payments, but you still get to enjoy the benefits of being a homeowner.
4. Rent out an additional unit
Many of the options on this list are ideal for young, single people. But what if you’re married and have a family? In that case, the idea of living with full-time roommates might not interest you.
If so, you could buy a multifamily property and rent out the other units. You could also rent out units attached to your home. This could be a unit that either comes with the house or one that you build yourself.
This will take some effort because you’ll need to fix it up and turn it into a space someone would want to rent. But if you have the interest, this could be the best way to house hack your primary residence while still protecting your family’s personal space.
5. Do a live-in flip
Live-in flipping is a popular real estate investment strategy where the investor purchases a residential property and lives in it while making improvements to increase the property’s value. The investor will then resell the property at a higher price than they originally paid for it, resulting in a profit. This strategy is often used by investors who are looking to build equity quickly.
Living in the property allows you to get to know the neighborhood, research the local market, and avoid paying rent while working on the property. The improvements you make can include anything from painting and landscaping to remodeling the interior of the home.
Legal and Tax Implications of House Hacking
Venturing into house hacking offers financial benefits but also introduces a set of legal and tax considerations that are crucial for a successful strategy. Here’s a concise overview to guide you through these aspects:
Local Zoning Laws
Zoning Requirements: Check your local zoning ordinances to ensure that your house hacking plans comply with regulations regarding rental properties, especially if you intend to modify a single-family home into a multi-unit property.
Permits: Obtain any necessary permits for renovations or conversions to avoid legal issues and ensure the safety and legality of your property for tenants.
Tax Benefits and Liabilities
Rental Income Reporting: Understand that rental income must be reported on your tax returns. Proper documentation of income and expenses is essential for accurate reporting.
Deductible Expenses: Familiarize yourself with what can be deducted, such as mortgage interest, property taxes, maintenance costs, insurance, and depreciation. These deductions can significantly reduce your taxable income.
Capital Gains: If you sell your property for a profit, be aware of capital gains tax. Living in the property for two of the five years before selling can qualify you for an exclusion on capital gains tax up to a certain limit.
Compliance with Landlord-Tenant Laws
Legal Responsibilities: As a landlord, you’ll need to adhere to state and federal laws regarding tenant rights, fair housing, and safety standards. This includes understanding eviction procedures, security deposit regulations, and the requirement for habitable living conditions.
Proper Reporting and Documentation
Keeping Records: Maintain meticulous records of all financial transactions, leases, and communications with tenants. This documentation will be vital for tax purposes and in the event of legal disputes.
Professional Advice
Consultation: Given the complexity of tax laws and real estate regulations, consulting with a tax professional and a real estate attorney can provide tailored advice and ensure you’re maximizing your benefits while minimizing legal risks.
House Hacking Checklist: Preparing for Success
House hacking requires careful planning and consideration. To ensure you’re well-prepared, we’ve compiled a comprehensive checklist. This guide will help you work through the initial stages, make informed decisions, and set you up for a successful house hacking experience.
1. Assess Your Financial Readiness
Evaluate Your Financial Health: Check your credit score, debt-to-income ratio, and savings. Your financial stability will affect loan approval and interest rates.
Budget for Upfront Costs: Calculate potential down payments, closing costs, renovation expenses, and an emergency fund for unexpected repairs.
2. Understand Financing Options
Research Loan Types: Familiarize yourself with different mortgage options, including FHA loans, conventional loans, and VA loans, if applicable.
Pre-Approval: Before house hunting, get pre-approved for a mortgage to understand how much you can afford and demonstrate your seriousness to sellers.
3. Choose the Right Property
Analyze the Potential ROI: When selecting a property, assess key return on investment (ROI) metrics, including cash flow, cash-on-cash return, net operating income (NOI), and cap rate. These metrics will help you understand the financial performance and potential profitability of the property.
Location: Select a location with high rental demand, considering factors like proximity to schools, employment centers, and public transportation.
Property Type: Decide whether a single-family home, multifamily property, or another type of property, suits your goals and budget best.
Condition: Be realistic about the amount of work you can handle. A fixer-upper may offer a higher return but requires more investment upfront.
4. Plan for Landlord Responsibilities
Understand Landlord-Tenant Laws: Research local laws regarding landlord responsibilities, eviction processes, and tenant rights.
Create a Lease Agreement: Draft a clear and comprehensive lease agreement that outlines rent, rules, and responsibilities. Consider seeking the advice of a legal professional.
5. Prepare for Property Management
Tenant Screening: Develop a process for screening tenants, including credit and background checks, to ensure reliability and compatibility.
Maintenance and Repairs: Plan for regular maintenance and emergency repairs. Consider whether you’ll handle repairs yourself or hire professionals.
6. Consider Privacy and Lifestyle Changes
Set Boundaries: Think about how you’ll maintain privacy and manage shared spaces, especially if renting out part of your primary residence.
Adjust Expectations: Living with tenants or managing a rental property can bring challenges. Be prepared for a lifestyle adjustment.
7. Develop an Exit Strategy
Long-Term Goals: Consider your long-term real estate and financial goals. How does house hacking fit into your broader investment strategy?
Resale Considerations: Keep potential resale value in mind when choosing and maintaining your property. Making wise improvements can enhance future profitability.
8. Continuous Learning
Educate Yourself: Real estate and property management are complex fields. Continually seek knowledge through books, podcasts, and networking with experienced investors.
This checklist is your starting point for a thoughtful and structured approach to house hacking. By addressing each item, you’re laying a solid foundation for your real estate investment journey, poised to navigate the challenges and reap the rewards of this strategic endeavor.
Bottom Line
House hacking is a creative way to pay off your mortgage, improve your monthly cash flow, and gain real estate experience. You can begin house hacking as a way to earn a little extra cash every month, or you could treat it like a long-term real estate investment strategy. You can put as much or as little into it as you want.
Just make sure you do your due diligence before getting started. Make any necessary adjustments to the house, choose your tenants carefully, and take your responsibilities as a landlord seriously. This allows you to make the most of your house hacking experience.
Imagine slashing your monthly mortgage payment to zero or, better yet, turning a profit from the very place you call home. This isn’t a daydream for the financially savvy few; it’s the reality of house hacking.
Through the eyes of those who’ve made it work, house hacking transforms your living situation into an opportunity for financial freedom. From young professionals to families, people across the country are finding that their biggest expense—housing—can actually become their biggest asset.
What is house hacking?
House hacking is a strategy that involves purchasing a primary residence with the intention of living in one part while renting out the rest as a rental property. This could mean buying a multifamily home and living in one unit, renting out the others, or even renting out spare bedrooms in a single-family home. The rent collected from tenants goes towards the mortgage and other property-related expenses, potentially allowing the owner to live for free or even make a profit.
A Spectrum of Possibilities
The beauty of house hacking lies in its flexibility. Here are a few scenarios to illustrate its range:
The Multi-Unit Maven: Alex buys a duplex, lives in one unit, and rents out the other. The rent from the second unit covers the mortgage, meaning Alex lives mortgage-free.
The Single-Family Sharer: Jamie purchases a four-bedroom house, occupies one room, and rents out the other three. The rental income covers all housing costs.
The Basement Dweller: Casey acquires a home with a separate basement apartment. Living in the basement, Casey rents out the main floor, using the rent to pay the mortgage and save for future investments.
These examples highlight how you can house hack to adapt to different housing markets, personal living preferences, and financial goals. Whether you’re drawn to the idea of living rent-free, eager to dive into real estate investment, or looking for a way to reduce your housing expenses, house hacking offers a practical path to achieving your objectives.
Tailoring the Strategy to Your Lifestyle
Choosing the right house hacking approach depends on your lifestyle, financial goals, and how comfortable you are sharing your space. Considerations include the type of investment property, your desired level of interaction with tenants, and local market conditions. The key is to find a balance that works for you, ensuring your home remains a comfortable place for you while optimizing its income potential.
By embracing the concept of house hacking, you can transform your approach to homeownership, turning a typically expensive part of your life into a source of income. With careful planning and a bit of creativity, your journey towards financial independence might just start at your own front door.
Benefits of House Hacking
House hacking isn’t just a real estate strategy; it’s a lifestyle adjustment that opens doors to numerous financial and personal benefits. Let’s dive into the advantages, supported by real-world examples and data, to understand why so many are turning to house hacking as a way to improve their financial health.
Financial Freedom Faster
One of the most compelling benefits of house hacking is the accelerated path it provides toward financial freedom. By significantly reducing or eliminating one of life’s largest expenses—housing—you can allocate funds towards paying down debt, investing, or saving for future goals.
For instance, consider the case of Sam, who purchased a triplex, lived in one unit, and rented out the other two. The rental income not only covered the mortgage but also allowed Sam to save an additional $1,000 a month. This extra savings contributed to Sam’s ability to retire early, a dream that seemed unreachable before house hacking.
Access to Better Financing Options
House hackers often enjoy more favorable financing terms. Owner-occupants can qualify for lower down payments and better interest rates compared to traditional investment property loans.
For example, an FHA loan might require as little as 3.5% down for a multi-unit property, provided one of the units will be owner-occupied. This lower barrier to entry makes real estate investment accessible to more people. Data shows that owner-occupied financing options can save homeowners thousands of dollars over the life of a loan, making the investment in house hacking even more appealing.
Learning the Ropes of Real Estate Investing
House hacking serves as an invaluable hands-on education in real estate investing and property management. This benefit is difficult to quantify, but incredibly valuable.
Take Angela, who started her real estate journey through house hacking. By managing her duplex, Angela gained firsthand experience in screening tenants, handling maintenance issues, and understanding the financial aspects of real estate investments. This knowledge empowered her to expand her portfolio and become a full-time real estate investor.
Tax Advantages
House hacking can also lead to potential tax deductions, including mortgage interest, property taxes, and expenses related to renting out part of your home. These deductions can significantly lower your taxable income.
For example, let’s say John allocates 50% of his property’s square footage to tenant use. John can deduct 50% of the mortgage interest, property taxes, and maintenance expenses on his tax return, providing a substantial financial benefit at the end of the fiscal year.
Building Wealth Over Time
House hacking stands out not just for its immediate financial relief on living expenses but also for its profound long-term impact on wealth accumulation. By strategically applying rental income towards mortgage payments, those who house hack effectively build equity without dipping into personal savings. This method of leveraging other people’s money accelerates wealth building, offering a tangible path to increasing net worth over the years.
Instead of allocating a significant portion of their income towards housing, house hackers can redirect these funds into savings, investments, or debt reduction. This shift not only enhances financial security but also amplifies the potential for future financial growth
While outcomes can vary based on numerous factors like market dynamics and property management, the foundational strategy of house hacking provides a compelling approach to financial independence and wealth building.
Case Studies That Inspire
The real magic of house hacking comes alive through the stories of those who’ve embraced it. From the young professional who used house hacking to eliminate student debt to the couple that built a real estate empire starting with a single house hack, these narratives underscore the transformative power of this strategy.
By analyzing their journeys, we uncover a common thread—a strategic approach to living and real estate investing that turns conventional wisdom on its head and opens up new possibilities for financial independence.
Exploring Your Options: Five House Hacking Strategies
So, now that you understand what housing hacking is and what the benefits are, how do you get started? Well, depending on your goals, here are four different ways you can go about it.
1. Rent out a portion of your home
The most common way to get started house hacking is by buying a home and then renting out a portion of it. For instance, if you bought a two-story home, you could rent out the downstairs. Or, if you buy a home with a finished basement, you could live upstairs and rent out the basement.
This house hacking strategy is good in low-cost living areas because the rental income could actually cover your monthly mortgage payments. However, this may not work out in parts of the country that have a high cost of living.
2. Rent out your home entirely
If renting out a portion of your home isn’t enough to move the needle financially, then you could try renting your entire house. This could be a suitable option for anyone who is young and able to find an alternative, affordable living situation.
For instance, if you could temporarily live in a trailer or rent an apartment with a roommate, you could rent out your home for more money. This would allow you to pay off the house and cover your monthly rent payments.
3. Rent out by the room
If you’re just looking for a little extra money every month and don’t want to sacrifice the majority of your home, you could just try renting out one room. For instance, if you have a large four-bedroom home, you could rent out one room.
This gives you some extra money to put toward your mortgage payments, but you still get to enjoy the benefits of being a homeowner.
4. Rent out an additional unit
Many of the options on this list are ideal for young, single people. But what if you’re married and have a family? In that case, the idea of living with full-time roommates might not interest you.
If so, you could buy a multifamily property and rent out the other units. You could also rent out units attached to your home. This could be a unit that either comes with the house or one that you build yourself.
This will take some effort because you’ll need to fix it up and turn it into a space someone would want to rent. But if you have the interest, this could be the best way to house hack your primary residence while still protecting your family’s personal space.
5. Do a live-in flip
Live-in flipping is a popular real estate investment strategy where the investor purchases a residential property and lives in it while making improvements to increase the property’s value. The investor will then resell the property at a higher price than they originally paid for it, resulting in a profit. This strategy is often used by investors who are looking to build equity quickly.
Living in the property allows you to get to know the neighborhood, research the local market, and avoid paying rent while working on the property. The improvements you make can include anything from painting and landscaping to remodeling the interior of the home.
Legal and Tax Implications of House Hacking
Venturing into house hacking offers financial benefits but also introduces a set of legal and tax considerations that are crucial for a successful strategy. Here’s a concise overview to guide you through these aspects:
Local Zoning Laws
Zoning Requirements: Check your local zoning ordinances to ensure that your house hacking plans comply with regulations regarding rental properties, especially if you intend to modify a single-family home into a multi-unit property.
Permits: Obtain any necessary permits for renovations or conversions to avoid legal issues and ensure the safety and legality of your property for tenants.
Tax Benefits and Liabilities
Rental Income Reporting: Understand that rental income must be reported on your tax returns. Proper documentation of income and expenses is essential for accurate reporting.
Deductible Expenses: Familiarize yourself with what can be deducted, such as mortgage interest, property taxes, maintenance costs, insurance, and depreciation. These deductions can significantly reduce your taxable income.
Capital Gains: If you sell your property for a profit, be aware of capital gains tax. Living in the property for two of the five years before selling can qualify you for an exclusion on capital gains tax up to a certain limit.
Compliance with Landlord-Tenant Laws
Legal Responsibilities: As a landlord, you’ll need to adhere to state and federal laws regarding tenant rights, fair housing, and safety standards. This includes understanding eviction procedures, security deposit regulations, and the requirement for habitable living conditions.
Proper Reporting and Documentation
Keeping Records: Maintain meticulous records of all financial transactions, leases, and communications with tenants. This documentation will be vital for tax purposes and in the event of legal disputes.
Professional Advice
Consultation: Given the complexity of tax laws and real estate regulations, consulting with a tax professional and a real estate attorney can provide tailored advice and ensure you’re maximizing your benefits while minimizing legal risks.
House Hacking Checklist: Preparing for Success
House hacking requires careful planning and consideration. To ensure you’re well-prepared, we’ve compiled a comprehensive checklist. This guide will help you work through the initial stages, make informed decisions, and set you up for a successful house hacking experience.
1. Assess Your Financial Readiness
Evaluate Your Financial Health: Check your credit score, debt-to-income ratio, and savings. Your financial stability will affect loan approval and interest rates.
Budget for Upfront Costs: Calculate potential down payments, closing costs, renovation expenses, and an emergency fund for unexpected repairs.
2. Understand Financing Options
Research Loan Types: Familiarize yourself with different mortgage options, including FHA loans, conventional loans, and VA loans, if applicable.
Pre-Approval: Before house hunting, get pre-approved for a mortgage to understand how much you can afford and demonstrate your seriousness to sellers.
3. Choose the Right Property
Analyze the Potential ROI: When selecting a property, assess key return on investment (ROI) metrics, including cash flow, cash-on-cash return, net operating income (NOI), and cap rate. These metrics will help you understand the financial performance and potential profitability of the property.
Location: Select a location with high rental demand, considering factors like proximity to schools, employment centers, and public transportation.
Property Type: Decide whether a single-family home, multifamily property, or another type of property, suits your goals and budget best.
Condition: Be realistic about the amount of work you can handle. A fixer-upper may offer a higher return but requires more investment upfront.
4. Plan for Landlord Responsibilities
Understand Landlord-Tenant Laws: Research local laws regarding landlord responsibilities, eviction processes, and tenant rights.
Create a Lease Agreement: Draft a clear and comprehensive lease agreement that outlines rent, rules, and responsibilities. Consider seeking the advice of a legal professional.
5. Prepare for Property Management
Tenant Screening: Develop a process for screening tenants, including credit and background checks, to ensure reliability and compatibility.
Maintenance and Repairs: Plan for regular maintenance and emergency repairs. Consider whether you’ll handle repairs yourself or hire professionals.
6. Consider Privacy and Lifestyle Changes
Set Boundaries: Think about how you’ll maintain privacy and manage shared spaces, especially if renting out part of your primary residence.
Adjust Expectations: Living with tenants or managing a rental property can bring challenges. Be prepared for a lifestyle adjustment.
7. Develop an Exit Strategy
Long-Term Goals: Consider your long-term real estate and financial goals. How does house hacking fit into your broader investment strategy?
Resale Considerations: Keep potential resale value in mind when choosing and maintaining your property. Making wise improvements can enhance future profitability.
8. Continuous Learning
Educate Yourself: Real estate and property management are complex fields. Continually seek knowledge through books, podcasts, and networking with experienced investors.
This checklist is your starting point for a thoughtful and structured approach to house hacking. By addressing each item, you’re laying a solid foundation for your real estate investment journey, poised to navigate the challenges and reap the rewards of this strategic endeavor.
Bottom Line
House hacking is a creative way to pay off your mortgage, improve your monthly cash flow, and gain real estate experience. You can begin house hacking as a way to earn a little extra cash every month, or you could treat it like a long-term real estate investment strategy. You can put as much or as little into it as you want.
Just make sure you do your due diligence before getting started. Make any necessary adjustments to the house, choose your tenants carefully, and take your responsibilities as a landlord seriously. This allows you to make the most of your house hacking experience.
Inside: Learn what 11 an hour is how much a year, month, and day. Plus tips to budget your money. Don’t miss the ways to increase your income.
We are going to under the cover and discover $11 an hour is how much per year.
For most Americans, this is hovering near minimum wage.
Let’s get this straight… This is not a livable wage.
If you are in high school or college and have support from your parents, then this is great spending money for you.
However, if you are making it on your own, $11 per hour will not make ends meet each month.
For most people, being at minimum wage is common and the goal is to make your way up the payscale and quickly!
In this post, we’re going to detail exactly what $11 an hour is how much a year. Also, we are going to break it down to know how much is made per month, bi-weekly, per week, and daily.
That will help you immensely with how you spend your money. Because too many times the hard-earned cash is brought home, but there is no actual plan for how to spend that money.
When living close to minimum wage, you must know how to manage money wisely.
More than likely, you are living paycheck to paycheck and struggling to survive to the next paycheck. Take a deep breath and make this minimum wage just a season.
The ultimate goal is to make the most of your hourly wage with inspirations to make more money.
If that is something you want to do, then keep reading. You are in the right place.
$11 an Hour is How Much a Year?
When we ran all of our numbers to figure out how much is $11 per hour is as annual salary, we used the average working day of 40 hours a week.
40 hours x 52 weeks x $11 = $22,880
$22,880 is the gross annual salary with a $11 per hour wage.
As of June 2023, the average hourly wage is $33.58 (source).
This you are making WAY LESS than the average wage.
Let’s breakdown how that number is calculated
Typically, the average work week is 40 hours and you can work 52 weeks a year. Take 40 hours times 52 weeks and that equals 2,080 working hours. Then, multiply the hourly salary of $11 times 2,080 working hours and the result is $22,880.
That number is the gross income before taxes, insurance, 401K, or anything else is taken out. Net income is how much you deposit into your bank account.
Work Part Time?
But you may think, oh wait, I’m only working part time. So if you’re working part time, the assumption is working 20 hours a week at $11 an hour.
Only 20 hours per week. Then, take 20 hours times 52 weeks and that equals 1,040 working hours. Then, multiply the hourly salary of $11 times 1,040 working hours and the result is $11,440.
How Much is $11 Per Month?
On average, the monthly amount would average $1,907.
Annual Amount of $22,880 ÷ 12 months = $1,907 per month
Since some months have more days and fewer days like February, you can expect months with more days to have a bigger paycheck. Also, this can be heavily influenced by how often you are paid on and on which days you get paid.
Work Part Time?
Only 20 hours per week. Then, the monthly amount would average $953.
How Much is $11 per Hour Per Week
This is a great number to know! How much do I make each week? When I roll out of bed and do my job, what can I expect to make at the end of the week?
Once again, the assumption is 40 hours worked.
40 hours x $11 = $440 per week.
Work Part Time?
Only 20 hours per week. Then, the weekly amount would be $220.
How Much is $11 per Hour Bi-Weekly
For this calculation, take the average weekly pay of $440 and double it.
$440 per week x 2 = $880
Also, the other way to calculate this is:
40 hours x 2 weeks x $11 an hour = $880
Work Part Time?
Only 20 hours per week. Then, the bi-weekly amount would be $440.
How Much is $11 Per Hour Per Day
This depends on how many hours you work in a day. For this example, we are going to use an eight hour work day.
8 hours x $11 per hour = $88 per day.
If you work 10 hours a day for four days, then you would make $110 per day. (10 hours x $11 per hour)
Work Part Time?
Only 4 hours per day. Then, the daily amount would be $44.
$11 Per Hour is…
$11 per Hour – Full Time
Total Income
Yearly (52 weeks)
$22,880
Yearly (50 weeks)
$22,000
Monthly (173 hours)
$1,907
Weekly (40 Hours)
$440
Bi-Weekly (80 Hours)
$880
Daily Wage (8 Hours)
$88
Net Estimated Monthly Income
$1,455
**These are assumptions based on simple scenarios.
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Paid Time Off Earning 11 Dollars an Hour
Does your employer offer paid time off?
As an hourly, close to minimum wage employee, more than likely you will not get paid time off.
So, here are the scenarios for both cases.
For general purposes, we are going to assume you work 40 hours per week over the course of the year.
Case # 1 – With Paid Time Off
Most hourly employees get two weeks of paid time off, equivalent to 2 weeks of paid time off.
In this case, you would make $22,800 per year.
This is the same as the example above for annual salary making $11 per hour.
Case #2 – No Paid Time Off
Unfortunately, not all employers offer paid time off to their hourly employees. While that is unfortunate, it is best to plan for less income.
Life happens. There will be times you need to take time off for numerous reasons – sick time, handling an emergency, or even vacation.
So, let’s assume you take 2 weeks off without paid time off.
That means you would only work 50 weeks of the year instead of all 52 weeks. Take 40 hours times 50 weeks and that equals 2,000 working hours. Then, multiply the hourly salary of $11 times 2,000 working hours, and the result is $22,000.
40 hours x 50 weeks x $11 = $22,000
You would average $88 per working day and nothing when you don’t work.
$11 an Hour is How Much a year After Taxes
Let’s be honest… Taxes can take up a big chunk of your paycheck. Thus, you need to know how taxes can affect your hourly wage.
This is why you always wondering why your take-home pay is so much less.
Also, every single person’s tax situation is different.
On the basic level, let’s assume a 12% federal tax rate and a 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.
Gross Annual Salary: $22,880
Federal Taxes of 12%: $2,746
State Taxes of 4%: $915
Social Security and Medicare of 7.65%: $1,750
$11 an Hour per Year after Taxes: $17,469
This would be your net annual salary after taxes.
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$17469 ÷ 2080 hours = $8.40 per hour
After estimated taxes and FICA, you are netting $8.40 an hour. That is $2.60 an hour less than what you planned.
This is a very highlighted example and can vary greatly depending on your personal situation. Therefore, here is a great tool to help you figure out how much your net paycheck would be.
$11 an Hour Budget – Example
You are probably wondering can I live on my own making 11 dollars an hour? How much rent can you afford at 11 an hour?
Using our Cents Plan Formula, this is the best case scenario on how to budget your $11 per hour paycheck.
When using these percentages, it is best to use net income because taxes must be paid.
In this example, we calculated $11 an hour was $8.40 after taxes. That would average $1455 per month.
According to the Cents Plan Formula, here is the high level view of a $11 per hour budget:
Basic Expenses of 50% = $728
Save Money of 20% = $291
Give Money of 10% = $146
Fun Spending of 20% = $291
Debt of 0% = $0
Obviously, that is not doable when living so close to minimum wage. So, you have to be strategic on ways to decrease your basic expenses and debt. Then, it will allow you more money to save and fun spending.
To further break down an example budget of $11 per hour, then using the ideal household percentages is extremely helpful.
recommended budget percentages based on $11 per hour wage:
Category
Ideal Percentages
Sample Monthly Budget
Giving
10%
$76
Savings
15-25%
$114
Housing
20-30%
$572
Utilities
4-7%
$114
Groceries
5-12%
$153
Clothing
1-4%
$19
Transportation
4-10%
$114
Medical
5-12%
$191
Life Insurance
1%
$16
Education
1-4%
$10
Personal
2-7%
$29
Recreation / Entertainment
3-8%
$48
Debts
0% – Goal
$0
Government Tax (including Income Taxes, Social Security & Medicare)
15-25%
$451
Total Gross Income
$1,907
**In this budget, prioritization was given to basic expenses. Thus, some categories like giving and saving were less.
Living on $11 Per Hour
Living close to minimum wage can be a very difficult situation.
Is it doable? Probably not for long.
You just have to be wiser (or frugal) with your money and how you spend the hard-earned cash you have been blessed with.
A lot of times when people are making under the minimum wage mark, they feel like they are in this constant cycle that they can never keep up (which completely makes sense it is hard!).
When your thoughts are constantly focused on how you are struggling to keep up with bills and expenses, that is all you focus on.
You need to do is change your money mindset.
This is what you say to yourself… Okay, I am making near minimum wage for now. I have aspirations and goals to increase how much I make. For now, I am going to make sure that I am able to live on my 11 dollars per hour. I’m going to try and avoid debt and payday loans at all costs.
Other Tips to Help You:
Check your minimum wage for your state and city. You might find a higher minimum wage in a nearby city.
Look to living in a lower cost of living area to stretch your money.
Find ways to minimize your basic expenses.
Thrive with a minimalist lifestyle.
Decide if a roommate or moving back with your parents would help.
Bike or walk to work.
In the next section, we will dig into ways to increase your income, but for now, you must focus on living on $11 an hour.
5 Ways to Increase Your Hourly Wage
This right here is the most important section of this post.
You need to figure out ways to increase your hourly income because I’m going to tell you…you deserve more. You do a good job and your value is higher than what your employers pay you.
Even an increase of 50 cents to $11.50 will add up over the year. Even better $12 an hour!
1. Ask for a Raise
The first thing to do is ask for a raise. Walk right in and ask for a raise because you never know what the answer will be until you ask.
If you want the best tips on how specifically to ask for a raise and what the average wage is for somebody doing your job, then check out this book. In this book, the author gives you the exact way to increase your income. The purchase is worth it or go down to the library and check that book out.
2. Look for A New Job
Another way to increase your hourly wage is to look for a new job. Maybe a completely new industry.
It might be a total change for you, but many times, if you want to change your financial situation, then that starts with a career change. Maybe you’re stressed out at work. Making $11 an hour is too much for you and you’re not able to enjoy life, maybe changing jobs and finding another job may increase your pay, but it will also increase your quality of life.
3. Find a New Career
Because of student loans, too many employees feel like they are stuck in the career field they chose. They feel sucked into the job that they don’t like or have the potential they thought it would.
For many years, I was in the same situation until I decided to do a complete career change. I am glad I did. I have the flexibility that I needed in my life to do what I wanted when I needed to do it. Plus I am able to enjoy my entrepreneurial spirit.
4. Find Alternative Ways to Make Money
In today’s society, you need to find ways to make more money. Period.
There is no way to get around it. You need to find additional income outside a traditional nine-to-five position or typical 40 hour a week job. You will reach a point where you are maxed on what you can make in your current position or title. There may be some advancement to move forward, but in many cases, there just is not much room for growth.
So, you need to find a side hustle – another way to make money.
Do something that you enjoy, turn your hobby into a way to make money, turn something that you naturally do, and help others into a service business. In today’s society, the sky is the limit on how you can earn a freelancing income.
5. Earn Passive Income
The last way to increase your hourly wage is to start earning passive income.
This can be from a variety of ways including the stock market, real estate, online courses, book sales, etc. This is where the differentiation between struggling financially and being financially sound happens.
By earning money passively, you are able to do the things that you enjoy doing and not be loaded down, with having a job that you need to work, and a place that you have to go to. And you still make money doing nothing.
Here is an example:
You can start a brokerage account and start trading stocks for $50. You need to learn and take the one and only investing class I recommend. Learn how the market works, watch videos, and practice in a simulator before you start using your own money.
One gentleman started with $5,000 in his trading account and now has well over $36,000 in a year. Just from practice and being consistent, he has learned that passive income is the way for him to increase his income and also not be a slave to his job.
Tips to Live on $11 an Hour
In this last section, grasp these tips on how to live on $11 an hour. On our site, you can find lots of money saving tips to help stretch your income further.
Here are the most important tips to live on $11 an hour. Highlight these!
1. Spend Less Than You Make
First, you must learn to spend less than you make.
If not you will be caught in the debt cycle and that is not where you want to be. You will be consistently living paycheck to paycheck.
In order to break that dreadful cycle, it means your expenses must be less than your income.
And when I say income, it’s not the $11 an hour. As we talked about earlier in the post, there are taxes. The amount of taxes taken out of your paycheck is called your net income which is $11 an hour minus all the taxes, FICA, Social Security, and Medicare is taken out. That is your net income.
So, your net income has to be less than your net income.
2. Living Below Your Means
You need to be happy. And living on less can actually make you happier. Studies prove that less is better.
Finding contentment in life is one thing that is a struggle for most.
We are driven to want the new shiny toy, the thing next door, the stuff your friend or family member got. Our society has trained you that you need these things as well.
Have you ever taken a step back and looked at what you really need?
Once you are able to find contentment with life, then you are going to be set for the long term with your finances.
Here is our story on owning less stuff. We have been happier since.
3. Make Saving Money Fun
You need to make saving money fun. Period.
It could be participating in a no spend challenge for the month.
Check out the 200 envelope challenge (which is doable on your income)
It could be challenging your friends not to go to Target for a week.
Maybe changing your habits and not picking up takeout and planning meals.
Whatever it is challenge yourself.
Find new ways of saving money and have fun with it.
Even better, get your family and kids involved in the challenge to save money. Tell them the reason why you are saving money and this is what you are doing.
Here are 101 things to do with no money. Free activities without costing you a dime. That is an amazing resource for you and you will never be bored.
And you will learn a lot of things in life you can do for free. Personally, some of the best ones are getting outside and enjoying some fresh air.
4. Make More Money
If you want if you do not settle for less, then find ways to make more money. If you want more out of life, then increase your income.
You need to be an advocate for yourself.
Find ways to make more money.
It could be a side hustle, a second job, asking for a raise, going to school to change careers, or picking up extra hours.
Whatever path you take, that’s fine. Just find ways to make more money. Period.
5. No State Taxes
Paying taxes is one option to increase what you take home in each paycheck.
These are the states that don’t pay state income taxes on wages:
Alaska
Florida
Nevada
New Hampshire
South Dakota
Tennessee
Texas
Washington
Wyoming
It is very interesting if you take into account the amount of state taxes paid compared to a state with income taxes.
Also, if you live in one of the higher taxed states, then you may want to reconsider moving to a lower cost of living area. The higher taxes income tax states include California, Hawaii, New Jersey, Oregon, Minnesota, the District of Columbia, New York, Vermont, Iowa, and Wisconsin. These states tax income somewhere between 7.65% – 13.3%.
6. Stick to a Budget
You need to learn how to start a budget. We have tons of budgeting resources for you.
While creating a budget is great, you need to learn how to use one.
You do not have to budget down to every last penny.
You need to make sure your expenses are less than your income and that you are creating sinking funds for those irregular expenses.
Budget Help:
7. Pay Off Debt Quickly
The amount that you pay interest on debt is absolutely absurd.
Unfortunately, that is how many of these companies make their money from the interest you pay on debt.
If you are paying 5% to even 20-21% or higher, you need to find ways to lower that debt quickly.
Here’s a debt calculator to help you. Figure out your debt free date.
Paying off debt fast is your target and main focus. I can tell you from personal experience, that it was not until we paid off our debt that we finally rounded the corner financially. Once our debt was paid off, we could finally be able to save money. Set money aside in separate bank accounts and pay for cash for things.
It took us working hard to pay off debt. We needed persistence and patience while we had setbacks in our debt free journey.
Here are resources now for you to pay off your debt:
Jobs that Pay $11 an Hour
You can always find jobs that pay $11 per hour. Polish up that smile, fill out the application and be prepared with your interview skills.
Job Search Hint: Always send a written follow-up thank you note for your interview. That will help you get noticed and remembered.
First, look at the cities that require a minimum wage in their cities. That is the best place to start to find jobs that are going to pay higher than the federal minimum wage rate. Many of the cities are moving towards this model so, target and look for jobs in those areas.
Possible Ideas:
Cashiers
Back of the house restaurant staff
Landscape Laborer
Retail jobs
Paraeducators at schools
Janitors
Farm help
Warehouse workers
$11 Per Hour Annual Salary
In this post, we detailed 11 an hour is how much a year. Plus all of the variables that can impact your net income. This is something that you can live off.
$22,800
In this post, we highlighted ways to increase your income as well as tips for living off your wage.
Use the sample budget as a starting point with your expenses.
You will have to be savvy and wise with your hard-earned income. But, with a plan, anything is possible!
Try one of these ways to make money quickly to help you in the interim.
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
If you’ll be in college next year, don’t expect financial aid offers anytime soon. Colleges won’t begin receiving processed FAFSAs — the Free Application for Federal Student Aid — until mid-March, the U.S. Education Department said on Tuesday.
“We will email students when their information has been shared with their schools and when they can access official aid calculations on their StudentAid.gov account,” U.S. Department of Education Under Secretary James Kvaal said in a press call after the announcement.
Once colleges receive processed FAFSAs, they can start building financial aid packages, which may include loan eligibility, grants, scholarships and estimated cost of attendance. That process takes another few weeks. The earliest students could get financial aid offers is the first week of April. Colleges will likely rethink the typical May 1 decision date to allow students and families enough time to consider their aid packages, says Karen McCarthy, vice president of public policy and federal relations at the National Association of Student Financial Aid Administrators.
“It’s reasonable to think that many more states and institutions will be having those conversations about their deadlines, how far they can push those and still be able to get all their work done,” McCarthy says. “It really affects all of their timelines leading up to the beginning of the next school year.”
Biggest makeover in decades
The mid-March processing delay is the latest in a long string of missteps for the new 2024-25 financial aid form, which has undergone its biggest makeover since the 1980s. The FAFSA usually launches on Oct. 1 for the following academic year; this year, it “soft launched” three months late, on Dec. 30.
FAFSA users faced myriad glitches during the soft launch when the form was available for as little as 30 minutes per day. The online form is now available 24/7, and most technical issues have been resolved. However, some students — like those with undocumented parents — remain unable to complete the form.
In late January, after the form had already been live for nearly a month, the Education Department acknowledged a major math error that would have left $1.8 billion worth of aid on the table.
Until the Education Department’s announcement on Tuesday, colleges were still working under the assumption that they would begin receiving processed FAFSAs by the end of January, McCarthy says.
“Schools had already restructured their timelines in terms of awarding and when things would happen with regards to aid offers, and so now they’ve thrown that all into disarray again,” McCarthy says.
On Jan. 24, a group of lawmakers led by two Republicans — Sen. Bill Cassidy of Louisiana and Rep. Virginia Foxx of North Carolina — sent a letter to the Government Accountability Office calling for an investigation of the Education Department’s rocky FAFSA rollout.
“The Department of Education had three years to prepare the rollout of the updated FAFSA. Their inability to do their job has real consequences for students and families,” Sen. Cassidy said in a statement Tuesday. “These unacceptable delays from the Biden administration creates the real likelihood that many students will forgo college because they cannot choose a school without knowing their eligibility for student aid.”
Students and parents: Here’s what you can do
Despite the FAFSA delay and confusion, it’s still important to fill out the form. Otherwise, students won’t be able to qualify for federal student loans, grants, work-study and some scholarships. There’s no income limit to qualify for aid, and you might get more than you expect.
Submit the FAFSA as soon as possible. Even with the major processing delay, your FAFSA will record a time stamp when you submit it. Since some types of financial aid have priority deadlines or are first-come, first-serve, submit the form soon to qualify for the most aid.
Remember the paper FAFSA is an option. If your parents are undocumented and can’t complete their portion of the FAFSA, you may want to wait a few weeks until the online process opens. But if you have any upcoming priority financial aid deadlines, you can complete the PDF version of the FAFSA. It’s available in English and Spanish on StudentAid.gov. You’ll need to mail the completed paper form to the Federal Student Aid office.
Confirm your financial aid deadlines. If you’re a prospective student, reach out to your potential schools to see if they’ve moved their FAFSA and college decision deadlines. If you’re a current student, confirm the financial aid timeline at your school. All students should check financial aid deadlines for their state and any scholarships to which they’re applying.
Ask for assistance. Free FAFSA help is available. Reach out to your high school’s college counselor or the financial aid offices at your school (or potential schools), search for college access nonprofits in your community or call the Federal Student Aid office at 800-4-FED-AID.
Here’s the bright spot: the new FAFSA is easier and quicker to complete for many students. Some will need to answer only 18 questions, down from 103 possible questions in previous years. With a new financial aid eligibility formula, at least 1.5 million students from low-income backgrounds are expected to qualify for the maximum Pell Grant award — $7,395 per year.