Fewer buyers rushed to lock mortgages last month amid a rapid climb in long-term mortgage rates, reflecting home affordability concerns, reports from Mortgage Capital Trading and Black Knight showed.
Total mortgage rate locks by dollar volume were down 5% in April from the previous month, according to MCT’s monthly Mortgage Lock Volume Indices report. Compared with the same period last year, the number of rate locks by mortgage volume was down 25.4%.
The average 30-year conforming mortgage rate climbed to 5.27% last week, marking the highest average since 2009, according to Freddie Mac PMMS. Black Knight’s Optimal Blue OBMMI pricing engine, which considers refinancings and additional data from the Mortgage Bankers Association, finished the month of April at 5.42%.
Refinancing has seen the biggest impact of the rising-rate pressure. Rate locks for rate-and-term refinances, which is driven primarily by a drop in interest rates to lower monthly mortgage payments, were down 36.4% in April from the previous month. Compared with April 2021, rate-and-term refinances were down 89.2%.
Cash-out refinance activity, in contrast, is led by increasing home values by homeowners seeking to tap into their home equity. In April, cash-out refinance rate locks were down 31.1% from March and slumped 51.7% from a year earlier.
Black Knight’s monthly originations market monitor report showed a similar downward trend of mortgage rate locks. Rate lock production volume activity was down 20.3% month over month, driven by a 50% drop in rate-term-refinance lending activity.
Cash-out refi locks dipped 40% in April as homeowners likely sought other products including Home Equity Line of Credits [HELOCs] or second linens, to access tappable equity without sacrificing historically low first-lien mortgage rates, which were secured with real estate as collateral.
In a traditional home equity product, the lender disburses a lump sum of cash upfront to the buyer, who then pays the loan back in fixed-rate payments. A HELOC, by contrast, is a revolving line of credit that allows borrowing as needed, with a variable interest rate.
April’s decline in rate lock activity is “hardly surprising,” said Scott Happ, president at Optimal Blue, citing half of all mortgage holders holding current first lien rates below 3.5%. The combined decline in refinance locks pushed the refi share of the market down to 20% last month, marking the lowest point on record since at least January 2018, when Optimal Blue began tracking the metric.
“That being said, while purchase locks were down somewhat from March, they remained flat from last April, reflecting consistent and resilient demand from homebuyers,” Happ said in a statement.
Purchase rate locks measured by MCT, however, were up 2.2% month over month in April and 7.55% from a year earlier, “a bright spot even as mortgage rates have increased rapidly in 2022.”
MCT, founded in 2001, launched its first monthly mortgage lock volume report on Monday. The indices are based on the actual dollar volume of locked loans, not the numbers of applications.
“Especially in a tight purchase market. Applications are a less reliable metric for the mortgage industry as there is a higher likelihood of having multiple applications per funded loan,” the MCT report noted.
Black Knight’s monthly market monitor reports provide origination metrics for the U.S. and the top 20 metropolitan statistical areas by share of total origination volume. The New York-Newark-Jersey City regions had the highest rate lock volume at 4.1% in April. The Los Angeles-Long Beach-Anaheim regions had the second-highest lock volume rate (3.9%) trailed by the Washington-Arlington-Alexandria (3.8%) region.
Between 2006 and 2011, the U.S. Census Bureau tracked where the wealthiest five percent of Americans are living. Defining high-income households as those that earn about $200,000 a year and above, the Census Bureau determined that the greatest concentration of wealth is in three main areas. These three areas are located near, but not directly in, large metropolitan areas along both coasts.
New York suburbs According to Forbes, while New York City, NY, boasts the largest amount of wealthy residents of any city in the country, the concentration of wealth is higher in the surrounding suburbs of Bridgeport, Norwalk, and Stamford, Connecticut. These areas are located along Long Island Sound about 60 miles away from the city. Here, nearly 20% of residents are considered wealthy.
What draws so many rich people to this area? For one thing, there’s proximity to the city. The Fiscal Times also notes that it’s a lower-tax region.
Silicon Valley California boasts the nation’s largest population of billionaires, so it should come as no surprise that you’ll also find plenty of wealthy people living in the Sunnyvale-Santa Clara area outside of San Francisco, CA. This area is also known as Silicon Valley and is home to many of the world’s technology giants like Apple, Google and Hewlett-Packard — plus thousands of start-ups.
Unfortunately for the wealthy, it’s also home to some rather steep tax rates. The rich in Northern California can expect to pay about 12.3% in taxes versus the 6.7% rate that wealthy residents pay in Connecticut.
Washington, D.C. suburbs Back on the East Coast, the third-largest concentration of wealthy Americans is settled around the Washington, D.C., metro area in the Virginia suburbs of Alexandria and Arlington. In these northern Virginia suburbs, 14% of households represent the country’s highest earners. The economy here has been shaped by proximity to the nation’s capital, and the majority of residents either work for the government, the military or for private companies that contract to the federal government. In Alexandria, for instance, the biggest employer is the U.S. Department of Defense.
Curious about the opposite end of the spectrum, as well? The southeastern states of Alabama, Mississippi and Louisiana reported the lowest concentrations of wealthy residents.
For more details, check out the Census Bureau’s complete report.
Overall mortgage rate lock took a hit in May, led by a drop in refinance activity, both for rate-term refis and cash-outs. In a higher rate environment, lenders were more reliant on the purchase market for origination volumes.
Rate locks were down 4.8% last month, according to Black Knight’s monthly mortgage originations market report. Purchase locks, which are not as rate-sensitive as refinancings, accounted for 82% of the entire share of rate locks in May, the largest slice since Black Knight’s Optimal Blue began tracking the data in 2018.
Mortgage rates, measured by Black Knight’s Optimal Blue OBMMI pricing engine, finished the month of May at 5.34%, down 7 basis points from the previous month, but that wasn’t enough to push up refinance rate lock volume.
Rate/term refinance lending activity declined 23.6% in May from the previous month and was down 89.9% year over year. Cash-out refinance locks also dropped 11.9% from April and 42.2% from May 2020.
“We’ve seen rate/term refinance activity essentially evaporate and cash-out activity is now suffering as well,” said Scott Happ, president of Optimal Blue, a division of Black Knight. “While there is volume pressure across the board due to rising rates, purchase volumes are holding up the best and are now driving 82% of all origination activity.”
Purchase volumes fell 2.3% in May from April and remained unchanged from the same period last year. When excluding the affect of home appreciation on volumes, purchase locks were down 8.5% year-over-year in May.
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Government loan products gained market share as the Federal Housing Administration (FHA) and Veterans Affairs (VA) lock activity increased at the expense of agency volumes, a trend also likely reflected in the decline of the average loan amount, ranging between $362,000 to $359,000, according to Black Knight.
Average credit scores fell in May, led by a drop in cash-out refinance scores, which are now below 700 on average. It dropped 20 points in the last three months and 33 points year over year.
Black Knight’s monthly market monitor reports provide origination metrics for the U.S. and the top 20 metropolitan statistical areas by share of total origination volume.
The New York-Newark-Jersey City MSA had the highest rate lock volume at 4.4% in May. The Washington-Arlington-Alexandria area had the second-highest lock volume rate (3.8%) trailed by the Los Angeles-Long Beach-Anaheim (3.7%) area.
Correction: An earlier version of this article misstated borrower credit scores for cash-out refis in May.
The 5 Star Life Insurance Company has been in the business if providing their customers with quality life insurance coverage since 1996. The company is an enterprise of the Armed Forces Benefit Association (AFBA), and it is headquartered in Alexandria, Virginia.
Its parent company, AFBA, was initially founded in 1947, with the assistance of Army General, Dwight D. Eisenhower. This company was established to help with easing the strain on military members, as well as their families, during times of war. At that time, members of the U.S. military were not allowed to buy life insurance that would pay out the death benefit proceeds if the member was killed in a war zone.
AFBA had its initial headquarters in the basement of the Pentagon building in Washington, DC, and for the next 70 years, the company served the Armed Forces during times of both war and peace. The motto of AFBA is, “Serving those who serve this great nation.”
The Armed Forces Benefit Association is still considered to be a growing company. This insurer provides supplemental and voluntary life insurance coverage to the work site/group markets. It also offers individual life insurance via the senior market.
5 Star Life Insurance Company Review
Being a related enterprise of AFBA, 5 Star Life Insurance Company has its main offices in Virginia (although it is considered to be domiciled in Baton Rouge, Louisiana. Today, this company has approximately $41 billion of insurance in force, and it insures more than 800,000 lives.
Based on the 2016 Independent Comparative Report, the company is considered to be strong and stable financially, and it exceeds life insurance industry averages regarding its liquidity ratio, net premiums to capital, capital and surplus to liabilities, and percent of investment portfolio investment grade.
The 5 Star Life Insurance Company has a key focus on providing life insurance coverage. It does so via independent brokers and producers. This coverage can be customized to fit the needs of its policyholders.
Life Insurance Products Offered By 5 Star Life Insurance Company
The 5 Star Life Insurance Company has a focus on offering its products in two specific markets. These include offering term life insurance coverage to employer groups. This coverage can help with providing financial protection to employees’ families.
The company also has a key focus on providing simplified issue whole life insurance in the senior market. This coverage can help with covering the insured’s funeral and other final expenses. It is also good for people who are in poor health or who may be looking for a smokers life insurance policy without the higher rates.
Work Site Insurance Coverage Offered Via 5 Star Life Insurance Company
The company offers a specific suite of coverage for the worksite market. These products offer competitive premium rates, and they are primarily geared toward small and mid-sized employers. All of these products are sold through an employer or an association.
The primary product that is offered is the Basic Life and AD&D (accidental death and dismemberment). Adding these products can help employees to enhance the group life insurance that they already have. It does so by offering additional benefits, along with coverage for a spouse and/or children.
Some of the highlights of these worksite basic life and AD&D include the fact that the coverage is guaranteed issue. This means that if at least ten employees apply, then an individual cannot be turned down for the coverage – even if he or she has an adverse health condition.
The coverage also offers an emergency death benefit payment. This means that up to $15,000 will be mailed out to the policy’s beneficiary within one business day of notification to help loved ones with immediate expenses.
This particular coverage is portable, meaning that even if the employee or member leaves the group, the coverage can continue – without the individual having to provide evidence of insurability (provided that the premium continues to be paid).
There are some nice advantages for employees or members who apply for this worksite/voluntary coverage.
Including the following:
There are dedicated case managers at 5 Star Life Insurance Company who will work with insureds and their beneficiaries. This can make the process of coverage and claims easier for people, as there is just one specific point of contact for all of their questions or concerns.
The billing is also easy when it comes to the payment of the premium. There are up to 15 different premium modes that are available, which include direct billing for ported policies.
For the employer or association that is offering this coverage, the company offers tailored reporting and billing reconciliation that can conveniently fit the employer’s needs.
Individuals are also allowed to enroll and to pay their premiums online.
Final Expense Life Insurance Products Offered By 5 Star Life Insurance Company
The company also offers final expense life insurance. These policies are geared towards paying for funeral and other final expenses – and the coverage can be extremely helpful for a person’s loved ones.
Today, the cost of a funeral can exceed $10,000 in some areas. This is especially the case when adding in items such as a burial plot, a headstone, flowers, transportation, and other related costs. In many cases, a person may also not have medical expenses that are not covered by his or her regular health insurance policy. So, a final expense life insurance policy can also help loved ones to pay off these bills.
The 5 Star Life Insurance Company offers several plans under the name of Silver Premier Choice. These are focused on insureds who are typically between the ages of 50 and 85 years old.
Some of the key highlights of these plans include:
Death benefit protection of between $5,000 and $25,000. The amount of the coverage on these plans is guaranteed never to go down – even in light of the insured’s increasing age and / or if they contract an adverse health issue.
The premiums on these plans are also quite affordable. The premium is also guaranteed never to increase, regardless of the insured’s age and / or health condition going forward.
As long as the premium is paid on these policies, the insurance company cannot cancel the coverage for any reason.
The Silver Premier Choice plans are whole life in nature. This means that they will not only provide death benefit coverage, but they will also build up cash value. The cash is allowed to grow on a tax-deferred basis. This means that there is no tax due on the gain that takes place inside of the policy unless or until the funds are withdrawn.
There is no medical examination required to qualify for these plans. In fact, many people who apply for this coverage can be approved directly over the phone. And, once they are approved, the coverage will begin on that day.
Coverage can last up to a person’s age 121.
As with the worksite life insurance plans, these policies also offer an emergency death benefit. This can help to provide funds quickly to loved ones when they need it for final expense and other related costs.
There are two final expense plans that are offered by 5 Star Life Insurance Company. These include the Preferred and the Graded. With the graded plan, the death benefit will not all be paid out at the time of the insured’s passing, if they have only owned the policy for a short time.
As an example, if the insured dies in Year 1, then 30% of the selected death benefit will be paid to the policy’s beneficiary. If the insured dies in Year 2, then 70% of the death benefit will be paid. Once they reach Year 3 – and any time after that – then 100% of the selected death benefit will be paid out when the insured passes away.
There are also several different riders that may be added to the life insurance products offered by 5 Start Life Insurance Company.
Including:
Terminal Illness Rider – This plan will pay out 30% (in most states) of the death benefit in a lump sum if the insured is diagnosed with a covered terminal illness and is given a limited life span of fewer than 12 months.
TI Air Rider – This is an automatic coverage increase rider that can be purchased for as low as an additional $1 per week by the policyholder.
Quality of Life Rider – This rider will accelerate a portion of the death benefit on a monthly basis – 3% or 4% – each month if the insured is faced with a chronic medical condition that requires continuous care. The insured can receive up to 75% of the death benefit in total.
Waiver of Premium Rider – If the insured is totally disabled due to sickness or accident, then after a six-month waiting period, the policy’s premiums will be waived.
Critical Illness Rider This rider will pay out 30% of the policy’s coverage in the event that the insured has a heart attack, life-threatening cancer, stroke or other specific diagnoses.
One of the many historic states, Virginia has a rich history mixed with vibrant cities and gorgeous natural landscapes. From cities like Richmond and Alexandria to coastal towns like Virginia Beach, there are plenty of areas to look at if you’re considering moving to or buying a home in Virginia. From iconic Federal-style homes to Queen Anne and Georgian-style houses, there are lots of Virginia-style homes to choose from.
To help you find a starting point, we at Redfin have put together a list of 11 Virginia home styles you’re likely to find, whether you’re looking to buy a home in Virginia Beach or in Woodbridge. Let’s jump in and see some of the best Virginia-style homes.
1) American Foursquare
Commonly found in Virginia and other parts of the East Coast, American Foursquare homes were most popular from the late 1800s to the early 1900s. These homes are defined by their square or rectangular shape with a hipped roof and wide front porch. American Foursquare houses often have a simple, functional layout with a central hallway and rooms arranged around it, as well as classic finishes like built-in cabinetry, hardwood floors, and decorative moldings.
2) Bungalow
With their design inspired by the Craftsman style of architecture, bungalow houses are single-story homes with open concept living spaces and two-to-three bedrooms on the same level. The steepness of the gabled roof determines whether you’ll find an additional attic space. Other common features of bungalow homes include raised foundations and covered front porches. This home style is a popular choice due to their smaller size and affordability.
3) Colonial
If you’re a fan of traditional architecture, you can’t go wrong with a Colonial home. These homes have been around since the 1600s and come in a variety of styles, from Georgian to Federal to Dutch Colonial. Regardless of the style, most Colonial homes share certain design features, such as a two-story layout, a steep gable or gambrel roof, and symmetrical windows on the exterior. You’ll also find that these homes are typically made from durable materials like stone, wood, or brick, and often feature formal living and dining rooms on the main floor with bedrooms located on the second floor.
4) Contemporary
Contemporary homes offer a sleek and modern design that is becoming increasingly popular in Virginia. These homes have an emphasis on functionality and clean lines, making them perfect for those who appreciate minimalist design. Inside, contemporary homes feature an open-concept layout with ample natural light. Expect to see a mix of materials like concrete, glass, and steel that give the homes an edgy and sophisticated look.
5) Craftsman
Craftsman homes in Virginia typically feature a charming and cozy aesthetic that emphasizes warmth and comfort. These homes have a combination of natural materials such as wood and stone, as well as distinctive details like exposed beams and decorative brackets. Craftsman homes usually have an open floor plan, a cozy fireplace, and built-in cabinetry, all of which create an inviting feel of the space. These Virginia homes also often include outdoor living spaces such as porches or patios, perfect for enjoying the mild climate and scenic surroundings.
6) Federal
The Federal style emerged during the late 1700s and early 1800s, making them one of the older architectural styles in the US. Federal style homes in Virginia are typically two to three stories with symmetrical façades and rectangular shapes. They often feature brick or stone exteriors, with decorative elements such as columns, cornices, and pediments. Inside, they have high ceilings, intricate moldings, and grand central staircases.
7) Georgian
Another prominent architectural style in Virginia is the Georgian style. Popular in the 18th century, you can find Georgian homes in historic districts throughout the state. These homes have a symmetrical façade with evenly spaced windows, typically five on the first and second floors. The entrance is typically adorned with a decorative pediment, while the roofline is flat with a modillion cornice. Inside, these homes feature a central hallway with rooms on either side, high ceilings, and wood paneling.
8) Neo-colonial
Neo-colonial style homes in Virginia are a modern take on the traditional colonial design. They typically feature two-to-three stories, symmetrically placed windows and doors, and a central front entrance. Neo-colonial homes also tend to have pitched roofs with dormer windows and a brick or wood exterior. Inside, they often have traditional details like crown molding and wainscoting. Additionally, there are often modern upgrades like open floor plans and updated kitchens and bathrooms.
9) New construction
New construction homes are typically designed with a blend of traditional and modern architectural styles. Open floor plans, ample natural light, and energy-efficient features are common in new homes. Expect to see a range of building materials, including brick, stone, and fiber cement siding. Many new construction homes in Virginia also feature luxurious suites and large kitchens with high-end appliances. There are often outdoor living spaces such as decks or patios, completing the home.
10) Rambler
Rambler homes, also known as ranch-style homes, are single-story homes characterized by a long, low profile with a horizontal layout and typically have an open-concept floor plan. They often have a simple design with a low-pitched roof, large windows, and a minimalistic aesthetic. In Virginia, rambler homes are popular in suburban and rural areas. You can find them on large lots with expansive outdoor spaces. They offer convenient, single-level living with a focus on indoor-outdoor connectivity.
11) Queen Anne
The final Virginia home style is the Queen Anne house, known for its ornate and elaborate features. Queen Anne homes are typically two or three stories tall with steeply pitched roofs, asymmetrical facades, and multiple gables. The exteriors of these houses are often made of wood or brick and feature intricate details such as stained glass windows, decorative shingles, and ornamental brackets.
Inside, these homes have high ceilings, large windows, and elaborate woodwork, including crown molding and carved staircases. Many Queen Anne homes also feature large front porches with intricate woodwork and decorative railings, as well as spacious rooms with multiple fireplaces.
Who amongst us hasn’t wondered at some point what it would be like to live in a castle?
Whenever we visit a castle, we think of what it must have been like to live there, and imagine ourselves as king (or queen) of our domain.
Then we unfortunately snap back to reality and go about our lives, always dreaming of that old stone castle perched atop a cliff overlooking a quaint English village…Right, back to our story here.
When you think of castles, your mind immediately goes to Europe. The dreamlike, fairy tale castles in Germany, England, Scotland, or France can make your jaw drop and your imagination run wild.
European countries are rich in history, and there are countless jaw dropping castles to visit, including Neuschwanstein in Germany, Alhambra in Spain, Corvin Castle in Romania, Kilkenny Castle in Ireland — the list can truly go on and on, and that’s not an exaggeration.
But what if you don’t have the means, the time, or the desire to travel across the ocean to visit these castles in Europe?
Well, if you live anywhere around New York, you’ll be glad (and perhaps even surprised) to know that there are various castles worth visiting right here in the Empire State. Don’t believe us? Keep reading to see what your own backyard has to offer.
1. Boldt Castle
First on our list is Boldt Castle, a landmark tourist destination located in the Thousand Islands area.
The castle was originally built as a private mansion for millionaire George Boldt, the general manager of the Waldorf-Astoria Hotel in NYC and the Bellevue-Stratford Hotel in Philadelphia.
Boldt and his family used to enjoy spending their summers at the family cottage on Hart Island (now Thousand Islands), and the businessman decided to build a bigger home for them there.
However, work on Boldt Castle came to a sudden halt in 1904, when George Boldt’s wife passed away. Heartbroken, Boldt gave up on the project, for good, and the castle was left vacant and in disrepair for 73 years.
After being purchased by the Thousand Island Transit Authority for just $1 in 1977, the castle was restored and renovated, and is now a popular tourist attraction, open to visitors from May to October.
It’s only accessible by water, either from the U.S. or Canada, and despite this fact, it’s one of the most visited attractions in Upstate New York.
If you want to visit a property that was truly built out of love, and later lovingly restored, be sure to pay it a visit.
2. Singer Castle
On the rocky, wild shores of Upstate New York lies another historic estate reminiscent of the quaint castles of Europe, namely Singer Castle.
Located on Dark Island, Singer Castle was completed in 1905 by Frederick G. Bourne, the president of the Singer sewing machine company. If you’re a fan of Gothic architecture and/or literature, then you simply have to visit Singer Castle.
The medieval-style fortress is your quintessential Gothic castle, featuring things like secret passageways, hidden buttons, wrought-iron chandeliers, huge fireplaces, and (just) 28 bedrooms.
Nobody knows why Bourne decided to include all these unusual features in the construction, but we’re definitely intrigued.
For instance, one of the panels in the library can be opened by pulling a specific book from the shelf, thus providing access to a secret passageway leading to the wine cellar. That’s something you’ve probably seen many times in mystery or crime movies, but this one is for real.
There’s also a secret dungeon accessible only via a hidden passage located in Bourne’s former office.
If this charming and mysterious property has piqued your interest, you might want to start planning a weekend getaway and get away from the hustle and bustle of the city.
You can book the Royal Suite for up to six people, and explore all the secrets of Singer Castle as if you’re characters in an Agatha Christie novel. Fun!
3. Highlands Castle
Looking at Highlands Castle, you’d be tempted to think it’s a medieval-age structure that’s housed many generations throughout the decades.
From the outside, the castle looks like it’s been plucked right out of a Game of Thrones episode – nevertheless, Highlands Castle was built in the mid-1980s, by a loving father.
“Someday I’ll build a house where we both will live. A place where you can bring your friends and create special memories… Someday Jason, I will build you a castle.”
John Lavender, the man who built Highlands Castle
John Lavender once made a promise to his young son that one day he was going to build him a castle. Parents make all kinds of grand promises to their kids, but Lavender actually kept his.
John Lavender invested years of his life building this grand castle for his son. He did a great job picking the location, in Bolton Landing, overlooking Lake George in the Adirondacks.
It was a huge undertaking; builders reportedly used more than 800 tons of stone to construct the property for Lavender, and included a 2,000-foot-long driveway leading to a stone wall with iron gates guarded by lion statues.
The interiors are equally impressive, and stepping inside, you’d think you’re on a movie set, filming the New York version of Downton Abbey.
The good news is that you can rent the castle and enjoy the views for yourself; prices start at $5,700 per night, but they’re well worth it, if you ask us.
4. Belhurst Castle
Located on the shores of Seneca Lake, Belhurst Castle was built in 1889, designed by Fuller & Wheeler in a Romanesque Revival style.
All the materials used in the construction were imported, mainly brought over from Europe, which is one of the reasons why the construction took roughly four years.
The castle was used as a private residence until 1932, when it was sold to businessman Cornelius J. Dwyer. The new owner transformed Belhurst into a popular entertainment and leisure destination, turning it into an upscale restaurant and adding a speakeasy and a gambling casino.
The restaurant was reportedly highly popular during the prohibition era, when liquor was brought down from Canada using the canal system.
Nowadays, Belhurst Castle is a top-class, resort-style destination in the New York area. Guests and visitors can enjoy fine wine and craft beer, delicious steaks at the Edgar restaurant, various best-in-class services at the on-site salon and spa, and more.
Those who want to spend the night can do so at the off-site Vinifera Inn and White Springs Manor, or they can book one of the 11 rooms available inside the castle.
5. Lyndhurst Mansion
A National Historic Landmark, Lyndhurst Mansion is one of the finest examples of Gothic Revival architecture in the country.
Sitting on a massive 67-acre lot close to the Hudson River in Tarrytown, the imposing castle was completed back in 1838, with a design by renowned American architect Alexander Jackson Davis.
Its first owner was New York City mayor William Paulding Jr., but the property was expanded and nearly doubled in size under the helm of its second owner, businessman George Merritt. He was also the one to rename the property ‘Lyndenhurst,’ after the linden trees on the property.
Merritt added a new four-story tower to the castle, as well as a new porte-cochere, a servants quarters, a new dining room, and extra bedrooms.
The third – and final – private owner was American railroad tycoon Jay Gould, who owned the property until his death in 1892. Eventually, the castle was donated to the National Trust for Historic Preservation.
Lyndhurst mansion is now open to the public, and Gothic architecture fans can explore the grounds as they please, either on their own or via guided tours.
Depending on the tour you choose, you can visit the first and second floors, the observation tower, the kitchens, the gardens, and the swimming pool building.
And, if the estate looks somewhat familiar, then you might have already seen it on your screen. Lyndhurst Mansion was featured in numerous movies, TV shows, documentaries, and even housed a 2017 episode of Project Runway.
More palatial estates
The Thrilling History of The Breakers, the Vanderbilts’ Iconic Summer Estate in Newport In Colorado, $20 Million Will Buy You a Real-Life Castle Steeped in History Winfield Hall, the Historic Woolworth Mansion in Glen Cove Richie Rich’s House is Actually the Biltmore Estate, America’s Largest Home
Now it’s time to check out the top mortgage lenders in DC, the capital of the United States.
In 2021, nearly 800 mortgage companies originated roughly $139 billion in home loans in The District.
That was one of the bigger totals for a state, even though the District of Columbia isn’t actually a state
Anyway, there can be only one…top mortgage lender to rule the rest. And as you may have guessed, it was Rocket Mortgage.
Some local companies made the top-10 lists as well. Read on to see who.
Top Mortgage Lenders in DC (Overall)
Ranking
Company Name
2021 Loan Volume
1.
Rocket Mortgage
$8.4 billion
2.
Pennymac
$6.4 billion
3.
Freedom Mortgage
$5.5 billion
4.
Truist
$5.4 billion
5.
Wells Fargo
$5.1 billion
6.
loanDepot
$4.7 billion
7.
Mr. Cooper
$3.3 billion
8.
McLean Mortgage
$3.1 billion
9.
Intercoastal Mortgage
$3.1 billion
10.
UWM
$3.1 billion
In 2021, Rocket Mortgage led the District of Columbia with a solid $8.4 billion funded, per HMDA data from Richey May.
They were trailed by Los Angeles-based Pennymac with $6.4 billion, which is a top correspondent lender.
In third was Freedom Mortgage with a close $5.4 billion, followed by Truist with $5.1 billion and Wells Fargo with $4.7 billion.
The bottom half of the top 10 included loanDepot, Mr. Cooper, McLean Mortgage, Intercoastal Mortgage, and United Wholesale Mortgage.
Both McLean Mortgage and Intercoastal Mortgage can be considered local companies as both call Fairfax, Virginia home.
Always good to see some homegrown lenders shake it up with the big national brands.
Top Mortgage Lenders in Washington DC (for Home Buyers)
Ranking
Company Name
2021 Loan Volume
1.
Truist
$2.5 billion
2.
Pennymac
$2.4 billion
3.
McLean Mortgage
$1.9 billion
4.
Wells Fargo
$1.8 billion
5.
Intercoastal Mortgage
$1.7 billion
6.
Chase
$1.4 billion
7.
Caliber Home Loans
$1.4 billion
8.
Atlantic Coast Mortgage
$1.4 billion
9.
U.S. Bank
$1.4 billion
10.
George Mason Mortgage
$1.3 billion
If we focus on home buyers, the list changes quite a bit, both with new names and a new order.
In first was Truist with $2.5 billion funded, not a big surprise as home buyers often turn to banks over nonbank lenders for an important home purchase.
However, Pennymac was a very close second with $2.4 billion funded, followed by McLean Mortgage with $1.9 billion.
Home buyers also seem to like using local options as it probably gives them peace of mind.
In fourth was Wells Fargo with $1.8 billion, and Intercoastal Mortgage rounded out the top five with $1.7 billion.
Others included in the top 10 were Chase, Caliber Home Loans, Atlantic Coast Mortgage, U.S. Bank, and George Mason Mortgage.
They all had surprisingly close home purchase totals to one another.
Top Refinance Lenders in DC (for Existing Homeowners)
Ranking
Company Name
2021 Loan Volume
1.
Rocket Mortgage
$7.1 billion
2.
Freedom Mortgage
$4.5 billion
3.
Pennymac
$4.1 billion
4.
loanDepot
$4.0 billion
5.
Wells Fargo
$3.1 billion
6.
Truist
$2.8 billion
7.
Mr. Cooper
$2.5 billion
8.
UWM
$2.0 billion
9.
Navy FCU
$1.9 billion
10.
Newrez
$1.8 billion
What about existing homeowners looking to a refinance a mortgage? Well, that list was different too.
Like the overall list, Rocket Mortgage was king with $7.1 billion funded. That was a good chunk of their overall volume.
In second was Freedom Mortgage with $4.5 billion, known as a VA loan specialist.
Pennymac took third with $4.1 billion, followed closely by loanDepot with $4 billion and Wells Fargo with $3.1 billion.
The rest of the best included Truist, Mr. Cooper, United Wholesale Mortgage, Vienna, VA-based Navy FCU, and Newrez.
It’s not uncommon for existing homeowners to use out-of-state lenders for a refinance, which sums up this list.
The Best Mortgage Lenders in Washington DC
Now let’s talk about the best mortgage lenders in the District of Columbia based on customer reviews.
As always, I turn to Zillow to check out customer reviews. For DC, it’s a bit unique as none of the lenders are actually in DC.
But they are local companies in nearby states, including Maryland and Virginia.
McLean Mortgage comes in with an excellent 4.99/5 score from nearly 3,000 customer reviews, which is basically unbeatable.
Chevy Chase-based Forbright Bank has the second largest number of reviews (about 1,500) and a 4.82/5 rating. Pretty solid.
Then there’s Bethesda, Maryland’s Presidential Bank and its superior 4.99/5 rating, which is obviously nearly flawless. That’s from about 750 reviews.
McLean-based Aurora Financial has a similar number of reviews but a 4.7/5 rating, while Navy Federal Credit Union has a 4.22/5 from just over 100 reviews.
There’s also Bethesda-based Mortgagestar, which has a perfect 5/5 rating from over 200 reviews and Alexandria, VA-based Potomac Trust Mortgage’s 4.91/5.
So plenty of good options for a home loan in The District. Don’t forget to include local mortgage brokers in your search as well.
In Best Low-Risk Investments for 2023, I provided a comprehensive list of low-risk investments with predictable returns. But it’s precisely because those returns are low-risk that they also provide relatively low returns.
In this article, we’re going to look at high-yield investments, many of which involve a higher degree of risk but are also likely to provide higher returns.
True enough, low-risk investments are the right investment solution for anyone who’s looking to preserve capital and still earn some income.
But if you’re more interested in the income side of an investment, accepting a bit of risk can produce significantly higher returns. And at the same time, these investments will generally be less risky than growth stocks and other high-risk/high-reward investments.
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Determine How Much Risk You’re Willing to Take On
The risk we’re talking about with these high-yield investments is the potential for you to lose money. As is true when investing in any asset, you need to begin by determining how much you’re willing to risk in the pursuit of higher returns.
Chasing “high-yield returns” will make you broke if you don’t have clear financial goals you’re working towards.
I’m going to present a large number of high-yield investments, each with its own degree of risk. The purpose is to help you evaluate the risk/reward potential of these investments when selecting the ones that will be right for you.
If you’re looking for investments that are completely safe, you should favor one or more of the highly liquid, low-yield vehicles covered in Best Low-Risk Investments for 2023. In this article, we’re going to be going for something a little bit different. As such, please note that this is not in any way a blanket recommendation of any particular investment.
Best High-Yield Investments for 2023
Table of Contents
Below is my list of the 18 best high-yield investments for 2023. They’re not ranked or listed in order of importance. That’s because each is a unique investment class that you will need to carefully evaluate for suitability within your own portfolio.
Be sure that any investment you do choose will be likely to provide the return you expect at an acceptable risk level for your own personal risk tolerance.
1. Treasury Inflation-Protected Securities (TIPS)
Let’s start with this one, if only because it’s on just about every list of high-yield investments, especially in the current environment of rising inflation. It may not actually be the best high-yield investment, but it does have its virtues and shouldn’t be overlooked.
Basically, TIPS are securities issued by the U.S. Treasury that are designed to accommodate inflation. They do pay regular interest, though it’s typically lower than the rate paid on ordinary Treasury securities of similar terms. The bonds are available with a minimum investment of $100, in terms of five, 10, and 30 years. And since they’re fully backed by the U.S. government, you are assured of receiving the full principal value if you hold a security until maturity.
But the real benefit—and the primary advantage—of these securities is the inflation principal additions. Each year, the Treasury will add an amount to the bond principal that’s commensurate with changes in the Consumer Price Index (CPI).
Fortunately, while the principal will be added when the CPI rises (as it nearly always does), none will be deducted if the index goes negative.
You can purchase TIPS through the U.S. Treasury’s investment portal, Treasury Direct. You can also hold the securities as well as redeem them on the same platform. There are no commissions or fees when buying securities.
On the downside, TIPS are purely a play on inflation since the base rates are fairly low. And while the principal additions will keep you even with inflation, you should know that they are taxable in the year received.
Still, TIPS are an excellent low-risk, high-yield investment during times of rising inflation—like now.
2. I Bonds
If you’re looking for a true low-risk, high-yield investment, look no further than Series I bonds. With the current surge in inflation, these bonds have become incredibly popular, though they are limited.
I bonds are currently paying 6.89%. They can be purchased electronically in denominations as little as $25. However, you are limited to purchasing no more than $10,000 in I bonds per calendar year. Since they are issued by the U.S. Treasury, they’re fully protected by the U.S. government. You can purchase them through the Treasury Department’s investment portal, TreasuryDirect.gov.
“The cash in my savings account is on fire,” groans Scott Lieberman, Founder of Touchdown Money. “Inflation has my money in flames, each month incinerating more and more. To defend against this, I purchased an I bond. When I decide to get my money back, the I bond will have been protected against inflation by being worth more than what I bought it for. I highly recommend getting yourself a super safe Series I bond with money you can stash away for at least one year.”
You may not be able to put your entire bond portfolio into Series I bonds. But just a small investment, at nearly 10%, can increase the overall return on your bond allocation.
3. Corporate Bonds
The average rate of return on a bank savings account is 0.33%. The average rate on a money market account is 0.09%, and 0.25% on a 12-month CD.
Now, there are some banks paying higher rates, but generally only in the 1%-plus range.
If you want higher returns on your fixed income portfolio, and you’re willing to accept a moderate level of risk, you can invest in corporate bonds. Not only do they pay higher rates than banks, but you can lock in those higher rates for many years.
For example, the average current yield on a AAA-rated corporate bond is 4.55%. Now that’s the rate for AAA bonds, which are the highest-rated securities. You can get even higher rates on bonds with lower ratings, which we will cover in the next section.
Corporate bonds sell in face amounts of $1,000, though the price may be higher or lower depending on where interest rates are. If you choose to buy individual corporate bonds, expect to buy them in lots of ten. That means you’ll likely need to invest $10,000 in a single issue. Brokers will typically charge a small per-bond fee on purchase and sale.
An alternative may be to take advantage of corporate bond funds. That will give you an opportunity to invest in a portfolio of bonds for as little as the price of one share of an ETF. And because they are ETFs, they can usually be bought and sold commission free.
You can typically purchase corporate bonds and bond funds through popular stock brokers, like Zacks Trade, TD Ameritrade.
Corporate Bond Risk
Be aware that the value of corporate bonds, particularly those with maturities greater than 10 years, can fall if interest rates rise. Conversely, the value of the bonds can rise if interest rates fall.
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4. High-Yield Bonds
In the previous section we talked about how interest rates on corporate bonds vary based on each bond issue’s rating. A AAA bond, being the safest, has the lowest yield. But a riskier bond, such as one rated BBB, will provide a higher rate of return.
If you’re looking to earn higher interest than you can with investment-grade corporate bonds, you can get those returns with so-called high-yield bonds. Because they have a lower rating, they pay higher interest, sometimes much higher.
The average yield on high-yield bonds is 8.29%. But that’s just an average. The yield on a bond rated B will be higher than one rated BB.
You should also be aware that, in addition to potential market value declines due to rising interest rates, high-yield bonds are more likely to default than investment-grade bonds. That’s why they pay higher interest rates. (They used to call these bonds “junk bonds,” but that kind of description is a marketing disaster.) Because of those twin risks, junk bonds should occupy only a small corner of your fixed-income portfolio.
High Yield Bond Risk
In a rapidly rising interest rate environment, high-yield bonds are more likely to default.
High-yield bonds can be purchased under similar terms and in the same places where you can trade corporate bonds. There are also ETFs that specialize in high-yield bonds and will be a better choice for most investors, since they will include diversification across many different bond issues.
5. Municipal Bonds
Just as corporations and the U.S. Treasury issue bonds, so do state and local governments. These are referred to as municipal bonds. They work much like other bond types, particularly corporates. They can be purchased in similar denominations through online brokers.
The main advantage enjoyed by municipal bonds is their tax-exempt status for federal income tax purposes. And if you purchase a municipal bond issued by your home state, or a municipality within that state, the interest will also be tax-exempt for state income tax purposes.
That makes municipal bonds an excellent source of tax-exempt income in a nonretirement account. (Because retirement accounts are tax-sheltered, it makes little sense to include municipal bonds in those accounts.)
Municipal bond rates are currently hovering just above 3% for AAA-rated bonds. And while that’s an impressive return by itself, it masks an even higher yield.
Because of their tax-exempt status, the effective yield on municipal bonds will be higher than the note rate. For example, if your combined federal and state marginal income tax rates are 25%, the effective yield on a municipal bond paying 3% will be 4%. That gives an effective rate comparable with AAA-rated corporate bonds.
Municipal bonds, like other bonds, are subject to market value fluctuations due to interest rate changes. And while it’s rare, there have been occasional defaults on these bonds.
Like corporate bonds, municipal bonds carry ratings that affect the interest rates they pay. You can investigate bond ratings through sources like Standard & Poor’s, Moody’s, and Fitch.
Fund
Symbol
Type
Current Yield
5 Average Annual Return
Vanguard Inflation-Protected Securities Fund
VIPSX
TIPS
0.06%
3.02%
SPDR® Portfolio Interm Term Corp Bond ETF
SPIB
Corporate
4.38%
1.44%
iShares Interest Rate Hedged High Yield Bond ETF
HYGH
High-Yield
5.19%
2.02%
Invesco VRDO Tax-Free ETF (PVI)
PVI
Municipal
0.53%
0.56%
6. Longer Term Certificates of Deposit (CDs)
This is another investment that falls under the low risk/relatively high return classification. As interest rates have risen in recent months, rates have crept up on certificates of deposit. Unlike just one year ago, CDs now merit consideration.
But the key is to invest in certificates with longer terms.
“Another lower-risk option is to consider a Certificate of Deposit (CD),” advises Lance C. Steiner, CFP at Buckingham Advisors. “Banks, credit unions, and many other financial institutions offer CDs with maturities ranging from 6 months to 60 months. Currently, a 6-month CD may pay between 0.75% and 1.25% where a 24-month CD may pay between 2.20% and 3.00%. We suggest considering a short-term ladder since interest rates are expected to continue rising.” (Stated interest rates for the high-yield savings and CDs were obtained at bankrate.com.)
Most banks offer certificates of deposit with terms as long as five years. Those typically have the highest yields.
But the longer term does involve at least a moderate level of risk. If you invest in a CD for five years that’s currently paying 3%, the risk is that interest rates will continue rising. If they do, you’ll miss out on the higher returns available on newer certificates. But the risk is still low overall since the bank guarantees to repay 100% of your principle upon certificate maturity.
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7. Peer-to-Peer (P2P) Lending
Do you know how banks borrow from you—at 1% interest—then loan the same money to your neighbor at rates sometimes as high as 20%? It’s quite a racket, and a profitable one at that.
But do you also know that you have the same opportunity as a bank? It’s an investing process known as peer-to-peer lending, or P2P for short.
P2P lending essentially eliminates the bank. As an investor, you’ll provide the funds for borrowers on a P2P platform. Most of these loans will be in the form of personal loans for a variety of purposes. But some can also be business loans, medical loans, and for other more specific purposes.
As an investor/lender, you get to keep more of the interest rate return on those loans. You can invest easily through online P2P platforms.
One popular example is Prosper. They offer primarily personal loans in amounts ranging between $2,000 and $40,000. You can invest in small slivers of these loans, referred to as “notes.” Notes can be purchased for as little as $25.
That small denomination will make it possible to diversify your investment across many different loans. You can even choose the loans you will invest in based on borrower credit scores, income, loan terms, and purposes.
Prosper, which has managed $20 billion in P2P loans since 2005, claims a historical average return of 5.7%. That’s a high rate of return on what is essentially a fixed-income investment. But that’s because there exists the possibility of loss due to borrower default.
However, you can minimize the likelihood of default by carefully choosing borrower loan quality. That means focusing on borrowers with higher credit scores, incomes, and more conservative loan purposes (like debt consolidation).
8. Real Estate Investment Trusts (REITs)
REITs are an excellent way to participate in real estate investment, and the return it provides, without large amounts of capital or the need to manage properties. They’re publicly traded, closed-end investment funds that can be bought and sold on major stock exchanges. They invest primarily in commercial real estate, like office buildings, retail space, and large apartment complexes.
If you’re planning to invest in a REIT, you should be aware that there are three different types.
“Equity REITs purchase commercial, industrial, or residential real estate properties,” reports Robert R. Johnson, PhD, CFA, CAIA, Professor of Finance, Heider College of Business, Creighton University and co-author of several books, including The Tools and Techniques Of Investment Planning, Strategic Value Investing and Investment Banking for Dummies. “Income is derived primarily from the rental on the properties, as well as from the sale of properties that have increased in value. Mortgage REITs invest in property mortgages. The income is primarily from the interest they earn on the mortgage loans. Hybrid REITs invest both directly in property and in mortgages on properties.”
Johnson also cautions:
“Investors should understand that equity REITs are more like stocks and mortgage REITs are more like bonds. Hybrid REITs are like a mix of stocks and bonds.”
Mortgage REITs, in particular, are an excellent way to earn steady dividend income without being closely tied to the stock market.
Examples of specific REITs are listed in the table below (source: Kiplinger):
REIT
Equity or Mortgage
Property Type
Dividend Yield
12 Month Return
Rexford Industrial Realty
REXR
Industrial warehouse space
2.02%
2.21%
Sun Communities
SUI
Manufactured housing, RVs, resorts, marinas
2.19%
-14.71%
American Tower
AMT
Multi-tenant cell towers
2.13%
-9.00%
Prologis
PLD
Industrial real estate
2.49%
-0.77%
Camden Property Trust
CPT
Apartment complexes
2.77%
-7.74%
Alexandria Real Estate Equities
ARE
Research Properties
3.14%
-23.72%
Digital Realty Trust
DLR
Data centers
3.83%
-17.72%
9. Real Estate Crowdfunding
If you prefer direct investment in a property of your choice, rather than a portfolio, you can invest in real estate crowdfunding. You invest your money, but management of the property will be handled by professionals. With real estate crowdfunding, you can pick out individual properties, or invest in nonpublic REITs that invest in very specific portfolios.
One of the best examples of real estate crowdfunding is Fundrise. That’s because you can invest with as little as $500 or create a customized portfolio with no more than $1,000. Not only does Fundrise charge low fees, but they also have multiple investment options. You can start small in managed investments, and eventually trade up to investing in individual deals.
One thing to be aware of with real estate crowdfunding is that many require accredited investor status. That means being high income, high net worth, or both. If you are an accredited investor, you’ll have many more choices in the real estate crowdfunding space.
If you are not an accredited investor, that doesn’t mean you’ll be prevented from investing in this asset class. Part of the reason why Fundrise is so popular is that they don’t require accredited investor status. There are other real estate crowdfunding platforms that do the same.
Just be careful if you want to invest in real estate through real estate crowdfunding platforms. You will be expected to tie your money up for several years, and early redemption is often not possible. And like most investments, there is the possibility of losing some or all your investment principal.
Low minimum investment – $10
Diversified real estate portfolio
Portfolio Transparency
10. Physical Real Estate
We’ve talked about investing in real estate through REITs and real estate crowdfunding. But you can also invest directly in physical property, including residential property or even commercial.
Owning real estate outright means you have complete control over the investment. And since real estate is a large-dollar investment, the potential returns are also large.
For starters, average annual returns on real estate are impressive. They’re even comparable to stocks. Residential real estate has generated average returns of 10.6%, while commercial property has returned an average of 9.5%.
Next, real estate has the potential to generate income from two directions, from rental income and capital gains. But because of high property values in many markets around the country, it will be difficult to purchase real estate that will produce a positive cash flow, at least in the first few years.
Generally speaking, capital gains are where the richest returns come from. Property purchased today could double or even triple in 20 years, creating a huge windfall. And this will be a long-term capital gain, to get the benefit of a lower tax bite.
Finally, there’s the leverage factor. You can typically purchase an investment property with a 20% down payment. That means you can purchase a $500,000 property with $100,000 out-of-pocket.
By calculating your capital gains on your upfront investment, the returns are truly staggering. If the $500,000 property doubles to $1 million in 20 years, the $500,000 profit generated will produce a 500% gain on your $100,000 investment.
On the negative side, real estate is certainly a very long-term investment. It also comes with high transaction fees, often as high as 10% of the sale price. And not only will it require a large down payment up front, but also substantial investment of time managing the property.
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11. High Dividend Stocks
“The best high-yield investment is dividend stocks,” declares Harry Turner, Founder at The Sovereign Investor. “While there is no guaranteed return with stocks, over the long term stocks have outperformed other investments such as bonds and real estate. Among stocks, dividend-paying stocks have outperformed non-dividend paying stocks by more than 2 percentage points per year on average over the last century. In addition, dividend stocks tend to be less volatile than non-dividend paying stocks, meaning they are less likely to lose value in downturns.”
You can certainly invest in individual stocks that pay high dividends. But a less risky way to do it, and one that will avoid individual stock selection, is to invest through a fund.
One of the most popular is the ProShares S&P 500 Dividend Aristocrat ETF (NOBL). It has provided a return of 1.67% in the 12 months ending May 31, and an average of 12.33% per year since the fund began in October 2013. The fund currently has a 1.92% dividend yield.
The so-called Dividend Aristocrats are popular because they represent 60+ S&P 500 companies, with a history of increasing their dividends for at least the past 25 years.
“Dividend Stocks are an excellent way to earn some quality yield on your investments while simultaneously keeping inflation at bay,” advises Lyle Solomon, Principal Attorney at Oak View Law Group, one of the largest law firms in America. “Dividends are usually paid out by well-established and successful companies that no longer need to reinvest all of the profits back into the business.”
It gets better. “These companies and their stocks are safer to invest in owing to their stature, large customer base, and hold over the markets,” adds Solomon. “The best part about dividend stocks is that many of these companies increase dividends year on year.”
The table below shows some popular dividend-paying stocks. Each is a so-called “Dividend Aristocrat”, which means it’s part of the S&P 500 and has increased its dividend in each of at least the past 25 years.
Company
Symbol
Dividend
Dividend Yield
AbbVie
ABBV
$5.64
3.80%
Armcor PLC
AMCR
$0.48
3.81%
Chevron
CVX
$5.68
3.94%
ExxonMobil
XOM
$3.52
4.04%
IBM
IBM
$6.60
5.15%
Realty Income Corp
O
$2.97
4.16%
Walgreen Boots Alliance
WBA
$1.92
4.97%
12. Preferred Stocks
Preferred stocks are a very specific type of dividend stock. Just like common stock, preferred stock represents an interest in a publicly traded company. They’re often thought of as something of a hybrid between stocks and bonds because they contain elements of both.
Though common stocks can pay dividends, they don’t always. Preferred stocks on the other hand, always pay dividends. Those dividends can be either a fixed amount or based on a variable dividend formula. For example, a company can base the dividend payout on a recognized index, like the LIBOR (London Inter-Bank Offered Rate). The percentage of dividend payout will then change as the index rate does.
Preferred stocks have two major advantages over common stock. First, as “preferred” securities, they have a priority on dividend payments. A company is required to pay their preferred shareholders dividends ahead of common stockholders. Second, preferred stocks have higher dividend yields than common stocks in the same company.
You can purchase preferred stock through online brokers, some of which are listed under “Growth Stocks” below.
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Preferred Stock Caveats
The disadvantage of preferred stocks is that they don’t entitle the holder to vote in corporate elections. But some preferred stocks offer a conversion option. You can exchange your preferred shares for a specific number of common stock shares in the company. Since the conversion will likely be exercised when the price of the common shares takes a big jump, there’s the potential for large capital gains—in addition to the higher dividend.
Be aware that preferred stocks can also be callable. That means the company can authorize the repurchase of the stock at its discretion. Most will likely do that at a time when interest rates are falling, and they no longer want to pay a higher dividend on the preferred stock.
Preferred stock may also have a maturity date, which is typically 30–40 years after its original issuance. The company will typically redeem the shares at the original issue price, eliminating the possibility of capital gains.
Not all companies issue preferred stock. If you choose this investment, be sure it’s with a company that’s well-established and has strong financials. You should also pay close attention to the details of the issuance, including and especially any callability provisions, dividend formulas, and maturity dates.
13. Growth Stocks
This sector is likely the highest risk investment on this list. But it also may be the one with the highest yield, at least over the long term. That’s why we’re including it on this list.
Based on the S&P 500 index, stocks have returned an average of 10% per year for the past 50 years. But it is important to realize that’s only an average. The market may rise 40% one year, then fall 20% the next. To be successful with this investment, you must be committed for the long haul, up to and including several decades.
And because of the potential wide swings, growth stocks are not recommended for funds that will be needed within the next few years. In general, growth stocks work best for retirement plans. That’s where they’ll have the necessary decades to build and compound.
Since most of the return on growth stocks is from capital gains, you’ll get the benefit of lower long-term capital gains tax rates, at least with securities held in a taxable account. (The better news is capital gains on investments held in retirement accounts are tax-deferred until retirement.)
You can choose to invest in individual stocks, but that’s a fairly high-maintenance undertaking. A better way may be to simply invest in ETFs tied to popular indexes. For example, ETFs based on the S&P 500 are very popular among investors.
You can purchase growth stocks and growth stock ETFs commission free with brokers like M1 Finance, Zacks Trade, Wealthsimple.
14. Annuities
Annuities are something like creating your own private pension. It’s an investment contract you take with an insurance company, in which you invest a certain amount of money in exchange for a specific income stream. They can be an excellent source of high yields because the return is locked in by the contract.
Annuities come in many different varieties. Two major classifications are immediate and deferred annuities. As the name implies, immediate annuities begin paying an income stream shortly after the contract begins.
Deferred annuities work something like retirement plans. You may deposit a fixed amount of money with the insurance company upfront or make regular installments. In either case, income payments will begin at a specified point in the future.
With deferred annuities, the income earned within the plan is tax-deferred and paid upon withdrawal. But unlike retirement accounts, annuity contributions are not tax-deductible. Investment returns can either be fixed-rate or variable-rate, depending on the specific annuity setup.
While annuities are an excellent idea and concept, the wide variety of plans as well as the many insurance companies and agents offering them, make them a potential minefield. For example, many annuities are riddled with high fees and are subject to limited withdrawal options.
Because they contain so many moving parts, any annuity contracts you plan to enter into should be carefully reviewed. Pay close attention to all the details, including the small ones. It is, after all, a contract, and therefore legally binding. For that reason, you may want to have a potential annuity reviewed by an attorney before finalizing the deal.
15. Alternative Investments
Alternative investments cover a lot of territory. Examples include precious metals, commodities, private equity, art and collectibles, and digital assets. These fall more in the category of high risk/potential high reward, and you should proceed very carefully and with only the smallest slice of your portfolio.
To simplify the process of selecting alternative assets, you can invest through platforms such as Yieldstreet. With a single cash investment, you can invest in multiple alternatives.
“Investors can purchase real estate directly on Yieldstreet, through fractionalized investments in single deals,” offers Milind Mehere, Founder & Chief Executive Officer at Yieldstreet. “Investors can access private equity and private credit at high minimums by investing in a private market fund (think Blackstone or KKR, for instance). On Yieldstreet, they can have access to third-party funds at a fraction of the previously required minimums. Yieldstreet also offers venture capital (fractionalized) exposure directly. Buying a piece of blue-chip art can be expensive, and prohibitive for most investors, which is why Yieldstreet offers fractionalized assets to diversified art portfolios.”
Yieldstreet also provides access to digital asset investments, with the benefit of allocating to established professional funds, such as Pantera or Osprey Fund. The platform does not currently offer commodities but plans to do so in the future.
Access to wide array of alternative asset classes
Access to ultra-wealthy investments
Can invest for income or growth
Learn More Now
Alternative investments largely require thinking out-of-the-box. Some of the best investment opportunities are also the most unusual.
“The price of meat continues to rise, while agriculture remains a recession-proof investment as consumer demand for food is largely inelastic,” reports Chris Rawley, CEO of Harvest Returns, a platform for investing in private agriculture companies. “Consequently, investors are seeing solid returns from high-yield, grass-fed cattle notes.”
16. Interest Bearing Crypto Accounts
Though the primary appeal of investing in cryptocurrency has been the meteoric rises in price, now that the trend seems to be in reverse, the better play may be in interest-bearing crypto accounts. A select group of crypto exchanges pays high interest on your crypto balance.
One example is Gemini. Not only do they provide an opportunity to buy, sell, and store more than 100 cryptocurrencies—plus non-fungible tokens (NFTs)—but they are currently paying 8.05% APY on your crypto balance through Gemini Earn.
In another variation of being able to earn money on crypto, Crypto.com pays rewards of up to 14.5% on crypto held on the platform. That’s the maximum rate, as rewards vary by crypto. For example, rewards on Bitcoin and Ethereum are paid at 6%, while stablecoins can earn 8.5%.
It’s important to be aware that when investing in cryptocurrency, you will not enjoy the benefit of FDIC insurance. That means you can lose money on your investment. But that’s why crypto exchanges pay such high rates of return, whether it’s in the form of interest or rewards.
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17. Crypto Staking
Another way to play cryptocurrency is a process known as crypto staking. This is where the crypto exchange pays you a certain percentage as compensation or rewards for monitoring a specific cryptocurrency. This is not like crypto mining, which brings crypto into existence. Instead, you’ll participate in writing that particular blockchain and monitoring its security.
“Crypto staking is a concept wherein you can buy and lock a cryptocurrency in a protocol, and you will earn rewards for the amount and time you have locked the cryptocurrency,” reports Oak View Law Group’s Lyle Solomon.
“The big downside to staking crypto is the value of cryptocurrencies, in general, is extremely volatile, and the value of your staked crypto may reduce drastically,” Solomon continues, “However, you can stake stable currencies like USDC, which have their value pegged to the U.S. dollar, and would imply you earn staked rewards without a massive decrease in the value of your investment.”
Much like earning interest and rewards on crypto, staking takes place on crypto exchanges. Two exchanges that feature staking include Coinbase and Kraken. These are two of the largest crypto exchanges in the industry, and they provide a wide range of crypto opportunities, in addition to staking.
Invest in Startup Businesses and Companies
Have you ever heard the term “angel investor”? That’s a private investor, usually, a high net worth individual, who provides capital to small businesses, often startups. That capital is in the form of equity. The angel investor invests money in a small business, becomes a part owner of the company, and is entitled to a share of the company’s earnings.
In most cases, the angel investor acts as a silent partner. That means he or she receives dividend distributions on the equity invested but doesn’t actually get involved in the management of the company.
It’s a potentially lucrative investment opportunity because small businesses have a way of becoming big businesses. As they grow, both your equity and your income from the business also grow. And if the business ever goes public, you could be looking at a life-changing windfall!
Easy Ways to Invest in Startup Businesses
Mainvest is a simple, easy way to invest in small businesses. It’s an online investment platform where you can get access to returns as high as 25%, with an investment of just $100. Mainvest offers vetted businesses (the acceptance rate is just 5% of business that apply) for you to invest in.
It collects revenue, which will be paid to you quarterly. And because the minimum required investment is so small, you can invest in several small businesses at the same time. One of the big advantages with Mainvest is that you are not required to be an accredited investor.
Still another opportunity is through Fundrise Innovation Fund. I’ve already covered how Fundrise is an excellent real estate crowdfunding platform. But through their recently launched Innovaton Fund, you’ll have opportunity to invest in high-growth private technology companies. As a fund, you’ll invest in a portfolio of late-stage tech companies, as well as some public equities.
The purpose of the fund is to provide high growth, and the fund is currently offering shares with a net asset value of $10. These are long-term investments, so you should expect to remain invested for at least five years. But you may receive dividends in the meantime.
Like Mainvest, the Fundrise Innovation Fund does not require you to be an accredited investor.
Low minimum investment – $10
Diversified real estate portfolio
Portfolio Transparency
Final Thoughts on High Yield Investing
Notice that I’ve included a mix of investments based on a combination of risk and return. The greater the risk associated with the investment, the higher the stated or expected return will be.
It’s important when choosing any of these investments that you thoroughly assess the risk involved with each, and not focus primarily on return. These are not 100% safe investments, like short-term CDs, short-term Treasury securities, savings accounts, or bank money market accounts.
Because there is risk associated with each, most are not suitable as short-term investments. They make most sense for long-term investment accounts, particularly retirement accounts.
For example, growth stocks—and most stocks, for that matter—should generally be in a retirement account. While there will be years when you will suffer losses in your position, you’ll have enough years to offset those losses between now and retirement.
Also, if you don’t understand any of the above investments, it will be best to avoid making them. And for more complicated investments, like annuities, you should consult with a professional to evaluate the suitability and all the provisions it contains.
FAQ’s on High Yield Investment Options
What investment has the highest yield?
The investment with the highest yield will vary depending on a number of factors, including current market conditions and the amount of risk an investor is willing to take on. Generally speaking, investments with the potential for high yields also come with a higher level of risk, so it’s important for investors to carefully consider their options and choose investments that align with their financial goals and risk tolerance.
Some examples of high-yield investments include:
1. Stocks: Some stocks may offer high dividend yields, which is the annual dividend payment a company makes to its shareholders, expressed as a percentage of the stock’s current market price.
2. Real estate: Investing in real estate, either directly by purchasing property or indirectly through a real estate investment trust (REIT), can potentially generate high returns in the form of rental income and appreciation of the property value.
3. High-yield bonds: High-yield bonds, also known as junk bonds, are bonds that are issued by companies with lower credit ratings and thus offer higher yields to compensate for the added risk.
4. Private lending: Investing in private loans, such as through peer-to-peer lending platforms, can potentially offer high yields, but it also carries a higher level of risk.
5. Commodities: Investing in commodities, such as precious metals or oil, can potentially generate high returns if the prices of those commodities rise. However, the prices of commodities can also be volatile and subject to market fluctuations.
It’s important to note that these are just examples and not recommendations. As with any investment, it’s crucial to carefully research and consider all the potential risks and rewards before making a decision.
Where can I invest my money to get high returns?
There are a number of places you can invest your money to get high returns. One option is to invest in stocks, which typically offer higher returns than other investment options. Another option is to invest in bonds, which are considered a relatively safe investment option.
You could also invest in real estate, which has the potential to provide high returns if done correctly. Finally, you could also invest in commodities, such as gold or silver, which can be a risky investment but can also offer high returns.
What investments can I make a 10% return?
It’s difficult to predict exactly what investments will generate a 10% return, as investment returns can vary depending on a number of factors, including market conditions and the performance of the specific investment. Some investments, such as stocks and real estate, have the potential to generate returns in excess of 10%, but they also come with a higher level of risk. It’s important to remember that past performance is not necessarily indicative of future results, and that all investments carry some degree of risk
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President Joe Biden has championed a substantial financial proposal in the latter half of his term: increasing taxes on businesses engaging in stock buybacks. This initiative aims to redirect corporate funds toward business expansion and job creation, instead of primarily benefiting executives who typically reap the rewards of such programs. However, despite its intended benefits, the proposal has encountered noteworthy resistance, even from traditionally supportive voices within the Democratic camp.
For help managing your own financial portfolio, consider working with a financial advisor.
Biden’s Plan
Currently, businesses pay a 1% tax on stock buybacks, a charge created when the Democrats passed the Inflation Reduction Act in 2022. In the State of the Union in January, though, Biden pushed raising the rate to 4%. Per a Morningstar report, he specifically called out the oil industry, noting that “Big Oil … invested too little of [their] profit to increase production and keep gas prices down. Instead, they used those record profits to buy back their own stock, rewarding their CEOs and shareholders.”
Biden also notes that this tax will increase federal revenue, which is important if he wants to continue pushing for progressive domestic policy in a potential second term.
The Pushback
One of the voices speaking out against Biden’s plan is a billionaire who would normally be on his side: Warren Buffet, who has publicly supported the Democratic Party for some time.
“When you are told that all repurchases are harmful to shareholders or the country, or particularly beneficial to CEOs, you are listening either to an economic illiterate or a silver-tongued demagogue (characters that are not mutually exclusive),” Buffet wrote in a note to shareholders of his company, Berkshire Hathaway.
More likely opponents of Biden’s have also chimed in. Writing in the Wall Street Journal opinion section in February, economist Burton Malkiel claims the tax won’t hurt just CEOs but average investors.
“While direct ownership of shares isn’t common among low-income people, indirect ownership through retirement plans exists across the income distribution,” he wrote. “Most common stock is held by the mutual (and exchange-traded) fund industry and by a variety of public and private pension plans,” he writes. “These institutions usually reinvest the proceeds from buybacks, and they rely on returns from the stock market to preserve the viability of their programs.”
The Bottom Line
President Biden is keen on increasing the tax on stock buybacks from 1% to 4%. While Biden and his supporters claim this would force companies to reinvest money in their business rather than enrich executives — while also increasing federal revenue — there are critics from both sides of the aisle who are pushing back.
Financial Planning Tips
If you need help planning your own stock market plan, consider working with a financial advisor. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Use SmartAsset’s asset allocation calculator to get a sense of what your portfolio should look like.
Ben Geier, CEPF®
Ben Geier is an experienced financial writer currently serving as a retirement and investing expert at SmartAsset. His work has appeared on Fortune, Mic.com and CNNMoney. Ben is a graduate of Northwestern University and a part-time student at the City University of New York Graduate Center. He is a member of the Society for Advancing Business Editing and Writing and a Certified Educator in Personal Finance (CEPF®). When he isn’t helping people understand their finances, Ben likes watching hockey, listening to music and experimenting in the kitchen. Originally from Alexandria, VA, he now lives in Brooklyn with his wife.
Today is April 15th, and it appears that economic impact payments passed as part of the CARES Act, also known as 2020 stimulus checks, are now being direct deposited into people’s accounts.
If you haven’t received your stimulus direct deposit yet, and you did not file your 2018 or 2019 taxes, you may need to go to the government site for “non-filers” and enter your payment information.
Also, if you did file you can go to the “Get My Payment” page via the same link, and check your payment status, confirm your payment type and enter your bank account information for direct deposit if the IRS doesn’t have your direct deposit information. While the portal was buggy at first, the IRS updates to taxpayer data have improved things.
For most people the coronavirus stimulus checks are sorely needed with millions of new people filing for unemployment in the past few weeks due to the COVID-19 pandemic.
It is estimated that the 4 week total for unemployment claims will top 22 million, roughly one in eight in the workforce.
If you’re out of work due to a layoff, furlough or other reason it’s important to file for unemployment insurance right away, and then to look into making sure you’ve done everything you need to in order to claim your first stimulus check.
With individuals able to claim a $1,200 payment, and couples collecting $2,400, the money should help plug some holes. If couples have eligible children under 17 they can also collect $500 per child.
A hypothetical family of 4 (like ours!) would be able to collect an economic impact payment of $3400.
With the stimulus payments starting to go out today, people are already starting to talk about a possible second stimulus check.
Today we’ll explore what people received for the first stimulus payment, who was eligible to receive it. Then, we’ll explore the following question:
Will there be a second stimulus check for 2020?
The “In Case Of Emergency Binder” is over 90 pages of simple, printable worksheets to organize everything your family may need to know in the event of an emergency, like the current one. Learn More about the ICE Binder.
The First 2020 Stimulus Check Details
As the COVID-19 virus began to spread it was clear that extraordinary measures would need to be taken in order to give help to states, businesses, the health care industry and to individual taxpayers.
To date we’ve had 3 coronavirus aid packages passed by Congress and signed into law by President Trump.
Coronavirus Aid Package – Phase 1: This $8 billion package passed in March included emergency spending to boost funding for testing of the virus, money to help pay for vaccines and help fund costs of medical expenses related to the virus.
Coronavirus Aid Package – Phase 2: Phase two was signed into law in mid-March and included $100 billion in paid sick and family leave protections, free testing for many, expansions of unemployment assistance and more.
Coronavirus Aid Package – Phase 3: The third phase of coronavirus aid, the Coronavirus Aid, Relief and Economic Security (CARES) Act, was signed into law at the end of March. It is a $2.2 trillion stimulus package designed to give direct payments to individuals and small businesses in order to help during this extended mandatory shutdown. It also expands on existing unemployment insurance benefits giving an additional 13 weeks of unemployment, and a bump in maximum weekly benefits of $600 through 7/31/20. It also gives unemployment benefits to some who typically don’t receive them, gig workers and self-employed individuals.
Who Is Eligible For The First Stimulus Check?
With the first stimulus checks being sent out let’s examine all of the details about who gets them.
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First of all, who is eligible to receive the first stimulus payment?
Just about anyone that has a Social Security Number and who isn’t claimed as a dependent on someone else’s return. They just have to make less than the income phaseout range to earn the full refundable tax credit.
Individual taxpayers get a $1,200 payment.
Couples get $2,400.
If you have a qualifying child based on the same criteria as the Child Tax Credit (16 and under on 12/31/2020) you’ll get an additional $500 for each child.
Once taxpayers reach an adjusted gross income threshold of $75,000 ($150,000 couple) the refundable tax credit begins to phase out at a rate of $5 for every additional $100 above the limit. Once income reaches the level of $99,000 ($198,000 couple), the credit is phased out completely.
The income range is determined from your 2019 taxes. If you haven’t filed yet for 2019, your 2018 tax returns will be used.
If you qualify for the payment based on your 2018 return, but not your 2019 return, you may want to hold off on filing 2019 because you may be able to receive the payment. From what they’re saying economic impact payments will not be clawed back if people don’t qualify based on their final 2020 taxes.
So let’s look at a few of hypothetical scenarios:
Example 1: A couple files taxes married filing jointly and has 2 children under 10 years of age. They make $140,000 in income. They would get $2,400 for filing jointly as a couple, and then $500 for each child, for a total of $3,400.
Example 2: A couple files taxes married filing jointly and has one child 14 years of age, and one 17 years of age. They make $70,000 in income. They would get $2,400 for filing jointly as a couple, $500 for the 14 year old child, and nothing for the 17 year old since they are over 16 years old. They would receive a total of $2,900.
Example 3: An individual files taxes as a single person and has no children. They make $92,000 in income. They would get a reduced stimulus payment since their income is $17,000 over the $75,000 threshold, but under the $99,000 cutoff. The individual would receive a total of $350. ($1,200-$850 reduction).
Example 4: A couple files taxes married filing jointly and has one child 17 years of age, and one at 21 years of age. Both are still claimed as dependents. The couple makes $199,000 in income. They would get $0 for filing jointly as a couple since they’re over the income phaseout limit, and then $0 for the children since they’re both over 16 years of age. The two children cannot claim their own individual stimulus payment either since they are claimed as dependents on their parents tax returns. The entire family would receive no stimulus payment.
There are a thousand different possible scenarios. The key is to figure out where you fall with your adjusted gross income as an individual or family, calculate if you can claim your kids for the extra $500 based on their age.
For a more in depth discussion of who is and isn’t eligible, please see our full post on the 2020 stimulus check.
Is There Going To Be A Second Stimulus Check For 2020?
On or around April 15th the economic impact payments included as part of phase three of the coronavirus aid packages started to be deposited into taxpayer accounts. Here’s one from another publisher below.
Checks will start to go out in following weeks, with checks going to those with lower income first.
Ever since the CARES Act passed and was signed into law on March 27th, there has been quite a bit of talk that one round of stimulus payments for individuals and business might not be enough.
From the Wall Street Journal:
As lawmakers last week completed a record-shattering economic-rescue package estimated at $2 trillion, Senate Minority Leader Chuck Schumer (D., N.Y.) predicted: “This is certainly not the end of our work here in Congress—rather the end of the beginning.”
Legislators from both parties, administration officials, economists, think tanks and lobbyists are already roughing out the contours of yet another emergency-spending package—perhaps larger than the last—to try to keep the coronavirus crisis from turning into a 21st-century Great Depression. Many expect the debate to begin in earnest by late April.
The article talks about how in the week after the phase 3 stimulus package was passed, that they were already talking about extending the stimulus/aid package into a phase 4 aid package. Among the things they floated that they’d like to include:
More money to shore up state government budgets.
Extension of unemployment benefits from the phase 3 package to make the benefits last even longer.
Funds to increase testing and supplies for testing and other healthcare spending.
Plugging holes in the phase 3 bill (Giving benefits to those who should have received them but didn’t).
Hazard pay for essential workers.
Possible additional stimulus payments.
All of this is hypothetical at this stage, and lawmakers made clear that they want to give the phase 3 plan time to work so that they know better what type of additional measures might be necessary to give our economy a boost.
One question hanging over what is already being called “Phase Four” is whether that spirit of urgency and compromise can continue as the downturn advances. Or, will Washington return to the polarization that has often paralyzed Congress in recent years—especially as the November elections erode incentives for cross-party cooperation?
Another concern: Legislating amid travel restrictions and the risk that more in Congress come down with the disease.
Policy makers and economists will need to assess in coming weeks whether the most recent package does enough to tide over companies and workers through the end of the shutdown—whenever that occurs—or whether prolonged closures require another dosage of the same medicine.
President Trump has mentioned that they are now considering a second round of stimulus payments. Congressional leaders and President Trump have stated publicly that another recovery package might be necessary.
Even before Americans get to cash in their stimulus payments, President Donald Trump is floating the idea of a second round. At Monday’s news briefing, Trump said a second set of direct payments is under consideration to help blunt the economic impact of the coronavirus pandemic.
“We could very well do a second round,” Trump said. “It is absolutely under serious consideration.”
In a later tweet Trump signaled something else for phase 4.
In a tweet, Trump said infrastructure should be the focal point of the phase-four stimulus package. Aid to healthcare and broadband infrastructure will likely get bipartisan support in Congress, according to The Hill.
House Speaker Pelosi has said she would like direct payments to be a part of a second round.
Pelosi has said that another stimulus should include a second round of direct payments. This month, many Americans taxpayers received stimulus checks of up to $1,200 for single filers and up to $2,400 for married couples. But many congressional Democrats have said that the $1,200 check, which barely covers what the average American spends on rent and utilities, doesn’t go far enough. Pelosi’s plan would also give more aid to states, cities, small businesses, health systems, and first responders, Politico reported.ABC News reported that Pelosi hoped to bring the phase-four stimulus package to the House floor in late April.
At this point both Democrats and Republicans have brought measures to Congress to supply an additional $250 billion in small business funding to shore up measures from phase 3, but both competing measures have failed.
Possible Second Round Of Stimulus Checks
This past week we have seen several competing proposals for additional stimulus payments in Congress.
A group of 62 members of Congress, Senator Kamala Harris, Senator Bernie Sanders and Representative Alexandria Ocasio-Cortez among them, have urged Senate and House leaders to make the stimulus payments a monthly occurrence.
Representatives Ro Khanna and Tim Ryan, Democrats from California and Ohio respectively, have proposed recurring stimulus payments of $2,000 per month for at least 6 months, along with $500 per child up to 3 children. To be eligible you would have to earn less than $130,000 as a single filer, or $260,000 as a married couple. Taxpayers 16 and older would be eligible.
Republican Senator Josh Hawley has proposed the federal government cover 80% of wages for workers at any U.S. business up to the national median wage, until the crisis ends.
Senate Democrats have proposed a “heroes fund” to give a $25,000 pay increase to so called “essential workers”, health care workers, grocery clerks and delivery drivers among others. They also proposed a $15,000 bonus to recruit new essential workers.
At this point the very earliest we would likely see details of any concrete phase 4 plan would be after Congress returns to the Capitol on May 4th.
So for now, take advantage of your stimulus check from the first round, and stay tuned for details on a phase 4 stimulus package.
We’ll update here as to what ends up passing (if anything), and let everyone know if there will be additional direct stimulus payments to taxpayers.
In the meantime, what would you do with the money if you received a second stimulus check? Have you received the first stimulus yet? Tell us in the comments.
Create Your Own Income Stimulus Package
While we’re waiting to hear about whether there is going to be another stimulus, it might not be a bad idea to start creating your own stimulus package of sorts. Every little bit of income helps right now.
Here’s a few posts that talk about ways to make some extra money in the midst of the downturn.