If you’re thinking about selling your home, you’ve got a lot of options.
It’s not 2012 anymore, when you simply enlisted the services of a real estate agent and went on about your day.
Or bravely went down the for-sale-by-owner (FSBO) path, a much less common scenario.
Today, there are many more ways to unload a property thanks to the disruptors.
What Is an iBuyer?
It stands for instant buyer, a company that buys your home and then sells it shortly after
iBuyers offer all-cash in as little as 24 hours
Can choose your own close date and sell property as-is
Downside is offer will likely be below traditional market offers and fees and repair costs still apply
By now, you’ve probably heard the phrase “iBuyer.”
The term iBuyer is short for “instant buyer.” These companies buy homes almost immediately, with all-cash offers generated in as little as 24 hours, and then sell them not long after.
While the valuation methods might differ from company to company, the name of the game is speed.
With some companies, you simply enter your address into an online form and provide details about your home and the computers do the rest.
They instantly run comparable sales and factor in any improvements your home has to generate a so-called competitive market offer.
Assuming you like their offer, they’ll come by your home and verify the home is in the condition described, and adjust their offer to account for any necessary repairs.
Others might come to your home after you request an offer online, and once they see the property in person, you’ll receive an offer shortly thereafter.
Either way, you’ll get an offer fast, and it’ll be all-cash, meaning there won’t be any pesky mortgage lenders to deal with, or home buyers with cold feet who walk away last minute.
These iBuyers are generally happy to buy homes in any reasonable condition, without you having to worry about finding an agent, listing it, cleaning it, repairing it, staging it, giving tours, and waiting weeks or months for it to sell.
Some of the largest iBuyers include Offerpad, Opendoor, RedfinNow, and Zillow Offers. And even some real estate brokerages are getting into it, including Keller Offers from Keller Williams.
Selling a Home Isn’t Fun
The reason iBuyers exist is because selling a home is basically the worst.
In fact, Zillow’s 2019 Consumer Housing Trends Report found that 95% of home sellers were stressed by some aspect of the process.
As you can see from their chart of despair, home sellers have a lot of worries and concerns, with not knowing when the home would sell topping the list.
It was followed closely by uncertainty about it selling for the right price, having to prep and/or make improvements, concerns the offer would fall through, and timing the sale with a new home purchase.
These are all very legitimate issues to stress about, and younger homeowners are even more likely to be stressed by it all.
Enter Zillow Offers! But seriously, it is hard to part with a half-million-dollar property for the sheer fact that it’s half-a-million dollars.
That just comes with the territory – as a homeowner, you’ve got responsibilities that renters do not.
You need to maintain your home, make repairs, keep it updated, pay lots of bills every month, property taxes, homeowners insurance, and so on.
And when it comes time to sell, you’ve got to do a lot of things to ensure it sells for the right price. Or you can use an iBuyer…
The Pros of iBuyers
You can sell your home very quickly
You don’t need to find a real estate agent
You don’t need to clean it, repair it, stage it, or hold open houses
You can choose your own closing date to coincide with a new home purchase
As noted, iBuying is all about speed and convenience. We can actually use Zillow’s list from above to highlight the many advantages to using an iBuyer.
First, you can choose your closing date with an iBuyer, so that completely eliminates the fear of a property selling in a desired time frame.
Next, they tell you the price upfront, so if you’re happy with said price, there’s no stress.
Third, iBuyers will make repairs themselves, so you don’t have to make them. Of course, there’s a cost, but savvy home buyers will also make requests for repairs, so it’s somewhat awash.
See Curbio for an alternative to paying for repairs out-of-pocket prior to listing.
Fourth, you don’t have to worry about the offer falling through because it’s a large company paying with cash that has done its diligence and isn’t going to have second thoughts.
Fifth, and perhaps one of the biggies to iBuying, is timing the sale of your home with the purchase of a new replacement home.
They totally alleviate this concern because your offer is guaranteed and you get to choose your closing date.
This also covers the lack of control with the selling process and timeline, and not knowing if the buyer is “serious.”
You also completely forego the touring (open houses), staging, and cleaning necessary with a traditional home sale.
In terms of negotiating, most iBuyers will probably say the price is the price, but you can still argue if you’ve made improvements and disagree with their assessment.
But you’ll likely find that they aren’t willing to budge much if at all.
The Cons of iBuyers
The price will likely be well below what a traditional buyer would offer
There are still fees that must be paid to the iBuyer in lieu of real estate agent commissions
Repairs will also cost you even if you don’t need to complete them yourself
Buying and selling homes shouldn’t necessarily be rushed
We’ve highlighted some of the pros of iBuying, namely the quick and easy process, and the all-cash offer. Sounds like a no-brainer, right?
Unfortunately, there’s a cost to the convenience. Sure, you can have the valet park your car instead of walking a block to the restaurant, but it’ll cost you $5.
That might be worth it though – with an iBuyer, the price could be significantly more devastating to your wallet.
You might miss out on $25,000 or more because of the inconvenience of selling yourself. Ouch!
At the end of the day, your competitive offer from an iBuyer is likely going to be significantly less than what the home might appraise for and/or what a traditional real estate agent would sell it for.
Additionally, iBuyers charge fees in place of real estate agent commissions, which while seemingly offsetting one another, probably don’t because of the lower offer price.
The old cliché is that a real estate agent’s commission is covered via a higher sale’s price. So even if they get paid 5-6% of the sale’s price, the home sells for that much more.
That’s the theory at least.
When all is said and done, you’ll likely receive less in your pocket if you use an iBuyer to sell your home, once factoring in their fee, the in all likelihood lower offer, and the cost of any repairs.
The question you need to ask is if it’s worth the price. There are a lot of things we probably don’t want to do, which we could have someone else do for us.
But there’s a cost involved. And when we’re talking about a very large transaction, the price is likely going to be steep.
Of course, you can always take the iBuyer up on their free offer to see if it’s close to what you’d get going the traditional route.
In some cases, it may be worth the convenience, especially if you’re trying to buy a replacement home.
But do your homework. You might need those extra proceeds for that subsequent home purchase.
An alternative might be to use a flat-fee listing company like Reali, which uses traditional real estate agents but doesn’t charge the percentage fee.
If you’re thinking about selling your home, you’ve got a lot of options.
It’s not 2012 anymore, when you simply enlisted the services of a real estate agent and went on about your day.
Or bravely went down the for-sale-by-owner (FSBO) path, a much less common scenario.
Today, there are many more ways to unload a property thanks to the disruptors.
What Is an iBuyer?
It stands for instant buyer, a company that buys your home and then sells it shortly after
iBuyers offer all-cash in as little as 24 hours
Can choose your own close date and sell property as-is
Downside is offer will likely be below traditional market offers and fees and repair costs still apply
By now, you’ve probably heard the phrase “iBuyer.”
The term iBuyer is short for “instant buyer.” These companies buy homes almost immediately, with all-cash offers generated in as little as 24 hours, and then sell them not long after.
While the valuation methods might differ from company to company, the name of the game is speed.
With some companies, you simply enter your address into an online form and provide details about your home and the computers do the rest.
They instantly run comparable sales and factor in any improvements your home has to generate a so-called competitive market offer.
Assuming you like their offer, they’ll come by your home and verify the home is in the condition described, and adjust their offer to account for any necessary repairs.
Others might come to your home after you request an offer online, and once they see the property in person, you’ll receive an offer shortly thereafter.
Either way, you’ll get an offer fast, and it’ll be all-cash, meaning there won’t be any pesky mortgage lenders to deal with, or home buyers with cold feet who walk away last minute.
These iBuyers are generally happy to buy homes in any reasonable condition, without you having to worry about finding an agent, listing it, cleaning it, repairing it, staging it, giving tours, and waiting weeks or months for it to sell.
Some of the largest iBuyers include Offerpad, Opendoor, RedfinNow, and Zillow Offers. And even some real estate brokerages are getting into it, including Keller Offers from Keller Williams.
Selling a Home Isn’t Fun
The reason iBuyers exist is because selling a home is basically the worst.
In fact, Zillow’s 2019 Consumer Housing Trends Report found that 95% of home sellers were stressed by some aspect of the process.
As you can see from their chart of despair, home sellers have a lot of worries and concerns, with not knowing when the home would sell topping the list.
It was followed closely by uncertainty about it selling for the right price, having to prep and/or make improvements, concerns the offer would fall through, and timing the sale with a new home purchase.
These are all very legitimate issues to stress about, and younger homeowners are even more likely to be stressed by it all.
Enter Zillow Offers! But seriously, it is hard to part with a half-million-dollar property for the sheer fact that it’s half-a-million dollars.
That just comes with the territory – as a homeowner, you’ve got responsibilities that renters do not.
You need to maintain your home, make repairs, keep it updated, pay lots of bills every month, property taxes, homeowners insurance, and so on.
And when it comes time to sell, you’ve got to do a lot of things to ensure it sells for the right price. Or you can use an iBuyer…
The Pros of iBuyers
You can sell your home very quickly
You don’t need to find a real estate agent
You don’t need to clean it, repair it, stage it, or hold open houses
You can choose your own closing date to coincide with a new home purchase
As noted, iBuying is all about speed and convenience. We can actually use Zillow’s list from above to highlight the many advantages to using an iBuyer.
First, you can choose your closing date with an iBuyer, so that completely eliminates the fear of a property selling in a desired time frame.
Next, they tell you the price upfront, so if you’re happy with said price, there’s no stress.
Third, iBuyers will make repairs themselves, so you don’t have to make them. Of course, there’s a cost, but savvy home buyers will also make requests for repairs, so it’s somewhat awash.
See Curbio for an alternative to paying for repairs out-of-pocket prior to listing.
Fourth, you don’t have to worry about the offer falling through because it’s a large company paying with cash that has done its diligence and isn’t going to have second thoughts.
Fifth, and perhaps one of the biggies to iBuying, is timing the sale of your home with the purchase of a new replacement home.
They totally alleviate this concern because your offer is guaranteed and you get to choose your closing date.
This also covers the lack of control with the selling process and timeline, and not knowing if the buyer is “serious.”
You also completely forego the touring (open houses), staging, and cleaning necessary with a traditional home sale.
In terms of negotiating, most iBuyers will probably say the price is the price, but you can still argue if you’ve made improvements and disagree with their assessment.
But you’ll likely find that they aren’t willing to budge much if at all.
The Cons of iBuyers
The price will likely be well below what a traditional buyer would offer
There are still fees that must be paid to the iBuyer in lieu of real estate agent commissions
Repairs will also cost you even if you don’t need to complete them yourself
Buying and selling homes shouldn’t necessarily be rushed
We’ve highlighted some of the pros of iBuying, namely the quick and easy process, and the all-cash offer. Sounds like a no-brainer, right?
Unfortunately, there’s a cost to the convenience. Sure, you can have the valet park your car instead of walking a block to the restaurant, but it’ll cost you $5.
That might be worth it though – with an iBuyer, the price could be significantly more devastating to your wallet.
You might miss out on $25,000 or more because of the inconvenience of selling yourself. Ouch!
At the end of the day, your competitive offer from an iBuyer is likely going to be significantly less than what the home might appraise for and/or what a traditional real estate agent would sell it for.
Additionally, iBuyers charge fees in place of real estate agent commissions, which while seemingly offsetting one another, probably don’t because of the lower offer price.
The old cliché is that a real estate agent’s commission is covered via a higher sale’s price. So even if they get paid 5-6% of the sale’s price, the home sells for that much more.
That’s the theory at least.
When all is said and done, you’ll likely receive less in your pocket if you use an iBuyer to sell your home, once factoring in their fee, the in all likelihood lower offer, and the cost of any repairs.
The question you need to ask is if it’s worth the price. There are a lot of things we probably don’t want to do, which we could have someone else do for us.
But there’s a cost involved. And when we’re talking about a very large transaction, the price is likely going to be steep.
Of course, you can always take the iBuyer up on their free offer to see if it’s close to what you’d get going the traditional route.
In some cases, it may be worth the convenience, especially if you’re trying to buy a replacement home.
But do your homework. You might need those extra proceeds for that subsequent home purchase.
An alternative might be to use a flat-fee listing company like Reali, which uses traditional real estate agents but doesn’t charge the percentage fee.
A new tech company called LemonBrew has launched its so-called “custom matching platform” to link up home buyers (and sellers) with local, expert real estate agents.
The team behind the operation consists of “experienced entrepreneurs and operators” who work in the real estate and mortgage industry.
Their goal is to create a frictionless home buying process and improve efficiencies in what is often a daunting and stressful endeavor.
Initially rolled out via pilot in local markets across North Carolina and Florida last fall, LemonBrew plans to launch nationwide throughout 2020. It appears they are currently live in 15 states.
The platform has a “couple thousand” Partner Agents in its database, but expects that number to climb above 50,000 by the end of the year.
How LemonBrew’s Matchmaker Service Works
Answer basic questions to get matched up with local real estate agents
Questions include property type, budget, number of bedrooms and bathrooms
If you already have a home picked out or are still looking, when you want to buy, etc.
Then get top 3 matches in your area to choose from
It can be difficult to choose a real estate agent. Do you go with someone a friend or family used, someone you saw in an ad, or do you respond to a flyer or freebie you received in the mail?
All of those methods are pretty old school, yet still effective for agents for the time being. But are they the best approach for home buyers and home sellers? Possibly not.
LemonBrew feels it’s super important to go with a high-quality agent, and that’s exactly what they set out to do.
After you answer a series of questions, you’ll be matched up with a local expert based on factors beyond just location.
Your match also considers things like personal budget, down payment, property type, and various sales history metrics such as how fast an agent can help you find your dream home.
The company’s proprietary algorithm then presents prospective home buyers with the profiles of the top 3 matches and lets them choose who to work with.
Ostensibly, this will lead to greater success if/when you purchase or sell a property, as opposed to just going with someone random or referred to you.
Your LemonBrew BrewScore
Prospective home buyers are assigned a BrewScore
Which is based on thousands of analyzed data points
The more complete your profile, the higher your score
Those with higher BrewScores qualify for larger rebates at closing
The company comes up with a custom score known as a your “BrewScore,” which is based on thousands of data points analyzed by their proprietary algorithm.
The more information you provide and securely verify, the higher your BrewScore.
This includes verifying your credit, income, assets, and employment to ensure you’re a qualified buyer, similar to getting a mortgage pre-approval.
And the higher the BrewScore, the more money you can receive at closing to offset closing costs.
BrewScores range from 0 to 100, with a score north of 70 considered “good,” and high enough to qualify for a rebate back at closing.
It’s not totally clear what you can do to ensure your BrewScore is as high as possible other than providing all information that is asked of you.
But the general idea is someone with a higher BrewScore is more motivated (and likely) to buy/sell soon, and thus can qualify for a higher rebate because it’s closer to a sure thing for the real estate agent.
LemonBrew Provides a Rebate to Home Buyers and Sellers
To sweeten the deal, LemonBrew provides rebates to both home buyers and sellers who use a LemonBrew Partner Agent.
These real estate commission rebates back to the buyer are allowed in 42 of 50 states, along with DC.
If you’re selling, you can save up to 2% off the listing fee, which instead of 3% might be just 1%. On a $500,000 home sale, we’re talking $5,000 versus $15,000. Those are big savings.
And this is for a full-service agent, which might differ from other discount real estate brokerages.
If buying a home, you get a rebate that can be used to offset your closing costs.
It’s unclear what percentage or amount this is as LemonBrew does not disclose it. But as noted, it’s based on your BrewScore.
Rebates aside, LemonBrew is 100% free to both home buyers and home sellers.
If and when you buy/sell with a LemonBrew Partner Agent, that individual pays LemonBrew a referral fee, which is 25% of the gross commission.
While agents may receive less than they would if prospecting clients on their own, greater volume may lead to higher overall income.
LemonBrew Lending
A mortgage brokerage formerly operating as SD Capital Funding
Headquartered in New Jersey with loan origination contact center in Charlotte, NC
Currently operational in 19 states nationwide and DC
Expect to roll out to all 50 states by the end of 2019
The company also operates an affiliated mortgage brokerage called “LemonBrew Lending,” which used to go by the name SD Capital Funding (and still does in New Jersey).
They were apparently ranked #1 with Quicken Loans Mortgage Services (QLMS), receiving the wholesale lender’s Top Partner Award for 2019.
LemonBrew Lending complements the real estate side of their business, allowing homeowners and home buyers to enjoy one seamless transaction from start to finish.
They currently operate in 19 states nationwide, along with the District of Columbia. The company expects to expand to all 50 states by the end of 2019.
When it comes to investing, you have two big decisions to make: What to buy, and where to buy it. As for the former, you have all kinds of choices: cash, bonds, stocks, funds, real estate, and a piece of carpet from Elvis’ jungle room (yes, I have a piece — at least, that’s what the guy who sold it to me said it was). Regarding the latter, most people have just three general options: a traditional retirement account, a Roth retirement account, and a regular investment account. This article is about the second category — how to make the most of your investment accounts.
Stop the Sprawl
If you’re like many investors, you have accounts spread throughout the financial services industry: an IRA or two here, a brokerage account there, perhaps a 401(k) still with a former employer. If you’re married, your spouse probably has a lineup to match. By consolidating as many of those accounts as you can with a single provider, you’ll unclog your mailbox and make tax time easier — and you can even make your portfolio fatter, thanks to these advantages:
Find a better balance. Determining your asset allocation can be tough when you have to look at lots of statements. Rebalancing across several accounts gets tricky; for example, you can’t sell the bonds in your 401(k) to buy stocks in your IRA.
Move money out of mediocre (or worse) accounts. This is especially true of money left in retirement plans from former employers, which often have limited investment choices at high costs.
Get extra services and discounts. Financial companies lure big accounts with lower fees, plus planning services such as a portfolio analysis or access to a Certified Financial Planner.
Find the Best Provider
Choosing a company that deserves the honor of holding your nest egg depends on your style of investing. Here are guidelines based on your investments of choice:
Mutual funds: You can use a single fund family or go with a fund “supermarket” (such as Fidelity, Schwab, or TD Ameritrade) that offers access to thousands of funds from many families. The former is the simplest and possibly the cheapest. The latter offers far more selection.
Funds and individual stocks: Check out the big brokerages that allow you to buy stocks as well as choose form thousands of funds. Look for reasonable stock commissions and a lineup of no-load funds labeled “NTF,” for “no transaction fee.” The Fool’s Broker Center compares the options from several providers.
Stocks and ETFs: Look for the cheapest trades. Many brokerages, including Fidelity, Schwab, and Vanguard, offer free trades on some ETFs.
To Roth or Not to Roth?
By investing after-tax money in a Roth account, you trade a tax break today for one tomorrow, as your earnings and withdrawals will be tax-free. Here’s a rule of thumb: If you’ll be in the same or a higher tax bracket when you retire, go with the Roth.
There is no longer an income limit for converting traditional accounts to Roths. The converted amount gets added to your taxable income in the year you make the move, so if your traditional account is down significantly and you’re contemplating changing it to a Roth, you may want to convert some while the account is down. (Check out this article to hear from several financial planners about why a Roth conversion might make sense, though the option to spread the tax bill over two years was available only in 2010.)
The Right Investments in the Right Accounts
Don’t overlook the art of asset location — deciding which investments to put into which types of accounts. You want to put the most tax-inefficient investments in the accounts that have the most tax advantages. Here’s a summary of what should go where:
Roth accounts: Stocks with a higher potential return (such as small-cap stocks and emerging-marking stocks) and real estate investment trust (REITs).
Traditional tax-deferred accounts: Slower-growth stocks, commodities funds, Treasury inflation-protected securities (TIPS), and bonds (though, given historically low yields, the argument for keeping bonds in an IRA is not as compelling as it used to be).
Taxable, non-tax-advantaged accounts: Low-yield stocks you plan to hold for several years, low-turnover stock funds (such as many index funds and ETFs), municipal bonds, and savings bonds and I bonds.
Those are general guidelines, and can be affected by several factors, such as when you’ll need the money and your ability to pick the stocks that will have the higher return (a difficult task, indeed). For example, keep money that you need before age 59 ½ out of retirement accounts since early withdrawals from an IRA or 401(k) may result in a 10% penalty (though there are exceptions). But they’re a good starting point.
Have a Recommendation?
As for which brokerage, fund company, or online bank to choose, I’ll leave that to you readers. Have any particularly good or bad experiences? Are you happy with whomever’s holding your money? Let us know.
Final note: Don’t forget to get your free Slurpee today! You see, today is my birthday, and in honor of my Womb Liberation Day, 7-11 stores are giving away free 7.11-ounce Slurpees from 11 a.m. to 7 p.m.
Although it may seem to be at odds with convention, a growing number of renters are buying second, vacation properties even before they purchase their primary residence.
Real estate industry watchers say the trend is borne from the COVID-19 pandemic, and that with remote work now a permanent fixture of many people’s lives, they’re taking advantage of market opportunities to buy small getaway homes that they intend to use primarily for vacations.
Apartment Therapy reported that many of these second-home first buyers are drawn to country cottages and cabin lodge-style homes even while they continue to rent an apartment or home in the city as their primary residence. One factor driving this is that the housing market is red-hot right now and there’s a very limited supply of homes in many markets. But that isn’t always true for some more remote destinations that may serve as an appealing getaway for many urban dwellers.
Jamie Manning, who runs the real estate blog Exposed Brick DC, told Apartment Therapy that she never expected to buy her vacation home in Charlottesville, Va., before purchasing a primary residence in the Washington D.C. area, where she lives. She said she and her partner see their new property as a “true second home” where they can spend weekends and possibly work remotely during the week, whenever they want a break from the city.
“This idea had been on our radar because real estate costs are so high in D.C. that we felt buying here may not be realistic,” Manning told Apartment Therapy. “We have been diligent and saved and were anxious to make some kind of real estate investment. We were craving a change of scenery and a different pace of life.”
The Mortgage Source reported that many buyers are hoping to buy now due to the low interest rates on most mortgages, that some experts say may not last. But they may be priced out of buying in the area they lives due to escalating home prices in competitive markets.
So the idea of buying a second home first means that first-time buyers can invest in real estate while they continue to live in the city, renting a home there. While people would obviously need a large enough income to be able to pay off a mortgage and rent at the same time, Lisa Greene-Lewis, a certified public accountant, told The Mortgage Source there are some financial benefits to be had from such a situation. For example, buyers can deduct the mortgage interest on a vacation home just as it’s possible to do so on a primary residence, and then deduct property taxes up to the cap, Greene-Lewis said.
Another benefit for second home buyers is that they can rent out those properties when they’re not using them themselves as a source of supplemental income.
Real estate professional John Coleman told Apartment Therapy that many of his first-time buyer clients were excited to purchase a home during the pandemic because their travel options elsewhere are very limited.
“Buying and renting out on Airbnb has been very lucrative for some, and it will be interesting to see if that can hold up moving forward,” Coleman said.
Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected]
Residential real estate is the single largest physical asset class. In the U.S. alone, the aggregate value of houses exceeds $45 trillion. As such, this sector attracts investors and entrepreneurs alike and spurs a huge ecosystem.
Yearly transactions are measured in the trillions, and with such staggering amounts at play, one is reminded of the apocryphal story of bank robber Willie Sutton. Upon being asked why he robbed banks, he said, “Because that’s where the money is.” The money is in real estate — for sure.
This statement is certainly a truism but it’s worth examining the matter with more nuance. Questions worth posing include:
Who is investing in real estate?
What is the position of the ordinary family in this sector?
Are houses affordable for most Americans?
Who benefits the most from the rise in real estate prices?
Answering the questions
The National Association of Realtors (NAR) predicts that approximately 4.8 million homes will be bought in 2023. Of that share, institutional investors are likely to purchase about 20%. This number is brought into bold relief when we consider that the U.S. is “short” circa 5 million housing units — both single and multi-family units.
Add this to another double-whammy, housing prices are near historic highs in the U.S. and mortgage interest rates have doubled over the last 18 months. This situation creates an impossible burden for tens of millions of American families.
When considering all of these facts, there are three straightforward conclusions to be drawn:
1. There are vested interests in creating the crisis of permanent renting. Today, 45 million American families rent their homes.
2. Capital talks. The “activation” capital that people need to become homeowners eludes tens of millions of American families while flush institutions can buy entire neighborhoods and convert them into rentals.
3. A large portion of these renters could become homeowners with just a little nudge. This is borne out by the fact that 45% of renters spend 30%+ of their gross household income on rent. With the right methodologies, that money could be spent on a mortgage.
What all of this comes down to is, you guessed it, capital. The crisis is so deep that it affects even families that would be considered well-off by otherwise sensible standards. In some markets like San Francisco, San Jose, Seattle, Boston and New York, even families with incomes upward of $200,000 per year have a hard time achieving homeownership. Mind you, these lofty numbers apply to only 7% of all households.
The crisis is not only about affordable housing but about housing affordability
Real estate has two mantras: “location, location, location” and “money, money, money.” Capital, however, does not live in isolation from other factors. It’s a major disservice not to discuss other valences that have brought us to where we are today with regard to housing. The most decisive parameter is race, which cannot be seen as discrete from class. Rather, they are intertwined in powerful ways.
In the U.S. today, approximately 65% of people live in houses they own. The Non-Hispanic, white homeownership rate is 73.3% while the rate for Black households is 42%. The average household income for the former group is $75,000 while for the latter it is $51,000.
Given the low rates of homeownership and income disparities coupled with the fact that home equity is the main source of generational wealth transfer for most families, historical trends weigh heavily on the present. This is not simply a product of individual bias. Redlining and “housing racism” has been enshrined in the law for the entire history of this country.
Wealth disparities are hard enough to overcome, but disparity combined with an abetting ideology creates a boundary that appears to be insuperable.
Houston, we have a problem
To extend the NASA analogy, societies are known to make moon shots and are often taken, even kicking and screaming, into a new reality. That reality requires a new paradigm of capital.
Let’s call this new paradigm “Community Capital” while the traditional/ incumbent I’ll label as “Wall Street Capital.” The latter category should be understood as a partnership between institutional money and government agencies. So what is the difference between the two? Community Capital can be seen as a form of altruism or as a form of long-term, sustainable business with positive externalities.
These externalities include both those realized at the personal or family level and also those realized on a societal level. Strong communities with economic and social “happiness” tend to be healthier, safer, more democratic and better at problem solving. These factors benefit everyone, including those who ordinarily are on top of the hierarchy. In this way, housing inequality is like air pollution — it is toxic for everyone.
Community Capital can be the wave of the present and the harbinger of a positive future. Housing is one sector that can benefit from this paradigm. No doubt, others can as well, like healthcare.
This is a clarion call for a new paradigm whose time has come. Some companies have answered the call, but voices in the wilderness need amplification.
This piece was originally published in the June/July issue of HousingWire Magazine. To read the full issue, click here.
Romi Mahajan is the president of KKM group and adviser to Rook Capital.
Here at the Koke-Long house we’re in the market for some furniture. Our living room is currently semi-furnished with a comfortable but deteriorating Ikea couch and some leftover dining chairs; we’d like a nice armchair or two and some tables.
I’ve mostly gone for Ikea ‘cheap and new’ furniture in the past, but I’ve been disappointed by its (understatement alert!) lack of durability. This time I’d like to try buying used but higher-quality. As I began to look around, though, I realized that I knew very little about what makes for a strong, long-lasting piece of furniture.
Anyone can identify a rip, scratch, or stain, or decide whether they like a certain color, without special knowledge. But judging whether a piece is likely to last two years or twenty — just by looking at it — is harder stuff. Time to research! Here’s an overview of what I learned, with a checklist at the end.
Wood Furniture — Composition
I used to think hardwoods were hard and softwoods were soft. Silly me! Actually, hardwood just means ‘from a deciduous tree’ and softwood means ‘from a coniferous tree’, and some hardwoods (like aspen) are softer than some softwoods. What you want on exposed surfaces is a wood that’s reasonably scratch-resistant. You can test this easily enough by attempting to draw a thin line with your fingernail across the wood; if it makes a visible dent (use a flashlight here if necessary) you know it won’t stand up to much use.
Structurally, any kind of solid wood or sturdy plywood will do the trick. If plywood, look for at least nine layers. Check the wood for knots, even on unexposed pieces; all knots are susceptible to cracks. Some woods, like pine, are ‘knottier’ than others, and therefore less desirable. Avoid particleboard, pressed wood, or fiberboard.
Veneers — a thin piece of premium wood covering a lower-quality piece of wood — are often used even in very high-quality furniture. As long as the base piece is solid wood or plywood, the only drawback to veneer is that it limits the number of times an item can be refinished.
Wood Furniture — Construction
Joint construction is the main determinant of quality furniture. Anything held together with staples or nails is shoddy construction. Ditto if it’s glued and you can see the glue. Dowels (wooden pegs slotted into two opposing holes) are good, as are screws. The best joints are either dovetail (interlocking squarish ‘teeth’ — see photo) or mortise-and-tenon (narrowed end of one piece inserted into a hole in the other). Corners should have a reinforcing block attached at an angle.
Look for thin sheets of wood between drawers in a chest of drawers or desk. While not necessary, these ‘dust panels’ improve structural strength as well as protect drawer contents. Drawers should run smoothly on glides and have stops to prevent accidentally pulling them all the way out. The best drawers have bottoms that are not affixed to the sides but ‘float’ in a groove, allowing for minor expansion and contraction caused by changes in humidity and providing extra strength.
Lift the piece at one corner — it should not twist or squeak. Check that all legs are touching the floor. Press on various corners to see if the piece rocks or wobbles.
Upholstered Furniture — Composition
For a sofa or chair with removable cushions, unzip a seat cover and have a look inside. You should see a block of foam wrapped with dacron, cotton, or (for very high-end cushions) down, preferably with a protective inner cover (usually muslin). Foam-only cushions are both less durable and less comfortable. If you’re buying new furniture, inquire after the density rating of the seat foam: you’re looking for 1.8 pounds or higher.
Removable back cushions may have foam as well but are more often loose fill. In the latter case, multiple internal compartments are preferred as they prevent the fill from settling.
If there’s a tag or label, look for a cleaning code: ‘W’ means water-based cleaners, ‘S’ means solvent-based cleaners (‘dry cleaning’), ‘X’ means no liquid (vacuum only).
Upholstered Furniture — Construction
According to Consumer Reports, the oft-touted “eight-way hand-tied coil springs” don’t have a corner on comfort; coil, cone, sinuous, and grid springs can all work well. Best just to test the feel of the specific piece by sitting in various spots to see whether you tip or sink. If the cushions are removable, lift and press down on the deck underneath: you should feel even spacing and resistance to pressure.
Squeeze the arms and back: ideally you should not be able to feel the frame through the padding. Lined skirts and ones with weights will hold their shape better over the long run.
Are the cushions reversible? You’ll get twice the wear if they are. Flip them around and make sure any upholstery patterns match up both ways.
Tip:Consumer Reports has a nice diagram to help you assess upholstered furniture construction.
Quick Furniture Checklist
That’s a lot of information. If you’re like me, you might find it difficult to remember all of these factors while you’re actually shopping at the furniture store. To make things easier, I’ve created a basic furniture shopping checklist. You may download the 35kb PDF or simply print the list below:
Armed with this information, I feel much more confident about approaching future furniture purchases, both new and used. I hope you find it helpful too. Happy hunting!
The slow mortgage rate climb continues on. Read more about it and get a refresher on other important news in this week’s industry update.
Rates Update
During the week of November 15, Freddie Mac’s Primary Mortgage Market Survey saw an overall increase in rates with notable changes for both 30 and 15-Year options. Similar to previous weeks, this further reinforces the trend of rising rates that we’ve been seeing since earlier in the year. An important note to remember: Freddie Mac gathers mortgage rate data on a weekly basis and the results are always subject to change. To get the most up-to-date mortgage rate info, get in touch with your Total Mortgage loan officer.
As for future predictions, mortgage rates could rise or fall in the coming months. Past data suggests that lower mortgage rates correlate with higher COVID cases; and if rising COVID cases correlate with colder weather, we could potentially see a subsequent decrease in mortgage rates during the winter season. It’s also worth considering that the holiday season will bring more consumer spending, which in turn could drive mortgage rates higher.
With so many variables affecting the market, it’s important to stay updated. Check back next week for more on mortgage rates and don’t hesitate to contact us if you have any questions.
Other News to Keep in Mind
Aside from last week’s rate changes, let’s take a rapid-fire look at some other recent news that you may have missed.
Conventional loan limits increased. The borrowing amounts for conventional loan options increased recently, giving buyers more spending power and more opportunities in the market.
Cash-out refinance numbers are up. Compared to last November, the number of cash-out refinances is up 33 percent. With less options on the market, now is a great time to consider what you could do with your current home equity.
Mortgage rates are still at historic lows. We may be observing a gradual increase in mortgage rates, but remember: compared to previous years, they are still very low and favorable for buyers. If anything, the trending increase we’re seeing should motivate consumers to buy now before rates get too high.
If you have questions about any mortgage-related news, we’re here to help. Contact your Total Mortgage loan officer for personalized advice and more information about any of the above.
In Closing
With the winter season approaching, mortgage rates could stagnate, decrease altogether, or continue on with their gradual increase. Things are a bit uncertain for now, but we’ll continue to keep you updated week by week with the latest information. Enjoy the rest of your Monday and have a great week!
A couple of months ago, I shared some of the things I choose to spend my money on now that I’ve paid off my debts, saved for emergencies, and am funding my retirement. Most folks seemed to get my message: I cut back hard on the things I don’t care about (cable TV, clothes, newspapers and magazines) so that I can afford to spend on the things that do matter to me.
As I say, most people seem to get this, and understand that I’m not saying, “Hey you! Go spend a lot of money on whatever you want!” Because I’m not saying that. That’s not my message at all. I’m simply saying that if you can afford it, and if it’s something you’ll use and enjoy, there’s nothing wrong with spending on what you want — even if it’s expensive.
In fact, I’d argue that in some cases, the expensive option can actually be the most frugal choice. (The frugalest choice?) What do I mean?
Let’s take my physical fitness, for instance. As you know, I’ve struggled with both diet and exercise for decades. I’ve had success now and then, but mostly I’ve failed. And I’ve spent a lot of money to fail.
I’ve purchased weights and DVDs and exercise balls and gym memberships and fitness machines and fancy shoes and, well, a lot of Stuff. Most of this has been a waste of money. Why? Because I never use it.
I’m not completely stupid. Eventually I caught on that buying running shoes didn’t make me a runner, and that buying dumbbells didn’t give me muscles. So, instead of buying new Stuff, I started finding exercise equipment for free (or cheap).
For example, when my neighbors decided to simply give away their exercise bike, I took it. And when they gave away their other exercise equipment, I took that too. But you know what? I saved money, sure, but I was just as fat and sedentary as I always was — and now I had a lot more exercise equipment taking up space around the house. Free Stuff is still Stuff.
Sidenote: In what I consider a hilarious development, I eventually gave this free exercise equipment to another neighbor. For free. Now she doesn’t use it. I wonder if she’ll pass it on to somebody else on the street.
In April, I visited a local gym that uses the Crossfit methodology. (I’m not going to explain the system now — go read about it at Get Fit Slowly.) I tried Crossfit for a week. It killed me, but I loved it. It just felt right. It felt like something I could stick with. I asked how much it cost to join.
When the owner quoted me a price of $200 a month, I hesitated — but only for a moment. I signed up, and I’ve been paying $200 a month ever since.
Two-hundred dollars a month?!? Am I nuts? How can I possibly justify such an expense when other gyms cost $40 or $50 a month? Especially since I could do a lot of the Crossfit exercises for free at home? Easy. I’m okay spending $200 a month for Crossfit because it works.
I’ve lost 35 pounds this year, with more to follow. I’m stronger than I’ve ever been. I’m faster than I’ve ever been. I feel good. This is worth two-hundred bucks a month to me. Because I can afford it, cost isn’t an issue. In fact, I’d argue that this is a frugal expense because I use what I’m buying.
On the other hand, I have mountains of exercise equipment at home that I’ve bought and never used. (Okay, “mountains” is an exaggeration, but you know what I mean.) And all that free gear I got from the neighbor? That may have been cheap, but it wasn’t frugal. Cheap things you never use are no bargain! And something with a steep price tag can be a steal — if you get good value from it.
When you buy something, whether it’s an object or a service, ask yourself how much you’ll really use it. (And watch to see how much you actually do use it.) If there’s something you use a lot, it’s okay to pay for it, especially if it’s important to you. But I’d argue that if it’s an item or service you seldom use, you’re better off paying as little as possible.
Important note: Of course, the most foolish purchases are those that are both expensive and seldom used. If I were paying $200 a month for Crossfit but never attending, and if my weight were staying the same, then that would be just plain dumb.
Can you think of costly items and services that are actually good deals for you? Do you have collections of cheap things you never use? How have you learned to tell the difference?
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
It is no secret that the internet is changing how money is made forever.
This has caused a boom in many businesses and people the ability to make money online, which is a huge benefit for you!
This trend will only continue as technology improves. If it feels daunting to jump onto this new bandwagon right now, don’t worry; we have some tips that can help you double your 10k in the next few weeks or years.
I am going to show you how to double your money so that you can retire early, pay off debt and invest in the stock market.
A lot of people would say this is impossible, but I’m not just showing it–I’m proving it!
We all have said it takes money to make money and while that is true. It is easy to start doubling your money with just $10K.
What if, right now, you decided to double your 10K by the end of the year? Maybe, you want to hit a major goal and make a huge change in only 8 short weeks?
Making money is not a difficult task. Too often, people become impatient and think that they can simply make money without putting in the effort. This is not true.
Cash is a tool and nothing more. Once you understand this concept, you can begin to figure out how to make more money. Additionally, it’s important to appreciate that it takes time to make money – don’t expect to become a millionaire overnight.
Here is a realistic guide to help you work towards that goal.
Be sure to decide which strategic way to double $10k quickly works best for your personality.
The 10K of your dreams seems impossible.
How can I double $10000 fast?
There is no one-size-fits-all answer to this question, as the best way to double your money will vary depending on your individual circumstances and goals. However, some general tips include developing a growth mindset around money, finding ways to make more money, and investing in yourself and your skills.
Keep in mind that $10,000 is not a lot of money to double in a short period of time.
How long does it take to double 10k?
The answer to this question is dependent on a number of factors.
The most important factor is the amount of time it takes for your investments to double.
If you are investing in stocks, you can quickly double 10K with an options contract within 2-3 days. If you are looking at other avenues, it will depend on how you choose to double your money.
Typically, people start seeing results in approximately 4 to 6 months to double 10k.
If your eyes are set on this, then make sure to write down one of the millionaire quotes for motivation.
What to do with 10k?
Now that you’ve earned an extra 10k, you may be wondering what to do with it.
You could save it, spend it, or invest it, but there are a few other things you could do as well.
Here are some ideas on how to make the most of your money and grow it even more.
How can I Double my Money?
There are many ways you can double your money in a short amount of time.
I am passionate about exploring the best ways to make money online. In this article, I will share some tips on how you can double your money relatively quickly. However, please keep in mind that these are general ideas to get you started.
Specifically How to Double 10k Quickly?
If you are serious about how to double your 10k fast, you will need to dedicate time on a regular basis to the tasks needed to reach your ambition. The key is to do it daily in order to keep the momentum of your progress going.
Earning money is a mindset.
To double 10k quickly, learn how to change your mindset about money.
Although doubling $10,000 may seem difficult, it can be done with the right approach.
If you have $10,000 and want to double it within a month or a few months, here are a few realistic strategies to help you reach your goal.
Idea #1 – Swing Trading with Stocks
Swing trading is a technique that allows investors to hold onto stocks for a period of time, typically two to four days. During this time, the trader watches for specific price patterns and buys or sells shares based on their analysis.
One former assistant principal, Teri Ijeoma, changed her life when she left her job as an educator and become an active trader.
Check out: My Personal Trade and Travel Review
This type of trading can be very profitable if done correctly, as it allows the trader to make twice their investment in a short amount of time.
The key is you must learn how to invest in stocks for beginners. This is one step many people overlook when they are focused on doubling their money. Either you will get lucky or you will have a huge loss. Take time and become educated on swing trading stocks.
Related Reading: How Fast Can You Make Money in Stocks?
Idea # 2- Cryptocurrencies
Cryptocurrency is a digital or virtual asset that uses cryptography for secure transactions. Cryptocurrencies are growing in popularity and may become a major part of society. Bitcoin, the first and most well-known cryptocurrency, has seen its value skyrocket in recent years.
Cryptocurrencies are often unstable because they are not regulated by any government or financial institution, and thus their value can change rapidly. However, the potential for reward is high, making cryptocurrency an attractive investment option. Because of this, cryptocurrency investments are often seen as riskier than traditional investments, but also have the potential for greater returns.
Before investing in cryptocurrency, do your research and be sure you understand the risks involved. There are many educational resources available to help you get started.
Idea # 3 – Flip Items for a Profit
Retail arbitrage is a practice where an individual or company purchases a popular product at a discounted price and then resells it for profit at another online retailer. This can be done on marketplaces like Craigslist, eBay, and Facebook Marketplace.
This is a great way to make some extra money on the side. You need some time and a willingness to invest, but if you find the right deals, you can make a good return on your investment.
Many people have great success by flipping items from auctions, free groups, or local goodwill store.
Check Out: Flea Market Flipping
Idea #4 –Resell Products on Amazon FBA
Amazon FBA is a service for independent entrepreneurs who want to start their own e-commerce business. They can offer products on Amazon and work with Amazon directly to fulfill orders, collect payments, and provide customer service. By doing this, they don’t have to worry about the inventory and can focus on other aspects of their business.
This is another avenue for selling your flipping treasures.
There are a few ways to make money through reselling products. You can either find products to sell on Amazon or Ebay, or you can dropship products from a supplier. If you want to find your own products to sell, you’ll need to do some research on what is selling well and what prices are competitive. If you want to dropship, you’ll need to find a supplier and create an account with them.
Idea #5 – Start a Business or Invest in a Franchise Company
Starting a business is not easy. It requires a lot of work and effort, but if you’re willing to put in the time and effort it can be very rewarding.
Starting your own business is one of the most difficult things you can do, but it’s also one of the most rewarding. There are many different businesses you can start that have low overhead costs, so it’s a great way to get started.
Think of the things you enjoy doing or any hobbies you have. Look for business opportunities that line up with your interests. Then, it makes working much easier.
Here are great ways to make money on the side:
It is possible to make more money on your business than you make more money in your current job or career.
Idea # 6 – Real Estate Portfolio
Real estate is a recession-proof business.
There will always be people who need to rent or buy dwellings in boom or bust economic times.
Real estate can be a lucrative investment, but it is not without risk. A lot of people have invested in real estate and lost money, but an investor who does their research and finds a good deal can make a lot of money.
Idea # 7 – Increase Your Income
If you’re not happy with your current income, don’t worry! You can increase it this year.
This is the year that many experts are predicting will see the biggest wage growth in years. So start planning now and you could see a significant increase in your take-home pay.
More than likely, this could be your seed money of $10k to fund the start to doubling your money and making $20k.
Related Reading: How Much Do I Make Per Year?
Idea #8 – Advertise and Gain Clients
If you are a small business owner, then this one is for you. Start advertising as a way to gain more customers.
There are a number of ways to make your services more accessible and appealing to potential clients. One way is to spend money on promotions and advertising. Advertising can be effective in reaching your goals, surpassing your double your money goal of $20,000 in revenue.
There is no doubt that advertising your services will increase the number of customers you have. The more people who know about your business, the more likely they are to use it. And as we all know, the more customers you have, the quicker you earn more money.
It’s a simple equation: More customers equals more money.
Idea # 9 – Invest in Stock Market – ETFs & Index Funds
Investing in the stock market is a process that requires careful consideration and research. Index funds have become an increasingly popular investment option for many investors. ETFs are known as Exchange Traded Funds, which are also a popular investment option.
Both index funds and ETFs provide investors with the ability to invest in a diverse range of stocks, making them ideal for any investor who is looking to diversify their portfolio.
Investing in an index fund is one of the best ways to build wealth over time.
This is probably the slowest way to make money quickly in the stock market, but it comes with less risk.
With a mutual fund, you are essentially investing in many different stocks, which means that you get to choose how much your investments grow each day. This can be a great way to ensure that your money is working for you – and growing – even when you’re not able to actively monitor it yourself.
Just to know, investing in bonds will eventually double your money, but it will take more time as the rate of return is less.
Idea #10 – Start a Mining Farm
Cryptocurrency mining is a process by which new coins are introduced into the market. In order to do this, miners use computers to solve complex mathematical problems in order to receive rewards in the form of new coins. A cryptocurrency mining farm is a way to pool together multiple computers in order to increase the chances of solving these problems and receiving rewards.
Starting a mining farm is a process of investing in cryptocurrency or blockchain technology.
Mining farms can be started with as little as $500, and they are commonly used to mine cryptocurrencies like Bitcoin, Ethereum, and ZCash. Although the process of mining cryptocurrency is not always easy, it can be lucrative for those who invest in the process.
Starting a cryptocurrency mining farm can be lucrative, but it’s important to do your research first. The farm will require a lot of power and will have a rate of return of around 18% (source).
Idea #11 – Share Cash with P2P Loans
Peer-to-peer lending is the act of lending money to borrowers through a P2P lending website. These websites act as an intermediary between lenders and borrowers, and most sites allow you to lend money to a dozen or two applicants. The interest rate you earn on your loan depends on the P2P website you register with, but it typically falls between 3% and 36%.
When considering a P2P loan, it is important to remember that you are entrusting your money to a stranger. Because of this, it is crucial to take the time to review and assess as many applicants as possible in order to find someone who you feel is most likely to pay back their loan.
P2P loans can be arranged without any collateral or credit check.
Idea #12 – Buy Initial Public Offerings
When a company decides to go public, it sells shares of its stock to the public. This is a way for the company to get more money, and it also allows people who invest in the company early on to make a lot of money if the stock prices rise.
The share price of a company can be very volatile when it first goes public. This can lead to significant growth for the company as investors buy and sell shares rapidly. However, this volatility can also lead to losses if the share price falls abruptly.
You must know the underlying stock value before looking at IPOs as a way to double your money. Many current stockholders are required to hold their stocks for a certain number of days after the IPO. Typically, the stock price falls after the hold period expires.
Idea #13 – Make Money with Airbnb
There are a number of ways to make extra money, and renting out a room at Airbnb is one of them. You can also learn how to make money from home by becoming an Airbnb host.
By doing this, you can provide a valuable service to people who are looking for a place to stay, and you can also make some extra money on the side.
Learn how to start hosting with Airbnb today.
Idea #14 – Flip Some Furniture
Flip furniture is very trendy right now. There has been a recent resurgence in popularity for antique and vintage furniture, and people are buying pieces and restoring them themselves. This can be a great way to make additional money without spending a lot of money.
There are a number of ways to quickly turn a profit by flipping furniture.
Spend some time researching the best methods and finding a niche in the market that you can exploit. With a bit of hard work, you can easily double your investment in no time.
When you are looking for furniture to flip, it is important to do your research and become familiar with the different places you can find quality pieces at a low cost. Local antique stores will often have hidden treasures, so be sure to check them out. Additionally, watch for yard sale notices in your area; people are often willing to sell high-quality furniture at a fraction of the price. Finally, estate sales can be a great place to find unique furniture pieces that you can resell for a profit.
There are many ways to sell furniture, but when you are starting out, it is best to use popular platforms like Facebook Marketplace, NextDoor, Craigslist, and others. Once you have more experience, you may want to create a website and online storefront.
This can be a fun and lucrative way to grow your money.
Idea #15 – Pay Off Debt Strategy
This idea of getting out of debt may seem backward, but this is one of the fastest ways to find extra money in your budget.
There is no doubt that paying off your debt is one of the smartest things you can do for your financial future.
Not only does it reduce the amount of interest you are paying each month, but it also frees up more money to save and invest. Additionally, by paying off high-interest debt first, you are essentially making an investment with a very high return rate.
Once your debt is paid off, you can save your first $10000 which you can now use to quickly double to $20000. This will help you achieve your financial goals faster.
Idea #16 – Online Courses & Coaching Programs
Coaching is a huge business – reaching $11 billion in 2022 (source). People are actively searching for coaching and online courses for personal development.
Coaching programs are designed to provide guidance and support for individuals in order to improve their skills, knowledge, or habits. Coaching programs can take the form of one-on-one sessions or group sessions. Some coaching programs are designed for specific topics like career development, personal growth, or relationship issues.
If you don’t want to work one-on-one as a coach, you can create an online course that can be viewed at any time.
If you have passion, you can likely find people that want coaching.
Idea #17 – Buy a Fancy Car and Uber
You could buy a new, luxury car and become an Uber driver. This would allow you to make money while driving people around in your fancy car.
If you’re looking to make some extra money, driving a luxury car for Uber could be a great way to do it. Not only will you make more per trip, but you’ll also get to drive a nicer car. Keep in mind that if you drive full-time, you could easily double your $10,000 investment.
Driving a luxury car for Uber can get you up to 50% more fares. The extra money can be great for those looking to upgrade their lifestyle or simply want to make some extra cash on the side.
If you want to buy a fancy car and use it for Uber, make sure you have the appropriate insurance. This will protect you in case anything happens while driving.
Idea #18 – Learn a New Skill
A new skill can help to increase your income by allowing you to do things that you couldn’t do before. For example, learning how to code can allow you to start a new career in tech or programming.
Additionally, many skills have the potential to double your income quickly if you are able to find a way to use them in high-demand areas.
It is always a good idea to invest in learning new skills.
There are many places where you can learn, including online and in-person courses. The key to success is jumping in with both feet and really dedicating yourself to learning the skill set. Once you have it down, new opportunities for income will be available.
Idea #19 – Work More Overtime
Working overtime is a great way to earn extra money. You can earn up to double-time pay for working more than 8 hours in a day or 40 hours in a week.
Overtime is becoming more common, so be sure to ask your employer if you can work some extra hours.
In order to make $10,000 in one month from overtime, you would need to figure out how many extra hours per work you need to work.
Idea #20 – Some Gambling?
This is the RISKIEST option of all of them. And highly not recommended as a strategic way to double $10k quickly.
Gambling is a way to risk cash in the hopes of making more cash.
While it can be thrilling and exciting, it’s important to remember that gambling is also a form of entertainment that comes with risk. If you’re able to afford it, gambling can be a way to double your money- but be aware that you could also lose everything you put in.
What is the quickest way to double your money?
How to double your money quick is simple. You need to side hustle and start a business.
Also, the stock market is a simple way to double your money with the rule of 72.
Following billionaire morning routines can be helpful in setting up solid habits for success.
How can I double my money in 24 hours?
The answer to this question is simple… Doubling the money in 24 hours is not practical or doable. You might be able to double your money in 24 hours, but it’s also possible that you could lose everything in one day.
Pay attention to scams if you think you can double your money in 24 hours.
You are better off learning how to make 10k a month.
Which investments are the safest and which are the riskiest?
First of all, it depends on your education, experience, and background.
The best way for someone to double their income is by leveraging their time with the right strategies.
Investments that are considered safe are investments that have an average return on investment of about 8-12% per year. Investing in index funds and ETFs typically have a lower risk. Investing in individual stocks is riskier, but they have an average return on investment of about 10-75% per year.
The riskiest option is the idea that you don’t understand how to double your money and you could end up losing more money.
Best Way to Invest 10K
The best way to invest 10,000 is through stocks. Investing in stocks can be risky and make you lose money, but it also has a high potential for gaining value.
As such, this topic needs to be done in more depth to understand how investments in the stock market work. For now, here are some articles to start to understand the returns of stock investing.
Learn all of the ways you can learn how to invest 10k.
You must do your research on companies, know your risk tolerance, understand the volatility of the markets, and be wary of the news.
Which Strategic Ways on How to Double my Money Quickly will you Pick?
You can choose from many classic way and options, but here are a few that we think would be the most effective.
Thankfully, there are many ways to make money online. But when it comes to making a quick buck, which approach should you take?
In this post, we have outlined the 20 popular routes to double your $10k fast. Your retirement plan relies on your investment of 10k.
However, any of these options is a time-consuming process that takes a lot of hard work and dedication. So, you cannot quit halfway through when things get tough.
This is what you want to do in order to be financially secure and take care of all your needs.
Be successful in doubling your 10k by setting a deadline to make it happen.
Then, your next goal will be how to turn 10k into 100k.
Know someone else that needs this, too? Then, please share!!