collecting

Apache is functioning normally

Your home is your sanctuary, a reflection of your personality, preferences, and lifestyle. “Discovering your ideal interior design style is a personal journey that can significantly enhance your living environment,” shares Deziner Tonie of Decorating Den Interiors. “By understanding different styles, navigating trends wisely, and identifying timeless pieces, you can create a home that is not only beautiful but also uniquely yours. Let your preferences guide you, and don’t be afraid to mix and match elements to reflect your individuality.”

Whether you’re drawn to the cozy charm of a cottage-style apartment in Montauk, NY, the breezy vibes of a coastal décor house for rent in Portland, Maine, the classic elegance of a traditionally designed house in San Antonio, TX, or the clean lines of minimalism, finding the style that resonates with you is key to creating a space you’ll love. This Rent. guide will teach you how to find your decorating style through expert tips, suggestions, and recommendations.

Before diving into the discovery process, it’s helpful to familiarize yourself with some popular interior design styles:

  • Traditional: This style is timeless and elegant, featuring classic furniture, rich wood tones, and sophisticated textiles like silk and velvet. Traditional design often includes ornate details, such as crown molding, and a color palette of deep, warm hues. Furniture is often arranged symmetrically, creating a balanced and harmonious look.
  • Minimalism: Focused on simplicity and functionality, minimalism embraces clean lines, neutral color schemes, and a clutter-free environment. The mantra “less is more” is central to this style, with a focus on quality over quantity. Minimalist spaces often use a monochromatic palette and emphasize open, light-filled spaces.
  • Modern: Modern design is characterized by clean lines, sleek surfaces, and a neutral color palette with bold accent colors. It emphasizes function and avoids excessive ornamentation. Modern spaces often feature materials like glass, steel, and concrete, and furniture pieces that are both stylish and practical.
  • Industrial: Drawing inspiration from warehouses and urban lofts, industrial style features raw, unfinished elements like exposed brick, metal beams, and concrete floors. The color palette is typically neutral, with shades of gray, black, and brown. Furniture and décor often have a rugged, utilitarian feel, and vintage or repurposed items are common.
  • Bohemian: Also known as “boho,” this style is eclectic and free-spirited, characterized by a mix of colors, patterns, and textures. Bohemian spaces often include items from around the world, such as textiles, rugs, and furniture with a handmade or artisanal feel. Plants, macramé, and a variety of throw pillows and blankets add to the layered, cozy aesthetic.
  • Scandinavian: Originating from Nordic countries, Scandinavian design is known for its simplicity, functionality, and connection to nature. It features light, airy spaces with a predominantly white color palette, accented by natural materials like wood and leather. Clean lines, minimal ornamentation, and an emphasis on natural light are key aspects of this style.
  • Mid-century modern: This style, which originated in the mid-20th century, is characterized by clean lines, organic curves, and a focus on functionality. Furniture pieces often feature tapered legs and a mix of traditional and non-traditional materials. The color palette includes earthy tones and bold, saturated hues.
  • Modern Western: “Modern Western decor blends the rustic charm of traditional Western style with sleek, contemporary design elements,” Teri James with Teri James Photography shares. “This aesthetic often features natural materials like wood and leather, combined with more contemporary accents. Western wall decor, such as framed prints or canvas artworks of vast landscapes, horses, or cowboy-themed art, plays a crucial role in bringing the theme to life,” James shares. Key pieces might include a statement leather sofa, a reclaimed wood coffee table, and wall art inspired by the rugged people, animals, and landscapes of the West. By combining old and new, modern Western decor creates a warm, inviting space that feels both timeless and fresh.
  • Farmhouse: Farmhouse style combines rustic charm with modern comforts. It features distressed wood, shiplap walls, and vintage accessories. The color palette is often neutral, with whites, creams, and soft pastels. Chrissy Evancheck, with Countryside Home Decor, recommends decorating uniquely in this style. “Mix vintage with modern by blending rustic farmhouse pieces with contemporary decor for a cozy vibe,” Evancheck suggests. “Soften your decor with plush pillows and blankets in neutral tones. Have fun exploring and trying out these simple tips for adding a little farmhouse decor to your favorite spaces.”
  • Art Deco: Originating in the 1920s and ’30s, Art Deco is known for its bold geometric patterns, luxurious materials, and rich colors. This style often includes elements like mirrored surfaces, chrome accents, and exotic woods. Art Deco spaces are glamorous and sophisticated, with a strong sense of drama and opulence.
  • Eclectic: Eclectic style is all about mixing and matching different styles, periods, and influences to create a unique, personalized space. It allows for a high degree of creativity and self-expression, combining various colors, patterns, and textures in a harmonious way. The key is to balance diverse elements to avoid a chaotic look.

Understanding these popular interior design styles provides a foundation for discovering which elements resonate with you. As you explore, you’ll find that you might be drawn to a single style or prefer a combination of several, creating a space that truly reflects your individuality.

2. Reduce limitations by avoiding overthinking

“Consider your space style, which is influenced by location, culture, and lifestyle,” notes Dundee Deco. “Five styles to think about are rustic (farmhouse-inspired), French/European, Asian (including Japandi and minimalism), coastal (beach-inspired), and chic (feminine, usually amplified to glam). Choose what fits your lifestyle, mood, or personality.” Using this as a guideline, you can easily mix and match styles. “Combine your time and space styles to create unique blends like modern farmhouse or rustic vintage. Space styles can mix too, resulting in designs like coastal chic or Asian glam,” Dundee Deco suggests.

Starting with a blank canvas is a good place to begin if you’re overthinking what style suits you. “Create a neutral canvas, allowing you to explore bold colors, vintage finds, or minimalist touches – the choice is yours,” recommends Mouna Menebhi of The Boho Lab. “You can explore and personalize your space without sacrificing the environment, by ethically sourcing handmade furniture while adding character and story to your space.”

3. Don’t be afraid to mix styles

Discovering your design style with Katherine Mueller Design is all about embracing your uniqueness. “Katherine loves to mix styles because she believes every client is unique, and their spaces should reflect that individuality,” Bridget Caldaza with Katherine Mueller Design shares. “Start by identifying what you love — colors, patterns, textures — and how they make you feel. Experiment with different design elements to see what resonates with you and makes your space feel like home. Ultimately, your design style should be a reflection of who you are.”

Spouse-ly echoes this sentiment, encouraging following your preferences.”When it comes to discovering your design style, don’t limit yourself,” shares Spouse-ly. “Combine 2-3 traditional styles to create your own unique look. For example, have you heard of the style coastal luxe or transitional farmhouse? Probably not too often because they are inspired by different colors, decor,  and textures that make up their own vibe. Don’t forget to add pops of handmade decor to truly make your space one-of-a-kind.” Mixing and matching styles is a great way to expand your design horizons while determining what your preferences are.”

4. Reflect on your personality and preferences

Consider your lifestyle, interests, and daily routines. Are you someone who thrives in a structured environment, or do you prefer a more relaxed, carefree atmosphere? Do you enjoy being surrounded by keepsakes and mementos, or do you feel more at peace in a space free of excess items?

“Discovering your interior design style begins with exploring your preferences and inspirations. Start by collecting images, colors, and textures that catch your eye, creating a mood board for visual reference,” Dawn Bremer of The Bremer Team shares. “Pay attention to your lifestyle needs, ensuring the design is both functional and aesthetically pleasing. Experiment with different styles and elements in small areas of your home to see what resonates,” Bremer shares. Reflecting on these questions can help you identify the elements of a design style that align with your personality.

Alex Solonsky, Founder of Artificial Paintings recommends considering spaces that make you feel at home in your decorating process. “To find your design style, start by reflecting on your favorite spaces — be it a cozy cottage, a sleek modern loft, or a charming coastal retreat, Pay attention to what elements make you feel at home,” Solonsky recommends. “Don’t be afraid to incorporate unique pieces that tell your personal story. Trends come and go, but a space that resonates with your personality will always feel timeless,” Solonsky adds.

4. Explore inspiration

Gather inspiration from various sources to see what resonates with you. “In order to identify your interior design style, thoughtfully consider what you’re drawn to in movies, TV shows, and magazines — vintage or modern, eclectic or classic,” Connie Strazzeri, Digital Marketing Manager for Vogt, shares. “From Architectural Digest house tours to Nancy Meyers movies, aesthetic inspiration abounds online, and you can hone in on your specific taste by Pinteresting images that correspond with your source of inspiration.”

  • Magazines and books: Design magazines and books are treasure troves of ideas and visuals. Tear out or bookmark pages that catch your eye.
  • Online platforms: Websites like Pinterest, Instagram, and Houzz are excellent for discovering and saving design ideas. Create boards or collections of spaces that you love.
  • Moodboard: “To find your design style, start by creating a mood board with images, colors, and textures that you naturally gravitate towards,” Sandy with Home By Keira recommends. “Experiment with different styles by incorporating elements you love into your space and see what resonates with you and not ‘trends’. Trust your instincts — your personal style should reflect who you are and what makes you feel at home,” Sandy concludes.”Once you’ve created a mood board, it’s helpful to turn to the experts, like our in-house team at Vogt, to help you bring your vision to life,” Strazzeri recommends.
  • Showrooms and stores: Visiting furniture showrooms and home décor stores can give you a tangible sense of different styles. Pay attention to what draws you in and feels right.
  • Your closet: “Finding your unique decorating style is important so that you can create a home that reflects you. I like to recommend that you start by looking into your closet and taking note of what clothes and accessories you usually would wear,” suggests Rachel Beeman. “By doing this, you can get a good hint from your wearable style and translate that into what you might like in your home. For instance, love wearing bold and colorful? Then chances are you might love that style in your home as well.”

5. Identify timeless pieces

While trends can be fun to incorporate, timeless pieces form the foundation of a lasting interior design. “Rather than following trends, buy items you love and then find a place for them,” Pamela Wingard suggests. “Then use them, whether eating dinner on your wedding china or displaying your favorite collection on a bookshelf. Then donate items in your home that you don’t really love or pass them along to a family member (That’s probably how you got them anyway),” Wingard notes. “Curating what you already have will give you a fresh perspective on what you really like and help you determine your design style.”

Your style, your sanctuary

Discovering your interior design style is a rewarding process that allows you to create a space that truly feels like home. “Choosing your own interior style is all about experimenting until your home feels uniquely yours — a place where you can relax and thrive,” Teresa with Mindful Cements reminds us. “Go for elements that you gravitate towards and bring extra uniqueness to your space, such as geometric prints, furry rugs, or warm-cherry wooden furniture. Creating your own space should reflect your personality and lifestyle, so experiment with colors, textures, and scents until it feels just right,” Teresa concludes.

By exploring different styles, reflecting on your personality and preferences, and incorporating timeless pieces and personal touches, you can design a space that not only looks great but also feels uniquely yours. Happy decorating!

Wesley Masters works on Redfin’s stellar Content Marketing team as a content writing specialist. She has been with Rent. since 2023 and her previous experiences include non-profit communications, graphic design, and content creation. Wesley lives in Atlanta, GA, and loves outdoor walks, hanging out with her loved ones, and finding new recipes to try on Pinterest. Her ideal home is a brownstone with contemporary interiors.

Source: rent.com

Apache is functioning normally

Thinking of making Louisiana your new home? The Pelican State provides beautiful natural landscapes like the bayous and swamps and vibrant communities with a strong sense of tradition. Whether you’re browsing homes for sale in New Orleans, considering renting in Baton Rouge, or exploring houses for rent in Lafayette, you’ll find a state brimming with Cajun and Creole cuisine, lively music scenes, and festive celebrations like Mardi Gras.

Louisiana at a glance

From the enchanting swamps and bayous to the scenic beauty of the Mississippi River and the Gulf Coast, Louisiana caters to every adventurer. The largest cities in Louisiana, New Orleans, Baton Rouge, and Shreveport, are full of cultural activities and economic opportunities. Louisiana’s economy thrives on sectors such as energy, petrochemicals, agriculture, and tourism, with major companies like Entergy, CenturyLink, and ExxonMobil having significant operations here.

The state’s cultural scene is rich, featuring world-class museums, renowned music festivals like the New Orleans Jazz & Heritage Festival, and a diverse culinary heritage with Creole and Cajun cuisine. Educational excellence is anchored by institutions like Louisiana State University and Tulane University. Affordable places to live can be found in cities such as Lafayette and Monroe, making Louisiana an enticing choice for those on a budget. Whether you’re exploring the Atchafalaya Basin, hiking in Kisatchie National Forest, or experiencing the lively culture, Louisiana offers an exciting lifestyle.

1. Mardi Gras is just as iconic as you think

Mardi Gras in Louisiana is a vibrant celebration that transforms the streets into a festive wonderland. New Orleans leads the charge with its iconic parades, elaborate floats, and lively music, drawing millions of visitors each year. Each parade is organized by a different “krewe,” with the Krewe of Endymion, Krewe of Bacchus, and Krewe of Zulu being some of the most famous. The parades feature grand floats, often decorated with intricate themes and led by masked riders who throw beads and trinkets to the cheering crowds.

Mardi Gras season officially begins on Twelfth Night (January 6) and culminates on Fat Tuesday, the day before Ash Wednesday. Beyond New Orleans, cities like Baton Rouge and Lafayette also host their own unique Mardi Gras celebrations, each with distinct local flavors and traditions.

Travel tip: Arrive early to secure a good viewing spot for the parades along St. Charles Avenue or in the French Quarter. Don’t forget to bring a bag for collecting beads and a small chair for comfort while waiting.

2. There’s a lot of Cajun & Creole Cuisine

Louisiana is known for its rich fusion of flavors and cultures, primarily influenced by Cajun and Creole traditions. Dishes like gumbo, which blends seafood, sausage, and okra in a savory broth, and jambalaya, a hearty rice dish with meat and vegetables, are must-tries. Don’t forget to explore local favorites like crawfish étouffée and beignets, which are fluffy pastries dusted with powdered sugar. With food festivals and farmers’ markets abundant, you’ll never run out of delicious dining experiences.

Insider scoop: At the famous Commander’s Palace in New Orleans, try the turtle soup and the bread pudding soufflé for a taste of true local flavor.

3. Louisiana has a low cost of living

Louisiana has a low cost of living compared to many other states, making it an attractive option for newcomers. For instance, the median home sale price in cities like Baton Rouge is around $227,750, significantly lower than the national median of $438,441. This affordability makes Baton Rouge one of the best places to live in Louisiana. Additionally, average rental rates in Lafayette hover around $1,200 per month, and with a cost of living that is 13% lower than the national average, everyday expenses, such as groceries and utilities, are generally more affordable, allowing residents to enjoy a higher quality of life without breaking the bank.

If you’re considering moving to Louisiana, you’ll want to weigh the pros and cons of living in the Pelican State to decide if this state is right for you.

4. There are many unique dialects

Louisiana is a melting pot of languages and dialects, reflecting its diverse cultural heritage. You might hear a mix of English, French, and Creole in daily conversations, especially in Acadiana, where Cajun French is still spoken. This linguistic variety adds a unique flavor to interactions and community gatherings. 

5. You’ll want to take a swamp tour

Exploring Louisiana’s swamps offers an unforgettable adventure into the state’s unique ecosystems. Guided swamp tours provide opportunities to see alligators lounging in the sun, herons gracefully flying overhead, and the mesmerizing cypress trees draped in Spanish moss. Many tours also delve into the local folklore and history of the bayou, providing insights into the region’s natural beauty and wildlife.

Travel tip: Opt for smaller, eco-friendly tour operators for a more intimate experience. Early morning or late afternoon tours often provide the best wildlife sightings, as animals are more active during these times.

6. The state has significant history

Louisiana’s rich history is integral to its unique cultural identity, shaped by French, Spanish, African, and Native American influences. Exploring historic sites like the French Quarter in New Orleans, with its stunning 18th-century architecture and landmarks such as Jackson Square and St. Louis Cathedral, provides a glimpse into the colonial past. The historic homes along the Mississippi River, like Oak Alley, offer tours that delve into the complexities of the pre-Civil War era. Understanding this history enriches the experience of living in Louisiana, providing context for its diverse communities, cuisine, and lively festivals

7. You’ll experience live music everywhere

Music is the heartbeat of Louisiana, especially in cities like New Orleans and Lafayette. Jazz, blues, zydeco, and Cajun tunes fill the air, creating a lively atmosphere that invites participation. Local bars, street corners, and festivals are always alive with performances, and you might even catch an impromptu jam session at a neighborhood cafe. Joining in on the music scene allows you to experience the state’s vibrant culture firsthand.

Insider scoop: Check out local music calendars or apps like Songkick to discover lesser-known artists and impromptu jam sessions. Look for spots like Frenchmen Street in New Orleans, where you can catch multiple live shows in one night.

8. Be prepared for the hurricane season

If you’re moving to Louisiana, gearing up for hurricane season is a must. From June to November, tropical storms and hurricanes can sweep through the region, bringing high winds and heavy rains. Embrace your inner Louisianan by creating a rock-solid emergency plan: know your local evacuation routes by heart, stock up on essentials like water, non-perishable foods, and batteries, and keep important documents in a waterproof container. Stay connected by downloading local weather apps and tuning into trusted sources like the National Hurricane Center.

9. Louisiana has many festivals each year

Louisiana hosts over 400 festivals each year, showcasing its vibrant culture and traditions. Highlights include the French Quarter Festival, where local musicians perform across the historic streets, and the Louisiana Seafood Festival, which celebrates the state’s rich seafood heritage with dishes like shrimp po’boys and fried catfish. Many festivals also feature stunning art displays from local artists and craftspeople, creating a true feast for the senses. Don’t miss the Bayou Country Superfest, where top country music stars perform, or the Mardi Gras celebrations, filled with colorful parades and dazzling floats.

10. Boudin is a must in Louisiana

Boudin is a beloved sausage that showcases the unique flavors of Louisiana. Made from pork, rice, and spices, it’s a perfect snack or meal on the go. You can find boudin at local markets, roadside stands, and specialty shops, each with its own recipe and twist. Sampling this local delicacy is a rite of passage for anyone wanting to embrace the culinary culture of Louisiana.

11. Sport games are a big deal here

College football, especially LSU Tigers games, draws passionate fans clad in purple and gold, creating a sea of vibrant color at Tiger Stadium in Baton Rouge, one of the loudest venues in college football. The atmosphere is electric, with the iconic “Tiger Band” performing and fans gathering for lively tailgating parties featuring mouthwatering dishes like jambalaya, gumbo, and BBQ ribs. Meanwhile, the New Orleans Saints boast a dedicated following in the NFL, with the Superdome buzzing with energy during home games, where the “Who Dat” chant resonates through the crowd.

Methodology

Population data sourced from the United States Census Bureau, while median home sale prices, average monthly rent, and data on affordable and largest cities are sourced from Redfin.

Source: rent.com

Apache is functioning normally

Wells Fargo was supposed to be a major beneficiary of higher interest rates, but depositors seeking more bang for their buck and soft loan demand from business customers combined to to pinch profits in the second quarter.

The bank’s stock price fell 6% in mid-afternoon trading Friday, as investors absorbed the disappointing news about how much interest income the megabank is raking in.

High borrowing costs helped lead to “tepid” loan demand from businesses, said CEO Charlie Scharf, putting a lid on how much interest the bank can collect. All the while, the $1.9 trillion-asset company had to shell out more in interest to keep depositors happy, since they can find higher interest rates elsewhere.

The two factors caused Wells Fargo’s net interest income — the difference between its interest revenues and its interest expenses — to fall to just under $12 billion for the first time since the Federal Reserve started raising rates in 2022.

“They’re still having to pay more to their deposit customers,” said Kyle Sanders, senior equity research analyst at Edward Jones. “Until the Fed cuts, that’s going to continue to happen.”

Investors’ negative reaction on Friday grew out of their expectation that Wells Fargo might upgrade its net interest income guidance for the year, Sanders said. The bank’s balance sheet came into the rate hike cycle better positioned for higher rates than some other banks. Its consumer-heavy deposit base fueled hopes that less-savvy customers wouldn’t notice rates were rising.

But like others in the industry, Sanders said Wells has “consistently underestimated” the size of increases in its deposit costs. While rising interest expenses have been a bigger pain for regional banks, megabanks such as Wells and JPMorgan Chase have also felt the pinch in recent months.

While Wells stuck to its forecast that net interest income will drop by 7% to 9% this year, the bank also said that it anticipates the metric will land at the higher end of that range.

Even so, Sanders said the stock-price decline on Friday seems “a little bit overdone.” He and other analysts pointed to strong growth in the company’s revamped credit card business and its fee-driving investment banking business — two areas that CEO Charlie Scharf has built up during his nearly five-year tenure.

Piper Sandler analyst Scott Siefers wrote in a note to clients that the initial pressure on the bank’s stock price Friday may fade “as better fees may overwhelm the higher cost guide.”

Overall, the company’s profits rose to $4.9 billion between April and June, up from $4.6 billion in the first quarter. Higher fee revenues and Scharf’s campaign to trim noninterest expenses — the bank’s employee headcount is down 11,000 compared to last year — helped reduce the drag from lower interest income.

The higher interest expenses were partly due to depositors’ “continued migration into higher-yielding alternatives,” Mike Santomassimo, Wells Fargo’s chief financial officer, told reporters Friday. Rather than keeping their cash in low-paying checking accounts, consumers have shifted toward higher-yielding savings accounts or certificates of deposit.

However, the pace of that migration “has slowed and continues to slow,” Santomassimo said. Interest expenses climbed 3.3% during the quarter, compared with a 5.4% increase in the first quarter and a 12% jump in the fourth quarter of 2023.

One driver of the most recent increase: Wells Fargo bumped up the interest it pays on deposits in customers’ wealth and investment management accounts, a change that will cost the bank $350 million this year.

There was one silver lining to the higher rates the San Francisco-based bank paid on deposits. Wells grew deposits “in every line of business for the first time in a long time,” Santomassimo said. The pricing for corporate deposits is competitive and thus adds to interest expense pressures, he noted.

But the deposits are “going to be very valuable over a long period of time, particularly as rates start to come back down,” Santomassimo said.

Source: nationalmortgagenews.com

Apache is functioning normally

Ignoring student loans can damage your credit score, lead to wage garnishment, and accrue interest and fees. It may also result in legal action, tax refund offsets, and impact co-signers, making it crucial to address repayment issues promptly with your loan servicer.

Student loan debt in the United States stands at $1.727 trillion as of 2023. The repayment process may seem overwhelming if you’re among the more than 43 million borrowers with outstanding student loan debt. When the bills start piling up, you may ask yourself, “What happens if I don’t pay my student loans?” Here, we’ll take a closer look at student loans and what happens if you ignore them. 

What Happens If I Don’t Pay My Student Loans?

Technically, failure to make just one student loan payment could put you in default. However, the default period for federal student loans is generally 270 days, while the default period for private student loans depends on the terms of the loans. 

Once you default on your loan, lenders can take steps to recover these funds. It’s essential to understand what could happen if your student loan debt goes into default. 

Consequences of Not Paying Student Loans

If you’re struggling to meet all your financial obligations, you might consider not paying your student loans. However, ignoring this debt tends to lead to even more trouble. Below are several consequences you could face for not paying your student loans. 

Drop in Credit Score

Depending on the student loan type, missing just one payment could damage your credit. Because payment history accounts for up to 35% of your overall FICO® credit score, having just one missed or late payment often hurts your credit. Unfortunately, these missed payments remain on your credit report for up to seven years. 

Get matched with a personal
loan that’s right for you today.

Learn
more

Poor credit might impact your ability to purchase a car or a home, rent an apartment, or even land your dream job. It’s important to take action before you miss a payment. 

Fall Deeper Into Debt

Ignoring your student loan debt won’t make it go away. In fact, it will only make matters worse. Failing to make your monthly payments only prolongs the time it takes to pay off your debt, and your loan continues to accrue interest during this time. The longer it takes to pay off your student loans, the more you’ll end up paying in interest. 

Wage Garnishment

If you have federal student loans, it’s important to realize that the government has power to collect this money if you fail to pay. One of these powers is wage garnishment—the federal government can garnish up to 15% of your disposable income. This can be a huge hit to your budget and should be avoided if possible. 

Loss of Tax Refund

Are you expecting a tax refund this year? If you default on your federal student loan, there’s a good chance you’ll lose it. Once in default, the federal government has the power to take all or a portion of your tax return until the amount due is paid. 

Damage Cosigner’s Credit

You may not be the only one impacted by ignoring student loan debt. If a cosigner helped you get one or more of your student loans, they can be impacted by late loan payments. It’s critical to speak to your cosigner when you realize you may not have the funds to pay your student loans. 

Go to Court

While the government doesn’t have to take you to court to collect federal student loan payments, private lenders do. Depending on the terms of your loan, you could be in default after missing just one payment. Private lenders can sue you to collect payments. If you’re sued, you may need to find an attorney who works with student loan debt cases to help you through the court process. 

Debt Doesn’t Go Away

Student loan debt doesn’t disappear just because you ignore it. Instead, it could haunt you for the rest of your life. There’s no statute of limitations for collecting federal loans. 

On the other hand, private lenders must adhere to state statutes of limitations. While this may limit the time they have to sue you in court, it doesn’t stop them from trying to collect this debt. This means debt collectors could hound you for the rest of your life.

What to Do If You Can’t Afford to Pay

If you simply don’t have funds to pay your student loans, the last thing you want to do is ignore the problem. There are several steps you can take to avoid making this situation worse. 

Check Your Credit

Before you take any action regarding your student loans, take the time to check your credit report. Credit.com’s Free Credit Report Card can help you see what debt is already impacting your credit health. 

Check the National Student Loan Database

If you have federal loans, you can use the National Student Loan Database to check the status of your loans. This database provides information about your payments and total debt amounts. 

Switch or Update Your Repayment Plan

If you have federal student loans and you’re struggling to keep up with your current repayment plan, you may be able to change it. Start by contacting StudentLoans.gov and explaining your situation. They can help you switch or update your repayment plan to make the payments more affordable. 

Contact Your Lenders

If you have private loans and are struggling to make your monthly payments, start by contacting the lender directly. If your situation is temporary, such as a loss of employment or medical condition, you can request a deferment of your payments. This step essentially pauses your payments for a set period, such as six months, to give you time to deal with your situation. 

Consider Debt Consolidation

Making monthly payments on multiple student loans can be extremely difficult. If you’re in this situation, it may be time to consider debt consolidation. This strategy allows you to combine all your student loans into one. Rather than having several monthly payments to make, you’ll just have one.

Talk to an Attorney

If you simply can’t afford to pay your private student loans, bankruptcy is another alternative. However, filing for bankruptcy can negatively impact your credit for up to 10 years. You should only consider this step after trying all other methods. 

Apply for Student Loan Forgiveness

Check your student loan forgiveness options if you haven’t done so already. Depending on your specific situation, you may qualify for student loan forgiveness, discharge, or cancellation of debt. 

Be Proactive About Your Credit

Now that you know about the potential negative consequences of not paying your student loans, you know how important it is to be proactive about them. Start by checking your Free Credit Score with Credit.com to see how where you stand and how your student loans could impact your credit. 

Source: credit.com

Apache is functioning normally

Warehouse, Fee Collection, Broker AVM Tools; Violation Tracker; Lender and Investor Changes

<meta name="smartbanner:author" content="We now have a native iPhone
and Android app.
Download the NEW APP”>


This website requires Javascrip to run properly.

Warehouse, Fee Collection, Broker AVM Tools; Violation Tracker; Lender and Investor Changes

By:
Rob Chrisman

Wed, Jul 3 2024, 11:43 AM

Did you know that there were 2.5 million estimated people living in the newly independent nation of the United States in July 1776? Per the Census Bureau, that figure has now risen to around 335 million. 56 individuals of those 2.5 million people were signers of the Declaration of Independence, with John Hancock, a merchant by trade, being the first signer. Benjamin Franklin, who represented Pennsylvania, was the oldest signer at age 70; Edward Rutledge of South Carolina was the youngest signer at age 26. Speaking of numbers, if you like them, although the FHFA and the CFPB would like you to believe that they are part of the fabric of the United States, they aren’t. But the FHFA and the CFPB Release Updated Data from the National Survey of Mortgage Originations for Public Use. Hey, I only know what I read in the newspapers. But there is some interesting real-time information out there, and if you want to see who’s paying what in violations, here you go. (Today’s podcast is found here and this week’s is sponsored by Bundle, the attorney-prepared legal documents company that is dedicated to the real estate, mortgage, and title industries. Fuel your operations and execution of documents from deeds to subordinations to assignments, and everything you need for any order, in one bundled price; receive 20 percent off using the code “Chrisman” at checkout. Hear an interview with Atlas Real Estate’s Tony Julianelle on the recent single family rental market transformation and why individuals in the mortgage industry should care about property management.)

Lender and Broker Services, Products, and Software

“Leadership is crucial for organizational success and culture. Recognizing the differences between strong and weak leadership will directly impact your team’s success. Inspired by ‘Good to Great’ by Jim Collins, this upcoming webinar features Laura J. Brandao (Equity Prime Mortgage), Keith Canter (First Community Mortgage), and Richard Grieser (Truv) sharing insights from their many years of mortgage leadership experience. You’ll leave this July 10th session with strategies to effect change in your organization, attract and maintain the right talent, understand team needs to advance shared goals, maintain a disciplined yet happy culture, and leverage technology as an accelerator. Come join us!”

Rocket Pro TPO offers Home Equity Loans powered with AVM (Automated Valuation Model), providing faster and more cost-effective appraisals. With AVM, valuations are delivered in seconds, nearly five days faster than traditional methods, saving clients time and money. Interested? Price a loan today.

Lenders across the country are still looking for ways to cut costs without sacrificing revenue. Start off easy by collecting fees upfront. Fee Chaser by LenderLogix makes it as easy as clicking a button… literally. Book a 15-minute demo and get started in a few weeks.

PlainsCapital Bank National Warehouse Lending, a subsidiary of Hilltop Holdings (NYSE:HTH), offers funding for multiple mortgage products and programs with little to no additional requirements: FNMA HomeStyle, FHA 203K Full, Limited, and USDA Rural Housing renovation loans. Mortgage Revenue Bond and DPA loans with extended dwell times. Sub Limits for lower FICO scores, manufactured homes, renovation, construction and other unique mortgage products and programs. With over 30 years’ experience and a well-capitalized diversified financial holding company we provide our customers with confidence to meet their loan funding needs. If you are interested in learning more about PlainsCapital Bank National Warehouse Lending please contact Deric Barnett, (469)955-6786.

Agency, Lender, and Investor Changes

FHA posted to its Single Family Housing Draft ML proposing changes that would update FHA’s Defect Taxonomy to include fraud or material misrepresentation involving a Third-Party Originator (TPO) as a Tier 1 severity defect. FHA’s Defect Taxonomy is its quality assurance framework for all Title II loan reviews. It provides a consistent methodology for identifying defects at the loan level, useful data, feedback through structured categorization of defects, and balance between FHA’s risk management and quality assurance business processes. Interested stakeholders are encouraged to thoroughly review the Draft ML and provide feedback through June 24, 2024.

FHA published Mortgagee Letter (ML) 2024-12 implementing the provisions of the final rule, Revision of Investing Lenders and Investing Mortgagees Requirements and Expansion of Government-Sponsored Enterprises Definition, announced April 23, 2024, in FHA INFO 2024-21. The final rule revised and clarified requirements for investing lenders and mortgagees to gain or maintain status as an FHA-approved lender or mortgagee, separately defines Government-Sponsored Enterprises (GSE), including the Federal Home Loan Banks (FHLB), from other governmental entities and aligned general FHA approval standards with current industry business practices.

Ginnie Mae announced a term-sheet for its proposed Home Equity Conversion Mortgage (HECM) Mortgage-Backed Securities (HMBS) 2.0 program, initiating a comment period ending July 31st. The proposed program aims to enhance liquidity access for HMBS Issuers by allowing the re-pooling of active and non-active buyouts into new custom, single-Issuer pools. The new HMBS 2.0 program, described in more depth in our blog Ginnie Mae Announces New Pool Type to Improve HECM MBS Liquidity,​ seeks to address liquidity constraints in the reverse mortgage sector by providing a new capital markets execution for older vintage HECMs.

Ginnie Mae mortgage-backed securities (MBS) portfolio outstanding grew to $2.59 trillion in May, including $36.9 billion of total MBS issuance, leading to $14.3 billion of net growth. May’s new MBS issuance supports the financing of more than 116,000 households, including more than 58,000 first-time homebuyers. Approximately 74 percent of the May MBS issuance reflects new mortgages that support home purchases because refinance activity remained low due to higher interest rates. More information is available in Ginnie Mae’s Press Release.

USDA Rural Development posted a bulletin on June 21 announcing an interest rate increase for SFH programs.

Don’t limit your borrower’s buying potential if they require a loan amount beyond conventional limits. Loan Stream Mortgage Jumbo ONE loan programs empower you to give your clients more options all while helping you close more loans. With four Jumbo ONE programs available for Purchase, Cash-Out, and Rate & Term Refinance.

Citi Correspondent Lending updated Trailing Outstanding Document requirements. Changes include updated timelines for submission of missing documents and remediation of deficient documents, additional impacts when missing/deficient document issues are not resolved in a timely manner, and reporting changes. View the complete Outstanding Document Updates Announcement, which provides effective dates and outlines details for all of the changes.

Sellers in Carrington’s Non-Delegated Correspondent channel are now able to select who they want to generate the closing docs during loan submission. The cost for Carrington to generate the closing docs is a low $350.

Newrez approved correspondent clients, don’t forget that loans containing an ACE + PDR appraisal method must submit a PDF report that uses the Uniform Property Dataset report (UPD) and includes the required certifications, floor plan and photographs to Freddie Mac using the Beyond ACE application programming interface (bACE API). Details are available in Newrez Bulletin 2024-040.

Eliminate mortgage headaches for your borrowers with Kind Lending’s Written VOE (Verification of Employment) program. This non-QM product uses a written VOE for qualification purposes versus traditional documentation such as W2s and paystubs.

National residential lender PrimeLending, a PlainsCapital Company, now offers a new home equity loan product giving homeowners the ability to convert home equity into cash. With a PrimeLending home equity loan, homeowners can access a portion of their home’s value without having to sell it. Simply put, homeowners can borrow money using their home equity as collateral and repay the loan at a fixed-rate over a 30-year term. Homeowners receive the cash as a lump sum upfront to use however they choose, such as consolidating debt, making home improvements, or covering tuition, medical or unplanned expenses.

Capital Markets

Fed Chair Powell knows Halloween is nearly four months away. The head of the Fed refrained from spooking markets yesterday at the European Central Bank’s annual forum, citing progress on inflation, which helped to bolster bets that the Fed will be able to cut rates this year. He added that the risks between price pressures and the labor market are coming into better balance, though predictably declined to foretell of a September reduction. In the wake of President Biden’s poor debate performance last week, many investors are preparing for higher-for-longer interest rates from the increased likelihood of a second Trump term and additional inflation-stoking tariffs. Conversely, Chicago Fed President Goolsbee said yesterday that the Fed should prepare for rate cuts.

The Job Openings and Labor Turnover Survey (JOLTS) is conducted by the Bureau of Labor Statistics of the U.S. Department of Labor. Looking for signs that the labor market is softening? May’s JOLTS report showed a labor market that in many ways looks like its pre-pandemic self. The number of job openings per unemployed worker remained unchanged, back at its 2019 average. Job openings unexpectedly rebounded in May from the three-year low hit in April, increasing to 8.140 million from 7.919 million in April, interrupting a downward trend. Fed Chair Powell yesterday described the job market as cooling off appropriately.

Due to the Independence Holiday tomorrow, some usual economic releases and supply are moved up to today’s calendar. The calendar kicked off with mortgage applications decreasing 2.6 percent from one week earlier, according to data from MBA’s Weekly Applications Survey. Keep in mind that we have had three straight weeks of gains, including during the prior holiday-adjusted week.

Markets have also received Challenger job cuts for June: 48,786 cuts, down 24 percent from the 63,816 cuts announced one month prior but 20 percent higher than the 40,709 cuts announced in the same month in 2023. We’ve had ADP employment for June (150k private-sector jobs were created, the lowest gain in five months but still a gain), and jobless claims (238k, as expected; continuing claims 1.858 million). Other releases today include the May trade deficit, Final S&P Global services PMI for June, ISM services PMI for June, factory orders for May, and Treasury releasing details of the mini-Refunding consisting of $58 billion new 3-year notes and $39 billion and $22 billion reopened 10-year notes and 30-year bonds.

The latest Fed Minutes (from the June 11-12 Federal Open Market Committee meeting) will be released today and should give us some further hints of the Fed’s thinking, though Fed messaging has been clear that inflation remains too high, and patience is needed to allow more time for the current rate target to bring it back down. Futures settlement close is at 1:00pm ET with SIFMA recommending a 2:00pm ET close for cash bonds.

Looming after tomorrow’s 4th of July Holiday is the June nonfarm payrolls report on Friday, where estimates anticipate the economy added nearly 200k jobs throughout the month, while they anticipate the unemployment rate will remain near historic lows at 4 percent. We begin the day before the holiday with Agency MBS prices a few 32nds better from Tuesday’s close, the 10-year yielding 4.41 after closing yesterday at 4.44 percent, and the 2-year is yielding 4.75.

Jobs

“After 50 remarkable years in mortgage lending, Planet Home Lending Senior Vice President, Correspondent Lending Jim Loving is retiring. Jim is an industry icon who’s built a remarkable culture focused on partnership since he joined Planet in 2014. Jim’s legacy at Planet and in the industry is a lasting one. From inventing Best-Efforts Delivery to building Planet Home Lending into a top-tier correspondent lender, he’s been a mentor and partner to many in our industry. As Jim moves on to the next chapter, our experienced Regional Managers will continue to serve as expert guides, helping you navigate today’s market challenges. We hope you’ll join us as Planet extends its deepest gratitude to Jim for his exceptional contributions.”

“Loan officers! Discover the radius advantage. Are you navigating a market that’s forgotten the value of loyalty? At radius financial group, we’re rewriting the script with our MLO Partnership-Proposition (MPP). We understand the industry’s pulse and the need for a genuine partnership—not just a platform to process loans. As lenders focus on consumers, we concentrate on you, the heartbeat of our business. You’re not just a number here; you’re the face of our brand, co-branded for success. We’re committed to investing in you, providing a stable home where your talents are nurtured and your book of business flourishes. For confidential inquires please contact Carla Herrera (781-742-6500).”

Retirements… Can our biz survive losing 123 years of experience in one fell swoop? Of course it can. How ‘bout 32-year vet Max Cocetti retiring after 19 years with MGIC? Or 41-year vet Donna Miller retiring from Truist? And after only 50 years in the biz, as noted above short-timer Jim Loving is calling it a career leaving his 10-year post as SVP of Correspondent Lending at Planet Home, with hopefully more Corvettes in his future. We wish them all the best!

 Download our mobile app to get alerts for Rob Chrisman’s Commentary.

Source: mortgagenewsdaily.com

Apache is functioning normally

Inside: Money gift ideas for any occasion! Learn how to wrap money as a gift. These are cute ideas for giving money. Find simple ways to hide money in a gift.

Giving money as a gift can be one of the best gifts that you can give today.

A lot of times though people don’t feel like giving money as personal or creative or thoughtful enough, which is a complete joke because honestly, cash is king.

More often than not, the receiver of the gift actually loves to get money – especially kids!

Even better, one of these money surprise ideas!!

There are many reasons to give money because, yes, gift cards are nice, but what if you find something else at a different store that you want, or their policy to redeem gift cards is really difficult? Also, some people don’t want to add more items to their houses. Others are just plain hard to buy for because they go out and buy everything they need.

That is why giving money as a gift is so absolutely awesome.

Today we are going to cover so many terrific ways on how you can give money as gifts. You can purchase some of these money gift ideas or pull out your DIY skills.

In this post, we are going to dig in and find super creative and fun ways to give money.

Best Surprise Money Gift Ideas

These money gift ideas will wow at any birthday party, Christmas exchange, graduation, or any other time of the year because there’s a little bit more thought behind how to give the gift.

Cash is a really thoughtful gift, too. Don’t forget that.

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.

My Money Surprise

The first time I personally received a money gift was in college. The best gift ever!!

My parents hid cold hard cash in a room divider screen that I needed. I had cash to pay for groceries, cash for gas, and other incidentals I needed. That was one of the most epic Christmas presents that I ever received because it was something that I truly needed.

Then, I could decide what do I want for Christmas and spend money on what I truly wanted!

More importantly, it was something that I could choose how to spend or save. It wasn’t something that would just sit in my closet because I would actually use the cash.

What is a unique way to give money as a gift?

You can make the gift out of money itself.

Even better, there are plenty of ways to hide money inside another practical gift. You can make find many gift money ideas using a few crafty DIY skills.

So many creative ways to give money as a gift!

How To Wrap Money For A Gift

This is exactly how to gift money.

Now, don’t think that you have to be super, super creative, and hone all your crafty skills just to give the best money gift ever.

I’ll be very honest, learning how to wrap money for a gift is super super easy!

You’re probably going to need just a few items and most of them are sitting in your house!

The fun part of these money gift ideas is you get to be creative on how you want to give the best gift ever!! Some of the creative ideas include a little tape, some glue, and maybe saran wrap. Or you can hide it inside a jar with M&Ms for a money snack.

These are just a few of the ways that you can wrap money for a gift.

Learn how to make a money cake!

When to Give Suprise Money Gift Ideas?

These money gift ideas work for:

  • Birthdays
  • Weddings
  • Christmas
  • Easter
  • Graduation – High School or College
  • Mother’s Day
  • Father’s Day
  • Baby Shower
  • Bridal Shower
  • Anniversary
  • Retirement
  • Milestone Birthdays – 16th birthday, 18th birthday, 21st birthday, 50th birthday

Honestly, any type of occasion!

It is just taking the gift, one step further and finding a unique way to give money gifts.

In fact, find graduation specific money gift ideas.

Money Puzzle Gift Boxes for Cash

One of the MOST popular gifts!

This maze puzzle cube is a unique cash holder. Perfect for kids and adults, it’s a thrilling puzzle box and money maze.

Get yours now and turn gifting into an adventure!

Buy Now on Amazon

02/19/2024 09:47 am GMT

Who To Give Money Gift Ideas

These types of gifts are so flexible and can be used by anyone!!

Everyone loves to get cash and spend it how they choose. Then they can cross something off their Christmas bucket list.

How to Give Money as a Gift & Not Be Rude?

Is giving money as a gift rude?

Absolutely not.

As we’ve said many times here at Money Bliss – cash is king.

With cash, you are able to do what you want to do with the money. You don’t have another thing collecting dust on your shelf or set in the basement.

You can give a money gift box!

Don’t look at giving money as a rude thing to do. It is actually freeing because the receiver of the gift can choose how they spend it on the reverse side as the recipient of cash.

Feel empowered in the decision to give cash as a gift instead of an actual materialistic item.

Grateful Tips: I always recommend writing a thank you card immediately. Once you use the cash, then write another note on how you used the cash and how much you appreciated it. Then, the gift giver knows how you used the cash, and the ways they helped you, and then they won’t question their decision to give money as a gift.

Cute Ideas for Giving Money

In this section, you will find cute ideas for giving money. These are the absolutely adorable ways that people would love to receive money.

These are great for Christmas and birthdays, and especially for kids, teenagers, and young adults.

You will learn how to roll money for a gift and so much more!

May 19, 2023
Inside: Find money cake ideas! Learn how to make a money cake or buy pre-made kits. This guide has you covered with…

Money Balloons

Super cute way to give money for any occasion.

It’s fun to watch the recipient get spooked by a popping balloon, covered in confetti, and of course, count the money inside! 

Read More

Photo Credit: sugarandcharm.com

Sneak Peek Birthday Card

Such a cute and sneaky way to roll cash into a card.

Make candles using a dollar bill or go big and use a $20 bill.

Read more

Photo Credit: Stamp with Jill

Money Lei for Graduation Gift Idea

Everyone needs some cash and this money lei is a fun and creative way to give the gift of cash!

Learn how to make your own money lei today!

Read More

Photo Credit: yourhomebasedmom.com

Funny and Fun Ways to Give Cash

This list is about the funny and fun ways to give cash.

This type of money gift idea works best for a white elephant exchange, a coworkers exchange, a friend exchange, or someone who loves a good joke.

Let’s be honest… sometimes you just to be really funny with how you give the gift.

Honestly, I’m not sure if there are any annoying ways that you could give money. (Cash is still cash, right?) For those who enjoy crisp dollar bills beware!

Easy Peasy Money Tree Topiary

It is proven that money does grow on trees. This DIY tutorial will teach you exactly how to make your own money tree.

This beautiful money tree topiary is ready for one very lucky gift recipient!

Read More

Photo Credit: sunburstgifts.org

Money Tree on Etsy

Perfect gift for the Dad who always says money doesn’t grow on trees! This is a funny gift idea for the father who has everything and has a great sense of humor. Because now…

Money DOES grow on trees!

See Now on Etsy

Photo Credit: Etsy.com

“In An Emergency” Graduation Gift

Super fun way to give money and withhold the desire to spend the cash right away. You can place any amount of cash in these, so they fit virtually any budget.

Simple DIY tutorial!

Read More

Photo Credit: sendomatic.com

Money Chain Gift for the Graduate

Paper chain gifts are a great way to decorate for the holidays. But, it is also a fun way to give money! Very simple DIY project to complete.

Read More

Photo Credit: lessthanperfectlifeofbliss.com

Christmas Money Printable

Running low on time?

This Christmas money printable is a fun and easy way to give some dough this season. So adorable!

Read more

Photo Credit: tessiefay.com

Easy Ways to Hide Money in a Gift

Okay, let’s be honest, we don’t want everybody to know right away that they’re going to get money inside their gift.

How do you hide money as a gift? This gift list is filled with perfect ways to hide money inside a gift.

When they open it, they are excited about just the outside part of the gift and they don’t even know the monetary gift that you have waiting for them inside!!

August 28, 2023
Inside: Looking for a creative and easy way to give money as a gift? Look no further than these Money Gift Boxes!…

Handmade Money Surprise Bath Bomb

Time for a lovely bath with a hidden surprise! A fantastic way to hide money especially for teen girls!

This unique gift idea also is made with all natural and vegan skin care products. Perfect for small budgets!

Buy Now on Etsy

Photo Credit: Etsy.com

Funny Christmas Money Gift: Cash in a Can

This is such a clever idea! Giving money was so much fun this year.  

You can hide a roll of cash inside any canned goods – preferably what the recipient hates the most.

Since it is wrapped like a normal household item, no one will expect it to have anything inside but what is on the label!

Read More

Photo Credit: itsalwaysautumn.com

Birthday Money Box Gift Idea

Money is something every teenager wants! This money box can easily be created with items you already have at home.

Unique and sneaky way to give money!

Read More

Photo Credit: myinspirationcorner.com

Book of Money

Such an easy DIY project to give money!

You probably have all of the supplies in your house.

Read more

Photo Credit: marthastewart.com

Money Cake Pull Out Kit

$16.99
$15.50

Perfect surprise for your kids, grandkids, spouse, or best friend with the most versatile and widely-appreciated gift of them all: cash?

We know how you can do it in style: the amazing money cake dispenser, an incredible accessory that you will use on endless occasions.

This complete cash dispenser set includes the special box, cake topper, 1 plastic roll with 50 connected pockets, and printed instructions.

Buy Now on Amazon

02/19/2024 05:27 pm GMT

Hidden Gift Jars

Want to make your money gift a little more special this year? Make these Hidden Gift Jars!

Stash your gift inside a secret hiding spot in the jars, covered by a favorite candy or treat (we used M&Ms), and watch the recipient’s eyes light up when they realize there’s more to their gift besides just candy!

This also makes a great gag gift! 

Read more

Photo Credit: myhomebasedlife.com

Creative Ways to Give Money – Which is Your Favorite?

What is the best way to gift money?

Honestly, is there any bad ways to get money? Maybe if the gift giver never opens where the cash is heading, but let’s hope that doesn’t happen.

In this post, we have covered all of the best ways to gift money.

A simple way to say I appreciate you! You have so many ideas to choose from!

Which creative ways to give money did you like the best? There are DIY methods to giving cash and some that you can quickly pick up.

Follow for more inspiration on our Gift Ideas on a Budget Pinterest boards.

I can’t wait to see your pictures with what you’ve come up with, and how you plan to do this.

More Gift Ideas:

Did the post resonate with you?

More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!

Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.

Source: moneybliss.org

Apache is functioning normally

Are you wondering what the best low-maintenance businesses are? Looking for a business that doesn’t need much work? You’re not alone. Many people want to find ways to make money without having to spend all their time managing things. There are plenty of low-maintenance businesses that can provide good income with less effort. You just…

Are you wondering what the best low-maintenance businesses are? Looking for a business that doesn’t need much work? You’re not alone. Many people want to find ways to make money without having to spend all their time managing things.

There are plenty of low-maintenance businesses that can provide good income with less effort. You just need to know what options are out there and how they can fit into your busy life.

So, what makes a business low-maintenance?

This will vary from person to person, but businesses that are low maintenance are usually simpler to run because they use automation to handle work automatically. This means you don’t have to spend as much time and effort managing and growing your business.

These kinds of businesses usually have fewer things that need attention, which makes them easier to manage. For example, a vending machine business mostly involves refilling machines and collecting money. Another example is owning rental property, where you might only need to deal with tenants and handle repairs from time to time.

Running a low-maintenance business has many benefits. It reduces stress and workload for the business owner, allows for easier growth because work is simplified, and lets you concentrate on long-term planning instead of daily tasks. This approach can improve work-life balance and give you more time for hobbies and personal interests outside of work.

For me, I run a fairly low-maintenance business. It took some time to get to this point, but I now work around 10 hours a week. I can use my free time to do what I want and pursue my passions. So, I personally know how helpful these are.

Best Low Maintenance Businesses

Below are the best low-maintenance businesses to start:

1. Printables

Printables are a great low-maintenance business idea. You create digital files that people can print at home, and these can be things like journals, planners, calendars, or coloring pages.

One of the best places to sell printables is on Etsy. You make the design once and then you can sell it over and over again, and this means you don’t have to keep making new products.

Another benefit is that you don’t need any inventory. Customers download the files and print them themselves, and this saves you time and money on shipping and storing products.

To start, you’ll need some basic design skills. There are many free tools online you can use like Canva, and with some practice, you can create professional-looking products.

By focusing on quality digital products and good customer service, you can build a steady stream of income with printables. It’s a fun and creative way to make money with low upkeep.

You can learn more at How I Make Money Selling Printables On Etsy.

Do you want to make money selling printables online? This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.

2. Affiliate marketing

Affiliate marketing is a great low-maintenance business idea. You can promote products and services of other companies. When someone buys through your link, you earn a commission. It’s like getting paid for recommending things you like.

I do affiliate marketing through this blog (you can learn about starting a blog here in my free blogging course), Making Sense of Cents, and I think it’s a great way to make money – whether you are looking for a full-time income or a part-time side hustle.

Setting up isn’t hard and you can use blog posts, social media, or a YouTube channel to share your links. I recommend choosing products related to things you love or know a lot about. That way, it feels natural and fun to share, plus you know that you are helping the people who are clicking on your referral links.

One thing I really love about affiliate marketing is that you don’t need much money to start. Joining affiliate programs is almost always free (I’ve actually never been asked to pay to join one, and I have never seen one that has a fee). Many companies have referral programs, such as Amazon, eBay, and even smaller brands.

The best part is, you don’t handle inventory or customer service. The company does all that and you just focus on getting people to click your links.

Affiliate marketing can be done from anywhere with internet access. It’s a flexible way to make money, especially if you have a busy schedule. Just put in some initial effort to set everything up, and it can almost run by itself.

For me, I spend less than 10 hours usually on my blog, and it earns me a full-time income. I put in a lot of work in the beginning, and now things run mostly by themselves with just a little maintenance from me, such as updating blog posts and sending out emails.

You can learn more at Affiliate Marketing Tips For Bloggers – Free eBook.

3. Vending machines

Vending machines are a great low-maintenance business idea because they don’t take a lot of time to manage and can bring in extra cash. You place them in high-traffic areas and just need to restock them every so often.

You can sell all kinds of items in vending machines. Snacks and drinks are popular choices; some people even sell toys or beauty products. The key is to pick items that your target customers (the people who are already at the location where you will place your vending machines) will want to buy.

One of the best parts about vending machines is the low start-up cost. You can start with just one machine and grow your business from there. Plus, you don’t have to hire a lot of staff or deal with a complicated setup.

Running a vending machine business also means you can earn passive income. Once your machine is set up and stocked, it can make money while you do other things. You just need to check on it and refill it when needed.

Learn more at How To Start A Vending Machine Business.

4. Real estate rental

Real estate rental is a popular way to earn passive income with low maintenance.

You can start by buying a property and renting it out. This could be a single-family home, a condo, or even an apartment.

Many people use platforms like Airbnb to rent properties to tourists, and this can be a good way to make money if you live in a popular area.

If managing the property seems overwhelming, you can hire a property management company. They handle things like finding tenants, collecting rent, and doing maintenance. Hiring a property management company can be a good way to make this a more low-maintenance business.

Learn more about low-maintenance real estate ideas at 23 Best Real Estate Side Hustles To Make Extra Money.

5. ATM business

We’ve all used ATMs, but did you know that someone like you or me is making money from them?

An ATM business can be a great low-maintenance business choice. You place ATM machines in busy locations where lots of people need cash.

You earn money from the fees people pay to use your machines, and these small fees can add up quickly.

The start-up cost is your main expense, as ATMs usually cost around $2,000 to $3,000 each or more, and you will have to buy these yourself.

Managing ATMs doesn’t take much time either because once the machines are set up, they mostly take care of themselves. You just need to refill them with cash and make sure they are running well.

Overall, this business can provide a steady flow of income with a low effort once everything is in place. As long as you pick good locations and keep your machines running, you can make money with less day-to-day work.

6. Laundromat

Starting a laundromat business is a popular low-maintenance business. People always need clean clothes, so there is a steady demand.

A laundromat often needs less day-to-day management because you just need to make sure machines are working and maintain a clean environment.

You can set up your laundry service in a busy neighborhood where people need quick and easy laundry solutions. This will help you attract more customers.

With a laundromat, most of the work is done by machines. You just need to make sure the machines are working properly and help customers if they have questions.

Learn more at Are Laundromats Profitable? How Much Do Laundromats Make?

7. Self-storage units

Self-storage units are one of the best low-maintenance businesses you can start. People need extra space to store their belongings, and you can provide that for them.

You don’t need to be there all the time, and you can set up a system where people can access their storage unit with a code or key card. This means fewer hours spent managing the business.

The demand for storage units is high in many areas. People are always looking for a place to keep their stuff – whether they are moving, downsizing, or just need extra space.

Once your storage units are rented out, you can earn passive income each month.

Maintenance is minimal for self-storage units. Most of the work involves keeping the area clean and making sure everything is secure. You might need to fix a door or handle paperwork occasionally, but it’s not time-consuming.

You can sell climate-controlled units to attract more customers and charge a higher rate too. Some items need to be stored in specific conditions, and providing this option can set your business apart.

You can also add features like 24-hour surveillance cameras and secure fencing to make your customers feel safe. People are more likely to rent from you if they know their belongings are protected.

For me, I personally have used a storage unit a few times – for my personal belongings such as boxes and even for an RV and boat. They always had crazy long waits, and some towns even had waitlists of years long – so there is a lot of demand!

Learn more at How To Invest In Self-Storage For Beginners.

8. Car wash

Starting a car wash business can be a smart idea. You can choose to open a self-service car wash or an automated one, and both options require less daily work compared to a full-service car wash.

A self-service car wash lets customers wash their own cars. This means you don’t need many employees, and you just need to keep the place clean and maintain the machines.

For an automated car wash, cars go through a machine that does the washing. You only need to check the equipment and refill supplies like soap and water.

Car washes can be profitable. Many people prefer to have a clean car but don’t have the time to wash it themselves, so this keeps the demand high.

You can also offer extra services like a vacuum that customers can use for an additional fee. This can boost your income without much extra work.

With some planning and the right setup, a car wash can be a great low-maintenance business idea. Plus, it can provide a steady income once it’s up and running.

9. Create an online course

Creating an online course is a great low-maintenance business idea. You can share your knowledge and skills with people all over the world. Once you create and upload the course, it can keep making money even while you sleep.

I started my first online course around 8 years ago and have earned over $2,000,000 from it over the years. Much of the work was done up front, and I am still able to help students today. I update the course all the time, but most of the legwork was done years ago, which has been so nice.

You can start this low-maintenance small business idea by thinking about what you are good at.

Online courses can be made on all types of subjects, such as gardening, baking, musical instruments, business, finance, travel, and more.

Another plus is you can always update or add new content to keep your course fresh and relevant. This can attract new learners and keep current ones coming back for more.

An online course is a fantastic way to earn passive income with some upfront effort and minimal ongoing maintenance.

Note: I recommend signing up for this free training – How Anyone Can Create an Online Course That Sells – In this free training, you will learn the 7-step process to create, market, and launch a profitable online course.

10. Stock photo photography

Stock photo photography is a great low-maintenance business idea where you can get paid to take pictures. You can take pictures in your free time and upload them to stock photo websites. Each time someone downloads your photo, you earn money.

All you need is a decent camera. You can even use your smartphone if it has a good camera!

You don’t have to worry about managing inventory or dealing with customers directly, and you can just focus on taking high-quality photos that people want to use.

Popular subjects include landscapes, cityscapes, and everyday objects. Seasonal themes and holiday photos also do well.

Once you’ve uploaded your photos, they can keep earning money for years, and that’s why it’s considered a passive income source.

11. Dropshipping

Dropshipping is a popular business model for many beginners. You sell products online, but you don’t need to keep them in stock. Instead, your supplier ships the products directly to your customers. This means you don’t need to spend money on storing inventory.

Once your website is set up and products are listed, it can handle sales automatically. As orders come in, you can streamline shipment processes, allowing your business to handle more customers without much added effort.

Another great thing about starting a dropshipping business is that it is affordable. With little or no start-up capital, you can list products on your website and start selling. You only buy the products from your supplier when you make a sale.

Another positive about dropshipping is the low risk involved. You’re not stuck with unsold inventory. Plus, you don’t need to worry about packing and shipping items. This makes dropshipping a low-maintenance business idea.

12. Print-on-demand

Print-on-demand is a great low-maintenance business idea. You can create custom designs for items like T-shirts, mugs, and phone cases.

You don’t have to worry about storing inventory. When someone buys a product, the print-on-demand company prints it and ships it directly to the customer, and this makes the process very hands-off for you.

Printful and Printify are popular print-on-demand companies. They offer many different products and work with various platforms like Shopify and Etsy. You can sell your designs in multiple stores, reaching different audiences.

What’s nice about print-on-demand is you can start small and grow. You only pay for the products customers buy. This means low upfront costs and reduced financial risk for your business.

Starting a print-on-demand business can be a great way to make money with minimal effort.

13. Parking lots

Parking lots can be a great low-maintenance business. If you have a space in a busy city, it’s a prime spot as a lot of people probably need parking, and they’re willing to pay a good price for it.

Once you set up a parking lot, there’s not much you need to do. You might have to repaint lines or put up new signs occasionally, but these tasks are easy and don’t take much time.

Owning a parking lot has other benefits too, with the main ones being that you don’t have to manage a lot of employees, and the maintenance costs are pretty low. Plus, you don’t need to be there every day to keep it running smoothly.

Starting a small parking lot with just 20 spaces can already bring in good money. If you charge $20 per day per space, you could see an annual revenue of around $146,000, with a high profit margin.

14. Billboards

Billboards are a great low-maintenance business. Once you set them up, they don’t need a lot of work. You can rent out advertising space to companies that want to advertise.

Starting a billboard business means finding good locations. Busy streets and highways are best and you need to rent or buy the space. After that, the billboard does the work for you.

Frequently Asked Questions

Starting a low-maintenance business can be a great way to earn income with minimal effort. Below are some common questions and answers about low-maintenance business options.

What is the cheapest business with the most profit?

The cheapest business with the most profit to start includes businesses like selling printables on Etsy, affiliate marketing on a blog, creating an online course, and dropshipping.

What is the easiest business to start and maintain?

The easiest business to start and maintain includes printables, self-storage units, stock photo photography, and parking lots.

What kinds of businesses can I start that don’t require a lot of time to manage?

Vending machines are a great option. Once placed in high-traffic areas, they require little maintenance. Just stock them up and collect your earnings.

Which businesses can really run by themselves?

Real estate rentals can run mostly by themselves, especially if you hire a property manager. They take care of the day-to-day tasks like rent collection and maintenance.

What are the best business choices for earning passive income?

ATM businesses can generate passive income. You earn money from surcharge fees every time someone uses your machine. Place your ATMs in busy locations to maximize earnings.

What is the least riskiest business?

Self-storage facilities are low risk. People always need storage, and once set up, these facilities require minimal management. You collect rental fees without much daily involvement.

How do you find low-maintenance businesses for sale?

To find a business that runs itself for sale, check listings on websites like BizBuySell and LoopNet, or contact business brokers. Before purchasing, thoroughly research and vet any business to make sure it meets your needs and expectations.

What are the best businesses to buy for passive income?

Buying existing laundromats or storage facilities can be great for passive income. These businesses already have cash flow and customers, reducing your initial workload, and you can purchase them to get started quicker.

Best Low Maintenance Businesses – Summary

I hope you enjoyed this article on the best low-maintenance businesses.

There are many types of businesses that run themselves and are low maintenance as you learned above. These include selling printables, affiliate marketing, vending machines, rental real estate, running a laundromat, renting storage space, and more.

Some key traits of low-maintenance businesses include:

  • Few routine tasks
  • Easy to manage
  • Low maintenance or repair needs

One of the biggest benefits is the reduced time and effort required. Many low-maintenance businesses can be set up to run smoothly with minimal daily involvement. This frees you up to focus on other important tasks, like spending time with family or pursuing hobbies.

Low-maintenance businesses are also highly scalable. Since you spend less time on daily tasks, you can concentrate on growing your business. As it grows, you can duplicate your model and open more locations or move into new markets.

What do you think are the best low-maintenance businesses?

Recommended reading:

Source: makingsenseofcents.com

Apache is functioning normally

Categories

Owning Businesses

June 26, 2024
by Mark Ferguson

I have 2 laundromats; a very small one in a small town and a medium-sized one in a city of about 100,000 people. I love the laundromats and they are a ton of fun but they come with challenges as well. My medium-sized laundromat makes money but the small one still struggles after a year of improving it.

I think the small laundromat has potential but the larger the laundromat, the more chances for success you will have. I am a real estate investor and broker by trade and I have learned a ton about small businesses the last few years. I also own a liquor store and a small grocery store in a small town. Laundromats are very different from anything else I have ever done. Here is what I have learned.

Table of Contents

What are the biggest challenges of owning a laundromat?

Before I bought my first laundromat, I thought they were a pretty straightforward business. You buy some washers and dryers, people come and use them, and you collect the money. There is much more to the business than buying some machines and hoping people come to use them. Here are some of the biggest lessons I learned:

  • Washers and dryers in laundromats are very expensive. If you want the big machines that people come to laundromats for, expect to pay close to $10,000 for one machine! The smaller the machines, the less expensive but people won’t use those nearly as much. The good news is you can charge much more for the big machines since they can hold 4, 5, 6, or even more loads of laundry.
  • It is very hard to find people who can fix commercial washers and dryers. Appliance repair is a lost art and many of the companies that still do it, limit themselves to warranty work for specific companies. There are also a lot of people who claim they can fix these machines and have no idea what they are doing. Ask me how I know that one! The closet repair people to me are over an hour away. If you own a laundromat you must be able to do some of the simple repairs yourself or have someone on your team who can do them or you will go bankrupt because machines break all the time.
  • Laundromats get dirty as soon as you clean them. I have hired cleaners and cleaned myself and it doesn’t matter how often you clean, the next time someone comes in to do laundry it will be dirty again. People do not like a dirty laundromat. One tip is to get a floor that is as close to dirt color as possible!
  • Laundromats are not passive. They take constant monitoring and visits. It is fun collecting quarters but you will also get calls or texts about machines not working or taking money or people acting funny. If you want to keep people coming, you have to respond to the complaints and do your best to remedy them. You will be giving out a lot of small refunds.
  • Laundromats attract crime. My laundromats are not attended and while I have cameras there are still shenanigans going on all the time. Make sure you are not letting people sleep in them, abuse the bathrooms if you have them, or camp out outside.

These points may turn off a lot of people but I still love my laundromats. It is so much fun collecting quarters, watching sales, and trying to improve the business. Below is one of the videos of me collecting quarters.

[embedded content][embedded content]

Do laundromats make money?

The laundromat in the video above has been open for about 7 months and brings in around $7,000 a month with $4,500 in expenses a month. This does not count my own time collecting quarters and managing things. I was very lucky that I did not have to buy this laundromat. I took over the lease with most of the equipment still there. I had to add some equipment that I bought used from another laundromat and fix some of the machines already there. I probably spent $40,000 on machines, a little remodeling, and repairs. I lease this space but I purchased the real estate for my small laundromat. It does not make nearly as much ($1,200 to $2,000 a month) but that real estate came with an apartment, shop, and car wash as well.

Laundromats can make money and large laundromats can do very well but it is tough to make it with smaller spaces just because you are so limited in the equipment you can use and the amount of customers who can use the mat at once.

What kind of machines do you need?

The biggest obstacle with my small laundromat is I have small washers and dryers. The small dryers are not a big deal but the washers are. Many people use laundromats because they have tons of laundry or large items they want to wash. A lot of people who have washers and dryers still use laundromats. You may even have people using your laundromat who have wash-and-fold businesses where they pick up someone’s laundry and do it for them. A successful laundromat almost always has large washers.

With large washers come more expensive machines, more power (3 phase in many cases), more water (upgraded water heaters), and more support (concrete floors). My small laundromat has wood floors and 2 phase power which makes it very tough to add large machines. If you are choosing a place for a new laundromat or taking over an existing one make sure you have the mechanicals needed for big machines. Most of my washers and dryers are Speed Queens but there are many good brands out there.

Below is a video of the small laundromat:

[embedded content][embedded content]

Should you have an attended or unattended laundromat?

Most large laundromats are attended and offer wash and fold services to pay for those attendants. Mine do not have this service but I may offer it at some point. I am still able to make money without the wash and fold but it would most likely make me more if I decide to go that route. A wash and fold service does laundry for customers. Some laundromats even pick up and deliver loads. One nice thing about having wash and fold and attended laundromats is there is usually someone there who can help customers and clean up if things get messy.

If you have full-time staff at the laundromat that is a large expense and you will need to do quite a bit of wash and fold to pay for it. If you have a smaller laundromat you want to make sure you are not taking up machines with your wash and fold business that regular customers want to use. Of course, the biggest challenge is to find the right employees you can trust and who will work hard. I have that challenge in my real estate businesses as well.

Bonus income from laundromats

While my laundromats do okay I get a lot of bonus income from them. People love to watch quarters being collected. I have a pretty large social media following and a decent-sized YouTube channel (110K) and those all make me money. On bad months I make at least $1k from my videos and on good months close to $5k. If you like social media and making videos, the laundromats are perfect for content creators.

Conclusion

It would be impossible to give you all the ins and outs of the laundromat business in one article, well maybe if the article was 50 pages long… but I hope this helps give you an idea of what the laundromat business is like. My YouTube channel has weekly videos on both mats going over the pros and cons. I also am happy to answer questions here but I do check my YouTube comments more often.

Source: investfourmore.com

Apache is functioning normally

Inside: Dream about what life could be if you didn’t have a job? If you are in the boat of I don’t want to work anymore, then you must read this post.

The reality is most people have days where they absolutely have no desire to work. Yet, you know deep down that you have to make money in order to pay your bills.

You are thinking… I don’t want a job I just want a life.

So, what happens when you don’t want to work anymore?

Well, if you don’t want to go to work today, you could take a sick day and get away with it. You can do that here and there for a while, but unfortunately, your employer is going to catch up to the quality of work that you are able to do or not do.

At this point you might be saying, you know I don’t want a job, I just want a life.

And that is very understandable if you don’t want to work in a field anymore job that you don’t love.

You want time freedom in your life!!

We will dive into the reasons for not wanting to work and how to overcome them when you need the money.

What to do if I don’t want to work?

The best thing to do is to find a job that you love and want to do on a daily basis!

Something that you can’t wait to go to work to be able to do. A way to make money that doesn’t feel like a job!

Unfortunately, too many of us feel we cannot do what we want to do when we want to do it. Thus, we want more out of life.

In this post, we are going to detail. If you don’t want to work anymore, what steps can you take to quit the job and live the life that you want?

Is it normal to not want to work?

I think each and every one of us has a desire not to work. Maybe you are thinking “I hate my job.”

This desire to work may ebb and flow based on what is going on, how you are feeling, and your current situation.

Especially if you are in a situation where you do not enjoy your boss, your co-workers, the company culture, or the current assignment, it will make going to work harder.

Whatever your job entails, if you are not enjoying what you’re doing, it is harder and harder to go to work on work every day.

As you can read on Reddit personal finance threads, there are plenty of people who have shared their stories about how they don’t want to work, seeking solace from others, and looking for ways to get out of the current situation that they’re in.

Also, if you are thinking that I can never make it until I am 55 then think about retirement. You are just sick of working and you may be in your 20s, 30s, or 40s.

It is okay to dream about not working daily!

Why We Don’t Want to Work

There are several reasons for not wanting to work.

Primarily many people do not feel engaged at their jobs, which makes them less likely to want to continue working. Gallup found that only 15% of employees feel engaged at work.1

In addition, there is an increasing amount of competition in the workforce as well as a lack of clear career paths and advancement opportunities for those who desire more freedom or flexibility with their careers. This can lead someone to think about becoming self-employed or going into a different field.

There are many reasons for not wanting to work.

People on Reddit share their stories about how they don’t want to work anymore. Some are still in school, some are retired, and others have other reasons for not wanting to work.

We all have heard about the Great Resignation with people saying “enough is enough; I don’t want to go back to work.”

1. Burnout

Burnout is when an employee begins to feel exhausted and overwhelmed by their job. They do not want to be there anymore and it negatively impacts the happiness of both the individual and their work environment.

If you want to stop working, it is okay!

Just make sure you can still be financially independent.

2. Not enjoying your job

Many people wake up and say, “I don’t really want to do the work today.” If you are not enjoying your job, it is harder and harder to go in every day.

People don’t want to work because they feel like they’re working more than is necessary, or there’s no meaning behind their job anymore.

If you find yourself not enjoying your job, it might be time to leave. Many people experience dissatisfaction with their jobs and want to retire early.

Many times this is when people leave their jobs and find success is the best revenge.

3. Mental Health

Mental health issues can be caused by outside factors, such as stress and anxiety, and can lead to feelings of wanting to avoid work.

For many, the idea of going to work can feel overwhelming and lead to feelings of anxiety and dread. It is also essential to take a step back and assess the quality of your mental health.

If this is something you have been struggling with, it is important to think about why you are feeling this way and take steps to address it.

If this persists, it is important to seek professional help. Visiting a therapist or counselor can help you identify the root causes of your negative feelings and develop a plan to overcome them. In many cases, your workplace may even cover the cost of therapy, so you don’t have to worry about paying out-of-pocket.

This is one of the good excuses to miss work.

4. Lack of Interest

When you find yourself feeling like you don’t want to work anymore, it’s important to take some time to examine the reasons why and identify potential solutions.

  • It could be that you’ve been in the same job for a long time and need a change of scenery.
  • Maybe you’re feeling overwhelmed and undervalued by your current role.
  • Possibly you have other things that are taking president and you don’t have the same level of interest.

Whatever the source of your feelings, they need to be addressed.

5. Support System

Friends and family can be a great source of support, offering advice and understanding. However, if they do not believe in you, it can make it even harder to find motivation.

On top of that, if you have family obligations such as childcare, it can be difficult to make the time to work or even to access the necessary resources.

Talking to your loved ones about your feelings and concerns is a great first step in getting through this tough time.

One of these family emergency excuses could help you in a pinch.

6. Lack of Appreciation

It can be incredibly disheartening to work hard and not be appreciated.

It’s easy to become discouraged and feel like you don’t want to work anymore if you’re putting in the effort and not being recognized.

When this happens it’s important to remember that you are valuable and your work does matter. It’s also important to talk to someone about how you’re feeling, whether that be a friend, family member, or therapist.

You just want someone to say to you, “I appreciate you!”

7. Thinking of Career Change

If you find yourself in a position where you don’t want to work for weeks on end, it’s important to figure out why. Are you having a hard time at your current job or do you no longer wish to pursue a career? If it’s the latter, it can be freeing to consider all the possible career changes you can make.

Many people don’t want to work anymore because:

  • they don’t want to pursue a career in corporate America
  • tired of the same job they’ve been doing for years
  • don’t want to continue vying for raises, bonuses, or promotions

It’s okay to dream about something else, something fresh and different.

You may find yourself researching other opportunities to put your skillset to use.

9. More Interest in Hobby to Turn into Side Hustle

For many people, having a side hustle is a great way to make extra money, explore a passion, and turn a hobby into something productive and profitable.

If you find yourself no longer wanting to go to work and feeling more fulfilled in your hobbies, it may be time to pursue a side hustle.

You can monetize your hobby and create a side gig to give yourself a new source of income.

This will provide you with the freedom to pursue what you’re interested in and make a living from it. It can also give you the option to quit your job and explore other areas of your life.

10. Wanting to make money passively

Making money passively is a goal that many people desire, but it can be hard to turn into reality.

While it is possible to make money passively in the stock market, real estate, or a small business, one can also earn passive income by doing any type of side hustle.

It is better to find ways to make passive income from something you enjoy.

You need to figure out what should I do for a living that will make passive income.

How do you make a living if you don’t want to work?

If you don’t want to work, you still need to find a way to make a living.

Passive income is the most effective way of making money without working.

It allows you to work on your business or hobby full-time and then withdraw a certain amount every month that helps pay for all of your expenses, including food, rent/mortgage, etc.

So, your first step is to create a passive income source.

If you don’t, then don’t say, “I don’t want to do the work today.”

In fact, there are many good excuses to miss work.

Can I survive without working?

Well, that completely depends on your financial situation. (Since most people are not aware of where they stand financially, here are the Money Bliss Steps to help you.)

If you are lucky enough to be a trust fund baby with somebody else managing your money, you are likely fine and can survive without working.

However, if you are like most normal folk, then you may be able to survive for a little bit without working. But over time, it will catch up to you. Not working is not a long-term solution.

While you may be on unemployment and collecting unemployment benefits, or maybe even disability payments that are not enough to make ends meet. In most cities, you can survive in the short term without working. But in the long term, it is not going to work out for you.

If you are serious about not wanting to work, you need to find the FIRE movement, which means financial independence retire early.

That is a better term for not wanting to work anymore. When you want to quit the job and do something else in life, you have to do what is called FIRE.

5 Simple Steps To Quit the Job

To quit the job or the career path that you were in, you have to take steps ahead of time to make sure that your transition (financially) is as smooth as possible.

The biggest question is how can I make money if I don’t want to work ever.

You set aside money to take care of your obligations and bills while being able to live the life that you want to live. That means you have more types of income than just a paycheck.

These are the exact steps you need to take to quit the job. Obviously, it won’t happen overnight. But, you can see the light at the end of the tunnel.

1. Make an Exit Plan

First, you have to make a plan of how finances will work without a typical paycheck. You need to learn how to FI quickly.

In order to retire early or quit the job, you must be able to financially support yourself without a consistent income coming in from a regular paycheck.

Specifically, it means you need to find ways to make passive income. That could be in the stock market, real estate, small business, side hustle hobby, or driving for Uber. There are a variety of different ways to make money; it is just better to find ways to make money doing something you enjoy.

One of the things you will quickly realize is that to make money passively, you must have money on hand to invest. That is the “Catch 22” of why people get caught in the cycle of it being too difficult to change their financial position and just give up.

If you don’t like your job and you don’t want to work anymore, then you need the mindset that something is gonna change, you are gonna make it a reality.

It will be hard for a short period of time to save up the money necessary to build the steps to be able to quit working or FIRE, but you might be surprised how you can double $10k quickly when you put your mind to it.

Motivation is a great thing, especially given the right circumstances.

Related Answers:

2. Save Money

If you don’t want to work anymore, then you have to save money to cover your bills. Period.

There is no way to get around that situation.

Your friends and family are not going to pick up the slack just because you want to quit your job.

So, you have to find all of the possible ways to save money. A great place to start is with one of our money saving challenges.

Another great way to save more money is by changing your habits.

In order to “retire early,” you must save a majority of your income at an early age
to gain the benefit of compounding early. If you are thinking, “Well shoot, I missed that bucket,” then don’t worry … now is better to start than waiting too long.

Things only look up from here!

3. Cut Expenses

You have to be able to live below your means.

If you’re not interested in your job or the career that you are currently in and you don’t want to work anymore, then you need to cut your expenses in order to save more money.

One of the wisest tricks of the FIRE community is becoming a thrifty person. You know when to spend money on quality items as well as you know when to save
money on frivolous expenses.

4. Pick a date.

As with any smart financial goal, you need to put a deadline on when you want things to happen.

If you are not happy with your job and your depression isn’t worth it anymore, then you have to find a date to move on and do something else.

Obviously, you’ll need some of these FIRE calculators to learn how much you need to make your dream a reality.

that happen. Here are some of the best fire calculators that you can find, to learn, how much you need to quit your job.

5. Start Hustling

Let’s face it, 2020 changed the workplace as well as our priorities. Honestly, I think it was for the better. We all realize there is more to life than just the constant line of being busy.

In addition, many of us found the extra time that we can now put to work and start to make money.

It is easier to work when you have a target goal in mind of not working anymore. You must start saving money to put to work passively.

Below you will find ideas to help you search out the best serious ways to make more money. The last thing you want to do is learn what happens when you don’t save enough for retirement.

When You Don’t Want to Work Anymore

In this post, we answered the question of how can I make money if I don’t want to work.

The secret sauce is called passive income.

You must earn money on your investments. So, yes, now is a good time to invest in stocks.

There are many ways to make passive income; it could be in the swing trading the stock market, real estate, a business venture, a side hustle, or simply long-term investing.

Unless you are massively independently wealthy and part of the 1%, with millions of dollars that you do not know what to do with, then you will want to make some money on your nest egg that you create over time.

If you are saying, “I just want a life,” then stop waiting for the magic time for your retirement. You don’t have to wait until the retirement age of 65 years old.

You are in charge of your life and can make it happen… if you put your mind to it.

Source

  1. Gallup. “What Is Employee Engagement and How Do You Improve It?” https://www.gallup.com/workplace/285674/improve-employee-engagement-workplace.aspx#:~:text=Based%20on%20over%2050%20years,in%20the%20%22engaged%22%20category. Accessed March 11, 2024.

Know someone else that needs this, too? Then, please share!!

Did the post resonate with you?

More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!

Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.

Source: moneybliss.org

Apache is functioning normally

A zero-coupon certificate of deposit or zero-coupon CD is a type of CD that’s purchased at a discount and pays out interest at maturity. Zero-coupon CDs can offer higher yields than standard CDs for investors who have the patience to wait until maturity to collect their original deposit and the interest earned.

Zero-coupon certificates of deposit are similar to bonds in that both are considered lower-risk, fixed-income instruments, but they serve different purposes in a portfolio. Understanding how a zero-coupon CD works can make it easier to decide if it’s a good investment for you.

What Is a Zero-Coupon CD?

To understand zero-coupon CDs, it’s important to know how a regular certificate of deposit works. A CD account, also referred to as a time-deposit or term-deposit account, is designed to hold money for a specified period of time. While the money is in the CD, it earns interest at a rate determined by the CD issuer — and the investor cannot add to the account or withdraw from it without penalty.

CDs are FDIC or NCUA insured when held at a member bank or credit union. That means deposits are insured up to $250,000.

CDs are some of the most common interest-bearing accounts banks offer, along with savings accounts and money market accounts (MMAs).

A zero-coupon certificate of deposit does not pay periodic interest. Instead, the interest is paid out at the end of the CD’s maturity term. This can allow the purchaser of the CD to potentially earn a higher rate of return because zero-coupon CDs are sold at a discount to face value, but the investor is paid the full face value at maturity.

By comparison, traditional certificates of deposit pay interest periodically. For example, you might open a CD at your bank with interest that compounds daily. Other CDs can compound monthly. Either way, you’d receive an interest payment in your CD account for each month that you hold it until it matures.

Once the CD matures, you’ll be able to withdraw the initial amount you deposited along with the compound interest. You could also roll the entire amount into a new CD if you’d prefer.

Remember: Withdrawing money from a CD early can trigger an early withdrawal penalty that’s typically equal to some of the interest earned.

How Do Zero-Coupon CDs Work?

Ordinarily when you buy a CD, you’d deposit an amount equal to or greater than the minimum deposit specified by the bank. You’d then earn interest on that amount for the entirety of the CD’s maturity term.

With zero-coupon CD accounts, though, you’re purchasing the CDs for less than their face value. But at the end of the CD’s term, you’d be paid out the full face value of the CD. The discount — and your interest earned — is the difference between what you pay for the CD and what you collect at maturity. So you can easily see at a glance how much you’ll earn from a zero-coupon CD investment.

In a sense, that’s similar to how the coupon rate of a bond works. A bond’s coupon is the annual interest rate that’s paid out, typically on a semiannual basis. The coupon rate is always tied to a bond’s face value. So a $1,000 bond with a 5.00% interest rate has a 5.00% coupon rate, meaning a $50 annual payout until it matures.

Real World Example of a Zero-Coupon CD

Here’s a simple example of how a zero-coupon CD works. Say your bank offers a zero-coupon certificate of deposit with a face value of $10,000. You have the opportunity to purchase the CD for $8,000, a discount of $2,000. The CD has a maturity term of five years.

You wouldn’t receive any interest payments from the CD until maturity. And since the CD has a set term, you wouldn’t be able to withdraw money from the account early. But assuming your CD is held at an FDIC- or NCUA-member institution, the risk of losing money is very low.

At the end of the five years, the bank pays you the full $10,000 face value of the CD. So you’ve essentially received $400 per year in interest income for the duration of the CD’s maturity term — or 5.00% per year. You can then use that money to purchase another zero-coupon CD or invest it any other way you’d like.

💡 Quick Tip: Typically, checking accounts don’t earn interest. However, some accounts do, and online banks are more likely than brick-and-mortar banks to offer you the best rates.

Tips When Investing in a Zero-Coupon CD

If you’re interested in zero-coupon CDs, there are a few things to consider to make sure they’re a good investment for you. Specifically, it’s important to look at:

•   What the CD is selling for (in other words, how big of a discount you’re getting to its face value)

•   How long you’ll have to hold the CD until it reaches maturity

•   The face value amount of the CD (and what the bank will pay you in full, once it matures)

It’s easy to be tempted by a zero-coupon certificate of deposit that offers a steep discount between the face value and the amount paid out at maturity. But consider what kind of trade-off you might be making in terms of how long you have to hold the CD.

If you don’t have the patience to wait out a longer maturity term, or you need the money in the shorter term, then the prospect of higher returns may hold less sway for you. Also, keep in mind what kind of liquidity you’re looking for. If you think you might need to withdraw savings for any reason before maturity, then a standard CD could be a better fit.

Comparing zero-coupon CD offerings at different banks can help you find one that fits your needs and goals. You may also consider other types of cash equivalents, such as money market funds or short-term government bonds if you’re looking for alternatives to zero-coupon CDs.

Recommended: How to Invest in CDs: A Beginner’s Guide

Get up to $300 when you bank with SoFi.

Open a SoFi Checking and Savings Account with direct deposit and get up to a $300 cash bonus. Plus, get up to 4.60% APY on your cash!

Pros of Zero-Coupon CDs

Zero-coupon CDs have some features that could make them more attractive than other types of CDs. The main advantages of investing in zero coupon certificates of deposit include:

•   Higher return potential than regular CDs

•   Guaranteed returns, since you’re unable to withdraw money before maturity

•   Suited for longer-term goals

•   Can be federally insured

Zero-coupon CDs are lower-risk investments, which can make them more appealing than bonds. While bonds are considered lower-risk investments generally, if the bond issuer defaults, then you might walk away from your investment with nothing.

A zero-coupon certificate of deposit, on the other hand, does not carry this same default risk because your money is insured up to $250,000. There is, however, a risk that the CD issuer could “call” the CD before it matures (see more about this in the next section).

Cons of Zero-Coupon CDs

Every investment has features that may be sticking points for investors. If you’re wondering what the downsides of zero-coupon CDs are, here are a few things to consider:

•   No periodic interest payments

•   No liquidity, since you’re required to keep your money in the CD until maturity

•   Some zero-coupon CDs may be callable, which means the issuer can redeem them before maturity, and the investor won’t get the full face value

•   Taxes are due on the interest that accrues annually, even though the interest isn’t paid out until maturity

It may be helpful to talk to your financial advisor or a tax professional about the tax implications of zero-coupon CDs. It’s possible that the added “income” from these CDs that you have to report each year could increase your tax liability.

How to Collect Interest on Zero-Coupon CDs

Since zero-coupon CDs only pay out at interest at the end of the maturity term, all you have to do to collect the interest is wait until the CD matures. You can direct the bank that issued the CD to deposit the principal and interest into a savings account or another bank account. Or you can use the interest and principal to purchase new CDs.

It’s important to ask the bank what options you’ll have for collecting the interest when the CD matures to make sure renewal isn’t automatic. With regular CDs, banks may give you a window leading up to maturity in which you can specify what you’d like to do with the money in your account. If you don’t ask for the money to be out to you it may be rolled over to a new CD instead.

How to Value Zero-Coupon CDs

The face value of a zero-coupon CD is the amount that’s paid to you at maturity. Banks should specify what the face value of the CD is before you purchase it so you understand how much you’re going to get back later.

In terms of whether a specific zero-coupon CD is worth the money, it helps to look at how much of a discount you’re getting and what that equates to in terms of average interest earned during each year of maturity.

Purchasing a $10,000 zero-coupon CD for $8,000, for example, means you’re getting it at 20% below face value. Buying a $5,000 zero-coupon CD for $4,500, on the other hand, means you’re only getting a 10% discount.

Of course, you’ll also want to keep the maturity term in perspective when assessing what a zero-coupon CD is worth to you personally. Getting a 10% discount for a CD with a three-year maturity term, for example, may trump a 20% discount for a five-year CD, especially if you don’t want to tie up your money for that long.

The Takeaway

Investing in zero-coupon CDs could be a good fit if you’re looking for a lower-risk way to save money for a long-term financial goal, and you’d like a higher yield than most other cash equivalents.

Zero-coupon CDs are sold at a discount to face value, and while the investor doesn’t accrue interest payments annually, they get the full face value at maturity — which often adds up to a higher yield than many savings vehicles. And because the difference between the discount and the face value is clear, zero-coupon CDs are predictable investments (e.g. you buy a $5,000 CD for $4,000, but you collect $5,000 at maturity).

As with any investment, it’s important for investors to know the terms before they commit any funds. For example, zero-coupon CDs don’t pay periodic interest, but the account holder is expected to pay taxes on the amount of interest earned each year (even though they don’t collect it until they cash out or roll over the CD).

If you’re eager to earn a higher rate on your savings, you’ve got a lot of options to explore — including a high-yield bank account or a regular CD.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.60% APY on SoFi Checking and Savings.

FAQ

What is a coupon on a CD?

The coupon on a CD is its periodic interest payment. When a CD is zero coupon, that means it doesn’t pay out interest monthly or annually. Instead, the investor gets the full amount of interest earned paid out to them when the CD reaches maturity.

Is a certificate of deposit a zero-coupon bond?

Certificates of deposit and bonds are two different types of savings vehicles. While a CD can be zero-coupon the same way that a bond can, your money is not invested in the same way. CD accounts also don’t carry the same types of default risk that bonds can present.

Are CDs safer than bonds?

CDs can be safer than bonds since CDs don’t carry default risk. A bond is only as good as the entity that issues it. If the issuer defaults, then bond investors can lose money. CDs, on the other hand, are issued by banks and typically covered by FDIC insurance which generally makes them safer investments.

Photo credit: iStock/Joyce Diva

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.

The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

4.60% APY
SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

SOBK-Q224-1916941-V1

Source: sofi.com