cost

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Taking the hassle out of renting.

From searching for the perfect apartment to making it your own, every step of the apartment-hunting journey brings anticipation and the thrill of creating a space that reflects your unique personality and aspirations.

When determining the apartment that’s the right fit for your lifestyle and preferences, understanding what you can afford is a huge first step. This is overwhelming when considering all the financial factors of how much you make, how much you want to save, your debts and your desired city’s cost of living.

Remove the complication of calculating

The Rent Calculator is your one-stop place for determining the best apartment, all factors considered.

  1. Determine the location of where you’re apartment hunting.
  2. Enter your ideal number of beds
  3. Put in your pre-tax income
  4. Calculate your monthly expenses or a rough estimate

After you enter this information the Rent Calculator will calculate options for you based on spending 30 percent of your income. The calculator pulls three options for you, where you can explore apartments where you’d live on a budget, live comfortably and live luxuriously. It’s up to you, depending on your style, saving method and desired amenities what apartment category is the best fit for you.

Salary and rent affordability examples

50k salary

On $50,000 a year, you’re making $4,167 gross per month. Taking 30 percent of that, you are able to afford up to $1,250 per month in rent.

75k salary

On $75,000 a year, you’re making $6,250 gross per month. Taking 30 percent of that, you are able to afford up to $1,875 per month in rent.

100k salary

On $100,000 a year, you’re making $8,333 gross per month. Taking 30 percent of that, you are able to afford up to $2,500 per month in rent.

125k salary

On $125,000 a year, you’re making $10,417 gross per month. Taking 30 percent of that, you are able to afford up to $3,125 per month in rent.

Fun facts about rent

Learn a little more about who’s renting. How old are they? Do they room up with anyone? See where you fall into the statistics.

What does the average person spend on rent?

While rent prices in the U.S. vary greatly by region, the national median rent as of December 2022 was $2,007.

Many people choose to live with roommates to save money on rent. However, if you choose to live with others, it’s important to be clear on how much rent each roommate will be paying.

What percentage of people have a roommate?

Nearly half of renters are rooming with someone. Most renters in one of our conducted surveys (49.8 percent) lived with one roommate. Another 24.8 percent lived in two-roommate households.

What is the average age and salary of renters?

The typical U.S. renter is 39 years old, has never been married, with at least four years of college education and has a median annual income of $42,500.

Renting made easy

This rent calculator removes the overwhelming calculations, thoughts and considerations that fill a renter’s head when apartment hunting. In simplifying this process by swiftly providing accurate and tailored rent estimates, the burden on renters disappears and allows them to make informed decisions with ease. Find your dream apartment today!

*Disclaimer: This calculator displays an approximation of how much rent you can afford based on your location, income and debt. Real numbers may vary based on your lifestyle and fixed expenses.

Source: rent.com

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Reverse Point-of-Sale, Marketing and PR, TPO Products; Random TPO News; Ugly Insurance and Water News

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Reverse Point-of-Sale, Marketing and PR, TPO Products; Random TPO News; Ugly Insurance and Water News

By:
Rob Chrisman

4 Hours, 10 Min ago

While lenders are grappling with steadily increasing Agency repurchase requests, it’s National Donut Day! Someone had better offer those folks at State Farm Insurance a donut… maybe they’ll change their mind about cutting off insuring properties in California. Three thousand miles away, I wonder if Florida home owners should be happy of even having insurance despite it being four times cost of the national average. And good luck insuring anything built near the coast prior to 1992’s Hurricane Andrew. While we’re on the topic of Mother Nature and economics, it’s fine for the Biden Administration, or any politician, to call for more affordable housing, but what about where’s there’s no land or a community limiting development due to running out of water like in Phoenix!? (Today’s podcast can be found here and this week’s is sponsored by Lenders One, one of the largest mortgage co-ops in the country with a diverse mix of 250+ member companies and providers of an end-to-end solution independent mortgage professionals trust to drive profitability and growth. Listen to an interview with nCino’s Ali Maquet and Brett Dooies on why experience-driven automation should matter to financial institutions.)

Lender and Broker Products, Software, and Services

It’s time to schedule your firm’s 2023 MERS Annual Review and e-Annual Report with TENA! Every MERS member is required to complete a MERS Annual Review. If on March 31, 2023, your firm’s count of active MINs was 1,000 or more, then the 2023 MERS Annual Review for your firm must be completed by an independent third party, with the results submitted to MERS not later than December 31st. For significant savings, sign up early for a MERS Annual Review and provide TENA with all of the necessary documentation by August 31st. Avoid the last-minute rush! To ensure that your firm is in compliance, contact TENA today to initiate your firm’s 2023 MERS Annual Review. TENA also offers a full range of MERS reviews, including MERS Data Reconciliation and MERS Document Reviews. TENA Companies, Inc. has been the mortgage industry’s trusted source for Mortgage Quality Control Audit Services and Software since 1982.

“Experience for yourself what NexBank’s Wholesale, Non-Delegated Correspondent, and Delegated Correspondent clients have to say: ‘Everyone from AE to Underwriter and in between is amazing to work with all around.” and “I have been doing this a long time and have done a ton of loans and I finally feel like I found a team that cares about my clients as much as I do.’ NexBank’s goal is to make our TPO clients successful as we continue to roll out new, competitive products –> Announcing NEW pricing improvements on low loan balances to further promote affordable homeownership (< $275K) by introducing a Loan Balance Adjuster on Agency Conforming 30- & 25-year products, with certain restrictions. Plus, Escrow Holdbacks are now Eligible with Conforming Conventional, Mortgage Connect Full Doc and Non-QM, allowing our clients to close more loans in a timely manner. Contact us today. Member FDIC, Equal Housing Lender, NMLS 672886.”

Looking for Marketing and PR Assistance? The Seroka team has you covered! Seroka Brand Development, the mortgage industry’s leading marketing and PR firm, is here to provide the extra resources you need. With over 30 years of industry experience and strong media relationships, Seroka offers a complete turnkey solution to support your marketing and PR efforts. Whether you need project work, a new campaign, or to outsource your whole marketing department, Seroka can help. Seroka’s specialties include content marketing, digital marketing, social media, strategic planning, public relations, and campaign measurement. Its goals are to optimize your marketing spending and drive the best ROI. Seroka excels in boosting SEO, improving engagement, and generating more leads from your target audiences. If you’re stretched thin and need to achieve more with fewer resources, let Seroka Brand Development assist. Contact Seroka today to schedule a call and explore how their team can help you!

“Lenderful Solutions is excited to announce our latest release, with the support of Joe Rinner at Watermark Capital Reverse, a POS Solution specifically to guide borrowers interested in a Reverse Mortgage. This solution gives convenience and control to borrowers interested. A borrower can learn about their options, shop displayed calculate benefits based on their situation, determine their preferred payment options, and apply for a reverse mortgage in minutes. Data is delivered to lenders reverse mortgage LOS systems. Lenderful Solutions adding to our ability to digitize the process, so Loan Officers can continue to humanize the experience. Use automation tools like AVM, VOE, VOA, VOI, and Credit Pull to offer borrowers insurance for Home or Auto… without ever leaving your website. Our strong lineup of solutions including Mortgage with PreQual Express, Home Equity/HELOC, HE Turbo, Construction, Commercial, Consumer and more… clicking here or contacting us at (313) 910-3070.”

Wholesale and TPO News

Sometimes news from third party investors falls into neat categories, like conventional conforming changes, or government (FHA &VA & USDA) updates. Sometimes the news doesn’t, so with that in mind, let’s see who is doing what regarding policy and procedure changes.

United Wholesale Mortgage (UWM) announced PA+, a service that offers an additional level of loan processing support when needed. When an LO or processor orders PA+, they’ll get a dedicated UWM Loan Coordinator who will work with them and their borrower to help ease some of the most time-consuming parts of the loan process, from import to closing. UWM also announced UWM Portal, a bi-directional API that lets independent mortgage brokers who work with UWM seamlessly link their Loan Origination System (LOS) platform to UWM’s EASE system, further helping to streamline the entire loan process. This will allow brokers to sync their data to their LOS and eliminate the need to manually reconcile information during the loan.

On 5/25/2023, with Amendment No. 3 to DR-4699, FEMA granted individual assistance to Butte County impacted by California flooding.

After a thorough review of the most common reasons for the IRS rejection of the new Form 4506-C, AmeriHome provides some best practices and tips for successfully executing the new IRS Form 4506-C as another resource for its Sellers. See AmeriHome Product Announcement 20230503-CL for details.

Brokers, Kind Lending has extended CalHFA loan options to California homebuyers. Kind Lending offers CalHFA Conventional, Government and MyHome Assistance.

Rocket Pro TPO Partners have its new Home Equity Loan1 (HEL) product, helping clients achieve their financial goals. Clients can tap into their home equity without adjusting their first mortgage structure. Compare a Home Equity Loan to a cash-out refi with our HEL vs Cash-Out Calculators on PathfinderSM by Rocket.

Leverage another great tool from Rocket Pro TPO to win more business and potentially save clients thousands on their mortgage. Credit Upgrade, Rocket Pro’s free rapid rescore program, really works. In the first quarter of 2023, Credit Upgrade saved clients over $4 million on mortgage payments.

United Wholesale Mortgage (UWM) announced the roll out of Six Fixed-Rate Jumbo Products. Brokers now have access to more competitive jumbo pricing, along with transparent investor guidelines and loan qualifications. Additionally, UWM expanded its Conventional 1 percent Down product to 80 percent AMI. UWM supports independent mortgage brokers with industry-leading training, technology, and service.

Pennymac Correspondent Group posted three new announcements: Announcement 23-37: Navigating Form 4506-C: Insights and Tips for Completing, and Announcement 23-38: Fannie Mae SEL 2023-02 Required Use of Condo Project Manager.

Citi Correspondent Lending implemented changes to the CRA Schedule, effective for Best Effort locks completed on/after Tuesday, May 23, 2023. Two changes are being made related to MSA 35004 – Nassau. Agency LMICT premium is increasing to 1.50 from 1.00. MSA 35004 is being added to the Non-Agency Best Efforts grid.

Capital Markets

We had a massive amount of data for markets to digest yesterday, which, along with news that the House and Senate passed the bill to raise the debt ceiling, pushed investor sentiment and ultimately price movement toward the third consecutive day of gains (rates down) in the bond markets. That comes as a welcomed relief considering that mortgage rates jumped again last week to hit new year-to-date highs, according to the latest Primary Mortgage Market Survey from Freddie Mac.

In terms of economic data, the May ISM Manufacturing Index fell further into contractionary territory, the seventh consecutive month of general contraction in manufacturing activity. The Production Index climbed back into expansionary territory, giving some hope for an improvement in the coming months. The ADP Employment Change Report for May showed an estimated 278k jobs were added to private-sector payrolls, well above 160k expectations on the heels of a downwardly revised 291k in April. Job growth is still strong, but pay growth is slowing. The weekly initial jobless and continuing claims report both corroborated the ongoing strength in the labor market as businesses overall remain reluctant to cut staff size in large numbers, leaving the level of initial jobless claims well below what is typically seen in a recession environment.

The Revised Q1 Productivity and Unit Labor Cost report showed productivity was weak in the first quarter (declining 2.1 percent, better than expected), and unit labor costs were up 4.2 percent versus the advance estimate of up 6.3 percent. Total construction spending increased 1.2 percent month-over-month in April, better than expected after increasing 0.3 percent in March. Continued weakness in new single-family construction was overshadowed by strength in private and public nonresidential spending. On a year-over-year basis, total construction spending was up 7.2 percent.

We are 50 percent through the Signature and Silicon Valley Bank portfolio liquidations, at least in specified pools, and according to BofA’s Bill Bekery, by nearly every metric these have been “a resounding success in terms of execution, clearing level, and both dealer and customer participation. Given the performance and execution of the last ‘reverse inquiry’ auction, we would expect that an announcement is imminent for round two of reverse inquiry, which will further bring us closer to the end date of this sell program. 20-year pools have stood out to us as a standout performer, with payups outperforming. There has been strong customer demand for pools such as 100 percent Florida, Texas, and low FICO pools.

However, many other specified sectors are trading less well: REIT demand generally has underwhelmed as of late, and $200-275k balance pools as well as FICO/LTV/investor have struggled to find footing in production coupons. Loan balance 6.5 percent pools remain somewhat of a no-mans-land sector. 70 percent of Agency MBS outstanding is held by the Fed and banks, both of which are net selling. That continues to be an area of concern for mortgages, as does impatience by monetary policymakers regarding the lagged effects of 500 basis points of rate hikes and/or a resumption of the banking crisis resulting in additional bank portfolio liquidations.”

Today brings the all-important May jobs report. Nonfarm Payrolls increased by 339k versus expectations of +230k, up from the prior month of +253k, while the unemployment rate jumped from 3.4 to 3.7 percent when it was seen ticking up to 3.5 percent. Hourly earnings were +.3 percent, as expected, year over year +4.3 percent. There are no other economic releases of note scheduled for today. Despite yesterday’s rally to open June, the 2-year U.S. Treasury yield increased by 33 basis points over the month of May and the 10-year yield increased by 19 basis points. After the solid employment data we begin the day with Agency MBS prices worse about .125, the 10-year yielding 3.64 after closing yesterday at 3.61 percent, and the 2-year up at 4.40.

Employment and Transitions

“Equity Resources is independent and family-owned mortgage banker that is very proudly celebrating our 30th anniversary this year! While many lenders are reducing staff and are uncertain about their future, we are creating opportunities for our award-winning loan officer team! We are actively seeking career-focused loan officers throughout our footprint states. Equity Resources is currently licensed in 19 states along the east coast and mid-west. We are an agency direct lender that offers an exceptional marketing platform for our loan officers, including a media and video production team. We offer a full suite of loan products and programs (including several specialty lending programs.) If you are frustrated with the direction of your mortgage banking career and not getting the support you deserve; or simply would like to have a conversation about “Why Equity Resources”, please contact Tom Piecenski, Executive Vice President of Sales and Development (614.327.5353).”

A Louisiana based full-service, independent mortgage banker averaging $1 billion in production annually is searching for a proven retail sales leader to run all business development initiatives. The Sales, Recruiting, and Marketing departments will report directly to this head of business development role, and the role will report directly to the CEO. The ideal candidate will have a demonstrated track record of hiring and managing multiple production offices across several states. The IMB is well capitalized, has agency direct approvals, offers niche products, significant technology advancements and a world-class operations team with experienced, tenured sales and fulfillment employees. For confidential consideration, please email confidential resume to Chrisman LLC’s Anjelica Nixt.

The Loan Store, Inc. announced that Phil Shoemaker has assumed the role of chief executive officer. Shoemaker was named incoming CEO on April 7 when it was announced that The Loan Store had entered into a definitive agreement to acquire certain assets of Homepoint’s wholesale originations channel. Mark Lefanowicz, who has served as The Loan Store’s president and CEO since 2019, will continue as chairman of the board.

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

Source: mortgagenewsdaily.com

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You’ve put in an offer on your dream home and the seller has accepted. But before you get too carried away with celebrating, you may want to take some time to consider a mortgage rate lock.

A mortgage rate lock is a guarantee from a mortgage lender that the interest rate they’re offering you won’t change for an agreed period (typically from 30 to 60 days). This can prevent your lender from increasing your mortgage’s rate (due to changing market conditions) during the application and approval process. Depending on what’s going on with mortgage rates, a lock might save thousands of dollars over the life of your loan.

Below, CNBC Select breaks down how a mortgage rate lock works and what to consider before asking for one.

When should you lock in an interest rate?

Ideally, you want to lock in the rate when overall rates are low. But no one can predict the exact movements of mortgage rates — not even industry analysts possess that kind of crystal ball.

For that reason, it’s best to avoid the guesswork and lock in the mortgage rate after you’ve shopped around for a mortgage lender and compared the rates offered to you. Your rate has a huge effect on your monthly payments, as well as how much you’ll pay in interest over the life of the loan. It’s a good idea to compare offers from at least three lenders to ensure you’re getting the best deal.

CNBC Select recommends SoFi if you’re looking to save money through discounts and other lender incentives, Rocket Mortgage if your credit score is on the lower side and Ally Bank if you want to avoid lender fees.

SoFi

  • Annual Percentage Rate (APR)

    Apply online for personalized rates; fixed-rate and adjustable-rate mortgages included

  • Types of loans

    Conventional loans, jumbo loans, HELOCs

  • Terms

    10 – 30 years

  • Credit needed

  • Minimum down payment

Terms apply.

Rocket Mortgage

  • Annual Percentage Rate (APR)

    Apply online for personalized rates

  • Types of loans

    Conventional loans, FHA loans, VA loans and Jumbo loans

  • Terms

    8 – 29 years, including 15-year and 30-year terms

  • Credit needed

    Typically requires a 620 credit score but will consider applicants with a 580 credit score as long as other eligibility criteria are met

  • Minimum down payment

    3.5% if moving forward with an FHA loan

Terms apply.

How a mortgage rate lock works

Mortgage rates move constantly. Many interconnected factors contribute to these movements, including changes in the Federal Reserve’s target rate, the overall state of the economy, conditions and trends in the housing market and the 10-year Treasury bond yield, to name a few. A mortgage rate lock is designed to protect the mortgage interest rate your lender offers you from the influence of these market forces. If you’re taking advantage of a mortgage rate buydown, you’ll also be locking in the cost of any discount points.

Usually, you can lock in your mortgage rate for 30 to 60 days. Certain loans, such as construction loans, may have longer lock periods to allow enough time to close. During this time, even if mortgage rates go up, the rate your lender has given you won’t change.

But what if the rates go down? Unfortunately, you may miss out on potential savings — unless your lock comes with a “float-down” option. This feature allows you to take advantage of a lower rate when it’s available, but you typically can only use it once and it usually comes at a fee. If your lock doesn’t have this feature, you may be out of luck. At the same time, the lock’s purpose isn’t to guarantee the best rate but to protect you from an increase in loan costs. And most of the time, that’s well worth the price.

A mortgage rate lock isn’t free. Even when there’s no official fee listed on your closing costs breakdown, the lender will factor it into the rate you’re receiving. Typically, you can expect to pay somewhere between 0.25% and 0.50% of your loan to lock in your rate. If you need to extend the lock period, you might have to pay an additional fee for that too — usually, 0.375% of the loan amount.

How to lock in a mortgage rate

To lock in a mortgage rate, you need the address of the property you’re interested in purchasing. Some lenders may allow you to lock in the rate once you’re preapproved, while others might require that the seller first accepts your offer.

Rate lock policies vary by lender, but usually, a loan advisor will offer you one once your application is approved and ready to go to underwriting. If they don’t, ask about the rate lock and how much it will cost you.

Can you change mortgage lenders after locking in your rate?

A mortgage lock doesn’t tie you to a lender. However, if you switch lenders, you’ll have to start the process again. This may result in closing delays that will force you to pay fees to the seller, or your deal might fall through altogether. Even if that worst-case scenario doesn’t occur, you may still need to pay expenses such as appraisal and credit check fees again. For that reason, it’s best to shop for a lender before you’re too far ahead in the process.

Your interest rate can still change after a mortgage rate lock

A mortgage rate lock protects your interest rate, but it’s not absolute. Certain situations may void your rate lock.

Your mortgage rate lock is tied to a specific property address. If your purchase contract is canceled, so is your lock. Once you find a new home, you’ll need to get a new rate.

Further, all the conditions of your mortgage contract, including your locked rate, are contingent on your financial profile staying unchanged. For example, if your credit score drops or you add to your debt, your lender will reevaluate your eligibility, which can affect what interest rate they’ll offer you. Because of this, avoid opening new credit lines or racking up balances on your credit cards until you close — otherwise, you might put your home purchase in jeopardy. Likewise, your interest rate may change if the appraised value of the property changes from the time you initially locked your rate.

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Money matters —  so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here.

Bottom line

Mortgage rates often fluctuate, but a rate lock can protect the rate your lender has quoted you from such fluctuations. While you may need to pay for it and it doesn’t guarantee the lowest rate, it provides the peace of mind that comes with knowing the cost of your mortgage won’t increase before you close.

Catch up on CNBC Select’s in-depth coverage of credit cards, banking and money, and follow us on TikTok, Facebook, Instagram and Twitter to stay up to date.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.

Source: cnbc.com

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Washington, DC
CNN
 — 

Commercial and multifamily mortgage delinquencies increased in the first quarter of 2023, according to a new report from the Mortgage Bankers Association.

“Ongoing stress caused by higher interest rates, uncertainty around property values, and questions about fundamentals in some property markets are beginning to show up in commercial mortgage delinquency rates,” said Jamie Woodwell, MBA’s head of commercial real estate research.

Commercial real estate was hit hard by the pandemic, with fewer people returning to offices and spending money — eating lunch, getting their nails done, using dry cleaners — in those corridors. Over the past 14 months the Federal Reserve has hiked rates 10 times, pushing the cost of borrowing ever higher. Together with tightening credit, as a result of bank failures this spring, commercial and multifamily companies are facing headwinds.

“Delinquency rates increased for every major capital source during the first quarter, foreshadowing additional strains that are likely to work their way through the system,” Woodwell said.

The quarterly analysis looks at delinquency rates for five of the largest investor groups: FDIC-insured banks and thrifts, commercial mortgage-backed securities, life insurance companies, and Fannie Mae and Freddie Mac. Together, these groups hold more than 80% of commercial and multifamily mortgage debt.

MBA’s analysis incorporates the measures used by each individual investor group to track the performance of their loans. Because each investor group tracks delinquencies in its own way — some include loans with payments 30-days late, some 60-days, some 90-days — delinquency rates are not comparable from one group to another.

For example, Fannie Mae reports loans that are in a forbearance agreement as delinquent, while Freddie Mac excludes those loans if the borrower is in compliance with the forbearance agreement.

Although the groups’ definitions of delinquency vary, delinquency rates for each group at the end of the first quarter of 2023 were higher than at the end of 2022.

Banks and thrifts had a delinquency rate of 0.58%, an increase of 0.13 percentage points from the fourth quarter of 2022. Life company portfolios had a rate of 0.21%, up 0.10 percentage points from the end of last year.

Fannie Mae had a rate of 0.35%, an increase of 0.11 percentage points from the fourth quarter of 2022. Freddie Mac had a delinquency rate of 0.13%, an increase of 0.01 percentage points from the fourth quarter of 2022.

Commercial mortgage-backed securities had a delinquency rate of 3%, an increase of 0.10 percentage points from the end of 2022.

Construction and development loans are generally not included in the numbers presented in the MBA’s report but are included in many regulatory definitions of ‘commercial real estate’ despite the fact they are often backed by single-family residential development projects rather than by other income-producing properties.

The FDIC delinquency rates for bank and thrift held mortgages reported here do include loans backed by owner-occupied commercial properties.

Source: cnn.com

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Chelsea Dehner

  • Published Oct 8, 2019
    – [Updated Apr 26, 2021]
  • 1 min read

  • Sources

  • The views expressed on this blog are those of the bloggers, and not necessarily those of Intuit. Third-party blogger may have received compensation for their time and services. Click here to read full disclosure on third-party bloggers. This blog does not provide legal, financial, accounting or tax advice. The content on this blog is “as is” and carries no warranties. Intuit does not warrant or guarantee the accuracy, reliability, and completeness of the content on this blog. After 20 days, comments are closed on posts. Intuit may, but has no obligation to, monitor comments. Comments that include profanity or abusive language will not be posted. Click here to read full Terms of Service.

    • When we think of things that will save the environment we think of taking the bus to work or buying local food — both expensive actions. Yet going green doesn’t have to cost you a ton of time or money. In fact, many of the eco-smart habits also help you save money by reducing excess and getting more use out of old things.

    We all know the phrase: Reduce, Reuse, Recycle. However straightforward it may sound, it can still be hard to incorporate environmentally friendly actions into your everyday. Becoming familiar with the sustainability of every company and brand you support can be time-consuming and difficult. It can be confusing to determine which kinds of plastic can be recycled and which can’t.

    Thankfully, there’s technology out there that can make helping the environment a bit easier — all while saving money. There’s apps that help us monitor our energy and water usage to help us make smarter choices, and apps that make it easy to upcycle old clothes and electronics.

    Check out the infographic below for a full list:

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    Source: mint.intuit.com

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    This guest post from Ian is part of the “reader stories” feature at Get Rich Slowly. It’s the extended version of the story he shared in his prize-winning entry to this year’s GRS video contest. Some reader stories contain general advice; others are examples of how a GRS reader achieved financial success — or failure. These stories feature folks from all levels of financial maturity and with all sorts of incomes.

    It dawned on me in college, having experienced several different summer jobs, that I really didn’t like being employed. Sure, the money is nice — but it’s just no fun at all to spend your days working to reach some boss’s plans or goals. I’m sure there are some folks out there who find a 9-to-5 job fulfilling, but that sure ain’t me. There’s too much fascinating stuff out there to learn and do to spend 40 years in a cubicle. The mere thought makes me shudder, and I wanted nothing to do with a career.

    Most of the financial advice out there is geared towards building up a big account to retire on. I figured that I would enjoy taking a different route — reducing the total income I needed to live on. With a significant reduction in expenses, it becomes feasible to live very comfortably on a part-time income, or even just income from hobbies. How do you reduce your expenses that much? Live off the grid.

    [embedded content]

    Planning

    By “live off the grid”, I don’t mean abandoning all your possessions to live in a shack in the woods. I mean taking control of your necessities and providing them yourself instead of relying on other to do it for you (and paying them to do so). Going offgrid requires a greater up-front payment, which is rewarded by great benefits in the long term (sound familiar?). Building a house yourself is a huge investment in time, sweat, and cash — but it allows you to enjoy freedom from rent or mortgage for decades. Like cooking at home instead of going out, but writ large (hundreds of thousands of dollars large).

    Note: My decision to follow this path was not purely a financial one — I simply am happiest out in the boonies. There are too many people in the city, and it’s just not enjoyable for me. I want some space. You may be different — and probably are.

    The more I looked at the offgrid option, the more financial advantages I saw in it. By choosing an earth-bermed home design, I could minimize heating and cooling expenses, as well as exterior maintenance. Having my own well and septic system eliminate the water bill, and having my own photovoltaic system for electricity cuts out another bill. My consumable fuels for the home are limited to some wood for winter heating (easily collected from the property) and propane for cooking (for which a couple hundred gallon tank is nearly a lifetime supply). Add some food production on the land, and you can also reduce grocery expenses.

    Does this mean intentional poverty? Absolutely not. It means that I can have great quality of life, make $10,000 per year with a part-time or online gig, and have more disposable income than most middle income debt-ridden wage slaves.

    Execution

    At the time I put this notion together, I was in the middle of getting a fancy engineering degree from a fancy university. I had been losing interest in engineering as a field to work in, and opted to jump to a more hands-on field of study and get the fastest two-year degree I could. I judged that it would be better to leave with some sort of diploma than drop out altogether.

    At the same time, I started looking for affordable rural land. I had a small inheritance from a great grandparent that I had been saving for something significant and meaningful, and a piece of land seemed like the perfect use for it. I eventually found a 40 acre parcel in the Southwest for less than $500/acre. I ditched school for a week to camp out on it, and fell in love. It had a good southeast facing slope for my passive solar house plan, and everything else I wanted in a parcel.


    Ian’s parcel of land

    On the third day, I signed a bill of sale, wrote a check for the price (10% off since I wasn’t financing it) and made it mine. And then (sadly) headed back to school. A year later, I came out with my degree and a $35,000 bill from Sallie Mae. That student loan was my only debt, and it meant a monthly payment of something like $250. Not bad at all, by most standards.

    I packed all my belongings into my truck (a paid-for beater of a 1970s Chevy) and embarked to find a job in the little windblown town nearby and build my house. Jobs were sparse, though, and I wound up making less than minimum wage as a commission mechanic. That $250 loan payment was a massive chunk of my income, and it became clear that I wouldn’t make any progress unless I changed my situation. So I packed up again, and moved to the big city (ugh). Not what I wanted to do, but it was necessary. After a couple false starts, I landed a bartending job that paid pretty darn well. Now that I was finally making more than I needed to just scrape by, I set about making some real progress.

    Saving was immediately gratifying, because I brought home my day’s earnings in cash every night. I budgeted out what I needed to live on (rent, gas, food), and put that much in my living expenses envelope each evening. The loose change (a couple bucks worth usually) became my “fun” spending money, and everything else went into the student loan envelope. Every time the envelope crossed the $1000 threshold, I took it down to the Post Office and sent a money order to Sallie Mae. I didn’t eat out, I didn’t go to bars, I replaced my big beater truck with a little beater truck that got much better gas mileage, I didn’t have a TV, and I split an internet connection with a neighbor in my apartment block. I grabbed every extra shift at the bar that I could manage. It paid off. In 53 weeks, I zeroed out that student loan. (I have the closure notice from Sallie Mae framed.)

    Then came a big moment of truth. I’d been focusing intensely on paying off that debt, and the house plan was a bit of a nebulous thing that I would do later, after the loan. Well, now the loan was gone, I had the good-paying job, and I was used to living on not very much. I could go do anything now! I could buy a slick new car, or a bunch of cool gadgets, or anything I wanted. Or I could make the earth-bermed, offgrid house a reality. It didn’t take much reflection to conclude that the house was what I really wanted. So I replaced my “Loan” envelope in the closet with a “House” envelope and went right on with the same budget. Soon the envelope filled up, and I replaced it with a shoebox. Eventually the pile of cash in the shoebox started making me a bit nervous, and I got a safety deposit box at my bank.

    When my second year on the budget netted me as much as the first, I crunched some numbers and concluded that a third year would be enough to get me enough money to build the house. I informed my manager at the bar that I would be leaving on May 31st of the next year, when it had warmed up and I deemed that building season was in full swing.

    During that third year, I started spending some of my savings to pay for some initial infrastructure that I had to hire out, like the installation of my well and septic system and the kit for my house (purchased from Performance Building Systems — a company I highly recommend). When I finally quit the bartending job (on exactly the day I’d selected a year earlier), I headed back to the property with a wad of about $40,000 in cash and a sturdy pair of work boots.


    Ian has his work boots on

    I spent that summer living in a neighbor’s barn and building. The house I’d decided on was a monolithic concrete arch, 24 feet wide and 36 feet deep. It came to 800 square feet total, and would be covered with 2-4 feet of earth when finished. The sides would be completely underground, and the front wall would be fully exposed, with a lot of glazing to let in light and warmth (you can see photos of a bunch of these homes at earthshelter.com). I first needed to dig into my hillside and lay a slab foundation, then construct the framework of the the house, build the front wall with concrete block, and then have the main framework shotcreted (concrete sprayed with a high pressure air hose, to form rounded structures). Once the shotcrete set, I began building wall framing inside, and running water and electrical lines.

    It’s not finished yet — some things cost more than I’d expected, and by the time winter really set in, I had a lot of interior work still left to do and had run out of savings. So I moved back to the city to find another job, and I continue to work on the house on my weekends.

    However, the house is complete enough that I could live in it if I had to. I’m working my current job (I leveraged my offgrid experience into a position in the solar power industry) because of a conscious decision that the income is worth the time, and I have an alternative option should I decide that I really dislike the employment. That option makes a big psychological difference.

    I can reflect on my job and know that I’m working it for a specific goal. I already have enough saved up again to finish the house interior, and what I’m doing now is saving up to build and stock a good workshop. With a good selection of woodworking, metalworking, and automotive tools I will be able to indulge in fairly technical hobbies. I can easily live on the proceeds of custom niche machine work, or have fun restoring and selling an antique vehicle from time to time. In addition, things like building my own furniture and maintaining my own vehicles will save a lot of money, and be more rewarding than hiring others to do the work for me.

    Thanks to the planning and hard work, I will retire by the age of 30 — if not sooner. That doesn’t mean I’ll spend my time watching TV and playing golf, it means I will be able to actually live life instead of sacrificing all my time to a job making money.

    Questions About the House

    Living off the grid isn’t what many people expect. With the dramatic recent reduction in solar power costs, you can really have every modern convenience without a power pole. You really can’t tell an offgrid home from the inside. The keys to doing this effectively are putting more attention into efficiency, and choosing the right power sources. Electric heat, for example, is extremely inefficient. Propane is a far cheaper way to cook, and a wood stove is a great inexpensive, renewable source of heating. Thoughtful home design to utilize solar exposure, prevailing wind currents, and other environmental factors can significantly reduce the amount of artificial heating and cooling needed in the first place. Modern efficient appliances and lighting further reduce electrical needs.

    Because of my high altitude and sunny climate, I chose to use a solar hot water heater instead of an electric or propane type. It’s a simple system with an 80-gallon tank (which should be able to supply comfortable hot showers through 3 days without sun), and it reduces my propane needs to just cooking. Internet can be provided by either satellite or wireless broadband (my cell phone reception is iffy at the house, but my Blackberry can get a pretty decent signal).

    What about my social life? Am I going to be some sort of loner hermit? The answer is definitely not.

    I’m not someone who needs constant social interaction, but you get plenty of it in the boonies. It’s clear from both my own experience and talking to other folks living in similar situations, that there is much more community socialization when there aren’t many people than when there are lots. I’ve never known more than one or two neighbors when I’ve lived in a city with dozens of people within shouting distance. But when there are only five families in a square mile, you know all of them, and their dogs, and often their friends and relatives who occasionally visit. It’s true for my house now — there are a few permanent residents and a few weekenders and we all socialize regularly.

    The other question I always get is about family. The short version is that I have no desire for marriage or children. The house isn’t big enough for a family, and it wouldn’t be feasible to put on an addition. If I wake up one morning and suddenly can’t live another day without offspring, I’ll just have to build a new house. But I don’t envision that happening.

    Tips

    If you’re considering doing something like this, I’d like to offer a couple quick tips from my experience. Just as a good financial decision now can have magnified implications down the road, time spent planning a house can prevent huge problems in construction. An hour spent fixing something in the foundation can prevent a day’s work in construction or a week’s work in finishing.

    My other suggestion is to not let the traditional rule your decisions. If you’re putting this much work into a place to live, you clearly plan to be there for a long time. So don’t worry about building a house that will be easy to sell — build the house you really want to live in. My bedroom is minuscule by most folks’ standards, because I like the idea of a cozy sleeping space. (I also ran a small water line and drain to the bedside table, so I don’t have to get out of bed for a drink of water at night.) The pantry is huge, though, because I will be growing and preserving food. I’m building a house to live in, not to sell, so I don’t care if it appeals to a real estate agent or bank loan officer.

    Most of all, if you have a dream, you should do it. Stop fantasizing and start planning. No matter how many years it might take, it won’t ever happen until you start. And once you do start, you’ll be amazed at what perseverance and dedication can do for you. There’s no better feeling in the world than deciding how you want to live and making it happen.

    Source: getrichslowly.org

    Apache is functioning normally

    Inside: Enjoy these millionaire quotes about achieving success! These statements will help you motivate yourself to achieve your goals and become a millionaire.

    Success is not a destination- it’s a journey.

    When you find yourself stuck, struggling to make progress on your goals, often the only thing that will inspire you to keep going is by reading quotes from other successful people who have been there before. So grab some time and read these meaningful quotes now!

    Quoting people is a great way to remind yourself of your goals and stay motivated.

    It’s easy to get distracted by the demands of life, so I like reaching for quotes that tell me what I need most right now.

    Quotes by millionaires are a great source of inspiration and motivation for anyone looking to achieve success in life. Not only do they offer wise words of advice, but they also remind us that failure is an essential part of learning and achieving greater things.

    So don’t be afraid to dream big and work hard towards making those dreams a reality.

    In fact, here are the most inspiring millionaire quotes.

    The power of millionaire quotes

    Millionaire quotes have the power to change your life. If you’re feeling down or unmotivated, reading a few words from a millionaire can give you the boost you need to get back on track.

    For example, Tony Robbins is one of the most successful millionaires in the world with a net worth of over $600 million. And he’s not the only one; there are countless millionaires out there who have made their fortune through hard work and determination.

    When it comes to making money, these people know what they’re talking about! Their advice is worth listening to, and if you take their words to heart, you’ll be well on your way to success.

    So next time you feel like giving up, read some inspiring quotes from millionaires and see how that changes your outlook on life. You may be surprised at just how powerful these words can be!

    How to use millionaire quotes to achieve success

    There is no one-size-fits-all answer to this question, as the best way to use millionaire quotes to achieve success depends on your personal goals and objectives.

    However, some tips on how to use quotes to achieve success include:

    • Find quotes that resonate with you and inspire you.
    • Keep your goals in mind when reading quotes and using them to motivate you.
    • Write your own quotes and keep them in a place where you can see

    If you’re looking to achieve success, millionaire quotes can be a great way to get started.

    They provide inspiration and motivation and remind you that failure is not an option – which can be a great thing if you’re willing to learn from your mistakes.

    The benefits of using millionaire quotes

    Quotes by millionaires offer great advice and motivation for anyone looking to achieve success. They provide a unique perspective that can help you focus on your goals and push through any obstacle in your way. Additionally, these quotes can help increase productivity in any context and inspire creativity.

    While it’s important to remember that not everyone is able to become a millionaire, following the advice of those who have achieved this level of success can be incredibly beneficial.

    As Thomas A. Edison once said, “I have not failed. I’ve just found 10,000 ways that won’t work.”

    This type of attitude will help you stay motivated even when things get tough.

    Walt Disney also had some profound words of wisdom: “If you can dream it, you can do it.” This quote speaks to the idea that anything is possible if you put your mind to it.

    Reaching your goals may seem difficult at times, but with enough determination and hard work, you’ll be able to accomplish anything.

    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.

    Millionaire Mindset Quotes

    These inspirational, motivational, and wise words from millionaires who achieved success despite all odds teach us that determination and perseverance is the key factor in life.

    Your mindset will determine your outcome.

    Enjoy some of the best millionaire mindset quotes…

    1. “I can accept failure, everyone fails at something. But I can’t accept not trying.” – Michael Jordan

    2. “Start with the end in mind. If you want to be a millionaire, talk like one, act like one, work like one.”- Bob Proctor

    3. “When everything seems to be going against you, remember that the airplane takes off against the wind, not with it.” – Henry Ford

    4. “The easiest thing I ever did was earn a million dollars. The hardest thing I ever did, and it took years, was believing I was capable of earning a million dollars.” – Les Brown

    5. “There is no monopoly on becoming a millionaire. If you’re jealous of those with more money, don’t just sit there and complain – do something to make more money yourself.” Gina Rinehart

    6. “You can’t connect the dots looking forward; you can only connect them looking backwards. So you have to trust that the dots will somehow connect in your future. You have to trust in something – your gut, destiny, life, karma, whatever. This approach has never let me down, and it has made all the difference in my life.” – Steve Jobs

    7. “Think like a queen. A queen is not afraid to fail. Failure is another steppingstone to greatness.” – Oprah Winfrey

    8. “To win big, you sometimes have to take big risks.” – Bill Gates

    9. “Fail trying; don’t fail watching.” – Bob Goff

    10. “There are a ton of ups and downs, and many times our highest points come immediately after our lowest.” – Pat Flynn

    11. “Valleys don’t stop victories.” – Marshawn Evans Daniels

    Motivation Millionaire Quotes

    Motivation is key to success. It is what drives us to achieve our goals and reach our potential.

    There are many reasons why motivation is so important, but here are some of the most important ones:

    • Without motivation, it’s hard to stay focused and push through difficult tasks.
    • You’ll be more likely to give up if you’re not motivated.
    • Motivation gives you the energy you need to work hard and achieve your goals.
    • When you’re motivated, you’re more likely to take action and make progress towards your goals.

    Now, here are the best motivation millionaire quotes to keep you going.

    12. “When something is important enough, you do it even if the odds are not in your favor.” – Elon Musk

    13. “You simply have to put one foot in front of the other and keep going. Put blinders on and plow right ahead.” – George Lucas

    14. “You cannot push any one up a ladder unless he be willing to climb a little himself.” – Andrew Carnegie

    15. “The future of humanity: a choice between the past and the present, between stagnation or progress.” – Vladimir Vernadsky

    16. “If people are not laughing at your goals, your goals are too small.” – Azim Premji

    17. “Before you can become a millionaire, you must learn to think like one. You must learn how to motivate yourself to counter fear with courage.” – Thomas J. Stanley

    18. “Don’t let the noise of others’ opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition.” – Steve Jobs

    19. “I’d rather regret the things I’ve done than regret the things I haven’t done.” – Lucille Ball

    20. “Do not be embarrassed by your failures, learn from them and start again.” – Richard Branson

    Success Millionaire Quotes

    Your goals will help guide your lifestyle and create a more meaningful journey for you.

    By reaching your goals along the way, you find success. It is those small milestones that can help you along your journey. Believing bigger is about knowing deep down inside you are successful.

    Now, here are some of the best success millionaire quotes to start believing in today!

    21. “My dad encouraged us to fail. Growing up, he would ask us what we failed at that week. If we didn’t have something, he would be disappointed. It changed my mindset at an early age that failure is not the outcome, failure is not trying. Don’t be afraid to fail.” – Sara Blakely

    22. “Success if not final. Failure is not fatal.” – Teri Ijeoma

    23. “It doesn’t matter how many times you fail. You only have to be right once and then everyone can tell you that you are an overnight success.” – Mark Cuban

    24. “I have had all of the disadvantages required for success.” – Larry Ellison

    25. “It’s fine to celebrate success but it is more important to heed the lessons of failure.” – Bill Gates

    26. “Obviously everyone wants to be successful, but I want to be looked back on as being very innovative, very trusted and ethical and ultimately making a big difference in the world.” – Sergey Brin

    27. “You don’t have to be a genius or a visionary or even a college graduate to be successful. You just need a framework and a dream.” – Michael Dell

    28. “Setting goals is the first step in turning the invisible into the visible.” – Tony Robbins

    29. “You can never quit. Winners never quit, and quitters never win.” – Ted Turner

    30. “All of us, in a sense, struggle continuously all the time, because we never get what we want. The important thing which I’ve really learned is how do you not give up, because you never succeed in the first attempt.” – Mukesh Ambani

    Millionaire Mentor Quotes

    Self-made millionaires offer great insight and motivation for those working towards success. They remind us that failure is often a part of the journey, but it’s important to stay true to ourselves along the way.

    When you are building a business or starting a new endeavor, wouldn’t you want to have a mentor looking over your shoulder and motivating you?

    So, although you may not be able to afford to meet these millionaires in person, you can write their quotes on your planner or near your computer to keep you focused on making your million.

    When we spend time with people who have achieved success, their positivity rubs off on us.

    We can begin to see the world through their lens and get motivated to achieve our own goals.

    31. “The biggest risk is not taking any risk… In a world that is changing really quickly, the only strategy that is guaranteed to fail is not taking risks.” – Mark Zuckerberg

    32. “I believe people have to follow their dreams – I did.” – Larry Ellison

    33. “If you don’t live your life, then who will?” – Rihanna

    34. “Money is just a consequence. I always say to my team, ‘Don’t worry too much about profitability. If you do your job well, the profitability will come.’” – Bernard Arnault

    35. “If you want to be successful, find someone who has achieved the results you want and copy what they do and you’ll achieve the same results.” – Tony Robbins

    36. “Dedicating myself to actually following through was my single biggest achievement.” – Nick Woodman

    37. “Always make a total effort, even when the odds are against you.” – Arnold Palmer

    38. “I’m an entrepreneur. ‘Ambitious’ is my middle name.” – Kim Kardashian

    39. “Talent without working hard is nothing.” – Cristiano Ronaldo

    Strong Millionaire Quotes

    Okay, there are times you need to hear the hard stuff. Like the coach whispering exactly what you need to be told when you weren’t executing as you should be.

    These strong millionaire quotes are the ones that put us back on track.

    They remind us why motivating yourself to achieve great success is necessary.

    40. “Swim upstream. Go the other way. Ignore the conventional wisdom.” – Sam Walton

    41. “Winning is not always the barometer of getting better.” – Tiger Woods

    42. “If you’re afraid to fail, then you’re probably going to fail.” – Kobe Bryant

    43. “If you don’t find a way to make money while you sleep, you will work until you die.” – Warren Buffett

    44. “If you’re changing the world, you’re working on important things. You’re excited to get up in the morning.” – Larry Page

    45. “Be thankful for what you have; you’ll end up having more. If you concentrate on what you don’t have, you will never, ever have enough.” – Oprah Winfrey

    46. “As long as you’re going to be thinking anyway, think big.” – Donald Trump

    47. “Confidence is the most important single factor in this game, and no matter how great your natural talent, there is only one way to obtain and sustain it: work.” – Jack Nicklaus

    48. “You have to be able to accept failure to get better.” – LeBron James

    Millionaire Quotes about Life

    Successful people are usually happy because they have found a way to be content in life while still reaching for more.

    Regardless of the type of millionaire they are, they all find happiness in some form or another from their work. This in turn leads to greater motivation and a desire to keep growing and achieving more. Additionally, small challenges help to keep these levels of happiness and motivation high.

    Here are the best millionaire quotes about living life to the fullest!

    49. “I’d rather be optimistic and wrong than pessimistic and right.” – Elon Musk

    50. “A brand for a company is like a reputation for a person. You earn reputation by trying to do hard things well.” – Jeff Bezos

    51. “Everybody has equal opportunity, and I think that is true for everything.” – Mukesh Ambani

    52. “If you are born poor it’s not your mistake, but if you die poor its your mistake.” – Bill Gates

    53. “Treat your life like a game.” – Ray Dalio

    54. “Self-praise is for losers. Be a winner. Stand for something. Always have class, and be humble.” – John Madden

    55. “Being rich is a good thing. Not just in the obvious sense of benefitting you and your family, but in the broader sense. Profits are not a zero sum game. The more you make, the more of a financial impact you can have.” – Mark Cuban

    56. “People should only profit to the extent they make other peoples lives better.” – Charles Koch

    Future Millionaire Quotes

    Success is a tricky thing to quantify.

    This perspective can help you stay motivated as you work towards your goals- knowing that things are always changing and evolving. Additionally, it’s important not to compare yourself with anyone else in this world. You’ll only end up insulting yourself!

    So from one millionaire to the next millionaire (you), here are the future millionaire quotes to memorize.

    57. “You can’t just wish to be a millionaire; you have to figure out how to earn it.” – Dolly Parton

    58. “Sometimes life hits you in the head with a brick. Don’t lose faith.” – Steve Jobs

    59. “The key to life when it gets tough is to keep moving. Just keep moving.” – Tyler Perry

    60. “Have fun. The game is a lot more enjoyable when you’re trying to do more than just make money.” – Tony Hsieh

    61. “Education is the most important for our children, and it’s also the best investment.” -Bill Gates

    62. “I never took a day off in my 20’s. Not One.” – Bill Gates

    63. “At the end of the day, you know yourself best.” – Abigail Johnson

    Millionaire Quotes about Money

    Millionaire quotes are a great way to get motivated and inspired to achieve success. They offer a glimpse into the mindset of millionaires and what drives them.

    Money is often seen as the key to happiness.

    And while it can certainly bring a level of comfort and ease, it is not the only thing that can bring happiness. Hard work and dedication are essential for success, and it is important to believe in yourself and your dreams.

    So, enjoy these millionaire quotes about money…

    64. “Never depend on a single income. Make investments to create a second source.” – Warren Buffett

    65. “If you do not see riches in your imagination, you will never see them in your bank balance.” – Napoleon Hill

    66. “Most people fail to realize that in life, it’s not how much money you make. It’s how much money you keep.” – Robert Kiyosaki

    67. “Rule No. 1: Never lose money. Rule No. 2: Never forget rule No.1” – Warren Buffet

    68. “Why pay a dollar for a bookmark? Why not use the dollar for a bookmark?” – Steven Spielberg

    69. “I want the last cheque I write to bounce.” – Chuck Feeney

    70. “It’s not about the money, it’s about what you can do with the money.” – Thomas J. Stanley

    Which Thing will You do to Result in More Wealth Opportunities?

    So there you have it, 70+ powerful millionaire quotes to help you motivate yourself to achieve success.

    These are people worth at least 7 figures – maybe even 10 figures.

    If you want to become a millionaire, it all starts with taking action towards your goals.

    Use these quotes as inspiration and fuel to keep you going on your journey to success.

    Remember, it’s not about the destination, it’s about the journey.

    Enjoy the process and don’t stress too much about the outcome. As long as you’re taking action and moving forward, you’re on the right track. Who knows, maybe you’ll be the next millionaire!

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

    Source: moneybliss.org

    Apache is functioning normally

    By Jason Price 2 Comments – The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money. Last edited November 18, 2017.

    I recently received a financial advertisement in the mail that mentioned some retirement investment risks I thought were pretty good to keep in mind.  Along with each were some practical tips in mitigating the risks, or ways to make them less severe.

    Before discussing a few of these risks, lets first look at the nature of risks.  Risks are interesting in that that they haven’t occurred yet.  But, they are potential issues that could occur in the future.  As a software project manager during my day job, I know the key to good risk management is identifying risks well before they are realized, or actually become issues.  If you can identify them early you can develop mitigation strategies to keep them from turning into big problems.

    What’s the worst that could occur if you don’t shut down risks?  Just look at people who have lost their retirement money in the stock market in the recent downturn.  Or, what about the people that chose to invest in the wrong company, or with the wrong person?  Still, some have created risk to their future gains by not risking enough in the way they choose their investment allocations.

    Market Volatility

    This particular risk is obvious.  Over time the market has ups and downs.  Obviously, we’ve seen the downside in the last year or so.  Unfortunately, there is just no way to predict the highs and lows of the stock market.  Certainly, we’d all have own our own tropical island if that were possible.  🙂

    Note:  you can see the changes in the market over a number of years with this interactive S&P 500 volatility chart at Yahoo finance.

    Probably the best way to reduce the impacts of market volatility is to have the right asset allocation for your particular situation.  Finding an asset allocation involves identifying investment classes based on a number of criteria.  This criteria may include (but not limited to) how much time you have until you retire, goals, or what you’ll be doing in the future, and certainly, your level of risk tolerance.

    Inflation

    Inflation is basically when everything increases in price and your money buys fewer goods, or loses purchasing power.  In other words, inflation makes your future retirement income less valuable, so you want to invest in something that will more than offset inflation.

    Inflationrate.com provides a pretty cool calculator to see the effects of inflation across time.  The example they use is alarming:  From December 1957 through December  2007 the calculator will tell you that inflation was 639.56%.  Something that cost $1 in December 1957 would cost $1+ ($1 x 6.3956)= $7.40. Ouch!

    In order to combat inflation you commonly here the recommendation of investing in growth stocks or growth stock mutual funds to earn higher returns.  Obviously, there is a trade off to keep in mind with such investments.  The more you invest in growth assets, the more risk you must be able to tolerate because these types of investments are more volatile.

    Investment Integrity

    We’ve all heard about integrity issues in the last year when it comes to people managing investments or with individual companies.  This is definitely a risk you have to keep on the radar screen as unfortunately, the world will always have greed in it. Whether it’s an individual who is dishonest with the management of peoples’ resources, or a company that is taking short cuts to try to become more profitable, there will sadly be investments wiped out when they fall.

    Certainly, there are more and more controls being put in place to deal with such risks, but you have to remember you’re still the overarching manager of your money, so it’s your responsibility to mitigate this risk from occurring.

    How do you do that?  Well, an important and timeless guideline in investing, never putting your eggs in one basket, still applies.  Don’t take your entire retirement assets and place them in the invested trust of one or a few corporations.  Spread the risk and invest using mutual funds or in many companies of different types and industries.

    I thought this recent Crown Financial Ministries devotional was quite fitting for this subject:

    When investing, there are no sure things; so the principle of diversification is essential to long-term stability. Divide your investment money into several parts and don’t risk it all in one place. Diversify not only in different investments but also into differing areas of the economy.

    Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”(Ecclesiastes 11:2 NASB).

    In regards, to avoiding risks with investment managers, do your homework and research before signing up to work with someone.  Find an advisor from a trusted source through your church community, or from friends who have worked with the person for several years.

    What are some other forms of investment risks and how would you recommend mitigating them?

    Related Posts

    Source: biblemoneymatters.com

    Apache is functioning normally

    Life Insurance for seniors “Over 65 years old” width life insurance serves a purpose at any age, even when you are over 65 years old. There are millions of people over the age of 65 that assume that they no longer need life insurance. In some cases, this might be true, but there are a lot of situations that life insurance is still extremely vital.

    While getting older makes it a bit more difficult to find coverage, there are still many insurance options for people in the 65 year old age group.  A lot of older applicants are surprised to see just how affordable a life insurance policy for them can be. You shouldn’t have to spend a fortune to get a life insurance policy that will sufficiently cover you and your family.

    The application process and market is a bit different for older applicants though.  If you are interested in life insurance for people over 65, there are a few key pieces of information you should know beforehand.

    Table of Contents

    Uses For Life Insurance

    As you get older, some of your life insurance needs go away. For example, once you are 65 or older chances are you no longer need insurance protection to support your children. But you still may have people that rely on your income (if you’re still working), and it’s vital that they would have the resources they need, if you do have anyone dependent on your salary. Even if you don’t have someone that relies on your paycheck, don’t’ assume that you don’t need a life insurance plan.   However, there are still a number of benefits to staying insured.

    Eventually, everyone dies and this can be fairly expensive. Not only will your heir need to pay for your funeral, but they may also need to cover your unpaid debts. With life insurance, you make sure everything is taken care of.  If you were to die, your family could be left with thousands of dollars in debt. It’s vital that your life insurance policy is able to pay off all of those debts and give your family the resources that they need. Before you purchase a plan, you’ll need to add up all of your debts like your mortgage, your car payment, student loans, etc. Not having enough life insurance could easily leave your family struggling to pay expenses.

    In addition, people are living longer these days and many find they need to work past age 65. If your spouse is still depending on your income, you’d want life insurance to replace this income should you die.

    Lastly, you can use life insurance to provide an inheritance to your heirs. This is a great way to support your children and grandchildren by giving them extra money for a home or their educations.

    If you want to leave a legacy to your loved ones, you’ll want to ensure that you have a life insurance plan. While you want to leave your family with your hard earned money, Uncle Sam is going to want his portion as well. Your inheritance can quickly be cut down because of taxes and fees.

    Term versus Permanent

    When you look for life insurance, you’ll have the choice between two main types of policies: term and permanent. Term insurance is temporary coverage for a set number of years. If you die during this time, your heirs receive the death benefit. If you don’t your coverage expires. These plans are usually sold in 5, 10, 20, or 30-year terms, but you can purchase them in just about any length of time depending on your needs. Permanent coverage lasts your entire life. So, provided you continue to pay your premiums each month for the coverage, you’ll never have to reapply for a new plan. For anyone that is worried about losing coverage in the future, these permanent coverage options are a great choice.

    Because term plans have an expiration date attached to them, they are going to be cheaper than permanent policies. If you’re looking for the most affordable coverage, term life insurance is the way to go.

    For the same amount of coverage, permanent insurance is more expensive than term insurance; that’s the trade off of getting coverage that never ends.

    The right policy for you depends on your goals. If you just want to extend your coverage for a few years, maybe until you finish working or to pay off your debt, term is a better choice. Keep in mind that once your coverage expires, it will be very difficult to buy another policy. Most insurance companies refuse to sell insurance to people above a certain age.

    If you want to leave behind a death benefit for sure, than permanent coverage is a better choice. Permanent insurance is better for covering certain needs like your final expenses or an inheritance. In this situation, you’d be better off buying a smaller permanent burial insurance policy than a larger term one. Your heirs would be better off receiving some money for sure than to gamble on possibly receiving money from temporary coverage.  As you can see, each type of policy has its advantages and disadvantages that you have to weigh based on your life insurance needs

    Here are a few examples of what a $250,000 policy would cost for term and universal life insurance.

    $250,000 10 Yr Term 15 Yr Term 20 Yr Term Universal Policy
    Male Banner
    $108.50/mo    		 North American
    $145.25/mo    		 Minnesota Life
    $208.78/mo    		 Protective
    $383.02/mo

    Female Banner
    $68.69/mo    		 Banner
    $92.53/mo    		 Minnesota Life
    $128.92/mo    		 American General
    $304.94/mo

    Applying For A Policy When Over 60 Years Old

    Applying for life insurance when you are 65 or older is pretty similar to applying at a younger age such as applying for life insurance at 50 years old. You’ll need to contact a life insurance company and put together an application. On your application, you’ll need to list how much coverage you want and answer some health questions.

    From there, it depends on the amount of insurance you want to buy, your age, and your health, such as if you are seeking life insurance with diabetes. For smaller policies of only a few thousand dollars, you may be able to qualify just with your application. For larger policies, you will likely need to meet a nurse or doctor for a health exam. If you have any health problems, you might also need to take a medical test like an EKG.

    Insurance companies tend to review your health more as you get older as there is a greater chance that you have medical issues.

    Guaranteed Coverage

    If you don’t qualify for a normal life insurance policy, you still could buy guaranteed coverage life insurance. These policies are designed for older Americans that have health issues. When you apply for guaranteed coverage, you won’t have to take a medical exam. Many policies don’t look at your health history either.

    In exchange, you can only purchase a limited amount of life insurance, usually $50,000 or less. The coverage will also be more expensive than traditional life insurance and likely will have a waiting period of a few years. What this means is if you die during your policy’s waiting period, your heirs will only receive a percentage of your death benefit; they won’t receive the whole thing. Once you outlive this period, you’ll go to full coverage.

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    These types of policies work well for anyone that can’t be accepted for traditional coverage, but they should be a last resort because of how expensive they are. When it comes to knowing that your family would be protected if anything were to happen to you, peace of mind is priceless.

    Finding the Right Choice

    Many different life insurance companies sell to the 65 and older market so you’ll have plenty of options to choose from. This can sometimes be a bit overwhelming as it’s not always easy to figure out which company is best for your needs. Working with an independent life insurance broker like our company can help.

    Working with an independent agent has several different benefits, but the main ones are that is will save you not only time, but money as well. Because there are so many different companies, each will view your application differently. Each company has drastically different rates for people over 65. Finding the perfect company could be the difference in thousands of dollars on your policy.

    Without working with one of our agents, you could spend days calling different insurance companies to receive rates. You would be answering the same questions dozens of times. Don’t waste your time talking to different insurance agents, let us take care of bringing you all of the lowest possible rates.

    Our company works closely with applicants over 60 years old so we know this market very well. We can not only assist you in completing your application, but we can also find superior companies that will have the best options for your particular situation. Since we aren’t working for any one company, we’ll be able to give you an unbiased opinion of your options.

    To learn more about getting life insurance over 65 years old, please call us. Or, you can get free quotes by filling out the online application form. Our agents want to ensure that you and your family are getting the insurance protection that you deserve. You shouldn’t have to go without a policy just because of your age.

    Source: goodfinancialcents.com