Achieving financial independence (FI) might seem like a distant dream, but it’s closer than you think. By following some tried-and-true strategies, you can take control of your finances and work towards a future where money is no longer a worry. In this post, you’ll discover 10 secrets that can help you reach FI, from smart investing to mindful spending. Get ready to learn practical tips that can pave the way to a financially free life.
How does this sound?
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Reaching financial independence is about having choices and freedom. It means you can decide how to spend your time without money worries.
What is FI? Or Financial Independence?
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Financial Independence (FI) means having enough money to cover your living expenses without working. It’s about having freedom and control over your time.
To learn more: What is Financial Freedom? 12 Steps to Achieve It
Why does FI matter?
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FI matters because it gives you the ability to choose how you live your life. You can retire on your terms and spend time doing what you love.
To learn more: Discover Time Freedom & Design a Happy Life You Enjoy
1. Save Money Today
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Saving money today helps you build wealth for the future. It’s the first step towards financial independence and having more choices later on.
To learn more: Top 20 Epic Money Saving Challenges Unveiled to Save Money
2. Spend Less Than You Make
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Spending less than you make is key to growing your wealth. By managing your expenses, you can save more and reach financial independence faster.
To learn more: 12 Straightforward Ideas to Cut Spending and Budget Better
3. Learn How to Invest
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Learning how to invest is essential for growing your wealth. Investing wisely helps your money work for you, leading to financial independence.
To learn more: How To Invest In Stocks For Beginners: Investing Made Easy
4. Set Financial Goals
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Setting financial goals keeps you focused on your path to financial independence. Clear goals help you track progress and stay motivated.
To learn more: 10 Smart Financial Goals That You Need
5. Prefer a Debt Free Lifestyle
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Living a debt-free lifestyle means more financial freedom. Without debt, you can save more and invest in your future.
To learn more: 7 Simplistic Habits Needed for Debt Free Living
6. Choose to Live Frugally or Not
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Choosing to live frugally can speed up your journey to financial independence. It’s about making smart spending choices that align with your goals.
To learn more: The Ultimate Guide to a Frugal Lifestyle
7. Make Your Finances a Priority
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Making your finances a priority helps you stay on track to reach financial independence. It’s about regularly reviewing and managing your money.
8. Be a Constant Learner
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Being a constant learner helps you make better financial decisions. The more you know, the better you can grow your wealth and achieve financial independence.
To learn more: 35 Life-Changing Books That Will Change The Way You Think And Feel
9. Know your FI Number
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Knowing your FI number gives you a clear target for financial independence. It helps you understand how much you need to save and invest to retire on your terms.
To learn more: How to FI and Know Your FI Number Calculator
10. Become a Millionaire from No Money
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Becoming a millionaire from no money is possible with the right strategies. By saving, investing, and staying focused, you can grow wealth and reach financial independence.
To learn more: 15 Genius Strategies to Become a Millionaire with No Money
Know someone else that needs this, too? Then, please share!!
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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.
Solar net energy metering in California (NEM 3.0) is a billing mechanism through which utility companies compensate customers (via credits on their electric bill) for electricity their residential solar systems send to the grid. NEM can make solar more affordable, but some state NEM policies make it less beneficial.
California is one of those states; however, solar panels in California can still be worth it for homeowners. Understanding how net metering works in California can help you get the most out of your solar system.
How net metering has evolved in California
NEM in California has gone through three major versions:
NEM 1.0
California’s first NEM program was implemented in 1996. Under NEM 1.0, solar customers could sell their extra electricity back to the utility at the retail rate (the price at which the utility charged consumers for electricity), they could choose any electric rate plan the utility offered and they didn’t have to pay extra fees for connecting to the grid.
NEM 2.0
NEM 2.0 was introduced in 2016–2017. This version of NEM still compensated customers for excess power at the retail rate, though customers couldn’t offset 100% of the charges (some were “nonbypassable”). It also required solar customers to be on a time-of-use (TOU) rate plan in which the price of power depends on when it’s used, and it introduced an interconnection fee
.
NEM 3.0
Officially called the Net Billing Tariff (NBT), NEM 3.0 is the current version of NEM, adopted by the California Public Utilities Commission (CPUC) in December 2022 and implemented in April 2023. The NBT cut the rate utilities pay to buy excess solar power by about 75%
.
5 things to understand about net metering in California
These provisions affect many solar installations and related electric bills in California.
Low payment for your excess electricity. This is the biggest factor affecting NBT solar customers. Under the NBT, you are paid for the electricity you send back to the grid according to a complicated “avoided cost” formula that takes into account the value of that electricity to the grid at the time you send it to the grid. Your system will likely send excess electricity to the grid during the middle of the day, which is when lots of other people are also sending excess solar power to the grid. That means the utility will buy your electricity for a much lower rate than it would have under NEM 2.0.
Time-of-use (TOU) rate plan. Under TOU rates, what you pay for electricity depends on when you use it. The NBT requires solar customers to pay specific TOU rates that, compared with other TOU rates, are lower at off-peak use times and higher at peak times. That will further affect your electricity costs and solar savings.
Nonbypassable charges. As the name suggests, solar customers pay these charges even if they generate enough extra power to offset them. Under the NBT, nonbypassable charges are based on all electricity you pull from the grid.
Monthly billing, annual true-up. The utility keeps a running tally of whether the value of the power you’ve used from the grid is more than the value of the power you’ve sent to the grid. If you took more than you gave, you’ll get a bill from the utility; if you gave more than you took, the utility gives you a credit on your bill. This reconciliation exercise used to happen once a year; now it’s once a month. “Under NEM 2.0, residential customers of investor-owned utilities do not pay more than the roughly $10 minimum bill if they owe more than that at the end of a month. They pay the cumulative amount owed at their annual true-up date,” said Brad Heavner, policy director at the California Solar and Storage Association (CALSSA), in an email. “Under NBT, if customers owe an amount at the end of a month, they pay that full amount. This avoids surprise annual true-up bills.”
Solar system size limit. Under the NBT, customers can install enough solar to offset up to 150% of their electricity use. To do this, they must sign a statement acknowledging that they are getting more solar than they need to serve their rate of consumption, Heavner said. However, utilities have been inconsistent in implementing this, said Barry Cinnamon, CEO of California solar company Cinnamon Energy Systems, in an email. Be aware of size limits if you already have solar and want to add more, which might bump you from NEM 1.0 or NEM 2.0 to the NBT. “There are ways for customers to increase the size of their existing NEM 1.0 or NEM 2.0 system without triggering a change to the NBT,” Cinnamon said. “Contact your local installer for more information on these solar expansion possibilities.”
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How to make California net metering (NEM 3.0) work for you
Even with the drawbacks of the NBT, solar may still make sense for your California home. Here’s how you can make NEM 3.0 work for you.
Add a battery
A solar battery can make a big difference in the cost-effectiveness of your solar under the NBT. Instead of sending excess electricity back to the grid at a low rate, you can store it in your battery and use it later. You can also avoid high TOU rates by charging the battery when you’re generating the most electricity, then using that electricity during expensive peak TOU hours.
For these reasons, many new solar customers in California are turning to batteries. According to the Energy Information Administration, the number of California solar customers installing batteries with their solar panels jumped from just over 20% in October 2023 to well over 50% in April 2024
. A May 2024 study by the Lawrence Berkeley National Laboratory found that the percentage of California solar installations that were paired with energy storage rose from 10% to 60% .
Batteries are expensive, however. In California, the average cost is $7,706 after the 30% federal tax credit, according to EnergySage
.
Shift your energy use
If you can, use energy when you’re generating the most solar or when rates are low. For example, do laundry in the middle of the day or charge an electric car after peak evening hours. If you work from home, you may already use more electricity during the day, when your system is generating the most.
🤓Nerdy Tip
Solar leasing allows homeowners to rent solar panels. Instead of a big upfront investment, homeowners typically make monthly lease payments. However, the homeowners don’t own the panels, so they typically don’t qualify for tax incentives or rebates, and the lease contract may make it more challenging to sell their houses.
Go solar before export rates go down
Every two years, the CPUC updates the avoided cost calculator, which determines what the utility will pay consumers for their excess electricity.
“Customers lock in the currently calculated export rates for the next nine years,” Heavner said. “These numbers change each year, but you know what they are according to the current calculation of export rates. This lock-in will no longer be available to customers installing after 2028.”
Export rates have been coming down, Heavner said. They could also go up in the future, becoming more favorable to NBT customers, as the value of energy sent to the grid increases because of rising electricity demand.
“It is not clear how the utilities will change the NBT export rate,” Cinnamon said. “The original export rates were already effectively reduced by utilities, so I expect that these export rates will continue to change in the utilities’ favor.”
Look at the big savings picture
Solar panels usually last 20–30 years. Although the NBT lengthened the solar payback period (now nine years, by some estimates), you may still save money over time. In addition, rapidly rising electricity costs could shorten that payback period
.
Frequently asked questions
What’s the difference between net metering and net billing?
Under net metering, you sell solar-generated electricity to the grid at the retail rate. Under net billing programs, you sell your excess energy to the grid at a below-market rate.
In California, this lower rate is based on a calculated value of the electricity at the moment it’s sent to the grid. This is also known as the “avoided cost” rate because it reflects the costs the utility avoids by buying power from you instead of producing that power or purchasing it elsewhere.
Can I install solar now and add a battery later?
Yes. If energy storage isn’t right for you at the moment, you can still go solar now and add a battery later if costs come down.
Will there be a new version of the NBT in California?
NEM policies have been shifting across the nation, and it’s possible that the NBT in California will change.
Almost half of all Americans carry a balance on their credit card, month after month. If you’re among their ranks, you know that the combination of high prices and high credit card interest rates can make it challenging to pay that debt off in full.
Many cardholders have seen their interest rates creep up in recent years, in line with the Federal Reserve’s recent rate increases. That means interest payments are gobbling up a bigger share of credit card balances. And those credit card balances can be major. This kind of debt hit a staggering $1.12 trillion for the first quarter of 2024, according to data from the Federal Reserve Bank of New York.
But the situation isn’t hopeless, however. If you’re one of the cardholders who can’t pay credit card debt in full, here are five steps you can take to address it.
Step 1: Check your Credit Card Interest Rate
If you haven’t carried a credit card balance before, you may not be aware of what interest rate your credit card is charging. But it’s important to know exactly how much you’re getting charged so if you need to, you can budget for interest expense as well as your purchases.
The average credit card interest rate for all new card offers was 24.84% in mid-2024. (Depending on what type of credit card you have, your credit score, and your credit history, you may have a higher or lower interest rate than the average.)
With interest rates this high, it can be a real financial setback to carry a balance for an extended length of time, making only the minimum credit card payment. You may find that you are only paying interest and making little headway in paying off what you actually spent.
Recommended: What Is a Charge Card
Step 2: Understand How Your Grace Period Works
If you pay your credit card statement balance in full by the due date, a credit card grace period will usually take effect for the next billing cycle. That means you won’t owe interest on new purchases until the due date for the next billing cycle. If you pay that statement balance in full by the next due date, the grace period will continue into the next cycle, and on and on.
But, if you make only the minimum payment or a partial payment on the full statement balance by the credit card due date, you’ll get charged interest on the remaining balance and lose your grace period for the next billing cycle. This means you’ll owe interest on any purchase immediately. Even if you go back to paying the full balance, your grace period may not renew for several more cycles, depending on the specific terms of your credit card.
If you’re in a position where you can’t pay credit card bills and must move to partial payments, make sure you’re aware of the additional interest expense you’ll incur on the remaining credit card balance. Try your best to stop making new purchases with that card since interest will be charged on those purchases immediately.
Step 3: Look at Changing Your Due Date
If you’re feeling overwhelmed because many of your bills are due at the same time, talk to your credit card company about changing your due date. You might be able to move your credit card due date to a day of the month that works better for your budget, so the payments you owe are a bit more staggered.
While this switch might not help immediately to pay down credit card debt, it could offer some relief in the long run.
Recommended: How to Avoid Interest On a Credit Card
Step 4: Explore Ways to Pay Off Your Balance Faster
You may find that with higher interest rates and inflationary spending, you need a more efficient way to pay off your credit card debt, such as by refinancing credit card debt. Luckily, there are some options for how to pay off credit card debt, though keep in mind the best way to pay off credit card debt will depend on your financial specifics.
Balance transfer credit cards that offer a limited time low or sometimes even 0% interest rate can help — especially if you think you can pay the balance in full during the promotional low-rate period.
Another option you might consider is applying for a low-interest personal loan to pay off credit card debt in full. This could help you secure a lower interest rate, and by consolidating your credit card debt, you’d have fewer due dates to keep track of. Keep in mind, however, that there are pros and cons of personal loans to pay off credit card debt.
Recommended: Tips for Using a Credit Card Responsibly
Step 5: Consider Using a Budgeting Tool
If you’re finding it hard to make your credit card payments, that can be a signal it’s time to take a close look at your spending, perhaps with the help of one of the many online budgeting tools available.
Personal finance tools can help you understand just how much your cost of living has risen in recent months and make it easier to flag places you can cut back. Some can help to pinpoint fees you may be paying unwittingly or the automatic payments you’re making on your credit card that could get trimmed. Cutting these costs can then make it easier to pay off credit card debt.
The Takeaway
If you’re struggling with a credit card balance you can’t pay off, taking steps to pay off credit card debt faster and budget smarter can help. These can involve understanding your rate, changing your payment due date, and other moves.
Whether you’re looking to build credit, apply for a new credit card, or save money with the cards you have, it’s important to understand the options that are best for you. Learn more about credit cards by exploring this credit card guide.
FAQ
What is a fast way to pay off credit card debt?
You might be able to use a balance-transfer credit card and pay down your debt during the 0% APR promotional period. Or you might consider securing a personal loan to pay off the debt. You would then pay off the personal loan, which could have a lower interest rate.
Can you change your credit card payment due date?
You may be able to change your payment due date. See if your card’s website or app allows this kind of shift, or contact customer service.
Do most Americans carry credit card debt?
According to recent data, approximately 49% of Americans carry credit card debt.
Photo credit: iStock/Sneksy
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.
Welcome to the vibrant city of Oakland, where the rich cultural diversity and stunning natural beauty come together to create a truly unique urban experience. From the bustling waterfront to the serene redwood forests, Oakland offers a little something for everyone. So whether you’re looking for an apartment in downtown Oakland or an apartment in Rockridge, you’ve come to the right place. In this ApartmentGuide article, we’ll cut to the chase, breaking down the pros and cons of living in Oakland. Let’s get started and see what awaits in this diverse city.
Fast facts about living in Oakland
Population: Approximately 430,000 residents
Average rent: $2,355 per month for a one-bedroom apartment
Median home sale price: $895,000
Public transit: Bay Area Rapid Transit (BART), AC Transit buses, and ferries
Public parks: Over 130 parks and green spaces for recreation and relaxation
Annual tourists: Approximately 3.5 million visitors each year
Restaurants: Over 1,000, offering a variety of cuisines from around the world
1. Pro: Rich cultural scene
Oakland offers a vibrant cultural scene, with numerous museums, galleries, and theaters. The city is home to the Oakland Museum of California, which showcases the state’s art, history, and natural sciences. Additionally, the Fox Theater and the Paramount Theatre host a variety of concerts, performances, and events throughout the year. The city’s diverse population contributes to a rich tapestry of cultural festivals and events, such as Art + Soul Oakland and the Eat Real Festival, offering residents ample opportunities for artistic and cultural engagement.
2. Con: High cost of living
Housing costs in Oakland are relatively high, with the median sale price for a home in Oakland around $895,000 and the average rent for a one-bedroom apartment in Oakland about $2,355 per month. These housing costs are 87% higher than the national average, making it challenging for many people to afford living in the city.
The high cost of living extends beyond just housing. Overall, the cost of living in Oakland is about 40% higher than the national average. Utilities are 40% more expensive, groceries are 17% higher, transportation costs are 33% above average, and healthcare costs are 21% more. These increased expenses in multiple areas can significantly impact residents’ budgets, requiring careful financial planning to manage effectively.
3. Pro: Strong job market and innovation hub
Oakland has a robust and diverse job market, particularly in the technology, healthcare, and education sectors. The city’s proximity to Silicon Valley and San Francisco provides additional job opportunities, and its more affordable commercial real estate has attracted a growing number of tech companies and startups. This environment fosters a spirit of innovation and entrepreneurship, providing numerous opportunities for networking and career advancement in the tech industry.
Major employers in the area include Kaiser Permanente, Clorox, and the Port of Oakland. The presence of these companies, along with a thriving startup scene, contributes to the city’s economic stability and offers a wide range of career opportunities.
Top employers in Oakland
Blue Shield of California
Sutter Health
Pixar Animation Studios
Southwest Airlines
Alameda Health System
4. Pro: Outdoor recreational activities
Oakland offers a wide range of outdoor recreational activities, thanks to its extensive park system and proximity to natural attractions like the East Bay Hills and the San Francisco Bay. Residents can enjoy hiking, biking, kayaking, and picnicking in the numerous parks and natural areas. The city’s mild climate allows for year-round enjoyment of these activities.
Popular outdoor spots in Oakland
Lake Merritt
Joaquin Miller Park
Redwood Regional Park
Temescal Regional Recreation Area
Middle Harbor Shoreline Park
5. Con: Traffic and parking
Oakland, like many urban areas, experiences traffic congestion and limited parking options. The city’s layout and infrastructure can make driving challenging, and finding parking can be difficult and expensive, especially in popular neighborhoods and downtown. Public transportation, biking, and walking are popular alternatives, but residents who rely on cars may find the traffic and parking situation frustrating. Investing in a parking spot or using car-sharing services can help mitigate some of these challenges.
6. Pro: Culinary diversity
Oakland features a diverse culinary scene, with a wide range of restaurants offering cuisines from around the world. From high-end dining establishments and historic seafood restaurants to food trucks and ethnic eateries in neighborhoods like Chinatown and Fruitvale, the city has something to satisfy every palate. Food festivals, such as Eat Real Festival and Oakland Restaurant Week, showcase the city’s culinary creativity and provide opportunities for residents to explore new flavors.
Popular restaurants in Oakland
Commis
Brown Sugar Kitchen
Homeroom
Sobo Ramen
Drake’s Dealership
7. Con: Earthquake risk
Oakland is located near several major fault lines, making it prone to earthquakes. While the city has implemented stringent building codes and preparedness measures to mitigate the impact of seismic activity, the risk of earthquakes remains a significant concern for residents. Homeowners and renters are encouraged to have earthquake insurance and to be prepared with emergency kits and plans. This natural disaster risk is an important factor to consider when deciding to live in Oakland.
8. Pro: Public transportation
Oakland has a well-developed public transportation system, making it easy for residents to get around without a car. Bay Area Rapid Transit (BART) connects Oakland to San Francisco, Berkeley, and other parts of the Bay Area. AC Transit provides extensive bus services, and ferries offer a scenic commute across the bay. Ride-sharing services like Uber and Lyft are also widely available. Oakland has a transit score of 57, a walk score of 75, and a bike score of 65, reflecting the city’s good infrastructure for public transit, walking, and biking.
9. Pro: Strong sense of community
Oakland is known for its strong sense of community and civic engagement. Residents are often involved in neighborhood associations, community events, and local initiatives that promote a sense of belonging and collaboration. The city’s diverse neighborhoods, such as Rockridge, Montclair, and Fruitvale, each have their own unique character and charm, fostering tight-knit communities where residents support one another. This strong community spirit enhances the quality of life and makes Oakland a welcoming place to live.
10. Pro: Vibrant arts scene
Oakland features a vibrant arts scene, with numerous galleries, studios, and performance spaces. The city is home to the Oakland Art Murmur, a monthly event that showcases local artists and galleries, and the First Fridays street festival, which features live music, food vendors, and art installations. Additionally, Oakland’s cultural diversity is reflected in its many community arts programs and events, offering residents ample opportunities to engage with the arts and express their creativity.
Mortgage rates continue to move lower this week even as higher borrowing costs have kept activity subdued across many areas of the housing market.
According to data at HousingWire’s Mortgage Rates Center, the average rate for 30-year conforming loans was at 7.01% on Tuesday, down 5 basis points from one week ago and 10 basis points lower than two weeks ago. The rate for 15-year conforming loans averaged 6.66% on Tuesday, compared to 6.79% a week ago.
HousingWire Lead Analyst Logan Mohtashami recently wrote that higher mortgage rates “have increased recession risk by targeting the one sector that always falls before every recession: residential construction workers. And higher rates are also impacting the future supply of homes, as housing permits have been in a downtrend for a while.“
Data from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development (HUD) showed that housing starts shrank 4.4% year over year in June. But this pullback was led by the multifamily sector, where starts dropped 23.4% compared to June 2023. Single-family starts rose 4.4% during the year. Permits fell by 3.1% year over year, including a 1.3% decrease in single-family permits.
Housing completions also grew by 15.5% during the year, although the bulk of this was tied to multifamily (40.2% growth). There were a record number of apartments delivered in many markets last year, but builders appear to be pulling back to avoid a glut of supply.
Lower mortgage rates are having a positive impact on application levels, with the Mortgage Bankers Association (MBA) reporting last week that applications were up 3.9% on a yearly basis during the week of July 12. Most of this growth was tied to refinance applications, which were up 37% year over year.
Fannie Mae economists project two rate cuts by the end of 2024. In a report released Tuesday, the government-sponsored enterprise anticipated the Federal Reserve would cut benchmark rates in September and December, resulting in the average 30-year rate declining to 6.8% in 2024 and to 6.4% in 2025.
Fannie also upwardly revised its forecast for purchase mortgage origination volume to $1.22 trillion due to home price appreciation that is expected to finish 2024 higher than previously anticipated. Fannie reduced its forecast for refinance originations to $346 billion this year but expects $563 billion in refis next year. In total, Fannie is forecasting $2.11 trillion in origination volume in 2025, up from a projected $1.70 trillion this year.
Survey data released Tuesday by Bright MLS concluded that “affordability is increasingly becoming more of a challenge for potential homebuyers.“ The survey of 1,180 real estate agents across six Mid-Atlantic states and the District of Columbia found that 14% of sellers in June saw a contract fall through due to a buyer’s inability to secure financing, which was up from 11% in May.
The surveyed agents also noted that affordability was the No. 1 reason for a buyer pausing their home search efforts over the past six months, while high mortgage rates were the No. 2 reason. Each of these factors were cited by nearly 60% of respondents.
“With mortgage rates hovering around 7% and home prices continuing to rise, financing is a growing challenge for buyers, and this is beginning to impact a buyer’s ability to make it across the finish line,” Bright MLS chief economist Lisa Sturtevant said in a statement.
Good news, however, came in the form of less competition. In June, 38% of buyers successfully completed a purchase through Bright MLS while submitting only a single offer. That was up from 31.2% one year ago.
“Until he got all rich and fancy so that he no longer understands the common person’s plight.
Stash probably doesn’t even practice any of these money-saving things he preaches any more!”
When I read things like this, I can’t help but laugh. Because on the one hand, when you put a bunch of personal life details online like this, being misunderstood is just part of the package. But on the other hand, if the critics could peek in and see our real lives – not just mine but those of all the Mustachians – they would have to give up their conspiracy theories and accept the fact that this stuff just works.
Because really, not much has changed when it comes to the basics. Like many MMM readers over the past twelve years, my total wealth level has increased pretty regularly. But also like many of us, I haven’t felt the need to change very much about my spending because I was doing my best to live an enjoyable life in the first place.
How have so many people found such great success? I think we Mustachians have something that’s a bit more rare and special than standard financial advice, which is what makes it work so well:
Standard Advice: Slash your spending and make sacrifices until you reach a certain savings percentage, and beyond that it doesn’t matter, it’s all personal choice. More income? Great, that means you don’t have to sacrifice as much! FatFIRE for everyone!
Mustachianism: Cultivate a love of efficiency, creativity, self awareness, and self improvement. Use this knowledge to improve your life in all ways, including those which help you live better even as your monthly expense rate drops over time.
So what does this mean in practice?
Well, I’ll give you some examples from my own present-day life. Things I do because I happen to enjoy them, which also happen to save a lot of money. Some of these are normal, some are silly and may end up in some future gossip magazine hit piece, but all of them happen to work for me, so the critics can be damned.
As I list each item, I’ll include an estimate of how much the activity saves me per decade, because you should always think at least in terms of decades.
To make that calculation yourself, just use the “rule of 172” – take a monthly expense and multiply it by 172 to estimate how much it would compound into over ten years, if invested.
1) Fixing my own House (and everybody else’s too)
Construction projects from recent years, at home and around the state.
I’m a big believer in self-sufficiency, and working to build up the skills to manage the most important parts of your own life without depending on too many things (or people) that are outside of your control. In other words, one giant recipe for a happy life is simply to Become a Producer of the Things You Most Enjoy Consuming.
And in my case, I happen to love houses. I like living in beautiful, functional spaces and sharing them with friends. But most houses are ugly and poorly designed when you buy them, so I realized that I also love solving problems and redesigning old buildings to become new again. I enjoy this process so much that I spend most of my free time doing it – on both my own properties and the homes of friends.
And I love teaching other people to gain power over their own houses too. It’s amazing how great people feel as they lose their fear and dependence on outside contractors, and gain the ability to fix and maintain things with their own two hands.
Savings: An average of $20,000 per year = $287,000 per decade
2) Craigslist and Community
Members of our coworking space, swapping valuable free stuff every day.
You know what’s great? Having so much money that you can buy whatever you want – high quality things which get delivered to your front door the very next day.
You know what’s even better? Not buying some of those new things, and instead finding ways to share, repurpose and buy equally high quality items from other people who don’t need them any more. All while building up your own community and creating new friendships in the process.
Craigslist, Facebook Marketplace, and even NextDoor all have Buy Nothing groups for most areas. In the MMM-HQ community, we run a Discord server with about 200 local people, who chat around the clock on a wide range of subjects. They help each other with major projects in one channel called #diyhowto, and give away and sell things on #forsale and #buynothing.
Although our private Discord group is my favorite, I also use Craigslist regularly, and probably save (and earn) a few thousand every year thanks to the habit:
Savings: About $42,000 per decade
3) Bikes over Cars
Sure glad I’m not stuck in a Jeep on these off-road trails!
We all know that Mr. Money Mustache’s biggest contribution to personal finance is to insist that bike transportation is the best way to get around. And I still feel this way. As we learned in The True Cost of Commuting, cars cost at least 50 cents per mile to operate, while bikes are much cheaper, mainly due to reduced depreciation and maintenance costs (which are even bigger than the gas savings).
I do still use bikes (or walking) for at least 95% of my local trips these days, but because I live in the center of a small city, my life is pretty local. So this still only adds up to about 2000 miles per year, a savings of “only” $14,000 per decade.
But when you choose active transportation, there’s much more to the picture than just cutting your car expenses. You’re changing everything about your physical and mental health picture for the better, which brings us to the next point of…
4) Muscle over Motor
Digging out the crappy old window wells to build a bigger terraced garden.
Although I’m no competitive athlete, whenever I see an option to make my body work a bit harder, I usually take it. Stairs instead of elevators, running the golf course instead of using a golf cart, moving my own furniture and appliances instead of calling a mover, shoveling snow and raking leaves instead of using a machine.
When I face a decision like this, I simply ask myself the question:
“Well, Mustache. Do you want MORE health and fitness, or LESS?”
Putting it in that context makes the answer obvious. Every bit helps, because when it comes to your body, the rule is pretty much use it or lose it.
But how much money does this save? There’s no real way to calculate it exactly, but I like to think of it this way: The US average health care spending is about $13,000 per person per year. My lifetime costs due to illness or medication so far have been just about zero, plus I know I’ve had more energy and greater productivity due to being healthy. Let’s just put it very conservatively and set the estimated savings and benefits at $10k per year which means
Estimated Savings: $140,000 per decade.
5) Saving Energy by Running my home like a Glamping Retreat
Outdoor cooking, showering, laundry and even a homemade gym? Why not?!
Here’s where things get a bit silly, but my level of joy is actually at its greatest.
My personality type is probably a weird combination of an engineer, a carpenter, an artsy hippie, and a mad scientist. Oh, and a devoted homebody too. Because of this, my favorite activity most days is to just run around my house taking care of things and trying new little experiments and improvements.
Sometimes I’ll cut a few big holes on on the South side of the house and install sliding doors and big windows to allow nice sunbeams and passive solar energy to get into my house and give me free heat in the winters. Other times it’s just smaller things to save energy and live more at at one with the seasons of my area:
optimizing the use of air conditioning by running fans at night and building heat tolerance during the days (we set the A/C to only kick on at about 80F)
Enjoying most of my showers outside, with free hot water from the 100 foot garden hose that happens to be coiled in a sunny spot
Cooling myself and get free energy boosts by jumping in the “cold plunge”, which is simply an unheated hot tub I have set up in my back yard
Doing most of my cooking and dining outdoors with an induction cooktop, gas grill, espresso machine, and mini convection toaster oven deal that I keep set up outside during the warmer months of the year
Drying 99% of my loads of laundry out on the line instead of using the clothes dryer
I even charge my car with a little off-grid array of solar panels set up in the driveway (from Craisglist, of course!), which gives me free electricity for driving without going through the permit-hell hassle of a full grid-tied system in my city’s currently solar unfriendly environment.
Even taken all together, these things are pretty small – the average combined gas and electric bill for my area is about $250 per month, while my usage adds up to about $75. So while we’re only saving about $30,000 per decade for what sounds like a lot of work to most people, I consider this to be the biggest win because I enjoy living in “MMM’s Energy Efficiency Playground” so much.
6) Local Living over Constant Travel
This little lake right behind my house is a great daily “vacation” which allows me to savor home life more and travel a bit less.
“Hey, we’re having a big back yard pool party next weekend to celebrate Amy’s graduation from kindergarten, can you make it?”
“OH NOOOO!!! We will be off in at Disneyland that whole week! We planned the trip months ago, I wish we could make it!
As I type this in the height of the summer season, I really feel this effect at its fullest: almost all of my friends are off on trips, and my guest suite here at home is almost constantly full. People are traveling a lot, and many of them sound like they wish they could spend a few more of their precious summer weeks and weekends at home.
I’ll let you in on a little secret: you can! The trick is saying, “no thanks” more often to plans that involve you being away, and “yes please” to things that let you stay at home. The benefits are numerous:
You nurture your local friendships more and meet new people who live nearby
You spend way less money on plane tickets, hotels, restaurants gasoline, and car repairs
Your levels of health and fitness can go way up because you aren’t missing workouts and spending hours sitting in plane and car and bus seats. And you can better control your meals – more salads with grilled salmon, less McDonald’s and Pizza Hut
You sleep better
And you have more time to take care of projects around your house where you learn more skills which compound for life
Estimated Savings: Even if you replace just two weeks of travel for a family of four, with equivalent time at home you might save $5,000 per year in direct costs and a further $5,000 per year in incidental benefits like the health and local friendships. This would work out to a shocking $143,000 per decade of wealth increase!
Of course, travel is generally a good thing for broadening the life experience of you and your kids. It’s worth spending on, lavishly at times. But the key is to balance it out and be discerning, keeping the most enriching trips and pruning a few off the bottom of the list. And remembering that home time is valuable and healthy too.
And Whoa! We’ve already built up a huge list and I feel like I was just getting started.
Cutting a friend’s hair at a group event: entertainment, education and free haircut in one!
Taken all together, we’ve already detailed things that compound to $656,000 every decade, which already more than double the median wealth that most American seniors have as they cruise nervously into their retirement years – after over 40 years of work!
And now that I’ve been writing this blog for over ten years myself, I can safely say that over $656,000 of even my most recent worth increases are directly attributable to these simple habits. The same ones many of us have been enjoying and preaching about all along, both before and after our retirement dates.
If money is in genuinely short supply, you could go a lot further than the examples in this article. And indeed, there’s a lot more laid out in this blog or the MMM Boot Camp email series.
But one of the points of Mustachianism is that you usually don’t have to try all that hard. Just tweaking your lifestyle to be slightly less ridiculous and more efficient than average is usually all it takes.
—
In the comments: what are your quirks and frugal indulgences? The things you do now to save money, or things you still do even after it’s no longer about the money? I often wonder how widespread this frugality-just-for-fun is. But since we Humans are a naturally curious and problem solving species in our natural state, I suspect there are many more of us out there.
This just in: Houses are expensive. But some houses are really expensive. If you have your heart set on a luxurious oceanside mansion (or just a modest home in an ultra-high-cost city like New York or San Francisco), you may need to seek out a jumbo mortgage: one whose dollar amount surpasses the conforming loan limits set by the Federal Housing Finance Administration (FHFA) each year. In 2024, that limit is $766,550 in most cases, though in some high-cost areas the limit can range up to $1,149,825. Any mortgage that exceeds those amounts is considered a jumbo loan.
What Are Jumbo Loans?
Jumbo loans are those in which the mortgage total surpasses the conforming loan limits set by the FHFA. The conforming loan limits change annually. As noted above, in 2024, a jumbo loan is one whose total is $766,550 or more in most areas, though in select high-cost areas, the limit goes up to $1,149,825.
Your mortgage total is the amount of money you borrow in order to purchase a house — an amount that can be calculated by subtracting your down payment from the agreed home purchase price. (Keep in mind, though, that this figure isn’t the same as how much you’ll pay in full over the lifetime of the loan, since you’ll also owe interest to the bank that provides the loan. Still have questions? Check out our mortgage payment calculator with interest.)
First-time homebuyers can prequalify for a SoFi mortgage loan, with as little as 3% down.
Jumbo vs Conventional Loan
Conventional loans are offered privately through banks, credit unions, and other financial institutions, unlike other loans which are supported by a government agency such as the Federal Housing Administration (FHA) or USDA (U.S. Department of Agriculture). Conventional loans are easily the most common type of home loan.
Jumbo loans are a type of conventional loan. But whereas most conventional loans are also conforming loans and are available with a minimum down payment as low as 3% for first-time homebuyers, jumbo loans are considered nonconforming and typically require a larger down payment — usually at least 10%. You’ll also likely need a very high credit score in order to be eligible to take out a jumbo loan.
Determining Jumbo Loan Limits
As we’ve seen above, the specific jumbo loan limits where you live (or where you’re planning to buy a home) will vary depending on the area’s cost of living. The FHFA offers a convenient conforming loan map that allows you to see what the conforming loan limits (otherwise known as jumbo loan limits) are in your area, broken down by county.
How Loan Limits Are Calculated
The jumbo loan limit is determined each year by the FHFA using current housing price data. That way, the limits are tied to real information in the world about how much it actually costs to buy a home in a given area. Conforming loan limits — also known as the jumbo loan limits — change each year; new limits for the coming year are typically announced in late November.
Current Jumbo Loan Limits
As mentioned above, in 2024, the jumbo loan limit for the vast majority of the U.S. is $766,550, and the highest conforming loan limit, in the most expensive places to live, is $1,149,825. To see exactly what the jumbo loan limits are in your area, visit the FHFA’s map.
Qualifying for a Jumbo Loan
Jumbo loans are, well, big — which means the qualification metrics for getting a home loan are pretty strict. (After all, that’s a whole lot of money the lender stands to lose if you default.) While every lender has its own specific algorithm for qualifying potential borrowers, here are some rules of thumb when it comes to qualifying for a jumbo loan:
Credit Score Requirements
While there’s no specific credit score that guarantees you’ll qualify for a jumbo loan, most lenders will likely require a high one — after all, it’s a fairly risky prospect to lend that much money to someone. Credit scores range from 300 to 850. Scores of 670 to 739 are considered good; scores of 740 to 799 are considered very good, and scores of 800 and above are considered exceptional.
Down Payment Requirements
We touched on this briefly, but jumbo loan lenders often require their borrowers to provide a more substantial down payment than conventional loan lenders do. While a minimum of 10% is a good rule of thumb, some lenders may ratchet up the minimum to 25% or 30%.
Considering how large jumbo loans are already, that means you’ll probably need a significant amount of cash lying around in order to successfully apply for one — 10% of $800,000, a relatively small jumbo loan, is already $80,000.
Debt-to-Income Ratio Requirements
Your debt-to-income ratio, or DTI, is a measurement of your existing debt burden expressed as a percentage. It’s calculated by totalling all your monthly debt payments and dividing that figure by your gross monthly income.
Conventional loans usually required a DTI of 50% or lower — and that’s the absolute max. (Many lenders cut off qualification at lower percentages.) Again, while there’s no one advertised maximum DTI for a jumbo loan, you’ll likely want to have as little debt as possible in order to qualify — not to mention in order to have the money on hand each month to make that massive mortgage payment.
Income and Asset Documentation
Jumbo loan lenders are, of course, primarily concerned with your ability to repay the loan. That means that, along with the above-mentioned factors, they’ll also want proof that you earn a reliable and high income — and in some cases that you’ve already stockpiled enough wealth that you’ll be able to make your payments for several months even if you lose your job. For this reason, qualifying for a jumbo loan can be especially challenging for a self-employed worker.
Advantages and Disadvantages of Jumbo Loans
So, now that you understand them better, is a jumbo loan right for you? Like any financial decision, taking out a jumbo loan has both benefits and drawbacks to carefully consider. Here are some of the pros and cons of jumbo loans.
Advantages of Jumbo Loans
Jumbo loans offer those who qualify the opportunity to purchase a costly home that they might otherwise not have access to. They may also be available at similar interest rates to lower conforming loans, and both fixed and adjustable rates are available in 15- and 30-year terms.
Disadvantages of Jumbo Loans
On the other hand, jumbo loans are, well, jumbo-sized — which means the total amount you’ll pay over time is, too. Even a low interest rate can add up to a lot on a large principal balance, and jumbo loans also have more stringent qualification and down payment requirements than their conforming counterparts. Associated closing costs and fees can be higher, too.
Alternatives to Jumbo Loans
If you find yourself having trouble qualifying for a jumbo loan, you could look into other nonqualifying mortgages, such as bank statement loans — or potentially borrow a significant amount of money from family or friends. However, if the home you’re vying for is that much of a stretch, it may make more financial sense to find something a bit more modest and apply for a conforming loan instead.
The Takeaway
Jumbo loans are large mortgages that don’t conform to the limits set by the FHFA — and therefore come with stricter qualification requirements. While jumbo loans can help those who qualify to access a high-value house, they can also be hard to keep up with unless your income is correspondingly high.
When you’re ready to take the next step, consider what SoFi Home Loans have to offer. Jumbo loans are offered with competitive interest rates, no private mortgage insurance, and down payments as low as 10%.
SoFi Mortgage Loans: We make the home loan process smart and simple.
FAQ
What does a jumbo loan mean?
Jumbo loans are those whose totals exceed the conforming loan limits set each year by the FHFA. For 2024, that limit is $766,550 in the vast majority of the U.S.; in some areas with a high cost of living, the conforming loan limit can be as high as $1,149,825.
What are the disadvantages of a jumbo loan?
Along with their extra-large monthly mortgage payments, jumbo loans also come with stricter eligibility requirements and higher minimum down payments. In most cases, you’ll need to pony up at least 10%, and some lenders may require as much as 30% up front.
Why are jumbo loan limits necessary?
Most mortgage loans issued in the U.S. are guaranteed by Fannie Mae and Freddie Mac, which helps reduce risk for lenders and ensure that loans are affordable and available to homebuyers. But the guarantee has to stop somewhere, and conforming loan limits draw that line. This is why jumbo loans have more stringent borrower requirements than conforming loans — lenders who make jumbo loans don’t have Fannie Mae and Freddie Mac to fall back on if a jumbo borrower defaults.
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*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
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¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
Welcome to the vibrant city of Minneapolis, where the beautiful Mississippi River flows and the Twin Cities’ unique charm shines through. Known for its thriving arts and culture scene, diverse neighborhoods, and stunning natural landscapes, Minneapolis offers a dynamic and welcoming environment for residents. So whether you’re searching for the perfect apartment in Minneapolis or a cozy home for rent in a quiet suburb, you’ve come to the right place.
In this ApartmentGuide article, we’ll cut to the chase, breaking down the pros and cons of living in Minneapolis. Let’s get started and see what awaits in this vibrant and lively city.
Fast facts about living in Minneapolis
Population: Approximately 430,000 residents
Average rent: $1,435 per month for a one-bedroom apartment
Median home sale price: $351,000
Public transit: Metro Transit provides bus, light rail, and commuter rail services throughout the city
Public parks: Over 180 parks and green spaces for recreation and relaxation
Languages spoken: Multiple, reflecting the city’s diverse population
Annual tourists: Approximately 31 million visitors each year
Restaurants: Over 1,900, offering a variety of cuisines from around the world
1. Pro: Affordable cost of living
The cost of living in Minneapolis is about 6% lower than the national average, making it a more affordable place to live compared to other major cities. Housing costs, in particular, are 14% less than the national average, with the median sale price for a home in Minneapolis around $351,000 and the average rent for a one-bedroom apartment in Minneapolis about $1,435 per month. Utilities are about 5% lower than the national average, groceries are approximately 1% lower, and healthcare costs are about 3% less. This affordability makes Minneapolis an attractive option for individuals looking to enjoy a vibrant urban lifestyle without breaking the bank.
2. Con: High property taxes
Property taxes in Minneapolis can be relatively high, adding to the overall cost of homeownership. The city’s property tax rate is around .99%, which aligns with the national average. This higher rate can significantly impact homeowners’ budgets. While these taxes contribute to funding essential services and maintaining the city’s infrastructure, they can be a financial burden for some residents. For a home valued at $320,000, this translates to an annual property tax bill of approximately $3,168. Prospective homeowners need to factor in property taxes when planning their budgets.
3. Pro: Robust economy
Minneapolis boasts a robust and diverse economy, with strong job opportunities in various sectors such as finance, healthcare, technology, and manufacturing. The city is home to several Fortune 500 companies, including Target, U.S. Bancorp, and General Mills. Additionally, the Twin Cities area, which includes Minneapolis and its neighboring city, St. Paul, has a thriving startup scene and is known for its innovation and entrepreneurship. This economic diversity provides residents with a wide range of career opportunities and job stability.
Top employers in Minneapolis
Target Corporation
U.S. Bancorp
General Mills
Medtronic
University of Minnesota
4. Con: Harsh winters
Minneapolis is known for its harsh winters, with temperatures often dropping below freezing and significant snowfall. The winter season can be long and challenging, requiring residents to be well-prepared for cold weather and icy conditions. While the city is equipped to handle snow removal and winter maintenance, the extreme cold can be a downside for those who prefer milder climates. Residents often invest in high-quality winter clothing and vehicles with good traction to navigate the snowy roads.
5. Pro: Abundance of green spaces
Minneapolis is renowned for its extensive park system and abundance of green spaces. The city features over 180 parks, providing ample opportunities for outdoor activities such as hiking, biking, picnicking, and kayaking. The Chain of Lakes, including Lake Harriet, Lake Calhoun (Bde Maka Ska), and Lake of the Isles, offers beautiful scenic spots for recreation and relaxation. Minneapolis’ commitment to maintaining its parks and green spaces makes it an ideal place for nature lovers and outdoor enthusiasts.
6. Con: Limited housing inventory
Minneapolis has experienced a tight housing market in recent years, with limited inventory and high demand driving up prices. This can make it challenging for prospective homebuyers to find affordable housing options. The competitive market also means that homes can sell quickly, requiring buyers to act fast and be prepared with financing. While there are efforts to increase housing availability, the current shortage can be a significant obstacle for those looking to purchase a home in the city.
7. Pro: Rich cultural scene
Minneapolis boasts a rich cultural scene, with numerous theaters, museums, and music venues. The city is home to the renowned Guthrie Theater, the Walker Art Center, and the Minneapolis Institute of Art. Additionally, Minneapolis has a vibrant music scene, with a history rooted in genres such as rock, hip-hop, and Prince’s signature sound. The city’s cultural diversity is celebrated through various festivals and events, such as the Minnesota Fringe Festival and the MayDay Parade, offering residents ample opportunities for artistic and cultural engagement.
8. Pro: Strong sense of community
Minneapolis is known for its strong sense of community and civic engagement. Residents are often involved in neighborhood associations, community events, and local initiatives that promote a sense of belonging and collaboration. The city’s diverse neighborhoods, such as Uptown, Northeast, and Powderhorn, each have their own unique character and charm, fostering tight-knit communities where residents support one another. This strong community spirit enhances the quality of life and makes Minneapolis a welcoming place to live.
9. Con: Construction and roadwork
Minneapolis is undergoing significant development and infrastructure improvements, which can lead to frequent construction and roadwork. While these projects aim to enhance the city’s facilities and transportation networks, they can cause temporary disruptions and inconveniences for residents. Road closures, detours, and construction noise can impact daily life and commute times. Staying informed about ongoing projects and planning alternative routes can help mitigate some of these challenges.
10. Pro: Culinary diversity
Minneapolis features a diverse culinary scene, with a wide range of restaurants offering cuisines from around the world. From farm-to-table establishments and fine dining to food trucks and casual eateries, the city has something to satisfy every palate. Minneapolis is known for its craft beer scene, with numerous breweries offering locally brewed beers. Additionally, food festivals, such as the Twin Cities Burger Battle and the Minnesota State Fair, showcase the city’s culinary creativity and provide opportunities for residents to explore new flavors.
Popular restaurants in Minneapolis
Spoon and Stable
Hai Hai
The Bachelor Farmer
Young Joni
Surly Brewing Company
11. Con: Limited public transportation options
While Metro Transit provides essential bus and light rail services, the public transportation system in Minneapolis is limited compared to larger metropolitan areas. The city has a transit score of 55, a walk score of 71, and a bike score of 83. While biking and walking are viable options for many residents, those who rely on public transit may find the system lacking in convenience and coverage, particularly in suburban areas. Investing in a personal vehicle is often necessary for more extensive commuting.
12. Pro: Healthcare facilities
Minneapolis is home to several top-notch healthcare facilities, offering high-quality medical care to residents. The city has a number of renowned hospitals and clinics, including the University of Minnesota Medical Center, Abbott Northwestern Hospital, and Hennepin Healthcare. These institutions provide comprehensive healthcare services and are known for their research and innovation in medical treatments. Access to excellent healthcare enhances the overall quality of life for residents.
13. Pro: Sports and entertainment
Minneapolis has a vibrant sports scene, with professional teams in football, baseball, basketball, and hockey. Residents can cheer on the Minnesota Vikings (NFL), the Minnesota Twins (MLB), the Minnesota Timberwolves (NBA), and the Minnesota Wild (NHL). The city’s sports venues, such as U.S. Bank Stadium and Target Field, host a variety of events, including concerts and other entertainment. Additionally, Minneapolis has numerous theaters, music venues, and art galleries, providing a rich array of entertainment options for residents.
Creating a budget grocery list is a smart way to save money while ensuring you have all the essentials you need. With the right items on your list, you can enjoy nutritious and delicious meals without overspending.
Whether you’re trying to cut down on expenses, build healthier eating habits, or just make grocery shopping easier, having a well-planned list is key. Here are 12 must-have items that should be on your budget grocery list to help you stay on track and make the most of your money.
1. Dried Beans
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Dried beans are cheap and full of nutrition. They provide protein and fiber while being low in calories. Perfect for vegetarian and vegan diets, they make a great addition to any budget grocery list.
2. Potatoes
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Potatoes are cost-effective and versatile. They can be used in many dishes and are great for those on a budget. You can bake, boil, or mash them for a frugal and filling meal.
3. Peanut Butter
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Peanut butter is a budget-friendly staple. It’s a good source of protein and healthy fats. You can eat it alone or use it in various recipes to add flavor and nutrition.
4. Oatmeal
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Oatmeal is one of the cheapest and healthiest grains. It’s low in calories, high in fiber, and magnesium. It’s a versatile option for breakfast, snacks, or lunch.
5. Eggs
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Eggs are a cheap source of protein and nutrients. They cost less than ten cents per serving and can be used in many recipes, from omelets to baked goods.
To learn more: 100+ Frugal Meals for When You’re Broke or on a Budget
6. Bananas
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Bananas are a budget staple. They’re inexpensive, easy to store, and perfect for a quick snack or to add to meals.
7. Apples
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Apples are a great budget-friendly fruit. Look for cheaper varieties like Red Delicious and Gala. They’re nutritious and easy to find, making them perfect for a frugal grocery list.
8. Rice
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Rice is a great value food for any budget. It’s widely used in Mediterranean diets and can be added to stir fry or burritos. Add spices for extra flavor.
9. Lentils
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Lentils are a budget-friendly protein source. You can make plant-based meat alternatives or stretch meals by adding them to ground turkey. They’re versatile and nutritious.
10. Carrots
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Carrots are cheap and full of nutrients like fiber, potassium, and beta carotene. They help with weight loss, eye health, and cholesterol. Buy whole carrots instead of baby carrots to save more money.
11. Pasta
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Pasta is a versatile, budget-friendly option. It’s cheap and can be used in many dishes, from main courses to side dishes. Top it with sauce, cheese, or butter for a frugal meal.
12. Canned Tomatoes
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Canned tomatoes are cheaper than fresh and perfect for budget meals. They can be added to stews or sauces. Buying organic canned tomatoes can also save money.
Find 50 more Budget Grocery list ideas
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Want to save money while eating healthy? This guide has a list of affordable food options to keep you full. From meats to grains, fruits to veggies, this budget grocery list has everything you need.
To learn more: The 60 BEST Budget Grocery List Items for Cheap Eating
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.
Got $10,000 and wondering how to make it grow? Investing can be a great way to build wealth and secure your financial future. Whether you’re new to investing or looking for fresh ideas, these 10 brilliant investment strategies will help you make the most of your money. Find out how to wisely invest $10k and watch your wealth grow.
1. Invest in Index Funds
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Index funds offer an easy way to invest $10K by providing low fees and diversification. They track benchmarks like the S&P 500, making them a simple way to grow wealth over time. You need a brokerage account to start.
2. Put Money in High-Yield Savings Account
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A high-yield savings account is great for storing your $10K safely. It’s FDIC insured up to $250,000, and with interest rates of 2% or more, your money grows without losing value.
To learn more: How Many Bank Accounts Should I Have
3. Invest in Individual Stocks
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Investing in individual stocks can grow your wealth if you’re patient and informed. With $10K, you can buy stocks in 10 to 20 companies, diversifying your investments and potential returns.
To learn more: How To Invest In Stocks For Beginners: Investing Made Easy
4. Fund A Health Savings Account (HSA)
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An HSA is a smart way to invest $10K, offering a triple tax advantage and saving for future healthcare costs. Contributions, earnings, and withdrawals for medical expenses are all tax-free.
5. Invest in Entrepreneurship
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Investing in small businesses can yield high returns and personal satisfaction. Diversifying your $10K across multiple ventures reduces risk and can amplify potential profits.
6. Invest in Rental Properties
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Rental properties can build long-term wealth. Use $10K as a down payment on a low-cost rental, fix it up, and let tenant payments cover the mortgage and taxes, creating a steady income stream.
7. Max Out Your Roth IRA
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Max out your Roth IRA to invest part of your $10K. It offers tax-deferred growth and potential tax-free withdrawals in retirement. Remember, there’s a yearly contribution limit.
To learn more: Can You Have Multiple Roth IRAs?
8. Loan to Others Through P2P Lending
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P2P lending can provide high returns on your $10K investment. By lending directly to borrowers via P2P platforms, you cut out banks, enjoy better rates, and diversify your investments.
9. Invest In Crypto or Bitcoin ETF
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Investing in cryptocurrencies or Bitcoin ETFs can offer quick gains with market volatility. High rewards come with high risks, so be prepared for potential losses but also big profits.
10. Pay off high-interest debt
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Paying off high-interest debt with $10K can be a smart investment. It frees up cash flow for future investments in stocks, funds, or real estate, helping you grow your wealth long-term.
To learn more: How to Get Out of Debt in 5 Easy Steps
More Idea to Invest $10k
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Looking to invest $10K? This guide shows options for all risk levels and goals, from stocks to real estate. Start making money and take your first step to becoming a millionaire.
To learn more: How to Invest 10K: The Best Ways to Invest Money for Future
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.