Known for: Contemporary furniture, reasonable prices
Luxury furniture does not always have to denote a high price point. This family-owned brand created a line of contemporary furniture that was created to stand the test of time. Spanning several design styles, TOV is a one-stop shop for wallet-friendly furniture.
Best Durable Furniture
Sundays Company
Best Durable Furniture
Sundays Company
Price range: $$
Known for: Seating, modern bedding
Sundays is committed to making durable pieces, which can withstand both wear and tear, and the ever-changing trending market. The result is that they have made some of the most comfortable, solution-oriented furniture. While many of their pieces are modern and neutral, they often have a hidden feature, whether that’s extra storage, a fold-out bed, or just truly comfortable seating.
Best Retro-Inspired Furniture Store
Soho Home
Best Retro-Inspired Furniture Store
Soho Home
Price range: $$$
Known for: Retro-inspired design
Soho Home has created a collection of high-end design, that is so intricate and special that its rarely seen in contemporary furniture. An offshoot of Soho House, the members-only clubs scattered across the globe, this furniture brand came about to satisfy their members who wanted to recreate the interior of the homes. The end result is a collection that is luxurious and opulent.
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Best Trendless Furniture Brand
Casterly
Best Trendless Furniture Brand
Casterly
Price range: $
Known for: Contemporary design, high-quality pieces
Tired of endless middlemen and fast-changing furniture trends, the minds behind Casterly decided to create a brand that they would oversee entirely, from production to shipping. With a mix of styles and genres to choose from, Casterly created luxury furniture with reasonable prices, that can withstand trends,
Best Craft-Focused Furniture Brand
Maiden Home
Best Craft-Focused Furniture Brand
Maiden Home
Price range: $$$
Known for: High-quality material
At Maiden Home, every material is hand-chosen for not just its beauty, but for its durability. Every piece of furniture is carefully thought through, and sometimes special artisans must be employed to create never-before-seen materials. Handmade in North Carolina, this brand is keeping heritage and craft alive in their work.
Best Cottagecore Furniture Brand
ABC Carpet & Home
Best Cottagecore Furniture Brand
ABC Carpet & Home
Price range: $$$
Known for: Modern design, luxurious rugs
ABC Carpet & Home is a New York City landmark, known for their rich offerings across luxury rugs and furniture. With an eye both on modern design and on antique shapes, they stock some of the most eye-catching designs on the market. Many of their pieces stray away from minimalism, instead leaning towards the English country style.
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Best Maximalist Furniture
Anthropologie
Best Maximalist Furniture
Anthropologie
Price range: $$
Known for: Patterned, maximalist furniture
Anthropologie is known for their fashion, but their furniture and home decor is some of the most unique on the market. For anyone who wants their home to feel one-of-a-kind and bold, Anthropologie does not shy away from incorporating colors, patterns, or ornate design.
Best Timeless Luxury Furniture Brand
Knoll
Best Timeless Luxury Furniture Brand
Knoll
Price range: $$$
Known for: Bauhaus design
For more than 80 years, husband-and-wife duo Hans and Florence Knoll’s brand has remained committed to Bauhaus designs. Many of the brand’s designs are now replicated by other labels, but the originals continue to reign supreme. With a true eye for modern design, Knoll’s office and dining furniture lines contain some of the brand’s most iconic pieces, like the oft-reproduced Saarinen Dining Table and Barcelona Chair.
Best Modern Luxury Furniture Brand
Eternity Modern
Best Modern Luxury Furniture Brand
Eternity Modern
Price range: $$$
Known for: Modern design, iconic pieces
This online furniture retailer stocks up on some of the most iconic and sought-after designs from throughout history. From Mario Bellini sofas to Le Corbusier daybeds, Eternity Modern makes it easy to source, purchase, and own insiders’ favorite luxury furniture.
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Best Secondhand Luxury Furniture Seller
Chairish
Best Secondhand Luxury Furniture Seller
Chairish
Price range: $$
Known for: Vintage and pre-owned furniture
Chairish makes it easy to shop and sell furniture from truly genius designers, from George Nakashima wooden chairs to the forever-loved Eames lounge chair. Along with vintage items, you can also find contemporary designers sold secondhand at Chairish as well, discovering huge discounts and rare pieces.
Best Danish Luxury Furniture Brand
Audo
Best Danish Luxury Furniture Brand
Audo
Price range: $$
Known for: Scandinavian design
Audo is a Danish furniture brand that embraces its homeland’s eye for minimalist design with a focus on quality materials. The brand brought together several designers and Danish studios to create its furniture and home accessories, from the sheepskin lounge chairs to the stunning wall decor.
Most Customer-Friendly Luxury Furniture Seller
Design Within Reach
Most Customer-Friendly Luxury Furniture Seller
Design Within Reach
Price range: $$
Known for: Luxury furniture, iconic designs
Design Within Reach is the go-to online retailer for luxury furniture. Founded with the intention of bringing online iconic designs that were previously available only in hidden showrooms, Design Within Reach’s collaborations with designers and brands often involve revered interior-design pieces, like the Eames chair.
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Best Classic Luxury Furniture Brand
Roche Bobois
Best Classic Luxury Furniture Brand
Roche Bobois
Price range: $$$
Known for: Made-to-order furniture
With over 200 showrooms across the world, Roche Bobois is a familiar name to luxury furniture lovers. The company sells a wide array of made-to-order furniture and home designs. Across living, bedroom, and office spaces, pieces are so well made, you’ll own them forever. Roche Bobois also believes in full service, offering interior design consultations to help you find the perfect pieces for your home.
Best Art Deco Furniture Brand
Modani
Best Art Deco Furniture Brand
Modani
Price range: $
Known for: Art deco, mid-century modern furniture
Modani was founded by three design lovers who wanted to create an easier way to shop for contemporary luxury furniture. Inspired by art deco style and midcentury modern designs, Modani’s pieces feature angular shapes and minimal ornamentation.
Best Minimal Luxury Furniture Brand
Kartell
Best Minimal Luxury Furniture Brand
Kartell
Price range: $$$
Known for: Environmentally-friendly design
Milan, Italy–based Kartell creates luxury furniture while focusing on minimizing the impact to the environment. The brand’s method? Using innovative materials, such as recycled upholstery and chairs made of coffee waste.
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Best One-of-a-Kind Luxury Furniture Retailer
1st Dibs
Best One-of-a-Kind Luxury Furniture Retailer
1st Dibs
Price range: $$
Known for: Vintage and pre-owned furniture and decor
Shopping for vintage furniture? 1st Dibs is an online retailer that stocks some of the most well-known designs. From the beloved Egg Chair to Victorian dining tables, you can hunt to find a piece that no one else will own. While you’re at it, check out their jewelry and fashion, too.
Best Budget-Friendly Luxury Furniture Brand
CB2
Best Budget-Friendly Luxury Furniture Brand
CB2
Price range: $$
Known for: Trendy design pieces
The luxury little sister to Crate & Barrel, CB2 offers timeless design and quality, without the enormous price tags other brands have. You can often find great deals on piece that create a calm and cool environment for your home without breaking the bank (or skimping on quality).
Best Contemporary Luxury Furniture Brand
Blu Dot
Best Contemporary Luxury Furniture Brand
Blu Dot
Price range: $$
Known for: Modern furniture
Blu Dot is the brand to shop for contemporary, modern furniture designed for color and comfort. The label focuses on classics like cozy sectionals and back-supporting desk chairs, rather than trends; all furniture is designed in-house, emphasizing usability and durability.
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Best British Luxury Furniture Brand
Flash Table Circle Brass
Best British Luxury Furniture Brand
Flash Table Circle Brass
Price range: $$$
Known for: British design
Tom Dixon’s furniture is all about honoring its British roots—the pieces adapt Victorian designs, and Dixon was even awarded an OBE by the late Queen Elizabeth. The brand exclusively sells angular tables and chairs, alongside lighting and home accessories.
Best Trendy Luxury Furniture Brand
Rove Concepts
Best Trendy Luxury Furniture Brand
Rove Concepts
Price range: $$$
Known for: Sustainable, trendy design
For Rove Concepts’ furniture, no detail is too small. A focus on sustainability, innovative materials, and funky design makes it a go-to shop for anyone who wants to invest in their home’s aesthetic. From midcentury modern pieces to bulbous sofas, Rove Concepts makes it easy to shop any home decor style in one place.
Tatjana Freund is Hearst’s Fashion & Luxury Commerce Editor, covering beauty, fashion and more across multiple brands. Previously, she worked at ELLE.com and Marie Claire. She’s a fan of whiskey neat, podcasts that give her nightmares, and one time Zoë Kravitz laughed at a joke she made.
Taking that much needed vacation while on a debt payoff journey may seem impossible, but it doesn’t have to be. By planning a vacation that suits your budget and keeps goals on track, you can transport yourself somewhere new and recharge.
It’s an approach Jasmine Gillians, a leave of absence specialist and YouTuber at the channel Jazzie RayShaune, is taking with her husband. On their second debt payoff journey, the Kansas City, Missouri-based couple is working on eliminating around $64,000 in remaining debt. Previously, they took the stricter path of staying home all the time and avoiding spending on extras. She sums it up as “miserable.”
“We both work full time and we want to be able to get a breath of fresh air, but we also wanted to be mindful that we still have debt to pay off,” she says. “We like to get out, we like to enjoy ourselves, but we just realized that we can still do that on a good budget.”
Time isn’t promised, especially when it comes to vacationing with elderly family members or if starting a new job that won’t accrue paid time off for a while. When deciding whether to travel, consider the emotional and monetary cost. Choose the option of no regrets that allows you to stay true to your debt payoff plan.
Review the budget
Revisit debit and credit card statements to know where money is going. Know your numbers, including income, expenses and debt, suggests Tiffany Grant, a North Carolina-based accredited financial counselor. Understand how much to contribute monthly to pay off debts by your deadline, and prevent setbacks by building an emergency fund.
Use this information to see if it’s also possible to start a vacation fund. If money is tight, consider whether focusing only on debt makes more sense.
“If you are not able to make your payments — and like not even the minimum payments — and you’re running in the negative every month, then you probably shouldn’t be traveling,” says Grant. “Or if you do, something that’s super low cost.”
Also consider if it’s possible to cut back in certain areas to accelerate savings. Instead of taking the strict approach from the previous debt payoff journey, Gillians found ways to trim expenses to allow for more flexibility with spending.
“Things like a date night may not be dinner and a movie, it may be movie night at home,” she says. “We were already the majority of the time working out at home, so we canceled our gym memberships.”
For added savings, Gillians says she also switched to cheaper providers for things like streaming services. With these adjustments, Gillians was able to plan a vacation to Destin, Florida, to celebrate her husband’s 50th birthday.
Make a plan
Brainstorm destinations and research potential costs for transportation, accommodations, activities, food and possibly foreign transaction fees. Also leave a cushion in that vacation budget for unforeseen expenses.
Consider these options to find savings:
Redeeming rewards. On a debt payoff journey, it’s not ideal to chase credit card rewards, but using those already earned may help defray the costs of a vacation. Rewards earned through a loyalty program may also chip away at costs. Gillians says she was able to save $40 on her trip with rewards earned through Vrbo.
Exploring free or low-cost activities at your destination. Think about ways to experience a destination on a budget. For instance, consider going on a free walking tour (many cities offer these), exploring a national park on a free day or taking in some culture with free museum admission. If your budget permits, you may also get the resort experience without the high price tag. Companies like ResortPass allow you to pay for use of a hotel’s spa, pool or gym for the day. If you’re with a large group, though, these costs can add up.
Cooking your meals. By buying groceries outside of populated tourist areas and making your own meals, whether at a hotel or vacation rental, you’ll save money versus eating at restaurants. If that’s not for you, build dining expenses into the vacation fund.
Being flexible with accommodations. Where you stay depends on your preferences and needs. Weigh a variety of options, including camp sites, hostels, vacation rentals that you can split with a group, and last-minute hotel deals. A “mystery” hotel deal through a service like Priceline or Hotwire can save on costs, but the key details of the hotel are secret until you book it. You’ll see only the price, number of stars, guest rating, limited photos, a general overview of the location and a list of amenities.
Compromising on transportation. Make travel more affordable by staying local or traveling during the off season. Websites like Going, Fare Deal Alert and The Flight Deal can alert you to cheap flights. In addition to the cost of flying or driving to your destination, factor in the price of transportation once you arrive. If it’s safe to take, public transit may provide lower costs than rideshares, taxis, rental cars or other options.
Also, consider other ways to save. “I save gift cards that I get for Christmas and birthdays,” says Gillians. For her upcoming trip, she says she used three airline gift cards to save $300 on flights.
Checking for discounts. You might qualify for discounts based on employment, a credit card or another option. If you have a AAA or warehouse club membership, for example, you may be eligible for discounts on rental cars, hotels, or tickets to sporting events and theme parks. Some credit cards also provide discounts when you use them to shop with specific merchants. If you can pay off the purchase in full and avoid derailing your debt payoff journey, this option could allow you to save on dining, hotels and more.
Industry veteran Rick Roque has resigned from his position as corporate vice president at retail mortgage lender CrossCountry Mortgage (CCM) to join multichannel player Sierra Pacific Mortgage as executive vice president of retail.
The transition was announced on Monday afternoon during a session at The Gathering, HousingWire’s real estate and mortgage conference held in Scottsdale, Arizona.
Roque, who co-founded M&A and retail mortgage banking firm Menlo Co. in 2009, joined CCM in December 2022 as corporate vice president of production strategy and strategic partnerships. He was tasked with adding “value to the consumer in the homeownership experience“ while increasing sales volumes and revenues, he said.
“CCM has created a top-performing sales culture that’s the envy of every mortgage company in the country. My interest is to be able to adopt that top-performing sales culture and to bring that over to Sierra Pacific,“ Roque said in an interview with HousingWire.
A spokesperson for CCM said the company had no comments.
Ohio-based CCM, which acquired Amcap Home Loans earlier this year, claims it originated $31.6 billion in loans in 2023.
Sierra Pacific, headquartered in California and led by Jim Coffrini, delivered a production volume of $2.5 billion last year, according to Inside Mortgage Finance (IMF) estimates. Its owned servicing portfolio stood at $15 billion at the end of 2023, per IMF.
Regarding its channels, Sierra Pacific has loans coming through its branches and its broker network, Roque said, but he will primarily focus on retail operations.
“Sierra believes the future of mortgage includes both wholesale and retail. It’s not about ’brokers are better’ or ’retail is better,’“ Roque added.
The company plans to grow via acquisitions of top-producing teams to establish a nationwide presence. These teams will have the opportunity to be an “anchor operation,“ Roque explained.
The lender is also seeking to acquire other companies, specifically targeting those that originate between $500 million and $2 billion a year, he said.
“Sierra is one of the most heavily capitalized companies in the country. It aims to aggressively grow retail, so a new heavyweight has entered the ring beyond the headlined mortgage companies,“ Roque said.
According to the Nationwide Multistate Licensing System (NMLS), Sierra had 145 active loan officers and 50 branches as of Monday.
In December, Sierra’s Chief Production Officer Jay Promisco, a HousingWire Vanguard, sat down with Clayton Collins to detail how he builds cohesive teams in intense environments.
When it comes to saving for retirement, you have many options to choose from. But one that you may not have considered is investing in gold—namely, a gold IRA.
A gold IRA is a simple yet innovative type of individual retirement account (IRA). Instead of the conventional holdings of stocks and bonds, it invests in precious metals, primarily gold, but also in silver and platinum.
Investing in a gold IRA presents a potential opportunity for safeguarding your savings from economic turmoil and expanding the diversity of your asset portfolio. Nevertheless, it’s important to keep in mind that a gold IRA may not be a suitable option for everyone, and a thorough evaluation of your personal financial situation is crucial before making an investment decision.
This article will provide you with a comprehensive understanding of gold IRAs and equip you with the knowledge necessary to make an informed investment choice.
What is a Gold IRA?
A gold IRA, also known as a precious metals IRA, is a type of investment vehicle that gives you the ability to hold physical gold, silver, and other valuable metals. You have the option of funding this account either with pre-taxed money or as a Roth IRA with post-tax funds.
Your savings will not be invested in stocks, bonds, or mutual funds but rather in precious metal coins or bullion, providing a tangible form of investment. The tax rules and procedures for a precious metals IRA are similar to those of any other IRA.
Investing in gold bullion and other precious metals goes beyond just IRAs. Some investors choose to purchase stocks or exchange-traded funds (ETFs) in gold mining companies or precious metal funds. However, the majority of gold investors prefer to keep their investments in physical precious metals.
Types of Gold IRAs
There are three main types of gold IRAs: traditional, Roth, and SEP.
Traditional gold IRA: – Traditional gold IRAs are funded with pre-tax dollars and require you to pay income tax on withdrawals in retirement.
Roth gold IRA – Roth IRAs are funded with after-tax dollars and allow for tax-free growth and tax-free withdrawals in retirement.
SEP gold IRA – SEP IRAs are intended for self-employed or small business owners and are funded with pre-tax dollars. Contribution limits are different, and business owners can contribute on behalf of their employees.
The IRS has strict guidelines for the kinds of metals that can be included in a gold IRA. The only precious metals that can be included are gold, silver, platinum, and palladium.
Here is an overview of each of the IRS-approved precious metals, as well as the requirements for each.
1. Gold
To be eligible for inclusion in a self-directed gold IRA, gold coins or bars must adhere to stringent purity standards, with a minimum of 99.5% purity. Any gold that fails to meet this standard will be rejected.
Should the gold pass the purity test, it must be securely stored in an approved depository, which is a specialized facility specifically designed to protect precious metals.
Having a trusted and IRS-approved custodian is also a requirement, who will serve as the trustee of the IRA and oversee the safekeeping of the gold. Some of the most sought-after gold coins and bars for IRAs include:
American Gold Eagle coins
American Gold Buffalo coins
Australian Gold Kangaroo/Nugget coins
Austrian Gold Philharmonic coins
Johnson Matthey Gold bar
Valcambi Gold CombiBar
Canadian Gold Maple Leaf coins
Credit Suisse Gold bars
2. Silver
The purity of silver coins must be at least 99.9% to be eligible for deposit in a gold IRA. The following is a list of silver coins and bars that meet the approval criteria for inclusion in an IRA:
American Silver Eagle coins
Australian Kookaburra Silver coins
Austrian Philharmonic Silver coins
Canadian Silver Maple Leaf coins
Mexican Silver Libertad coins
Johnson Matthey Silver bar
Royal Canadian Mint Silver bar
3. Platinum
Platinum coins and bars must meet or exceed a purity standard of 99.95%. Here is a list of IRA-approved platinum bars and coins to consider:
American Eagle Platinum coins
Australian Koala Platinum coins
Canadian Maple Leaf Platinum coins
Isle of Man Noble coins
4. Palladium
And finally, palladium must meet a purity standard of 99.95% or higher. Here is a list of IRA-approved palladium bars and coins:
Canadian Palladium Maple Leaf coins
Russian Ballerina Palladium coins
Baird Palladium bars
Credit Suisse Palladium bars
If you’re interested in investing in a gold IRA, you need to be mindful of the accepted metals. While there may be other precious metal bars and coins that are sought after by collectors, they may not be eligible for investment within a gold IRA. To ensure you’re making the right investment decisions, it’s best to work with a trusted precious metals company.
To avoid any issues, make sure to double-check with your IRA company before investing in any precious metals you’re unsure about. Here’s a list of metals that are not approved for investment in a gold IRA:
Austrian Corona
Belgian Franc
British Sovereign and Britannia
Chilean Peso
Chinese Panda coins
Dutch Guilder
French 20 Franc
Hungarian Korona
Italian Lira
Mexican Peso
South African Krugerrand
Swiss Franc
Pros and Cons of Gold IRAs
Before investing in a gold IRA, it’s important to weigh the pros and cons. Here are some key factors to consider before making a decision.
Pros
Since the Financial Crisis of 2008, gold IRAs have become a popular investment option for people looking to diversify outside the stock market. Many people believe that gold is a good way to protect yourself against inflation.
And gold IRAs are not as difficult to invest in as they were in the past. Due to increased demand, there are more legitimate gold IRA companies available that will help you buy and manage your gold and precious metals investment.
Cons
One of the biggest downsides to opening a gold IRA is that the startup costs can be high. Plus, gold doesn’t pay dividends or interest, which kind of defeats the purpose of putting it in a tax-advantaged investment.
Plus, many people find it tricky to make withdrawals on gold IRAs, since gold isn’t a liquid asset.
You also need to be sure that you’re working with a reputable company that knows what they’re doing. Otherwise, it’s easy to fall victim to scam artists.
How to Get Started With a Gold IRA
Starting a gold IRA requires opening a self-directed IRA account, which offers greater flexibility in terms of investment options. You’ll be responsible for managing this retirement account, but you’ll need the assistance of a broker for buying gold and securing your assets.
When selecting a custodian, consider a bank, credit union, or brokerage firm that has been approved by a state or federal agency. You may also ask your gold dealer for recommendations on trusted brokers.
Start-Up Costs to Open a Gold IRA
Unlike traditional IRAs, a gold IRA comes with a few extra expenses. Here are some of the most significant expenses you’ll need to know about:
The markup fee: When you buy gold or precious metals, you may have to pay a markup fee. This is a one-time upfront fee, and it will vary based on the vendor you choose.
IRA setup fee: The setup fee is another one-time fee you’ll pay to set up your IRA account. Again, this will vary depending on the broker you choose. However, it will likely be more costly because not every firm deals with gold IRAs.
Custodian fees: You’ll have to pay an annual fee for the custodian who’s managing your gold IRA.
Storage fees: Your gold must be stored in a secure, approved location. For that reason, you’ll have to pay annual storage fees.
Bottom Line
If you seek to diversify your portfolio beyond the stock market, a gold IRA could be a suitable option. Precious metals like gold are often considered secure investments and can act as a safeguard against inflation.
On the other hand, other methods of asset diversification may be more economical and less cumbersome. Some people regard gold as a poor choice for a tax-deferred investment, as it does not produce income.
If you opt for a gold IRA, be sure to thoroughly research your metals dealer and custodian, to ensure the protection of your investment and to steer clear of scams.
Frequently Asked Questions
Is a gold IRA a good investment?
It depends on your personal financial circumstances and investment objectives. While some view gold as a way to hedge against inflation and diversify their portfolio, others may not find value in physically investing in the precious metal. To make an informed decision, it’s crucial to thoroughly examine both the potential risks and benefits before investing in a gold IRA.
How do I set up a gold IRA?
To set up a gold IRA account, you will need to find a gold IRA company that specializes in setting up precious metals IRAs. Gold IRA companies will provide you with the necessary paperwork and guidance to open and fund your account.
Are there any restrictions on what types of gold I can hold in my IRA?
Yes, there are specific rules for the types of gold that can be held in a precious metals IRA. The gold must be at least 99.5% pure and must be in the form of coins or bars from an approved refinery or mint. Some common examples of approved gold coins include the American Gold Eagle and the Canadian Gold Maple Leaf.
What is the difference between a traditional IRA, Roth IRA, and SEP IRA?
A traditional IRA is a tax-advantaged account that allows you to contribute pre-tax dollars and potentially receive a tax deduction on your contributions.
A Roth IRA, on the other hand, is a retirement account that accepts post-tax contributions, but all qualified withdrawals, including earnings, are tax-free.
Lastly, a SEP IRA is a retirement savings plan designed for self-employed individuals and small business owners. It enables them to make tax-deductible contributions to a traditional IRA for themselves and their employees.
Frankly, however, the biggest surprise at the moment might be that sales volumes have held up pretty well over the past few weeks even as mortgage rates have climbed into the mid-7s. We’ve been talking about sales growth over the past year. More home sales are happening, but we can also see — once adjusted for seasonal patterns — that sales should be much higher now if a real market recovery were underway.
It feels like the latest macro trends will keep mortgage rates in the mid-7% range for the near term. And we’d expect that to slow home sales further. That’s why Altos Research tracks every home for sale in the country each week. The data so often defies expectations or changes very quickly. Let’s dig further into the details of the U.S. housing market for the week of April 22.
Housing inventory
When we look at the active inventory of unsold homes on the market, we can definitely see the impact of higher mortgage rates in the past month. There are 543,000 single-family homes on the market now. That’s a 3% jump from last week and 31% above year-ago levels.
The available inventory of unsold homes on the market is building quickly due to the most recent mortgage rate jumps. There are 130,000 more homes on the market now than last year at this time.
Normally, inventory is climbing at this point in the second quarter. We’re rapidly approaching the peak of the market in terms of seller listings, and as inventory builds, the sales rate will peak by the end of June. So, it’s normal that inventory is growing now.
But when you add a spike in mortgage rates that makes homebuying less affordable, that leads to fewer buyers and inventory grows. Altos data currently shows an inflection point in April. With the most recent mortgage rate jump, inventory growth has also accelerated.
This is what is meant when we say that higher rates leads to higher inventory. We are on the path back to the formerly normal levels of unsold homes on the market. A couple more years with elevated rates will get us there.
But it’s also noteworthy to point out that falling rates reverse this trend. Lower rates mean that people snap up the existing inventory.
New listings
Growing inventory is not just about slowing demand. We are also consistently measuring more sellers coming back into the market. At 69,000 new listings unsold today, that’s 3% more than a week ago and 14% more than this time last year.
In fact, there are more new sellers this week than in any week of 2023. This selling season still has two more months of growth potential. Industry professionals would love to see 70,000 or 80,000 new listings per week in May. More sellers means more sales can happen. There’s a limit, of course, as we could eventually reach an imbalance if too many sellers flood the market and too few buyers follow suit. But we’re not close to that yet.
In the years before the COVID-19 pandemic, the latter half of April would normally see 80,000 to 100,000 new listings in a week. Now we’re at 69,000. Obviously, elevated mortgage rates slows both buyer and seller activity. There are a lot of people who will never sell their house with a 3% mortgage.
There’s unlikely to be a flood of sellers in the next few years, but we can see steady growth. Each year with higher rates will create more inventory growth and have fewer people locked into low rates. That growth is good for the market.
The available inventory of homes to buy and the new ones being listed for sale each week are what consumers care about. If I’m buying a house, do I have any houses to buy? For homebuyers, the selection they have now is the most they’ve had in years.
Real estate professionals, on the other hand, have to care about transaction volume. How many home sales are happening? Because there were so few sellers last year, the number of sales was quite constricted. That’s starting to change. The 14% increase in new listings over the past year is a really good sign that sales can grow.
Pending sales
When we look at the sales rate, we can indeed see that home sales are growing. There were 71,000 new contracts started for single-family homes this week. That’s 3% more than last week and 7% more than a year ago.
There are still 8% fewer sales happening each week than in 2022. At that time two years ago, there were frantic last-minute deals getting done as mortgage rates were rising quickly. So, even though rates were up back then, sales were still strong.
But the hectic pandemic-era pace of sales had slowed, so inventory was building quickly. In 2022, the new sales rates really cratered after the Fourth of July holiday.
There are now 385,000 single-family homes under contract. That’s 5% growth compared to this time last year but is still 14% less than two years ago. New sales started this week saw 7% growth while the total number of homes under contract saw 5% growth.
It takes 30 to 40 days for the typical sale to close. The homes under contract now will mostly close in April and May. The 5% annualized growth rate is less than we’d hoped for at the start of the year, but it’s creeping up even with higher mortgage rates.
Altos Research uses direct measurement rather than seasonally adjusting its numbers. There are 385,000 single-family homes in escrow to complete a sale as of today. If you were to approximate a seasonal adjustment on this number, you would see a yearly sales pace of about 4.4 million units for April 2024. That pace is up from April 2023, but it is still running slower than the typical April. The seasonal pace is where one can observe the slowdown due higher mortgage rates.
The takeaway from the weekly new pending sales data is that even though sales continue to outpace last year, that growth has definitely slowed.
Home prices
The median price of single-family homes under contract is now $398,000. That jumped by 2.4% jump this week and is, in fact, a new all-time-high, surpassing the sale prices of two years ago.
These spring weeks are indeed the time when home prices climb, so it’s not too surprising that this trend is occurring now. But we’ve also been keeping a close eye on home prices in the face of these rising mortgage rates.
The prices of the homes going under contract are 6% more expensive than one year ago. Last year at this time, home prices were lower than in April 2022. But we’re now back at all-time highs. The previous peak was $395,000 two years ago.
One thing of interest in the price data is how slow this climb has been. Compared to Jan. 1, 2024, prices are up 6.6%. In most years, the increase is closer to 10% by this time in April. So, as a leading indicator for how the year ends up, this price signal is much softer than usual.
We can also see this in asking prices. The median price for all homes currently on the market is $449,000. That’s up a fraction from last week and only 1% above last year at this time.
Asking prices can be thought of as a leading indicator for future sales prices. Homes that are on the market now will get offers in May, close in June and will be reported on in July. So, the future signals for home prices aren’t falling because of higher mortgage rates, but it certainly looks like price appreciation has slowed.
Price reductions
Another strong leading indicator for future home sale prices is the share of homes on the market with price reductions. If more sellers have to cut their prices now, that’s a real signal for sales that will happen in the future.
Surprisingly, given the mortgage rate changes, there is no jump yet in the share of price reductions. We’ve been watching this stat closely.
This week, 32% of the homes on the market have taken a price cut. That’s actually down a fraction from last week, given a relatively strong set of new listings that hit the market and the fact that home sales are at their highest point of the year. Fresh inventory doesn’t take a price cut until after it sits for a while without an offer.
There are 3% more homes with price reductions today than a year ago. Last year at this time, price cuts were still decreasing with very tight volumes of new listings. There are more homes on the market now with price cuts than in any April on record. That shows weakness in prices, but it’s not a super high number and it’s not skyrocketing, so that implies we won’t see prices tanking anytime soon.
The takeaway here is that with the 30-year fixed mortgage at 7.4%, there is still just enough sales volume to keep home prices from dropping like they did in late 2022. The current market is not changing nearly that quickly. We’ll continue to watch data on price cuts. As mortgage rates make homes less affordable, fewer offers will be made and some sellers will cut their prices. That could accelerate in the next few weeks.
Inside: Learn how to save money quickly, even on a tight budget. Get practical tips for how to save money fast on a low income. Simple savings ideas to implement today.
Saving money on a tight budget can feel like a high mountain to conquer, especially when you’re trying to do it fast.
Many people earn just enough to cover their essential costs, leaving little room for savings. However, with the right strategies, saving money fast on a low income doesn’t have to be a pipe dream.
This is something I started when we decided to pay off debt. Then, we choose to continue saving that money and investing it.
By understanding the flow of your money – where it’s coming from and where it’s going – you can make informed decisions that maximize your savings potential.
By prioritizing your spending and forecasting future expenses, budgeting can reduce the stress of financial uncertainty and introduce a sense of control and confidence in your money management skills. Thus, leading to you starting to save.
What is the best way to save money on a low income?
On a low income, the best way to save money is to thoroughly understand your expenses and prioritize your needs over wants.
In addition, by planning and tracking your finances meticulously, you can identify where each penny is going. Thus, allowing you to analyze your expenses. Once you have a clear picture of these, start looking for areas to trim down.
Remember, saving money is about being proactive and consistent. These small but steady steps can build up over time to help you save money fast, even on a low income.
How to Save Money on A Fast Income
1. Start with Clear Priorities
Before you can decide where to cut costs or how to allocate your funds, you need to know what’s most important to you.
What is your why for doing what you need to do? Is it building an emergency fund, saving for a down payment on a home, or maybe preparing for retirement?
Whatever your goals, outline them clearly. This is how you will save money.
2. Budgeting effectively to manage finances
To budget effectively on a low income, it all starts with a cold, hard look at your numbers.
Begin by listing all sources of income – that’s your foundation.
From each paycheck or income stream, subtract your non-negotiable expenses such as rent, utilities, transportation, and debt payments. What you have left is your discretionary income.
Then, it’s time to categorize and prioritize. Group your expenses into necessities and nice-to-haves. If your essentials consume most of your income, you’ll need to scrutinize the nice-to-haves list.
Every dollar saved from unnecessary splurges is a dollar that can be put towards your savings.
Use budgeting apps or tools to keep a real-time record of your spending. These can help you stay disciplined and provide a visual reminder of your progress.
3. Track and Slash Unnecessary Expenses
Now, you must meticulously and ruthlessly cut out the non-essentials.
Identify patterns and spot the recurrent, unnecessary expenses that are draining your funds.
Do you subscribe to multiple streaming platforms?
Are you forking out cash for a gym membership you barely use?
Are those daily specialty coffee drinks adding up?
It’s time to slash these expenditures.
Cutting these expenses is like giving yourself a raise.
4. Lower Housing Expenses Without Compromising Comfort
Living in smaller, more affordable housing to decrease rent or mortgage might be exactly what you need.
Opting for a smaller, more affordable space is a practical approach to significantly lower your rent or mortgage payments. When you choose to live in a compact setting, not only do you reduce the square footage costs, but often, utility and maintenance expenses decrease as well due to the reduced size of the living area.
If you are renting, try to negotiate your rent or lease terms with your landlord – they might be willing to offer a discount to keep a reliable tenant, or you may be able to agree on lower rent for a longer lease commitment.
If you’re a homeowner, explore the possibility of refinancing your mortgage to take advantage of lower interest rates. Alternatively, consider renting out a room or a portion of your living space, as the additional income can offset your mortgage or maintenance costs.
5. Save Money on Utilities with Simple Home Adjustments
Saving money on utilities might sound challenging, but you can often achieve substantial savings with a few strategic home adjustments. Let’s explore some cost-effective strategies and modifications you can make to your living space that could help reduce your bills.
Energy Efficient Appliances: Swapping out older appliances for Energy Star-rated ones leads to significant reductions in electricity use and water consumption.
Smart Thermostats: Installing a smart thermostat allows you to programmatically control your heating and cooling based on your schedule and preferences, potentially saving you a bundle on your energy bills.
LED Lighting: Switch to LED bulbs, which are more energy-efficient than traditional incandescent ones and have a longer lifespan, saving you on replacement costs as well as your electric bill.
Insulation Upgrades: Proper insulation keeps your home warm in the winter and cool in the summer, reducing the need for excessive heating or air conditioning.
Water-Saving Fixtures: Low-flow showerheads and faucet aerators reduce water usage, preserving this precious resource and lowering your water bill.
Not only do these simple home adjustments lead to savings on your utility bills, but they also contribute to a more environmentally friendly lifestyle.
6. Cooking at home instead of eating out
Cooking at home instead of dining out is an excellent way to save money, especially on a low income. When you eat at a restaurant, you’re not just paying for the food; you’re also covering the cost of service, ambiance, and the establishment’s overhead.
Plan a balance between meal prepped home-cooked meals and the occasional dinner out to keep your budget in check while still enjoying life’s little pleasures. Here are some frugal meals to get you started.
Remember, you don’t have to eliminate eating out entirely.
7. Canceling unused subscriptions and memberships
Stop draining money on services you don’t actively use. It’s surprisingly easy to forget about these auto-renewing expenses, so taking the time to audit your subscriptions can reveal opportunities for savings.
Recently, we tracked over $100 a month in my mother-in-law’s unused subscriptions and membership!
As such, it’s important to periodically evaluate your subscriptions and memberships to ensure they are still serving your interests and goals. If not, give yourself permission to cancel and save that money for something that offers tangible benefits in return.
8. Buying quality items that last longer
Investing in quality items that last longer is a strategic way to save money over time. While the initial cost may be higher, durable products can prevent the cycle of frequent replacements, ultimately contributing to long-term savings and less waste.
Remember, not every purchase necessitates the highest quality option. Examine which items you frequently use and can benefit from in the long run. For instance, driving a Toyota or buying higher quality shoes.
Once you’ve identified these, invest in quality for those and enjoy the satisfaction of a purchase that lasts.
9. Optimize Grocery Shopping
To optimize grocery shopping and manage your food budget effectively, start by thoroughly checking your current pantry supplies and making a precise shopping list to deter impulse purchases.
Utilize coupons and enroll in local store loyalty programs for exclusive discounts.
Embrace meal planning to avoid unnecessary spending.
Consider incorporating meatless meals, as this can contribute to consistent savings over time due to the typically higher cost of meat compared to vegetables and other plant-based options.
Plan meals around these cheap foods when you are broke.
By shopping smartly, you have the power to drastically lower your monthly food bill. Just remember, the key is preparation and discipline.
10. Repairing items instead of replacing them
Repairing items instead of replacing them can be a significant money-saving tactic, especially when budgets are tight. It’s often more cost-effective to fix a piece of furniture, mend a garment, or troubleshoot an appliance than it is to buy new one.
Consider the condition and value of each item before deciding to repair it. If the cost of repair approaches the price of a new item, or if it’s beyond your skill set, researching community resources or seeking professional help may be a wise choice.
11. Practicing the 30-day rule for non-essential purchases
Putting the brakes on impulsive buying can significantly boost your savings, and practicing the 30-day rule is a tried-and-true method to control those urges.
Before you make any non-essential purchase, wait 30 days.
If after a month you still feel the purchase is necessary or meaningful, then consider buying it.
Remember that the goal isn’t to deny yourself enjoyment but to ensure that each purchase is considered and valued. This conscious approach can lead to more satisfaction with the items you do choose to buy and a healthier bank balance.
12. Skip the Car Loan
Opting out of a car loan and finding alternative modes of transportation, such as cycling, walking, or using public transportation, can lead to significant financial savings.
Without a car payment, individuals can redirect the funds that would have gone towards monthly installments, insurance, and maintenance into their savings account.
This strategy can be particularly impactful for those with a goal in mind or working with a low income, as every dollar saved moves them closer to financial stability. Furthermore, the elimination of auto loan interest charges and potential debt can provide a more secure financial footing and peace of mind.
13. Using public transportation or carpooling to reduce fuel costs
Utilizing public transportation or carpooling can be significant in reducing fuel costs, particularly when you’re committed to saving money on a low income. These alternatives to solo driving not only save on fuel but also on parking fees, and wear and tear on your vehicle.
Another option is embracing car-sharing services, especially if you find that you don’t require a car on a daily basis. Services like Turo and Getaround offer the flexibility of having a car when you need one without the constant financial responsibility associated with ownership.
Remember, it’s all about what suits your lifestyle and frequency of need. By assessing how often you need a vehicle and comparing it with the total costs of ownership, car-sharing could be an excellent way to save money.
14. Selling unused or unwanted items for extra cash
Selling unused or unwanted items is a fantastic way to declutter your space and earn extra cash. You might be surprised how much money you can make by letting go of things you no longer use or need. From clothes you’ve outgrown to homeware that’s gathering dust, each item sold can inch you closer to your savings goal.
Take advantage of this opportunity; a thorough home audit could reveal a treasure trove of sellable items right under your nose. Not only does this increase your income, but it also helps you consider future purchases more carefully.
15. Taking advantage of free entertainment and community events
Leveraging free entertainment and community events is a delightfully frugal way to enjoy yourself without breaking the bank. From concerts and exhibitions to workshops and meet-ups, there’s often a wealth of activities that won’t cost you a penny.
In fact, here at Money Bliss, I have the most popular list of things to do with no money.
With a little creativity and resourcefulness, you can uncover a variety of enjoyable and inexpensive things to do.
16. Automating savings to ensure consistent contributions
Automating your savings is a hassle-free way to ensure you consistently contribute to your financial goals.
By setting up an automatic transfer from your checking account to a savings account, you’re essentially paying your future self first.
This ‘set and forget’ approach helps grow your wealth with minimal effort.
17. Negotiating bills and asking for better rates
Many service providers are open to negotiating prices if it means retaining a customer. Whether it’s your cable package, insurance, or even a credit card interest rate, it’s worth having the conversation.
Remember, the worst they can say is no. But often, companies will offer helpful options when they realize you are considering alternatives due to cost concerns.
One phone call could save you $1000 a year – just like when I decreased my cable bill!
18. Evaluating insurance policies for potential savings
When evaluating insurance policies, it’s critical to regularly assess your coverage needs and shop around for the best rates. Comparing policies from different providers annually can reveal opportunities for lowering premiums or finding more suitable coverage.
Utilize online tools and independent insurance agents to ensure a comprehensive review of available options.
Remember to inquire about bundling policies, as this can often lead to significant savings while consolidating your insurance needs effectively.
19. Meal Planning and Prep: Strategies to Reduce Food Waste
By allocating some time each week to plan your meals, you can ensure that you only buy what you need, thereby minimizing waste and cost.
Learning to meal plan starts with looking at a calendar and a local sales flyer to find the low cost deals.
By creating a weekly plan and incorporating budget-friendly recipes, you can not only eat healthier but also avoid the costlier option of dining out.
20. Forgo single use items
By choosing reusable items over single-use ones, you cut down on waste and habitual spending on disposables. This is also known as frugal green.
For instance, investing in a reusable water bottle, rather than buying single use water bottles.
By integrating sustainable products into your life, you also promote a culture of conservation and mindfulness, inspiring others to make eco-friendly choices.
21. Shopping for groceries with a list to avoid impulse buys
This is key! Especially when shopping with kids or a significant other!
Shopping for groceries with a list is a golden rule to avoid impulse buys, which can quickly derail your budget. By planning your purchases beforehand, you stick to the essentials and resist the temptation of sale items that aren’t on your list or don’t fit your meal plan.
Bonus Tip: Remember to always shop on a full stomach – hitting the grocery store hungry is a surefire way to end up with impulse purchases that aren’t on your list!
22. Buying generic brands instead of name brands
Opting for generic brands rather than name brands is a straightforward and effective way to save money on everything from groceries to over-the-counter medications. These products are often of similar quality and effectiveness but come at a significantly lower cost.
By making the switch to generics, especially for regularly used items, the aggregate savings can be substantial over time.
23. Making bulk purchases for commonly used items to save on cost-per-unit
When you buy in larger quantities, the cost per unit typically decreases, leading to savings that add up over time. Bulk buying works best for non-perishable goods or products you use consistently.
Make a point of buying non-perishable items or products with a long shelf life in bulk to avoid waste and ensure that you truly save money with each bulk purchase.
Just make sure you are going to use it!
24. Cutting costs on personal care by DIY methods
DIY methods for personal care are not just a trend – they’re a practical and often healthier alternative to store-bought products. By creating your own beauty and personal care items, you can significantly trim costs and take control of what goes on and into your body.
Even if you’re not the crafty type, consider starting small with something like a DIY sugar scrub or homemade toothpaste. This is something I did over ten years ago. You might discover a new hobby that enhances both your well-being and your budget.
25. Regular maintenance of vehicles and appliances to prevent costly repairs
Keeping on top of maintenance schedules helps prevent major breakdowns that can lead to expensive repairs down the line.
By making regular maintenance a non-negotiable part of your routine, you protect your investments and save yourself from future financial headaches.
I keep a list in my digital to do list, so I never lose track.
26. Shopping at thrift stores, garage sales, or second-hand websites
Shopping at thrift stores, garage sales, or second-hand websites is an excellent way to acquire items at a fraction of the retail cost. Not only are you being financially savvy, but you’re also participating in the circular economy, reducing waste, and often supporting charitable causes.
Shopping second-hand first is not just about saving money—it’s a lifestyle choice. With patience and persistence, it’s amazing what quality items you can find without impacting your wallet heavily.
27. Learning basic sewing to repair clothes
Mastering the basics of sewing to mend your clothes is a skill that pays off in multiple ways. You save money by extending the life of your garments, reducing waste, and developing a practical capability that can come in handy in various situations.
Honestly, sewing a piece of clothes is a very simple thing. Something that must be learned by the younger generations.
Consider setting aside some time to learn sewing basics via online tutorials, community classes, or even from a friend or family member—it’s a practical step toward financial savings and sustainable living.
28. Utilizing coupons and discounts for shopping
Using coupons and discounts strategically can lead to significant savings on your shopping bills. With a little planning and some savvy shopping techniques, you can ensure you never pay full price for essentials and other purchases.
Remember to only use coupons for items you were already planning to purchase; otherwise, you’re not saving money, you’re just spending less on something extra.
29. Consolidating debt to reduce interest rates
Debt consolidation can be a strategic financial move to lower your overall interest rates and simplify your monthly payments. By combining your debts into one loan with a lower interest rate, you can streamline your bills and potentially save significant amounts of money over time.
Make sure to shop around for the best debt consolidation options and read the fine print. The goal is to find a consolidation plan that truly puts you on a faster track to being debt-free without any hidden costs.
30. Tackle High-Interest Debts First to Free Up More Cash
Addressing high-interest debts is paramount in optimizing your financial strategy. Such debts, often from credit cards or payday loans, can spiral out of control if not managed promptly due to their compound interest rates, which can quickly exceed the original amounts borrowed.
This is known as the debt avalanche.
By zeroing in on high-cost debts, you ensure your income is spent more effectively and not wasted on steep interest fees, accelerating your path to financial freedom.
31. Choose the Right High-Yield Savings Account for Your Emergency Fund
Selecting the right high-yield savings account for your emergency fund is an essential move for growing your savings. High-yield accounts offer interest rates significantly higher than standard accounts, ensuring your emergency fund doesn’t stagnate and keeps pace with inflation as much as possible.
This is one of the bank accounts you need.
32. Implement The Envelope System
The Envelope System is a budgeting method that involves physically dividing your cash into envelopes for different spending categories.
Utilizing the cash envelope system promotes disciplined spending by providing a tangible limit on various expense categories, ensuring you stay within your pre-determined budget and facilitating more intentional money management.
This method also offers immediate visual feedback on spending patterns, which can lead to better financial habits and incremental savings as any leftover cash from each envelope can be added directly to a savings fund, making the act of saving more rewarding and motivating.
33. Using cash -back envelopes to track spending
The use of cash-back envelopes takes the traditional envelope budgeting system a step further by rewarding yourself with savings.
Whenever you spend less than the allocated amount in a budget category, you place the cash difference into a “cash-back” envelope, which can be used for saving or investing.
Adopting the cash-back envelope strategy can provide a rewarding twist to budgeting, making it a fun challenge to spend less and save more.
Boost Your Income: Creative Side Hustles and Opportunities
Boosting your income can provide substantial financial relief, particularly when you’ve maximized your ability to cut costs and still find your expenses stretching your budget thin.
Generating extra income, be it through a side hustle or achieving a raise enhances your ability to save and invest.
With additional streams of revenue, you gain more financial flexibility to achieve goals like paying off debt faster, saving for a significant purchase, or building an emergency fund.
Finding a side hustle or part-time job for additional income
Exploring a side hustle or part-time job is a proven way to supplement your income. In today’s gig economy, there are numerous opportunities for flexible work that can be customized to fit your skills and schedule.
A side hustle can not only pad your wallet but also provide an outlet for creativity and passion, possibly even offering a new career trajectory down the line.
Explore Gig Work and Passive Income Streams
Exploring gig work and passive income streams can accelerate your savings efforts, especially when your regular income isn’t enough to reach your financial goals. These alternative income ideas often provide the flexibility to work on your terms and build up earnings over time.
These revenue channels provide a proactive approach to increasing your disposable income. Researching and choosing the best options for your skills and financial situation can help you build a sound extra income strategy.
Take Advantage of Bank Bonuses and Credit Card Bonuses
Banks often offer attractive incentives to new customers, and high-interest savings accounts can grow your deposits at a faster rate than traditional accounts. The same is true for credit card issuers offering big bonuses.
Taking time to research the best offers and account terms can net you a nice bonus and put your money to work earning more money.
Learn How to Invest Your Money
Learning how to invest your money is paramount to building wealth over time. While it can seem intimidating at first, understanding the basics of investing can enable you to take advantage of compounding interest and market growth to increase your savings exponentially.
Start small, stay disciplined, and continually educate yourself as you grow your investment portfolio. Over time, your investments can become a significant source of wealth and financial security.
Learn how to invest in stocks for beginners.
FAQs: Navigating the Path to Low-Income Savings Success
Saving money when your income barely covers your fixed expenses requires a strategic approach. Begin by scrutinizing your budget to cut any non-essential costs.
Look for ways to reduce your fixed monthly expenses, like negotiating bills or refinancing loans.
Every small change can contribute to your savings, so focus on making incremental adjustments that together can enhance your financial situation.
Even when funds are tight, saving money is possible by making small but impactful changes.
Prioritize reviewing your expenses and identifying areas to cut back, such as non-essential subscriptions or eating out.
Round up loose change or small amounts from your daily transactions into savings.
Seek free entertainment options and consider generating additional income through side hustles or selling items you no longer need.
Each penny saved is a step towards your financial cushion.
Setting Realistic Savings Goals and Celebrating Milestones
Setting realistic savings goals is a key to financial success, particularly when managing a low income.
Determine what you can feasibly save without overstretching your budget. Whether it’s $5 or $50 per week, every bit helps.
Celebrating your achievements, no matter how small, can inspire continued discipline and dedication towards your financial objectives.
Being realistic and flexible with your budget will help you manage your finances more efficiently, ensuring that you set aside money for future growth, even when funds are tight.
This is a great step towards habits of financially stable people!
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.
Diversifying your assets is one of the best ways to create a sustainable, long-term investment strategy. And one of the ways you can do this is by buying gold.
Investing in gold and other precious metals is a great way to protect yourself against inflation. It also allows you to put your money in an asset that will likely continue to retain its value.
Despite the numerous benefits of investing in gold, many individuals remain uncertain about its viability as an investment and the process for getting started. In this article, we will outline a comprehensive guide on how to buy gold in 2024.
Why should I consider investing in gold?
With growing concerns of an impending recession, investing in gold has become increasingly relevant. This precious metal boasts a multitude of advantageous features that make it a valuable asset to any well-rounded investment portfolio. Here are four reasons why investing in gold is a wise choice:
Gold protects you from inflation: If you’re investing in the stock market, there’s a lot that’s outside your control. But gold is an asset you’ll always have some level of control over, regardless of what happens on Wall Street.
It retains its value: Because gold is much harder to obtain, it retains its value much longer. And you never have to worry about it decaying or losing its structure.
Gold is a high-demand product: There are many ways to use gold, and it tends to be a product that’s in high demand. This is especially true when economic conditions are tight.
Gold is an insurance policy: While some people purchase gold because they’re hoping to make a profit. Others like the security of owning gold and keep it as insurance in case of an economic downturn. Either strategy is an equally valid reason for gold investments.
How do I start investing in gold?
So now that you understand why gold is a good investment, it’s essential to know how to buy and sell gold, so you can get started. Listed below are five steps to make sure you get started on the right path.
Step 1: Decide What Type of Gold You Want to Buy
Start by deciding what kind of gold you would like to purchase. Each product will require a slightly different purchasing strategy, so you need to be clear on this right from the start.
Here are the main types of gold most people choose to invest in:
Gold bullion: When people think of owning physical gold, gold bullion is what usually comes to mind. It is a form of pure gold certified for weight and purity, typically in the form of bars.
Gold coins: A popular option for investors, gold bullion coins are easy to store due to their small size. They can be bought at a premium price and are readily available from reputable dealers.
Gold ETFs: For those not interested in directly owning gold, gold-based exchange-traded funds (ETFs) offer a convenient and cost-effective alternative. These shares can be bought and sold like stocks and are backed by a portfolio of gold-based securities.
Gold mutual funds: These mutual funds invest in companies involved in gold production, mining, and exploration. They may also invest in gold bullion, certificates, and derivatives.
Gold futures contracts: Gold futures are a type of futures contract allowing investors to buy or sell a specified amount of gold at a predetermined price and date in the future. They are best for experienced investors.
Gold jewelry: Accounting for 49% of global gold production, jewelry is a common form of gold ownership. However, it may not be the most profitable strategy, as retail jewelry prices come with substantial markups. Estate sales and auctions may offer better deals but require more time.
Gold mining stocks: With gold mining stocks, investors own a share in a gold mining company instead of the actual gold. These companies are large, global enterprises involved in the extraction and processing of gold ore. Investing in gold mining stocks is another way to profit from rising gold prices.
Gold IRAs: Similar to traditional retirement accounts, gold IRAs are backed by gold and other precious metals like silver, platinum, and palladium. They offer a unique investment opportunity for those looking to diversify their retirement portfolio. Here’s a list of the best gold IRA companies of 2024.
Step 2: Learn How Gold Prices Work
Before investing in gold, it’s essential to understand how gold prices work. The gold spot price, which reflects the cost of one ounce of gold, can fluctuate considerably based on market demand.
To ensure that you make wise investment decisions, research the market and stay up to date with its trends. In doing so, you’ll be poised to make the most of the opportunities presented by decreases in gold prices.
Step 3: Find a Trusted Seller
When investing in gold, you need to choose a trustworthy dealer. While purchasing gold online is convenient, be sure to exercise caution to avoid falling victim to scams.
To ensure that you purchase gold bullion or coins from a reputable source, consider consulting the U.S. Mint for a list of gold dealers in your area.
Once you have identified a potential dealer, make sure you evaluate their credibility. Gather information about their reputation through customer reviews and the Better Business Bureau.
It’s also a good idea to research the dealer’s buyback policies. Obtain a written copy of these policies and keep them in a safe place for future reference.
Step 4: Buy Physical Gold that You Can Sell
If you buy gold that is in demand, it will be easier when selling it at a later time. Stick to the most familiar gold coins and gold bars.
Gold Coins
The following are the most popular gold coins:
American Gold Eagle
Austrian Philharmonic
British Britannia
Canadian Maple Leaf
South African Krugerrand
Gold Bars
The most popular gold bullion bars include:
Credit Suisse
Perth Mint
Valcambi
Englehard
Johnson Matthey
PAMP Suisse
Step 5: Decide How You’ll Store the Gold
Finally, make sure you have a plan in place for storing your physical gold. Sticking several gold bars under your bed probably isn’t the wisest strategy. This puts you at greater risk of having your investment stolen.
Your best bet to store physical gold bars and coins is likely to purchase a safe for your home. You can also use a safe deposit box at a bank or rent a secure storage facility.
Conclusion
Investing in gold can be a rewarding journey, but only if you approach it with caution and foresight. First, decide the type of gold that aligns with your investment objectives, whether it be coins or bars, and make sure to source from a reputable dealer.
Additionally, consider the practical aspects of your investment strategy. For instance, if you opt for gold bars, consider the storage and security of your precious metal, and how you plan to sell it in the future. Gold bars can’t be easily divided, so take that into account.
Furthermore, you’ll need to factor in the rate of return on your gold investment. Ensure that the gold you purchase will not only keep pace with, but also surpass inflation, or you may end up with a loss in the long run.
And finally, avoid the common mistake of putting all your eggs in one basket, especially when it comes to gold investment. While gold and precious metals can be a lucrative component of your investment portfolio, they should never make up your entire investment strategy.
Frequently Asked Questions
Is gold a good investment?
Gold is a unique asset that doesn’t provide regular income in the form of cash flow, unlike other investments. However, owning gold can still have many advantages for your overall investment portfolio.
By including gold in your asset mix, you can diversify your investments and reduce your overall risk exposure. This is particularly important during times of economic uncertainty, such as a recession.
When other investments may perform poorly, gold has historically held its value, helping to protect and stabilize your wealth. This characteristic of gold makes it a useful tool for managing risk and preserving your wealth over the long term.
What is the best way to buy gold?
Acquiring gold can be a smart investment choice, but it’s essential to choose the right seller. Reputable sources include banks, investment firms, and online gold retailers.
To ensure you make a wise decision, do your due diligence and find a dealer with a good reputation, competitive pricing, and dependable customer support.
Furthermore, being aware of the current spot price of gold and market trends is crucial to making an informed purchase. Ultimately, the best form of gold to buy is the one that aligns with your investment objectives and needs.
How much gold should I buy?
Experts generally suggest investing 5% to 10% of your portfolio in gold. During economic downturns and periods of high inflation, some recommend allocating a larger portion.
The ultimate decision on how much to invest in gold should be based on personal financial objectives, comfort with risk, and available funds. As a diversification tool and a hedge against market instability, gold is a consideration worth making.
How much does gold cost per ounce?
Gold can experience significant price swings due to a multitude of factors. These include the ebb and flow of supply and demand, the fluctuation of currency exchange rates, and the instability of political climates.
The value of gold is expressed in U.S. Dollars and is most commonly reported in troy ounces, a unit equivalent to 31.1 grams. As of this writing, gold is priced at around $1875.00 per ounce.
What is the safest way to store gold?
For the ultimate protection of your gold investments, consider utilizing a secure depository, a bank safe deposit box, or an at-home safe.
Depositories provide comprehensive security and insurance coverage. They are an excellent option for safeguarding valuable assets.
Safe deposit boxes, located within banks, offer added protection with key-controlled access. An at-home safe, properly installed and maintained, can also provide a secure storage solution.
Whether you’re decorating on a budget, trying to be a little more conscious of your consumption, or simply love the thrill of hunting for those amazing, one-of-a-kind finds, thrift-store shopping can be a fun and smart way to create a signature aesthetic for your home. In addition to saving money by thrifting, you can also feel good about keeping items from ending up in a landfill by giving them a second life as part of your decor. But how do you get the best deals, what kinds of pieces should you hunt for and how can you style them without your own home looking like a thrift store? We did some digging to find out.
Looking for striking home decor? This is where pros shop in Dallas-Fort Worth
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The difference between thrift stores and consignment shops
Consignment and antique shops are great, but they tend to be pricier because their collections are curated. These stores do all the hunting down and fixing up for you, and that service is offset via higher price tags. While consignment shops are more likely to have highly sought after antiques from pedigreed brands, you can still certainly find hidden gems at nearly any thrift store — you just may have to put in more effort to find what you’re looking for. Balance the odds of what you want being there with the price range you’re willing to pay when deciding where to shop.
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Getting what you need while giving back to the community
Many of your favorite causes run thrift shops to help fund their programs and services. Prime Thrift near Fair Park benefits American Veterans (AMVETS), Disabled American Veterans (DAV) and other local and national charitable organizations, while Out of the Closet in Oak Lawn benefits the AIDS Healthcare Foundation. Genesis Women’s Shelter, a nonprofit that provides safety, shelter and support for women and children who have experienced domestic violence, operates two thrift stores: one in Oak Lawn and another in South Oak Cliff. There are four Soul’s Harbor locations throughout the metroplex, with proceeds going toward its programs to help men break the cycle of homelessness and addiction. Some of these shops even have exclusive relationships with estate liquidators, increasing your chances of finding treasures among their wares.
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If you’re looking for a bit more than just decor, check out your local ReStore, which benefits Habitat for Humanity. There, you can find actual building materials, such as tile, cabinets, wood flooring, windows, doors or even vintage brick. In addition to these, they also have plenty of new and vintage home furnishings, large appliances and more. With 10 locations across D-FW, it’s a convenient alternative to big-box stores when shopping for your next home design project.
Choose your shopping days wisely
For donation-based thrift stores, Mondays and Tuesdays are typically the best days to shop, because most people tend to drop off items early in the week after spending the weekend cleaning. Signing up for emails is a great way to stay on top of the latest finds and deals, but there’s just no substitute for going in regularly. It works the same with searching online, whether it’s eBay, Craigslist, or Facebook Marketplace. “I’m a huge fan of Facebook Marketplace” says Whitney Marsh, an interior designer and business owner who furnished her Oak Cliff coffee shop, B-Side, with thrifted finds. “I also really love Souls Harbor in Waxahachie,” Marsh notes.
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Have a strategy before you start shopping
There are two ways to go about hunting vintage pieces. Either have a piece or project in mind and know what you want to pay for it, or be able to spot a good deal. This can involve researching brands, pieces, and eras to be able to find your ideal mix of quality pieces that aren’t in demand. Marsh says that’s her strategy. “I know what I like, and I also know what brands are known for quality goods,” she explains. “I definitely have a style. I’m drawn toward leather furniture, solid wood, wool rugs and unique art.”
For example, you may love midcentury modern (MCM) pieces, but the popularity of decor from that era means there’s more demand, and unscrupulous sellers may assign that label to random items in order to get them to sell. You may find more success by researching some favorite brands or designers from the MCM era and looking for those specifically to avoid fake listings and inflated prices. Be aware that people will list items online with a famous brand name keyword to get more hits, such as saying a “Pottery Barn-style” rug or “MCM-style lamp.” If you’re shopping in person, don’t be afraid to ask the store’s staff about an item you’re looking for; they may have something similar that just hasn’t been put out yet. Or, they might be willing to take down your name and keep an eye out for items on your list — especially if you’re a regular customer.
Simple design rules to consider
Once you’ve found that unique piece you’ve been searching for, how do you style it? Thrifted pieces bring character into a space, but it is possible to have too much of a good thing, says Marsh. “I like to pair thrifted pieces with more high-end textiles. I love an old leather sofa that’s worn in against a very bold luxury wallpaper.” If you buy a well-worn piece and want to play up that lived-in aesthetic, try to surround it with items that are clean and modern. Too much rusticity can end up looking like neglect. Same goes for smaller items, such as pots, frames or books — space them out in designed vignettes throughout your home instead of clustering them all together. Also, keep in mind that pairing thrifted furniture is easier when they share some similar elements. For example, mismatched nightstands look more cohesive if they are roughly the same size and color.
Thrifting can be a way to save big, depending on when and where you shop, and what you’re looking for. “I definitely shop with a specific corner or space in mind. I also really only pull the trigger on things that seem like they’re good quality and the right price,” says Marsh. But if you’re patient, persistent and know what you want and what you’re willing to pay for it, it’s just a matter of time before you find it.
Florida-based First Federal Bank announced on Thursday that it struck a deal to acquire Watson Mortgage Corp., expanding its mortgage retail lending footprint in the communities in which it operates. The financial details of the deal were not disclosed.
First Federal Bank has 25 branches in the Southeast and operations in the Midwest, including mortgage centers in Jacksonville, Florida; Alpharetta, Georgia; Madison, Wisconsin; and Overland Park, Kansas.
Last year, the community bank originated about $435 million in mortgage volume, per mortgage data platform Modex. Nearly 58% of this total was conventional loans and 55% was purchase loans. As of Thursday, the bank had 155 sponsored loan officers, according to the Nationwide Multistate Licensing System (NMLS).
President and CEO John Medina said in a prepared statement that the First Federal Bank has a mission to provide solutions from a “financially stable institution,” and the acquisition “underscores our commitment“ to the residential mortgage sector.
Under the agreement, First Federal Bank will serve Watson’s customers throughout the Watson Realty footprint and the Watson platform will transition to the First Federal brand“within a few months of closing,“the parties said in a statement.
First Federal Bank has plans to retain the “vast majority“of employees at the acquired lender. Per NMLS, Watson Mortgage had 17 sponsored LOs as of Thursday, and Modex shows that the lender originated about $78 million in mortgage volume last year.
Watson Mortgage Corp. was established in 1994 and is part of Florida-based Watson Realty Corp., a family-owned company since 1965. The lender is being acquired by a bank that has about $3.9 billion in total assets.
Bill Watson, chairman of Watson Realty Corp., said the agreement permits the team to “continue providing mortgage solutions to our customers and serve our teams with valuable mortgage expertise.“
“Watson’s strategic plan for 2024 includes a strong focus on helping customers secure homes in a challenging rate environment,“Watson added.
First Federal Bank has engaged in previous M&A deals. In 2023, it acquired the mortgage division of BNC National Bank. The deal included the bank’s consumer-direct technology platform.
Deciding on a streaming service can be a difficult choice when there are so many companies and plans to choose from. Many households subscribe to popular platforms like Netflix and Prime Video, but there are a multitude of other options including Sling TV, which had about 2 million subscribers as of the fourth quarter of 2023.
Sling TV is a streaming platform owned by Dish Network that has live TV, including sports, and on-demand shows and movies. There are no contracts and you can cancel at any time.
You can stream for free or pay for upgraded services with a subscription. Read on to find out the features each plan offers.
How much is Sling Freestream per month?
As the name implies, Sling Freestream is free. You don’t even need an account to access it, though creating one will give you a more personalized experience like being able to create a favorite watch list.
While shows include ads, Freestream has over 500 live TV channels and a library of 40,000 on-demand shows and movies.
If you’re looking for a no-cost solution for streaming and you don’t mind watching ads, Freestream could be a good choice. If you want the most current live program selections, Sling TV’s paid subscriptions provide that.
How much is Sling TV per month?
Sling TV has several paid subscriptions for live TV: Sling Orange, Sling Blue and Sling Orange + Blue. All of the plans are ad-supported, but include 50 hours of DVR storage so you could record shows and fast-forward through commercials.
Prices vary based on location, and first-month price promotions are common. Input your ZIP code on Sling’s website to see pricing and features available for each plan in your area.
Sling Orange
Sling Orange typically costs $40 per month and comes with 32 channels, including seven sports and family channels like ESPN and Disney that can’t be found on Sling Blue’s plan. You’ll be able to stream on just one device at a time with the Orange plan.
Sling Blue
Sling Blue varies from $40 to $45 per month depending on your location. With Sling Blue, you won’t get the family and sports channels available on Sling Orange, but you will get other channels that Orange doesn’t have like Bravo and FX. You can stream on up to three devices at one time on this plan.
Sling Orange + Blue
Deciding between Sling Orange and Blue may not be a straightforward choice as each includes popular channels that the other doesn’t. Determining which one to go with comes down to what your viewing preferences are and the channels you want.
If you want access to all channels, you can get Sling Orange + Blue for $55 to $60 per month. This plan combines the Orange and Blue channel packages into one subscription. While you’ll pay a little extra for this plan, you won’t have to worry about missing a game on ESPN or not catching the latest reality shows on Bravo because you’ll have access to the full channel lineup.
Sling TV extras
One of the unique features of Sling TV is the ability to create your own add-ons, or Extras as Sling refers to them, to customize your viewing experience. Extras are mini-channel collections that can be added to your subscription.
There are specific offerings available for Orange and Blue plans so you’ll want to check Sling’s website to see which channel collections are available for your subscription type.
Extras range from $6 to $11 per month and include the following categories:
Entertainment Extra: $6 per month for extra entertainment channels such as Paramount Network and MTV.
Heartland Extra: $6 per month for outdoor sporting channels like Sportsman Channel.
Hollywood Extra: $6 per month for movie-focused channels like Sundance TV and TCM.
Kids Extra: $6 per month for children’s channels like Disney Junior and NickToons.
Lifestyle Extra: $6 per month for lifestyle content such as Hallmark Channel and Cooking Channel.
News Extra: $6 per month for national and world news channels like BBC World News and News Nation.
Sports Extra: $11 per month for sports channels like NHL Network and MLB Network.
You also have an option to buy more than one Extra for a small cost savings. For instance, for $13 per month, you can get a bundle that includes four Extras, which is a savings of about $10 per month compared with buying each Extra without the grouped pricing.
For subscribers seeking premium channels, like Showtime or Starz, those can be added for an additional monthly fee. There are currently about 35 premium Extras to choose from, depending on where you live; they range in monthly price from $1.99 to $10.
How Sling TV might fit into your budget
A helpful budgeting method is the 50/30/20 budget, where you allocate 50% of your income to needs and minimum debt payments, 30% to wants, and 20% to savings and debt repayment beyond those minimums.
A streaming service like Sling TV usually falls into the 30% wants category, meaning it would be nice to have but isn’t essential to your survival in the same way that needs are.
With hundreds of streaming services to choose from, knowing how much you can spend in your wants category — and what streaming features you value most — is a good starting point in making a selection.
You could look for ways to save money by reviewing Sling TV’s offerings to see if there are any deals you can score.
For instance, if you don’t want to commit to a paid subscription but Freestream doesn’t quite fit your needs, you could explore purchasing standalone channels. You don’t need a Sling base service to add Extras like Showtime or Starz. Standalone channels start at $3 per month.
You can also take advantage of Sling TV’s promotions, which we’ve seen with $10 to $25 off the first month.
If you need a streaming device, Sling TV currently gives new subscribers an AirTV Mini — a device optimized specifically for Sling — for free when you prepay two months.