Zillow is forecasting an end to housing inventory problems, but we may have to wait a while for it to happen.
The
company says it expects to see “flood of homes” coming onto the
market over the next twenty years. Those homes will primarily be
existing homes currently occupied by baby boomers, which will be sold
off once their owners pass away.
The Baby Boomer generation, once 76 million strong in the U.S., dwarfed the 55 million Gen-Xers and 62 million Millennials it immediately preceded. Today, about a third of America’s homes are owned by those 60 and older, and a new Zillow analysis shows the impact their aging will have on the housing market.
The
“Silver Tsunami”, as Zillow calls it, is estimated to hit in
earnest as the number of seniors aged 60 or older who pass away each
year rises during the 2020s and 2030s. In the decade from 2007 to
2017, roughly 730,000 U.S. homes were released into the market each
year by seniors aged 60 or older. From 2017 to 2027 and from 2027 to
2037 that number is set to rise to 920,000 and 1.17 million per year,
respectively. This means more than 27% of today’s owner-occupied
homes will become available by 2037.
While
virtually all areas will feel the effects to some degree – between
one-fifth and one-third of the current owner-occupied housing stock
was impacted in every metro analyzed – this wave won’t hit all at
once and won’t strike all markets equally.
Retirement
hubs like Florida and Arizona are likely to feel the sharpest impact.
If demand erodes because fewer people choose to retire there in the
coming years, those areas might end up with excess housing. Also
heavily impacted will be regions like the Rust Belt, which saw
younger people move away in recent decades, leaving older generations
to make up a larger share of the population.
Some
regions will be far less affected. These include Salt Lake City,
where a much smaller share of homeowners are in their golden years,
as well as Atlanta, Austin, Dallas and Houston – all of which are
vibrant but relatively inexpensive places that tend to attract
younger residents looking for an affordable alternative to expensive
coastal cities.
Still,
the differences in the share of homes released by seniors among
metros are small compared to the differences within them. Palm
Springs, for example, will see 45% of its owner-occupied homes
vacated by 2037, compared with 23.8% of the combined L.A.-Riverside
metro area overall. El Mirage and Sun City figure to see nearly
two-third of their homes available, compared with 28.2% of the
Phoenix area at-large.
Housing
released by the Silver Tsunami – upwards of 20 million homes
hitting the market through the mid-2030s – will provide a
substantial and sustained boost to supply, comparable to the
fluctuations that new home construction experienced in the 2000s
boom-bust cycle. Whether this housing is appropriately located,
priced and styled to meet future demand will be an important factor
in how it pairs with new construction to alleviate today’s housing
shortage. It seems likely that the construction industry in the
coming two decades will place a greater emphasis than before on
updating existing properties.
Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected]
The Disney and Universal resorts are complete with theme parks, restaurants and other attractions. On the surface, the two can seem pretty similar: Both offer rides themed around movies, both have options for adults and children, and both have locations in Florida and California.
However, the experience you’ll receive at each resort will differ greatly. Let’s look at Disney versus Universal, including the types of attractions at their theme parks and the prices you can expect to pay for each.
The main differences between Disney vs. Universal theme parks
Disney and Universal may have a lot in common according to the average theme park attendee, but there are two big differences that you’ll notice right away.
The first is that Universal tends to focus more on thrilling rides. It has massive roller coasters that far exceed anything Disney has to offer, especially because Disney focuses on more family-friendly attractions.
The second is that Disney doesn’t feature non-Disney intellectual property for its theming. Instead, it relies on its vast catalog of content to create rides and lands for guests to enjoy. This is not the case for Universal; its parks rely on elements from several studios for attractions.
Locations
Disney has 12 parks in six locations spread across the globe:
Anaheim, California:
Disneyland Park.
Disney California Adventure.
Orlando, Florida:
Magic Kingdom.
Disney’s Hollywood Studios.
Disney’s Animal Kingdom.
Disneyland Park.
Walt Disney Studios.
Tokyo Disneyland.
Tokyo Disney Sea.
Hong Kong:
Hong Kong Disneyland Park.
Shanghai Disneyland.
Attractions
Disney tends to focus on attractions the whole family can enjoy. While there are plenty of rides for those of all ages, there are also a whole host of other things to do. These include live-action shows, sing-along events, drawing lessons, Broadway-style theater, character meet-and-greets and more.
If you’re more of a fan of larger rides, there are still some options. Though huge thrill rides aren’t Disney’s forte, you’ll still see large roller coasters, drop towers and simulated flying experiences. These are fewer in number than other attractions but well worth the wait.
Food and beverage
Gone are the days when theme park food was relegated to the greasy, overpriced hot dog and crusty french fries. Although still expensive, Disney has spent the past few decades revamping the meals it serves to guests.
This means you can take some time out of your day to enjoy a meal at a fine steakhouse, watch teppanyaki being cooked at a Japanese restaurant, taste the gray stuff at the Beast’s castle or drink California wines on a Tuscan terrace.
Of course, it’s still possible to enjoy the standard turkey leg and churro, but this is an option rather than a necessity.
Price
The cost to visit a Disney theme park is going to vary greatly depending on which one you visit. In the U.S., expect to pay upward of $104 for a single-day ticket to Walt Disney World or Disneyland.
Locations
Universal has a smaller footprint than Disney, with six parks spread over five locations:
Burbank, California:
Universal Studios Hollywood.
Orlando, Florida:
Universal Studios Florida.
Universal’s Islands of Adventure.
Singapore:
Universal Studios Singapore.
Osaka, Japan:
Universal Studios Japan.
Universal Beijing Resort.
Attractions
Although Universal has its own share of family-friendly rides, it does differentiate itself from Disney with much more thrilling attractions. This can be seen with roller coasters such as the Jurassic World VelociCoaster, which has won several awards.
Universal is also home to the “Harry Potter” franchise and has done an admirable job designing Diagon Alley and Hogsmeade, complete with the ability to ride the Hogwarts Express.
Though Universal does have some shows and character meetings — such as taking a photo with a velociraptor — as a whole, its parks focus more on attractions rather than other types of entertainment.
Food and beverage
While Universal is doing its best to catch up with Disney on the food and beverage front, it’s still not quite up to par. Universal has a few good restaurants — especially those in the “Harry Potter”-themed areas — but for the most part, the food will be what you expect in a theme park.
One notable exception is Mythos, which is in Universal’s Islands of Adventure. This restaurant continues to win awards for best theme park restaurant, beating other park restaurants worldwide.
Price
The cost for Universal tickets is also going to vary based on which park you’re visiting and when. However, in the U.S., tickets for the Universal Orlando Resort and Universal Studios Hollywood start at $109 for one day.
Disney vs. Universal, recapped
Disney and Universal may have a lot in common in that they offer theme parks in multiple locations around the world. However, the experience you’ll get with either brand is going to differ.
If you’re more interested in large rides like roller coasters, Universal is going to be your best bet. The same is true if you’re a big fan of Harry Potter.
If you don’t mind some of the more family-friendly rides or you have little ones to bring along, Disney may be a better option. Along with better food options, Disney provides a range of nonride attractions, including the ability to meet some of its most famous characters.
(Top photo courtesy of Universal Studios)
How to maximize your rewards
You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2023, including those best for:
Out of 72 million Millennials in America, roughly 600,000 are already millionaires according to Coldwell Banker.
Like the generation they represent, Gen Y’s own one-percenters come from diverse backgrounds and share a bootstrapping attitude to building wealth and success. Their paths to riches range from the tried-and-true to the clever and lucky; some of their methods are merely admirable, while others are easily repeatable.
So who are the Millennial millionaires? How did they build their fortunes, and what can we learn from them?
Let’s investigate six Millennial millionaires, their paths to wealth, and extract one takeaway from each journey.
What’s Ahead:
Jeremy Gardner: crypto
In 2013, at age 21, Jeremy Gardner bought some bitcoins from a friend purely out of curiosity.
At the time, all he really knew about “crypto” was that it was the preferred currency of Silk Road, a darknet eBay for drugs and illegal activity. Shady traders on Silk Road liked Bitcoin because it was unregulated and difficult for authorities to trace.
The FBI shut down Silk Road in 2013 but Bitcoin lived on – and soon, Gardner began to see its true merit.
“There was this realization that I could — with just an internet connection— exchange value with anyone in the world who also has an internet connection,” he told Business Insider. “No longer did I have to rely on a centralized intermediary, a troll under the bridge, such as a bank or a government.”
Gardner converted all of his cash and holdings into Bitcoin and dedicated his life to evangelizing cryptocurrency. He won’t share his net worth publicly, but considering Bitcoin traded for as low as $50 in 2013 and now hovers around $50,000, it’s safe to say he’s beyond mere “millionaire” status.
So what does a crypto millionaire do all day?
At the time of his Business Insider interview, Gardner lived in a three-story townhome in San Francisco dubbed “The Crypto Castle.” He claims that most of the other tenants who have rotated in and out of the Castle have become millionaires as a result of cryptocurrency investing.
Despite residing in one of the most expensive cities on earth, Gardner’s biggest living expense was apparently “alcohol.” That’s because he loves taking people out to party, wax poetic about crypto, and pick up the tab.
During the day, Gardner worked “fairly full-time” at venture capital firm Blockchain Capital, which focuses on seeding crypto-based startups, for a salary of $0. He’s since moved to Miami for the lower cost of living.
Even at the time of his interview in 2017, Gardner acknowledged the possibility of a bubble popping – it may be at $60,000, $100,000, or $500,000 – so to protect his wealth, he has plenty of cash on reserve. That cash will continue to pay for his living expenses and, of course, be used to scoop up more Bitcoin after the bubble bursts.
What we can learn from Jeremy Gardner’s millions
An investment in cryptocurrency can provide generous returns, but it’s not without risk or challenges. Cryptocurrency investments are not FDIC-insured, for example, and the regulatory landscape is still unfolding.
Still, crypto can lend some high-risk, high-reward diversity to your portfolio. I’ll be covering crypto in more detail in the coming months, so stay tuned.
Shan Shan Fu: pandemic-based startup
Chinese-American immigrant Shan Shan Fu, 33, was already working hard enough when the pandemic hit in Q1 2020. Her mother and father had been an engineer and a doctor back in China, respectively, but since their degrees weren’t recognized in America they had to work in grocery stores to make ends meet. Their salaries plummeted but their work ethic stayed the same.
Inspired by her folks, Fu took on a second role in addition to her hard-enough nine-five consulting job. As soon as the pandemic hit, she saw an immediate need for high-quality, breathable face masks. So from five to one each night for seven months, she built and launched Millennials In Motion, a boutique mask and fashion vendor.
Her income from Millennials In Motion soon surpassed her consulting salary, so she left her steady gig to focus on growing her startup.
Shan Shan Fu’s financial success is doubly impressive considering everything working against her during the pandemic. She already had a full-time job, the economy was tanking, and she was an Asian woman, suffering from increased judgment and discrimination due to increasing anti-AAPI bias.
“When you immigrate from China, it’s already so difficult because you’re judged based on how you look, your accent. Your education isn’t valued as much as if [it were from the U.S.],” she told CNBC. “It’s tough to go through so much adversity and be hated on for [a pandemic] that has nothing to do with you…”
Launching Millennials In Motion wasn’t Shan Shan Fu’s first financial success. Fu briefly lived in Vancouver, where she spotted a beautiful condo for an affordable price. She called it “the Millennial dream” and sensed it would be a good investment. It was – since she bought it for $500,000 in 2015, the condo has more than doubled in value.
Technically speaking, Ms. Fu is barely a millionaire – in fact, I’d estimate that after being hammered by self-employment taxes, her net worth might have lost a digit. But I have no doubt that she’ll rebound immediately; if she can launch a successful one-woman startup during a pandemic, the sky’s the limit.
What we can learn from Shan Shan Fu’s (eventual) millions
There are four traditional paths to becoming a millionaire in this country: earning, investing, launching a successful business, and inheritance. Most rich Americans got that way by picking one, maybe two lanes at max so they can work less and stay focused. Ms. Fu is unique in that she built wealth equally between lanes one, two, and three throughout 2020. But even someone with a work ethic as incredible as Ms. Fu realized that 17-hour days aren’t worth it for any amount of money, and focusing on two lanes is just fine.
Keith Gill: high-risk stock trading
Keith Gill is the only person on this list that I can provide an almost precise net worth for, down to the penny.
That’s because Gill is the de facto leader of the infamous amateur investing subreddit r/wallstreetbets where he posts his portfolio on a semi-regular basis. Gill’s “GME YOLO” updates show how he’s turned a $53,000 investment in GameStop stock into $25+ million, peaking at $50 million in February.
Granted, Gill’s “GME YOLO” updates only reflect his GameStop holdings, not his entire net worth. Still, it’s pretty safe to say they represent the majority of his net assets now, and that he’s definitely a Millennial millionaire several times over.
Gill, 34, got his Reddit username from the investing term “deep value.” Deep value investing involves building a diverse portfolio of cheap, undervalued stocks.
Calling upon his experience as a Chartered Financial Analyst (CFA), Gill noticed that GameStop stock (GME) had become severely undervalued in 2019, so he bought up 50,000 shares plus 500 call options. He didn’t just “YOLO” his cash into the wind, either, justifying his move with trends and data in a video he posted to his YouTube channel under the pseudonym Roaring Kitty. Critically, he never said he was sharing advice – just educational material.
Gill’s early investment in GameStop, and frequent posts justifying his positions, are credited with stimulating the now-famous GameStop short squeeze of Q1 2021. The movement got so serious that Gill was called in to testify to Congress on February 18th alongside Robinhood co-founder Vladimir Tenev. His two most famous quotes arising from his testimony are “I am not a cat” and “I like the stock.” To date, no legal action has been taken against Gill, and the day after his testimony he doubled his position in GameStop to 100,000 shares.
In many ways, Keith Gill was the hero Reddit needed in 2021. By all accounts, he’s just a normal guy who wants to promote financial literacy, notably the deep value investing strategy of seeking out undervalued stocks. He lives in a normal house in Brockton, Mass with a wife and young daughter, and despite their best efforts, the hedge funds have failed to charge, muzzle, or discredit him. He’s also made a lot of normal people a lot of money during a crippling pandemic.
What we can learn from Keith Gill’s millions
While Keith Gill’s gambit certainly paid off, it’s important to remember that r/wallstreetbets is full of terrible advice, too. Tons of people lose their livelihoods chasing meme stocks and trends, so it’s better to get your lols from WSB and investing guidance from a professional wealth advisor.
A better takeaway from Gill’s millions (that’s fun to say) is that financial literacy pays off. Even though he’s the figurehead of a subreddit that celebrates badly-researched trades, Gill did do his research on GameStop and it paid off. So if you’re looking to build wealth as an amateur investor, be like Gill – not like WSB.
Amandla Stenberg: entertainment
Remember Rue from The Hunger Games movies? Yeah, she’s crushing it now.
Born in 1998 to an African-American mother and Danish father, Amandla Stenberg got her name from the Zulu word for “strength.” Living up to her namesake, she followed her global debut in The Hunger Games by starring in Everything, Everything as Maddy, a young woman homebound by a debilitating medical condition.
Although her portrayal of Maddy won her universal acclaim and further propelled her to stardom (and millionaire status), Steinberg has garnered more well-deserved attention for her outspoken philosophies and political views.
Steinberg identifies as non-binary, preferring the pronouns “she/her” or “them/they,” and has used her newfound stardom to spread pro-acceptance and feminist messaging. In 2015 she published a five-minute YouTube video titled Don’t Cash Crop My Cornrows, directly confronting the disconnect between cultural appropriation and cultural acceptance of black Americans.
On a smaller but similarly profound note, Steinberg announced in 2017 that she’d stopped using a smartphone in favor of a “dumb phone.”
“I’m legitimately concerned about my generation and how phones are going to affect us psychologically.” she told Bust in an interview. “I think [social media] is a very important tool. But at the same time, I think it can create some serious effects on our mental health.”
Amandla Steinberg, who straddles the line between Millennial and Gen Z, evokes the best possible definition of “woke.” She carries a torch of acceptance and critical thinking for both generations, using her wealth and stardom to propel society forward in the right direction.
What we can learn from Amandla Steinberg’s millions
As a “Millennial millionaire,” Steinberg exemplifies how wealth, power, and influence can absolutely be forces for good. She may not give us a clear path to riches, since acting isn’t exactly a reliable cash cow – but she sure as hell shows us how to use it.
Whitney Wolfe Herd: dating apps
Are billionaires still millionaires? Asking for a friend.
Whitney Wolfe Herd was a millionaire, at least, before the Bumble IPO in February 2021. Then, in the ring of a bell, 31-year-old Wolfe became a bonafide billionaire and the youngest woman to take a company public ever.
Unlike Kylie Jenner, nobody dispute’s Whitney Wolfe Herd’s wealth or authenticity. Wolfe launched her first business in college when she began selling bamboo tote bags to benefit victims of the BP oil spill. Two years later, she joined an incubator where she became the third employee of a new Millennial-focused dating app. The app was all about immediate sparks, so she came up with the name Tinder.
Despite Tinder’s explosive growth, Wolfe Herd resigned just two years later and sued her former partners for sexual harassment. The whole nasty episode inspired her to move to Austin and launch a female-friendly dating app called Moxie. The name was taken, unfortunately, so her second choice was Bumble.
Between 2015 and 2019, Wolfe Herd swept awards and collected accolades for her unstoppable momentum in the male-dominated tech industry. In September 2019, she even testified before the Texas House Criminal Jurisprudence Committee on the topic of explicit images sent within dating apps, further championing efforts to protect women from sexual harassment online: all before her 29th birthday.
When Bumble finally launched a successful IPO, Wolfe Herd’s hefty stake in the company reached an estimated value of $1.5 billion. But despite her 10-figure wealth and barrier-shattering success, Whitney Wolfe Herd’s path to riches is actually pretty old school.
What we can learn from Whitney Wolfe Herd’s (many) millions
If you work in a startup environment, ask for stock options. 10 years of startup salaries probably represent less than 0.05% of Herd’s net worth; the rest is entirely stock.
I myself have a few friends who were the 9th or 17th or 31st employees of no-name companies that have since become big-name companies. Even those that didn’t become Pinterest or Bumble were often bought out, resulting in massive capital gains for early employees and seed round investors. So just a few years of hard work in the right startup can make you a millionaire: as long as you get that stock!
Todd and Angela Baldwin: just save and invest
Todd Baldwin, 28, started out shoveling manure for $3 an hour. Today, his annual income exceeds $600,000. His wife Angela makes six figures also, which the couple can afford to put entirely into savings.
Todd and Angela began their relationship with a combined household income well under $100k. They couldn’t afford to live alone in Seattle, so they bought a $500k home with a small $19,000 down payment and rented out the other rooms to make their mortgage payments.
But by keeping their costs low and crushing it at work, the Baldwins were able to earn more, save more, and buy more. Within a year they invested in a second property. Now they have six.
Three factors enabled the Baldwins to keep purchasing property and build their real estate portfolio:
Their increased earnings at work.
Rent payments from tenants.
Their dedication to frugality and simple living.
Interestingly, Todd credits number three as their primary factor for success. For example, in college he couldn’t afford to take his soon-to-be-wife out for fancy meals, so he took a side gig as a mystery shopper. Now, instead of paying $60 for a nice meal, he’s paid $60 to take his wife out and report his experience. She doesn’t mind and enjoys their “free dates.”
Todd and Angela now live in a much nicer $900,000 duplex, but they still rent out their spare bedrooms, even their converted garage to cover 100% of their mortgage. The couple shares a 2009 Ford Focus, and Todd wears a $12 wedding band made of rubber.
Personally, I admire the Baldwins’ dedication to frugality – but if you find their lean lifestyle to be a bit… restricting, know this: as a result of cost-cutting, they’re able to save 80% of his income and 100% of hers. Even if they bought a pair of matching Mercedes and gave their roommates the boot, they’d likely still save more than half of both of their salaries.
The couple’s ultimate goal is to own 6,000 apartments by the time Todd turns 60, which would bring in $9 million a month in rent. If they pull it off, they’d be fast on their way to becoming a billionaire power couple: too recognizable to keep power shopping.
What we can learn from Todd and Angela Baldwin’s millions
The Baldwins aren’t startup heroes, lottery winners, or crypto zillionaires. Their path to riches didn’t even involve luck or months of 17-hour days. All they did was save and invest, save and invest.
The single most common path to becoming a millionaire in America is to invest 20% of your income for 30 years. The Baldwins were just a bit more aggressive (to say the least), investing 80% of their income for five years and counting. But the core principle still stands – you don’t need a six-figure salary, a massive inheritance, or an early stake in Bumble to get rich; just patience and the most fundamental investing knowledge.
Summary
The Millennial millionaires range from sage opportunists to Hollywood activists; glass ceiling-smashers to frugal investors. Their pathways to wealth are as diverse as the generation they represent, but each of the one-percenters on this list shares one thing in common: a plan.
When it comes to building wealth, luck plays a surprisingly tiny role, if it even factors in at all. Nobody on this list waited for luck; instead, they did their research, executed upon an opportunity, and worked hard for that second comma in their bank statement.
“Where are you from?” It’s a common question when you meet someone new while traveling. And it’s an easy question for most people. But for me, it’s complicated if I want to give more details than “the United States.”
After all, my husband and I gave up our Austin, Texas, apartment in June 2017, sold or donated most of our belongings and then set out as digital nomads on July 2, 2017. So, excluding some extended time living with family early in the coronavirus pandemic, we’ve traveled full time while working remotely for the last six years.
In 2020, I wrote about my first three years as a digital nomad. But in this story, I’ll look back at the past six years. In doing so, I’ll discuss how I became a digital nomad, some of my travel statistics and how travel has changed for me during the past six years.
How I became a digital nomad
On a bus from Aguas Calientes to Machu Picchu in Peru in 2013, I first heard of a gap year or sabbatical year. I hadn’t gotten into points and miles yet, but my husband and I loved the idea of taking a year off to travel after I finished graduate school. Well, fast forward four years to 2017, when it was time to leave on our “gap year.” By this time, we were already working as writers in the award travel space.
So, we hit the road as digital nomads instead of taking a gap year. And we quickly fell in love with the freedom and flexibility of the lifestyle. I appreciate experiencing different cultures, landscapes, experiences and cuisines daily. And I’ve found that frequently visiting new destinations inspires me.
I also enjoy using the topics I write about — points, miles, credit cards and elite status — on a daily basis. We make award redemptions most weeks (and often multiple times a week), and we’re constantly traveling. So, I know many of the airline, hotel and credit card programs I write about from personal experience. And I’m personally invested when these programs change or devalue their rewards.
Points and miles certainly fuel some of our travel. But we also book paid flights and nights when it makes sense. After all, we only have a finite amount of points and miles, and we’ve found that paid partner-operated premium-cabin flights are often the best way to earn airline elite status.
Related: 6 ways award travel and elite status pair well with my digital nomad life
1,121,959 miles on 575 flights
Over the last six years, I’ve taken 575 flights on 62 airlines to 180 airports in 58 countries. I’ve taken so many flights in the last six years that my flight map is difficult to read.
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I flew 1,121,959 direct flight miles in the last six years, with an average flight distance of 1,951 miles (about the distance from Atlanta to Los Angeles). My longest flight was 9,532 miles, from New York to Singapore. And my shortest flight was just 11 miles from Tahiti to Moorea in French Polynesia.
But my most memorable flight was on Sri Lanka’s Cinnamon Air from Polgolla Reservoir Aerodrome (KDZ) to Koggala Airport (KCT) on a Cessna 208 amphibious caravan.
I frequently fly American Airlines and often use Hartsfield-Jackson Atlanta International Airport (ATL) when visiting family. So, it’s not surprising that my three most frequent routes by flight segments are between American Airlines’ hubs and Atlanta. Here’s a look at my top 10 most frequent flight segments over the last six years:
New York’s LaGuardia Airport (LGA) to/from ATL: 15 flights
Dallas Fort Worth International Airport (DFW) to/from ATL: 11 flights
Charlotte Douglas International Airport (CLT) to/from ATL: 10 flights
Kuala Lumpur International Airport (KUL) to/from Kualanamu International Airport (KNO): 10 flights while I earned Malaysia Airlines Enrich Gold status in 2019
Los Angeles International Airport (LAX) to/from ATL: Nine flights
Las Vegas’ Harry Reid International Airport (LAS) to/from LAX: Eight flights
DFW to/from LGA: Six flights
London’s Heathrow Airport (LHR) to/from LAX: Six flights
Hong Kong International Airport (HKG) to/from Da Nang International Airport (DAD): Six flights booked during Cathay Pacific’s New Year’s deal in 2019
DFW to/from LAS: Five flights
And my loyalty to American Airlines AAdvantage and its Oneworld partners shows when you look at the airlines I flew most by flight segments:
American Airlines: 224 flights, including reviews of American’s A321T business class, 787-9 business class, 777-200 business class with B/E Aerospace Super Diamond seats, 787-8 Main Cabin Extra, 757-200 Main Cabin Extra and 757-200 business class
United Airlines: 31 flights, including reviews of United’s 787-8 economy class and 757-200 economy class
Southwest Airlines: 29 flights, including a review of Southwest’s 737-800 from Oakland, California, to Newark
Malaysia Airlines: 26 flights
Qatar Airways: 23 flights, including reviews of Qatar Qsuite on a 777-300ER and Qatar Qsuite on an A350-1000
Delta Air Lines: 22 flights, including when I was one of the first American tourists to fly to Italy on a COVID-19-tested flight
British Airways: 20 flights, including a review of British Airways’ A380 economy class
Cathay Pacific: 17 flights
Japan Airlines: 14 flights, including a review of Japan Airlines’ 777-300ER premium economy
Qantas: 12 flights
However, if you look at the airlines on which I flew the most mileage, the ranking is a bit different due to some mileage runs:
American Airlines: 404,296 miles
Cathay Pacific: 104,481 miles
Qatar Airways: 89,630 miles
British Airways: 53,357 miles
Delta Air Lines: 49,603 miles
United Airlines: 42,237 miles
Singapore Airlines: 36,176 miles, including a review of Singapore Airlines’ A350-900ULR premium economy
Japan Airlines: 33,756 miles
Air Canada: 30,792 miles
All Nippon Airways: 28,938 miles
I track all my flights in OpenFlights. So, although it’s relatively easy for me to gather statistics on my flights, I don’t have a simple way to determine the amount I paid in points and cash for my 575 flights during the last six years.
Related: The best credit cards for booking flights
1,103 nights in hotels
I’ve spent over half of the last six years living out of hotel rooms. In particular, I’ve spent 894 nights at 75 major hotel brands within the last six years. And I’ve spent 209 nights at other brands and independent hotels.
Here’s the breakdown of my stays by loyalty program and brand over the last six years, including notes about my favorite programs.
390 nights at 15 IHG brands
Holiday Inn Express: 120 nights
Holiday Inn: 66 nights
InterContinental Hotels & Resorts: 51 nights, including five nights at the InterContinental Hayman Island Resort in Australia, four nights at the InterContinental Phuket Resort in Thailand, four nights at the InterContinental Phu Quoc Long Beach Resort in Vietnam, three nights at the InterContinental Danang Sun Peninsula Resort in Vietnam, three nights at the InterContinental New York Times Square in New York and two nights at the InterContinental Fiji Golf Resort & Spa in Fiji
Candlewood Suites: 28 nights
Hotel Indigo: 26 nights, including five nights at the Hotel Indigo Austin Downtown-University in Texas and four nights at the Hotel Indigo Birmingham Five Points South – UAB in Alabama
Staybridge Suites: 22 nights
Crowne Plaza Hotels & Resorts: 19 nights, including three nights at the Crowne Plaza Beijing Wangfujing in China and three nights at the Crowne Plaza Times Square in New York
Holiday Inn Resort: 19 nights, including 10 nights at the Holiday Inn Resort Kandooma Maldives in the Maldives
Voco: 11 nights, including six nights at Voco Gold Coast in Australia
Regent: Nine nights
Kimpton Hotels & Restaurants: Eight nights
Six Senses: Six nights, including four nights at Six Senses Laamu in the Maldives and two nights at Six Senses Yao Noi in Thailand
Atwell Suites: Two nights at Atwell Suites Miami Brickell in Florida
Avid: Two nights at Avid hotel Oklahoma City — Quail Springs in Oklahoma
Even: One night
Over the last six years, I’ve stayed 161 paid nights at IHG properties for an average of $152 per night. The least I paid was $48 per night at the Holiday Inn Express Berlin — Alexanderplatz in Germany. And the most I paid was $1,564 per night during a review of the InterContinental Maldives Maamunagau Resort in the Maldives.
Meanwhile, we redeemed IHG points for 209 nights over the last six years, including 36 fourth-night-free rewards. On average, we redeemed 15,591 IHG points per night. We also redeemed 20 anniversary nights over the last six years, including at the InterContinental Bora Bora Resort & Thalasso Spa in French Polynesia and the Kimpton De Witt Amsterdam in the Netherlands.
You might wonder how we earned so many IHG points and anniversary nights. We maximize IHG promotions to earn points on stays. And we often buy points during IHG points sales with a 100% bonus when we can do so for 0.5 cents per point. As for the anniversary night certificates, we both have multiple IHG credit cards, so we’ve each earned two anniversary nights for most of the last six years.
We frequently stay at IHG One Rewards hotels and resorts due to the high value we often get when redeeming IHG points. But, with the launch of the new IHG One Rewards program last year, we are also getting good value from the annual lounge membership you can select through IHG’s Milestone Rewards program after staying 40 nights in a year.
Related: 9 budget strategies for getting the most out of your points and miles
209 nights at other brands and independent hotels
These days, we usually stay at major hotel brands to earn and use elite status perks and benefit from the consistency provided by these brands. But we often stayed at independent hotels when we first hit the road as digital nomads in 2017. And even now, we sometimes find ourselves in a destination without major hotel brands or where staying at a property outside our brand loyalties makes the most sense.
For example, we couldn’t pass up staying in a twin cell at YHA Fremantle Prison in Australia and a robot hotel in Japan. Likewise, staying within Addo Elephant and Kruger national parks in South Africa let us maximize our time seeing wildlife in these parks.
We often book these stays through online travel agencies since we don’t have to worry about missing out on elite status benefits and earnings while staying at properties outside our primary brands. For example, we’ll sometimes book through credit card portals to use credits, like the $50 hotel credit each account anniversary year on the Chase Sapphire Preferred Card. And we’ll occasionally book through American Express Fine Hotels + Resorts to snag extra perks and use the prepaid hotel credit we get each calendar year as a perk of The Platinum Card® from American Express. We’ll also sometimes use Rocketmiles to earn American Airlines miles and Loyalty Points on our stays.
On average, I paid $83 per night on these stays. But, my least expensive night was $18 per night for a private room with a shared bathroom at Stella Di Notte in Belgrade, Serbia. And my most expensive night was $235 per night at the RLJ Kendeja Resort & Villas in Liberia during PeaceJam.
203 nights at 21 Marriott brands
Over the last six years, I’ve stayed 140 paid nights at Marriott properties for an average of $121 per night. The least I paid was $44 per night at the Four Points by Sheraton Bogota in Colombia. And the most I paid was $350 per night during a review of the Waikoloa Beach Marriott Resort & Spa in Hawaii.
Meanwhile, we redeemed Marriott points for 49 nights over the last six years, including six fifth-night-free benefits. On average, we redeemed 16,167 points per night on Marriott award stays. We also redeemed 14 free night awards we earned through Marriott credit cards and promotions over the last six years.
Related: Here’s why you need both a personal and business Marriott Bonvoy credit card
115 nights at 6 Choice brands
Ascend Hotel Collection: 54 nights, including 28 nights at Emotions All Inclusive Puerto Plata in the Dominican Republic, nine nights at Gowanus Inn & Yard in New York (no longer bookable through Choice Hotels) and three nights at Bluegreen Vacations Fountains in Florida
Comfort: 37 nights, including 19 nights in Japan
Quality Inn: 13 nights
Cambria Hotels: Four nights
Rodeway Inn: Four nights
Clarion: Three nights
Over the last six years, I’ve stayed 34 paid nights at Choice Privileges properties for an average of $93 per night. The least I paid was $54 per night at the Comfort Hotel Airport CDG in France. And the most I paid was $239 per night at Cambria Hotel New York — Times Square in New York.
Meanwhile, we redeemed Choice points for 81 nights over the last six years. On average, we redeemed 9,531 Choice points per night. I’ve found I can get excellent value when redeeming Choice points for unique redemptions and for stays in Japan, Europe and destinations that typically feature high paid hotel rates. So, as with IHG, we often buy Choice points during sales or through Daily Getaways promotions.
87 nights at 11 Hyatt brands and partners
I didn’t stay much with World of Hyatt until the program offered reduced qualification requirements and double elite night credits in early 2021. I earned Globalist status in 2021 for far fewer nights than is usually required, but I’ve prioritized maintaining it due to the on-site perks it provides.
I’ve stayed 53 paid nights at Hyatt properties for an average of $139 per night over the last six years. The least I paid was $24 per night at the Excalibur Hotel & Casino in Las Vegas. And the most I paid was $353 per night at Hyatt House New York/Chelsea in New York.
Meanwhile, I redeemed Hyatt points for 27 free nights over the last six years. I’ve found some excellent Category 1 Hyatt hotels that provide wonderful value on award stays. So, it isn’t surprising that I’ve redeemed 5,563 points per night on average and just 3,500 points per night for nine nights. Additionally, I redeemed seven free night certificates that I earned through Hyatt credit cards, Hyatt Milestone Rewards and the Hyatt Brand Explorer promotion over the last six years.
40 nights at 10 Wyndham brands
Days Inn: 10 nights
Ramada: Nine nights
Ramada Encore: Five nights
Microtel: Five nights
Club Wyndham: Three nights
Super 8: Three nights
Viva Wyndham: Two nights at Viva Wyndham Azteca — All-Inclusive Resort in Mexico
Baymont: One night
Howard Johnson: One night
Travelodge: One night
Over the last six years, I’ve stayed 29 paid nights at Wyndham properties for an average of $103 per night. The least I paid was $48 per night at the Days Inn Guam-Tamuning in Guam. And the most I paid was $200 per night during a review of the Viva Wyndham Azteca — All-Inclusive Resort in Mexico.
Meanwhile, we redeemed Wyndham points for 11 nights over the last six years. On average, we redeemed 9,068 points per night on Wyndham award stays. And we love getting a 10% redemption discount when we redeem Wyndham points as a benefit of our Wyndham Rewards credit card, as this brings an award night that would typically cost 7,500 points down to just 6,750 points.
32 nights at 6 Hilton brands
Over the last six years, I’ve stayed 18 paid nights at Hilton properties for an average of $130 per night. The least I’ve paid was $58 per night at the Hilton Jaipur in India. And the most I paid was $168 per night at the Hilton Niseko Village in Japan.
Meanwhile, we redeemed Hilton points for eight nights over the last six years, including one fifth-night-free benefit. On average, we redeemed 46,250 points per night on Hilton award stays. We also redeemed six Hilton free night certificates that we earned through Hilton credit cards over the last six years for excellent value at the Conrad New York Midtown, the Conrad Maldives Rangali Island and the Hilton Maldives Amingiri Resort & Spa.
The average amount we redeemed per night with Hilton Honors is significantly higher than with other hotel loyalty programs. This, combined with my struggle to get more than TPG’s valuation (0.6 cents per point) when redeeming Hilton points, is why I don’t frequently stay at Hilton brands despite having Hilton Diamond status through a Hilton credit card.
19 nights at 4 Accor brands
Ibis: 12 nights
Mercure: Four nights
Grand Mercure: Two nights
Ibis Budget: One night
Over the last six years, I’ve stayed 19 nights at Accor properties for an average of $56 per night. The least I paid was $36 per night at the Ibis Muenchen City Nord in Germany. And the most I paid was $84 per night at the Ibis Madrid Alcobendas in Spain.
8 nights at 2 Best Western brands
Best Western: Six nights
Best Western Plus: Two nights
Over the last six years, I’ve stayed eight nights at Best Western properties for an average of $78 per night. The least I paid was $57 per night at the Best Western Amsterdam Airport Hotel in the Netherlands. And the most I paid was $147 per night at the Best Western Plus Mountain View Auburn Inn in Washington.
452 nights camping
When I became a digital nomad in 2017, I didn’t think there was any chance I’d camp 452 nights in the next six years. And even three years ago, I’d only spent three nights tent camping for a concert at The Gorge in Washington state and three nights in a rental RV doing a relocation from Las Vegas to Denver.
But, as it became apparent the coronavirus pandemic would affect international travel for more than just a few months, my husband and I tried out a six-night RV relocation rental in July 2020. Then in August 2020, we decided to buy the same RV model we’d relocated.
When we bought our Class C RV, we expected we’d sell it as soon as international travel to most destinations became relatively simple again. But, we discovered we enjoy working remotely from our RV while in the U.S. We’ve now spent 440 nights camping in our RV since buying it — 97 nights in 2020, 234 nights in 2021, 80 nights in 2022 and 29 nights so far in 2023.
Nineteen nights in our RV have been free at locations (like select Walmarts, select Cracker Barrels and businesses that participate in Harvest Hosts) that allow RVers to stay overnight upon asking permission. We’ve also spent 37 nights sleeping in the driveways of friends and family while visiting them.
But we usually find paid RV campsites with power and water. We’ve paid for campsites on 393 nights as follows:
171 nights at city and county campgrounds ($32 per night on average)
133 nights at U.S. Army Corps of Engineers campgrounds ($27 per night on average)
66 nights at state park campgrounds ($34 per night on average)
37 nights at private campgrounds ($52 per night on average)
Four nights at national park campgrounds ($48 per night on average)
On average, we’ve paid $33 per night for our RV campsites. The highest we paid was $104 per night at Orlando / Kissimmee KOA Holiday in Florida. And the least we paid was $17 per night at Shady Grove Campground in Cumming, Georgia, during a half-off promotion.
Related: The cheapest place to stay at Disney World is a tent — so I tried it
443 nights with family and friends
One aspect my husband and I appreciate about being digital nomads is seeing our family more than when we lived in one place. Here’s a breakdown of our nights with friends and family over the last six years:
July 2 to the end of 2017: 32 nights
2018: 90 nights
2019: 83 nights
2020: 167 nights
2021: 29 nights
2022: 27 nights
So far in 2023: 15 nights
We spent significant time with each of our parents in March through August of 2020 as much of the world locked down. However, the nights since August 2020 are lower than pre-pandemic since we now stay in our RV (either in the driveway or a nearby campground) while visiting most friends and family members.
Related: 43 real-world family travel tips that actually work
104 nights in transit
Over the past six years, I’ve spent 101 nights in flight or sleeping in airports. I typically avoid overnight flights, but sometimes overnight flights are unavoidable (and they’re enjoyable if I book a lie-flat seat or luck into a row to myself in economy).
If I have an overnight layover at an airport, I’ll book a hotel if the layover is long enough and I can find a modestly priced hotel on-site or with a free shuttle. But sometimes the layover is too short, or it just doesn’t make sense to get a hotel. In these cases, I’ll usually sleep in a lounge — ideally one with a sleeping area or at least lounge chairs — or in a Minute Suites (or a similar type of space) that participates in Priority Pass.
I’ve also spent three nights on trains, including two on the Amtrak Empire Builder from Portland, Oregon, to Chicago and one on a Trans-Mongolian train from Ulaanbaatar, Mongolia, to Hohhot, China. I thoroughly enjoyed both experiences, so it’s surprising that I haven’t taken any other overnight trains in the last six years. However, low-cost flights on many routes served by overnight trains often make flying a more convenient and less expensive alternative.
Related: 11 of the most scenic train rides on Earth
90 nights in vacation rentals
Vacation rentals are the accommodation of choice for many digital nomads, especially those who stay in each location for at least a month and appreciate having their own kitchen. And I spent 39 nights in vacation rentals in 2017 after becoming nomadic July 2.
However, one particularly bad Airbnb experience in 2018 and an increasing interest in hotel elite status caused me to switch most of my nights to hotels instead of vacation rentals. I stayed in vacation rentals for 17 nights in 2018 and 20 nights in 2019. I only stayed in one vacation rental each in 2020 (for three nights), 2021 (for two nights) and 2022 (for two nights). And so far, I’ve only stayed in one vacation rental (for seven nights) in 2023.
On average, I paid $53 per night for vacation rentals across my six years as a digital nomad. My least expensive vacation rental was $17 per night for a private studio apartment in Da Nang, Vietnam, that I booked through Airbnb. And my most expensive vacation rental was $129 per night for a waterfront apartment in Auckland, New Zealand, through Hotels.com.
I’ll still stay in vacation rentals when they’re my best option. But I generally prefer to stay at hotels for consistency and to earn and use my elite status perks.
Related: When a vacation rental makes more sense than a hotel
259 cities in 52 countries and territories
Finally, let’s talk about destinations. Over the last six years, I’ve visited 259 cities in 52 countries and territories. Here’s a look at the number of nights I stayed in each:
1,253 nights: United States of America (including 318 nights in hotels or vacation rentals)
88 nights: Germany
69 nights: Japan
56 nights: Australia
54 nights: South Africa (including 32 nights in or near South African national parks)
36 nights: Dominican Republic
27 nights: Maldives, Thailand
24 nights: Spain
22 nights: Hong Kong, Malaysia
21 nights: New Zealand, Serbia, Vietnam
20 nights: Canada, Colombia, Italy
19 nights: India
18 nights: Netherlands, United Arab Emirates
16 nights: Singapore
14 nights: Bahamas, French Polynesia, Indonesia
13 nights: Fiji, South Korea
11 nights: Brazil, Mongolia
10 nights: China
Nine nights: Bulgaria, England, France, Pakistan
Eight nights: Bosnia and Herzegovina, Latvia, Liberia, Mexico, Sri Lanka
Seven nights: Greece, Guam
Six nights: Turkey
Five nights: Belgium, Marshall Islands
Four nights: Sweden
Three nights: Argentina, Chile
Two nights: Panama
One night: Ethiopia, Finland, Ireland, Northern Mariana Islands, Taiwan
As you can see, I would have spent the most time in the U.S. even if the coronavirus pandemic hadn’t kept me in the country for much of 2020 and 2021. And interestingly, even my most visited country outside the U.S. (Germany) accounted for just 88 nights across the last six years.
I also visited 14 other countries and territories before becoming a digital nomad. So, although I’m not striving to visit every country in the world, I’ve visited 66 different countries and territories so far. My husband and I are trying to visit a few new-to-us countries each year while also returning to some of our favorite destinations like Germany, Japan, South Africa, Australia and Hong Kong.
Related: The 18 best places to travel in 2023
Bottom line
I feel incredibly thankful for the last six years I’ve spent as a digital nomad. I’ve grown significantly as a person and content creator while traveling full-time.
And I’ve had some amazing experiences, including swimming with manta rays in French Polynesia and the Maldives, watching a sea turtle dig a nest and lay her eggs on a Florida beach, staying at some awesome resorts (Six Senses Laamu, Six Senses Yao Noi and Alila Fort Bishangarh immediately come to mind), and overnighting in second-class hard bunks on a Trans-Mongolian train.
But it’s not these epic experiences that keep me on the road. After all, I could enjoy many of these experiences on vacation. Instead, the daily things like being surrounded by languages I don’t know, enjoying delicious local foods and exploring new cities and neighborhoods on foot keep me attached to the digital nomad lifestyle.
Looking to buy a condo but need an FHA loan to get the job done? In the past this may have presented some challenges, but today it just got a bit easier.
Nowadays, the FHA requires an entire building to be FHA-approved, not just single units (no spot approvals anymore). It’s an all or nothing approach to ensure FHA loans only finance units in quality projects, thereby avoiding unnecessary risk for the agency.
But many prospective homeowners can only get approved for FHA loans because conventional financing is often out of reach for one reason or another. Additionally, many of these folks can only afford condos because homes are too expensive.
This also presents challenges to condo sellers who are limited to unloading their properties to those able to obtain a conventional loan. Obviously this can reduce demand and force the seller to take a lower price for their condo.
Apparently the Department of Housing and Urban Development (HUD) understood this was a problem and subsequently released temporary guidelines today aimed at easing condominium requirements so more borrowers can get FHA loans on such dwellings.
They’ve basically made three changes, effective immediately, which they believe will increase affordable housing options for both first-time home buyers and those with low- to moderate-income.
Streamlined Condo Recertification
If a condo is already FHA-approved
Recertification will be streamlined
Assuming there haven’t been any substantive changes since prior approval
Making it less of a burden to keep a building in the FHA’s good graces
First, they’re making it easier to recertify a condominium project that is already FHA-approved.
Existing guidelines require condos to get recertified after two years to ensure the project is still in compliance with FHA eligibility rules.
And the process needs to start six months before expiration, so it’s a constant bureaucratic nightmare.
It used to involve a lot of paperwork, including annual budgets, balance sheets, income and expense statements, occupancy review, and so on.
Going forward, the FHA will only require applicants to submit documents if there are “any substantive changes since the project’s prior approval.”
I’m not exactly sure what that means, but HUD refers to it as a streamlined process, so it should be easier for projects to maintain their eligibility.
Lots of building used to be FHA approved – hopefully now they’ll maintain that approval.
Eased Occupancy Requirements
The FHA requires 50% of units in a building to be owner-occupied
They have since lowered this requirement to 35% if some conditions are met
They’re also expanding the definition of owner-occupied
To include vacation homes (secondary properties)
Additionally, the FHA will also be modifying its calculation of owner-occupancy concentration, which should boost the number of units available for FHA financing.
At least 50% (half) of the units in a condominium project must be owner-occupied in order for borrowers to obtain FHA financing.
The FHA will now consider a condominium owner-occupied provided they are not:
• Tenant occupied; • Vacant and listed for rent; • Vacant and listed for sale; or • Under contract to a purchaser who does not intend to occupy the unit as a primary or secondary residence
So it looks like condos that are secondary residences (not vacation homes) will count toward owner occupancy. HUD refers to a secondary residence as a dwelling the owner occupies in addition to their principal residence, but for less than the majority of the calendar year.
Ideally, this will make the 50% concentration rule easier to meet and boost the number of projects available for FHA financing.
This has since been lowered to 35% if certain conditions are met, making it that much easier to finance a condo with an FHA loan.
Lastly, HUD will now accept an expanded array of master policy insurance coverage options for the entire project.
HOAs are required to maintain coverage in an amount equal to 100% of the current replacement cost of the building.
Now they’ll be able to utilize insurance that consists of pooled policies for affiliated projects, state-run plans, or coinsurance obligations.
Per NAR, less than 20% of condominium complexes nationwide have FHA approval, and condos are 27% less expensive than single-family homes.
The Realtors’ group had been pushing for changes at the FHA for a while now, and all that advocating looks to have worked.
Still, a lot of condos aren’t approved for FHA financing and probably won’t be even with these changes, so it’s best to ensure you can get approved for all types of mortgages when it comes time to buy a condo.
For anyone who can appreciate Colorado already, Denver is an ideal home base. You get all the amenities from living in a city with plenty of snow-capped peaks to ski down just up the road. A veritable paradise for those who cherish the outdoors, this stunning city is quite a looker thanks to its surroundings. More than its natural beauty, though, Denver is a place where things happen.
As it continues to grow, Denver attracts all kinds of people ready to delve into the area’s strong economy. Is it the right place for you? Here are a few reasons to move to Denver.
1. The cost of living isn’t all bad
As the area continues to grow and develop, putting it in high demand, the cost of living in Denver has risen. It’s an expensive city by some standards, but you’ll also still find certain things that are more budget-friendly. And, although the overall cost of living is high, both food and utility prices hit below the national average. Not only that, but rent prices are actually decreasing when it comes to an average two-bedroom apartment.
What this means is that, even though you may end up paying a little more in rent than you’re used to, there are ways to cut costs and save money to level out your budget and live comfortably in Denver. A definite reason to move to Denver.
2. Every community has character
Overall, Denver is a young and hip place, and once you drill down to the neighborhood level, you’ll discover a varied group of unique communities. From the landscape to the people, every spot in Denver brings something special to the mix, making it hard to narrow down which neighborhoods are actually the best.
A few neighborhoods to consider are:
Capitol Hill — this densely-packed community is a favorite for Denver newbies and has an eclectic mix of residents. It’s also cool to live in the center of Colorado’s capital city.
Sloan Lake — a perfect community for nature lovers, the city’s largest lake makes up a portion of this neighborhood.
Five Points — a historic neighborhood, that’s also close to the city center. Here you’ll find great breweries and a thriving arts scene. The community also housed the city’s jazz scene for most of the 20th century.
University — if you want to live close to the University of Denver, here’s where you should go. Whether studying or working nearby, this area is full of shops, restaurants and bars.
There’s also Downtown Denver to consider, which itself is one large community that’s sometimes broken up into smaller sections. You may gravitate toward the Central Business District with its high-rise apartments, or lean into Lower Downtown, affectionally called LoDo, where you’ll find all the business folk after hours out for a good time.
3. The job market is growing
As the city grows, so does the job market in Denver. Opportunities are branching out into new industries, while established companies like Google and HomeAdvisor provide consistent jobs.
Denver is a popular spot for tech startups, wine and craft beer businesses and even the aerospace industry. You can also find a thriving hospitality industry here along with businesses focused on food and agriculture.
The median household income in Denver is $72,661, which is nice to see, given the higher rents and the cost of an annual ski lift pass. Income like this also demonstrates the health of the job market and the potential for job stability.
4. You can ski whenever you want
Calling all ski bums! There’s something special about living in a city where a perfect mountain is less than two hours away. A big reason to move to Denver is that it gives you snow-capped mountains you can see from your apartment window.
Fabulous ski resorts are so close you could hit the slopes every weekend, living out your skier fantasy every Saturday and Sunday.
Some popular, nearby resorts include Echo Mountain Resort, south of Idaho Springs, and the more extreme Arapahoe Basin Ski Area, which is perfect for more experienced skiers.
Further out, you’ll find the popular towns/ski resorts of Breckenridge and Vail. Each is less than two hours from Denver.
5. Water sports are popular here, too
Denver may have plenty of mountains to provide hours of outdoor activity, but it’s not your only option. White water rafting is pretty popular throughout the area in the warmer months, and there are some serious rivers to go down.
Fly fishing is also popular throughout Denver and nearby cities. Within the city limits, you have access to the Dream Stream, a stretch of the South Platte River that’s known for epic fishing.
White water rafting locations close to Denver include Clear Creek, Fraser River and Blue River, all less than two hours away.
6. There’s more than the run-of-the-mill museums
For those who want a hefty dose of culture in their home city, Denver does it up a little differently. Yes, you’ll find a fantastic collection of modern and contemporary art at the Denver Art Museum, and a family-friendly experience waiting at the Denver Nature and Science Museum, but there’s more.
If you want to immerse yourself in modern culture, and have an experience like no other, get tickets for Meow Wolf Denver. Also known as Convergence Station, this art museum is one of three unique experiences you can have in the U.S. The other two Meow Wolf museums, in Santa Fe and Las Vegas, combine with the Denver installation to tell a creative story through art about the merging of our world with another. You can see the museums in order — Santa Fe first, then Las Vegas and Denver — to get a complete story, but the Denver Meow Wolf definitely stands alone.
7. There’s a legendary music venue in your backyard
A geological phenomenon in its own right, Red Rocks Amphitheater is a music venue unlike any other. Set in Red Rocks Park, you’re surrounded by some 738 acres of deer, pines and prairie. The views are spectacular, and the music is even better.
Red Rocks is the only naturally occurring, acoustically perfect amphitheater in the world. It has played host to thousands of concerts and events in the more than 80 years of its existence. Musical icons like The Beatles, Jimi Hendrix, Bruce Springsteen and Dave Matthews Band have performed in this rocky location, and the annual concert lineup each year is worth checking out.
8. Sun even when it snows
What often surprises those new to Denver the most is the weather. It then quickly becomes one of the many reasons to move to Denver. Denver sees over 300 days of sunshine per year, and the city itself gets only 8-15 inches of annual precipitation. Low humidity makes the warm temperatures more bearable, and winters don’t often reach freezing temperatures.
Even when snow does fall, it doesn’t stay on the ground long, thanks to that powerful sun.
9. A night sky you can’t look away from
Nighttime in Denver is a sight to behold. The sky is crystal clear, especially if you drive a little way out of the city, and stargazing is intense. You can see the whole arc of the Milky Way in the right spot, in addition to shooting stars, meteor showers and maybe even a UFO.
Gazing up into the night sky is just one way you can connect with nature here, and it’s pretty amazing.
10. Bike your way around town
Although you’ll want a car to explore the areas around Denver, while you’re in the city, take advantage of the fact that it’s a highly walkable and bike-friendly place. Denver has a walk score of 71 and a bike score of 78.
The downtown area is especially friendly to pedestrians, and the city boasts a wide variety of bike paths. There are also 196 miles of on-street bike lanes.
The most popular bike trails are in Cherry Creek and along the South Platte River. These two bike arteries follow Denver’s major waterways and connect right downtown. You also never have to fight for road space with cars.
Not having to drive everywhere can help you save some money, and keep you in great shape — a win-win.
11. Cannabis isn’t a crime
Cannabis in Colorado is more than just a legal recreational activity. In Denver, it’s also a great business venture. Recreational use became legal in 2012, and since then, green medical crosses light up city streets, pointing you to available dispensaries.
If you’re interested in getting into the marijuana business, watch out for some competition. There are already some 200 dispensaries in Denver. Even if you can’t start from scratch, though, there’s plenty of opportunity to get involved in the industry.
As a consumer, legally, you’re able to have one ounce of marijuana at a time, and kept within a sealed container when in your car.
12. Sports to cater to any fan
Being such a big city, Denver is also home to plenty of professional sports teams. No matter what’s your favorite, you can most likely find a home team to cheer on.
For football lovers, there’s the Denver Broncos
Basketball fans have the Denver Nuggets
The Colorado Rockies play baseball right in Downtown Denver
You can also cheer on three-time Stanley Cup winners, the Colorado Avalanche, the local NHL team.
13. Craft beer is everywhere
Beer is big in Denver and the city has one of the largest craft beer scenes in the country. So, if you like to try a new tap every night, it’s possible. There are some 150 craft breweries within Denver’s city limits, and just about every type of beer has a local brand.
To expose yourself to the local beer scene, though, you can take a beer tour to go to a tasting as you acclimate to living in Denver. Find your favorites and always know where you want to go for a cold one.
14. Food represents
There’s a lot of food synonymous with Denver, and a lot of it plays into the fact that the city is a cultural melting pot when it comes to cuisine. Some local favorites include anything with green chilies, as well as smothered burritos, bison and elk and the Denver omelet. You may be tempted to try Rocky Mountain Oysters, but make sure you know what you’re eating before you dig in (it’s not oysters!)
Overall, the city is full of food from barbecue to Mexican, Asian to seafood and steakhouses to Ethiopian. You can easily satisfy any craving.
15. It’s a beautiful place to live
With the Rocky Mountains as your backdrop, all the positives of living in Denver are even better with the surrounding natural beauty. Among all the reasons to move to Denver, getting to live somewhere that every day shows you the majesty of nature is pretty fantastic.
Living here gives you more than 200 mountain peaks within range without binoculars and more than 100 panoramic miles of natural excellence. Not only can you easily get out in nature when living in Denver, but you’ll find plenty of nature in the background of your everyday errands and daily commute.
Making the Mile High City home
Locals already have a ton of reasons to move to Denver they’re willing to share with outsiders, but what’s going to convince you? Once you know all the insider secrets, and make your own list of positives, will it be the weather, the city, the skiing or something else that drives you to call Denver home? You’ll have a hard time narrowing down your list. This city truly has so much going for it.
For many individuals and families, owning a home is a lifelong dream. However, with rising real estate prices, some may find themselves seeking financing beyond the conforming loan limit. This is where jumbo loans come into play.
What is a jumbo loan?
A jumbo loan in Utah is a type of mortgage that is used to finance homes that exceed the conforming loan limits set by the Federal Housing Finance Agency (FHFA). Oftentimes, this type of loan is necessary for high-end, luxury homes or homes located in expensive housing markets, like Salt Lake City or Park City.
If you find yourself in a situation where the home you wish to purchase requires borrowing beyond the conforming loan limit (CLL), then you’ll need to pursue a jumbo loan. It’s important for homebuyers to understand the requirements and implications of obtaining a jumbo loan in Utah. For instance, borrowers typically need a higher credit score and a larger down payment to qualify for a jumbo loan.
What is the jumbo loan limit in Utah?
In 2023, the conforming loan limit for a single-family home in most U.S. markets is $726,200. However, this limit can be higher in areas where the median home price is significantly above the national average.
$726,200 is the conforming loan limit in most Utah counties
$1,089,300 is the maximum limit in higher-cost counties
Keep in mind that the amount being borrowed is what determines whether or not you’ll need a jumbo loan, not the price of the home. So, if you were to put $100,000 down on a $780,000 home in Emery County, the mortgage would be $680,000, which is under the CLL for this area. In this case, your loan wouldn’t be considered a jumbo loan.
The following counties in Utah have a conforming loan limit beyond $726,200 for 2023:
County
FHFA Conforming Loan Limit
Box Elder County
$744,050
Davis County
$744,050
Morgan County
$744,050
Summit County
$1,089,300
Wasatch County
$1,089,300
Weber County
$744,050
For more information on the conforming loan limit in your county, use the FHFA map.
What are the requirements for a jumbo loan in Utah?
Borrowers must meet stricter requirements to qualify for a jumbo loan than they would for a conforming loan. The specific requirements can vary from lender to lender, but below are the typical requirements for borrowers seeking a jumbo loan in Utah.
Higher credit score: In order to have your loan application approved for a jumbo loan, most lenders will require a credit score of 720 or higher. While some lenders may be more lenient and accept a score as low as 660, a score below this is generally not accepted. In contrast, a credit score as low as 620 could suffice for a conforming loan with some lenders.
Larger down payment: When applying for a Utah jumbo loan, keep in mind that down payment requirements are generally more substantial than for conforming loans. While the specific amount will depend on the lender and the borrower’s financial situation, many jumbo loan lenders require a down payment of at least 10%, and some require as much as 20% or more.
More assets: Jumbo loan borrowers are typically required to have more assets than those seeking conventional loans. Lenders will review a borrower’s assets to ensure they have enough liquid assets or savings to cover at least one year of loan payments. This requirement is in place to mitigate the increased risk associated with larger loan amounts.
Lower debt-to-income ratio (DTI): For Utah jumbo loans, lenders typically look for a borrower with a debt-to-income ratio (DTI) below 43%. Ideally, a DTI closer to 36% or lower is preferred. The DTI is calculated by dividing the sum of all monthly debt payments by gross monthly income. A lower DTI signifies a borrower’s ability to manage their current debt load while taking on additional mortgage payments. It also indicates greater financial stability and the ability to make on-time payments towards their jumbo loan.
Additional home appraisals: For a jumbo loan, lenders may require an additional home appraisal as a second opinion, especially if the property is located in an area with few comparable sales. This is to ensure that the home is worth the loan amount or more and to mitigate the lender’s risk. The cost of the appraisal may also be higher in housing markets with limited property sales.
We all like to have good style, and to be noticed. But sometimes, people are so eager to be cool and unique that they end up just revealing their own insecurities. It’s one thing to be interesting and have unique opinions. It’s another thing entirely to try so hard you just look desperate. We asked Redditors for the top things they’ve observed people doing to look cool that just don’t.
1. Unnecessarily Loud Cars
One user posted, “Loud *ss car/motorcycle. You’re not impressing anyone…”
Another commenter replied, “There’s a video by some YouTube guys satirizing this. They’re sitting at home when they hear a motorcycle start up, and they run to the window to cheer them on, saying how cool it is that it’s so loud and unnecessary. It’s very funny. Can’t find it, though.”
Another user shared, “I used to have a loud exhaust on my motorcycle, not to show off or anything but so that people could hear me. A lot of the time, people don’t see motorcyclists, and that’s how accidents happen. After I got into a close call on the highway (not speeding, someone just casually switching lanes on me), I decided to put on a loud exhaust.
“I don’t ride anymore, but when I drive my car around, if I hear a loud exhaust, I double check my mirror to see where the motorcycles are, and that’s the whole point. In the US, no driving school teaches you to watch for motorcycles. That’s something you will notice when you go to Europe, people constantly check their mirrors for motorcycles because they have been taught to do so.”
2. Disliking Trends Just to Be Unique
One Redditor posted, “Those who think hating anything popular just because it’s popular makes them special.”
A second user added, “I swear, this is such a child mentality. Like when you’re going through your ‘Not like the other kids’ phase and think you’re so cool bc you don’t like the popular thing, but eventually you grow out of it and realize it’s ok to like popular shit and enjoy things regardless of what other people think or like….. But, obviously, some people never grow up and grow out of it.”
One commenter replied, “And it’s ok to be an adult and like uncommon or unusual things. People also love to spit on people who like ‘alternative things.’ The goal is that you find intrinsic value and enjoyment in your choices. When people just slide into what’s popular because it’s what they’re fed, that seems insincere. But if they wear it because they see it and genuinely like it, then that’s good. and the same when flipped to ‘alternative’ styles.
But with strangers, that can be hard to read at first blush. With people you know or get to know, it’s easier. I do think it’s easier for people to swallow when other adults look more traditional than when they look unusual. But should that matter? Edit: And when I say ‘love to [spit] on,’ I mean to say they almost always believe some looks are only for attention or to convey a specific personality trait. Which is as ridiculous as believing someone only wears fancy branded clothes to be seen.”
“I used to be that person! Then I grew up and realized how obnoxious it was to just have an opinion about anything I didn’t enjoy that other people did, and it feels amaaaaazinnggg. I think people need to realize how cyclical that kind of attitude is. People who are super critical of other people are often paranoid about what people think of them, and it just goes round and round,” one user confirmed.
3. Calling Themselves Alpha
One user commented, “Calling themselves ‘alpha’. It just makes them just seem insecure imo.”
Another user added, “It’s like telling people you’re rich. If you have to tell people…you aren’t.”
One Redditor replied, “If you have to tell people you’re alpha, you’re not alpha.”
“If those kids could read, they’d be pretty upset by that statement,” another user exclaimed.
4. Modifying Your Car for Noise
One user posted, “Modifying your car to make it obnoxiously loud.”
Another user replied, “Add to this, all the guys that peel out in parking lots because they think their car is so cool and everyone is impressed. No… we just think you are an attention seeking dbag making annoying noises and making the air smell like burnt tires.”
Another user responded, “To be fair, the primary goal of modifying the exhaust is usually to add power. Added noise is a secondary consequence. That said, I agree that some people take it way too far. ”
5. Designer Things Covered in Logos
One user shared, “To me it’s designer stuff that just has some brand’s logo or name all over it. Why be a walking billboard for a company that isn’t even paying you? It’s weird. Being overly flashy is a big yuck to me.”
Another user added, “Same reasons kids today sh*t on Android users for not having an iPhone. It’s not about having a quality product, it’s about showing people that you have more money than them.”
One user replied, “iPhones and Androids are the same price? Flagship Android phones are actually more expensive, and iPhone budget options reach all the way down to $430 brand new. I know there are cheaper Androids far below that, but this statement is just stereotypical ‘Apples are bad and expensive.’ There’s nothing wrong with either phone, it’s great that people have options. The iPhone is not a status symbol, it’s a preference, and anyone who thinks otherwise has some insecurities they’re projecting onto others. Time to get over it.”
6. Education as a Status Symbol
One user commented, “People who look down on education.”
Another user shared, “Also educated people who look down on those who didn’t go to college or university. You’re not a more valuable human being just because you have a degree. [Jerks] are found at every level of education, and it works both ways.”
“It doesn’t matter if every human being on this planet has a PhD, somewhere there’s still gonna be a pile of sh*t that needs shoveling,” one Redditor responded.
One commenter added, “Exactly. It is simply not viable for everyone to be a business manager, doctor or lawyer. Society NEEDS truck drivers, construction workers, plumbers and cleaners too. Edit: And since this is the case, it’s only natural and fair that we pay those people enough to live a dignified life befitting a human being.”
7. Calling Yourself a Bad Girl
One Redditor posted, “Girls who call themselves certified bad b*tches.”
Another user added, “‘Queens.’ So ghetto and trashy.”
One user laughed, “Queens with no job, no skills and no responsibilities lol.”
Another user shared, “Women who try to be a ‘bro’ to fit in. I cringed at whatever her name was in ‘Love is Blind’ when she was like, ‘I’m one of the bros’…”
8. Revving at Red Lights
One user commented, “Idiots who stop at red lights and constantly rev their engines like they’re about to participate in a drag race.”
Another Redditor replied, “It must feel amazing to win a race no one else is participating in.”
One user shared, “That was me when I was young, but not for the usual reason. I had just earned my license and my friend gave me his rusted out [car] as a ‘gift.’ The problem was it needed a valve adjustment and I couldn’t afford to take it to the shop, nor did I know how to adjust it myself. The problem is it would stall at idle, so anytime I’d come to the lights, I’d put the car in neutral (it was a manual) and gently rev the engine until the lights turned green.
“I felt obnoxious doing it, it probably looked even more embarrassing to everyone else. It was particularly awkward when a cop would pull up beside me at the lights, and we’d make eye contact while gently [revving] the engine. I’m surprised I never got pulled over for it.”
9. Bragging about Intimate Encounters
One Redditor posted, “Bragging about how much s-x they’re supposedly having. It’s a clear sign of someone who peaked in high school.”
Another user shared, “That’s my dad perfectly described.”
“My uncle is almost 300lbs and married a woman he knew for 2 weeks and brags about their [intimate] life. It’s just gross man,” one user added.
“Back in high school my friends would do this. I was single at the time and I would tell them how shitty it felt that everyone around me was doing it but me. Then they kept bragging about it. That’s when I realized these guys weren’t really my friends,” one commenter shared.
Do you agree with the list above? Share us your thoughts and leave a comment!
Source: Reddit.
These are 10 Things That Completely Destroyed The Love in a Relationship
There’s no question that relationships can be confusing, but here are some of the top things to avoid if you want to keep your relationship healthy!
10 Actors and Actresses People Refuse to Watch Ever Again
We all have a favorite actor or actress, but most of us have a least-favorite as well. Check out this list of actors and actresses people never want to see performing again!
Top 10 Worst Human Inventions of All Time
Some inventions are world-changing, and some of them, well, they change the world in the wrong ways. Here are some of the worst inventions Redditors could think of.
10 Famous Celebrities Who Look Like They Smell Terrible
We’ve all had moments of hygiene faux pas—but these celebrities just look like they don’t take care of themselves at all.
10 Terrible Fads People Are Glad Died Out
Every fad has its time in the limelight, but some of them come and go faster than others; and some just need to die out right away. Check out this list of fads of which people were happy to see the last.
You may not think it’s a big deal, but a bad credit score can turn your life upside down in ways you don’t realize. Think about your daily life — where you live, what you drive, where you work — these can all be affected by a low credit score.
The good news is a bad credit score is something you can fix, although it takes time and careful planning. Maybe you don’t know your credit score or whether it’s good or bad. That’s okay — this guide will walk you through what a bad credit score is, the ways it can affect your everyday life, and what you can do to fix it.
What’s Ahead:
What is a bad credit score?
A credit score is a number used by lenders and other companies to determine your creditworthiness or how likely you are to repay a loan or pay your bills on time. Lending or renting to individuals is a risk. A credit score helps lenders and creditors understand your risk level before they enter into an agreement.
FICO credit scores range from 300 to 850. A bad credit score typically is a score below 660. Credit scores are divided into ranges, with bad credit scores ranging from fair to very poor:
Excellent
781-850
Good
661 – 780
Fair
601 – 660
Poor
500 – 600
Very Poor
300 – 499
Some lenders or industries rely on different types of scores to make decisions, but for the most part, these are the ranges you should consider in relation to your credit score.
How a bad credit score affects you
Unfortunately, having a bad credit score can affect not just your financial life, but also where you can live, work, and shop. Here are some of the ways having a bad or low credit score can affect you:
Securing a loan is more difficult
A low credit score sends up red flags to lenders that you are a lending risk. Bad credit makes it infinitely harder to prove that you are worthy of approval for a mortgage, auto loan, or other loan products.
Higher interest rates
If you still qualify for a loan or line of credit, chances are you will end up with much higher interest rates than someone with good credit. Higher interest rates mean that you’ll pay more interest over your loan term unless you have funds to pay it off early. Depending on the type of loan, you could end up paying thousands of dollars more than you would if you have good or excellent credit.
Fewer options renting an apartment
If you’re on the hunt for a new house or apartment to rent, your low credit score could put a damper on your search.
Landlords and property management companies want to rent to responsible tenants. They use credit checks to determine your ability to pay rent. Poor credit could mean having your application denied or putting down a larger security deposit to secure an apartment.
Higher insurance premiums
Insurance companies sometimes run credit checks when setting premiums. They may also use a credit-based insurance score that’s based on your information from your credit report. The report will reveal the reasons for your low credit score, and you could end up paying significantly higher premiums than you would with good credit.
Trouble purchasing a cell phone
Mobile providers use credit checks to approve new contracts. Your bad credit score makes you a high-risk customer with most providers. Poor credit could mean saying goodbye to the latest iPhone or Galaxy with unlimited data and hello to a prepaid phone plan.
A harder time landing a job
In some states, employers are allowed to run credit checks on prospective employees during the hiring process. Jobs in finance or management that require handling large sums of money are prime candidates for credit checks. You may have a hard time convincing a company to trust you with their money if your credit report reveals a history of poor financial decisions.
You won’t qualify for most credit cards
Having a credit card might seem like a rite of passage, but there’s no guarantee that you’ll be approved if you have a bad credit score. Most rewards credit cards that earn points, miles, or cash back or come with travel and other perks require good to excellent credit.
There are some credit cards for people with bad credit, but they are few and far between and don’t offer the same level of benefits. You could also resort to a secured credit card, which relies on a security deposit instead of a credit check to secure the card. Secured credit cards typically have lower credit limits and high interest rates.
Related: Best Secured Credit Cards
How credit scores are calculated
In most cases, when someone talks about credit scores, they are referring to your FICO score. The FICO credit scoring model was created by the Fair Isaacs Corporation. It’s a three-digit number, ranging from 300 to 850, that gives a snapshot of your credit and your risk level as a lendee or customer. Five factors go into calculating FICO credit scores:
Payment history (35%). Vendors report your payments to credit bureaus. Late payments stand out like a sore thumb on credit reports and make you more of a lending risk.
Amounts owed (30%). Creditors also look at how much on your available credit you’re using at any given time. Using a higher percentage of your available credit creates a picture of someone at risk of defaulting on payments because they are overextended.
Length of credit history (15%). The length of your credit history looks at factors like how long your accounts have been open, the age of your newest account, and the average age of your credit accounts. Each time you open a new account, your credit age may drop.
Credit mix (10%). The type of credit accounts you have open is factored into your FICO score too. Credit types can include mortgage loans, installment loans, credit cards, retail credit accounts, and other financial accounts.
New credit (10%). New credit refers to any time you open a new credit account, or someone runs a hard credit check.
Several FICO score models exist, including models for specific industries like auto lending and mortgage lending. FICO Score 8 is the most widely used credit scoring model.
The difference between VantageScores and FICO scores
FICO isn’t the only scoring model. VantageScore is another model used by lenders to determine creditworthiness. VantageScore was created in 2006 by the three primary credit reporting bureaus, Equifax, Experian, and TransUnion. There are currently four versions of VantageScore, with the latest model released in 2017.
The major difference between VantageScores and FICO scores is the score range. Earlier VantageScore models have a score range of 501 to 990. Your VantageScore can often be significantly higher than your FICO score. VantageScores can vary, too, depending on which credit bureau or model is used, just like FICO scores.
How to improve your credit score
If your credit score isn’t where you want it to be, or it’s becoming a problem for your finances, you can improve it with some hard work and patience. Like anything else, you may have to make some sacrifices, but a good credit score can unlock so many things that it’s worth giving up some conveniences now to improve it.
Here are some things you can start doing right now to improve your credit score.
Related: How To Improve Your Credit Score, Step By Step
Access your credit score and reports
To improve your credit, you first need to know where it stands now. You can do this by getting copies of your complete credit reports from all three bureaus — Experian, Equifax, and TransUnion. Your reports are available for free once a year at www.annualcreditreport.com or by calling (877) 322-8228.
Errors aren’t common on credit reports, but they do occur from time to time. Check your reports for anything incorrect and if you find something, dispute it with the credit bureau. Even small errors can have an impact on your credit.
You can buy your official FICO credit score through myFICO or use free credit score tracking apps Credit Karma or CreditWise to see your score.
Pay your bills on time
Your payment history is a major player in determining your credit score. Your goal moving forward is to make all of your bill payments on time. Late payments are reported to the credit bureaus and will drop your score even further. A record that shows a history of on-time payments, though, will boost your score. Set alerts to remind you of upcoming bill payments or, even better, set up automatic payments for at least the minimum amount due to ensure that you don’t miss any payments.
If you’re having a hard time paying your bills, reach out to creditors to see if they are willing to work with you. You might qualify for hardship or payment programs that will help you pay off any debts.
Pay down your debt
To repair your credit, you also want to lower your credit utilization ratio. You do that by paying off your debt, including revolving credit accounts, like credit cards or lines of credit. Every little bit helps. Make at least minimum payments, but pay extra if you have additional funds available. This will lower the amount of outstanding debt compared to the total credit available to you.
Apply for a secured credit card
Secured credit cards are designed for people with bad credit or no credit. You can qualify for a secured credit card through a security deposit instead of a hard credit inquiry. Your security deposit essentially becomes your credit limit. As you make small purchases on your card and pay the balance off on time and in full, those payments are reported to the credit bureaus.
If you go this route, try to keep a low balance and never carry it over month-to-month. Secured credit cards often come with high APRs, so you could end up paying expensive interest charges if you don’t pay off the entire balance each month. Some credit card issuers will check your credit periodically and switch you to an unsecured card if your credit has improved.
Apply for a credit-builder loan
Another option to boost your score is to apply for a credit-builder loan. Similar to secured credit cards, these are personal loans for people with bad credit. Credit-builder loans work differently than traditional loans, where you receive the loan amount upfront and then pay it back over time. With a credit-builder loan, you make fixed payments each month until the end of the loan term, and then you receive the loan amount. These loan payments are reported to the credit bureaus the same as any loan.
Will you pay interest as you do with other loans? Yes, and you may also have to pay a fee to take out this kind of loan, but that’s the price you might have to pay to avoid another credit inquiry or to qualify for a loan.
Become an authorized user
Have a close family member with good credit add you as an authorized user on their credit card. Although this strategy isn’t likely to cause a massive jump in your score, it could have some impact, especially for individuals with a shorter credit history. Make sure the card issuer reports authorized users to the credit bureaus or this won’t help you.
Summary
Improving a bad credit score can not only save you money but can also open up opportunities in most areas of your life. Use the tips and tools listed above as a guide to understanding your credit score and what you can do to boost it over time.
Canceling a life insurance policy is an important decision that can have financial and emotional implications.
Deciding whether to continue with your life insurance policy or cancel it is not just a significant financial choice, it can also have profound emotional implications.
After all, life insurance isn’t just a monetary consideration – it’s about ensuring that your loved ones are protected in case of your untimely demise.
However, sometimes circumstances may lead you to contemplate canceling your life insurance policy. The question then arises: should you and if so, how do you go about it? Let’s delve deeper.
Understanding Life Insurance Policies: More Than Meets the Eye
First off, to make an informed decision, it’s crucial to understand the two main types of life insurance policies that are on the market.
Term Life Insurance: The Straightforward Option
As its name suggests, term life insurance provides coverage for a specified term, which typically ranges from 10 to 30 years. If you pass away during this term, your designated beneficiaries receive the policy’s death benefit. This type of insurance is often viewed as the simpler and more affordable option, as it strictly provides coverage without any investment component.
Permanent Life Insurance: Coverage Plus Investment
On the other hand, permanent life insurance policies, such as whole life or universal life insurance, provide coverage for your entire lifetime and include an investment element known as cash value. This cash value portion grows over time and can be borrowed against or even surrendered for cash, making this type of policy more complex and usually more expensive.
Reasons for Canceling Life Insurance: Making the Tough Call
Several scenarios might lead you to contemplate canceling your life insurance policy.
Financial Reasons: When the Premiums are too High
It could be that the premiums have become unaffordable due to changes in your financial circumstances. As the cost of living increases, especially in the light of rising inflation as highlighted in a recent FT Adviser report, it’s not uncommon for individuals, especially those over 50, to consider cutting back on their life insurance.
Policy No Longer Needed: When Life Takes a Better Turn
Your reasons for canceling could also be positive. Maybe your children have grown up and become financially independent, or your financial status has improved significantly since you first took out the policy.
Considerations Before Canceling Your Life Insurance: Weigh Your Options
But before you make the decision to cancel your life insurance policy, there are several factors to consider.
Evaluate Your Current Situation: Checking the Safety Net
Firstly, evaluate your current financial situation. You should be sure that you and your dependents won’t need the safety net that life insurance provides in the future.
Understand Potential Consequences: The Trade-Offs
It’s important to understand the potential consequences of canceling your life insurance. If you cancel your term life insurance, you won’t receive any money back and will be left without coverage.
On the other hand, canceling a permanent life insurance policy might allow you to recover some of the cash value, but could also result in surrender charges, especially if the policy is still in its early years, as pointed out by a Forbes Advisor article.
Alternatives to Canceling: Is There a Middle Ground?
Before canceling your policy outright, it’s worth exploring other options. For instance, you could reduce the death benefit to lower the premiums or even switch to a more affordable term life insurance policy if you currently have a permanent life insurance policy.
How to Cancel Your Life Insurance: Following the Right Steps
If, after considering all the implications and alternatives, you still decide that canceling your life insurance is the best course of action, then here are the steps you need to take.
Steps to Cancel Term Life Insurance: It’s All About Communication
The process for canceling term life insurance is generally straightforward. First, you need to contact your insurance provider and inform them of your intention to cancel the policy. This could be over the phone, via email, or sometimes through an online portal.
Ensure you follow all the steps they provide and always ask for a confirmation of your policy’s cancellation. It’s also important you understand your rights to canceling your insurance policy.
Steps to Cancel Permanent Life Insurance: A Bit More Complex
The process of canceling a permanent life insurance policy, on the other hand, could be a bit more complex, particularly because of the cash value component. You may need to complete a policy surrender form or send a written request to your insurance provider.
Remember:
Always confirm the details with your insurer and remember that you might be entitled to receive some of the policy’s cash value upon surrendering the policy.
Life After Canceling Your Life Insurance: Managing Your Risks
The aftermath of canceling your life insurance policy requires careful financial planning. Now that you no longer have the protection that the policy provided, you need to manage the financial risk that the policy once covered.
Managing Financial Risk: New Strategies
This risk management could involve several strategies, from building an emergency fund to investing for your long-term financial goals.
Setting Up an Emergency Fund: An Essential Buffer
An emergency fund is an essential financial tool that provides a buffer against sudden expenses or financial emergencies. It ensures that even if unexpected costs arise, you have a financial cushion to rely on.
Investing for Long-term Goals: Playing the Long Game
By investing, you can grow your wealth over time and work towards achieving your financial goals. Whether it’s retirement planning, saving for a home, or investing in your child’s education, having a robust investment strategy can provide financial security in the long run.
Conclusion: Making the Best Choice for You
Canceling your life insurance policy is a significant decision that should be made with careful consideration. It’s crucial to weigh the potential risks and benefits, evaluate your current and future financial situation, and explore all available alternatives.
Remember, the right choice will depend on your unique circumstances and the needs of your dependents.
FAQs – Cancelling Life Insurance Policy
Can I cancel my life insurance policy?
Yes, you can cancel your life insurance policy at any time. It’s your right as the policyholder to do so.
How do I cancel my life insurance policy?
The cancellation process may vary depending on your insurance provider. Generally, you can contact your insurance company directly and inform them of your decision to cancel. They will guide you through the necessary steps and paperwork.
Will I get a refund if I cancel my policy?
It depends on the type of life insurance policy you have. Term life insurance policies typically do not have a cash value, so cancelling them usually doesn’t result in a refund.
However, if you have a permanent life insurance policy, such as whole life or universal life, there may be a cash surrender value that you could receive upon cancellation.
Are there any fees or penalties for cancelling my life insurance policy?
Some life insurance policies may have surrender charges or penalties for early cancellation. These charges are more common with permanent life insurance policies, and they can vary depending on the specific terms of your policy.
Review your policy documents or contact your insurance company to understand any potential fees or penalties.