Charlotte is a major metropolitan area in North Carolina that deftly combines the charm of southern hospitality with the dynamism of a modern financial and cultural hub.
From the roar of NASCAR engines to the quiet beauty of its lush gardens, Charlotte offers a unique blend of experiences that cater to all types of visitors and residents alike.
This article will guide you through ten top things that make living in Charlotte such a joy, helping you understand why it’s not just another dot on the map but a vibrant community full of life and excitement.
1. NASCAR Hall of Fame
Charlotte is the heart and soul of NASCAR, and the NASCAR Hall of Fame is a testament to the city’s deep-rooted connection with America’s favorite motorsport. This high-octane shrine celebrates the sport’s history, drivers, crew chiefs, and iconic moments through interactive exhibits, artifacts, and a state-of-the-art theater. Visitors can experience the thrill of the race, learn about the engineering behind the cars, and even try their hand at pit crew challenges. The Hall of Fame isn’t just a museum; it’s a dynamic and engaging experience that brings the excitement of NASCAR to life.
2. U.S. National Whitewater Center
The U.S. National Whitewater Center provides outdoor enthusiasts with a playground unlike any other. Spanning over 1,300 acres, this facility offers a wide range of activities including whitewater rafting, kayaking, rock climbing, zip-lining, and mountain biking. It’s an outdoor lover’s paradise that caters to all skill levels, from beginners to seasoned adventurers. The center not only promotes physical wellness but also environmental education, making it a holistic destination for those looking to connect with nature and challenge themselves.
3. Bank of America Stadium
Home to the Carolina Panthers, Bank of America Stadium is a beacon for NFL fans far and wide. Situated in the heart of the city, this imposing structure isn’t just about football; it hosts a variety of events throughout the year, including soccer matches and concerts. The energy on game day is palpable, with fans donning their team colors and filling the air with cheers.
4. Cheerwine
Cheerwine is a distinctly Southern soft drink cherished by residents of Charlotte, North Carolina, and beyond. Originating in nearby Salisbury in 1917, this cherry-flavored soda has grown to be more than just a beverage; it’s a piece of Carolinian culture. Its deep roots in the state’s history and its unique, sweet taste have made it a local staple, symbolizing North Carolina’s rich culinary traditions. When you live in Charlotte, Cheerwine is not only enjoyed for its flavor but also celebrated at various community events and festivals, showcasing its importance as a regional icon.
5. Bechtler Museum of Modern Art
For artsy types, the Bechtler Museum of Modern Art is a must-visit. This sleek museum houses a remarkable collection of mid-20th-century modern art, featuring works by Picasso, Warhol, and other masters. Its architecture, designed by the renowned Mario Botta, is a work of art in itself.
6. Charlotte Motor Speedway
Charlotte Motor Speedway is affectionately known as “America’s Home for Racing.” This iconic track hosts several major NASCAR events each year, including the Coca-Cola 600 and the NASCAR All-Star Race. The speedway isn’t just about racing; it offers a full calendar of events, including car shows, concerts, and holiday celebrations. The speedway’s complex also features a drag strip and a dirt track, providing a comprehensive motorsports experience.
7. Discovery Place
Discovery Place is a science and technology museum that sparks curiosity and creativity in minds of all ages. With hands-on exhibits, live shows, and an IMAX theater, it makes science accessible and fun. Whether you’re exploring the wonders of the natural world, experimenting in the lab, or marveling at the latest technological advancements, Discovery Place offers an educational adventure that’s as entertaining as it is informative.
8. Freedom Park
Freedom Park is Charlotte’s answer to Central Park, offering a serene escape from the hustle and bustle of city life. This sprawling park features a beautiful lake, walking trails, playgrounds, and sports facilities. It’s a popular spot for picnics, outdoor concerts, and festivals. The park is a communal backyard where families, friends, and individuals can relax, play, and connect with nature.
9. Historic South End
Historic South End is a vibrant neighborhood known for its rich history, thriving arts scene, and eclectic mix of shops and restaurants. Once a bustling mill area, it has transformed into a cultural hotspot, with galleries, breweries, and markets. South End is also home to the Rail Trail, a lively urban path that offers a unique way to explore the city on foot or by bike. It’s a place where old and new Charlotte converge, offering a glimpse into the city’s past while embracing the creativity and innovation of the present.
10. The Mint Museum
The Mint Museum, with its two distinct locations, stands as Charlotte’s premier institution for art and design. The Uptown location dazzles with its modern and contemporary collections, while the Randolph site, housed in the original U.S. Mint building, offers a more traditional artistic experience, featuring fine arts, crafts, and a beautiful park. Together, they provide a comprehensive overview of global art history, regional crafts, and cutting-edge exhibitions. The Mint Museum is not just a place to view art; it’s a place to experience the world’s cultures, learn about diverse artistic expressions, and engage with the community through programs and workshops.
Richmond is a city with a deep-rooted history, remarkable landmarks, and a unique blend of cultural, outdoor, and culinary experiences. It’s a place where history intertwines with modern-day vibrancy, offering a multitude of experiences for both residents and visitors. Richmond doesn’t just rest on its historical laurels; it continuously evolves, making it a fascinating city to explore.
From its pivotal role in American history to its thriving arts scene, Richmond is a city that proudly showcases its achievements and attractions. Whether you’re drawn by the call of the James River or the allure of its historic streets, this guide will introduce you to what makes renting an apartment in Richmond a great call.
1. Richmond National Battlefield Park
Richmond is steeped in American Civil War history, having once served as the capital of the Confederacy. The city’s landscape is dotted with battlefields, museums, and monuments that tell the complex story of one of America’s most turbulent times. Places like the American Civil War Museum and the Richmond National Battlefield Park provide insightful perspectives into the war’s impact on the nation and the city. Richmond’s dedication to preserving its history allows visitors and residents alike to step back in time and understand the significant role the city played in shaping the country we live in today.
2. The Virginia State Capitol
Designed by Thomas Jefferson, the Virginia State Capitol is a monumental symbol of American architectural and political history. Standing regally in the heart of Richmond, this iconic building not only serves as the seat of the state’s government but also as a testament to the enduring principles of democracy. Guided tours offer a glimpse into Virginia’s legislative process and the building’s remarkable design, making it a must-visit for anyone interested in the interplay between architecture and American history.
3. James River
The James River is the lifeblood of Richmond, offering a natural escape amid the city’s hustle and bustle. It’s a haven for outdoorsy types, with activities ranging from whitewater rafting and kayaking to tranquil walks along the scenic riverside trails. The James River Park System provides countless opportunities for adventure and relaxation, highlighting the city’s commitment to preserving its natural beauty while fostering a strong community connection to the outdoors.
4. Growing craft beer scene
Richmond is known for its craft beer revolution, with numerous breweries, notably The Answer Brewpub and Hardywood Park Craft Brewery, offering locally brewed selections. Food festivals and farmer’s markets add to the city’s foodie appeal, making it a destination for those who love to explore flavors and foods.
5. Virginia Museum of Fine Arts
Richmond’s arts scene is second to none, with a thriving community of artists, musicians and performers. The Virginia Museum of Fine Arts (VMFA) stands out as a beacon of cultural enrichment, showcasing an extensive collection that spans the globe and centuries.
6. The Fan and Church Hill
Richmond’s historic architecture is a visual journey through the city’s past, from colonial times to the present day. Neighborhoods like The Fan and Church Hill boast picturesque streets lined with beautifully preserved homes, offering a glimpse into the city’s architectural evolution. This blend of historical and contemporary architecture underscores Richmond’s respect for its past while embracing modern development.
7. Mymont Park and Belle Isle
In addition to the James River Park System, Richmond hosts a ton of outdoor recreation options. The city’s parks, like Maymont and Belle Isle, provide a peaceful respite from city life, with beautiful gardens, hiking trails and wildlife exhibits.
8. Richmond Folk Festival and more
Richmond is a city that loves to celebrate, hosting a ton of festivals and events throughout the year. From the Richmond Folk Festival to the Richmond International Film Festival, these gatherings showcase the city’s diverse talents and community spirit. Seasonal events, like the Dominion Energy Christmas Parade and the Monument Avenue 10k, bring residents together to celebrate the city’s culture and traditions.
9. VCU and University of Richmond
Home to renowned institutions like Virginia Commonwealth University (VCU) and the University of Richmond, the city is a hub for education and innovation. These universities not only provide top-tier education but also contribute to the city’s culture and economy. Research initiatives, startup incubators and collaborative projects between the universities and local businesses underscore Richmond’s role as a center for innovation and growth in the Southeast.
10. Richmond’s riverfront
The revitalization of Richmond’s riverfront has transformed the city’s relationship with the James River, making it a focal point for leisure and entertainment. T. Tyler Potterfield Memorial Bridge, part of the Virginia Capital Trail, offers stunning views of the river and connects several of Richmond’s most walkable districts, promoting a sense of community and accessibility.
After I wrote a simple primer on Roth conversions a couple weeks ago, several readers reached out asking for more details. A few specific snippets of those questions include:
I see many articles like this about lowering your tax bracket when doing Roth conversions. But, what about the amount of money that can be made by not doing Roth conversions and letting the taxable [sic: qualified, or not taxable] money grow in an account like an IRA or 401K? Is that math too hard to explain?
Sure your RMDs will be higher and you will be taxed more, but how much more money will you make by letting that tax deferred money grow? You could assume a rate of return at 6% for the illustration.
Kelly M., Question 1
A wise man once said “never pay a tax before you have to.” Back around 2015 I had the owner of an income tax service try to convince me to convert all my traditional IRA money to Roth. He said tax rates were going to go up and he was converting all of his own personal traditional IRAs. Fast forward to 2017 and Congress actually ended up lowering tax rates. I wonder what he thought about his conversions after that.
Anonymous, Question 2
Even with my spouse still working, I don’t think we’ll hit the IRMAA limits while I do Roth conversions before I take Medicare. But, could Roth conversions now help me avoid the IRMAA thresholds when I’m taking RMDs in the future? Or, is it worth doing Roth conversions to avoid the IRMAA thresholds? I’d be interested in an article like that.
Anonymous, Question 3
To summarize those three questions:
Does the math of Roth conversions really work?
But since we don’t know future tax rates, how can we confidently convert assets today?
What about IRMAA (the income-related monthly adjustment amount), which is an additional Medicare surcharge on high-earners?
Let’s address these questions one at a time.
Does the Math of Roth Conversions Really Work?
Roth conversions involve many moving pieces, as you’ll see in this simple Roth conversion spreadsheet.
Reminder: you can make a copy of the spreadsheet via File >> Make a Copy
There are terrific financial planning software packages that take care of this math. I wanted to present 95% of the good stuff in a free format that you all can look at. Hence, Google Sheets.
Nuanced Tax Interactions
Especially important is the interaction between normal income (via Traditional account withdrawals), capital gains, and Social Security. These taxes interplay in nuanced ways. A simple example:
Let’s say a Single retiree’s annual income is:
$5000 in interest income
$5000 in long-term capital gains
$30,000 in Social Security benefits.
If you plug that into a 1040 tax return, you’ll find that:
None of that Social Security income is taxable.
All of the interest and capital gains are enveloped by the Standard deduction
Resulting in zero taxable income and a $0.00 Federal tax bill.
But if we copied Scenario A and added in $30,000 in Traditional IRA distributions, what happens? I think we all expect that the $30,000 distribution itself must have a taxable component, but you might not know that:
The IRA distribution affects Social Security taxability. Now, $22,350 of the Social Security income becomes taxable. That’s right. Simply by distributing IRA assets, you’ve now increased how much Social Security you pay taxes on.
The Standard deduction still helps, but there’s now a remainder of $48,500 in Federal taxable income.
Resulting in a $5584 Federal tax bill.
It’s not the end of the world. Taxes happen. They pay for our public shared interests.
But part of tax planning is understanding ahead of time what your future tax bills will look like. It’s important to understand how taxes interact. And this is just a simple example!
Measuring Roth Conversion Benefits
Going back to this spreadsheet, you’ll three tabs full of retirement withdrawal math. The Assumptions tab contains important information on our hypothetical retiree’s starting point (e.g. $2.9M in investable assets), their annual spending ($100K), their future assumed growth (5% per year, after adjusting for inflation), and other important numbers.
Note – this math takes place in “the convenient world” where inflation is removed from the math.
Then three tabs are presented with different Roth conversion scenarios, described below:
“Baseline Calculations“
This tab shows a retiree not focused on any conversions
They want to leave to their children both Roth assets (if possible) and taxable assets (on a stepped-up cost basis).
Therefore, they attempt to fund as much of their retirement using Traditional assets as possible
“No Trad Withdrawals”
This tab shows a “worst case” scenario, to help bookend the analysis. This retiree is not pulling any funds from their Traditional accounts (unless necessary). Thus, we’d expect them to have large RMDs and large RMD-related tax bills.
“Reasonable Conversions”
This tab shows a “reasonable” Roth conversion timeline, electing to convert $1.7 million throughout their retirement, while funding their lifestyle using a mix of Traditional, Roth, and taxable assets along the way.
By no means is this “optimized.” But it’s reasonable, and better than the first two scenarios, as we’ll see below.
Pros, Cons, and Results
The three scenarios end up similar in multiple ways.
Our retiree never has an issue funding their annual lifestyle. This is of utmost importance.
Our retiree reaches age 90 (“death”) with roughly $5M in each scenario.
But there are important differences (as we’d suspect).
The Baseline scenario ends with $5.00M. Of that, 27% is Traditional, 35% is Roth, and 34% is Taxable. They’ve paid an effective Federal tax rate of 20.7% throughout retirement.
The No Traditional Withdrawal scenario ends with $5.20M. Of that, 63% is Tradtional, 0% is Roth, 37% is Taxable. They’ve paid an effective Federal tax rate of 18.8% throughout retirement.
The Reasonable Conversions scenario ends with $5.17M. 18% is Traditional, 68% is Roth, and 14% is Taxable. They’ve paid an effective Federal tax rate of 13.9% throughout retirement.
The Same, But Different
These three scenarios share many similarities. All three result in successful retirements. But there are important differences.
Our Roth converter paid far fewer taxes and, ultimately, left a majority of their tax dollars to their heirs via Roth vehicles, and thus tax-free.
The No Trad Withdrawal retiree paid 28% effective tax rates in their final years (only going further up in the future) and left 63% of their assets in Traditional accounts with a large asterisk on them.***
***TAXES DUE IN THE FUTURE*** …unless you’re leaving the Traditional IRA assets to, for example, a non-profit charity. But if you’re leaving the Traditional IRA to your kids, they’ll owe taxes when they withdraw the funds.
Long story short: Roth conversions work to your benefit when executed intelligently.
Should You Worry About Leaving Behind Traditional Assets?!
I don’t want to freak you out. Your heirs will appreciate you leaving behind a 401(k) or Traditional IRA for them.
But it’s worth understanding that they’ll owe taxes on that money (usually). Let’s dive into an example with simple math: a $1 million Traditional IRA left to one person (e.g. your child).
That person will most likely set up an Inherited Traditional IRAand (via new-ish rules in the SECURE Act) will have to empty that account by the end of the 10th year after your death. The withdrawals can be raised and lowered during those 10 years. Much like with Roth conversions, it makes sense to take larger withdrawals during otherwise low-income years and vice versa.
But if the beneficiary is in the middle of their career, a series of 10 equal withdrawals makes sense. Some rough math suggests ~$135,000 per year is a reasonable withdrawal amount (based on account growth over the 10 years).
That withdrawal is taxed as income for the beneficiary. If they’re already earning $100,000 per year of normal income, then taxes will consume ~$41,000 of their annual $135,000 withdrawal. State taxes might take another bite.
Again – I don’t want anyone to cry over the prospect of inheriting $94,000 annually for 10 years. Where can I sign up?! But it’s also worth understanding that 30% of this inheritance is going to Federal taxes.
“Never Pay a Tax Before You Have To”
What about Question #2 from the beginning of the article? A reader wrote in and suggested one should “never pay a tax before you have to.”
While pithy, it’s false.
If you can reasonably front-load low tax rates to prevent later high tax rates, the math supports you. What we’ve covered so far today is clear evidence of that.
Now, in the reader’s defense: I’d rather delay taxes if thedollar amounts are exactly the same. That’s one argument behind the tax-loss harvesting craze: I’d rather pay $100 in taxes in the future than $100 in taxes today.
But Roth conversions work differently. Done well, Roth conversions allow you to pay a 22% tax on $50,000 today to prevent a 37% tax on $100,000 in the future. It’s apples-and-oranges compared to the tax-loss example.
And perhaps the bigger lesson: there are few universal rules in personal finance. The pithy rule that works in one scenario (“never pay a tax before you have to”) might fail miserably in another scenario. Let the math guide you.
What About IRMAA?
Irma used to only be a name you’d give to the great-grandmother character in your 11th-grade B-minus fiction story.
No longer! Today, IRMAA has been given new life (which, I bet, was covered by Medicare!)
IRMAA (Income-Related Monthly Adjustment Amount) is a Medicare premium surcharge imposed on higher-income beneficiaries in addition to their standard Medicare Part B and Part D premiums. The amount of IRMAA is determined based on an individual’s modified adjusted gross income (MAGI) and can result in higher healthcare costs for those with higher incomes.
In plain English: high-earners pay more for Medicare.
Question #3 today asked if Roth conversions can be used to avoid IRMAA premiums. The answer is: yes.
But first, how painful are these IRMAA surcharges in the first place?!
Important note: you’ll see below that the 2023 IRMAA brackets are based on 2021 modified adjusted gross income (MAGI). That same 2-year delay holds for future years. Your 2024 Roth conversions (or lack thereof) will be important in determining IRMAA in 2026
If a married couple’s MAGI in 2021 was $225,000, they’d end up paying $231 per month (or, more accurately, $462 per month for the couple) as opposed to $330 for the couple if they earned less than $194,000. That’s a difference of $132 per month or $1584 for the year.
I’m of two minds here. Because:
Yes, I believe in frugality. A penny saved is a penny earned. Why pay $1584 extra if you don’t have to?
But if you’re earning $200,000in retirement, do you also need to stress over a $1500 annual line item?
Personally, I’ll be stoked if my retirement MAGI is $200,000. It’ll be a sign that my financial life turned out unbelievably well. I won’t mind the IRMAA.
The people most likely to suffer IRMAA are also best positioned to deal with it.
Will IRMAA Get You?
The 2-year delay in IRMAA math means you might get IRMAA’d early on in retirement.
Imagine retiring at the end of 2023. The peak of your career! You and your spouse earned a combined $300,000 and now you’re settling down to mind your knitting. Like all U.S. citizens, you sign up for Medicare just before you turn 65.
Come 2025, Uncle Sam and Aunt IRMAA are going to look back at your 2023 income and surcharge you.
But the good news, most likely, is that your 2024 income is quite low in comparison and IRMAA will drop off in 2026.
Can Roth Conversions Help?
Remember: RMDs are forced and count as income, and that has the potential of “forcing” IRMAA on retirees as they age.
So to answer our terrific reader question: yes, Roth conversions can help here. You can use Roth conversions to shift the realization of income from high years to low years, preventing or mitigating IRMAA in the process.
But once more, make sure the juice is worth the squeeze.
If a 75-year-old has a $200,000 RMD that kills them on IRMAA, ask yourself: where does a $200,000 RMD come from? Answer: it’s coming from an IRA of over $5 million. Should someone with $5 million be losing sleep over IRMAA? I don’t think so.
That’s A Lot of Numbers…
A long and math-heavy article. I hope this helped you out! We covered:
Roth conversions can be objectively helpful, decreasing taxes in retirement and shifting large portions of portfolios from Traditional accounts (with potential taxes for heirs) into Roth accounts (no taxes for heirs)
Taxes in retirement are nuanced and interconnected. In today’s example, realizing extra income (via IRA distributions) also triggered extra Social Security taxes.
It’s not bad to leave behind Traditional assets to heirs. They’re getting a wonderful gift from you. But there will be taxes, which should be planned for.
There are many scenarios where it makes sense to pay taxes before you “have” to.
IRMAA is a negative reality for many retirees, but the people most likely to suffer IRMAA are also best positioned to deal with it.
Roth conversions can be used to mitigate IRMAA over the long run.
As always, thanks for reading!
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-Jesse
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Stocks are shares of ownership in a company. To start investing in stocks, you would find a company that you like and think might grow in value and then purchase its stock through a brokerage account. If the stock price rises, you could sell your shares and potentially make a profit — or not if share prices decline.
Of course, when it comes to investing for beginners, you need to learn some basics to invest in stocks and do it well. Thanks to technology and various educational resources, you can get started using an app or online brokerage account and learn as you go. It has never been easier to build investing confidence as you gain experience. Here is a step-by-step guide for those who want to start investing in stocks now.
Key Points
• Stocks represent shares of ownership in a company and can be purchased through a brokerage account.
• Before investing in stocks, determine your investing approach and consider your time horizon.
• Different ways to invest in stocks include self-managed investing, using a financial advisor, or utilizing robo-advisors.
• The amount you invest in stocks depends on your budget and financial goals.
• Choose stocks based on thorough research, including analyzing a company’s financial statements and valuation metrics.
How to Start Investing in Stocks: 5 Steps
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1. Determine Your Investing Approach
Before you get started investing in stocks, you need to determine your investing approach. Because every person has unique financial goals and risk tolerances, there is no one-size-fits-all strategy to begin investing in the stock market.
Most people will need to decide whether they want a hands-on approach to investing or whether they’d like to outsource their wealth building to some sort of financial advisor.
Additionally, investors need to consider their time horizons before investing in stocks. Some investors want to invest long-term — buying and holding assets to build wealth for retirement. In contrast, other investors are more interested in short-term trading, buying and selling stocks daily or weekly to make a quick profit. The type of investor you want to be will help determine what kind of stocks you should buy and your investing approach.
The Different Ways to Invest in the Stock Market
Fortunately, various options are available for every type of investor as they begin to invest in stocks.
As mentioned above, some investors like to have a hands-on approach to investing. These investors want to make decisions on their own, picking what stocks are right for them and building a portfolio from the ground up. This self-managed strategy can be time-consuming but an excellent option for investors who have a general understanding of the markets or would like to learn more about them.
Other investors like to have experts, like a money manager, manage the investing process for them. While this investing approach may cost more than doing it yourself, it can be an ideal choice for individuals who do not have the time or energy to devote to financial decision-making.
2. Decide How Much you Will Invest in Stocks
How much you invest depends entirely on your budget and financial goals. Many financial experts recommend saving between 10% and 15% of your after-tax annual income, either in a savings account or by investing. With that guideline in mind, you may decide to invest with whatever you can comfortably afford.
Fortunately, it’s much easier to invest these days, even if you only have a few bucks at a time. Many brokerage firms offer low or no trading fees or commissions, so you can make stock trades without worrying about investment fees eating into the money you decide to invest.
Additionally, many brokerage firms offer fractional share investing, which allows investors to buy smaller amounts of a stock they like. Instead of purchasing one stock at the value for which the stock is currently trading — which could be $1,000 or more — fractional share investing makes it possible to buy a portion of one stock. Investors can utilize this to use whatever dollar amount they have available to purchase stocks.
For example, if you only have $50 available to invest and want to buy stock XYZ trading at $500 per share, fractional share investing allows you to buy 10% of XYZ for $50.
Asset Allocation
Asset allocation involves spreading your money across different types of investments, like stock, bonds, and cash, in order to balance risk and reward. Determining a portfolio’s asset allocation can vary from person to person, based on financial goals and risk tolerance.
Asset allocation is closely tied with portfolio diversification. Diversification means spreading one’s money across a range of assets. Generally, it’s like taking the age-old advice of not putting all your eggs in one basket. An investor can’t avoid risk entirely, but diversifying their investments can help mitigate the risk one asset class poses.
3. Open an Investment Account
Once you determine your investing approach and how much money you can invest, you’ll need to open a brokerage account to buy and sell shares of companies or whatever other assets you’d like to invest in.
Several investment accounts might make sense for you, depending on your comfort level in managing your investments and your long-term financial goals.
Professional option: Full-service brokerages
Many investors may use traditional brokerage firms, also known as full-service brokerages, to buy and sell stocks and other securities. A full-service brokerage offers additional services beyond just buying and selling stocks, such as investment advice, wealth management, and estate planning. Typically, full-service brokerages provide these services at high overall costs, while discount and online brokerages maintain scaled-down services with lower overall costs.
A full-service brokerage account may not be the best option for investors just getting started investing in stocks. These firms often require substantial account minimum balances to open an account. This option may be out of reach for most in the early stages of their investing journey.
Do-it-yourself option: Online brokerage
An online brokerage account is ideal for most beginning investors looking to have a hands-on approach to trading stocks and building a financial portfolio. Many online brokers offer services with the convenience of an app, which can make investing more streamlined. If you feel confident or curious about how to start investing at a lower cost than a full-service brokerage firm, opening an account with an online broker could be a great place to start.
Hands-off, automated option: Robo-advisor
If you’re interested in investing but want some help setting up a basic portfolio, opening an investment account with a robo-advisor might be best for you. A robo-advisor uses a sophisticated computer algorithm to help you pick and manage investments. These automated accounts generally don’t offer individual stocks; instead, they build a portfolio with a mix of exchange-traded funds (ETFs). Nonetheless, it’s a way to become more familiar with investing.
Retirement option: 401(k) and IRAs
Retirement accounts like employer-sponsored 401(k)s or individual retirement accounts (IRAs) are tax-advantaged investment accounts that can be great for the beginning investor trying to build a retirement nest egg. These accounts offer investors a range of investment choices, including individual stocks. You may also have access to tutorials, advisors, or other resources to help you learn how to start investing in these accounts.
💡 Ready to start retirement investing? Consider opening an IRA online.
Tip: Compare Costs and Features
No matter where you decide to open your investment account, be sure to research and compare costs and features within the account. For example, many brokerage accounts charge investment fees and commissions for making trades. Although investment costs can be quite low — and you can trade stocks without paying a commission — any investment fee can add up over time and ultimately reduce your overall investment returns.
Additionally, it helps to check if the investment account requires a minimum deposit to open an account. A minimum deposit can be a barrier to getting started for the beginning investor who doesn’t have much money to invest. However, many firms do not have minimum deposit requirements any longer.
4. Choose Your Stocks
Deciding what individual stocks to invest in can be challenging for most investors. There are countless ways to evaluate stocks before you buy.
Before choosing your stocks, you generally want to do a deep dive into a company’s inner workings to understand the company’s overall valuation and the stock’s share price.
As a beginning investor, you want to get comfortable reading a company’s balance sheet and other financial statements. All publicly-traded companies must file this information with the Securities and Exchange Commission (SEC), so you shouldn’t have trouble finding these financials.
One of the most fundamental metrics for understanding a stock’s value compared to company profits is its price-to-earnings (PE) ratio. Others include the price-to-sales (PS) ratio and the price/earnings-to-growth (PEG) ratio, which may be helpful for companies that have little to no profits but are expanding their businesses quickly.
These metrics, and other financial ratios, can help you determine what stocks to buy. And the advantage of owning individual stocks is that you can get direct exposure to a company you believe has the potential to grow based on your research. The downside, of course, is that investing doesn’t come with guarantees, and your stock’s value could decline even with thorough research.
💡 Recommended: 15 Technical Indicators for Stock Trading
5. Continue Building Your Portfolio
After you’ve decided what stocks to invest in, you generally want to continue building a portfolio that will help you meet your financial goals.
One way to bolster your portfolio is by buying mutual funds and ETFs rather than individual stocks. A benefit to investing in funds that hold stocks is that you can avoid some of the risks of being invested in individual stocks that may not perform well.
Whether investing in individual stocks or funds, you may want to consider the level of diversification in your portfolio that feels right for you. There is no consensus about the right way to diversify investments. For one person, ideal diversification could mean owning 20 stocks in different industries. For another, it could mean owning the “whole” market via a handful of mutual funds.
Once you get more comfortable investing in stocks and funds, you can employ numerous other investing strategies. You can add various securities, like bonds, commodities, and crypto, to your portfolio.
The Takeaway
Historically, investing in the stock market has been a way for some individuals to build personal wealth. These days, it’s never been easier for new investors considering getting into stocks to start. Whether you choose to work with a financial advisor or use an online broker or app, there are several ways to find a method that makes stock investing easy, fun, and potentially profitable. Of course, there are no guarantees, so it’s wise to take a step-by-step approach, start small if you prefer, do some research using the many resources available, and see what comes as you gain experience and confidence.
Investors can open an online investing account with SoFi Invest® to trade individual stocks, ETFs, or fractional shares with no commissions. Additionally, SoFi’s Automated Investing builds, manages, and rebalances portfolios with no SoFi management fee for those interested in investing in stocks through a more hands-off approach.
Start investing with your SoFi Invest account today.
FAQ
How do I invest $100?
You can invest $100 by opening an investing account that does not require a minimum account balance and purchasing shares of a stock or ETF that are less than $100. You can also use your funds to purchase fractional shares of whatever stocks you want to own.
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Average mortgage rates edged higher yesterday. Although the change was negligible, it was enough to return them to their recent high, first reached last Thursday. However, they’re still way lower than the near-8% levels seen as recently as last October.
Earlier this morning, markets were signaling that mortgage rates today might barely move. However, these early mini-trends often switch direction or speed as the hours pass.
Current mortgage and refinance rates
Find your lowest rate. Start here
Program
Mortgage Rate
APR*
Change
Conventional 30-year fixed
7.36%
7.37%
+0.01
Conventional 15-year fixed
6.76%
6.79%
Unchanged
Conventional 20-year fixed
7.06%
7.09%
Unchanged
Conventional 10-year fixed
6.65%
6.68%
-0.01
30-year fixed FHA
6.42%
7.11%
+0.03
30-year fixed VA
6.71%
6.83%
-0.01
5/1 ARM Conventional
6.18%
7.32%
-0.01
Rates are provided by our partner network, and may not reflect the market. Your rate might be different. Click here for a personalized rate quote. See our rate assumptions See our rate assumptions here.
Should you lock your mortgage rate today?
Many investors now expect the Federal Reserve to implement its first cut in general interest rates in June. And to make only three modest cuts during 2024.
That’s very different from their expectations at the start of this year. Then, they thought the first cut would be in March followed by five more before Dec. 31.
It’s this shift in expectations, from the optimistic to the realistic, that largely explains why mortgage rates have been moving higher in recent weeks. And it’s my top reason for now thinking that mortgage rates probably won’t begin to trend consistently lower until well into the second (April-June) quarter.
So, for now, my personal rate lock recommendations are:
LOCK if closing in 7 days
LOCK if closing in 15 days
LOCK if closing in 30 days
LOCK if closing in 45 days
LOCKif closing in 60days
However, with so much uncertainty at the moment, your instincts could easily turn out to be as good as mine — or better. So, let your gut and your own tolerance for risk help guide you.
>Related: 7 Tips to get the best refinance rate
Market data affecting today’s mortgage rates
Here’s a snapshot of the state of play this morning at about 9:50 a.m. (ET). The data are mostly compared with roughly the same time the business day before, so much of the movement will often have happened in the previous session. The numbers are:
The yield on 10-year Treasury notes held steady 4.30%. (Neutral for mortgage rates.) More than any other market, mortgage rates typically tend to follow these particular Treasury bond yields
Major stock indexes were falling this morning. (Good for mortgage rates.) When investors buy shares, they’re often selling bonds, which pushes those prices down and increases yields and mortgage rates. The opposite may happen when indexes are lower. But this is an imperfect relationship
Oil prices climbed to $79.34 from $78.19 a barrel. (Bad for mortgage rates*.) Energy prices play a prominent role in creating inflation and also point to future economic activity
Goldprices inched down to $2,042 from $2,044 an ounce. (Neutral for mortgage rates*.) It is generally better for rates when gold prices rise and worse when they fall. Gold tends to rise when investors worry about the economy.
CNN Business Fear & Greed index — increased to 79 from 76 out of 100. (Bad for mortgage rates.) “Greedy” investors push bond prices down (and interest rates up) as they leave the bond market and move into stocks, while “fearful” investors do the opposite. So lower readings are often better than higher ones
*A movement of less than $20 on gold prices or 40 cents on oil ones is a change of 1% or less. So we only count meaningful differences as good or bad for mortgage rates.
Caveats about markets and rates
Before the pandemic, post-pandemic upheavals, and war in Ukraine, you could look at the above figures and make a pretty good guess about what would happen to mortgage rates that day. But that’s no longer the case. We still make daily calls. And are usually right. But our record for accuracy won’t achieve its former high levels until things settle down.
So, use markets only as a rough guide. Because they have to be exceptionally strong or weak to rely on them. But, with that caveat, mortgage rates today look likely to hold steady or close to steady. However, be aware that “intraday swings” (when rates change speed or direction during the day) are a common feature right now.
Find your lowest rate. Start here
What’s driving mortgage rates today?
Today
This morning brought the second reading (of three) of gross domestic product (GDP) during the fourth quarter of last year. And it will likely hardly affect mortgage rates.
Today’s figure showed growth that quarter at 3.2%. Markets had been expecting it to be unchanged from its first reading at 3.3%. And they’d already priced that figure into mortgage rates.
Ten-year Treasury notes edged lower on the news. But mortgage rates didn’t immediately follow, and the difference between the actual figure and market expectations may not be enough to change them.
Tomorrow
We’re due January’s personal consumption expenditures (PCE) price index tomorrow. This is the Federal Reserve’s favorite gauge of inflation. So it certainly has the potential to move markets and mortgage rates, not least because it could influence decisions about the timing and scope of the Fed’s future cuts in general interest rates.
Tomorrow brings four key figures: two for the all-items PCE price index and two for the “core” PCE price index. The core figure is the all-items one after volatile food and energy prices have been stripped out, something that supposedly reveals underlying inflation. The Fed focuses on core figures.
There are two figures for each of these indexes. The first shows how prices moved in the month of January. And the second is the year-over-year (YOY) number, which shows how the same prices moved between Feb. 1, 2023 and Jan. 31, 2024.
Tomorrow’s inflation and other data
Here are what markets are expecting tomorrow (with December’s actual figures in brackets):
January all-items PCE price index — 0.3% (0.2 % in December)
January core PCE price index —0.4% (0.2% in December)
YOY all-items PCE price index — 2.4% (2.6 % in December)
YOY core PCE price index —2.8% (2.8% in December)
You can see that markets are expecting a small increase in most of these measures of inflation. And, because they’re expecting them, they’ll have already priced those into mortgage rates. So, if the figures come in as forecast, mortgage rates might barely move.
However, higher-than-expected figures could push those rates upward. Conversely, lower-than-expected ones could drag them downward.
Other economic reports due tomorrow rarely move mortgage rates far or for long, especially when they’re overshadowed by a major report like the PCE price index.
Ten senior Fed officials have speaking engagements tomorrow and on Friday, all after tomorrow’s report. And those could change mortgage rates if enough of them say things that cheer up or depress investors. But we can only wait to hear their remarks.
Don’t forget you can always learn more about what’s driving mortgage rates in the most recent weekend edition of this daily report. These provide a more detailed analysis of what’s happening. They are published each Saturday morning soon after 10 a.m. (ET) and include a preview of the following week.
Recent trends
According to Freddie Mac’s archives, the weekly all-time lowest rate for 30-year, fixed-rate mortgages was set on Jan. 7, 2021, when it stood at 2.65%. The weekly all-time high was 18.63% on Sep. 10, 1981.
Freddie’s Feb. 22 report put that same weekly average at 6.90% up from the previous week’s 6.77%. But note that Freddie’s data are almost always out of date by the time it announces its weekly figures.
Expert forecasts for mortgage rates
Looking further ahead, Fannie Mae and the Mortgage Bankers Association (MBA) each has a team of economists dedicated to monitoring and forecasting what will happen to the economy, the housing sector and mortgage rates.
And here are their rate forecasts for the four quarters of 2024 (Q1/24, Q2/24 Q3/24 and Q4/24).
The numbers in the table below are for 30-year, fixed-rate mortgages. Fannie’s were updated on Feb. 12 and the MBA’s on Feb. 20.
Forecaster
Q1/24
Q2/24
Q3/24
Q4/24
Fannie Mae
6.5%
6.3%
6.1%
5.9%
MBA
6.9%
6.6%
6.3%
6.1%
Of course, given so many unknowables, both these forecasts might be even more speculative than usual. And their past record for accuracy hasn’t been wildly impressive.
Important notes on today’s mortgage rates
Here are some things you need to know:
Typically, mortgage rates go up when the economy’s doing well and down when it’s in trouble. But there are exceptions. Read ‘How mortgage rates are determined and why you should care’
Only “top-tier” borrowers (with stellar credit scores, big down payments, and very healthy finances) get the ultralow mortgage rates you’ll see advertised
Lenders vary. Yours may or may not follow the crowd when it comes to daily rate movements — though they all usually follow the broader trend over time
When daily rate changes are small, some lenders will adjust closing costs and leave their rate cards the same
Refinance rates are typically close to those for purchases.
A lot is going on at the moment. And nobody can claim to know with certainty what will happen to mortgage rates in the coming hours, days, weeks or months.
Find your lowest mortgage rate today
You should comparison shop widely, no matter what sort of mortgage you want. Federal regulator the Consumer Financial Protection Bureau found in May 2023:
“Mortgage borrowers are paying around $100 a month more depending on which lender they choose, for the same type of loan and the same consumer characteristics (such as credit score and down payment).”
In other words, over the lifetime of a 30-year loan, homebuyers who don’t bother to get quotes from multiple lenders risk losing an average of $36,000. What could you do with that sort of money?
Verify your new rate
Mortgage rate methodology
The Mortgage Reports receives rates based on selected criteria from multiple lending partners each day. We arrive at an average rate and APR for each loan type to display in our chart. Because we average an array of rates, it gives you a better idea of what you might find in the marketplace. Furthermore, we average rates for the same loan types. For example, FHA fixed with FHA fixed. The end result is a good snapshot of daily rates and how they change over time.
How your mortgage interest rate is determined
Mortgage and refinance rates vary a lot depending on each borrower’s unique situation.
Factors that determine your mortgage interest rate include:
Overall strength of the economy — A strong economy usually means higher rates, while a weaker one can push current mortgage rates down to promote borrowing
Lender capacity — When a lender is very busy, it will increase rates to deter new business and give its loan officers some breathing room
Property type (condo, single-family, town house, etc.) — A primary residence, meaning a home you plan to live in full time, will have a lower interest rate. Investment properties, second homes, and vacation homes have higher mortgage rates
Loan-to-value ratio (determined by your down payment) — Your loan-to-value ratio (LTV) compares your loan amount to the value of the home. A lower LTV, meaning a bigger down payment, gets you a lower mortgage rate
Debt-To-Income ratio — This number compares your total monthly debts to your pretax income. The more debt you currently have, the less room you’ll have in your budget for a mortgage payment
Loan term — Loans with a shorter term (like a 15-year mortgage) typically have lower rates than a 30-year loan term
Borrower’s credit score — Typically the higher your credit score is, the lower your mortgage rate, and vice versa
Mortgage discount points — Borrowers have the option to buy discount points or ‘mortgage points’ at closing. These let you pay money upfront to lower your interest rate
Remember, every mortgage lender weighs these factors a little differently.
To find the best rate for your situation, you’ll want to get personalized estimates from a few different lenders.
Verify your new rate. Start here
Are refinance rates the same as mortgage rates?
Rates for a home purchase and mortgage refinance are often similar.
However, some lenders will charge more for a refinance under certain circumstances.
Typically when rates fall, homeowners rush to refinance. They see an opportunity to lock in a lower rate and payment for the rest of their loan.
This creates a tidal wave of new work for mortgage lenders.
Unfortunately, some lenders don’t have the capacity or crew to process a large number of refinance loan applications.
In this case, a lender might raise its rates to deter new business and give loan officers time to process loans currently in the pipeline.
Also, cashing out equity can result in a higher rate when refinancing.
Cash-out refinances pose a greater risk for mortgage lenders, so they’re often priced higher than new home purchases and rate-term refinances.
Check your refinance rates today. Start here
How to get the lowest mortgage or refinance rate
Since rates can vary, always shop around when buying a house or refinancing a mortgage.
Comparison shopping can potentially save thousands, even tens of thousands of dollars over the life of your loan.
Here are a few tips to keep in mind:
1. Get multiple quotes
Many borrowers make the mistake of accepting the first mortgage or refinance offer they receive.
Some simply go with the bank they use for checking and savings since that can seem easiest.
However, your bank might not offer the best mortgage deal for you. And if you’re refinancing, your financial situation may have changed enough that your current lender is no longer your best bet.
So get multiple quotes from at least three different lenders to find the right one for you.
2. Compare Loan Estimates
When shopping for a mortgage or refinance, lenders will provide a Loan Estimate that breaks down important costs associated with the loan.
You’ll want to read these Loan Estimates carefully and compare costs and fees line-by-line, including:
Interest rate
Annual percentage rate (APR)
Monthly mortgage payment
Loan origination fees
Rate lock fees
Closing costs
Remember, the lowest interest rate isn’t always the best deal.
Annual percentage rate (APR) can help you compare the ‘real’ cost of two loans. It estimates your total yearly cost including interest and fees.
Also, pay close attention to your closing costs.
Some lenders may bring their rates down by charging more upfront via discount points. These can add thousands to your out-of-pocket costs.
3. Negotiate your mortgage rate
You can also negotiate your mortgage rate to get a better deal.
Let’s say you get loan estimates from two lenders. Lender A offers the better rate, but you prefer your loan terms from Lender B. Talk to Lender B and see if they can beat the former’s pricing.
You might be surprised to find that a lender is willing to give you a lower interest rate in order to keep your business.
And if they’re not, keep shopping — there’s a good chance someone will.
Fixed-rate mortgage vs. adjustable-rate mortgage: Which is right for you?
Mortgage borrowers can choose between a fixed-rate mortgage and an adjustable-rate mortgage (ARM).
Fixed-rate mortgages (FRMs) have interest rates that never change unless you decide to refinance. This results in predictable monthly payments and stability over the life of your loan.
Adjustable-rate loans have a low interest rate that’s fixed for a set number of years (typically five or seven). After the initial fixed-rate period, the interest rate adjusts every year based on market conditions.
With each rate adjustment, a borrower’s mortgage rate can either increase, decrease, or stay the same. These loans are unpredictable since monthly payments can change each year.
Adjustable-rate mortgages are fitting for borrowers who expect to move before their first rate adjustment, or who can afford a higher future payment.
In most other cases, a fixed-rate mortgage is typically the safer and better choice.
Remember, if rates drop sharply, you are free to refinance and lock in a lower rate and payment later on.
How your credit score affects your mortgage rate
You don’t need a high credit score to qualify for a home purchase or refinance, but your credit score will affect your rate.
This is because credit history determines risk level.
Historically speaking, borrowers with higher credit scores are less likely to default on their mortgages, so they qualify for lower rates.
For the best rate, aim for a credit score of 720 or higher.
Mortgage programs that don’t require a high score include:
Conventional home loans — minimum 620 credit score
FHA loans — minimum 500 credit score (with a 10% down payment) or 580 (with a 3.5% down payment)
VA loans — no minimum credit score, but 620 is common
USDA loans — minimum 640 credit score
Ideally, you want to check your credit report and score at least 6 months before applying for a mortgage. This gives you time to sort out any errors and make sure your score is as high as possible.
If you’re ready to apply now, it’s still worth checking so you have a good idea of what loan programs you might qualify for and how your score will affect your rate.
You can get your credit report from AnnualCreditReport.com and your score from MyFico.com.
How big of a down payment do I need?
Nowadays, mortgage programs don’t require the conventional 20 percent down.
In fact, first-time home buyers put only 6 percent down on average.
Down payment minimums vary depending on the loan program. For example:
Conventional home loans require a down payment between 3% and 5%
FHA loans require 3.5% down
VA and USDA loans allow zero down payment
Jumbo loans typically require at least 5% to 10% down
Keep in mind, a higher down payment reduces your risk as a borrower and helps you negotiate a better mortgage rate.
If you are able to make a 20 percent down payment, you can avoid paying for mortgage insurance.
This is an added cost paid by the borrower, which protects their lender in case of default or foreclosure.
But a big down payment is not required.
For many people, it makes sense to make a smaller down payment in order to buy a house sooner and start building home equity.
Verify your new rate. Start here
Choosing the right type of home loan
No two mortgage loans are alike, so it’s important to know your options and choose the right type of mortgage.
The five main types of mortgages include:
Fixed-rate mortgage (FRM)
Your interest rate remains the same over the life of the loan. This is a good option for borrowers who expect to live in their homes long-term.
The most popular loan option is the 30-year mortgage, but 15- and 20-year terms are also commonly available.
Adjustable-rate mortgage (ARM)
Adjustable-rate loans have a fixed interest rate for the first few years. Then, your mortgage rate resets every year.
Your rate and payment can rise or fall annually depending on how the broader interest rate trends.
ARMs are ideal for borrowers who expect to move prior to their first rate adjustment (usually in 5 or 7 years).
For those who plan to stay in their home long-term, a fixed-rate mortgage is typically recommended.
Jumbo mortgage
A jumbo loan is a mortgage that exceeds the conforming loan limit set by Fannie Mae and Freddie Mac.
In 2023, the conforming loan limit is $726,200 in most areas.
Jumbo loans are perfect for borrowers who need a larger loan to purchase a high-priced property, especially in big cities with high real estate values.
FHA mortgage
A government loan backed by the Federal Housing Administration for low- to moderate-income borrowers. FHA loans feature low credit score and down payment requirements.
VA mortgage
A government loan backed by the Department of Veterans Affairs. To be eligible, you must be active-duty military, a veteran, a Reservist or National Guard service member, or an eligible spouse.
VA loans allow no down payment and have exceptionally low mortgage rates.
USDA mortgage
USDA loans are a government program backed by the U.S. Department of Agriculture. They offer a no-down-payment solution for borrowers who purchase real estate in an eligible rural area. To qualify, your income must be at or below the local median.
Bank statement loan
Borrowers can qualify for a mortgage without tax returns, using their personal or business bank account. This is an option for self-employed or seasonally-employed borrowers.
Portfolio/Non-QM loan
These are mortgages that lenders don’t sell on the secondary mortgage market. This gives lenders the flexibility to set their own guidelines.
Non-QM loans may have lower credit score requirements, or offer low-down-payment options without mortgage insurance.
Choosing the right mortgage lender
The lender or loan program that’s right for one person might not be right for another.
Explore your options and then pick a loan based on your credit score, down payment, and financial goals, as well as local home prices.
Whether you’re getting a mortgage for a home purchase or a refinance, always shop around and compare rates and terms.
Typically, it only takes a few hours to get quotes from multiple lenders — and it could save you thousands in the long run.
Time to make a move? Let us find the right mortgage for you
Current mortgage rates methodology
We receive current mortgage rates each day from a network of mortgage lenders that offer home purchase and refinance loans. Mortgage rates shown here are based on sample borrower profiles that vary by loan type. See our full loan assumptions here.
The Automated Clearing House (ACH) system is a quick, simple, and secure way to transfer money between banks. However, online identity theft can still happen.
One way to mitigate the possibility of unauthorized electronic payments is to use an ACH positive pay service. Offered by banks and credit unions typically to businesses, ACH positive pay is a tool that allows you to manage and monitor transactions to ensure that only authorized payments will be paid from your accounts.
Read on to learn more about what ACH positive pay is, how it works, and its benefits.
What Is ACH Positive Pay?
ACH positive pay is a fraud prevention service offered by many banks and credit unions that allows businesses to control which ACH transactions are allowed to post to their accounts.
Also known as positive pay for ACH, the service typically allows you to set up a list of approved vendors that are paid automatically, along with the option to add filters, such as expiration dates and caps on the amount of money that can be paid to a particular company. You can add vendors to your approved list before an initial transaction to make sure the payment goes through.
Any transaction that fails to meet your parameters for payment will trigger an alert. You can then decide if you want to approve or deny the payment. This can go a long way toward preventing fraudulent transactions before they happen.
While banks typically charge for positive pay services, some institutions now offer it for free.
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Open a SoFi Checking and Savings Account with direct deposit and get up to a $300 cash bonus. Plus, get up to 4.60% APY on your cash!
How Does ACH Positive Pay Work?
The exact way that an ACH positive pay service works will vary depending on your financial institution. Generally, there are four key steps in the positive pay process.
1. Authorization: A business provides its bank with a list of authorized ACH transactions, including details such as the transaction amount, originator ID, and effective date.
2. Incoming transactions: When an ACH transaction is initiated, the bank checks the transaction details against the authorized list provided by the business.
3. Decision: If the transaction details match an authorized transaction, the bank allows the transaction to proceed. If there is no match, the bank rejects the transaction and notifies the business.
4. Notification: The business receives a notification of the rejected transaction and can review the details to determine if it is fraudulent. If it is legitimate, the business can authorize the transaction for future processing.
Recommended: ACH Transfer Limits: All You Need to Know
What Is Positive Pay For Checks?
Just like a positive pay for ACH system, many banks and credit unions offer businesses positive pay services for checks. The service works in a similar way but, rather than protect against fraudulent electronic transactions, it seeks to prevent check fraud.
With positive pay for checks, businesses provide their bank with a list of issued checks. The bank’s positive pay system then matches the date, check number, dollar amount, and account number of each check presented against that list to protect against forged, altered, and counterfeit checks. Checks that are considered suspicious are sent back to the issuer (you) for examination. This gives you the chance to examine and approve any questionable checks, reducing the chances that any fraudulent checks are processed.
Recommended: ACH vs Check: What Are the Differences?
What Is Reverse Positive Pay?
Reverse positive pay is a variation on the concept of check positive pay that gives the job of filtering check transactions to the business rather than bank.
With the reverse positive pay system, the bank provides the company with daily notifications about all presented checks and clears only those that are approved by the company.
If the company does not respond within a set period of time, the bank will typically go ahead and cash the check(s) in question. The reverse positive method is not as reliable and effective as positive pay, but generally costs less.
Recommended: Guide to Check Verification
Features and Benefits of ACH Positive Pay
Here’s a look at some of the benefits of setting up ACH positive pay for your business.
Security and Fraud Control
One of the biggest perks of ACH positive pay is increased security and fraud detection. You can set up several different blocks, filters, and alerts, such as:
• ACH block This blocks all ACH transactions except for accounts that you specifically authorize.
• ACH fraud filter This allows you to set up filters to control what activity is and is not automatically processed.
• Activity alerts This allows you to monitor all activity or only receive alerts for potentially fraudulent transactions.
Flexible Notifications
While the details of ACH positive pay systems vary by financial institution, businesses can typically choose to receive notifications via email, SMS, or through their banking portal. This allows you to choose the communication method that works best for your business. Notifications can typically also be customized based on the type of transaction or alert.
Recommended: How Often Should You Monitor Your Checking Account?
Internal Control Support
Positive pay systems help businesses maintain internal controls by providing a clear audit trail of authorized transactions. This allows businesses to easily reconcile their accounts by comparing authorized transactions with their bank statements.
The Takeaway
Offered by many banks and credit unions, ACH positive pay can be a valuable tool for businesses looking to enhance their security and control over ACH transactions. By implementing ACH positive pay, you’ll be able to make decisions on unusual ACH transactions before the money is removed from your account.
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FAQ
Can I reverse an ACH payment?
While ACH payments are generally non-reversible, there are a few exceptions. You may be able to reverse an ACH payment in one of these scenarios: the payment was for the wrong dollar amount, the account number provided was incorrect, the payment due date was incorrect, or there was a duplicate payment.
To reverse an ACH payment, you typically need to contact your bank or financial institution within 24 hours of the transaction and provide them with the necessary information, such as the transaction details and the reason for the reversal. You typically need to pay a fee to have an ACH payment reversed.
Is positive pay only for checks?
No, positive pay is not only for checks. While positive pay is commonly associated with check fraud prevention, there are positive pay services available for other types of transactions, including ACH transactions.
ACH positive pay allows businesses to control which ACH transactions are allowed to post to their accounts, similar to how positive pay works for checks. With ACH positive pay, businesses can provide their bank with a list of authorized ACH transactions, and the bank only processes transactions that match the list.
What is an ACH block?
An ACH block is a security feature offered by banks that allows businesses to block all ACH transactions from posting to their accounts, except for those explicitly authorized. With an ACH block in place, any ACH transaction that does not match the list of authorized transactions will be rejected by the bank.
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SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.
SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Dulles International Airport (IAD) is one of three airports servicing the U.S. capital. It is situated about 26 miles outside Washington, D.C., in the Northern Virginia suburbs.
Compared to its counterpart in Virginia, Ronald Reagan Washington National Airport, Dulles’ footprint is at least 12 times larger, sitting on more than 11,000 acres.
Washington-Dulles is known for its vast international flight options, for being a major United Airlines hub, and for its iconic main terminal, designed by well-known architect Eero Saarinen (the same architect who brought the New York-JFK terminal that’s now the TWA hotel to life).
Washington-Dulles is comprised of a main terminal building which features ticketing, security and a small set of “Z” gates, plus baggage claim and customs on the bottom floor.
There are two separate midfield terminals that run parallel to the main terminal: one long building housing the A and B concourses, and another housing the C and D concourses.
Map of IAD terminals
Dulles Airport main terminal
The Washington-Dulles main terminal building is the immediately-recognizable structure most people think of when picturing the airport, with its vaulted ceiling and all-glass facade.
Inside, the building is huge, spanning 1.1 million square feet, and is close to a quarter-mile in length.
The main terminal is divided two floors: departures upstairs and arrivals downstairs.
Upper level
Inside the main terminal on the upper level, there are four large islands with ticket counters for domestic and international airlines.
All passengers pass through security in the main terminal, so if you’re a Clear member, you’ll be able to use the service no matter which airline you’re flying.
The standard TSA checkpoint is downstairs.
Once you pass through security, you’ll catch the Aerotrain or people movers to your specific departure terminal.
Downstairs
Downstairs on the arrivals level is baggage claim with 15 carousels, as well as the airport’s customs facilities, which include Global Entry access.
Food options
Pre-security: Cafe Americana, District Chophouse, Capitol Gounds Coffee.
Retail
International Currency Exchange, Dulles Gourmet Market.
Lounges
The main terminal building houses a brand new Capital One Lounge just beyond the TSA PreCheck lanes.
Capital One Venture X Rewards Credit Card
NerdWallet Rating
Annual fee
$395
Transportation
Since Dulles operates out of three main terminal buildings, travelers have to take transportation to move between each.
Aerotrain
The most convenient option is the Washington-Dulles Aerotrain, an automated train system that runs between a few of the terminals. It’s usually a quick ride, with a maximum of two minutes between stations.
You can take the Aerotrain if you have a flight in the A gates, B gates or C gates. However, note that it is a decent walk from the station to the C gates.
People movers
One of Dulles’ best-known quirks is its “mobile lounges,” or “people movers.” These Star Wars-esque machines haven’t entirely been phased out with the Aerotrain.
Inside, the people movers feel like a combination of a waiting room and a bus, and they take passengers from one terminal to another.
You’ll typically ride the people movers if you’re:
Flying out of the D gates (one of United’s concourses).
Connecting between United’s D gates and Terminal A (gates A1A through A6F).
Arriving on an international flight to get to the customs area in the main terminal.
Passenger walkway
If you’d rather get some steps in, there’s also a 1,000-foot underground pedestrian walkway that connects the main terminal with Concourse B, featuring moving sidewalks in both directions.
Dulles Terminal A
Airlines
United (regional United Express flights, gates A1A through A6F).
International airlines occupy the main portion of terminal.
Lounges
Air France Lounge, near gate A20.
Open daily from 10:30 a.m. until last flight
Priority Pass eligible.
Virgin Atlantic Clubhouse, across from gate A32
Open starting around four hours before Virgin Atlantic flights.
Priority Pass eligible.
Other amenities
Food and beverage
Jersey Mike’s Subs.
Smashburger.
Starbucks.
Extreme Pita.
Cacao Chaser.
Capitol City Ink.
Duty Free America.
Gen X Wireless.
Hudson News.
International Currency Exchange.
Souvenir Library.
Terminal B
Airlines
American Airlines.
Delta Air Lines.
Southwest Airlines.
International carriers like Aer Lingus, ANA, Lufthana, TAP Air Portugal and others.
Lounges
British Airways Lounge, located near Aerotrain station: Open daily from 6:00 a.m. to 10:30 p.m.
Lufthansa Business Lounge, located across from gates B49 and B51: Open 1:30 p.m. to 10:00 p.m. daily. Priority Pass eligible.
Turkish Airlines Lounge, located next to gate B43: Open 7:15 a.m. to 11:00 p.m. daily. Priority Pass eligible.
Other amenities
Food and beverage
Bracket Room.
Capitol Grounds Coffee.
Carrabba’s Italian Grill.
Chick-fil-a,
Commanders Burgundy & Gold Club.
DC-3 Hot Dog Joint.
Five Guys.
Peet’s Coffee.
Potbelly Sandwich Shop.
Vino Volo.
Wendy’s.
Cacao Chaser.
Chanel & Christian Dior.
DC Marketplace.
Duty Free Americas.
Eden’s Boutique.
Estée Lauder / M.A.C. Flag World.
Gen X Wireless.
Montblanc.
Ralph Lauren Polo.
See’s Candies.
Stellar News.
Sunglass Hut.
Travel Tech.
Vera Bradley.
Vineyard Vines.
Washingtonian.
Terminal C
Airlines
Lounges
United has four lounges in Concourse C:
A United Club near gate C4: Open 2 p.m. – 7 p.m. daily.
A United Club near gate C7: Open 5:30 a.m. – 10 p.m. daily.
A United Club near gate C17: Open 5:30 a.m. – 10 p.m. daily.
Other amenities
Food and beverage
Au Bon Pain.
Auntie Annie’s.
Be Right Burger.
Chef Geoff’s.
Devil’s Backbone Taproom.
Starbucks.
Brookstone.
Capitol City Ink.
Duty Free Americas
Hudson News.
International Currency Exchange
Terminal D
Airlines
Lounges
United Club near gate D8: Open 5:30 a.m. to 10:00 p.m. daily.
Food and beverage
Bistro Atelier.
Dulles Gourmet Market.
Pizza Hut.
Rusty Taco.
Starbucks.
Duty Free Americas.
Forbes News.
International Currency Exchange.
NBC4 Travel Store.
A ‘bonus’ concourse of sorts, Dulles has a small handful of Z gates located in the main terminal building. A mix of airlines service these gates, and the only food and beverage options are Dunkin and Subway.
Washington-Dulles has several parking options. The priciest are right near the terminal and in garages, and the most affordable is a cheaper, satellite economy lot requiring a shuttle. You can reserve your parking online or take your chances of finding a free spot at the airport.
Terminal parking
Located just in front of terminal.
$29 per day or $6 per hour.
Follow covered walkway to terminal (brief walk).
There’s an additional “Valet” parking option for $39 per day that allows convenient pickup in front of the terminal parking lot for ultra convenience.
Garage 1 or Garage 2 Parking
Parking garage close to terminal.
$21 per day or $6 per hour.
Walk to the terminal via an underground or covered pedestrian walkway or take a shuttle.
Garage 2 is the most convenient for international departures.
Economy parking
Satellite parking lot.
$14 per day.
Shuttle service runs every 15 minutes. Give yourself at least 15 minutes of travel time to the terminal.
Rental cars
To get to and from the rental car facilities, you’ll have to take one of the airport’s free shuttle buses, a few minutes’ ride.
Dulles has most major rental car companies, including:
Enterprise.
Washington Metro Access
Dulles has direct access to the Washington Metro system via the Silver Line station. It’s located opposite the main terminal, across the terminal parking parking facilities. You’ll take an underground path with moving walkways to get to the Silver Line station.
From there, you can catch a Metro train that will take you through Tyson’s Corner, and eventually through Rosslyn and into downtown D.C. Metro’s trip planner shows it’s a ride of more than 50 minutes to Metro Center, a key connecting station in downtown D.C.
Check Metro’s website for information on hours of operation and fares.
Uber/Lyft from Dulles
Customers hoping to use a rideshare service like Uber and Lyft when they get off the airplane can be picked up on the arrivals level outside baggage claim outside Doors 2, 4 and 6.
(Top photo courtesy of Sean Cudahy)
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 2024, including those best for:
Are you planning to buy or sell a property? Partnering with the right real estate agent can make all the difference in your experience. Whether you’re a first-time homebuyer or a seasoned investor, asking the right questions during your agent interviews ensures you find someone who understands your needs and has the expertise to guide you through the process. Here are ten essential questions to ask when interviewing real estate agents:
Enjoying our content? Subscribe to our free weekly newsletter to get real estate market insights, news, and reports straight to your inbox.
How long have you been in the real estate business?
Experience matters in real estate. An agent who has been in the industry for several years likely has a deeper understanding of market trends, negotiation strategies, and potential pitfalls.
What is your area of expertise?
Real estate is diverse, with different specialties like residential, commercial, luxury properties, or investment properties. Finding an agent with expertise in the type of property you’re interested in can be invaluable.
Can you provide references or client testimonials?
Asking for references allows you to hear directly from past clients about their experiences working with the agent. Positive testimonials can instill confidence in their abilities, but negative ones may turn you away.
How do you plan to market my property (if selling) or help me find a property (if buying)?
Marketing strategies vary among agents. Whether you’re selling or buying, understanding how the agent plans to market your property or find suitable listings is crucial for success.
What sets you apart from other real estate agents?
This question allows the agent to highlight their unique skills, strengths, and qualities that differentiate them from their competitors. This allows you to understand why you should choose one over the other.
How do you communicate with your clients?
Clear and effective communication is key to a successful real estate transaction. Determine the agent’s preferred methods of communication and how often you can expect updates.
What is your negotiation style?
A skilled negotiator can make a significant difference in the outcome of a real estate deal. Understanding the agent’s approach to negotiation can help you gauge their effectiveness in getting you the best possible deal.
Do you have a team or work solo?
Some agents work independently, while others have a team to support them. Knowing whether the agent works solo or has a team can give you insight into their availability and resources.
How familiar are you with the local market?
Local market knowledge is essential for pricing properties accurately, identifying market trends, and understanding neighbourhood dynamics. An agent familiar with your target area can provide valuable insights.
What is your commission rate and contract terms?
Discussing commission rates and contract terms upfront ensures clarity and transparency in your working relationship. Be sure to understand the agent’s fees and any contractual obligations before committing.
If you are looking to buy or sell your home give one of our agents a call today! The highly skilled and experienced agents at Zoocasa are more than happy to answer your questions!
Mortgage originators who seek success in 2024 need to move with confidence and adaptability. To reach strategic goals for the year ahead — and avoid being left behind — here are four strategies for originators to consider.
1. Identify potential market impact
The mortgage market is feast or famine, with origination volumes varying between high and low extremes. Mortgage originators chasing ambitious goals for the year must be vigilant in monitoring the factors that impact markets.
Originators learned this harsh lesson when the COVID-19 era brought historically low interest rates and record-high loan volumes, quickly followed by almost two years of spiking interest rates as inflation rose and volumes rapidly declined. Given the cyclical nature of the mortgage market, the industry seems to be moving beyond these challenges with a more normalized market in 2024.
If the Federal Reserve lowers interest rates as expected, the industry anticipates an uptick in transactions as buyers and sellers become more active. By incorporating this outlook into their strategic planning, mortgage originators may better anticipate changes, adapt their client service, and meet their goals.
2. Refuse to play the waiting game
Some originators chose the path of inaction in 2023, waiting for mortgage rates to drop, while others found success by adapting and exploring opportunities to take in new or different clients.
Regardless of the market’s unpredictable nature and the direction of mortgage rates in 2024, taking a passive approach will result in significant setbacks in origination volume. The upcoming year promises great potential for lower rates, whether through enhancing marketing strategies or offering differentiated product solutions and remaining on the sidelines is not a productive option.
3. Evolve offerings with market demand
Innovation in the mortgage market still exists. Many originators hope to take advantage of a potential refinancing wave that may come with rate cuts. But they can also open new channels for success by looking outside of traditional products. This year, originators should take a look at the needs of today’s prospective homebuyers and what’s trending in the market. Analyzing the details of market demand will help originators identify how they can better serve clients with unique financial backgrounds through niche products like non-QM loans.
4. Work with a trusted partner
A trusted partner can be an asset for mortgage originators navigating markets’ volatility. Deep-seated experience and robust industry relationships are often critical when business is tight, and getting something wrong could risk losing not just a client but a future referral. The right partner can strategically guide originators, whether through offering diversified loan opportunities or engaging in nuanced conversations with real estate agents and potential clients.
In pursuing their goals for 2024, mortgage originators must not be complacent. Only by analyzing and adapting to the changing mortgage landscape, and by proactively seeking partnerships and solutions, can originators successfully grow their business.
Tom Hutchens is the executive vice president of production for Angel Oak Mortgage Solutions.
I have partnered with WizeFi on this WizeFi Review. All opinions are 100% my own. I am excited to tell you about a new money tool that I recently started using. Are you looking for a money management tool that will help you budget, save hundreds of dollars each month, and accelerate your path to…
I have partnered with WizeFi on this WizeFi Review. All opinions are 100% my own.
I am excited to tell you about a new money tool that I recently started using.
Are you looking for a money management tool that will help you budget, save hundreds of dollars each month, and accelerate your path to financial independence?
If so, then I recommend checking out WizeFi. This money management software can be used from your phone or computer, and will give you all the tools that you need to take control of your finances.
Understanding money can be tricky, especially when you’re working towards long-term financial freedom. WizeFi helps you optimize your money to reduce waste and put your money where it’s most effective at accelerating financial freedom. It’s made for people who are serious about financial freedom.
Please click here to try out WizeFi for free for 30 days.
WizeFi right now is hosting a free 30-Day Financial Independence Challenge so that you can have a clear plan for reaching financial independence and retirement. You can sign up for WizeFi and the free 30-Day FI Challenge by clicking here.
WizeFi Review
Below is my WizeFi review. I will be talking about why it was started, the different ways this tool can help you, the cost, and answer some common questions.
What is WizeFi?
WizeFi is a helpful money tool for your computer or phone that helps you reach financial freedom. It’s like having your own money coach, helping you to make better decisions with your finances.
Here’s what WizeFi does:
WizeFi helps you manage and eliminate debt, quickly! WizeFi will sort your debt in an efficient pay-off order to save you money and pay off your debt quickly. Plus, the 30-day challenge will give you tips to accelerate your debt freedom journey.
WizeFi tells you your financial independence date. Learn where you’re headed now if you change nothing with your finances, and then learn what you can do to reach retirement sooner.
WizeFi finds hidden spending habits that might be getting in the way of your financial goals. For example, it will help you find out about everyday habits that you didn’t know could postpone your retirement by 5 years.
WizeFi makes plans just for you, not using generic templates that fit everyone.
WizeFi helps you make smart choices by providing the ability to create “what if” scenarios, which it calls “drafts” to test financial choices before you actually make them. This can help avoid costly mistakes like major purchases that could delay your financial freedom date by years. Or, discover opportunities for applying bonus money (like tax returns) where they can have the biggest impact on your financial goals.
WizeFi keeps an eye on your progress and motivates you by showing visible results. For example, understanding how little changes can change your future net worth.
WizeFi makes money less confusing and boosts confidence, reducing the stress about finances.
WizeFi helps you learn money skills, making you less reliant on others and more confident in managing your own finances.
As soon as you start using WizeFi, you’ll notice it’s not just about tracking expenses. The software is built around the concept of empowering you to develop money habits that could potentially halve the time it takes to reach your financial goals, such as early retirement or financial independence.
I’ve signed up for WizeFi, and I really like how easy the platform is to use. There are no ads and they aren’t trying to sell anything else that is extra, so you don’t have anything else cluttering this tool when you are trying to use it. It is straight to the point.
Why WizeFi was started
WizeFi was started in 2017 by Sean Allen, a financial expert and 30-year veteran of the financial industry. He was noticing that clients were failing with their finances, even though they were making enough money for early retirement.
He learned that there were two main causes of this:
A lack of money skills and
Not understanding the future impact of current choices (such as spending).
He then realized that there was a need for a change in the way that people approach money management so that they can pay off their debt and reach financial independence.
To find a solution to these challenges, he created WizeFi, starting as a program and later becoming an app. It focuses on making the most of every dollar you earn. WizeFi is all about helping you manage and eliminate debts and expenses that don’t benefit you financially.
The app aims to reach millions with its easy (yet effective) approach, speeding up the path to financial independence and giving people the ability to create a lasting system for building wealth.
How WizeFi Is Helpful
If you’re finding it hard to figure out why your money goals feel distant, WizeFi is the tool that can show you the patterns and choices that might be causing the challenge. Instead of being confused by a bunch of numbers, you’ll be able to see exactly where your money goes each month.
WizeFi helps you create a budget that fits your personal financial situation, and your financial plan is customized to you, making it more likely that you’ll stick to it and see real results.
Here are some ways that WizeFi can help you:
Discover your financial independence date. Learn where you’re headed now if you change nothing with your finances, and then learn what you can do to accelerate your FI date.
Find leaks in your spending habits: WizeFi will show you your spending all month long and compare it to your planned spending. This can be very eye-opening and help you discover spending habits you can change
Develop wealth-building habits: Speaking of habits, WizeFi is all about helping you develop money skills that lead to healthy financial habits. For example, when you subscribe, WizeFi starts you off with a 30-day challenge that can help replace bad habits with good habits. Try it for yourself.
WizeFi helps with three main money skills: Money Organizing, Money Planning, and Money Monitoring.
Money Organizing
WizeFi will sync with your financial accounts and organize your money into categories, and then it will provide a guideline spending amount for each category. See how your spending compares to the guideline.
Money Planning
WizeFi goes beyond just organizing your money; it also gives you a guideline so that you can know how to best use your money. It makes a personalized plan that matches your specific goals and financial situation, encouraging a proactive approach to your financial future.
WizeFi includes a process where you can go through each area of your finances and you can see how cutting back on certain expenses can increase money to be used towards accelerating your financial independence.
So, I could see how cutting back on dining out would give me more “financial independence dollars (FID) which WizeFi will then show me the best place to put those dollars in the 4-step plan. I can use WizeFi to plan the perfect budget that frees up FI-dollars.
Then, I can use WizeFi to determine the best use of those dollars—pay off debt, add to 401(k), or pay off a mortgage early – no more guessing. WizeFi will reveal which choices accelerate financial freedom and which delay it.
Money Monitoring
WizeFi allows you to monitor your money, such as your budget, spending, income, debt payoff progress, and net worth. Knowing these numbers and being able to monitor them can help motivate you to make changes for the better.
Money monitoring is known to help people think differently about their money. It keeps people constantly aware of where their money is going compared to where it should be going.
WizeFi provides monthly reporting to monitor your financial trends like is your net worth growing and your debt shrinking, and is your budget balanced like you want it to be.
WizeFi also provides real-time monitoring with progress meters so you can watch your money every day to make sure you stay on track. Both of these are key to empowering you to be a great manager of your money without having to become a financial analyst. WizeFI keeps it simple.
How To Get Started With WizeFi
WizeFi allows you to better manage your finances from both a computer/laptop and from your phone. They also have a 30-day email challenge that teaches you how to save money, make money, and develop money skills.
As you check out what WizeFi can do, you’ll see it provides various tools to improve how you handle money. With easy-to-use features and a clear plan, WizeFi is designed to guide you toward financial freedom in a better and more effective way.
Here’s how you can get started:
Sign up for the 30-day free trial of WizeFi and get enrolled in the 30-day challenge
Enter your goals, such as your emergency fund target, general savings target, and your desired monthly income at retirement.
Enter your salary (net monthly income after taxes), any side hustle income, investing income, and more.
Enter and connect your financial accounts, such as bank, car loan, mortgage, retirement accounts, and more.
After you enter the information above, you will see your financial freedom projections. This will show you the exact date that WizeFi thinks you will be able to retire if you continue the way that you are with your financial situation. You will also see WizeFi’s built-in wealth potential guideline and the exact date you will be debt-free.
WizeFi 30-Day Financial Independence Challenge
As you noticed above, I think the best way to get started with WizeFi is to sign up and take their 30-Day Financial Independence Challenge.
WizeFi just launched this challenge and it’s a free, daily guide filled with steps to help you grow your money smarts and sprint toward financial independence faster than you might think possible. You’ll receive an email every day with new actions to take that can refine your spending and saving habits.
Here are a few highlights of the challenge:
Reduce expenses – You’ll see how small changes in daily spending can create big savings over time. You’ll actually learn 200 different strategies to stop wasting money!
Debt mastery – Get tips on handling debts that stand in your way.
Build wealth – Learn about strategies that can increase your income.
On Day 1, you start crafting your very own FI plan. This sets the foundation. By Day 2, you’re diving into ways to spend less on food, and by Day 3, it’s all about saving on transportation. Throughout the challenge, you’ll learn to cut costs across many different spending categories without sacrificing the fun in your life.
Day 9 shows you powerful wealth-building strategies. As you approach Day 17, you’ll see the five stages of financial independence.
Jumping into Day 20, get creative with 50 side hustle ideas to boost your income. Later on, Day 26 focuses on investing tactics designed to speed you along to FI.
This is a free challenge that is sent straight to your email. I am signed up for this challenge and it is full of actionable tips that are actually helpful (and not just fluff or generic tips).
You can sign up for the free 30-Day FI Challenge by clicking here.
WizeFi Cost
So, after reading all of the above, you’re probably wondering “How much does WizeFi cost?”
Free trial
You get to use WizeFi risk-free for the first 30 days. During this period, you have complete access to all features, and you can cancel anytime if you decide it’s not for you.
Monthly cost
The service is available for $8.99 per month. This subscription is designed to pay off by helping you potentially grow your net worth by tens of thousands (or even hundreds of thousands of dollars) and put you on a faster track to financial independence.
Why isn’t there a free plan?
WizeFi is dedicated to providing a complete set of money tools and tailored advice for your financial growth. Unlike some free tools that might restrict your potential, your paid subscription makes sure that the services are high-quality.
Plus, WizeFi stays focused on your financial well-being, avoiding promotions of external products that might conflict with your financial goals. This is something that I really like about WizeFi – they aren’t trying to sell you anything else – you are getting a helpful money tool without any ads.
WizeFi Security – Is WizeFi Safe?
When thinking about using WizeFi for managing your finances, security is important.
WizeFi makes sure that your information is safe with protective measures similar to those used by banks.
In a digital world where safety is important, you can relax knowing that WizeFi doesn’t keep your account numbers or personal details within their app. What you see are the important elements—your budget and balances. It’s like having a clear view of your financial landscape without any doors open to the private account information you don’t want to share, like account numbers or other personal information, making the platform safer for you.
Think of WizeFi as a one-way mirror. You have the full picture of your finances at a glance, yet there’s no path for anyone to reach in and move things around.
Frequently Asked Questions
When thinking about using a financial planning tool like WizeFi, you probably have questions about what it offers and whether it’s the right fit for you. Here are some of the common questions answered to help you decide.
Can I try out WizeFi for free?
Yes, you can start with WizeFi for free. They have a 30-day trial period for you to explore the full range of features before you commit to a subscription.
Please click here to try out WizeFi for free for 30 days.
How can WizeFi help me reach early retirement sooner?
WizeFi is designed to guide you in creating a personalized financial plan. By helping you customize the right budget plan, and track your spending against that plan, you’ll easily identify unnecessary expenses you can cut, which can help you better manage debt and increase your savings rate, which can help you reach your financial goals faster.
Is WizeFi worth using?
Yes, WizeFi is worth it if you’re serious about taking control of your finances and reaching financial independence or early retirement.
Does WizeFi have an affiliate program?
Yes, WizeFi has an affiliate program where you can earn 20% of the monthly subscription (so 20% of $8.99). Their hope is that people will use WizeFi for a month and dial in their own personal finances (craft a new plan that makes them feel empowered to manage their money for financial freedom). Then, they’ll share what they’ve learned with their audience.
WizeFi Review – Summary
I hope you enjoyed my WizeFi review.
If you are committed to improving your personal finances and want to reach early retirement or financial independence, I think that WizeFi is great to sign up for.
WizeFi stands out from other money tools because they focus on developing money skills, and not just giving you information, because the WizeFi team knows that money skills can make a difference for a lifetime. Plus, there are no ads and they don’t sell your information.
Their goal is to empower a person to master their money, speed up financial independence, and live their best, most meaningful life.
If that is you, then this is the money tool that I recommend checking out.
Please click here to try out WizeFi for free for 30 days.