Intercontinental Exchange (ICE) introduced MSP Digital Experience (MSP DX), a conversational user interface designed to interact with the company’s leading mortgage servicing system, MSP.
MSP DX provides servicing professionals with an intuitive, dynamic and conversational approach to working within MSP. The new interface is poised to streamline workflows, enhance efficiencies and simplify the training process for servicing team members.
The introduction of MSP DX is particularly significant as ICE launches it with a focus on escrow management, which is traditionally one of the most complex and costly aspects of mortgage servicing. This functionality was recently previewed at the ICE Experience 2024 conference in Las Vegas, where it received widespread acclaim from industry leaders.
“Mortgage escrow is inherently complex, and the technology lift to handle the many moving parts is significant,” Tim Bowler, president of ICE Mortgage Technology, said in a statement. “But with the introduction of MSP DX we are helping servicers manage the escrow process more efficiently. This will enhance workflow management for servicers and improve the household experience.”
MSP DX empowers servicing professionals to interact with the system using everyday language, simplifying tasks and enhancing the user experience.
“MSP DX represents a significant leap forward for the industry and serves up what users need, when they need it,” Bowler said. “It automates routine tasks so users can focus on more strategic and meaningful work. While we started with escrow, we will continue to make further investments to enhance workflow and flatten learning curves throughout the mortgage servicing process.”
In the past few months, ICE launched other products, including a mortgage insurance center on its Encompass loan origination system to improve management functionality and enhance rate-quote comparisons. It also unveiled two new tools, Validate ROV and Validate Selector, that were added to its growing suite of property valuation solutions.
Housing affordability dipped in March on both a monthly and yearly basis, according to a new report by First American.
Affordability fell by 0.1% compared with February, according to the First American Real House Price Index (RHPI). On an annualized basis, affordability fell by approximately 5%. Meanwhile, mortgage rates also rose over the course of the month.
The RHPI measures the price changes of single-family properties throughout the U.S., adjusted for the impact of income and interest rate changes on consumer homebuying power over time at the national, state and metro-area levels.
“Two factors drove the year-over-year decline in affordability – a 6.2% annual increase in nominal house prices, and a 0.3 percentage point increase in the 30-year, fixed mortgage rate compared with one year ago,” Mark Fleming, First American chief economist, said in a statement.
“For home buyers, holding prices constant, the only way to mitigate the loss of affordability caused by higher mortgage rates is with an equivalent, if not greater, increase in household income,” Fleming said. “Even though household income increased 3.7% since March 2023 and boosted consumer house-buying power, it was not enough to offset the affordability loss from higher mortgage rates and rising nominal prices.”
Consumer homebuying power, which represents how much one can buy based on changes in income and mortgage rates, decreased 0.1% between February and March 2024 but increased 0.8% year over year. The median household income has increased 3.7% since March 2023 and 90.2% since January 2000.
West Virginia, New Mexico, New Jersey, Massachusetts and Indiana posted the largest year-over-year increases in the RHPI. Meanwhile, Washington, D.C., and Colorado posted year-over-year decreases.
Among the metros tracked by First American, Memphis, Tennessee; Boston; Providence, Rhode Island; Buffalo, New York; and Cincinnati posted the highest year-over-year gains in the RHPI. Meanwhile, Denver and Portland, Oregon, posted year-over-year losses.
In March, the housing market was almost overvalued at a national level, but a surprisingly large number of markets remain significantly undervalued, according to First American.
Among the top 50 markets tracked, 22 were overvalued in March, meaning that the median existing-home sale price exceeded home purchasing power.
The market with the highest overvaluation was San Jose. There, the median consumer home purchasing power in March was $723,000, significantly below the median sale price of $1,430,000.
“In markets considered overvalued, the chronic housing supply shortage is preventing prices from adjusting downward enough to reflect the affordability reality,” Fleming said. “Additionally, house prices are ‘downside sticky.’ Home sellers would rather withdraw from the market than sell at lower prices.”
“The good news is that most of the markets we track remain undervalued by this measure, and nine markets were undervalued by $100,000 or more,” Fleming added. “Detroit, Philadelphia, and Cleveland are markets considered undervalued by an average of $145,000.”
Prime Video had a treat in store for fans of author Karen Kingsbury’s work.
It dropped all three seasons of its American faith-based family drama television series, The Baxters on March 28, giving us an extended first look at the lives of the Baxter family — and their vision board-worthy family home, which sets the stage for the drama to unfold from the very first shot.
Based on the bestselling novels by Karen Kingsbury — crowned the Queen of Christian Fiction by The New York Times — the show stars Roma Downey and Ted McGinley as Elizabeth and John Baxter, who navigate the complexities of life with their five adult children.
And since the Baxter family’s home is a key element in grounding the emotional depth of the series, we reached out to the production crew to learn more about how it was brought to life on screen.
The house is a memorable silent character from the very first episode
Although the first season focuses primarily on Kari’s (Ali Cobrin) story, the Baxters’ house takes center stage from the very first scene, when the family converges to celebrate mother Elizabeth Baxter’s (played by Roma Downey) birthday.
The Baxter residence shines from its very first moment in the spotlight. And that’s not by accident.
Production designer Rodrigo Cabral envisioned a home that mirrors John and Elizabeth’s loving, nurturing nature.
“We wanted their home to radiate warmth and tranquility—a safe haven for the family to gather, heal, and grow,” Cabral tells us.
This vision translated into cozy interiors, balanced spaces, and a decor that promotes comfort and family togetherness, making the house a cornerstone of the show’s narrative.
Design inspirations behind the scenes
The design of the Baxter home reflects the broader experiences of American families, aiming to echo their quest for happiness and balance.
“The Baxter family is a close representation of so many American families, not only in their interiors but also in their pursuit of happiness and balance,” Rodrigo Cabral shares with Fancy Pants Homes.
“We got inspired by the experiences with real families that have been part of our lives. I had some great chats with the showrunner, directors, and crew about each character’s vibe and inner world, which really helped shape our vision.”
Cabral notes that the set design was influenced by discussions about each character’s inner world and successful elements from other family dramas like This is Us. “Our goal was to create a setting that feels real and informative, yet allows the characters’ stories to unfold naturally,” he explains.
Style elements that define the interiors
When asked about the decor of the Baxters house, Cabral shares that “John and Elizabeth’s house has a traditional decor style that’s classic, warm, comforting and familiar. We used neutral tones, some warm pattern fabrics with traditional antique furniture and a lot of details like plenty of family photos to show their history and connection throughout the years.”
No attention to detail was spared in creating the sets, and special attention was given to elements that reflect the lives, beliefs, and faith of its inhabitants.
“Some of the antique pieces help reinforce their traditional values by invoking the idea of family history and its importance like little family heirlooms in the background. And these elements are carried around throughout the rest of the house and a bit to Kari’s interior as well.”
A real home in Brentwood was used to film shots of the Baxters’ house
Underscoring the show’s commitment to authenticity, a real house in the family-friendly Los Angeles suburb of Brentwood served as filming location for The Baxters house.
Set in the San Fernando Valley area of LA, Brentwood is known for its family-friendly atmosphere and has hosted other iconic television homes, including Jay and Gloria’s house on Modern Familyand the now-iconic Banks mansion from The Fresh Prince of Bel Air.
This suburb is often chosen for its portrayal of upscale American family life.
Key scenes
The Baxter home provides a poignant backdrop for several key family moments. Vibrant Thanksgiving gatherings, reflective Christmas celebrations, and personal crises like Luke’s struggle with faith all take place within this family home.
With three seasons now out — and a fourth one hopefully soon to follow — we’re looking forward to seeing more heartwarming and challenging moments unfold in the loving confines of the Baxter household.
More stories
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A closer look at Booth and Brennan’s two perfect family homes on ‘Bones’
Where is the house from Firefly Lane? Tracking down Kate’s waterfront mansion and Tully’s posh penthouse
Tony Anderson/GettyImages; Illustration by Hunter Newton/Bankrate
Key takeaways
HFA loans are mortgages available solely through state housing finance agencies.
Geared toward first-time and low- to moderate-income homebuyers, HFA loans feature low down payments, competitive interest rates and down payment and closing cost assistance.
HFA terms and qualifications vary by state, which may impose income and purchase price limits on borrowers.
No, “HFA loan” is not a misidentification of the better-known FHA loan. It’s a wholly different type of mortgage, offered through state housing finance agencies (HFAs) in partnership with major loan providers Fannie Mae and Freddie Mac. HFA loans help make homeownership more affordable for first-time homebuyers and low- to moderate-income borrowers, thanks to their reduced interest rates and closing costs, as well as their down payment assistance options.
What is an HFA loan?
HFA loans are conventional mortgages, issued by private lenders, which must conform to guidelines set by Fannie Mae and Freddie Mac.
HFAs support affordable housing initiatives, including helping homebuyers, homeowners and renters. While their exact function and relationship to their state government varies, HFAs typically act as independent organizations, overseen by a board of directors appointed by the state’s governor. They might be referred to as the state’s housing “authority,” “commission,” “corporation” or “department.”
Fannie Mae and Freddie Mac are two government-sponsored enterprises (GSEs) that back much of the mortgage market in the U.S. They work with state housing authorities (HFAs) nationwide to offer these loans. Fannie and Freddie design the loans and their terms, but neither they nor the state directly funds them or deals directly with applicants. Instead, they work through a selection of approved, private mortgage lenders.
How does an HFA loan work?
HFA loans come with many caveats. You have to meet your state program’s requirements for income and homeownership status (you typically can’t have owned a house within the past three years.) And you’ll probably need to take a homebuyer education course designed to prepare you for the homebuying process.
Once you’re approved, you can often finance the down payment with down payment assistance, which is provided through the HFA. The assistance could be in the shape of a second mortgage (with very generous terms), a forgivable loan (that doesn’t need to be repaid in full or in part if you meet certain conditions), or even an outright grant (like HFA Preferred grants), depending on what that particular state authority offers. Often this assistance is only available if you are financing with an HFA loan.
HFA loan requirements
To qualify for one of these mortgages, you generally must meet a few basic HFA loan requirements:
Down payment: 3 percent for single-family homes
Credit score: at least 620
Debt-to-income ratio: 45 percent
Occupancy requirement: At least one borrower must use the home as a primary residence
Your local HFA may have extra minimums you must meet. Often, you need to be within certain income and purchase price limits that vary by county/municipality and household size. And of course, you have to be buying the home within the state.
Types of HFA loans
There are two types of HFA loans: Fannie Mae’s (called HFA Preferred) and Freddie Mac’s (known as HFA Advantage). Some states offer both HFA Preferred and HFA Advantage loans; some opt to go with one type exclusively. Here’s how the two types compare.
Fannie Mae’s HFA Preferred
Freddie Mac’s HFA Advantage
Loan type
Conventional
Conventional
Rate type
Fixed rate
Fixed rate
Minimum down payment
3 percent
3 percent
Distinct features
These loans also allow for limited cash-out refinancing
People who do not plan to live in the home can serve as co-borrowers
HFA vs. FHA mortgage loans
An HFA loan and FHA loan might sound the same — and have similar characteristics, like a low down payment — but they are two separate types of mortgages. Let’s dive into some of the similarities and differences.
HFA loans
FHA loans
Sponsoring entity
State housing finance agencies (HFAs)
Federal Housing Administration (FHA)
Available from
State-approved lenders
Banks, credit unions, mortgage companies and other businesses that offer mortgages
Minimum down payment
3 percent
3.5 percent
Minimum credit score
620
580
Income and purchase price limits
Often imposed
Not often imposed
Mortgage insurance
Yes, but like with other conventional loans, private mortgage insurance (PMI) is cancellable once you have built up 20 percent equity in your home
Mortgage insurance premiums (MIP) required; may be permanent or cancellable, depending on the down payment size
HFA loan pros and cons
An HFA mortgage has its pros and cons to consider before deciding if it’s the best choice for you:
Pros of HFA loans
Low down payment requirement and closing costs: With an HFA loan, you can put down as little as 3 percent. Closing and upfront fees tend to be low.
Financial assistance: Many HFAs offer assistance with closing costs or down payments.
Lower mortgage insurance costs/easier insurance elimination: HFA loans charge less for mortgage insurance and eliminate insurance payments automatically upon reaching 80 percent loan-to-value (LTV) ratio. Other programs, like FHA loans, make it harder — if not impossible — to get out of mortgage insurance, as long as the loan is active.
Cons of HFA loans
Not widely available: You can only get an HFA loan from your local state agency. Other types of loans are more widely available.
Income limits: HFA loans are for people with incomes lower than the median of their geographic area.
Inconsistent rules: Each HFA can set different rules and requirements, so you need to check with your specific HFA to learn if you’re eligible.
Higher credit score requirements: Though low, HFA loans have higher credit score minimums than some alternatives like FHA loans.
Who is an HFA loan best for?
Getting an HFA loan might be a better idea for certain people. Consider an HFA loan if you fall into at least one of these categories:
First-time buyers. The definition is broad enough to include first-time homeowners and buyers who haven’t owned a home in the past three years.
Those with moderate incomes. To qualify, your income must fall within the HFA’s income limits, which are typically set yearly and vary from state to state — and even counties within the state. Those with high incomes should look elsewhere.
Owner-occupants. HFAs aren’t available for investment properties or vacation homes. Rather, they’re for principal residences.
House hackers. HFA loans do allow purchases of two- to four-unit residences, meaning you could finance a duplex, divided townhouse or small apartment building. You’d just need to occupy one unit and rent out the rest, a strategy sometimes known as “house hacking.”
How to apply for an HFA loan
Explore your HFA’s options. Each HFA has its own requirements for HFA loans, and could also offer alternative programs and assistance. You can find your HFA’s website through our guide to first-time homebuyer programs by state.
Contact the state housing authority. Depending on the HFA, you can either fill out a form online to get in touch for more information, or call the agency directly.
Find an approved mortgage lender. HFA loans are only offered through lending partners approved by your HFA. You can find a list of these lenders on your HFA’s website.
Compare lender reviews and testimonials to help narrow your options. From there, you can move forward with a preapproval and application, and a homebuyer course, if needed. When you apply for an HFA loan, be prepared to provide all of your financial information, including paystubs and tax returns.
Other low-down payment mortgages
Whether you’re a first-time or repeat homebuyer, there are several other low down payment mortgage options. Some of the most popular include:
FHA loans: More widely available than HFA loans. Lower credit score requirements. 3.5 percent down payment requirement.
VA loans: Only available to veterans and service members. No down payment requirement.
USDA loans: Only available in specific areas. No down payment requirement.
HomeReady/Home Possible loans: 3-5 percent down payment required. Lower mortgage insurance costs. Income limit of 80 percent of the local area median income.
Conventional 97 loan: Conventional mortgage with 3 percent down payment requirement.
HFA loan FAQ
HFA mortgage rates can vary with market rates and the HFA you work with. They tend to be quite competitive with national average rates. To find up-to-date rates, contact your state’s HFA.
Yes, you can use down payment assistance when applying for an HFA mortgage. Your HFA may be able to help you find assistance.
Yes, HFA mortgages require mortgage insurance payments. You can get out of these payments once you reach an 80 percent LTV ratio or 20 percent home equity.
Yes, it is possible to refinance to an HFA loan. Depending on the type of HFA loan you have, you may or may not be able to take cash out during closing.
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Homeowners coming off fixed rate mortgages faced huge rises in their monthly payments, latest figures have revealed, with the costs severely biting into household disposable income.
With the Bank of England base rate rising to 5.25 per cent in the summer of last year, families faced soaring mortagage rates with the average two-year fixed rate reaching 6.9 per cent.
The new rates meant many homeowners, especially those with large mortgages still to pay, faced challenging increases in monthly payments.
Last year, more than 1.4m households in the UK had fixed rate mortgage up for renewal, with more than half coming off rates of less than two per cent.
Ken James, director at Contractor Mortgage Services, told The Independent that the change in payments meant some were forced to either extend their mortgages or even sell up and move elsewhere.
“And while they may have had money in previous years for a holiday or a new car, they are now having to hold back as their monthly mortgage payments rise,” he added.
The Office for National Statistics has published estimates on the impact of the rising mortgage rates for those impacted in 2023, breaking the figures down by region to calculate which areas were most exposed.
Which areas saw the biggest rise in monthly mortgage repayments
In Kensington and Chelsea, in London, the ONS estimates that the average increase in monthly mortgage payments for households impacted by rate changes was a jump of £1,193 to £5,100, the equivalent of more than £14,000 in a year.
The area was followed by Camden with a £924 monthly increase, Islington with a £803 rise and Hammersmith with a £776 increase. Outside London, homeowners in Elmbridge in Surrey saw their monthly mortgage payments rise by £456.
The huge increase in Kensington and Chelsea equated to 27 per cent of the disposable income for an average household in the area – however just six per cent of households were impacted by rate changes last year since they either rented, owned their homes outright, or had fixed mortgages.
Which areas saw the lowest rise in monthly mortgage repayments
Far from the capital, homeowners living in areas in the north of the country saw the lowest increases in mortgage payments.
In Allerdale, in Cumbria, the average increase in monthly payments was £80 to £453 in 2023. It was followed by Barrow-in-Furness, also in Cumbria, where homeowners saw an increase of £83 in monthly payments, then Copeland, also in Cumbria, and Stoke-on-Trent, which both saw a £87 rise.
Despite the lowest rise in payments, homeowners in Allerdale were among the most exposed in the country with the jump in costs equating to 17 per cent of a household’s disposable income.
In Allerdale, 13 per cent of households remortgaged last year.
Will mortgage holders coming off fixed rates in 2024 be equally affected?
The year 2024 started off with hopes homeowners faced a brighter picture with many lenders cutting their rates in January.
That was followed by top economists predicting the 5.25 per cent Bank of England base rate would fall in May, with two-year fixed mortgages rates dropping to nearly four per cent at the start of the year.
However, since then rates have risen. This week, five mortgage lenders increased their rates as inflation slowed less than expected in March. The central bank is using higher rates for longer to keep inflation under control.
This marked another blow for homeowners, with many coming off fixed rate mortgage set more than two years ago when costswere much lower.
Ken James, director at Contractor Mortgage Services, said he feared banks had jumped the gun at the start of the year.
“The banks took a little bit of a gamble by thinking the market was looking good and the base rate was going to be coming down [it remains at 5.25 per cent], because of that they started to bring in lower rates and we saw movement.”
He said the increase had “concerned” clients with some having to make difficult choices against rising monthly payments, such as extending their mortgage terms or even selling and moving home.
Some were looking to sell and go into rented accommodation, but then they faced rising costs again, said Mr James, who added: “I don’t see the situation changing for a while, I think people are prepared to wait out this difficult period and hope for better news in a couple of years’ time.”
It’s no secret that the price tags of single-family homes — the ideal dwelling in terms of space, independence, and resale value — have spiked, and many current homeowners have been reluctant to let go, but a buyer whose heart is set on a single-family home may be able to follow a playbook to find their prize.
Buying a single-family home isn’t dramatically different from purchasing another type of property, but the process has a few variations. Here are some guidelines.
What Is a Single-Family Home?
The definition would seem easy enough, but it does vary according to real estate experts and government sources. The U.S. Census Bureau says single-family homes include fully detached and semi-detached homes, row houses, duplexes, quadruplexes, and townhouses. Each unit has a separate heating system and meter for public utilities, and has no units above or below.
According to other definitions of a single-family home, the building has no shared walls; it stands alone on its own parcel of land. In some places, the number of kitchens the home has informs the definition.
Unlike a multi-family property, a single-family home is meant for one person or household. Among the types of houses out there, including condos, co-ops, townhouses, and manufactured homes, the single-family home remains the holy grail for many Americans. 💡 Quick Tip: When house hunting, don’t forget to lock in your home mortgage loan rate so there are no surprises if your offer is accepted.
First-time homebuyers can prequalify for a SoFi mortgage loan, with as little as 3% down.
Benefits of Purchasing a Single-Family Home
While condos and townhouses may come with shared amenities and lower maintenance, traditional detached single-family homes come with different perks. When people buy a single-family home, they’re looking for benefits specific to this property type.
Spacious, Quiet, and Intimate
A single-family home is typically larger than a condo or townhome. Moreover, since the property is often on its own lot without shared walls, a single-family home offers more space and more privacy inside and outside the home.
Possibly No HOA
A co-op association or a condo or townhouse homeowners association sets and enforces rules and collects fees to pay for shared amenities. Anyone who buys into an HOA community must live by the CC&Rs: the covenants, conditions, and restrictions. They can be lengthy, and the ongoing fees can constantly rise.
You may be able to buy a detached single-family home with no HOA and paint your mailbox, or house, pink or purple — unless you live in a city like Palm Coast, Florida, that allows only earth tones and light or pastel hues but no colors that are deemed “loud, clashing, or garish.”
Then again, HOAs are becoming more common for detached single-family homes in planned communities. In fact, about 65% of single-family homes built in 2020 were in an HOA, Census Bureau data shows.
Single-Family Home Appreciation
Generally, single-family homes are in higher demand than multi-family or other properties. Because of both the building and demand, when a person buys a single-family home, the value may increase faster.
Possibilities for Renovation and Expansion
When people buy single-family homes, they’re buying into the potential to expand or renovate extensively. If the lot is big enough, single-family homeowners could put an addition on the property.
Single-family homes can be an attractive buy simply because of the option to expand in the future, unlike properties with shared lots or walls. 💡 Quick Tip: Not to be confused with prequalification, preapproval involves a longer application, documentation, and hard credit pulls. Ideally, you want to keep your applications for preapproval to within the same 14- to 45-day period, since many hard credit pulls outside the given time period can adversely affect your credit score, which in turn affects the mortgage terms you’ll be offered.
How to Buy a Single-Family Home
Ready to buy a single-family home? Anyone from a first-time buyer to a seasoned investor may find appeal in a single-family home.
Recommended: First-Time Homebuyers Guide
1. Draw Up Your Financial Priorities
First, it’s important to look at finances. Your credit scores can have a significant impact on getting approved for a mortgage. To get a clear read on credit, but not scores, buyers can request free credit reports from the three major credit bureaus.
Additionally, it can be helpful for a qualified first-time homebuyer — who can be anyone who has not owned a principal residence in three years, some single parents, and others — to look into specialty mortgages to see if they qualify for them.
A loan from the Federal Housing Administration (FHA) may allow a down payment as low as 3.5%. A USDA loan (from the United States Department of Agriculture) requires nothing down, and a VA loan (from the Department of Veterans Affairs) also usually requires nothing down. Some conventional lenders allow qualifying first-time buyers to put just 3% down.
It’s important to know, though, that all FHA loans require an upfront and annual mortgage insurance premium, regardless of the down payment size. VA loans require a one-time “funding fee.” And borrowers with conventional conforming loans who put down less than 20% will pay private mortgage insurance until their loan-to-value ratio drops to 80% and they request removal, or to 78%, when it falls off.
2. Decide on Your Preferred Type of Housing
No two houses are alike, just as no two homebuyers are. Everyone has different tastes and priorities about where they want to call home.
Before hitting every open house in town, consider deciding on must-haves for a single-family detached home, including privacy, proximity to businesses, size, and style. This could help determine if a single-family home is the right fit.
3. Arrive at Your Price Point
Armed with an understanding of the type of house, it’s time to think about the price point. In addition to thinking about the down payment, buyers will want to calculate a monthly mortgage payment and total loan costs.
Figuring out a price point before looking at homes can take the emotion out of the process. That way, buyers have a budget in mind and a “do not exceed” amount before they fall for a home.
4. Search for a Good Real Estate Agent
Buying a single-family home can be fun, stressful, and fast-paced. Working with a trusted real estate agent can make the process a little easier.
To find a real estate agent, you might consider:
• Reaching out to friends for referrals
• Checking out local real estate association websites
• Using an agent selling homes in the area you want to buy in
You might want to interview more than one agent, asking about their experience, availability, and philosophy. The choice of agent will likely come down to a combination of personality match and experience.
5. Find Your Neighborhood
Armed with an agent and budget, it’s time to dive deeper into neighborhoods. Once again, the choice of where to search will come down to the buyer; there’s no one “right” place to buy a single-family home.
As buyers explore neighborhoods, they might prioritize the following:
• School district
• Walkability
• Proximity to workplace
• Community resources
• Budget
An experienced agent can help buyers distill their priorities and even point them in the right direction. Typically, buyers will have to balance the above elements, as it might not be possible to check all the boxes in a single neighborhood.
6. Tour Homes With Your Agent
Once buyers decide what neighborhoods they want to buy a single-family home in, it’s time to start touring properties.
When touring a single-family home with an agent, try to allot between half an hour to an hour. In the case of open houses, prospective buyers can walk in at any time, but private home tours require a buyer’s agent to gain access to the property.
When buying a single-family home, everyone will have their own checklist of what they want, which might include:
• Listing price
• Number of bedrooms and bathrooms
• Storage space
• Floorplan
• Plot of land
• Deck and porch
• Garage and driveway
It could help to take photos or notes while touring a home to refer to them long after you’ve left the property.
7. Choose a House and Bid
Found a place and ready to make an offer? Time to get a home loan in order. Luckily, buyers will have a good idea of what they can offer on a property based on their finances with the upfront legwork.
Your agent can help with negotiating a house price.
How to make an offer? It pays to understand comps and the temperature of the market, and then:
• Figure out the offer price
• Determine fees
• Budget for an earnest money deposit
• Craft contingencies
With an offer drawn up, it’s time to submit it to the seller and wait for the next steps.
8. Review the Process and Get Ready to Move
Buying a single-family home isn’t a done deal once an offer is submitted. Typically there will be a back and forth, perhaps over offer price or contingencies.
Once everything is agreed on, and the inspection is resolved, it’s time to tally moving expenses and pack up.
9. Head to Closing and Move Into Your New Property
The final part of buying a single-family home is closing day. During closing, the buyer and seller meet with their agents to go over paperwork, and settle any outstanding costs, and formally turn over property ownership.
Next, it’s just moving everything in and settling in. Even after closing, homeownership may feel overwhelming, but there are plenty of resources to make it easier.
Ready to Buy a Home Quiz
The Takeaway
Ready to buy a single-family home? The process before you may seem daunting, especially if it’s your first home purchase. But if you break it down to small steps and keep your budget and dream-house priorities top of mind, home sweet home may be closer than you think.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% – 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It’s online, with access to one-on-one help.
SoFi Mortgages: simple, smart, and so affordable.
FAQ
How much does it cost to buy a single-family home?
Zillow put the typical value of a single-family home at $354,000 in April 2024. New construction costs more. The median sales price of new houses sold in February 2024 was $400,500, according to the U.S. Census Bureau.
Can you buy a single-family home with no money down?
If a buyer qualifies for a mortgage backed by the Department of Veterans Affairs or Department of Agriculture, or one issued directly by those agencies, they may be able to purchase a home with no down payment.
What are the most important things to consider when buying a house?
Location (including property tax rate, quality of schools, walkability, crime rate, access to green space, and the general vibe), your ability to cover all the costs, duration of your stay, and square footage may be important.
How much should you have in savings to buy a single-family house?
You’ll need to have enough to cover a down payment, closing costs, and moving fees while ideally preserving an emergency fund.
Photo credit: iStock/jhorrocks
SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Mortgages Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
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¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Living with family members can be both a comforting and challenging experience, especially when those family members happen to be siblings. As adults, the dynamics change, and considerations extend beyond just familial bonds. When siblings decide to live together and potentially invest jointly, a unique set of opportunities and obstacles arise. Let’s delve into the pros and cons of such an arrangement.
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Pros
Shared Financial Responsibilities: Pooling resources with siblings can ease the burden of financial responsibilities. Whether it’s splitting rent, utilities, or groceries, dividing costs can lead to significant savings for all parties involved.
Greater Purchasing Power: When siblings join forces to invest, they can leverage their combined financial resources to access opportunities that might be out of reach individually. This could include purchasing a larger property, investing in stocks, or starting a business together.
Built-In Support System: Living with siblings means having a built-in support system readily available. Whether it’s help with chores, emotional support during tough times, or simply having someone to share a meal with, the presence of siblings can provide a sense of comfort and security.
Shared Goals and Values: Siblings often share similar upbringings, values, and life goals, which can facilitate smoother decision-making processes when it comes to investments and lifestyle choices. Aligning on common objectives can lead to a more cohesive living and investing experience.
Potential for Long-Term Wealth Building: By combining resources and investing strategically, siblings can work towards building long-term wealth for themselves and future generations. Real estate investments, for example, can appreciate over time, providing a valuable asset for the family.
Cons
Conflict and Tension: Living with siblings can sometimes lead to conflicts over finances, household responsibilities, or personal space. Differing lifestyles and personalities may clash, potentially causing tension within the household and complicating investment decisions.
Dependency Issues: Dependence on siblings for financial support or decision-making can hinder individual autonomy and personal growth. It’s essential to strike a balance between mutual support and independence to avoid feelings of resentment or overreliance.
Risk of Financial Disputes: Entering into joint investments with siblings carries the risk of financial disputes and disagreements. Differences in risk tolerance, investment preferences, or future plans may lead to conflicts regarding asset management and distribution of profits.
Limited Privacy: Sharing a living space with siblings means sacrificing some level of privacy. While it can foster closeness and bonding, it may also restrict personal freedom and make it challenging to carve out individual spaces within the home.
Uncertain Future Dynamics: Life is unpredictable, and circumstances can change over time. Siblings may experience shifts in career paths, relationships, or financial situations that impact their living arrangements and investment plans. Anticipating and adapting to these changes requires open communication and flexibility.
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Before browsing properties, talking with a real estate agent, or researching market trends, the first step to homeownership is to save for a down payment. But this is also one of the more challenging and time-consuming aspects of buying a home. According to the National Association of Realtors® Profile of Home Buyers and Sellers, 38% of first-time homebuyers said saving for a down payment was the most difficult step in the home buying process. This is understandable given that the majority of buyers (54%) rely on personal savings to fund their down payment. So if you’re a prospective buyer hoping to get into the market soon, how long does it actually take to save for a down payment?
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To find out how long it would take for a median-income household to save for a down payment, Zoocasa analyzed single-family median home prices in 50 cities across the US and calculated what the 15% down payment would be in each. We then analyzed the median household income in each city, according to the most recent US Census Bureau data, and calculated how many years it would take to save for the 15% down payment, assuming they are saving 10% of their annual income. According to the National Association of Realtors®, in 2023 the median percent down payment for all home buyers was 15%.
You can realize your homeownership dreams the fastest in Buffalo, where it takes 4.9 years to save for a 15% down payment of $33,000. Despite having a moderate median household income of $68,014, Buffalo’s affordable single-family home price – around $170,000 below the national median price of $393,500 – helps to push the city to the top of the list. Pittsburgh and Wichita follow, both requiring 5.2 years to save for a 15% down payment of $31,530 and $31,590 respectively.
Of the top 5 cities requiring the least amount of time to save for a down payment, those in Virginia Beach have the highest median household income at $87,544. This means Virginia Beach buyers require just 5.7 years to save for a 15% down payment of $50,250. Oklahoma City rounds out the top 5, where a 15% down payment of $37,500 and a median household income of $64,251 mean that it will take 5.8 years to save for a down payment.
For the majority of cities, however, it will take prospective buyers more than 8 years to save for a down payment. Even in relatively affordable cities like Albuquerque and Houston, where the median single-family home price is below the national median, buyers will need to save for 8.2 years and 8.6 years respectively. This is largely because, with median household incomes hovering around $60,000 in both Albuquerque and Houston, homebuyers need more time to save compared to those in higher-earning cities like Atlanta or Austin.
With that being said, higher incomes don’t always translate to shorter savings times if the home prices are also exceedingly high. For instance, in San Francisco, the median household income is $136,689 but the median home price is $1,386,500 – nearly 10x the annual income of a household. That means homebuyers in San Francisco will need to save for 15.2 years to be able to come up with a 15% down payment of $207,975. Homebuyers in Boston, Miami, and Los Angeles will require similarly long savings timelines of 15.1 years, 14.7 years, and 14.4 years respectively.
But not all big cities require a long time to save for a down payment. Thanks to its high median household income of $116,068, those in Seattle only need to save for 8.2 years for a 15% down payment of $95,058. Similarly, in Chicago, it would take a median-income buyer 7.1 years to save for a 15% down payment, and in Philadelphia, it would take just 6.5 years.
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Want to learn how to make $5,000 fast? Whether you’re in a rush to meet a financial goal this week or aiming for a steady income of $5,000 per month, there are several ways to make it happen. You’ll find different options, from short-term jobs that pay a lot at once to long-term ideas that…
Want to learn how to make $5,000 fast?
Whether you’re in a rush to meet a financial goal this week or aiming for a steady income of $5,000 per month, there are several ways to make it happen.
You’ll find different options, from short-term jobs that pay a lot at once to long-term ideas that bring in money regularly. And, sometimes, combining a few methods can help you reach $5,000 faster.
If you’re looking to make $5,000 fast, you’re not alone. Many people need a big amount of money quickly – for unexpected costs, important purchases, just to save up, or simply to make a stable amount of money regularly.
Best Ways To Make $5,000 Fast
Below is how you can make $5,000 fast.
1. Flip items for resale
If you want to learn how to make $5,000 without a job, then one way may be to flip items for resale.
Flipping items for resale means you buy things at a low price and sell them for more. This could be handmade goods, vintage items (like old games, cameras, clothing, etc.), furniture, sports equipment, appliances, and more.
Look for undervalued items at flea markets, garage sales, yard sales, and thrift stores, and then sell them for a profit. This job involves having an eye to spot valuable items that you think can be resold at a higher price.
You can resell items on eBay, Craigslist, Facebook Marketplace, and more.
I have flipped many, many items for resale over the years, and I think it’s a great way to work from home and make money on your own schedule.
Recommended reading: How Melissa Made $40,000 In One Year Flipping Items
2. Freelance online work
Making $5,000 a month from home is possible by becoming a freelancer.
Freelancers are people who run their own businesses and provide services to other businesses or clients on a contract basis. As a freelancer, you might be hired for onetime projects by businesses or you could secure long-term contract work with a company.
Online freelancing jobs include:
And more.
You can find freelance gigs through networking, reaching out to possible clients through email or phone, creating a freelance listing on Fiverr, searching for gigs on Upwork, and more.
I have personally been a freelancer for years (mainly freelance writing, and, in the past, I have also done freelance social media management), and it’s a great way to earn income while still being your own boss with a flexible schedule.
Recommended reading: 16 Best Freelance Jobs & How To Get Started
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This free 76-minute workshop answers all of the most common questions about how to become a proofreader, and even talks about the 5 signs that proofreading could be a perfect fit for you.
3. Pet sit and dog walk
Rover is a website that connects pet owners with pet sitters and dog walkers. You can work this job on weekends all year round or choose to be available only during the summer months – it’s flexible and up to you.
Getting started on Rover is simple. You create a profile highlighting your experience with pets and the services you offer, such as dog walking, pet sitting, and house sitting.
After setting up your profile, customers will send you requests, and you can discuss pricing with them. Rover handles payment processing, and you’ll receive payments directly into your account.
I have two close family members who are professional dog walkers, and they both love this side hustle.
Recommended reading: 7 Best Dog Walking Apps To Make Extra Money
4. Short-term rental your home
If you have a spare room in your home that you’re not using, you may want to try renting it out either on a short-term basis through Airbnb or Vrbo or by finding a long-term roommate to make extra cash.
I’ve rented out rooms multiple times before to roommates, and it’s a great way to earn extra income from unused space.
Recommended reading: What You Need To Know About Renting A Room In Your House
5. Deliver food
If you’re looking to make $5,000, finding a food delivery driving gig is a good option.
With companies like DoorDash, Uber Eats, and Instacart, you can start earning money by bringing people their favorite food. It’s flexible too, so you decide when you work and for how long.
Delivery services like Instacart hire personal grocery shoppers, and the average shopper earns $15 to $20 per hour delivering groceries. Drivers are paid per order, and you keep 100% of your tips. You can also pick your own schedule, which means teachers can work in the evenings or weekends, or only during the summer if they prefer.
6. Sell high-value items
If you’re looking to make a quick $5,000, selling high-value items can be a smart move. Take a look around your home; you might have things you don’t need that others are willing to buy for a good price.
You could sell an old cell phone, laptop, camera, designer clothes, your car, and more.
There are many different buyers for high-value items – from people like you and me on Facebook, to pawn shops, eBay, and more.
7. Tutor
Tutors who specialize in subjects such as math, language, science, graphic design, and more help students improve in those areas.
And, some tutors can make money rather quickly, such as one who specializes in college courses or high-level exams.
Becoming an online tutor depends on the subject you want to teach. Experience in the field is usually required, but there are opportunities for beginners as well. Tutors who teach advanced subjects like calculus or college entrance exams generally earn more than those teaching simpler topics.
Tutoring rates can range from $15 to over $100 per hour, depending on the subject and where you sell your tutoring services.
8. Stock photo photography
Stock image websites are popular platforms where photographers can sell their pictures. Customers can buy royalty-free photos for personal or business use, and these images are commonly used in websites, TV shows, books, social media, and more.
One advantage of using stock photo sites is that they can generate passive income. You can take pictures, upload them, and potentially earn money from them for months or even years. You’ll earn a commission every time someone downloads your photos.
Some well-known stock photo websites include Shutterstock, iStock by Getty Images, Adobe Stock, and Dreamstime.
In the world of stock photography, quality is important, but quantity matters too. The more pictures you have in your stock photo portfolio, the more potential you have to earn money.
Recommended reading: 18 Ways You Can Get Paid To Take Pictures
9. Sell an online course
Creating and selling an online course can be a great way to make money quickly, especially if you have knowledge or skills in a high-demand area.
If you have expertise in a certain subject, you can create and sell an online course. Platforms like Teachable and Udemy allow you to develop, host, and sell your course to students. While you may not earn $1,000 immediately, having students enroll over time can generate a substantial income.
I have an online course that I personally sell, Making Sense of Affiliate Marketing. I have also taken many online courses, such as on helping my toddler get better sleep, speech therapy for parents, business courses, blogging courses, and so much more.
There are many different subjects you can teach in an online course, including:
Painting
Music lessons
Exercise
Parenting
Languages
Photography and photo editing
Plants and gardening
Baking and cooking
Arts and crafts
10. Rent out your unused storage space
Just like Airbnb transformed the way you can earn money from your spare room, peer-to-peer storage platforms are doing the same for your unused spaces.
If you have extra space at home, consider renting it out to local people for storage. This could be a garage, driveway, closet, basement, or attic.
While making $1,000 in a single day from this may be challenging, renting out your space can provide a steady, long-term income when combined with other income sources.
You can use a website like Neighbor to list your available space for rent, potentially earning up to $15,000 per year.
11. Sell your jewelry
If you need to learn how to make $5,000 dollars in a day, then one option is to sell any expensive jewelry that you may have.
If you’ve got jewelry you no longer wear, selling it can be a quick way to earn some cash. You might have pieces like engagement rings, necklaces, or bracelets tucked away.
Recommended reading: Where To Sell Jewelry: 12 Best Places For Extra Money
12. Flip real estate
Flipping real estate means buying homes that need fixing, making improvements, and selling them for a profit. This can be a way to make $5,000 (and well over that if you are smart and careful!).
To do this type of real estate investment successfully, you may start by focusing on making cost-effective improvements, especially in areas like the kitchen and bathrooms, and address any major structural or safety issues.
Recommended reading: 23 Best Real Estate Side Hustles To Make Extra Money
14. Sell printables
If you’re looking to make $5,000 online, selling printables is an option.
Printables are digital files that customers can download and print at home, such as grocery shopping checklists, monthly budget planners, wedding invitations, wall art, and more.
I buy printables all the time, and actively search them out at least a few times a month. And, I’m not alone – many people buy printables frequently as well!
I recommend signing up for the Free Workshop: How To Earn Money Selling Printables. This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.
Do you want to make money selling printables online? This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.
15. Help businesses with their Facebook ads
Managing Facebook ads for local businesses is an online job where you can earn at least $1,000 per month per client.
Local businesses want to expand their audience through Facebook ads, but many don’t have the expertise to do it effectively. That’s where you come in. By learning this skill, you can sell your services to small businesses and help them reach more customers online.
Plus, this can be a part-time job that you do in your spare time or even a full-time job.
16. Write an ebook
Creating your own ebook can be a way to earn money online, and you likely have knowledge to share (even if you don’t realize it!) or a good story to write about.
Platforms like Amazon KDP (Kindle Direct Publishing) allow you to reach a wide audience without a traditional publisher.
Examples of genres you can write in include romance, travel, self-help, sci-fi, and more.
17. Blog
If you want to learn how to make $5,000 from home, then one of my favorite ways is to start a blog.
Now, starting a blog doesn’t instantly make you $5,000 because it takes time to set it up. However, with time and effort, some bloggers can make $5,000 a month in the future.
A blog is a website filled with articles, similar to what you’re reading now. You can start a blog on various topics like personal finance, recipes, travel, pet care, family life, and more.
You can earn money from a blog by partnering with companies for sponsorships, displaying ads, engaging in affiliate marketing (like promoting products on Amazon), and selling items such as ebooks, candles, T-shirts, and other products directly through your blog.
Blogging is my primary source of income, and I make well over $5,000 a month online. It took about six months to earn my first $100 from my blog, so getting started requires some patience. It then took me about a year to reach a monthly income of around $5,000 from blogging.
You can learn how to start a blog with my free How To Start a Blog Course (sign up by clicking here).
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Want to see how I built a $5,000,000 blog?
In this free course, I show you how to create a blog, from the technical side to earning your first income and attracting readers.
18. Affiliate marketing
Affiliate marketing is a way to earn money by promoting products or services online, and it’s one of my favorite ways to make $5,000 (or more) fast online.
Affiliate marketing is when someone buys a product through a referral link you share, and you earn a commission.
To start, you will want to find products you genuinely like and believe others will benefit from. Then, sign up for their affiliate program, which will provide you with a unique affiliate link. This link tracks the clicks and purchases made from your recommendation.
Recommended reading: Affiliate Marketing Tips For Bloggers – Free eBook
19. Sell on Amazon
Starting your own Amazon FBA (Fulfillment by Amazon) business can be a great way to make $5,000 fast.
You can sell items from household goods to clothes, games, electronics, and more.
Selling on Amazon FBA works by you sending the items you want to sell to an Amazon fulfillment warehouse. Amazon stores these items for you until they sell on their platform.
When an item sells, Amazon handles the shipping and sends it directly to the customer. This means you don’t have to worry about packing and shipping the sold items yourself.
Recommended reading: How To Sell Items On Amazon FBA
20. Start a YouTube channel
Creating content for your own YouTube channel can be a fun way to work toward making $5,000 fast.
You can create a YouTube channel about topics such as finance, home improvement, travel, toys, pets, and more. There’s a YouTube channel for almost every interest these days.
Like blogging, this isn’t a guarantee that you’ll make money, and it will definitely take time to reach $5,000. But, it can be a lot of fun, and you get to be your own boss.
21. Buy a business that already makes income
Buying a business that’s already bringing in money is a way to possibly skip the tough start-up phase and have a business that is making over $5,000.
Now, existing businesses are typically expensive – someone has done a lot of hard work building a business over years and years, after all. They can cost anywhere from a few thousand to millions or even billions of dollars.
You can start by looking at online marketplaces like BizBuySell or Flippa. They list all kinds of businesses for sale, and you’ll see lots of options from online sites (like retail stores and blogs) to local shops (like bike shops, clothing stores, toy stores, and laundromats).
An example – I was recently in a small local bike shop, and they told me that it was for sale. They earned around $20,000 a month (I’m not sure if that was before or after expenses or anything else), and their shop was for sale for around $500,000. You got all the bikes, parts, customers, etc. with the sale. The building wasn’t owned by them, they had monthly rent and other bills to pay. I’m not going to say if this was a good or bad deal – it’s just an example of a real business that is for sale that I recently came across.
22. Consulting
Consulting is when you provide expert advice to individuals or businesses facing challenges. Consultants use their knowledge to understand problems, give advice, and help clients make better decisions from an outside perspective.
Consultants work in fields like management, finance, technology, or marketing. They focus on areas like strategy, process improvement, or restructuring to help clients achieve their goals effectively.
Here’s an example of how a consulting gig works: A company is struggling with managing its products and deliveries. They bring in a consultant who knows a lot about solving these issues. First, the consultant looks at how things are currently done. Then, they suggest better ways to store and ship items. The consultant helps put these ideas into action and teaches the company’s team how to use the new methods. Even after the changes, the consultant keeps an eye on things to make sure everything works well. This helps the company save money and makes sure that customers get what they need on time.
23. Detail cars
Starting a mobile car detailing business can be a way to earn money quickly. After all, you don’t need a lot to get started, and people are always wanting a good detailer to clean their car.
You’ll want to start by getting quality cleaning supplies like car shampoo, wax, and microfiber towels. You can then set fair prices based on what others charge nearby and promote your services on social media and with local businesses.
24. Rideshare driving gigs
Driving for a ride-sharing service like Uber or Lyft can be a way to reach your $5,000 goal quickly.
Here’s how you can work toward earning $5,000 with Uber or Lyft:
Drive during peak hours when demand is high, such as weekend nights, rush hours, or during busy events in your city.
Maximize your earnings by strategically positioning yourself in high-demand areas where there are plenty of potential riders, like near popular restaurants, bars, or events.
Take advantage of Uber’s driver bonuses, which may include incentives for completing a certain number of rides or driving during specific times. For example, you might earn an extra $10 for completing three rides in a row during rush hour.
While you won’t make $5,000 in one day, driving for a ride-sharing service can be a flexible way to earn money and work toward reaching your financial goal over time.
Frequently Asked Questions
Below are answers to common questions about how to make $5,000 fast.
What are some ways to earn an extra $5,000 quickly?
If you need to make an extra $5,000 quickly, then selling expensive items that you already own is usually the fastest thing that I recommend doing. This is because you may have expensive things in your home already – like jewelry or electronics – that you can sell and get paid for within just a few days.
Can I make $5,000 in a single day and how?
Making $5,000 in a single day is hard but not impossible. It may require a combination of having high-value items to sell or landing a big client for your freelance business. It’s about making the right move at the right time with the resources you have.
How can I double $5,000 dollars?
There are many ways to double $5,000 dollars, but it will depend on how much time you have to double your money, as well as how much risk you want to take on. Some ways will be much more risky than others, such as by investing in stocks or real estate. Due to this, it’s important to research and consider your risk tolerance before investing your money.
How can I make $5,000 in a month?
Ways to make $5,000 in a month can include freelance writing, blogging, proofreading, bookkeeping, and more.
How to make $5,000 fast without a job?
If you want to make $5,000 fast but not get a job, then the fastest thing to do is typically to sell items around your home that you already have, such as jewelry or electronics. You can also combine a bunch of different side hustles, such as freelancing, selling stuff, running a business, flipping real estate, and even small things like taking online surveys (like Survey Junkie for free gift cards).
How to make $5,000 a day online?
Some ways to make $5,000 a day online may include selling courses or other digital products. Now, this will not be an easy thing to do, and it will require a lot of hard work (as well as some luck).
How To Make $5,000 Fast – Summary
I hope you enjoyed this article on how to make $5,000 fast.
As you read above, there are many different ways to make $5,000. Some are faster than others (such as selling expensive items that you already own), and others may be more of a full-time career (such as freelance proofreading).
Discover methods to achieve financial harmony in relationships and why fiduciary advisors are often considered trustworthy.
Sara’s Corner: How can couples equitably share the mental load of managing finances? Can you trust fiduciary financial advisors? Hosts Sean Pyles and Sara Rathner begin with a discussion about the division of financial responsibilities among couples to help you understand how to create financial harmony in your relationship.
Today’s Money Question: Elizabeth Ayoola joins Sean to explain how you can choose a financial professional to work with, starting with an in-depth look at different types of fiduciaries including Certified Financial Planners (CFPs), financial coaches, and financial therapists. They discuss the nuances of fiduciary compensation structures and explain how you can advocate for yourself when selecting a financial advisor to work with.
Check out this episode on your favorite podcast platform, including:
NerdWallet stories related to this episode:
Episode transcript
This transcript was generated from podcast audio by an AI tool.
Sean Pyles:
Do you know which financial advisors you can trust and which might just be looking to make a buck? Well, this episode will help you sort the good from the sketchy in the world of financial advice.
Sara Rathner:
Welcome to NerdWallet’s Smart Money Podcast, where we help you make smarter financial decisions one money question at a time. I’m Sara Rathner.
Sean Pyles:
And I’m Sean Pyles. This episode, we’re joined by our co-host Elizabeth Ayoola to answer a listener’s question about fiduciary financial advisors. Are they all they’re hyped up to be and how do they compare to other folks looking to make money from giving advice?
Sara Rathner:
I would say the answer to those questions are usually, and they’re better, but I don’t want to steal your and Elizabeth’s thunder.
Sean Pyles:
I appreciate the restraint, Sara, even though you did just say those things.
But anyway, before we get into that, we’re going to hang out for a bit in Sara’s Corner. This is a thing I just made up where we hear from Sara about something that she recently wrote. Sara’s Corner, it’s cozy here.
Sara Rathner:
I mean, I do keep a blanket on the back of my desk chair, so it is cozy here.
Sean Pyles:
Sounds nice.
Sara Rathner:
Yeah. My corner is cozy and also may be full of emotionally fraught conversations because I do really like to write about couples and money, so let’s bring on the fighting.
Sean Pyles:
Yeah, that’s a good combination, I’d say.
So Sara, you recently wrote an article about how couples can share the mental load of money management. So to start, what inspired you to write this article? Are you giving us a peek into the Rathner household?
Sara Rathner:
Maybe a little deep down, but honestly, it’s really about what my social media algorithms are serving up lately, besides baby sleep experts and a little bit of Zillow Gone Wild, which is an account I highly recommend. So fun. You never know when an indoor pool’s going to pop up.
There are quite a few people who are influencer-type personalities who discuss topics like the mental load and emotional labor within families and within households, and it got me thinking about something that causes a lot of fights about who’s handling what task, and that is, as always, money.
Sean Pyles:
So in your article, you write that “Couples can fall into unproductive patterns that can lead to conflict, resentment, and even willful ignorance.” And this goes beyond money in a lot of relationships, and I do feel like this is something that anyone who’s been in a long-term relationship can relate to. So can you give us an example of one of these unproductive patterns and how can they be damaging to a relationship?
Sara Rathner:
One source I interviewed talked about what they called a manager-follower dynamic where one person in the couple is in charge and they delegate tasks to their significant other, and that’s fine at work. At home, it could also be fine depending on the task, but sometimes it could get a little icky, and even if one person is handling 100% of a task, you are both benefiting equally from that labor.
Sean Pyles:
Yeah. That reminds me of friends I’ve talked with who have found themselves in relationships with partners who really want a parent more than an actual partner, and that can be exhausting to deal with.
Sara Rathner:
Yeah, it’s totally fine to divvy up a task and have one person kind of be like, “I’m the point person for this, so if you have any questions about it, come and ask me,” but you’re agreeing to that together. It’s not this automatic, “Well, I’m the more adulty adult here and you act like a child, so I’m going to be your parent.” That’s a really gross dynamic to have in any romantic relationship. If you are in that right now, I don’t know, reconsider.
Sean Pyles:
Yeah, it can really strip away the romance from that relationship.
Sara Rathner:
Yeah, there’s nothing romantic about constantly reminding your partner to pick up their damn socks already. Adults can put socks in hampers, I’m just saying.
Sean Pyles:
That’s very true. Well, the hard thing is that with money, this can be a really easy dynamic to slip into because one person might know more about managing money than the other, so they end up just taking on all the money tasks or they delegate specific tasks to their partner, and if only one person knows about the finances of the household, that can be a very risky situation for both parties in the relationship.
Sara Rathner:
Exactly. And again, it’s totally fine and totally normal for one of you to feel more confident dealing with money. Maybe you’ve just managed your money differently back when you were single, maybe you work in finance. That is normal, but it’s still both of your responsibility.
And the same source that told me about the manager-follower dynamic also said to me that like any task, money tasks are things that you can learn by doing. So even if you are the less confident one in your relationship when it comes to these kinds of responsibilities, you can still grow your skill set. You can learn by doing. And so as you go forward in the future, you can take on more and more tasks with confidence and not fall into that dynamic where you’re constantly relying on the other person to tell you what to do.
Sean Pyles:
Let’s turn to some solutions. You first suggest that couples approach money as equals, which sounds great. Is the idea here that no one person in the relationship should have more power over their finances than another?
Sara Rathner:
Absolutely. The dynamic where one person handles everything and the other person could not be bothered to know the passwords to any accounts is not good. That’s not a healthy dynamic. At best, it’s unfair. The division of labor is, in that case, is putting a lot of that work on only one person’s shoulders, and at worst, it could be a sign of financial abuse. Withholding your partner’s access to finances is sometimes a situation where you are dealing with abuse and that’s something to keep your eyes open about. But even if your partner is totally happy to hand off the work and know nothing of the household finances, they could end up in a really tough spot if your relationship ends, either through divorce or breaking up or even if the partner passes away.
Sean Pyles:
So it might be a good idea for couples that are living together, have a long-term relationship, and have somewhat intermingled finances to even know the logins to each other’s accounts. Is that something that you’ve explored too?
Sara Rathner:
Yeah, you could even use a password manager to do that because you can share passwords with each other very easily or you could be really lo-fi about it and just have a list stored in a secure place like a safe that you keep updated once a year. You definitely want to both be equal partners in access to the money even if you don’t necessarily divvy up those month-to-month or week-to-week tasks equally.
Sean Pyles:
Well, what about actually getting those money tasks done? How should couples determine who does what?
Sara Rathner:
Well, this is where the whole money date thing comes, and we talk about this a lot. Sit down, pour yourself the beverage of choice, a cup of tea, a glass of wine, and have a chat about what bills are due, what savings goals you have, which kid has outgrown their clothes and needs to go shopping because that’s also a financial thing, all those sorts of money-related responsibilities that you have coming up in the next week, the next month, even the next three months. And in that conversation, you can also divide up the tasks.
Sean Pyles:
And it can be helpful to have different types of meetings at different times. Maybe once a quarter you have a higher-level meeting where you think about where you want to be at the end of that quarter or at the end of the year. And then at the beginning of each month, you can think, “Okay, here are the things we need to get done this month,” and then maybe even on a weekly basis, you can think more tactically around, “Okay, we need to get a bunch of whatever thing at Costco this week and that’s going to be a bigger bite out of our grocery budget, so let’s make sure we make room for that,” just so you have different conversations at different levels as you are managing your finances together.
Sara Rathner:
Yes, and I like to think of it in terms of that timeframe. What has to be done in the next few days, what has to be done this month, and then what’s a longer-term conversation?
Sean Pyles:
Well, this reminds me a little bit about how my partner and I manage other household tasks like doing the dishes, for example. In general, in our household, whoever cooks dinner does not have to load the dishwasher, and if you load the dishwasher, you don’t have to unload the dishwasher when it’s clean. And for us, it really comes down to being about balance.
Sara Rathner:
Exactly. And by splitting up responsibilities this way, you’re also acknowledging the labor that the person who cooked is performing. You do the dishes because you respect the work it took for the other person to cook. And in my house, because we have the baby to wrangle, I do most of the cooking. While I am doing that, my husband is handling the child care because I don’t want to stop cooking to change a dirty diaper because that’s unsanitary. So in our home, it’s this acknowledgement of, “You are 100% dealing with a baby and I’m 100% dealing with the cooking, and we have to split this moment up in order for us to get dinner on the table.”
Sean Pyles:
Well, do you have any other advice for how couples, or I guess anyone co-managing a household together, can find a more harmonious way to manage their finances?
Sara Rathner:
So another thing is once you divvy up those tasks during that money date, another really important thing is owning tasks that you agree to take on from start to finish. And this is where we talk about weaponized incompetence and all those psychological phrases that get thrown around on social media when you say you’re going to do something and you don’t do it and you’re, “Eh, it’s too hard.” No, it’s not.
Sean Pyles:
Just do it.
Sara Rathner:
Right. If you show your partner that you’re going to agree to do something and then you don’t do it to an agreed upon level of completion, you’re showing them that they can’t trust you.
So in your money date, not only do you talk about the major overarching tasks that you both need to complete, but you can break them down into subtasks so it doesn’t feel quite so intimidating. So if you’re the one to step up to own a task, that means you take care of it from start to finish, and it doesn’t mean you can’t ask for help if you get stuck. You are still partners, but you are just the one spearheading everything.
Sean Pyles:
Well, Sara, thanks for sharing your insights. I like hanging out in this corner with you. It’s cozy.
Sara Rathner:
I’ll bring a second blanket for next time-
Sean Pyles:
Thank you.
Sara Rathner:
… so we could build a fort together.
Sean Pyles:
I love it. And listener, if you want to check out Sara’s article, you can find a link to it in this episode’s show notes.
And now let’s check in on this month’s Nerdy question, which was what’s the best thing you spent money on this month? Last week, we heard from a listener who spent money on a third opinion from a doctor ahead of a major surgery and was able to find a more effective and less invasive way to resolve their pain. So hooray for taking charge of your own healthcare.
Sara Rathner:
And here’s what another listener texted us. “Hello. My favorite purchase so far is a used grand piano. I paid $4,000 and $1,000 to move it to my apartment on the third floor, no elevator, but it’s the best money I spent.” Wow. “I practice more than four times a week and it’s worth every penny.”
Sean Pyles:
Ugh, I love that this listener is spending money on something that is both a creative outlet and also likely a very beautiful thing to just have in their apartment. And I’m not going to pretend like spending $5,000 is nothing, it’s a significant chunk of change, but I’m willing to bet that they will get some good use out of it and it might just end up that they put some family photos on it eventually after the novelty of having a piano wears off, but still, it’ll be nice to look at.
Sara Rathner:
Also, I’ll say that having lived in a third-floor walk-up apartment, can I just say how impressed I am that it’s possible to get a grand piano up there? Because that was not what the staircase was like in the apartment building I was living in. Maybe you could hoist it through a window?
Sean Pyles:
Yes, I think you do have to do that. You take out the window. Sometimes you have to get a permit from the city. It can easily be $1,000 or more depending on where you are.
Well, listeners, we have so loved hearing from you and all of the great things that you are doing with your money. So to share the best thing that you spent money on last month, text us or leave a voicemail on the Nerd hotline at 901-730-6373. That’s 901-730-NERD, or email us a voice memo at [email protected].
Sara Rathner:
And while you’re at it, send us your money questions too. It is quite literally our job to answer them and we love to hear what situations you’re mulling over. So please tell us and we’ll try and solve these problems together.
Sean Pyles:
Well, before we get into this episode’s money question, we have an exciting announcement. We are running another book giveaway sweepstakes ahead of our next Nerdy Book Club episode.
Sara Rathner:
Our next guest is Jake Cousineau, author of How to Adult: Personal Finance for the Real World, which offers tips to young people on how to get started with managing their money.
Sean Pyles:
To enter for a chance to win our book giveaway, send an email to [email protected] with the subject “Book Sweepstakes” during the sweepstakes period. Entries must be received by 11:59 p.m. Pacific Time on May 17th. Include the following information: your first and last name, email address, zip code, and phone number. For more information, please visit our official sweepstakes rules page.
Now let’s get into my conversation with our co-host, Elizabeth Ayoola, about whether fiduciaries are all they’re hyped up to be.
We’re back and answering your money questions to help you make smarter financial decisions. And this episode’s question comes from Ian, who wrote us an email. Here it is. “Hi, team. I hear fiduciaries being peddled like some kind of miracle cure for financial planning, but I’m curious how being a fiduciary actually works. What is the enforcement mechanism? Is there a licensing body, like for nurses or doctors? What makes a fiduciary more trustworthy than someone who is making a promise that they totally have your best interest in mind? Cheers, Ian.”
Elizabeth Ayoola:
This is a good question to ask, especially if you’re trusting someone with your money. And I really like this topic because I recently covered it in a paraplanner course I’m taking. Sean, I know you’re also in the deep waters of coursework since you’re studying to become a certified financial planner professional, which is a fiduciary role. So you’re going to answer Ian’s question so we can test your knowledge.
Sean Pyles:
That is right.
Elizabeth Ayoola:
Sean Pyles:
A fiduciary is just a fancy term for someone who has an obligation, usually a legal or professional obligation, to put their client’s interests before their own. A fiduciary can be a doctor caring for your health, a family member managing someone’s estate, or in this case, a financial professional who is managing the personal finances of their clients.
Elizabeth Ayoola:
Okay. So in summary, a fiduciary prioritizes you and not their pockets.
Sean Pyles:
That is the idea and the hope, but there’s a little more to it than that, and I really have to hand it to this listener because I appreciate their skepticism about what it means to be a fiduciary because they are touted as the gold standard among financial advisors.
I also think we need to zoom out a little bit and talk about what it means to be a financial advisor because the term “financial advisor” is not regulated. Anyone can call themselves a financial advisor, even the sketchiest, hustle-culture peddlers on TikTok.
Elizabeth Ayoola:
I actually think we could do an entire episode on that, Sean. Right now there’s so many people sharing financial advice, and I’m afraid that people might not be doing enough vetting before taking these people’s financial advice, or even realizing that all advice shared doesn’t have their best interests at heart.
Sean Pyles:
Yeah. And as a side note, I’m not a fan of imposter syndrome, but the personal finance space is one where maybe more people should feel imposter syndrome because there are just too many people online without qualifications or experience telling others what to do with their money.
Elizabeth Ayoola:
I second that. And the wrong advice could really lead to great financial chaos for people, so they should absolutely be scared of sharing inaccurate or misleading advice.
Sean Pyles:
Totally. And if I’m being completely honest with myself, part of why I’m pursuing the CFP certification is to quell my own occasional imposter syndrome because I, as a professional in the personal finance space, want to get as much information as I can and I want to be as qualified as I can be to help others, but that’s just me holding myself to a very high standard that I think maybe other people should hold themselves to as well.
Elizabeth Ayoola:
And that’s why I like you, Sean. Okay, obviously there’s other reasons I like you too, but that’s exactly why I’m doing my qualification also because I want to share accurate advice with people. And I love to answer my friends and family’s finances questions when I can, so I want to make sure I actually know what I’m talking about.
Anyway, so back to our listener’s question. Ian wants to know how being a fiduciary actually works in the financial planning space. CFPs are a fiduciary, so how does that actually work in practice, Sean?
Sean Pyles:
Yeah, that’s a good question because Ian asked about licensing to affirm that someone is a fiduciary, and in the personal finance space, that usually means getting a CFP certification, which is the gold standard of education and conduct in the financial planning space. So please indulge me as I give you a sip of the Kool-Aid that I’ve been drinking during my CFP coursework, and I’ll explain what it means to be a certified financial planner professional/fiduciary.
Elizabeth Ayoola:
Come on. Tell us, Sean.
Sean Pyles:
Okay. So part of becoming a certified financial planner involves intensive education, passing a difficult exam, but then once you are certified, you have to act according to the Code of Ethics and Standards of Conduct that are outlined by the CFP Board. And there are three parts to this fiduciary duty that is also outlined by the Standard of Conduct.
So first, there’s a duty of loyalty, which states that a CFP professional has to put their client’s interests ahead of their own, like we talked about before. They also have to avoid, disclose, and manage conflicts of interest, and they must only act in the financial interest of the client, not themselves or the firm that they work for. They also have a duty of care, which basically mandates that the CFP professional has to be competent and do their best to help their clients meet their financial goals. Also, they have a duty to follow client instructions, where a CFP professional has to abide by the terms of the engagement with their clients.
Elizabeth Ayoola:
Wow, that is a lot, but honestly, it would give me confidence as a client to know that someone jumped through all those hoops for me.
Sean Pyles:
Yeah, and that’s really just scratching the surface, too. And the Standard of Conduct is a big part of why being a CFP is a big deal in the personal finance space.
Elizabeth Ayoola:
But here’s the thing, Sean, our listener, and to be honest, me too, is also wondering about enforcement. So let’s say a CFP professional decides to prioritize them making an extra dollar over what’s best for the client, and I don’t know, let’s say they push them into an investment or some kind of insurance product that isn’t actually a good fit for the client. What happens then? Do they call the cops? What do we do?
Sean Pyles:
The police are not involved in this unfortunately, but there is an enforcement mechanism at the CFP Board. If someone suspects that a CFP isn’t living up to their fiduciary responsibilities, they can file a complaint with the board and the board will investigate, and there are a number of disciplinary actions that it could take, including stripping someone of their certification.
The thing is, the onus is typically on the clients to file the complaints, and that’s part of why hiring a financial professional, hiring a CFP doesn’t mean that you can totally sit back and ignore your money. You still have to be engaged and monitor what’s going on.
Elizabeth Ayoola:
For sure, I learned that the hard way, so I try to learn things here and there. But thanks for explaining that.
I do have another question though. How would the client even know if they aren’t financially savvy or if they have a sketchy history? Are there some telltale signs?
Sean Pyles:
Yeah, this is the really tricky part, right? You’re going to this financial professional because of their expertise, so they probably know more about this topic than you do, and that can make it hard to know if they are BSing you or maybe more likely to violate their ethical duty later on. There are a couple of things that you can do though.
Before you even hire a financial professional, do your due diligence and shop around. I would recommend talking with a few different financial advisors before you decide which one you want to work with long-term. You can think of it like dating in that way. You want to get to know them and feel that you can trust them. And then once you are in this vetting process, I would say turn to our old friend Google and dig into each planner that you’re considering a little bit, like you would anyone that you’re dating. Verify that they actually have the certification that they say they do, and look and see if they’ve had any disciplinary actions that have been marked against them publicly. Also, you can just Google around and see if they’ve done anything else that you find suspicious or weird that you just aren’t on board with.
Elizabeth Ayoola:
Wow. I love those tips, Sean. And I also must say, when you said, “Your old friend Google,” it just reminded me about how long I’ve been in a long-term relationship with Google, but the tip’s definitely way more important. So basically, you’re telling us to put our investigator hat on. So okay, what’s the other thing you think people should do?
Sean Pyles:
Okay, so this might sound a little bit squishy, but go with your gut. If you talk with someone enough, you can probably tell if they aren’t confident in their grasp of the information they’re presenting. And even if they are, you might find that they just have a different money philosophy from you, which can signal that you guys are not compatible. For example, I once worked with a financial planner who suggested that I could take a 401(k) loan to solve a short-term cashflow issue that I had. And I personally happened to think that taking a loan against my own retirement for a problem that was going to work itself out anyway was an exceptionally bad idea, so I decided to work with another financial planner instead from that point on.
Elizabeth Ayoola:
Wow, that advice does not sound good, especially if it was suggested before exploring other alternatives that may not set you back for retirement. And I do understand that some people have to take out a loan against their 401(k), and that’s the only option that they have, but the downside is it might set you back, but I’m glad you went with your gut.
Sean Pyles:
Right. It wasn’t right from my circumstances or how I like to manage my money, and that’s what the bottom line was for me.
Now, so far, Elizabeth, we’ve been talking a lot about CFPs because that really is going to be the primary type of fiduciary that a lot of people looking for financial planning will encounter, but I want to go back to the idea that there are a lot of other people out there giving personal finance advice.
Elizabeth Ayoola:
Mm-hmm. People on TikTok, your nosy friends who are always getting in your business, the people interrupting my YouTube videos with their long-winded ads.
Sean Pyles:
Yes, but also accredited financial coaches and certified financial therapists. Both of those are fiduciaries, but they have different standards of conduct and enforcement mechanisms.
Elizabeth, I know that you have some experience working with financial therapists, so can you give us the rundown on what they do and why someone might benefit from working with one?
Elizabeth Ayoola:
I do, I do have experience with that, Sean. I am a wellness fanatic, that’s just a personal note, so I love the topic of financial therapy and also financial wellness. So essentially a financial therapist can help investors understand their worries and their fears around money. They also help you identify the feelings and the beliefs that you have around your money and your habits. Another way to put it is they help you identify and eliminate your money blocks, which are things getting in the way of you achieving your financial goals.
Sean Pyles:
And financial coaches are somewhere between a CFP and a financial therapist. They help people meet their financial goals, and they might be better suited to help those who aren’t super high-net-worth, don’t have a lot of investable assets. Accredited financial coaches also have a specific focus on diversity, equity, and inclusion, which is really important in the personal finance space, considering the racial and gender financial inequity in this country.
Elizabeth Ayoola:
Absolutely. They’re doing good work and we have a lot of work to do to close the gap, but as a woman and a Black woman at that, I hope we see more progress in coming years.
Sean Pyles:
So we’ve just run through a few different types of fiduciary financial professionals, and here’s my bottom line: if you are getting individualized financial advice, it’s probably for the best if that person is also a fiduciary because you know that that is a stamp of credibility, and it goes way beyond a financial influencer on TikTok telling you to sign up for their class and then peddling some investment account from a company that’s really just bankrolling their lifestyle.
Elizabeth Ayoola:
1,000%. I know me personally, I’m at a point where I’m growing wealth and I’m trying to make the right investment choices so I can see positive growth in the coming years. On that note, I would definitely go to a fiduciary if I was stuck trying to make a tough financial decision.
Sean Pyles:
Yeah. At the least, when you are receiving financial advice from someone, whether in person, on social media, or even on a podcast, I think people should ask themselves three questions: what is this person’s qualifications, how are they getting paid, and why are they doing this?
Elizabeth Ayoola:
I definitely think more people should ask those questions. But Sean, say more about that money part because that’s a big piece of the puzzle too.
Sean Pyles:
Yeah. Well, in the financial planning space, there are three main ways that people are compensated beyond a base salary. They can be fee-only, fee-based, and commission-based.
So when you meet with a fee-only advisor, they might charge you an hourly fee or a fee based on a certain percentage of your assets that they’re managing, maybe 1 or 2%. That’s pretty common. And fee-based is really similar, but there is a key difference, and that is that this advisor might get a commission from products that they sell you, like an insurance product or a specific investment account. And commission-based is exactly that: the advisor makes their money from selling financial products. So you can probably imagine why the commission-based pay structure gives some people pause.
Elizabeth Ayoola:
For sure. And then even if the advisor is a fiduciary, being commission-based could muddy the waters a little bit.
Sean Pyles:
Yeah. And for those who are really concerned about any conflicts of interest in the financial advisor space, fee-only might be the route where they feel most comfortable.
Elizabeth Ayoola:
Well, Sean, thank you for this rundown of what it means to be a fiduciary. Your coursework is courseworking, and I can see the studying is paying off. Do you have any final words?
Sean Pyles:
Yeah. I’d say that if you want a financial professional to help you with your finances, vet them thoroughly, shop around, and remember that at the end of the day, you have to be your own best advocate to get what you want from your money.
Elizabeth Ayoola:
Absolutely. And that’s all we have for this episode. Sean, thank you for educating we the people. Remember, we are here for you and we want to hear your money questions to help you make smarter financial decisions, so turn to the Nerds and call or text us your questions at 901-730-6373. That’s 901-730-NERD. You can also email us at [email protected], and also visit nerdwallet.com/podcast for more information on this particular episode. And remember to follow, rate, and review us wherever you’re getting this podcast.
Sean Pyles:
This episode was produced by Tess Vigeland and me. Sara Brink mixed our audio. And a big thank you to NerdWallet’s editors for all their help.
And here’s our brief disclaimer. We are not financial or investment advisors. This nerdy info is provided for general educational and entertainment purposes and may not apply to your specific circumstances.
Elizabeth Ayoola:
And with that said, until next time, turn to the Nerds.