One creator is sharing what she claims is “the best hack” for home decor.
On Aug. 21, Alyssa Collins (@lyssielooloo), a 27-year-old creator in San Diego, took to TikTok to share a user-friendly method for envisioning what an item looks like in your space before buying it.
“OK, I truly hate to be braggadocious, but I feel like I have the best hack ever for home decor, if you see something online that you really like but you don’t know how it would look in your house,” Collins begins. “It’s called ‘The Power of Copy and Paste.’”
Collins says that when she first shows people how to do it, they “are seriously flabbergasted.” She then demonstrates this “power,” using an iPhone photo she took of her kitchen, after debating for a while whether she should purchase a runner for it.
What’s ‘The Power of Copy and Paste’?
“So I’ve been browsing Facebook Marketplace, and I come across this beauty. And I’m like, ‘Hmm, I have no idea if that would look good with my kitchen colors,” Collins explains, describing a “vintage Turkish runner” she found for $185. “So I just save the photo off of Facebook Marketplace, and then I press and hold on the rug, click copy. And then I bring a photo of my kitchen into the Instagram app, and I press paste.”
As she looks at the finished mock-up, Collins says, “Tell me that doesn’t look realistic. And now I know exactly what the runner would look like in my kitchen.”
Collins then uses the same method to see how a set of lilac curtains from Urban Outfitters would work.
“Copy, paste ’em. I gotta get them. They’re so cute,” she says. “But, yeah, I’ve done this for pretty much every single item in my entire house. And trust me when I say the mockups look very realistic to how they actually look.”
‘Had to watch this twice to really cement how to do it’
Based on Collins’s comment section, many users appear to be impressed with her simple-to-use hack. Other creators with a background in interior design have shared additional tips on how to ensure that the item actually fits correctly in the space.
“Bragadocious is in my vocabulary now,” @chelseymun_ wrote.
“As an interior designer….make sure you scale it correctly!!! Measure twice buy once!” @savscov cautioned.
“Had to watch this twice to really cement how to do it,” @its.indigogo wrote, to which Collins replied, “It starts to become muscle memory after a wee bit.”
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One of the most powerful financial combinations is the ability to invest and bank through the same financial institution. But J.P. Morgan isn’t just any financial institution. It’s the largest bank in the U.S., and it also offers the ability to engage in self-directed trading–commission-free. There are many brokerage firms you can invest with, but this is the only one with the power of J.P. Morgan behind it!
If you’re already a J.P. Morgan customer or client–either with a deposit account or through one of their many top-of-the-line credit cards–you should know that you can also invest through the company. J.P. Morgan Self-Directed Investing offers commission-free trades for self-directed investors, as well as a low-cost managed portfolio option. You can open an account with no money, and handle all your trading and account monitoring through the mobile app. And if you’re not already a J.P. Morgan customer or client, you may be interested in investing through the largest banking organization in the U.S., with all the advantages and benefits that provides.
What is J. P. Morgan Self-Directed Investing?
J.P. Morgan is the largest bank in the United States and the sixth-largest bank in the world, with assets of nearly $2.7 trillion. Founded all the way back in 1799, the bank currently has more than 5,000 branches operating in 36 states. J.P. Morgan is also one of the leading providers of credit cards.
But while the company is best known as a bank, it’s also one of the largest asset managers in the world. J.P. Morgan’s asset management arm has nearly $3 trillion in assets under management (AUM), while its investment and corporate banking arm has more than $25 trillion in AUM.
Given the company’s experience in managing investments for individual and business clients, as well as its massive banking footprint across the U.S., it’s only natural that J.P. Morgan would eventually roll out a retail brokerage platform for individual investors. That platform is J.P. Morgan Self-Directed Investing. Originally launched as You Invest in 2018, J.P. Morgan Self-Directed Investing is already showing plenty of promise with innovative investment options.
J. P. Morgan Self-Directed Investing Product Features
J. P. Morgan Self-Directed Investing offers two different investment programs. Self-Directed Investing (SDI) is a self-directed investment platform, while SDI portfolios offers several fully managed investment plans for those who want to turn the investing job over to the professionals.
Self-Directed Investing
This is the trading account offered by J. P. Morgan. There is no minimum initial investment required to open an account. Available accounts include individual and joint taxable brokerage accounts, and traditional and Roth IRA accounts. There, you can trade individual stocks, exchange-traded funds (ETFs), options, fixed income securities, and mutual funds.
Self-Directed Investing offers commission-free trades in thousands of securities. You can manage your portfolio online or on the go from your mobile device.
The platform also has resource pages that can help with basic investing, investing strategies, planning, and market insights.
Portfolio Builder
This tool helps create an asset allocation based on your investment goals, time horizon, and risk tolerance. This tool requires a minimum account balance of $500. It can be used to select securities within the designated portfolio allocations, and even places trades for you.
Self-Directed Investing Portfolios
If you prefer to have your investment portfolio professionally managed–or if you want to add managed portfolios to your self-directed investing–you can take advantage of SDI Portfolios.
You’ll need a minimum of $500 to open an account, and the account will be managed for a single annual percentage fee, regardless of account size (see J.P. Morgan Self-Directed Investing Pricing & Fees below).
The specific mix in your portfolio will depend on your investor profile, which may be Conservative, Moderate, Growth, or Aggressive. A Conservative portfolio will be more heavily invested in fixed income and cash investments, while Growth and Aggressive will be slanted towards stocks. The Moderate portfolio will use an equal mix of both.
After you open an account, you’ll determine your asset allocation and your portfolio is put in place–it will be rebalanced as necessary. At that point, all you’ll need to do is fund your account, and all aspects of your portfolio will be fully managed for you.
If self-directed investing isn’t for you, you can work with a J.P. Morgan advisor, or schedule a check-up to see if you’re on track to meeting your investment goals.
Self-Directed Investing Portfolios Glide Path
Your portfolio allocation doesn’t remain static. SDI Portfolios employs a Glide Path, adjusting your portfolio as you age. Your portfolio will be gradually reallocated toward a more conservative mix as you approach retirement and have less time available to recover from losses that may occur in a down market.
J. P. Morgan Self-Directed Investing Pricing & Fees
Self-Directed Investing Trade
There are no fees to open and maintain a SDI Trade account. Trading commissions are as follows:
Stocks and ETFs: You’ll have unlimited commission-free trading online with stocks and ETFs. However, if you make representative-assisted trades there is a fee of $25 per trade.
Option: Also commission-free, but there is a charge of $0.65 per contract. And similarly, there will be a $25 commission for any representative-assisted trade.
Mutual funds: Commission-free for online trades, with a $20 per transaction commission if representative-assisted.
Fixed income/bonds: There are no commissions or fees charged for trades of U.S. Treasury bills, notes and bonds, or new issues of corporate bonds, municipal bonds, government agency bonds or brokered certificates of deposit.
However, trading of secondary market corporate bonds, municipal bonds, government agency bonds and brokered CDs have the following fees:
Online – $10 per trade, plus $1 per bond over 10 bonds, up to a maximum of $250.
Representative-assisted – $30 per trade, plus $1 per bond over 10 bonds, up to a maximum of $270.
Self-Directed Investing Portfolios
SDI Portfolios come with a low percentage annual advisory fee of 0.35% of your account balance, paid monthly. There are no other fees involved in the management of your account.
J. P. Morgan Self-Directed Investing Sign-up Bonus
J.P. Morgan is currently offering a bonus of between $50 and $700 if you open an account with at least $5,000. The bonus is structured as follows:
$700 when you fund with $250,000 or more
$325 when you fund with $100,000-$249,999
$150 when you fund with $25,000-$99,999
$50 when you fund with $5,000-$24,999
(All accounts must be funded at these levels in the first 45 days and remain in the account for at least 90 days)
Disclosure: INVESTMENT AND INSURANCE PRODUCTS ARE: NOT A DEPOSIT • NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
How to Sign Up with J. P. Morgan Self-Directed Investing
To open a SDI account you must be at least 18 years old, have a valid Social Security number, and a U.S. home address. You’ll be asked to provide a valid driver’s license or state-issued ID for identity verification purposes.
You can open the account from YouInvest.com. There you can choose a Self-Directed Investing Trade or Self-Directed Investing Portfolios option, either as a taxable brokerage account or an IRA. If you choose to open a SDI Portfolios account, you’ll need to complete a questionnaire that will help determine your investment goals, time horizon, and risk tolerance.
If you are an existing Chase account holder, much of your application information will be transferred over from in-house records.
When completing the application, you’ll first be asked if you are an existing Chase customer. If you are, you can simply enter your username and password, and your application will be populated from information already on file with Chase.
If you are not an existing Chase customer, you’ll need to complete the online application. You’ll then need to manually supply the following information:
Your full name
Country or citizenship
Date of birth
Social Security number
The type of ID (driver’s license or state-issued ID), as well as the ID number, expiration date, and the issuing state
Your home address
Your email and phone number
Funding your account
You can fund your account either through an existing Chase account or from an external financial institution. If you already have a Chase account, you can transfer funds into your Self-Directed Investing Account by choosing Pay & transfer, then Transfer money.
If you are linking an external account, you can simply choose “Add new external account”, then enter the routing number and personal account number from your institution. You can set up either a one-time transfer or recurring transfers.
J. P. Morgan Self-Directed Investing Security
All investment accounts are protected against broker failure by the Securities Investor Protection Corporation (SIPC). Your account is covered for up to $500,000 in cash and securities, including up to $250,000 in cash.
J. P. Morgan Self-Directed Investing Mobile App
You can invest with SDI using the Chase Mobile App, which is available at The App Store for iOS devices, 11.0 and later. The app is compatible with iPhone, iPad, and iPod touch. Its also available at Google Play for Android devices, 6.0 and up.
You can use the mobile app to manage all your accounts with J.P. Morgan including your Self-Directed Investment accounts. That includes trading securities and funds and taking advantage of all the tools and research information available on the platform.
J. P. Morgan Customer Service
Customer service is available by phone Monday through Friday, from 8:00 am to 7:00 pm, Eastern time. However, you can place online trades anytime between 6:00 am and 2:00 am Eastern time.
FAQ
Do I need to be an existing Chase account holder to open a Self-Directed Investing account?
No. There is no requirement for you to be a current Chase account to participate in the service, nor is there a requirement for you to open a Chase bank or credit card account as a condition of your SDI account.
Can I open a Self-Directed Investing account in the name of my business?
No. SDI accounts are only available to individuals and joint personal account holders. The platform is not designed for business customers.
I like that Self-Directed Investing offers commission-free trades on stocks, options, and ETFs. But why do they charge such high fees for representative-assisted trades?
The practice of charging fees for trading with live assistance is common in the brokerage industry, even now that most brokers have eliminated commissions for online trades. Self-Directed Investing representative-assisted trade fees are consistent with those charged by other brokerage firms. A major reason brokerage firms are able to offer commission-free trades is because they don’t require assistance from broker employees. Fewer assisted trades means lower payroll costs for the brokerage firm, enabling them to charge no fees for online trades.
If I use the Portfolio Builder, what kind of investments can I hold?
The Portfolio Builder tool enables you to invest through ETFs and stocks. This includes both U.S. and international equities, as well as core fixed income and commodities. However, the tool does not allow mutual funds in the portfolio.
Open to non-Chase customers — Self-Directed Investing is available to both Chase and non-Chase customers and investors.
Commission-free trades — This applies to stocks, ETFs, and options (though like most brokers, there is a per contract fee with options).
Generous sign-up bonus — These range from $50 to $700.
Both self-directed investing or professionally managed — Ability to choose either self-directed investing through Self-Directed Investing Trade or a professionally managed option through SDI Portfolios – or you can use a combination of both.
Tools to help create and manage a portfolio — The Portfolio Builder tool helps create and manage your portfolio, even as a self-directed investor.
Investment options are a bit limited — The platform doesn’t allow you to invest in real estate investment trusts (REITs) or penny stocks (stocks that either aren’t listed on a major exchange and have a price of less than $5).
Limited customer service hours — J.P. Morgan’s customer service live support is limited to business days until 7:00 pm. This is substantially less than the 24/7 customer support available with most major competitors.
High Advisory fee — The advisory fee of 0.35% on SDI Portfolios is higher than the industry average of 0.25% for robo-advisors.
Alternatives to J. P. Morgan Self-Directed Investing
The investment brokerage field is a crowded one, and some of the alternatives you may want to consider include the following:
E*TRADE
E*Trade operates similarly to J.P. Morgan Self-Directed Investing in that it has both commission-free self-directed trading, as well as managed portfolio options. But the platform offers a more comprehensive suite of investment tools, and also a wider range of investment options. For example, you can also trade futures and FOREX.
Ally Invest
Ally Invest, with both self-directed investing and a managed portfolio option. And just as is the case with J.P. Morgan Self-Directed Investing, you can also take advantage of the banking services and high-yield savings accounts and CDs offered through Ally Bank. Much like E*TRADE, Ally Invest also offers more diverse investment options than J.P. Morgan Self-Directed Investing.
TD Ameritrade
Tied in with TD Bank, TD Ameritrade also enables you to invest where you bank. They similarly offer no commission trading on stocks, ETFs, and options. And like most brokerage firms, they also offer managed portfolio options. Once again, TD Ameritrade offers something that J.P. Morgan Self-Directed Investing doesn’t, and that’s commission-free mutual fund trades. In fact, they offer more than 4,000 no transaction fee mutual funds to choose from.
Is J.P. Morgan Self-Directed Investing for You?
J.P. Morgan Self-Directed Investment will work best for existing customers and clients of J.P. Morgan. If you already have a banking relationship and/or a credit card through the company, investing with them will be a natural choice.
If you’re not an existing J.P. Morgan customer client, or even if you are, you should be aware that this is strictly for self-directed investors. It doesn’t have quite as many investment tools and resources as other major brokerage platforms. For that reason, it’s best suited to self-directed investors who have their own investment resources and tools.
However, the platform was launched less than two years ago and is still evolving. With J.P. Morgan behind it, we can expect better things to come.
If you’re not a self-directed investor, you can still invest through Automated Investing. This is a robo-advisor, and provides all the benefits that come with low-cost, professional investment management. However, the annual advisory fee of 0.35% is higher than the industry standard fee of 0.25%. Those are the fee levels you can expect from popular competitors, like Betterment and Wealthfront.
But if you’re looking to combine investing with banking, there’s no better place to do it than with J.P. Morgan. As the largest bank in the U.S., operating in 36 states–and determined to enter the remaining 14–they offer something for everyone.
Bottom Line
J.P. Morgan Self-Directed Investing is a solid investment platform for self-directed investors who have access to a reliable source of investment tools and research. The platform may expand those tools and resources going forward, but they’re not quite there yet. In the meantime, they offer commission-free trades, as well as a managed portfolio option if you’re not quite ready for self-directed trading.
Disclosure: INVESTMENT AND INSURANCE PRODUCTS ARE: NOT A DEPOSIT • NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
Robo-advisors have barely been around for 10 years, but in the past couple of years several have been steadily expanding their investment menus, and even offering valuable add-on services. One of the leaders in this regard is Wealthfront. The robo-advisor has been growing its investment capability in every direction but is now even offering financial planning. The platform now bills itself as offering High-Interest Cash, Financial Planning & Robo-Investing for Millennials. If you’re looking for more than just investing, Wealthfront has it. And as has become their trademark, it’s all available at a low cost.
What is Wealthfront?
Based in Palo Alto, California, and founded in 2011, Wealthfront has about $25 billion in assets under management. It’s the second-largest independent robo-advisor, after Betterment. And while dozens of robo-advisors have arrived in recent years, Wealthfront stands out as one of the very best. There isn’t any one thing Wealthfront does especially well, but many. And they’re adding to their menu of services all the time.
Their primary business of course is automated online investing. You can open an account with as little as $500, and the platform will design a portfolio for you, then manage it continuously. Your money will be invested in a globally diversified portfolio of ETFs–just like most other robo-advisors. But Wealthfront takes it a step further, and also adds real estate and natural resources.
Like other robo-advisors, Wealthfront uses Modern Portfolio Theory (MPT) in the creation of portfolios. They first determine your investment goals, time horizon, and risk tolerance, then build a portfolio designed to work within those parameters. MPT emphasizes proper asset allocation to both maximize returns, and minimize losses.
But in a major departure from other robo-advisors, Wealthfront now offers the ability to customize your portfolio and get access to a variety of investment methodologies and portfolios, including Smart Beta, Risk Parity and Stock-Level Tax-Loss Harvesting. And more recently, they’ve also stepped into the financial planning arena. They now offer several financial planning packages, customized to very specific needs, including retirement planning and college planning.
If you haven’t checked out Wealthfront in the past year or so, you definitely need to give it a second look. This is a robo-advisor platform where things are happening–fast!
How Wealthfront Works
When you sign up with Wealthfront, they first have you complete a questionnaire. Your answers will determine your investment goals, time horizon, and risk tolerance. A portfolio invested in multiple asset classes will be constructed, with an exchange-traded fund (ETF) representing each.
The advantage of ETFs is that they are low-cost, and enable the platform to expose your portfolio to literally hundreds of different companies in each asset class. With your portfolio invested in multiple asset classes, it will literally contain the stocks and bonds of thousands of companies and institutions, both here in the U.S. and abroad.
Wealthfront offers tax-loss harvesting on all portfolio levels. But they’ve also added portfolio options for larger investors, that include stocks as well as ETFs. The inclusion of stocks gives Wealthfront the ability to be more precise and aggressive with tax-loss harvesting.
Each portfolio also comes with periodic rebalancing, to maintain target asset allocations, as well as automatic dividend reinvestment. As is typical with robo-advisors, all you need to do is fund your account–Wealthfront handles 100% of the investment management for you.
More recently, Wealthfront has also added external account support. The platform can now incorporate investment accounts that are not directly managed by the robo-advisor. This will provide a high-altitude view of your entire financial situation, helping you explore what’s possible and providing guidance to optimize your finances.
And much like many large investment brokers, Wealthfront now offers a portfolio line of credit. It’s available only to investors with $25,000 or more in a taxable account, but if you qualify you can borrow money against your investment account and set your own repayment terms in the process
Wealthfront Features and Benefits
Minimum initial investment: $500
Account types offered: Individual and joint taxable accounts; traditional, Roth, rollover and SEP IRAs; trusts and 529 college accounts
Account access: Available in web and mobile apps. Compatible with Android devices (5.0 and up), and available for download at Google Play. Also compatible with iOS (11.0 and later) devices at The App Store. Compatible with iPhone, iPad and iPod touch devices.
Account custodian: Account funds are held in a brokerage account in your name through Wealthfront Brokerage Corporation, which has partnered with RBC Correspondent Services for clearing functions, such as trade settlement. IRA accounts are held with Forge Trust.
Customer service: Available by phone and email, Monday through Friday, from 7:00 AM to 5:00 PM, Pacific time.
Wealthfront security: Your funds invested with Wealthfront are covered by SIPC, which insures your account against broker failure for up to $500,000 in cash and securities, including up to $250,000 in cash.
Wealthfront uses third-party providers to maintain secure, read-only links to your account. The providers specialize in tracking financial data, as well as employ robust, bank-grade security, and in general, they follow data protection best practices. In addition, Wealthfront does not store your account password.
Wealthfront Investment Methodology
For regular investment accounts, Wealthfront constructs portfolios from a combination of 10 different specific asset classes. This includes four stock funds, four bond funds, a real estate fund, and a natural resources fund.
Each portfolio will contain various allocations of each asset class, based on your investor profile as determined by your answers to the questionnaire. The one exception is municipal bonds. That allocation will appear only in taxable accounts. IRAs don’t include them since the accounts are already tax-sheltered.
Notice in the table below that most asset classes have two ETFs listed. This is part of Wealthfront’s tax-loss harvesting strategy. In each case, the two ETFs are very similar. To facilitate tax-loss harvesting, one fund position will be sold, then the second will be purchased at least 30 days later, to restore the asset class. (We’ll cover tax-loss harvesting in a bit more detail a little further down.)
The ETFs used for each asset class are as follows, as of December 29, 2018:
Specific Asset ClassGeneral Asset ClassPrimary ETFSecondary ETF
US Stocks
Stocks
Vanguard CRSP US Total Market Index (VTI)
Schwab DJ Broad US Market (SCHB)
Foreign Stocks
Stocks
Vanguard FTSE Developed All Cap ex-US Index (VEA)
Schwab FTSE Dev ex-US (SCHF)
Emerging Markets
Stocks
Vanguard FTSE Emerging Markets All Cap China A Inclusion Index (VWO)
iShares MSCI EM (IEMG)
Real Estate
Real Estate
Vanguard MSCI US REIT (VNQ)
Schwab DJ REIT (SCHH)
Natural Resources
Natural Resources
State Street S&P Energy Select Sector Index (XLE)
Vanguard MSCI Energy (VDE)
US Government Bonds
Bonds
Vanguard Barclays Aggregate Bonds (BND)
Vanguard Barclays 5-10 Gov/Credit (BIV)
TIPS
Bonds
Schwab Barclays Capital US TIPS (SCHP)
Vanguard Barclays Capital US TIPS 0-5 Years (VTIP)
Municipal Bonds (taxable accounts only)
Bonds
Vanguard S&P National Municipal (VTEB)
State Street Barclays Capital Municipal (TFI)
Dividend Stocks
Bonds
Vanguard Dividend Achievers Select (VIG)
Schwab Dow Jones US Dividend 100 (SCHD)
Wealthfront’s historical returns are as follows (through 1/31/2019). But keep in mind these numbers are general. Since the portfolios designed for each investor are unique, your returns will vary.
Specialized Wealthfront Portfolios
As mentioned in the introduction, Wealthfront has rolled out several different investment options, in addition to its regular robo-advisor portfolios. Each represents a specific, and generally more specialized investment strategy, and is typically available to those with larger investment accounts.
Smart Beta: You’ll need at least $500,000 to be eligible for this portfolio. Smart beta departs from traditional index-based investing, which relies on market capitalization. For example, since Apple is one of the most highly capitalized S&P 500 stocks, it has a disproportionate weight in strict S&P 500 index funds. In a smart beta portfolio, the position in Apple will be reduced based on other factors.
In general, under smart beta, the weighing of stocks in the fund uses a variety of factors that are less dependent on market capitalization. There’s some evidence this investment methodology produces higher returns. This portfolio is available at no additional fee.
Wealthfront Risk Parity Fund: This is actually a mutual fund–the first offered by Wealthfront. It involves the use of leverage with some positions within the portfolio. It attempts to achieve higher long-term returns by equalizing the risk contributions of each asset class. It’s based on the Bridgewater Hedge Fund, and requires a minimum of $100,000, with an additional annual fee of 0.25% (0.50% total). This is the only Wealthfront portfolio that charges a fee over and above the regular advisory fee.
Socially responsible investing (SRI): Wealthfront just recently began to offer a specific SRI portfolio option. Once you sign up, you’ll be able to customize your portfolio and add socially responsible ETFs.
Sector-specific ETFs: If you want to invest in a particular portion of the market, such as technology or healthcare, Wealthfront gives you the option to build a portfolio that focuses on certain industries to portions of the stock market.
Customized Wealthfront Portfolios:
Wealthfront also lets investors build their own portfolios, which is somewhat uncommon among robo-advisors.
Most robo-advisors will build your portfolio automatically based on your risk tolerance and goals. If you like that service, Wealthfront can do it. However, more hands-on investors are free to make tweaks to the automatically designed portfolio by adding or removing ETFs.
You can also build a portfolio entirely from scratch if you’d rather. You can choose which ETFs to invest in and how much you want to invest in them. You can then let Wealthfront handle things like rebalancing and tax-loss harvesting while maintaining the portfolio you desire.
Wealthfront Tax-loss Harvesting
If there’s one investment category where Wealthfront stands above other robo-advisors, it’s tax-loss harvesting. Not only do they offer it on all regular taxable accounts (but not IRAs, since they’re already tax-sheltered), but they also offer specialized portfolios that take it to an even higher degree.
Wealthfront starts with a tax location strategy. That involves holding interest and dividend-earning asset classes in IRA accounts, where the predictable returns will be sheltered from income tax. Capital appreciation assets, like stocks, are held in taxable accounts, where they can get the benefit of lower long-term capital gains tax rates.
But for larger portfolios, Wealthfront offers Stock-level Tax-Loss Harvesting. Three specialized portfolios are available, using a mix of both ETFs and individual stocks. The purpose of the stocks is to provide more specific tax-loss harvesting opportunities. For example, it may be more advantageous to sell a handful of stocks to generate tax losses, than to close out an entire ETF.
Given that Wealthfront puts such heavy emphasis on tax-loss harvesting, it’s not surprising they’ve published one of the most respected white papers on the subject on the internet. If you want to know more about this topic, it’s well worth a read. The paper concludes that tax-loss harvesting can significantly increase the return on investment of a typical portfolio.
US Direct Indexing
US Direct Indexing is an enhanced level of tax-loss harvesting that Wealthfront offers to people with account balances exceeding $100,000.
Instead of building a portfolio of ETFs, Wealthfront will use your money to directly purchase shares in 100, 500, or 1,000 US companies. By buying shares in so many companies, Wealthfront can emulate an index fund in your portfolio while owning individual shares in the businesses.
Owning individual shares in hundreds of companies makes tax-loss harvesting easier as it lets Wealthfront’s algorithm trade based on movements in individual stocks rather than in funds. This can increase the number of tax losses that Wealthfront harvests each year, reducing your income tax bill.
Other Wealthfront Features
Wealthfront Cash Account
Wealthfront offers acash account where you can safely and securely store your money for anything–emergencies, a down payment for a home, or to later invest. By working with what they call Program Banks, Wealthfront has quadrupled the normal FDIC insurance on this account, so you’re protected for up to $5 million.
There’s also no market risk since it’s not an investment account and the money isn’t being invested anywhere. You can make as many transfers in and out of the account as you’d like, and it only takes $1 to start.
So what’s the catch?
There really isn’t one. Wealthfront will skim a little off the top to make some money before giving you an industry-leading 4.30% APY, but other than that, you’re just giving them more financial data. Since we’re doing this all the time with technology anyway, it shouldn’t make that big of a difference.
I see no downside, especially if you’re already a client of Wealthfront.
They’re really making a play to be your all-in-one financial services provider, too.
A new feature, just launched, is the ability to use your cash account as a checking account. This includes the ability to access your paycheck up to two days early when you set up a direct deposit. Additionally, you can invest in the market within minutes using your Wealthfront Cash account. Put the two together and you give yourself the ability to invest more than 100 days more in the market. The account also allows you to auto-pay bills and use apps like Venmo and PayPal to send money to friends or family. Account-holders also get a debit card to make purchases and get cash from ATMs. And you can use the account to organize your cash into savings buckets – like an emergency fund, down payment on a house, or other large purchase – and use Wealthfront’s Self-Driving Money offering to automate your savings into those buckets.
If you have cash that’s getting rusty in a traditional bank account and you want to earn more, the Wealthfront Cash Accountis a great place to keep it.
Read more about the cash account in our Wealthfront Cash Account full review.
Wealthfront Portfolio Line of Credit
This feature is available if you have at least $25,000 in your Wealthfront account. It allows you to borrow up to 30% of your account value, and currently charges interest rates between 3.15% and 4.40% APR depending on account size. You can make repayments on your own timetable, since you’re essentially borrowing from yourself. And since the credit line is secured by your account, you don’t need to credit qualify to access it.
Wealthfront Free Financial Planning
This is Wealthfront’s entry into financial planning. But like everything else with Wealthfront, this is an automated service. There are no in-person meetings or phone calls with a certified financial planner. Instead, technology is used to help you explore your financial goals, and to provide guidance to help you reach them. And since the service is technology-based, there is no fee for using it.
The service can be used to help you plan for homeownership, college, early retirement, or even to help you plan to take some time off to travel, like an entire year!
Simply choose your financial objective, enter your financial information, and Wealthfront will direct you on how to plan and prepare.
Self-Driving Money
One of the biggest and largely unrecognized obstacles for most investors is something known as cash drag. That’s when you have too much of your portfolio sitting in cash, which may earn interest, but it doesn’t provide the investment returns you can get in a diversified investment portfolio.
Wealthfront has addressed the cash drag dilemma with their newly released Self-Driving Money features. It’s a free service offered by the robo-advisor that essentially automates your savings strategy. It does this by automatically moving excess cash to help meet your goals, including into investment accounts where it will earn higher returns. And in the process, it eliminates the need to make manual cash transfers, and the judgment needed to decide exactly when to make that happen.
Our vision of Self-Driving Money is going to be a complete game-changer for people’s finances, said Chris Hutchins, Head of Financial Automation at Wealthfront. We want to completely remove the burden of managing your money so you can focus on your career, your family or whatever is most important to you.
You can take advantage of Self-Driving Money from the Wealthfront Cash Account. You’ll set a maximum balance for the connected account, which should be an amount that’s more than you expect to spend or withdraw on a monthly basis.
How It Works
When Wealthfront determines you’re over your maximum balance by at least $100 it will schedule an automatic transfer of the excess cash based on your goals. For example, you can tell Wealthfront you want to save $10,000 in an emergency fund, then max out your Roth IRA, then put the rest toward saving for a down payment on a house. Once you set the strategy, Wealthfront will automate the rest.
And before it happens, you’ll receive an email alert, then always have 24 hours to cancel the transfer if you need to cover unexpected expenses. You’ll also be able to turn on and off your Self-Driving Money plan at any time.
It’s usually possible to set up automated transfers from external accounts into most investment accounts. But what sets Wealthfront apart is the fact that it will make those transfers automatically. They will make sure you always have enough cash to pay your bills, then automatically transfer any excess into your savings buckets or investment accounts to improve the return on your money.
The strategy is designed to optimize your money across spending, savings, and investments, and to make it all flow with no effort on your part. You can simply have your paycheck direct deposited into your external checking account or Wealthfront Cash Account, cover your expected monthly spending, then have excess funds automatically transferred into the Wealthfront account of your choice.
By delivering on its Self-Driving Money vision, Wealthfront is taking the robo-advisor concept to a whole new level. Not only do you not need to concern yourself with managing your investments, but now even funding those investments will happen automatically. The result will be near complete freedom from the financial stresses that plague so many individuals.
Wealthfront Fees
Wealthfront has a single fee structure of just 0.25% per year for their advisory fee. That means you can have a $100,000 portfolio managed for just $250, or only a little bit more than $20 per month.
The one exception is the Wealthfront Risk Parity Fund, which has a total fee of 0.50% per year.
How to Sign Up with Wealthfront
To open an account with Wealthfront, you’ll need to be at least 18 years old, and a U.S. citizen.
You’ll need to provide the following information:
Your name
Address
Email address
Social Security number
Date of birth
Citizenship/residency status
Employment status
As is the case with all investment accounts, you’ll also be required to supply documentation verifying your identity. This is usually accomplished by supplying a driver’s license or other state-issued identification.
As mentioned earlier, you complete a questionnaire that will be used to determine your investment goals, time horizon, and risk tolerance. Your portfolio will be based on your answers to that questionnaire, and will be presented to you upon completion of the questionnaire.
For funding, you can use ACH transfers from a linked bank account. You will also have the option to schedule recurring deposits, on a weekly, biweekly, or monthly basis. The platform can even enable you to set up dollar-cost averaging deposits.
If you already have a brokerage account with another company, Wealthfront makes it easy to transfer your funds to your new account. If you’re invested in ETFs that Wealthfront supports, Wealthfront will assist with an in-kind transfer.
That means that you won’t have to sell your shares before transferring funds, which lets you avoid capital gains taxes that would be triggered by a sale.
Wealthfront Alternatives
Wealthfront’s closest competitor, and the robo-advisor that offers the most comparable services, is Betterment. They also have an annual advisory fee of 0.25%, but require no minimum initial investment. That could make it the perfect robo-advisor for someone with no money, who plans to fund their account with monthly deposits. Read the full Betterment review here.
Related: Wealthfront vs. Betterment
Another alternative is M1. Also a robo-advisor, M1 enables you to invest your money in what they call “pies”. These are miniature investment portfolios comprised of both stocks and ETFs. You can invest in existing pies, or create and populate pies of your own design. Once you invest in one or more pies, the platform will automatically manage it going forward. What’s more, M1 is free to use. Read more about M1 here.
Related: Wealthfront vs. Vanguard
Read More: The Best Robo Advisors – Find out which one matches your investment needs.
Wealthfront Pros and Cons
Investment options: Wealthfront offers more investment options than just about any other robo-advisor, particularly for investors with at least $100,000.
Reasonably priced: The annual fee of 0.25% is extremely reasonable, especially when you consider the degree of sophistication offered by Wealthfront’s investment methodology.
Tax-loss harvesting: This is available on all accounts, and Wealthfront is probably better at this investment strategy than any other robo-advisor.
Portfolio credit line: Gives you the ability to borrow against your portfolio with ease, and represents a form of margin investing.
Financial planning feature: The financial planning service is free to use and is available to all investors.
Limited access for smaller investors: Some of the more advanced investment portfolios and services are available only to investors with $100,000 or more to invest.
$500 minimum initial investment: It’s a minor issue, though some competitors require no funds to open an account.
FAQs
[faqs-content id=”MXKBSNXLNBBI5PDCYD4XJTU4PM” /]
Should You Sign Up for Wealthfront?
In a word, absolutely! Wealthfront is one of the very top robo-advisors, and you can’t go wrong with this one. Not only do they offer far more services than most other robo-advisors, but they also allow you to grow along the way. For example, as your account increases in value, you can take advantage of more sophisticated investment strategies, including advanced tax-loss harvesting.
That Wealthfront offers its portfolio line of credit and free financial planning services only makes the platform a bit more attractive, But the real benefit is the actual investment service. Wealthfront’s investment service comes extremely close to that of traditional human investment advisors, but at only a fraction of the annual cost.
Want to learn how to get free Apple gift cards? Here are 13 ways.
Want to learn how to get free Apple gift cards?
Who wouldn’t want to receive Apple gift cards for free? After all, you can use an Apple gift card for buying a laptop, iPhone, iPad, Apple Watch, iCloud, and more. In this article, I’ll share several methods to help you earn Apple gift cards all from home.
Many websites allow you to earn free Apple gift cards by completing simple tasks, scanning your grocery receipt, or participating in market research. These platforms don’t only provide Apple gift cards; some also offer other free gift cards like Visa or Amazon.
Now, before you think this isn’t possible. I have personally earned over 100 free gift cards over the years and it’s always nice to use a free gift card to pay for something that I want.
Related content:
How to Earn Free Apple Gift Cards
Today, I will be talking about the different ways you can earn free Apple gift cards. By spending your time on these sites and apps, you can earn rewards and points that can be traded for gift cards.
Here’s a quick list before we begin:
1. Swagbucks
Swagbucks is a popular rewards platform where you can earn points (called Swagbucks or SBs) by completing tasks like taking surveys, watching videos, or playing games. The earned points can be redeemed for various gift cards, including Apple Store gift cards (and even Google Play gift cards).
I have been using Swagbucks for years, and I have earned over 105 gift cards for free so far. It is easy to earn points and the site is very easy to use.
How Swagbucks works:
Click here to sign up for free for Swagbucks (and receive a $10 bonus).
Start collecting points by answering surveys, using their search engine, playing games, using coupons, and more.
After you’ve collected enough points, you can redeem them for Apple gift cards. (as well as many other options).
2. Fetch Rewards
Fetch Rewards is an app that allows you to earn points by scanning receipts from grocery stores. The points earned can be redeemed for Apple gift cards and other rewards.
I use Fetch Rewards every single time I go to the grocery store. It takes less than a minute to use and earn points, so it’s a no-brainer. My routine involves visiting the grocery store and shopping as usual. No need to open the Fetch Rewards app beforehand. After shopping, I check out, and upon getting home, I open the app on my phone and take a photo of my receipt. Fetch Rewards swiftly scans and credits my account with points – a quick and easy process!
Here is how Fetch Rewards works:
Purchase items in your usual manner, whether online or in physical stores.
Capture an image of your receipt using your phone when you’ve finished shopping.
Accumulate points through Fetch Rewards.
You can sign up for Fetch Rewards by clicking here.
3. Honey
Honey is a browser extension that automatically applies coupon codes when you shop online.
Honey is a little secret weapon for online shopping. Imagine shopping like you usually do, and right at checkout, Honey swoops in to find and apply the best coupon codes for you.
Later on, you can turn those points into free Apple gift cards. And guess what? It’s super simple – just two clicks! Oh, and the best part? It won’t cost you a dime – it’s totally free!
You can learn more about Honey here.
4. American Consumer Opinion
American Consumer Opinion is a market research company that rewards users for sharing their opinions through online surveys. Once your earnings reach a certain threshold, you can redeem them for gift cards or cash.
Signing up won’t cost you a thing, and you can earn $1 to $5 (the longer surveys pay more!). They’ve given out a whopping $35 million+ to survey takers, with 20 million surveys posted. And guess what? They’ve got a massive community of 7 million+ members!
Click here to sign up for American Consumer Opinion.
5. Survey Junkie
Survey Junkie is a dedicated survey platform where you can earn points by taking part in daily surveys. These points can be exchanged for Apple gift card codes or other rewards like PayPal money or prepaid Visa debit cards.
Answering three surveys daily on Survey Junkie will earn you around $40 a month.
Companies pay for opinions and online surveys because they are trying to figure out what they can do to improve their products and company. Sometimes, they even use feedback to create whole new products to fill a need. Paid online surveys are extremely helpful for a company, as you can see.
You can sign up for Survey Junkie by clicking here.
6. Branded Surveys
Branded Surveys is another survey platform where you can earn points by answering questions, which can later be redeemed for free gift cards. The surveys typically take 5-15 minutes to complete, and your feedback helps improve a company and/or their product.
They’re all about online surveys that pay you, ranging from $0.50 to $5.00 per survey. And here’s the kicker: joining up is absolutely free, just like I always suggest.
Now, here’s the cool part – Branded Surveys has showered their members with over $39 million in rewards. Impressive, right? And the cherry on top? They’ve got a treasure trove of 100+ free gift card options, such as free Apple gift cards.
You can sign up for Branded Surveys by clicking here.
7. Prize Rebel
Prize Rebel is a platform that offers a wide array of tasks to complete for rewards points. These tasks include surveys, watching videos, and even signing up for offers. Once you accumulate enough points, you can redeem them for Apple gift cards or other rewards.
What makes Prize Rebel shine? It’s a global party! Whether you’re in the U.S. or beyond, they’ve got room for you. No more location troubles! You can use Prize Rebel from almost any country in the world. However, surveys are not available to every country, but there are still other ways to earn points on this website such as by completing offer walls and referring new members.
And the cherry on top? They’ve shared over $29 million in cash and free gift card rewards since 2007. Time to snag those rewards, my friend!
You can sign up for Prize Rebel by clicking here.
8. User Interviews
Listen up, because User Interviews is a standout in this lineup! It’s not your usual online survey spot – it’s a market research game changer. They pay much higher than the average survey site.
User Interviews is a platform that connects researchers with participants to conduct studies. By participating in these studies (usually in the form of interviews), you can earn cash, which can be used to buy Apple gift cards or other items.
You can earn $50 to $100 per hour or even more by sharing your insights on User Interviews on a variety of topics. Average payout? A sweet $65. These discussions happen over the phone or via video calls, with interviewers asking the questions. And guess what? They kickstart 2,000+ studies monthly, and they’ve rewarded over 87,000 folks in just the past year.
Click here to sign up for User Interviews.
9. Upside
Upside is a cash back rewards platform specifically for gas purchases. By using the app to find and purchase gas, you can earn cash back that can be redeemed for gift cards, such as for free iTunes gift cards.
This nifty phone app puts cash in your pocket whenever you hit up specific gas stations listed in their app. Now, not every single gas station will show up in the app, so you do need to do a little more work to get points (such as by going to a different gas station than normal).
Here’s how it works: Open the app to find nearby gas stations. Now, the fun part: you could score up to $0.25 per gallon cash back on gas! And the rewards don’t stop there. You can turn those earnings into cold hard cash in your bank or score awesome free gift cards.
You can sign up for Upside here.
10. InboxDollars
InboxDollars is another well-known platform that pays users for completing surveys, watching videos, reading emails, and even shopping online. You can cash out your earnings in the form of Apple gift cards or other popular options.
Most of their surveys pay around $0.50 to $5.00 and take 3 to 25 minutes to answer. The longer the survey, generally the more money it pays.
By signing up for InboxDollars via this link, you can get a free $5 sign-up bonus.
11. Ibotta App
Ibotta is a cash back app that gives you money when you shop, such as at a grocery store. By using the app and uploading your receipts after you’re done shopping, you can earn cash back on your purchases, which can be redeemed for Apple gift cards. I use Ibotta all the time and it is a great app!
Here’s how Ibotta works:
Step one: Get the app.
Step two: Browse available offers at the store you are planning to shop at.
Step three: Scan your receipt after you’re done shopping.
Ibotta is similar to Fetch Rewards, but there is a little more work involved. To get points on Ibotta, you will have to go to the app before you go to the grocery store and select the deals that you plan on buying. But, you are usually able to earn more points on Ibotta. The great thing about the two is that you can use the same receipts on both apps – so you can earn as many points as possible.
12. MyPoints
MyPoints is another rewards platform similar to Swagbucks, where you can earn points for shopping, playing games, and taking surveys. The points can be redeemed for Apple gift cards, Walmart gift cards, and more.
MyPoints has been featured in The New York Times, ABC News, Yahoo, and more.
They have given out more than $236 million in gift cards and PayPal cash since 1996.
Sign up for MyPoints here.
13. Referral Programs
By participating in various referral programs, usually by referring friends to a specific site or product, you can earn rewards points or cash that can be exchanged for Apple gift cards.
If you’re a fan of a website, service, or product, it’s worth checking if they have a referral program. You might score some awesome rewards while spreading the love!
How to Redeem Apple Gift Card Codes
So, you’ve redeemed your points and received an Apple gift card code. What’s next?
Apple Gift Cards can be used at the Apple Store, the Apple Store app, Apple.com, the App Store, iTunes, Apple Music, Apple TV, and Apple Books. So, you have a lot of options as you can see!
If it’s a physical gift card that you were given, then you will need to find the 16-digit code on the back of your Apple gift card or iTunes gift card. If your code is via email, you will have to simply just grab the code from the email that you receive. This code is important for redeeming the value of your gift card. Then, you will go to the App Store or the Apple website to redeem your gift card.
Also, quick note: you don’t need to have a current Apple account to use a free gift card. You can use your free gift card in-person at an Apple store (such as one at a mall near you).
But, if you want to redeem your free Apple gift card code via the online App Store, you will simply use your Apple device, such as a Mac, iPad, or iPhone and follow these instructions:
How to redeem a free Apple e-gift card on a Mac:
Open the App Store on your computer.
Click your name or the sign-in button.
Click Redeem Gift Card and follow the instructions.
If you have trouble redeeming the card with the camera, you can also enter your gift card code manually.
How to redeem a free Apple e-gift card on an iPad or iPhone:
Open the App Store on your device.
Click on your profile picture.
Scroll down to Redeem Gift Card or Code and follow the instructions.
After you successfully redeem your gift card, the balance will automatically be added to your Apple ID account. You can now use this credit to purchase Apple products like Macs, iPads, AirPods, and accessories. This area will also show you your Apple account balance so that you know how much you have left.
Frequently Asked Questions About Free Apple Gift Cards
Here are answers to common questions about how to get an Apple gift card for free.
How can I get a free Apple gift card?
You can get a free Apple gift card by signing up on the websites above. These websites will pay you to complete a variety of tasks like answering paid surveys, watching videos and movies, or shopping online through their site. In return, they give you points that can be redeemed for Apple gift cards.
How can I get a $15 iTunes gift card code for free?
To get a $15 iTunes gift card for free, you can participate in tasks or activities on the many different sites above. These websites above give you rewards for shopping online, answering surveys, scanning your grocery receipts, and more. By earning points, you can redeem free Apple card codes for the amount you want, such as $15. Most websites will have a minimum that you can redeem as well.
What are some ways to earn free Apple gift cards online?
Some ways to earn free Apple gift cards online include participating in surveys, watching videos, shopping, or using cashback websites. Sites like Swagbucks, MyPoints, InboxDollars, and Rakuten can help you get free gift cards by earning points which you can redeem for Apple gift cards later.
Are there any apps that help in getting free iTunes gift card codes?
Yes, several apps help you to get free iTunes gift card codes. Swagbucks and Fetch Rewards are examples of apps that reward you with points for completing all different kinds of tasks. You can redeem your points for free iTunes gift card codes.
Where can I find free Apple gift card codes without taking surveys?
Okay, I get it – there are a lot of survey companies on this list! Finding free Apple gift card codes without signing up for a survey site can be a bit challenging, as most websites offering gift cards usually require participation in surveys, focus groups, or product testing. However, you can try using an app like Fetch Rewards, which gives you points for scanning your grocery receipts.
Do giveaways or contests offer a chance to win Apple gift cards?
Yes, you can win free Apple gift cards by entering giveaways and contests. These types of giveaways can be found on social media or websites, and participation often involves simple things that you need to do like following an account, sharing posts, or leaving a comment. You can start by simply searching #giveaway on social media. There are also giveaway websites that you can search for on Google that lists giveaways from around the web.
Are there any websites with free iTunes gift card email delivery?
When you earn a free iTunes gift card through many of the websites above, they typically give you the gift card code via email. Once you have enough points to redeem a gift card, the website will send you the gift card code through email, which you can use to add credit to your Apple account. Using your e-gift cards is very easy and quick! I have done it over 100 times.
How To Get Free Apple Gift Cards – Summary
I hope you enjoyed this article on how to get Apple gift cards for free. As you can see, there are many great options! Many of the sites above will give you several different gift card options other than Apple as well, such as free Visa gift cards, Amazon gift cards, and more.
Here’s a list of the different ways you can earn free Apple gift card codes:
Have you ever earned free Apple gift cards? Did you know that this was possible?
Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions. In this episode:
Learn why a broken appliance doesn’t have to drain your savings, and how to fight financial fears to enjoy your money.
This Week in Your Money: Should you repair your appliance instead of replacing it? Hosts Sean Pyles and Liz Weston delve into the latest data from Consumer Reports and share handy tips that could end up saving you money and reducing electronic waste. They also discuss the “right to repair” movement and what it could mean for appliance owners in the future.
Today’s Money Question: Sean talks with Jenna, a 29-year-old listener in St. Louis, about how to overcome her financial fears and start enjoying her money more. They discuss how her upbringing may have led to her feeling the need to exert more control over her spending than she needs to at this stage in her life, and they share ideas for how to let go of some of that control in order to enjoy life more fully. They also delve into different methods of budgeting for hobbies, “lifestyle creep,” and saving for long-term goals like a down payment on a house.
Check out this episode on your favorite podcast platform, including:
NerdWallet stories related to this episode:
Episode transcript
Liz Weston: Sean, what would you guess makes up the majority of e-waste?
Sean Pyles: Electronic waste, you mean? I’m guessing computers, iPhones.
Liz Weston: Not a bad guess, but those actually make up less than 10% of electronic waste. The majority comes from appliances, and most appliances end up rotting in landfills where they release various poisons into our environment and contribute to climate change.
Sean Pyles: Oh, well, that’s depressing.
Liz Weston: This episode we’re going to give our listeners tips to extend the lives of their appliances to keep that from happening.
Sean Pyles: Welcome to NerdWallet’s Smart Money podcast, where you send us your money questions and we answer them with the help of our genius Nerds. I’m Sean Pyles.
Liz Weston: And I’m Liz Weston.
Sean Pyles: Listener, you’ve got money questions, and we’ve got a boatload of genius Nerds to answer them. So send us your money questions.
Liz Weston: You can leave us a voicemail or text us on the Nerd hotline at 901-730-6373, that’s 901-730-NERD. You can also email us at [email protected].
Sean Pyles: This episode, I chat with a listener about how they can overcome their financial fears and start enjoying their money more. But first, Liz and I are talking about how you can save money and cut down on electronic waste by being good stewards of the machines that come into your life. So, Liz, you just wrote a column about how to decide whether to repair or replace an appliance, and apparently Consumer Reports has changed their advice on this matter. What’s the latest?
Liz Weston: OK. Well, the old-school advice was to think about replacing an appliance if the repair cost would be 50% of a new unit. But then Consumer Reports took a closer look at all the data they collect from members, and those members bought over 500,000 appliances between 2012 and 2022. Once they crunched the numbers, they came up with interactive tools that you can use that take into account the cost of the appliance, how long you’ve owned it, its remaining useful life and the cost of the repair.
Sean Pyles: That’s pretty cool. So before you and I got on this recording, we were talking about how you have a 17-year-old refrigerator and that let you put this tool to the test. Do you want to tell us about that?
Liz Weston: Well, yeah. It was 17 years old when it started making this funny noise and I thought, oh, yay. I get to replace it. I get to have a nice French door version. It’s going to look great. But I called in a repairman just to try to be semi-responsible, and he wound up replacing the compressor, repairing it for less than $200. That was eight years ago, so now that refrigerator is 25 years old and it’s still plugging along.
Sean Pyles: Wow. OK. So you used this tool. Did it approve of your decision to repair this very old fridge?
Liz Weston: It did not, but sometimes I think stuff is worth repairing, even if it doesn’t make strict financial sense, just to keep things out of a landfill.
Sean Pyles: Totally.
Liz Weston: As we mentioned at the top, big appliances like dishwashers and refrigerators and smaller appliances like coffee makers and blenders make up a big chunk of e-waste. And in fact, the number of small appliances that we Americans toss in the trash quadrupled between 1990 and 2018, according to the Environmental Protection Agency. Less than 6% is recycled.
Sean Pyles: Yikes. This makes me think about how, like many financial decisions, there’s so much more than the dollars and cents to consider when you’re trying to figure out what to do with an appliance. I’m a big advocate of repairing your belongings if you can, even things like clothes and shoes. There’s also a right to repair movement that’s trying to encourage manufacturers to make it easier for us to fix our own products.
Liz Weston: Yes. I just had this whole saga trying to get a vacuum cleaner repaired that convinced me first, I’m never going to buy this brand again because they make their units incredibly hard to fix. And second, I should always talk to a repair person about what brand to buy next because the repair folks at the vacuum shop know what’s well-made and what’s not and which products the manufacturers make impossible to repair. So asking them what they recommend and what they have in their own homes really will help guide me for my next purchase. And by the way, some repair shops will take your old appliances and rehabilitate them for sale or at least use the parts to fix other units. So that’s another option when you’re replacing an old appliance.
Sean Pyles: Oh, good to know. OK, so I want to talk about another type of machine — one that just about every person has, whether they’re a homeowner or not — an electronic that many of us, myself included, seem helplessly addicted to, and I’m of course talking about our phones and tablets and computers for that matter. For so many years, many of us have been duped into the annual or biannual upgrade of these devices, and this is wild to me considering the price tag. Like if you replaced your washing machine every year because a new model came out that had shinier buttons or something, people would look at you like you had a screw loose. And yes, that is an appliance pun.
Liz Weston: Good one. OK. Well, Sean, what do you suggest people do?
Sean Pyles: Well, my motto for my phone at least is if it ain’t broke, don’t replace it. And if it is broke, try to fix it first. Here’s how I approach that in practice. First I get AppleCare for my phone, because I am an Apple fanboy unfortunately, and that lasts two years. Something usually happens to my phone around the two-year mark, so I do try to get it replaced with a new one before my AppleCare is up. I did that last year and I was able to get a new phone for no additional charge beyond what I had already paid for my AppleCare.
Liz Weston: Oh, nice.
Sean Pyles: Yeah, it worked out pretty well for me. But now that I’m living in the wild and dangerous world of not having a warranty, I have a solid case on my phone and I may be less reckless with my phone than I was when I had a warranty, which means I’m no longer texting in the shower.
Liz Weston: OK. But what about when something does go wrong with your phone, are you going to try to swap it out or try to repair it?
Sean Pyles: It depends on the issue. If it’s something like a battery going kaput, I can get that replaced for under $100 by Apple, and that is a heck of a lot less expensive than a new phone. But if something more catastrophic happens, like it falls out of my pocket and is run over by a bus, I will probably replace it.
Liz Weston: Just as an aside here, so it used to be you couldn’t replace the battery, so you can now?
Sean Pyles: You can have your phone serviced by Apple and they will swap it out for you. Although that actually brings up a good point. There is a new program from Apple that allows you to do self-service, but it’s in its early stages right now, and also repairing your own phone isn’t very easy, I’ll say, from experience. Years ago I had an old iPhone 4 that had a very shattered screen, and I tried to replace that screen myself. I ended up doing it, but when everything was assembled again, I found myself with about five extra screws that I had no idea where they went to. So yeah, next time my phone breaks, I will bring it into professionals.
Liz Weston: That’s a good idea.
Sean Pyles: Well, I’m always curious to hear how others approach this, whether to repair or replace devices from phones to dishwashers. Listener, if you have any strong feelings about this, let me know. Text me or leave a voicemail on the Nerd hotline at 901-730-6373 or email me at [email protected]. And that wraps up our This Week in Your Money segment. Today’s money question is up next, stay with us.
This episode, I’m talking with a listener, Jenna, who’s 29 and lives in St. Louis, Missouri. She has some questions about her financial anxieties and how to shake them. Jenna, welcome to Smart Money.
Jenna: Hi, Sean. So nice to be here.
Sean Pyles: It’s great to have you on. To start, I’d love if you could describe your financial situation in general right now.
Jenna: Sure. My husband and I recently moved to St. Louis last year. Before that and during the pandemic he was in law school, and so we were on one income going through law school during an uncertain time. And so he graduated. We moved, and now we have two incomes, no children, renting in St. Louis and trying to figure out what our financial lives look like with both of us working. We obviously have some financial goals to fulfill over the next couple of years, but the markets are a little bit uncertain right now, so we’re trying to navigate a balance of spending and enjoying being in a city and being young, but also saving for those larger ticket items down the road.
Sean Pyles: Got it. How long have you now had two incomes in your household?
Jenna: Oh, since August of 2022, so less than a year.
Sean Pyles: And how do you feel like that changed the way you’re managing your household finances on a monthly or even daily basis?
Jenna: For me, I think I had this idea that we would live on one income and completely save the other one, and my husband looked at me like I was crazy. And so I think for me, it’s been an exercise in releasing the control that I held on to so tightly for so many years and trying to maybe look at a larger apartment or go to a concert that maybe we wouldn’t have previously, and just try to enjoy some of the entertainment aspects that we’ve been cutting back so much on over the past couple of years. We want to enjoy our 20s and our 30s and being in a fun city, we can do that now. And so he’s been really good about being the other side of the coin, where I am the aggressive saver and calculate all of the things about retirement and down payments for a house, and he’s more of let’s try to enjoy it. Money is not only something to control, but it’s something to use as a tool, and so I’m trying to get more into that mindset.
Sean Pyles: Yeah. Well, one thing I’m hearing is that it seems like you and your partner have a really well-balanced dynamic and that you have an ongoing dialogue about your money, and I do love to hear that. I feel like you kind of need a little bit of both in a relationship. Like in my relationship with my partner Garrett, I would say I’m maybe a little more of the spender, willing to buy some new clothes, willing to go on a maybe more expensive vacation. And Garrett is saying, “Hey, we really need to save for this specific goal. Maybe we don’t need to eat out tonight.” And I’m like, “OK, that’s a fair point.” But I think it’s nice to have that back and forth. But I want to go back to a word you’ve mentioned a couple times now, which is “control.” In your original question to us, you mentioned that you have some financial anxiety that is tied to the way you control your finances. Can you talk about that a little bit?
Jenna: Sure. I think also something that I’m learning is how people grow up affects how they handle money maybe when they’re older. Growing up, I am from a rural town in Missouri, part of a blue-collar single-parent household and money was something that was not abundant, so to speak, and we were very conscious about how we spent it. And so growing up, I was rewarded for being able to be frugal and think through financial decisions strategically and have a level head about it. And it was always something that I thought I was being very, I guess, logical about, and I wasn’t using emotions at all. Turns out I was absolutely using my emotions. They were just emotions of control and anxiety of what happens if something out of my control happens and I don’t have the resources to do it.
So now whenever we have funds to do something with, I always want to control it to try to see what I can do with it, see what’s the most I can stretch it, and how I can utilize it to the best of my ability and be very resourceful. So it’s been something that I’ve been trying to work on because it’s not something that I want to continue by any means. But I think also you look at the news, is a recession happening, is it not happening? The housing market is a little bit crazy. And so in my mind, what I always seem to default to is if I can control something, then things are going to be OK, but that’s not always necessarily the case.
Sean Pyles: It’s great that it sounds like you’re giving every dollar of yours a job. That’s something we talk about a lot on Smart Money, and that can be a really empowering way to manage your finances. But you at the same time maybe don’t want your sense of control coming from a place of fear and maybe a fear stemming from a financial context in which you no longer live. When you were younger and money was tight, even going back to a year ago when you were living off of a single income, maybe that mindset was a right one. Things were tight, you wanted to save more money, you didn’t have a lot coming in. The world is precarious and scary. So I think you aren’t unjustified in a lot of those feelings because the idea of control is in some sense an illusion. We can do everything right, but no one really knows what the future holds.
So for me, the way I try to find a balance between those things, because I have similar fears sometimes, is that I like to focus on improving the conditions that I can control, like saving aggressively and limiting my spending. And I think that might be a way where you can try to exert an appropriate amount of control, but still find ways to enjoy what you have earned because you are working hard for the money, you’re spending your life earning this money, you need to then turn around and find ways to have it enrich your life, right?
Jenna: Exactly. And that’s something that my partner talks about constantly as well, is yeah, money is a tool, like I mentioned, and I don’t want to squirrel away money for retirement, as an example, and get to my 60s and not be able to do the fun things that I could have done in my 20s if I had just loosened up a little bit. So it is a balance, and it’s just been 20 years of this mindset, and so it’s definitely going to take a couple of years or so to try to find a middle ground. I don’t think it would be healthy for me to swing all the way on the other side of the pendulum and be a big spender, but also there is a balance to strike with this for sure.
Sean Pyles: Yeah, of course, to your point, you’re not going to totally change and rewrite the script of 20 years of viewing and interacting with money overnight. But it is important to think about how you can adjust your habits and financial outlook to get to a point where you feel better about the way you’re viewing money and interacting with it. And one of the best ways to adjust your money mindset is just to get super clear about those patterns and behaviors that you do want to change. So you can think about what those are for you and write them down, and then try to be really intentional in your day-to-day life and be aware of when you are feeling those feelings that you don’t like and doing those things that you want to change. And that can be difficult to do in the beginning, but it’s a really useful skill to break entrenched habits that you’ve established over 20 years.
And so when you do find yourself acting or thinking in a way that you don’t want, grasp that moment and think about that feeling in a full-body way. Think about the sensations that you have when you’re feeling anxious about money or you are putting something back on the shelf because you’re feeling hesitant about buying it. What is that for you? Being able to diagnose those feelings can be a good step toward recognizing them coming on and then changing the script in that moment. And maybe you are buying whatever it might be or you’re going to that concert and you’re able to enjoy the money that you’re earning a little bit more.
Jenna: That’s so funny that you say putting something back on the shelf that I initially grabbed. That happened over the weekend and my husband made me get the thing that I —
Sean Pyles: Oh, yeah.
Jenna: Yeah, I have curly hair, it was this very fancy, special curly mousse, and it was three times the amount that I would normally spend, and my husband made me get it. He’s like, “You’re getting this. I know you want it. It’s happening.” And it was great. So I think having people around you that can check you, and I’m obviously in a committed relationship, we share accounts, but sometimes friends don’t want to talk about money, but I think having someone be a little bit accountable to you to help you figure it out and guide you along that path is really helpful because it’s almost subconscious.
Sean Pyles: That’s so interesting. It seems like you have a really supporting partner that just knows you so well. So I love that for you. And this also is bringing to mind for me, ideas around lifestyle creep, and sometimes it’s framed as a really negative thing. Like, oh, you’re spending beyond your means because you have a higher salary. In this case, it seems like you could maybe afford to have a little bit more lifestyle creep. When I first got a pretty sizable raise earlier on in my career and I realized, “Hey, I’m tired of buying these $20 T-shirts at these fast fashion stores that disintegrate in a year or two.” I would rather invest in something that is higher quality and will last me longer, and that I really appreciate, even if it was twice the amount of what I typically felt comfortable spending money on.
Jenna: Yeah, I’m glad you brought that up as well, because I was listening to a financial podcast over the summer and they talked about lifestyle creep, and the host mentioned something about, I don’t want to live like I lived in college. I don’t want to live in a one-bedroom apartment —
Sean Pyles: You’re an adult.
Jenna: — next to the train tracks. Yes, I’m an adult, I make adult money, I have adult benefits. I should be able to discern what is the most important and where my priorities are and adjust accordingly at different stages of life. And so I think for people who may have control or anxiety, it just may take longer to balance that out and adjust that out over time. Whereas my husband was not concerned at all about lifestyle creep. If anything, he thought of it as a good thing and I’m still adjusting to it. So yeah, I agree, I think lifestyle creep has a bad rap, but in some ways it is necessary for mental health, for stability. So you know that you worked hard for a raise or you worked hard to change jobs, and we worked hard to get him through school and this is the final destination or the reward of all that hard work.
Sean Pyles: And it’s a day-to-day way where you can embody the idea of living for today while planning for tomorrow. Yes, you are putting away money for retirement. Yes, you have a savings account that you’re contributing to, but what are those things that you’re going to appreciate over the weekend? Are you going to go out to that nice brunch? Are you going to have a good date with your partner? What are those few things that you are just going to say, “This is for me, I’m enriching my life with the money that I earn.” And one thing that you and I talked a little bit about before was that you’re interested in getting a hobby that you could spend some money on. Can you talk about what that might be and how you are maybe working that into your budget?
Jenna: I think growing up, I didn’t really have many hobbies, and if I did have hobbies, they were pretty low cost, like something I could get at the library or something my friend was doing that I tagged along with. So I didn’t really have my own hobbies, which sounds crazy, and I want my own and I want to be able to formulate those. And so yeah, this summer I’ve gotten really into gardening. So I bought the nicest tomato cages I’ve ever seen in my life, which —
Sean Pyles: Some of them can be very beautiful.
Jenna: Yes.
Sean Pyles: I am a gardener, as you maybe know, listening to the podcast. So I also know there’s a lot of money that can be spent on gardening gear.
Jenna: Yes, the nice pots, the extra nice soil to make sure my tomatoes grow well because they’re a little needy and all those things. And I went to a local garden shop, paid for tomatoes that were a little bit more than what they would’ve been at maybe a larger box store. So I felt good about giving back to my local community. And so that’s something as well, whatever hobbies that I end up doing, I want to be sure that they’re rooted in supporting local businesses. I want to make sure I know where my money is going and supporting the families in my community. So that’s been something that’s been interesting and it’s paid off. My garden is doing really well, and so I think I found my new thing.
And so I typically try to have a summer hobby and a winter hobby, and I think my winter hobby, I might get into baking, and that can really go down a rabbit hole with what you can spend on baking, I’ve already learned. So it’s really good, it’s really healthy, and I’ve noticed it impacts other areas of my life. I mean, I can maybe have a stressful day at work, go out and garden for 30 minutes, so it’s worth it. And it’s taken me a while to understand why and how it’s worth it, but ultimately I think I needed to prove to myself that it’s worth it, otherwise I would’ve just kept doing, I don’t know what I was doing before, not hobbies. I guess I was reading and maybe watching TV.
Sean Pyles: Hearing you say that it’s worth it really makes me feel good, because it’s so true. When you find something that you really care about, you want to spend your time doing, whether it’s learning a skill like gardening or baking, and you begin to see yourself bear the literal fruits of it, in the case of gardening. You realize how much bigger it can make your life, that you have these different interests that are allowing you to connect with your community, to create things that you can share with your loved ones, in the case of gardening.
So that’s just fantastic to hear, but both of those hobbies can get really expensive. And I’m wondering if you’ve thought about how you are pacing purchases like this because with some things like gardening, yes, you want those tomato cages, yes, you want to get the really good soil, but there are some things that you can maybe actually get for cheaper at a used hardware store, like hoses, for example. Those things get dirty immediately and it’s pretty easy to find a cheap one elsewhere. So how have you thought about being frugal when it comes to approaching your hobbies?
Jenna: So I bought this very, very nice soil at the gardening store, and turns out my local parks and rec department has a compost pile right next to my local gym that I had no idea about. And so going forward, I’ll definitely be utilizing that. It’s free to the public, which is a wonderful service. And so utilizing that going forward, but also I think I might try to harvest the seeds from my tomato plants and reuse them next year, instead of buying plants that are already started and maybe try to do seedlings, starting in maybe, I don’t know, March or February. That’s a whole different ballgame. I didn’t feel confident enough in my gardening skills this year to try that, but maybe this year it could work.
Sean Pyles: That’s great. Well, I want to zoom out a little bit and talk about some of your longer-term financial goals and how you can maybe take steps now to work toward them, even if that means maybe allocating more money from your paycheck to a savings bucket than you would maybe previously have felt comfortable doing. So you’ve mentioned that you are interested in buying a house. Are you and your partner currently saving for a down payment right now?
Jenna: Yes. Yeah, very aggressively as well. But the housing market is still very active and doesn’t seem to be slowing down, so we are probably going to be saving longer than what we anticipated. We’re trying to buy a house right now; it’s not going very well, if I’m being candid with you.
Sean Pyles: It’s hard.
Jenna: Yeah, we’re looking at maybe trying next year or even the year after. There are worse things in the world than renting for a few more years than what you anticipated. So with that, maybe we were saving very aggressively for that and we will still continue to save, but I’ve thought about to maybe allocate towards a nice vacation or a place we’ve never been before, and just try to enjoy life in the meantime because the time will pass anyway, so I want to make memories while we still can. A year ago, I would have thought that’s crazy, we need to save as much as possible for it. But I think our experience with the current housing market is like, well, sometimes it’s very much outside of your control, and that’s OK. Instead, we’ve looked at a couple of places to go next spring or so and try to utilize some of those funds instead of just for the house.
Sean Pyles: Yeah, I think that’s great. Have you looked into any sort of first-time home buyer programs in your state? Because each state has their own programs.
Jenna: We have, and we don’t qualify. In Missouri, they’re very income-based and we are very fortunate in some ways we don’t qualify for them, which is totally understandable. Those should go to people who need them the most.
Sean Pyles: So, Jenna, can you also talk with me about your current savings and debt situation right now?
Jenna: Yeah, so my husband was very fortunate to graduate without any student loan debt. So we don’t have any debt to speak of, either consumer wise or education wise. And so we’re able to save pretty aggressively for the things that we kind of pushed off while he was in school. So that could be anything from a new car to his retirement accounts, a house down payment and all those things. So we understand that we are in a very fortunate position to be able to do those things at our age. A lot of our friends aren’t in that position, so we don’t take that for granted. And with that, I mean, we are a little behind, I guess, technically, because he was in school for so many years, and so in some ways we are trying to play catch up, but that is easier to do without any debt.
Sean Pyles: Yeah, I would say being behind or ahead is an illusion in some ways.
Jenna: Fair enough.
Sean Pyles: You’re just where you are and that’s fine.
Jenna: Yes.
Sean Pyles: Everyone has their own pace; that’s how I think about these things. But I have another question for you around your savings, since you mentioned that you are able to save. How do you approach savings accounts? Do you have a high-yield savings account? Do you have savings buckets like we talk about a lot on the podcast? What do you and your husband do there?
Jenna: Yeah, it depends on the term of the savings that we’re trying to reach, I guess. So for shorter term, like a car, for instance — we’re trying to buy a new car for him — we have a shorter-term savings account that’s just at our bank, and so we’re hoping to buy a car in the next two months here. But for longer-term things like a house down payment, we are in a high-yield savings account. So it depends on the item, and also we want to possibly take a trip to Europe in the next five years, so that’s a longer-term thing, obviously, and that’s also in a high-yield savings account.
Sean Pyles: OK, great. We stress these accounts a lot because especially right now, the yields are so fantastic that if you have money in them, it’s really working for you in a way that if it’s sitting in a more traditional non-high-yield savings account, it just wouldn’t be doing as much for you.
Jenna: A quick question on that. So are high-yield savings accounts recommended regardless of the time frame that you have to save or does it matter?
Sean Pyles: It’s a personal preference, but I use high-yield savings accounts for everything, even regular pots of money that I have to pay my credit card balance monthly. And with student loan payments resuming, I recently opened up a new high-yield savings account, so I have my money for my monthly amount that I’m paying for my student loans dedicated into that fund. So for me, it helps me break out the way I have different pots of money allocated, those savings buckets that we discuss a lot. So you can do it for a short-term goal, it is earning you more on a regular basis than a traditional savings account would. I don’t see much of a downside of having any savings at all in a high-yield savings account because it can be pretty accessible in a pinch.
Jenna: OK. That’s good to know. I think I had just assumed that that was for kind of a longer-term savings goal, but it seems advantageous regardless of what the savings goal is, short term or long term.
Sean Pyles: Yeah, I mean otherwise you could just be leaving money on the table, and I always advise people against that.
Jenna: Yeah, exactly.
Sean Pyles: OK, great. Well, Jenna, now that we’ve talked about a few ways that you’re thinking about changing your money habits and your mindset, and will be working toward your longer-term and even shorter-term financial goals, do you have any thoughts around how you might work to lessen some of the financial anxiety that you feel and really enjoy your financial success?
Jenna: Oh, that’s a great question. I think continuing to invest in things that matter to me, whether that is gardening or maybe giving to organizations that I feel passionately about or know what I’m working towards when I’m working towards a goal at work. Great that I’m getting possibly a raise, but is that raise just going to maybe invite me to be more stringent with my money, or is that going to be a raise that I can utilize to do something for myself or for my community? So I think changing the mindset that I have about money, again, into it being more of a tool or something that I can utilize to make my life maybe a little bit easier, more enjoyable, and enjoy the people around me, versus something that I feel like is scarce, that I’m fearful about it.
I think it might help for me to maybe not check the news so much. I can’t control the federal interest rates or what the Fed does at all really, and no one really knows what’s going to happen in the future. And so I try to be informed about what’s happening in the world, but sometimes you can be a little bit too informed to where that causes you to overthink and have anxiety about things that you cannot control or maybe don’t even impact you.
Sean Pyles: Yeah, you have to know when you need to step away and maybe go tend to your garden and touch some grass, as the kids say.
Jenna: Right, exactly. So it’s twofold, I think changing my mindset into where money is a tool more than something to control, and maybe not look at the news so much. So we’ll see where that goes; I might delete some apps off my phone.
Sean Pyles: I think that’s a good piece of advice for everyone, regardless of your financial situation. But I’d love to hear about how intentional you’re being around your mindset and your habits, whether it’s for news consumption or for managing your finances, because those two things are so interlinked. When you are trying to establish a new habit, whether it’s being able to enjoy your money more or saving more money, you need to think about the way that you’re going to get there psychologically. What is it going to take you to overcome any sort of hurdles that you have? And then what are the actual physical day-to-day tasks that will allow you to bring that goal to life? And then once you start building on that, whether it’s saving more or enjoying your money more, it just becomes easier to do overall. And you’ll be surprised how far you can come just by regularly working on these things. Well, Jenna, thank you so much for talking with me.
Jenna: Yeah, thank you, Sean. I listen to the podcast regularly and I always find something to take away from it, so I’m just happy to be a part of it.
Sean Pyles: Well, that makes me really happy to hear, and please keep us posted on how things go for you and your husband.
Jenna: I will, yeah. Thank you so much.
Sean Pyles: And that’s all we have for this episode. If you have a money question of your own, 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]. Visit nerdwallet.com/podcast for more info on this episode. And remember to follow, rate and review us wherever you’re getting this podcast.
This episode was produced by Liz Weston and myself, with help from Tess Vigeland. Kevin Tidmarsh and Kaely Monahan mixed our audio. And a big thank you to the folks on the NerdWallet copy desk for all their help.
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. And with that said, until next time, turn to the Nerds.
A few months back, I noted that Millennials, those born between 1980 and 1995, purchased the most real estate between July 2012 and June 2013.
It sounded like good news, a positive trend that should bode well for the housing market on into the future. After all, these first-time buyers are critical to the ongoing health of the real estate market.
But there’s a problem. Nearly half of would-be Millennial home buyers today don’t have enough money saved up to purchase a home at today’s prices.
For that reason, nearly half plan to ask mom and dad for the required down payment money (and some will even ask their grandparents), according to a new survey from Trulia.
At the same time, 37% said they plan to work a second job in order to save the necessary cash, while 22% said they would turn to the state or federal government for help to achieve the American dream of homeownership.
Down Payments Are an Issue for All Ages
Either way, the message is clear – down payments continue to be an issue for prospective home buyers.
Last week, I pointed out that nearly half of recent home purchases required mortgage insurance, so it’s not just the young that are struggling with down payments.
Interestingly, Millennials aren’t even trying to buy McMansions, but rather modestly priced homes. In fact, 68% indicated that they were looking to buy a home under $200,000, which you think wouldn’t break the bank.
But that would still require a down payment of $40,000 to get down to the magic 80% LTV threshold, which would allow these home buyers to avoid private mortgage insurance and a higher mortgage rate.
But how can we expect young generations to set aside such a large chunk of money when there are so many other pressing costs, like monthly iPhone service plans and Starbucks.
Sure, I probably sound like a grumpy, no-fun Gen X’er, but upon seeing this top 10 list I lost hope in humanity.
Top 10 Expenses Millennials Would NEVER Give Up to Save for a Down Payment
1. Car 2. Smartphone 3. Cable TV 4. Netflix subscription 5. Vacation money 6. Eating out 7. Shopping for clothes 8. Organic food purchases 9. Gym membership 10. Morning latte/cappuccino
Don’t Worry, Trulia Is Giving Away Money
Luckily, Millennials, or should I say one Millennial (or someone of any age for that matter) won’t need to give up their favorite things because Trulia is giving away $50,000 via a new contest. Wells Fargo also has a contest going on now.
Don’t fret. If you aren’t the lucky winner, you can still get a mortgage with next to nothing down, which while extremely flexible, kind of sends the wrong message to the youth and the rest of America.
You don’t really need to save because there’s always going to be a home loan program out there that eliminates the need for a down payment. Heck, the FHA still only requires 3.5% down and the money can come in the form of a gift.
I’m not trying to get rid of no- and low-down payment options, because they obviously provide tremendous value to many responsible buyers nationwide, but I do wonder if it sets us up for yet another housing rollercoaster while disincentivizing the need to save.
A lack of home equity (and zero down financing) was clearly the problem during the last crisis, and we don’t seem to be addressing it much differently this time around.
Worse yet, today’s homeowner will know they can walk away from bad investments in the future with little recourse or consequence.
So a guy, an Austrian fellow named Andreas Gindelhuber, with apparent dreams of making money in real estate here in the United States, resorted to selling his home in exchange for an iPhone 6 last week.
He originally purchased the foreclosed 3-bedroom, 1.5-bath Detroit home (you probably already knew it was in Detroit) for $41,000 in April 2010, per Zillow.
Two weeks later, it was listed for rent at a seemingly reasonable $750 per month. After languishing on the market for two months, Gindelhuber lowered the rental price to $695 per month and finally found some tenants.
But the neighborhood where the home is located was hard hit by the housing crisis, prompting nearby residents to move out and leave their properties behind.
Eventually his tenants also headed for the exits, leaving the place vacant and in disrepair. He also had a $6,000 delinquent property tax bill to worry about, so he hired local real estate agent Larry Else to market the property.
It’s unclear how the property got so badly damaged, but it’s supposedly missing all its doors and windows, and also has extensive smoke damage. I’ve heard about houses getting set on fire in Detroit…
Anyway, it seemed no one wanted the thing, even for the price of FREE.
Still, Gindelhuber listed the badly damaged property for $5,000, hoping to get some interest from somewhere, hopefully.
Then reality set in, forcing him to lower the asking price twice in two months, first to $4,000 and then to $3,000.
Then His Real Estate Agent Got Creative
That still didn’t cut it, so Gindelhuber and Else brainstormed. At some point Else remembers Gindelhuber telling him he would trade the house for an iPhone 6 or a new iPad 32 GB.
Realizing it could be a great publicity stunt that would no doubt put Else’s name on the map, they decided to add the potential barter to the official listing.
It didn’t take long for news outlets to pick up on the story, including a local Fox affiliate and Yahoo!, then it went viral.
A short week or so later the property has been sold to a local man (who lives down the street) for an unknown price, but apparently less than $1,000. He plans to fix it up.
The funny part about the story is that Gindelhuber didn’t actually get his iPhone 6 or iPad in exchange for the sale.
But thanks to the Internet and its greatness, a man from Germany has offered to donate his brand new iPhone 6 to Gindelhuber.
The story also wound up in a German magazine, prompting the man to e-mail Else, claiming the story “touched me somehow.”
So a guy, an Austrian fellow named Andreas Gindelhuber, with apparent dreams of making money in real estate here in the United States, resorted to selling his home in exchange for an iPhone 6 last week.
He originally purchased the foreclosed 3-bedroom, 1.5-bath Detroit home (you probably already knew it was in Detroit) for $41,000 in April 2010, per Zillow.
Two weeks later, it was listed for rent at a seemingly reasonable $750 per month. After languishing on the market for two months, Gindelhuber lowered the rental price to $695 per month and finally found some tenants.
But the neighborhood where the home is located was hard hit by the housing crisis, prompting nearby residents to move out and leave their properties behind.
Eventually his tenants also headed for the exits, leaving the place vacant and in disrepair. He also had a $6,000 delinquent property tax bill to worry about, so he hired local real estate agent Larry Else to market the property.
It’s unclear how the property got so badly damaged, but it’s supposedly missing all its doors and windows, and also has extensive smoke damage. I’ve heard about houses getting set on fire in Detroit…
Anyway, it seemed no one wanted the thing, even for the price of FREE.
Still, Gindelhuber listed the badly damaged property for $5,000, hoping to get some interest from somewhere, hopefully.
Then reality set in, forcing him to lower the asking price twice in two months, first to $4,000 and then to $3,000.
Then His Real Estate Agent Got Creative
That still didn’t cut it, so Gindelhuber and Else brainstormed. At some point Else remembers Gindelhuber telling him he would trade the house for an iPhone 6 or a new iPad 32 GB.
Realizing it could be a great publicity stunt that would no doubt put Else’s name on the map, they decided to add the potential barter to the official listing.
It didn’t take long for news outlets to pick up on the story, including a local Fox affiliate and Yahoo!, then it went viral.
A short week or so later the property has been sold to a local man (who lives down the street) for an unknown price, but apparently less than $1,000. He plans to fix it up.
The funny part about the story is that Gindelhuber didn’t actually get his iPhone 6 or iPad in exchange for the sale.
But thanks to the Internet and its greatness, a man from Germany has offered to donate his brand new iPhone 6 to Gindelhuber.
The story also wound up in a German magazine, prompting the man to e-mail Else, claiming the story “touched me somehow.”
I met some friends at a local restaurant Monday night. While chatting, we found ourselves bopping to the music playing on the radio. For more than hour, great song followed great song: U2, Eurythmics, The Police, Elvis Costello, The Clash, New Order. But the ambient noise made it impossible to know what station we were hearing. “I have to know what this is,” I said at last. “This could be my new favorite radio station.”
I tracked down the manager. He told me we were listening to Fred on 44, a channel on XM Satellite Radio. I’d heard of satellite radio, but didn’t know much about it. When I got home, I did some research.
As expected, there’s an upfront cost to obtain a receiver that can de-scramble the satellite signal. Unfortunately, that’s not the only cost. There’s also a subscription fee of around $10/month.
Alas — a subscription fee. They’re not deal-breakers for me, but they turn otherwise sure things into financial dilemmas. I don’t mind one-time costs, but subscriptions make me wary.
I would love to purchase an iPhone, for example. The initial hardware cost is fine. I can justify that. But I can’t justify a $60/month, two-year contract. That’s nearly $1500 for a device I don’t actually need. I stopped playing World of Warcraft because of the subscription fee. I loved the game, but in order to get my money’s worth, I felt like I needed to play more than is healthy.
I view recurring expenses as potential money sinks. Too often I don’t get value for what I spend. For three years I carried an $70/month deluxe digital cable package so that I could watch high-definition television. But at most, I was watching an hour or two of television per month! Besides, who needs to see Antiques Roadshow in high-def?
Over the past year, I’ve cut the number of magazines to which I subscribe, dropped to basic cable, and cancelled my Audible account. These moves have freed over $100/month. Eliminating recurring expenses has made a significant difference to my cash flow. Most of the time, I don’t even miss the things I’ve eliminated!
Of course, we each probably have a few recurring expenses that are easy to justify due to the pleasure or utility they bring us. I’m willing to shell out for The New Yorker because even though I only read about one issue per month, when I do read it, I love it. And if I find the time to listen to audiobooks again, I’ll re-subscribe to Audible — it’s a good deal when I actually use it.
I can’t decide whether paying for satellite radio would be smart or not. I’ve signed up for the free three-day trial of XM’s web service. So far, I like it. I’d probably subscribe:
If NPR were available,
If there were some sort of device that allowed me to receive XM on my iPod, or
If it cost less.
As it stands, am I willing to spend $10/month for XM, and then pay for a receiver? How about $8/month for the streaming web version? I don’t know. For now, I’m just going to dig through my iTunes library to create some new playlists. I can probably duplicate the sound of Fred on 44. Maybe that will be enough…
Inside: Looking for the best care packages for college students? Look no further! This guide will teach you everything you need to know about choosing the right gifts and packing a care package that will make your student feel at home during their time away.
It’s that time of year again! Time to send your college student a care package. But what should you include?
We’ve got you covered with this comprehensive list of the best care packages for college students.
From food and snacks to study aids and dorm decor, we’ve got ideas for every type of student.
This year, I seem to know so many parents sending off their college students.
So whether your child is homesick or just needs a little pick-me-up, check out our list of the best care packages for college students.
What is a Care Package?
A care package is a heartfelt bundle filled with handpicked items, designed to uplift the spirits of the recipient.
A care package for a college student is a curated box filled with various items such as food, products, or novelty items, tailored to their interests, to remind them they’re loved and provide them with needed or desired items while they’re away from home.
Nonetheless, a care package can be a wonderful surprise!
What goes in a care package for a college student?
Who says that college life has to be tough?
Show your college-bound kid you’re thinking of them with an amazing care package! Here’s how:
Pamper them with toiletries like soap, body scrub, or dry shampoo. It’s practicality meeting indulgence.
Include favorite snacks like popcorn, pretzels, candies, chips, or nuts—because nothing beats study stress like mouthfuls of favorite munchies!
Throw in souvenirs from your hometown because nostalgia is a comfort blanket away from home.
Don’t forget a gift card or two. It’s the little ticket to a happy spree when the budget runs low.
And finally, a heartfelt, handwritten note to remind them they’re loved, even from miles away.
In every box, you’re not just bringing joy to your college kid, you’re sending them love and comfort!
Why Send A Care Package To A College Student?
1. A Gift of Sustenance and Comfort 2. A Way to Express Love and Support 3. A Means to Introduce New Things 4. A Way to Help College Students Cope with Stress 5. A Resource for Essential Kitchen Items 6. A Means to Stay Connected 7. A Way to Provide a Mood Booster 8. A Tool to Help College Students Transition into Life Indoors 9. A Way to Give Money 10. A Gift That Can Help College Students Get Ahead
What are some care package ideas?
Care packages are personalized boxes filled with essentials, comforting items, or little luxuries that can offer solace, promote self-care, or give a delightful surprise.
Here are some ideas to get the creative juices flowing!
Imagine delivering a box packed with their favorite homemade goodies, essential school supplies, novel books, or even a themed package for that upcoming stressful finals week or just because!
Unbox this opportunity and read on to discover unique ideas for designing amazing care packages. Excite a college student today with this heartfelt gesture!
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
What item should every care package include?
Creating a care package can be a delightful way to demonstrate your care and thoughtfulness. It combines a mixture of practical items, fun surprises, and often much-needed essentials.
What goes into each package can vary greatly, but a gift card is always a must!
Care Packages Themes for College Students
Choosing a theme for a care package can help streamline the process and reduce the stress of deciding what to include.
Themes could be traditional, humorous, or catered towards particular interests or events, such as a holiday-themed box, an orange-colored items package to signify the end of exams or a coffee-themed care package for those who love a good brew.
Regardless of the theme, here are a few items that should ideally be included in every care package:
Self-Care Items: These can include items like face masks or beauty products, scented candles, and relaxing bath products, among others. They offer the recipient the luxury of self-pampering.
Comfort Items: Usually, soft items such as socks, blankets, or even simple things like their favorite tea or coffee can provide comfort.
Snacks & Treats: These are a must-have. Include their favorite bites or homemade goods if possible.
Drinks: Depending on the recipient’s preference, you can include a variety of drinks, like coffee, tea, or hot chocolate.
Fun Things: Small games, coloring books, or novels can serve to reduce stress and provide entertainment.
Personal Care: Essential items such as toiletries or grooming products are always useful.
Cleaning Supplies: Especially for those away from home, cleaning supplies can be handy.
School Supplies or Work Essentials: Depending on the recipient’s needs, this could include notebooks, pens, sticky notes, etc.
Personal Safety Devices: Consider adding items like a mini first aid kit, a personal alarm, or a safety whistle.
Other Useful Things: Depending on the recipient’s interests, you could add items like a new book, a special photo, study aids, or sports gear.
Regardless of what you choose to include, the most important aspect of a care package is that it conveys love and care to the recipient.
Make sure you time sending your package well, and learn what time do Amazon packages arrive.
Best Care Packages for College Students
College students, often away from home for the first time, can sometimes struggle with homesickness or stress.
One of the most cherished remedies for these feelings is a thoughtful care package from home. It is an amazing way to remind them they’re loved and missed, bridging the gap between home and school.
But what really makes the best care package?
One that aligns with their interests, meets their fundamental needs and contains a surprise or two for fun.
A care package can boost their morale, make them feel less homesick, and get them through challenging times. It’s not just about what’s in the package, it’s about the thought and care that goes into it.
Here is a list to fill your care package with:
Food & Drinks:
1. Snacks: College students need fuel for their late-night study sessions. A variety of healthy snacks can give them that energy boost they need.
2. Instant coffee or tea bags: For caffeinated moments without needing to leave their dorm room.
3. Homemade Cookies or Baked Goods: Nothing says ‘care’ like homemade treats.
4. Specialty Coffees: For the coffee-lover student. Because it serves as an essential tool for late-night study sessions, helping students remain awake and energized.
5. Spirulina Powder: A superfood that’s great for a health boost.
6. Granola Bars or Oatmeal: Quick and easy to make, these are ideal for those mornings when students are running late for their classes.
7. Sugar-free chewing gum: Helps to maintain focus while studying.
8. Recipe Books: For the college student who needs help learning to cook. Even better create your own digital recipe book to pass along your family favorites!
9. Water Bottle: A reusable water bottle serves both as a health and environment-friendly gift.
10. English Breakfast Tea: This can provide a comforting, hot beverage that is easy to make in a dorm room. This electric tea kettle would be a special treat!
11. Hot Sauce: A versatile condiment like hot sauce can spice up drab, repetitive cafeteria meals.
12. Snacks & Munchies: Items like popcorn and pretzels are perfect for late-night cravings or for sharing with roommates.
13. Treats: Candies, chips, cookies, marshmallows, and nuts give students a sweet or savory option for a quick snack between classes.
14. Healthy items: Vitamins are great to keep students healthy, especially during finals when stress levels are high and sleep is compromised.
15. Fondue Set: A fun treat and a good reason to invite friends over.
Besides these food items, it would also be wonderful to include a few gift cards for local eateries or popular chains like Starbucks to give students the chance to have a meal or two outside the college cafeteria.
Self Care & Pampering:
16. Facial Masks: A fun and relaxing self-care item.
17. Natural Skin Care Products: To ensure their skin stays healthy too.
18. Cozy blanket: For those chilly nights in the dorm.
19. Candles: especially battery-powered ones, offer a relaxing ambiance without posing a potential fire hazard, making them ideal for dorms.
20. Spa Items: Think along the lines of bath bombs, Epsom salts, body lotion
21. Sheet Masks: this popular DIY spa at-home item is a must!
22. Essential Oils: These are needed as they offer a calming and uplifting aroma that can alleviate stress and contribute to an overall sense of well-being, especially in high-stress environments like colleges or workplaces.
23. Nail Care Kit: specifically items to do gel manicures at home. This is something I love to do myself!
24. Sleep Mask: To ensure a good night’s sleep.
25. Cute or neutral cozy socks: Socks provide warmth and comfort, helping individuals relax after a long day of classes or studying.
26. Shower Massager: A shower massager can provide much-needed stress relief after a day filled with classes, activities, and studying.
27. Scalp Massager: This can be an excellent tool for relaxation and stress relief, making it a perfect inclusion for a college beginning or the exam period.
28. Mini First Aid Kit: Every student should have a basic first aid kit.
To Get Moving (Health & Fitness):
29. Sports Equipment: For some physical activity.
30. Bluetooth Speaker: For listening to music or watching movies with friends.
31. Yoga Mat: It’s crucial to note that a yoga mat plays a significant role in providing comfort, reducing injury, and enhancing concentration during workouts.
32. Running Shoes: Running is one of the easiest ways to stay active. Or maybe to replace an old set of shoes.
33. Fitness resistance bands: These bands are perfect for incorporating into a student’s fitness routine, keeping them in shape even with their busy schedule.
Artsy Or Creative:
34. Coloring Book and Colored Pencils: A relaxing way to take study breaks. Or try this backward coloring book.
35. Colored Pencils: These complement the coloring books perfectly.
36. Notebooks and Stationary: Artists and writers would appreciate sets of beautiful stationery.
37. Origami Paper: tap into their creativity by providing a relaxing and enjoyable pastime that can help alleviate the stresses of academic life.
38. DIY Crafts: Handmade items for a personal touch.
39. Art Supplies: If they have an artistic side, new supplies can help fuel their creativity.
Mindfulness:
40. Stress Balls: Perfect for stressful exam periods. These are my favorite item on my desk!
41. Letters or Notes of Encouragement: Personal notes to show your love and support.
42. A Self-Care Journal: Helps to promote mindfulness and wellbeing.
43. An Inspirational Book: Can provide motivation and comfort.
44. Fidget Toy: Great for stress relief and concentration.
45. A calming lavender scented candle: This can help create a soothing environment, perfect for stress relief after a long day of lectures.
46. Zen Garden: This mini-sandbox can foster a bit of creativity and provide a mindless distraction from overwhelming studies.
47. Meditation guidebook: This can introduce a beginner to effective meditation techniques and potential benefits for mindfulness.
48. Affirmation cards: Daily positivity prompts can boost mood, and encourage a positive mindset.
49. White noise machine: This can provide calming background noise, assisting in good quality sleep and fostering mental well-being.
50. Weighted blanket: Proven to stimulate serotonin production, this blanket can increase feelings of calm and aid in better sleep.
51. Gratitude journal: This promotes the daily practice of noting down things one is grateful for, fostering a positive mindset, and reducing stress.
52. Mini Buddha Board: With this, they can paint with water and watch it slowly evaporate, reminding them of the impermanence of life’s stressors.
For School:
53. Portable Charger: No student wants to run out of battery while on the go.
54. Noise-Canceling Headphones: A fantastic tool that can help students study in peace, even in a noisy dorm.
55. iPhone/Android Charging Cord: An extra charging cord can be a lifesaver for busy students.
56. Planner: Helps students keep track of their assignments and plans. Don’t forget these planner stickers.
57. USB Flash Drive: For backing up important assignments and projects.
58. Study Supplies: Flashcards, highlighters, sticky notes, and more.
59. Stickers: These can be used to decorate their laptops, notebooks, or other personal items, adding a fun and creative element.
For Fun:
60. Birthday decorations: For a surprise birthday celebration.
61. Flying Butterflies out of the Box: This is one of my favorites! The butterflies fly out of the box when opened! Very easy to set up too.
62. Movie Night Pack: A collection of films, popcorn, and candy for a sweet night in.
63. Mini Board Games: Something fun they can do during their free time.
64. Board Game or Playing Cards: Fun games to play with friends during downtime.
65. Funny Socks: Just to put a smile on their faces.
66. “Orange you glad exams are almost over?” care package: A box full of orange-colored items will not only be visually striking but will also offer a light-hearted joke to help reduce exam stress.
To Help Their Budget:
67. Wallet or Money Clip: To keep their money and ID safe.
68. Budget Binder: make sure they are starting out right! Here are the best budget binders.
69. Laundry Detergent Pods: This easy-to-carry, mess-free laundry solution is perfect for college students.
70. Hygiene Products: Essential toiletries like toothpaste, soap, shampoo, and conditioner can save them a trip to the store.
71. Extra set of Sheets: Comes in handy during laundry day.
72. Prepaid Visa Gift Cards: These can be for anything from their favorite stores, food places or for movie tickets.
73. CASH: Check out these money gift ideas on ways to package it.
74. Money Cake with Cake: These are extremely popular with the recipient.
Maybe it is a good reminder for them to find remote jobs for college students.
Nostalgia:
75. A DIY Scrapbook: A place to store all of your pictures and mementos.
76. Stuffed Animal: For comforting cuddles on lonely nights.
77. Postcards from Home: Reminds them of their roots while away.
78. Cute photo frames: For them to display their favorite memories.
79. Personalized Keychain: To carry a piece of home with them at all times.
How to Choose the Right Care Package for a College Student
Transitioning to college life is notoriously challenging for students.
Tackling the academic load, juggling social responsibilities, and handling homesickness can be overwhelming. That’s where a thoughtful care package comes in as a ray of hope, bringing a taste of home, a load of love, and a boost of morale.
While choosing the ideal care package, consider these critical attributes:
Personalization: Pick items aligning with their tastes and interests. The more personal, the more cherished.
Versatility: Include a variety of items, from fun snacks to useful goods. Variety is the spice of life.
Affordability: There’s no need for a high budget. Thoughtfulness doesn’t need to be expensive.
Thematic elements: Consider packages focused on upcoming holidays or exam seasons for added relevance. The more timely, the more needed.
Convenience: Prioritize products that save your student time and energy. The simpler, the better.
Remember, these packages are powerful messages of love and support. Choose wisely.
When to Send Care Packages for College Students
One of the most fitting times to send a college student a care package is at the beginning of the freshman year when they are trying to adjust to their new environment.
However, these thoughtful packages can be sent at any time throughout their college journey to remind them that they are missed and cared for back home.
Fall
Thanksgiving
Christmas
Valentine’s Day
Easter
Finals
Birthday
Or any other holiday!
Especially during stressful periods, like exam season, a care package can be a well-appreciated and timely morale booster.
Tips for Sending a Care Package to a College Student
1. Consider the Student’s Needs
Do you puzzle over what to put in a care package for your college student? You’re not alone.
Many parents struggle with creating a meaningful gift that caters to their child’s actual needs.
The key is convenience and usefulness—factors often overlooked in the thrill of care package creation. Let’s transform your approach.
Tailoring your package to their needs ensures your thoughtful gift becomes a practical blessing in their hectic college life.
2. Consider the Budget
Overspending on care packages for your college student can shock your wallet. Just like trying to figure out how much to give for high school graduation.
The wrong box size could lead to needless extras and unexpectedly high shipping costs. Thankfully, you can easily drop ship the items with Amazon Prime.
Also, think about how many times per year you plan to send a care package. That way you can spread out the fun throughout the year.
This is especially true if you want to know how to pay for college without loans.
3. Email or Call the Student to Find Out What They Need
Don’t risk sending unneeded items to your college student that end up wasting space and money.
Imagine the disappointment when they open the package to find redundant or unnecessary supplies.
But there’s an easy fix! Before assembling a care package, make a quick call or send an email asking what they actually need. This simple step ensures your thoughtful gesture aligns perfectly with their requirements.
Remember, it’s about sending useful items that your student appreciates and utilizes – making your effort truly count!
FAQ
Feeling homesick is a common challenge for many college students. Their new environment can seem excitingly novel but also distressingly foreign. But you can help alleviate this uncomfortable feeling by sending thoughtful, comforting care packages.
Snacks from Home: Local snacks can evoke a sense of nostalgia, making them feel closer to home.
Personal Mementos: Tokens like pictures of family, posters of hometown landscapes, or preserved local flowers help create a familiar space in their dormitory.
Money: An unexpected cash bonus is not just practical, but also a mood booster. Who doesn’t love a surprise windfall?
Heartfelt Note/Card: A message of love and encouragement can provide emotional resiliency in distressing times.
Remember, your care packages remind them that they’re loved and thought of, even miles away.
Sending care packages to college students is a thoughtful gesture that can be done at any frequency you prefer.
For example, once a quarter might be a good rule to ensure your student receives regular reminders of your love and support.
Supplements around finals, or during difficult times, are always appreciated. Feel free to adjust the frequency based on your student’s needs and preferences.
Sending a college girl a care package is a great way to remind her of home and boost her spirits. And typically, girls want fun things specific to them.
Here are the top 5 items to include:
Hair Accessories: Such as colorful hair ties or headbands to add a fun touch to her looks.
Socks: Choose cozy and cute ones, they’ll be perfect for chilly dorm nights.
Lip Balm: This is essential for avoiding chapped lips, consider tinted options for a dual-purpose product.
Fun Study Supplies: Including unique pens or sticky notes as they can make studying a bit more entertaining.
Face Masks: They offer a chance for self-care and relaxation, especially for those stress-induced skin flare-ups.
Time to Pack Those College Care Packages!
Transitioning to college life can be both exciting and overwhelming. Often, college students find themselves daunted by academic rigors, social pressure, and the unique environment of living away from home.
But what if there was a simple way to overcome these challenges?
Enter: the care package.
With a little bit of planning, you can easily put together a care package that will make your student smile.
So what are you waiting for? Get started today!
Know someone else that needs this, too? Then, please share!!