Some hard-hit neighborhoods in Southern California have seen home prices fall below 1989 levels, according to an article in the LA Times.
In 14 Southland Zip Codes, mostly desert communities on the outskirts of Los Angeles, median prices have fallen below levels recorded in April 1989, according to statistics from DataQuick.
They include cities like Lancaster, Palmdale, Hemet, Barstow, Desert Hot Springs, Victorville, Santa Ana and Oxnard.
In some parts of Palmdale, home prices are off 44.2 percent compared to 1989, and some spots in nearby Lancaster are down more than 35 percent.
Of course, the Southland median is actually much higher, clocking in at $247,000 in April, near the 2002 level.
But the median isn’t really a reflection of overall home prices, as most of the homes selling these days are at the lower end of the pricing spectrum, in foreclosure-ridden hotspots in the six-county area.
These areas also happen to be home to countless new housing developments, many of which are still being built despite being filled mostly with foreclosures and very few homeowners.
That’s the problem with areas on the fringe, where land is plentiful and obtaining building permits is relatively easy; who’s to say a builder doesn’t come in and attempt to build another 1,000 new homes next to yours?
Home prices closer to Los Angeles remain much higher than they appear, as a lack of space keeps supply in check, and new building permits aren’t so easy to acquire.
Of course, much of the unprecedented appreciation of the last few years has been wiped out, but things aren’t as bad as the median price implies.
American Airlines is eliminating one of the biggest pain points for customers connecting from two of its smaller East Coast destinations.
Passengers making Landline bus connections from Allentown, Pennsylvania, and Atlantic City, New Jersey, will no longer need to clear security in Philadelphia. Instead, they can go through security at the start of their journey and stay “airside” through their connection.
Landline, a bus service that sells “connections” on behalf of American from Allentown and Atlantic City, began arriving inside the secure side of Philadelphia International Airport’s (PHL) terminal Tuesday.
Previously, Landline passengers from those cities had to go through airport security when connecting to American flights at PHL.
Landline’s bus rides are meant to function as though they’re connecting flights to PHL, which is a hub for American. All airlines fly a number of short routes from their busiest hubs. However, some especially short routes — like AA’s flights between PHL and Allentown and Atlantic City that are each a little over 60 miles— can be a tough sell for customers who can just drive to the airport.
The Landline bus option offers a cheaper option for the airline to fly such routes while offering customers a connecting experience that doesn’t involve worrying about on-time or canceled flights.
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Gerardo Spero, the Transportation Security Administration’s federal security director for Philadelphia International Airport, said the agency implemented security protocols for the buses and airline personnel to allow for seamless connections.
“This program streamlines the passenger experience and enables travelers to seamlessly travel out of a large international airport conveniently by going through our security screening process from a smaller international airport,” Spero said in a statement.
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The move is welcome news for Allentown and Atlantic City Landline customers. However, those making Landline connections from Lancaster, Pennsylvania, won’t be as lucky. Passengers departing from Lancaster Airport (LNS) via AA’s Landline connection will still need to go through security at PHL rather than their local airport.
American isn’t alone in looking at the possibility of bus connections for some of its shorter feeder routes.
Landline also runs services to Denver International Airport (DEN) for United Airlines and Minneapolis-St. Paul International Airport (MSP) for Sun Country Airlines.
For American, eliminating the need for security screenings at PHL for passengers flying from Allentown and Atlantic City will make the Landline connections more in line with a regular flight connection — likely increasing passengers’ willingness to book such an itinerary when connecting through the carrier’s PHL hub.
For the airline, that will help increase feed for its connecting flights there. For the smaller airports like Atlantic City International Airport (ACY) and Allentown’s Lehigh Valley International Airport (ABE), the unconventional link to PHL will likely be a welcome one, as the airports have been caught up in a broader trend that has seen big airlines slash flights in many of their smallest markets.
Aside from American’s Landline-operated bus service to PHL, ACY is served by just one carrier: ultra-low-cost carrier Spirit Airlines. At ABE, American’s landline bus service to PHL will complement its existing service to its hub in Charlotte, the carrier’s second-busiest. ABE is also served by Allegiant Air, Delta Air Lines and United Airlines.
Since American partnered with Landline in 2021, PHL CEO Atif Saeed said Landline has already transported thousands of passengers to domestic and international flights in Philadelphia.
Four days a week, Leticia Ortega de Ceballos sleeps in her car so she can pay for a house more than 100 miles away.
Her workweek begins with the Sunday night shift at Loews Hollywood Hotel, where she cleans the hallways and lobby. When she finishes, exhausted, there’s just an hour until she starts her second job cleaning hotel rooms at the Hilton in Glendale.
Then she has six hours to shower, eat and sleep before she starts all over again. Loews, Hilton, shower, eat, sleep. The 56-year-old sees the house in California City and the family within it on weekends.
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Gladis Ávila, 39, can spend more than two hours in traffic commuting to her job at the W Hollywood Hotel from her new house in Victorville, a 90-mile drive away. Some nights she gets home just as her youngest children are getting ready for bed.
“At the end of the day, when I’m heading home,” Ávila said, “I wonder if it’s worth it.”
The women, both hotel workers, grapple with all the difficulties of the housing market in California today, the high prices that push first-time buyers increasingly far from work, the scarcity of anything they can actually afford.
Housing concerns have been at the forefront of contract negotiations for hotel workers. Thousands of workers recently went on a three-day strike, demanding higher pay and better benefits. It was the first wave of walkouts anticipated this summer after contracts expired.
But Ortega de Ceballos and Ávila are looking for more than just shelter.
Sure, they want a home to live in now. But they also want to one day give their children the financial footing they themselves never had. The key is more than just hard work and a savings account with a laughably low interest rate. The key is a house, the kind of investment that can grow over time.
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Investing in a house is their way of building the kind of generational wealth that has long been out of reach for Black and brown families in the United States. The typical white family in the 21st century has five times the wealth of the typical Latino family and eight times the wealth of the typical Black family, according to the 2019 Survey of Consumer Finance.
And while homeownership represents an important component of wealth, there is a significant divide in who is able to achieve it. In California, in 2021, the Latino homeownership rate stood at 45.6%, compared to 64.5% for white families. The Black homeownership rate stood at 35.5%, according to census data analyzed by the Public Policy Institute of California.
The typical route to owning a home is to rent first and eventually save enough for a down payment. But with rising rents and wages that aren’t commensurate, that dream has become increasingly out of reach.
“Traditionally, owning a home has been the way that most families accumulate wealth,” said Marisol Cuellar Mejia, a research fellow at the Public Policy Institute of California. “That has happened for many years, and that was in some ways a manifestation of the American dream.”
Ortega de Ceballos, who emigrated from Mexico in the 1980s, started working two jobs, in part so she could help her sister back home study at a university. The two were orphans. Ortega de Ceballos wanted her sister to follow her dream.
She started a family while living in North Hollywood, but as it grew she moved to Sun Valley to find a larger place. Then she moved even farther away, to Lancaster, where she rented a house for a decade and raised her three children. That’s when she started sleeping in her car to save time and money on gas.
Ortega de Ceballos has juggled both jobs for more than 20 years. At the Hilton, rooms can go for more than $200 a night. At Loews, they go for around $300. Ortega de Ceballos earns $22 an hour.
It wasn’t until four years ago that she was able to finally accomplish her dream of buying her own home. The only catch — this time the house was even farther north, in California City, about 105 miles from her jobs in Hollywood and Glendale. Although it has a population of around 15,000, to Ortega de Ceballos it’s a “pueblito,” a small town. The typical home price is less than $300,000, compared to nearly a million in L.A.
She shares the three-bedroom home with her husband, who is disabled, and her youngest son, who is 29 and studying nursing. The home, severely damaged when the couple bought it, has now been renovated. When Ortega de Ceballos is home, she tends to her trees in a garden out back.
Owning her own home helped Ortega de Ceballos secure a better future for herself in addition to her children. She knows whatever retirement income she receives won’t be enough to pay rent in L.A.
“When I retire, I’m not going to be worried about all of these costs. I’m not going to be worried that I’m going to have to rent and I’ll be without money to eat or anything to live,” Ortega de Ceballos said.
The trade-off to accomplish her dreams has been brutal. The grueling, almost three-hour commute back home would be impossible, so she doesn’t return from Sunday until Friday. She sleeps in her red Kia more often than she does in her own house. She’s endured heat waves and at times feels as if she’s homeless.
Sometimes she goes out to eat, but often she relies on food she can get from the hotel, where she also showers. She drinks hotel coffee morning and night to keep her going.
On Fridays, her husband drives to Lancaster and then takes the train to his wife so he can to drive her home and prevent her from falling asleep at the wheel.
“It’s cost me a lot of sweat and tears,” Ortega de Ceballos said, her voice choked with tears. “Everything requires sacrifice. I’ve had to make sacrifices to get to where I am.”
“The most important thing is that my kids feel secure that they’ll have something one day,” she added. “For their future.”
Ortega de Ceballos has thought about finding work closer to home, but it’d be much less pay. It’s a cruel irony, where the income is better in L.A. — just not enough to live there without throwing the bulk of her paychecks at the rent.
That fact has become a major focus as the hotel workers’ union Unite Here Local 11 tries to negotiate new contracts for its members. Thousands of workers at hotels across Southern California walked off the job over the busy Fourth of July weekend.
In a Unite Here Local 11 survey, 53% of workers said they had either moved in the past five years or will move in the near future because of housing costs. Hotel workers reported commuting hours from Apple Valley, Palmdale, California City and Victorville.
In contract negotiations, the union has proposed creating a hospitality workforce housing fund, in addition to better wages, healthcare benefits, pensions and safer workloads. The hope is that an additional tax on hotel bills could go toward the construction of workforce housing for hospitality workers, said Kurt Petersen, co-president of Unite Here Local 11.
“I think every working person in Los Angeles is struggling to afford to live in Los Angeles,” Petersen said. “Our position is that those who work in the region’s most important and prosperous industry — tourism — need to have the ability to live in Los Angeles.”
On the Fourth of July, around 30 people, including housekeepers and cooks, picketed outside of the W Hollywood Hotel, where rooms go for more than $300 a night. They twirled noisemakers, banged on pots and pans and used megaphones to amplify their chants. At times, onlookers threw eggs at them.
Ávila was among those picketing. She usually commutes from Victorville to Hollywood from Sunday to Thursday. She has been a housekeeper at the W for 11 years, but she hasn’t worked at the hotel for the last few months as she helps organize her colleagues in her capacity as a union steward.
When Ávila first arrived in L.A. in 2009, she squeezed into a studio apartment with her parents, sister and her young son. After she started her own family, she rented a one-bedroom in Hollywood for $1,700. She, her husband, Armando Guzmán, and their three kids shared the room, splitting up among bunk beds.
A year and a half ago, she and Guzmán found a five-bedroom house in Victorville where her children — ages 17, 9 and 7 — could each have their own room. They pay $2,000 a month toward something of their own.
The two-story house has a pool, where the family spends weekends. She has space for exercise equipment, which saves her money on a gym. Although her oldest son had been reluctant to leave L.A., she said, he was happy to have a room of his own.
To stay awake on drives that can sometimes last three hours, Ávila keeps candy and gum in her car. She rolls down the windows and calls other hotel workers throughout the commute.
Guzmán, a construction worker in L.A., will sometimes stay the night with his mother or sister on days where the sun has beaten down and left him too drained to drive home.
Ávila thinks about how much she struggled in life and how she wants to ensure a better future for her children.
“I know that one day, when I’m not here,” Ávila said, “my children can have this home and know, ‘my mother made a sacrifice for us.’”
Government mortgage financier Fannie Mae is offering 3.5 percent in seller assistance if you purchase one of their previously foreclosed HomePath properties.
The offer is good for any owner-occupant who purchases an REO (Real estate owned) home listed on Homepath.com by May 1, 2010.
The 3.5 percent of the final sales price may be used toward either closing costs and/or choice of appliances; finally, you can get that shiny metallic Sub-Zero fridge you always wanted.
“Attracting qualified buyers to the market and reducing the inventory of vacant homes is critical to stabilizing neighborhoods and helping the market recover” said Terry Edwards, Executive Vice President of Credit Portfolio Management, in a press release.
“Many families are taking advantage of the federal homebuyer tax credit to buy a new home so this is a great time for Fannie Mae to offer some additional help.”
Many of the Fannie Mae-owned properties also offer special financing, allowing borrowers to purchase a home with as little as three percent down.
The down payment can be funded by your own savings, or via a gift, grant, or loan from a nonprofit organization, state or local government, or employer, so let’s hope this whole thing doesn’t get exploited (mortgages with no money down).
I did a quick search and found 757 eligible properties in Los Angeles County, with listing prices ranging from $41,000 in Lancaster, CA to $634,900 in Glendale, CA.
I shared a list of my favorite books about money once before, but that was over two years ago. I’ve read dozens of books since then (and thumbed through dozens more). Here is a revised list of 25 great books about money.
These are all books that I found entertaining or influential. There are still many “big name” books that I haven’t read, such as “A Random Walk Down Wall Street” and “The Intelligent Investor,” and I’ve left off some perennial favorites such as “The Richest Man in Babylon” and “The Wealthy Barber.”
These books are grouped into sections, roughly following the financial progression of the average person (from debt to financial independence). I’ve linked to the Amazon page for each book, but, as always, I encourage you to borrow the titles that interest you from your public library. If you prefer to read on a device, get to know Overdrive, which allows you to borrow e-books for free.
Debt Reduction
For those in the first stage of personal finance, debt reduction is the most important task. I know from experience that this can seem like a long, lonely battle. But others have fought it before, and have lived to document the process. Here are three books that describe different approaches to winning the fight:
The Total Money Makeover by Dave Ramsey — Ramsey is an anti-credit zealot. He made a $4 million fortune by his mid-twenties, and then lost it to bankruptcy. Now he runs a personal-finance empire. He takes a lot of criticism for his support of the debt snowball, which he describes in detail here, but the thing is, his methods work. If you’re struggling with debt, there’s no better starting place than this book. Ramsey’s advice is permeated with his Christianity, but you can get a lot out of this book even if you’re not religious. [My review.]
Debt is Slavery by Michael Mihalik — Debt is Slavery is a deceptively simple book. It’s short. Its advice seems basic. And it’s self-published, so how good can it be? Well, I think it’s great. In fact, I found myself wishing that I had written it. Mihalik’s advice is spot-on, and he covers a lot of topics that other authors shy away from, such as the effects of advertising, the weight of possessions, and the soul-sucking misery that comes from a bad job. This book may be short, but it’s sweet. Especially great for recent graduates, I think.
How to Get Out of Debt, Stay Out of Debt, and Live Prosperously by Jerrold Mundis — How to Get Out of Debt is built on the principles of Debtors Anonymous, a twelve-step program founded in 1971 to help those who struggle with compulsive debt. Mundis was himself a debtor, and he based this book on his own experience. This isn’t purely theoretical information from the mind of some Wall Street finance whiz who has never struggled; this book contains real tips and real stories from real people. If you’ve tried Dave Ramsey without success, read this. It’s 20 years old, but the information is timeless. [My review.]
Everyday Personal Finance
After you’ve defeated debt, you enter the second stage of personal finance, mastering the everyday habits that allow you to build wealth. The books listed here offer a wide view, discussing many aspects of money. They offer advice about saving, investing, and frugality. They don’t go into much detail about any one subject, but they provide motivation to get started. And that’s what’s most important.
Your Money or Your Life by Dominguez, Robin, and Tilford — A classic, and one of the foundation books for the simplicity movement. The authors play off the concept “time is money” in a very literal sense. They encourage readers to sort out priorities, to cut expenses, and then to seek passive income in pursuit of financial independence. A little New Age-y in spots. An excellent book, and a huge influence on many prominent personal-finance bloggers. I hope to review the new, revised edition of YMoYL soon.
All Your Worth: The Ultimate Lifetime Money Plan by Elizabeth Warren and Amelia Warren Tyagi — I didn’t like All Your Worth when I first read it. The book takes a dim view of frugality and thrift, and it contains some wild assumptions (like 12% stock market returns). But with time, I’ve come to appreciate the strength of All Your Worth, not just for those struggling to shake off debt, but also for those of us who are beginning to build wealth. This book’s balanced money formula is probably the single most important part of my current financial plan. There’s good stuff here, though you may need to filter some of the authors’ rhetoric. [My review.]
I Will Teach You to Be Rich by Ramit Sethi — This book is great, but it’s not for everyone. It’s targeted almost exclusively at young adults. If you’re under 30 and single, and if you make a decent living, this book is perfect. But if you’re 45 and married with two children, and if you struggle to make ends meet, this book is less useful. Plus, Ramit has a strong authorial voice. He’s bold, sarcastic, and even a little sassy. Not everyone likes this. If you’re turned off by his blog (or by his guest posts at Get Rich Slowly), you’ll be turned off by his tone in this book. These caveats aside, I Will Teach You to Be Rich is packed with solid advice, cites its sources, and provides scores of tactical tips for managing money. [My review.]
The Complete Tightwad Gazette by Amy Dacyczyn — “The Tightwad Gazette” was a newsletter published during the early 1990s by Amy Dacyczyn (pronounced “decision”). Eventually the back issues were collected into a series of books, which were in turn collected as The Complete Tightwad Gazette. Dacyczyn wrote articles like: “Used Shoes: Are they Good or Bad?”, “Budget Bug-Busting”, “Tightwad Toys”, and “Saving Money on Your Mortgage”. Sounds just like a personal finance blog, doesn’t it? This book has thousands of tips, many of which were contributed by readers of the newsletter. (You won’t find any info on investing here. This book is about frugality!)
Investing
Learning to invest your money wisely is one important aspect of the middle stages of financial development. Wall Street is not friendly to the small investor. It’s designed to part you from your hard-earned dollars. These books can help you develop an investment philosophy that will let you improve your odds of retiring wealthy.
The Four Pillars of Investing by William Bernstein — I’ve read dozens of books about investing. Of these, The Four Pillars of Investing is probably my favorite. Most investing manuals espouse one sure-fire method or another. Four Pillars does that to an extent, but the author provides a great deal of depth and color to support his argument. I love that Bernstein takes a comprehensive, holistic approach to the subject, not just looking at the theory and business of investing, but also looking at the history and psychology of investing. This is a great book. [My review.]
The Random Walk Guide to Investing by Burton Malkiel — Malkiel is best known for his classic A Random Walk Down Wall Street. This book is shorter, written in plain English (there’s no investing jargon), and easy to understand. But that doesn’t mean it’s simplistic. This is an excellent book, filled with advice based on sound financial principles. It covers risk tolerance, asset allocation, diversification, and even a little behavioral finance. An excellent guide for beginners. [My review.]
The Only Investment Guide You’ll Ever Need by Andrew Tobias — Andrew Tobias is an entertaining writer. His jocular, conversational tone will keep you interested as he describes mutual funds, bonds, and treasury bills. There’s a good section on how to handle a windfall (lottery, inheritance). My favorite bit from Tobias is his three-step budget: destroy your credit cards, invest 20% of everything you earn (and never touch it), and live on the remaining 80% no matter what. Awesome. This is a classic introduction to the subject of investing, though at times it seems a little dated. (You can read Andrew Tobias every day at his blog.
The Bogleheads’ Guide to Investing by Larimore, Lindauer, and LeBoeuf — You want expert investment advice? You can’t beat the info found here. These devotees of Vanugard founder John Bogle are big on slow, sure investments like indexed mutual funds. They tap their decades of experience to teach about diversification, inflation, and asset allocation. It’s not nearly as boring as it sounds. This book covers a broad range of topics, though its primary focus is investing. Highly recommended.
The Automatic Millionaire by David Bach — There’s more to David Bach than just “the latté factor”. The system he recommends here is excellent — an automated approach to managing your personal finances. If you’ve been meaning to open a Roth IRA, but have never actually done so, then read this book! He’ll explain how to set it up so that it’s painless. The only caveat I’d note is that this book is several years old now, and because it contains specific recommendations for financial companies, it may be be in need of an update.
Financial Independence
This next group of books may be my favorite. These volumes cover topics related to Financial Independence — that magical point where you no longer have to work. This is the final stage of money management. For many people, this means retirement. But it doesn’t have to be that way. These books offer solid advice for how to create a future that matches your dreams.
The Millionaire Next Door by Stanley and Danko — The authors interviewed and surveyed a pool of millionaires, attempting to find common connections among them. They discovered that millionaires live below their means. They budget. They let their adult children make it on their own. This book introduces several key concepts, including degrees of wealth accumulation. It’s a bit tedious in spots, at least in the audio version. This is one of just a few books to cover both sides of the wealth equation: saving money and earning money. [My review.]
Yes, You Can…Achieve Financial Independence by James Stowers — Yes, You Can…Achieve Financial Independence is informative without being dense. It’s accessible without being condescending. Its advice is solid. The book is filled with investment advice, but it gives equal time to thrift and savings. Best of all, it asks as many questions as it provides answers. It prompts the reader to think, to evaluate her priorities. Its message is that yes, you can achieve Financial Independence, but you can’t get there overnight, and you can’t get there without setting goals and making sacrifices. [My review.]
The Incredible Secret Money Machine by Don Lancaster — This hard-to-find volume from 1978 looks like a get-rich-quick book. It’s not. It’s all about starting and running small businesses, especially craft businesses. To Lancaster, a “money machine” is any venture that generates “nickels”. Nickels are small streams of revenue from individual customers. If your goal is simply to earn a comfortable income for yourself by doing something you love, then this book can help you explore the idea of business ownership. One of my Dad’s favorites, and one of my favorites, too. [My review.]
The 4-Hour Workweek by Tim Ferriss — The 4-Hour Workweek is a frustrating book. A lot of the advice seems impractical and out-of-reach for the average person. But on the other hand, it’s filled with inspirational anecdotes and provocative ideas about how you can make the leap from desk jockey to the pursuit of your dreams. In my review, I wrote that this book “is like a kick in the head”, and it’s true. The flow of ideas is relentless. Despite its flaws, I think this is a great book. [My review.]
Work Less, Live More: The Way to Semi-Retirement by Bob Clyatt — While Financial Independence is my long-term dream, semi-retirement is my more immediate goal. Clyatt describes techniques for leaving the workaday world years (or decades) before the traditional retirement age of 65. Work Less, Live More includes sections on defining your goals, learning to live on less, putting your investments on autopilot, and more. This book is like a toned-down, practical version of The 4-Hour Workweek. I like it. A lot.
The Psychology of Money
I firmly believe that success with money is more about mind than it is about math. We all understand the arithmetic behind personal finance — to build wealth, you must spend less than you earn — it’s mastering the emotions and habits that causes us trouble. These books explore your money and your brain.
Why Smart People Make Big Money Mistakes (and How to Correct Them) by Gary Belsky and Thomas Gilovich — In this short book, Belsky and Gilovich catalog a menagerie of mental mistakes that cause people to spend more than they should. What might have been a boring topic becomes fascinating thanks to an engaging style and plenty of anecdotes and examples. This book covers more than a dozen psychological barriers to wealth and explains how to prevent them from sabotaging you. [My review.]
The Paradox of Choice by Barry Schwartz — I just finished this book the other night, and hope to provide a full review in the next week. It’s fascinating. Schwartz argues that the vast array of choices available to us in the marketplace actually make us less happy. We’d be better off with two options for a wide-screen plasma television instead of twenty. Too much choice doesn’t just make us unhappy — it prevents us from making smart decisions. Fascinating stuff.
Kids and Money
Many parents are unprepared to teach their children about money. You needn’t be one of them. These books suggest methods for getting kids to understand how money works.
Living Simply with Children by Marie Sherlock — Sherlock offers tips for how to raise children that aren’t part of the consumerist culture. She encourages strong family ties as a counter to the relentless purchase to acquire “stuff”. Sherlock is also a proponent of using family rituals to replace consumer-oriented cultural activities. There’s some great advice here (the book is strongly influenced by Your Money or Your Life), but some readers may be put off by the author’s philosophy.
Growing Money: A Complete Investing Guide for Kids by Gail Karlitz — Growing Money has good chapters on banks and bonds, but most of the book is devoted to stocks. The book also contains chapters on the history of the stock market, how investors make money, and how to buy and sell stocks. This is probably my favorite book for children, but it does have some weak spots. Only one page out of 120 is devoted to mutual funds. Because the book is aimed at children, taxes are barely considered. Still, its strengths outweigh its weaknesses. It’s the sort of book to buy for your nephew, but read yourself before you pass it on. [My review.]
What Color is Your Piggy Bank? by Adelia Cellini Linecker — This slim volume is a great choice for kids from 10-14 who are beginning to show an interest in entrepreneurship. Linecker covers the world of jobs, setting up shop, and how to manage money.
Financial Journalism
This final trio of books won’t help you get rich — at least not directly. These don’t contain overt stock tips or advice for frugal living. Instead, they tell real-life stories about certain aspects of finance.
Den of Thieves by James B. Stewart — It’s not just Bernie Madoff. Wall Street has fallen prey to all sorts of unscrupulous men over the course of its history. In Den of Thieves, Stewart takes us inside the high-finance worlds of Michael Milken, Ivan Boesky, Martin Siegel, and Dennis Levine. These men were embroiled in the insider trading scandals that shook the market during the 1980s, and through their stories were able to see just how corrupting the influence of money can be. A little dense at times, but a great way to learn about the market.
Buffett: The Making of an American Capitalist by Roger Lowenstein — It’s no secret that Warren Buffett is one of my financial heroes. In this biography of Buffett, Roger Lowenstein describes the events that shaped his life, starting as a boy in the early 1930s. As we follow Buffett’s growth, we learn about the development of investment theory. There’s plenty of information here about Buffett’s investment philosophy. Entertaining and educational.
Hard Times: An Oral History of the Great Depression by Studs Terkel — Writer Studs Terkel published Hard Times in 1970. It features excerpts from over 100 interviews he conducted with those who lived through the 1930s. Terkel spoke with all sorts of people: old and young, rich and poor, famous and not-so-famous, liberal and conservative. By including the perspectives of so many different people, Terkel is able to paint a richer picture of what things were like. [My review.]
Bonus! The Worst Book About Money
Over the past few years, I’ve read many bad books about money. But none can compare to to the idiocy contained in The Secret by Rhonda Byrne. This book promotes all of the wrong messages, and encourages readers to believe that if they simply wish for something, it will come true.
The Secret contains tips like:
“It is helpful to use your imagination and make-believe you already have the money you want. Play games of having wealth and you will feel better about money; as you feel better about it, more will flow into your life.”
“The only reason any person does not have enough money is because they are blocking money from coming to them with their thoughts.”
“Visualize checks in the mail.”
“This kind of crap is dangerous,” I wrote in my original review. “It’s get-rich-quick drivel of the worst sort. It doesn’t help people address their money issues. It puts them into a pattern of wishful thinking.”
This book is awful.
Final Thoughts
Few personal finance books are perfect. For most, you need to employ personal filters. Dave Ramsey’s The Total Money Makeover is a fantastic book on debt reduction, but if you’re not Christian, you’ll have to tune out the Bible verses. All Your Worth contains a great plan for achieving financial balance, but you may need to ignore its constant disparaging of frugality and thrift.
Because I’ve limited myself to 25 books, I’ve had to leave a lot of great titles off the list. Please feel to share your favorite books about money and explain why others should read them.
Pennsylvania is a state that is overtly rich in history and culture, and it offers a wide variety of living options for its renters and their individual tastes. From bustling cities to quiet communities, there is no shortage of great places to call home in the Keystone State. We’ve narrowed down our top picks of the best places to live in Pennsylvania, sure to please renters looking for their dream homes.
Population: 50,135
Median household income: $44,444
One-bedroom average rent: $1,250
Two-bedroom average rent: $1,485
Harrisburg is the capital city of the state of Pennsylvania, full of rich history, vibrant arts and culture scene and outdoor attractions. The city played an important role in the American Civil War, serving as a major transportation hub for troops and supplies. Residents can explore this history at the National Civil War Museum or take a stroll through the historic district to see some of the city’s 19th-century architecture.
In terms of outdoor attractions, The Susquehanna River is a popular spot for kayaking, fishing and other activities, and there are plenty of parks and green spaces to explore. Additionally, the city is home to a thriving arts scene, with galleries, theaters and performance spaces showcasing everything from classical music to contemporary art.
Top apartments in Harrisburg:
Population: 57,503
Median household income: $54,145
One-bedroom average rent: $1,495
Two-bedroom average rent: $1,750
Lancaster is a charming city in the heart of Pennsylvania Dutch country, known for its rich history, beautiful countryside and food. One of the most well-known features of Lancaster is the Amish community. You can take a guided tour of the Amish countryside to see their traditional way of life, including horse-drawn buggies, farmhouses and beautiful landscapes. You can also sample homemade jams, jellies and other Amish treats.
The city also has a quaint, historic downtown area with various shops, restaurants and attractions. You can visit the Central Market, which is the oldest continuously operating farmers’ market in the country, or check out the Fulton Theatre, which hosts a variety of plays throughout the year.
Top apartments in Lancaster:
Population: 1,699,000
Median household income: $54,306
One-bedroom average rent: $1.402
Two-bedroom average rent: $1,699
Pittsburgh is a sports-centric city located in western Pennsylvania. It’s known for its influential steel industry, bridges and sports teams. Pittsburgh has an intense sports culture. The city has a long history of successful sports teams, including the Pittsburgh Steelers football team and the Pittsburgh Penguins hockey team.
The city is also known for its history and architecture. Once a hub for the steel industry, Pittsburg is full of many old factories and mills throughout the city. If you’re interested in arts and culture, there are plenty of museums and galleries to explore in Pittsburgh as well. The Andy Warhol Museum, for example, showcases the life and work of the famous artist who was born in the city.
Top apartments in Pittsburg:
Population: 95,331
Median household income: $38,738
One-bedroom average rent: $1,526
Two-bedroom average rent: $1,630
Reading is a diverse city with a mix of urban and suburban areas. It’s home to various colleges and universities, including Alvernia University and Reading Area Community College. The city also has a booming arts and culture scene, with several theaters and galleries showcasing local talent.
Reading has a rich history, particularly in the industrial and railroad industries. In the late 1800s and early 1900s, the city was a major center for iron and steel production, and many of the historic buildings in downtown Reading were built during this time. In fact, the city’s nickname is “The Pretzel City” due to its history as a center of pretzel production.
Top apartments in Reading:
Population: 95,331
Median household income: $44,161
One-bedroom average rent: $1,412
Two-bedroom average rent: $1,400
If you’re a fan of “The Office,” you might already know a bit about Scranton, as the popular TV show was set there. Scranton has a rich history in relation to the coal mining industry and still has remnants of that heritage today. The Lackawanna Coal Mine Tour is a popular attraction where you can explore an actual coal mine and learn about the city’s coal mining history.
When it comes to food, Scranton offers a mix of culinary cuisine. You can find everything from traditional Pennsylvania Dutch dishes to modern American favorites. The city is particularly known for its pizza and hoagies, and you’ll find numerous local establishments serving up delicious versions of these classic favorites.
Top apartments in Scranton:
Population: 5,756,000
Median household income: $52,649
One-bedroom average rent: $1,812
Two-bedroom average rent: $2,117
The heart of Pennslyvania comes alive in the bustling city of Philadelphia. This city is a vibrant neighborhood with a mix of residential and commercial spaces. Here, you’ll find high-rise apartment buildings, condominiums and lofts. Residents are within walking distance of many cultural attractions, restaurants, shops and work opportunities.
Philadelphia is known for its rich history, world-class museums, vibrant arts scene and sports culture. From the Liberty Bell and Independence Hall to the Philadelphia Museum of Art and the Philadelphia Orchestra, there’s no shortage of cultural experiences for renters to enjoy.
Top apartments in Philadelphia:
Population: 44,968
Median household income: $46,050
One-bedroom average rent: $1,242
Two-bedroom average rent: $1,433
Located in the southern part of the state, York is an affordable city with quaint neighborhoods. York has deep historical significance as it was the temporary capital of the United States during the American Revolution when the Continental Congress met here. It’s also the birthplace of the Articles of Confederation, the first written constitution of the United States.
If you’re into a mix of historic and modern influence, Downtown York is the perfect spot. Residents have access to cool apartments with lots of character surrounded by local shops and restaurants to explore. Access to transportation is great as well with the Rabbit Transit buses to help get around the city and connect to nearby areas.
Top apartments in York:
Population: 777,000
Median household income: $47,703
One-bedroom average rent: $1,741
Two-bedroom average rent: $1,735
Allentown is known for its diverse and vibrant culture. The city is home to a blend of different ethnicities, which is reflected in its festivals, cuisine and community events. Allentown offers a thriving arts and entertainment scene. The Allentown Art Museum and the Civic Theatre of Allentown, are just two places residents can enjoy entertainment and expand horizons.
Nature lovers will appreciate the parks and outdoor spaces Allentown offers. Lehigh Parkway, a scenic park along the Lehigh River, offers walking trails, picnic areas and opportunities for fishing and kayaking. The Trexler Nature Preserve, just outside of Allentown, provides even more opportunities for hiking and wildlife observation.
Top apartments in Allentown:
Population: 94,571
Median household income: $40,201
One-bedroom average rent: $1,192
Two-bedroom average rent: $1,430
Erie is a haven for outdoor enthusiasts. One of the biggest and most well-known draws of Erie is its stunning natural beauty through spots like Lake Erie. In addition to Presque Isle State Park, there are plenty of opportunities for hiking, camping and exploring nature in the surrounding area.
The city area, downtown Erie, offers a mix of commercial, residential and cultural attractions for residents to enjoy. State Street serves as the main thoroughfare, lined with shops, restaurants and businesses. Downtown is home to historic buildings, including the ornate Warner Theatre, which hosts a variety of performances and events.
Top apartments in Erie:
Create your own history in Pennsylvania
Pennsylvania is a state that truly showcases its rich history and diverse culture, providing renters with a multitude of living options to suit their individual preferences.
With our top picks of the best places to live, renters can confidently embark on their search for their dream homes, knowing that Pennsylvania has something to offer everyone. Start your search today!
Welcome to the vibrant city of Lincoln, NE. Nestled in the heart of the Midwest, this charming city has so much to offer. From its rich history to its thriving cultural scene, Lincoln is a treasure trove of fascinating discoveries. In this Redfin article, we invite you to test your knowledge as we uncover 9 fun facts about Lincoln, NE. Whether you’re a long-time resident or you’re considering buying a house in Lincoln, prepare to be amazed by the hidden gems and lesser-known tidbits that make this city truly unique. So, buckle up and join us on this exploration of Lincoln’s captivating past, present, and maybe even uncover a few surprises along the way.
1. Named after a presidential legacy
Lincoln, NE, takes its name from none other than Abraham Lincoln, the 16th President of the United States. The city was named in honor of this iconic leader in 1867, and its strong ties to American history lend it a sense of pride and heritage.
2. The city offers an affordable cost of living
Living in Lincoln offers the attractive benefit of an affordable cost of living. As of June 1, 2023, the cost of living in Lincoln is approximately 8% lower than the national average. This translates to significant savings for residents across various aspects of their daily lives. Utility costs, everyday expenses, and housing prices in Lincoln are also notably lower compared to national averages. For instance, the median sale price of a home in Lincoln was just $285,000 in April 2023, nearly $125,000 less than the national median sale price.
3. Lincoln embraces the spirit of conservation and environmental stewardship
The city’s association with Arbor Day, which originated in Nebraska, showcases its commitment to tree planting and preserving green spaces. This dedication to nature is evident throughout Lincoln, with beautiful parks, gardens, and recreational areas to explore. In fact, there are over 136 parks in the city, spanning over 6,000 acres.
4. Star City is the capital of Nebraska
As the capital of Nebraska, Lincoln offers a central location within the state. This geographical advantage ensures easy access to all parts of Nebraska, making it convenient for exploring the state’s natural wonders and attractions.
5. Home to the University of Nebraska
Lincoln is home to the prestigious University of Nebraska, an academic powerhouse renowned for its research and educational programs. The university’s presence contributes to the city’s intellectual atmosphere, offers cultural and sporting events, and provides employment opportunities.
6. Lincoln boasts a vibrant downtown
The historic Haymarket District in downtown Lincoln is a hub of activity, featuring unique shops, trendy restaurants, art galleries, and live music venues. It’s the perfect place to unwind, socialize, and experience the city’s lively atmosphere.
7. It’s a gateway to adventure
Nestled in the heart of the Midwest, the city enjoys a central position that provides unparalleled convenience when it comes to reaching other major destinations. Thanks to its proximity to Interstate 80, traveling to nearby cities and states becomes a breeze. Whether you’re planning a quick weekend getaway, visiting loved ones, or embarking on a business trip, Lincoln’s location serves as a convenient launching pad. The city also boasts a well-connected transportation infrastructure, including a regional airport with direct flights to major hubs.
8. Lincoln, NE is a city that knows how to celebrate
Throughout the year, the city plays host to a diverse range of annual events that bring the community together. One such event is the Lancaster County Fair, a beloved tradition featuring thrilling rides, live entertainment, agricultural exhibits, and delicious food. Another highlight is the Abraham Lincoln Birthday Celebration, which honors the city’s namesake with historical reenactments, educational activities, and engaging presentations. Music enthusiasts eagerly anticipate Lincoln Calling, a multi-day music festival that showcases both local talent and nationally acclaimed artists across various genres.
9. The community engagement is unmatched
Lincoln’s residents take pride in their city and actively participate in local events and initiatives. The annual Lincoln Marathon showcases the community’s enthusiasm for sports and fitness, as participants from around the world join in to experience the city’s vibrant neighborhoods and receive a warm reception from the supportive locals.
Lincoln’s rich history, natural beauty, thriving cultural scene, and welcoming community make it an ideal place to call home. Whether you’re exploring the city’s parks, embracing its arts and entertainment offerings, or engaging with friendly locals, Lincoln is a good place to live.
Pennsylvania is a state that is overtly rich in history and culture, and it offers a wide variety of living options for its renters and their individual tastes. From bustling cities to quiet communities, there is no shortage of great places to call home in the Keystone State. We’ve narrowed down our top picks of where to live in Pennsylvania, sure to please renters looking for their dream homes.
Population: 50,135
Median household income: $44,444
One-bedroom average rent: $1,250
Two-bedroom average rent: $1,485
Harrisburg is the capital city of the state of Pennsylvania, full of rich history, vibrant arts and culture scene and outdoor attractions. Fortunately, it’s also one of the best places to live in Pennsylvania.
The city played an important role in the American Civil War, serving as a major transportation hub for troops and supplies. Residents can explore this history at the National Civil War Museum or take a stroll through the historic district to see some of the city’s 19th-century architecture.
In terms of outdoor attractions, The Susquehanna River is a popular spot for kayaking, fishing and other activities, and there are plenty of parks and green spaces to explore. Additionally, the city is home to a thriving arts scene, with galleries, theaters and performance spaces showcasing everything from classical music to contemporary art.
Top apartments in Harrisburg:
Population: 57,503
Median household income: $54,145
One-bedroom average rent: $1,495
Two-bedroom average rent: $1,750
Lancaster is a charming city in the heart of Pennsylvania Dutch country, known for its rich history, beautiful countryside and food. One of the most well-known features of Lancaster is the Amish community. You can take a guided tour of the Amish countryside to see their traditional way of life, including horse-drawn buggies, farmhouses and beautiful landscapes. You can also sample homemade jams, jellies and other Amish treats.
The city also has a quaint downtown area with various shops, restaurants, historic homes and attractions. You can visit the Central Market, which is the oldest continuously operating farmers market in the country, or check out the Fulton Theatre, which hosts a variety of plays throughout the year.
Top apartments in Lancaster:
Population: 1,699,000
Median household income: $54,306
One-bedroom average rent: $1.402
Two-bedroom average rent: $1,699
Pittsburgh is a sports-centric city located in western Pennsylvania. It’s known for its influential steel industry, bridges and sports teams. Pittsburgh has an intense sports culture, even when compared to other PA cities. The city has a long history of successful sports teams, including the Pittsburgh Steelers football team and the Pittsburgh Penguins hockey team.
The city is also known for its history and architecture. Once a hub for the steel industry, Pittsburgh is full of many old factories and mills throughout the city. If you’re interested in arts and culture, there are plenty of museums and galleries to explore in Pittsburgh as well. The Andy Warhol Museum, for example, showcases the life and work of the famous artist who was born in the city.
Top apartments in Pittsburgh:
Population: 95,331
Median household income: $38,738
One-bedroom average rent: $1,526
Two-bedroom average rent: $1,630
Reading is a diverse city with a mix of urban and suburban areas. It’s home to various colleges and universities, including Alvernia University and Reading Area Community College. The city also has a booming arts and culture scene, with several theaters and galleries showcasing local talent.
Reading has a rich history, particularly in the industrial and railroad industries. In the late 1800s and early 1900s, the city was a major center for iron and steel production, and many of the historic buildings in downtown Reading were built during this time. In fact, the city’s nickname is “The Pretzel City” due to its history as a center of pretzel production.
Top apartments in Reading:
Population: 95,331
Median household income: $44,161
One-bedroom average rent: $1,412
Two-bedroom average rent: $1,400
If you’re a fan of “The Office,” you might already know a bit about Scranton, as the popular TV show was set there. Scranton has a rich history in relation to the coal mining industry and still has remnants of that heritage today. The Lackawanna Coal Mine Tour is a popular attraction where you can explore an actual coal mine and learn about the city’s coal mining history.
When it comes to food, Scranton offers a mix of culinary cuisine. You can find everything from traditional Pennsylvania Dutch dishes to modern American favorites. The city is particularly known for its pizza and hoagies, and you’ll find numerous local establishments serving up delicious versions of these classic favorites.
Top apartments in Scranton:
Population: 5,756,000
Median household income: $52,649
One-bedroom average rent: $1,812
Two-bedroom average rent: $2,117
The heart of Pennslyvania comes alive in the bustling city of Philadelphia. A shoo-in for any best places to live in Pennsylvania list, this city is a vibrant neighborhood with a mix of residential and commercial spaces. Here, you’ll find high-rise apartment buildings, condominiums and lofts. Residents are within walking distance of many cultural attractions, restaurants, shops and work opportunities.
Philadelphia is known for its rich history, world-class museums, vibrant arts scene and sports culture. In short, it’s where to live in Pennsylvania if you’re an Eagles or Phillies fan! From the Liberty Bell and Independence Hall to the Philadelphia Museum of Art and the Philadelphia Orchestra, there’s no shortage of cultural experiences for renters to enjoy.
Top apartments in Philadelphia:
Population: 44,968
Median household income: $46,050
One-bedroom average rent: $1,242
Two-bedroom average rent: $1,433
Located in the southern part of the state, York is an affordable city with quaint neighborhoods. York has deep historical significance as it was the temporary capital of the United States during the American Revolution when the Continental Congress met here. It’s also the birthplace of the Articles of Confederation, the first written constitution of the United States.
If you’re into a mix of historic and modern influence, Downtown York is the perfect spot. Residents have access to cool apartments with lots of character surrounded by local shops and restaurants to explore. Access to transportation is great as well with the Rabbit Transit buses to help get around the city and connect to nearby areas.
Top apartments in York:
Population: 777,000
Median household income: $47,703
One-bedroom average rent: $1,741
Two-bedroom average rent: $1,735
Allentown is known for its diverse and vibrant culture, making it a natural pick for any best places to live in Pennsylvania list. The city is home to a blend of different ethnicities, which is reflected in its festivals, cuisine and community events. Allentown offers a thriving arts and entertainment scene. The Allentown Art Museum and the Civic Theatre of Allentown, are just two places residents can enjoy entertainment and expand horizons.
Nature lovers will appreciate the parks and outdoor spaces Allentown offers. Lehigh Parkway, a scenic park along the Lehigh River, offers walking trails, picnic areas and opportunities for fishing and kayaking. The Trexler Nature Preserve, just outside of Allentown, provides even more opportunities for hiking and wildlife observation.
Top apartments in Allentown:
Population: 94,571
Median household income: $40,201
One-bedroom average rent: $1,192
Two-bedroom average rent: $1,430
Erie is a haven for outdoor enthusiasts. One of the biggest and most well-known draws of Erie is its stunning natural beauty through spots like Lake Erie. In addition to Presque Isle State Park, there are plenty of opportunities for hiking, camping and exploring nature in the surrounding area.
The city area, downtown Erie, offers a mix of commercial, residential and cultural attractions for residents to enjoy. State Street serves as the main thoroughfare, lined with shops, restaurants and businesses. Downtown is home to historic buildings, including the ornate Warner Theatre, which hosts a variety of performances and events.
Top apartments in Erie:
Create your own history in Pennsylvania
Pennsylvania is a state that truly showcases its rich history and diverse culture, providing renters with a multitude of living options to suit their individual preferences. Now the only question is, where to live in Pennsylvania.
With our top picks of cities and apartments, renters can confidently embark on their search for their dream homes, knowing that Pennsylvania has something to offer everyone. Start your search today!
Many people think of large national banks when they think of banking. However, regional banks can often offer a more personalized and localized banking experience. They may also have lower interest rates and fees than larger banks.
In this article, we’ll examine the best regional banks in terms of customer service, fees, and interest rates. This list is a great place to start if you’re looking for a new place to do your banking or simply want to compare your current bank to others in your area.
Best Regional Banks in the West
Bank of the West
Bank of the West is a large regional bank based in San Francisco, with hundreds of locations nationwide. It offers standard deposit accounts, such as checking, savings, CDs, and money market accounts.
Checking accounts have varying terms and fees, some of which can be waived by signing up for paperless statements. The bank also has a low-interest Choice Interest Checking account and two savings accounts with fee waivers for maintaining a minimum balance.
First Interstate Bank
First Interstate Bank is the largest bank in Montana and 73rd in the US. Established in 1916, it has 313 locations.
Its headquarters are in Billings, but it has locations throughout the states of Idaho, Montana, Oregon, South Dakota, Washington and Wyoming.
Umpqua Bank
Umpqua Bank is the largest bank in Oregon and 75th in the US. Established in 1953, it has 219 locations, headquartered in Roseburg.
It offers a unique Go-To app that allows customers to text a banker for questions or advice. The bank also offers multiple checking accounts, money market accounts and CD terms, with a low deposit requirement to open a money market or savings account.
Union Bank
Union Bank is a full-service bank based in San Francisco, with over 350 branches in California, Washington and Oregon. It offers online, mobile, and telephone banking options in addition to traditional branch banking.
Products include checking, savings, money market, CDs, credit cards, mortgages, loans, insurance and investment services.
Best Regional Banks in the Southwest
BOK Financial
BOK Financial is the largest bank in Oklahoma and 55th in the US. Established in 1910, it has 118 locations and is headquartered in Tulsa. It offers a variety of financial products, including savings, checking, money market, CDs, IRAs, credit cards, and mortgages.
First National Bank Texas
First National Bank Texas (FNBT) was founded in 1901 in Killeen, Texas. Today, it serves customers at over 300 locations across Texas, New Mexico, and Arizona.
The bank offers a variety of personal banking products, including checking accounts, savings accounts, money market accounts, and CDs, and more.
Frost Bank
Frost Bank is based in San Antonio, Texas. Established in 1868, it has 171 locations and 1,700 ATMs throughout Texas.
The serves customers in most of the state’s larger metro areas. It offers a range of products including checking and savings accounts, loans, investing, insurance and wealth management services to help customers manage and grow their money.
MidFirst Bank
MidFirst Bank is the largest privately owned bank in the US. It operates 75 branches in 3 states, with most located in Oklahoma, Arizona, and Colorado. Its headquarters is in Oklahoma City.
MidFirst provides a range of banking options, including multiple types of checking accounts, and the possibility to waive monthly service fees.
Best Regional Banks in the Midwest
Arvest Bank
Arvest Bank is a regional bank based in Bentonville, Arkansas, with over 240 branches in Arkansas, Kansas, Oklahoma and Missouri. It offers checking accounts, savings accounts, money market accounts, and CDs, and its mobile banking app is highly rated in app stores. Accounts can be opened online, but only by residents of the four states the bank serves.
BMO Harris Bank
BMO Harris is the 8th largest bank in North America by assets, headquartered in Chicago and is a subsidiary of the Bank of Montreal. It has over 500 branches in Arizona, Florida, Illinois, Indiana, Kansas, Missouri, Minnesota, and Wisconsin.
Fifth Third Bank
Fifth Third Bank is based in Cincinnati, serving customers in 11 states with over 1,100 branches. It offers various checking and savings accounts, money market account and a wide range of CD terms.
The Fifth Third Momentum Checking account boasts no monthly service fee and provides fee-free access to over 50,000 ATMs across the country. The bank also has low deposit requirements and 24/7 access via its highly rated mobile app.
Huntington National Bank
Huntington National Bank is a full-service bank with over 1,100 branches in 12 states, primarily in the Midwest and Southern regions. It provides a range of products and services including banking, wealth management, and insurance.
The bank offers a free checking account, and 24-hour overdraft forgiveness which allows an extra day to make deposits to avoid overdraft and return fees, and other features.
Best Regional Banks in the Southeast
Cadence Bank
Cadence Bank, a regional giant based in Tupelo, stands tall as the largest bank in Mississippi and ranks 51st nationally. It has a network of 448 locations spread across six states: Alabama, Florida, Georgia, Mississippi, Tennessee, and Texas.
Cadence offers a comprehensive range of financial products, from checking and savings accounts to credit cards, lines of credit, and mortgages.
First Citizens Bank
First citizens Bank, founded in North Carolina in 1898, has a rich history of providing reliable financial services. Its offerings encompass a diverse array of products, such as checking, savings, CDs, credit cards, loans, mortgages, investments, and insurance.
With 586 branches in 22 states, the bank makes banking easy and accessible. It also offers free checking and savings account options with a low minimum deposit requirement.
SouthState Bank
SouthState Bank, the largest regional bank in Florida, was founded in 1992 in Winter Haven. With a presence in six states – Florida, Georgia, Alabama, Virginia, North Carolina, and South Carolina – the bank boasts a network of over 240 branches.
SouthState offers a wide range of banking and investment services to individuals and businesses alike.
Synovus Bank
Based in Columbus, Georgia, Synovus Bank operates 309 branches in five states – Alabama, Florida, Georgia, South Carolina, and Tennessee.
The bank provides a comprehensive range of financial services, including loans, deposit products, investment services, financial planning, and wealth management, empowering its customers to reach their financial goals.
Best Regional Banks in the Northeast
Fulton Bank
Fulton Bank, based in Lancaster, Pennsylvania, is a regional bank with a presence in 5 mid-Atlantic states – Delaware, Maryland, New Jersey, Pennsylvania, and Virginia. With over 250 branches, Fulton Bank offers an array of personal banking products, including checking, savings, money market accounts, and certificates of deposit.
M&T Bank
M&T Bank is a major regional bank headquartered in Buffalo, New York, serving customers in 13 states, with a strong presence in New York, Connecticut, Maryland, Pennsylvania, and New Jersey.
The bank offers a wide range of financial products, including checking and savings, loans, retirement accounts, credit and debit cards, and investment services. With M&T Bank’s basic checking account, there’s no monthly fee.
Valley National Bank
Valley National Bank was established in 1927 and is headquartered in Wayne, New Jersey. It boasts 200 convenient branches across several states, including New Jersey, New York, Florida, Alabama, California, and Illinois.
The bank offers a range of checking and savings accounts, including Rewards Checking and Interest Checking.
Webster Bank
Webster Bank, based in Stamford, Connecticut, operates 177 branches across Connecticut, Massachusetts, Rhode Island, and New York. It offers a comprehensive range of financial products, including checking, savings, and money market accounts, CDs, and lending products.
With 5 different checking accounts to choose from, including an Opportunity Checking account for those seeking second-chance banking, Webster Bank caters to a wide range of banking needs.
Big Regional Banks with Locations in Multiple Regions
Citizens Bank
Citizens Bank is based in Providence, Rhode Island and is the 15th largest bank in the US. It operates over 1,000 branches across 11 states in New England, Mid-Atlantic, and Midwest regions.
It offers various retail, small business and commercial banking products. The bank also has online-only savings accounts and CDs with competitive interest rates and no monthly fees.
KeyBank
Headquartered in Cleveland, Ohio, KeyBank operates over 1,000 full-service branches in 15 states, offering a range of banking products including personal checking, savings, money market, and CDs. The bank is committed to providing excellent customer service, with 24/7 phone support available.
Regions Bank
Regions Bank is the largest bank in Alabama, with its headquarters in Birmingham. Operating over 1,500 branches in 15 states across the South and Midwest, the bank offers 24/7 phone customer service.
In addition to traditional banking services, Regions Bank also provides convenient digital banking features, including mobile and online banking, account management, bill pay, and remote check deposit.
TD Bank
TD Bank is headquartered in Cherry Hill, New Jersey-based with a presence primarily along the East Coast in 15 states. The bank operates 1,200 branches and is the ninth-largest bank in the nation.
TD Bank offers a range of financial products including checking, savings, and money market accounts, certificates of deposits, and credit cards. Additionally, its physical locations offer extended hours to accommodate customer needs.
Truist
Truist Bank is based in Charlotte, North Carolina, with a presence in 17 states and the District of Columbia. With over 2,100 branches, the bank primarily serves customers in the Southern states but also has locations in Indiana, Maryland, New Jersey, Ohio, and Pennsylvania.
Truist offers a range of banking products including checking, savings, money market, CDs, credit cards, and more.
U.S. Bank
U.S. Bank it headquartered in Minneapolis, and it’s the fifth-largest bank by assets in the United States. Its services are primarily in the Western and Midwestern parts of the country with over 2,000 branches in 26 states.
U.S. Bank provides customers with a vast network of ATMs, including those in the MoneyPass network. They offer a comprehensive selection of products, such as deposit accounts and mortgages. Customers can choose to open accounts either in-person or through the bank’s online platform. Its mobile app is also highly rated.
Factors to Consider When Choosing a Regional Bank
When it comes to selecting a regional bank, there are several important factors to keep in mind to ensure you make the right choice for your financial needs. These include:
Location: Ensure the bank has branches and ATMs conveniently located near your home and workplace for easy access and transactions.
Fees: Compare fees such as monthly maintenance fees, overdraft fees, ATM fees, and others to make sure they are reasonable and in line with other regional banks.
Interest rates: Evaluate interest rates and annual percentage yields (APYs) for checking and savings accounts, as well as loans, to get the best deal possible.
Online and mobile banking: Assess the bank’s digital offerings such as online banking and mobile app capabilities to make sure they meet your needs and are user-friendly.
Customer service: Look into the bank’s customer service reputation by reading reviews and asking others. Choose a bank with a strong reputation for assisting customers with their financial needs.
Security: Verify that the bank has robust security measures in place to protect your personal and financial information.
Frequently Asked Questions
What are regional banks?
Regional banks, as per the Federal Reserve Board, are financial institutions with assets between $10 billion and $100 billion, putting them in between community banks and larger national or international banks. However, the definition may vary among different sources.
These banks serve a designated geographic region, usually within one state or a few states, and offer a variety of commercial banking services like checking accounts, savings, mortgage loans, and more.
How do regional banks differ from national banks?
National banks cater to a broad geographical area, spanning across several states and sometimes the entire country. Unlike national banks, regional banks concentrate more on meeting the requirements of their local communities. The scope of service for regional banks can greatly differ, with some serving small regions, while others offer services to larger territories.
What’s the difference between a regional bank and a community bank?
Regional banks are typically bigger and offer a wider range of services compared to community banks. They have multiple branches and ATMs across a state or region, and provide more advanced financial products.
In contrast, community banks are focused on serving the local community and are generally smaller with fewer branches and ATMs. They put a strong emphasis on personal banking services like checking and savings accounts, home loans, and consumer loans. Additionally, they have close ties to the community and often prioritize lending to small businesses and community organizations.
What are some benefits of using a regional bank?
Regional banks often provide a more personal touch and in-depth local knowledge. Additionally, they are connected to the community and offer more flexible lending options. Furthermore, their fees tend to be lower compared to bigger banks.
For those who prioritize low fees, online banks are another option to consider. These banks, also known as digital or online-only banks, have the lowest fees of all banking options, thanks to their lower overhead expenses. They pass the savings on to their customers.
Are there any downsides to using a regional bank?
Regional banks may have fewer branches and ATMs compared to big banks, which can be a disadvantage for some customers. Moreover, they may not offer as many types of accounts or financial products as large banks.
What should I look for when choosing a regional bank?
When choosing a regional bank, take into account elements like its reputation, monthly fees, and available accounts. Additionally, think about its proximity and if it provides online and mobile banking services.
Can I open an account with a regional bank if I don’t live in the region they serve?
It depends on the bank’s policies. Some regional banks may require that you live in the region they serve to open a bank account, while others may be more flexible.
How many regional banks are there in the U.S.?
Based on the Federal Reserve Board’s definition of a regional bank, of $10 billion to $100 billion in assets, there are around 120 regional banks in the U.S.
In 1978, Don Lancaster — a computer and electronics geek — published a book called The Incredible Secret Money Machine. Though the title smacks of get-rich-quick schemes, The Incredible Secret Money Machine is really about starting and running a small business.
To Lancaster, a “money machine” is any venture that generates “nickels”. Nickels are small streams of revenue from individual customers. If your goal is simply to earn a comfortable income for yourself by doing something you love, then this book can help you explore the idea of business ownership. It’s not going to help you launch the next Google or Microsoft, though. Lancaster is all about nickels, not about dollars.
Getting Started
Lancaster says that in order to build a money machine, you must adhere to four basic beliefs. (Note that I’ve left his very-1970s language as-is.)
You have to be heavily into a technical or craft trip on a total lifestyle basis. “Your own trip has to be the absolute center of everything you do, everything you work with, and everything you believe in. Doing it has to be much more important to you than making money, more important than worrying about what people think, and more important than behaving, competing, or complying the way that other people think you should.”
You must want to stay in control. “For your money machine to work, you have to want to spend much of your time, energy, and effort improving both yourself and the general goodness of the technical or craft trip you are into.”
Your income goals should be just enough to keep going. “Getting filthy rich should be nowhere in your plans. So long as you can continue doing what you like in the direction you want to go, that’s all that should matter. The great irony of your incredible secret money machine is that the less you strive for income, the more of it will come your way, and, more importantly, the more you will be able to do with what you already have.”
Be gentle. “Your money machine should be forever small and decentralized. It should never compete head-on with others. It should complement and advance what others are doing. Your money machine’s products should genuinely help people at a fair or more-than-fair price, never being a rip-off either to suppliers or to customers.”
This isn’t the sort of advice I expect to get from a book about entrepreneurship. I expect to read grand promises, and glowing talk of profits to come. I expect money to be the object. Money isn’t the object with Lancaster. It’s one of the goals, to be sure, but it’s more important to create a “lifestyle business”, one that you enjoy and want to pursue.
Tips for Building a Money Machine
But how do you do build your own money machine? What’s the best way to start the stream of nickels? And how do you keep them coming? Though The Incredible Secret Money Machine is only 160 pages long, it’s packed with strategies and tactics for building a successful business, including:
Have as many different sources of income as possible. By this Lancaster doesn’t mean you should work multiple jobs — he means that you should have as many customers as possible. It’s better to have 1,000 people each giving you a nickel a month than it is to have one person giving you $50 a month. If that one person decides to spend $50/month elsewhere, you’re in trouble. But if even 100 people stop paying their nickel, you’ll still earn $45/month.
Have complementary sources of income. Another way to keep your cash flow strong is to operate two money machines. Many entrepreneurs I’ve known have done this. I have a friend who is a published novelist; in his spare time, he also takes on free-lance writing projects. My aunt baked wedding cakes, did catering, and was a professional photographer. My wellness coach doesn’t just counsel clients about physical fitness, but she also does stage entertainment.
Deal directly with the customer. If you write a book and publish it traditionally, for example, there’s an entire industry designed to suck the profit out of the process before you get your nickels. Instead, content yourself with fewer sales at a higher margin by dealing directly with the customer.
Work toward deferred income. “What you do for your money machine should generate nickels both today and tomorrow,” Lancaster writes.
You should work toward automatically generating yourself a long stream of future nickels that needs little or no more attention from you. This is admittedly very tricky to do, but if you can pull this off, your money machine will fly by itself, freeing you in the future to do bigger and better things.
An obvious way to generate residual income is to assure you have satisfied customers. Satisfied customers come back for more, and they tell their friends about your services.
Know the difference between cold cash, imaginary money, and megabucks. Megabucks are the big jackpots you get from writing a bestseller, from winning the lottery, from inventing the next Rubik’s Cube. Megabucks can make your rich, but the odds are basically zilch that you’ll ever find them. Imaginary money is the kind you dream about: “If I’m able to sell my Thneed to Wal-Mart, I’ll be set!” Imaginary money doesn’t exist. It’s potential money contingent on a lot of things. Lancaster encourages readers to focus on cash: “Cold cash is what you get when you supply a quality product to a known bunch of customers at a bargain price. It is the only type of income your money machine should seek.”
Separate frugality from stupidity. Know when you can cut corners to reduce costs, and know when it’s important to pay for quality. (And always be sure that you deliver quality to your customers.)
Avoid psychic energy sinks. Anything that distracts you from your purpose is a psychic energy sink. Lancaster decries television as a prominent energy sink. But he warns that debt, divorce, and anything else that produces “bad vibes” should be avoided. Stay positive. Stay focused.
These are just a few of the strategies and tactics Lancaster shares in The Incredible Secret Money Machine. You won’t find the specific details necessary to start a business here. The book doesn’t give step-by-step instructions for how to form a partnership, or how to publicize your product, etc. Instead, it’s filled with broad ideas and suggestions. Some of them are out-dated. All of them are enhanced by (or suffer from) Lancaster’s brash style.
A Real-Life Money Machine
As I was reading The Incredible Secret Money Machine, it reminded me of another book I’d read recently. In John T. Reed’s How to Write, Publish, and Sell Your Own How-To Book, the author describes his “money machine” at length (though he never calls it that).
Reed has self-published over 70 how-to books. He actively sells more than 30 of them from his web site. This gives him 30+ different sources of income.
He writes about four different subjects — real-estate investing, coaching youth sports, success, and self-publishing. This gives him four complementary audiences.
Reed deals directly with customers instead of with book distributors. This gives him many sources of nickels instead of just one or two sources of dollars.
His books give him deferred income. They keep producing income year after year.
Reed’s book business seems to embody the “money machine” philosophy. I’m glad to have read his Self-Publishing book at roughly the same time that I read Lancaster’s Money Machine — the latter provides the Big Picture, while the former looks at nuts and bolts.
Conclusion
Some of the advice in The Incredible Secret Money Machine (believe in biorhythms!) now seems quaint, 30 years after the book was published. (Lancaster produced a revision in 1991, but I haven’t read it.) The author’s “hip” language and many of his examples are outdated. But smart readers can extrapolate, and still learn a lot. You have to be able to read Lancaster’s advice on letterhead, for example, and think of it as advice for web sites.
Although Lancaster believes that you must be into your money machine on a total lifestyle basis, I’m not sure that’s true. I think you can have a part-time money machine. A full-time money machine will be more profitable, of course, but a part-time money machine is a great way to start. (Get Rich Slowly has been a part-time money machine for me, for example.)
Finding the Book
This book can be expensive and hard to find — it’s an underground classic. My county library system doesn’t have it. I bought my copy for $15 from Powell’s. Amazon currently has seven copies under $10. In theory, you can order the revised edition from the author’s web site. I’m going to give it a shot, but I’m wary — the site looks as if it hasn’t been updated in ten years. (You can take a sneak peek at the second edition in this PDF from Lancaster’s site.)