By Peter Anderson1 Comment – The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money. Last edited August 25, 2011.
Over the past few years of personal finance blogging one of the companies that I’ve heard recommended time and again as one of the best places to invest is Vanguard. The reasons why people love them so much include the facts that they have low costs as compared to so many other companies, they offer a diverse set of index funds to choose from, and even some of their actively managed funds are super affordable when compared to the competition.
Another thing that a lot of folks like is that it is relatively easy to buy into mutual funds at Vanguard with low initial mutual fund investments. Most vanguard funds with exceptions of one, the Vanguard STAR® Fund (which had a $1,000 minimum) had initial investments of around $3000. This past week Vanguard announced that they were lowering the initial investments for a wider range of funds to $1000 in order to make investing with Vanguard that much easier. In addition a variety of other funds have had their fund minimum lowered to $3000.
Vanguard Lowers Target Retirement Fund Minimums
Vanguard announced that they were lowering their fund minimums for their Target Retirement Funds last week, as well as reducing and standardizing minimums for other fund types.
To help investors take the first step toward a more financially secure retirement, we’re lowering the minimum initial investment for our popular Target Retirement Fund series from $3,000 to $1,000, effective immediately. Previously, only one of our funds, Vanguard STAR® Fund, had a $1,000 minimum.
“Investing early and investing regularly are two of the most important things investors can do to help ensure their retirement readiness,” said Vanguard CEO Bill McNabb. “By reducing the investment requirements for our target-date funds, we hope to encourage more individuals to participate in the financial markets.”
In addition, Vanguard is standardizing the minimum investment for Investor Shares of nearly all our other funds at $3,000. Previously, fund minimums for the affected funds ranged from $3,000 to $25,000. This change reduces the minimum investment for 15 Vanguard funds, including some of our oldest and largest actively managed funds, such as the Wellington™ Fund, Windsor™ II Fund, and Health Care Fund.
Target Retirement Funds Affected
Here’s a list of the Target Retirement Funds affected by the lowered minimums:
Target Retirement 2010
Target Retirement 2015
Target Retirement 2020
Target Retirement 2025
Target Retirement 2030
Target Retirement 2035
Target Retirement 2040
Target Retirement 2045
Target Retirement 2050
Target Retirement 2055
Vanguard Now Even Friendlier For Newer Investors
Vanguard has been known as a friendly place for newer and experienced investors alike, but I think that this move will most likely be one that ingratiates them even more to the newer investors who previously may not have had the $3000 to start an account. $1000 is that much more accessible to newer investors who just want to test the waters and get started investing – even if they don’t have a ton of money to work with.
As Vanguard mentions in their post – investing early and regularly are two very important pieces of the puzzle – and this move will most likely help a lot more people to get started earlier. I think I’ve mentioned in the past that I wished Vanguard would reduce the minimums on their funds – especially the target retirement funds. Others including Mike at obliviousinvestor.com has also written about how they wished Vanguard would get rid of minimums to make their funds more accessible. Now they have, and I’m sure investors everywhere are happy with the change. I know I am.
What do you think? Are you more likely to invest with Vanguard now that they’ve reduced their minimums for so many of their account types? Do you use Vanguard? Tell us your experience in the comments!
When I first started getting into blogging several months ago (keep in mind that last summer I didn’t even know what a blog was….yes, I’m serious), I spoke to another Certified Financial Planner who had been blogging for about a year. He gave me some good tips and told me to have a successful blog that you have to network with other blogs. One of the blogs he told me to check out was Moolanomy. At first, I was like Moo-Law-Uh-What? But then I finally got to check out Pinyo’s blog and I was really impressed. He has tons of great information on personal finance and incorporates very useful and easy to read charts to illustrate his points effectively. Here’s our interview:
You stated that one of the reasons for starting Moolanomy was to build an alternative income stream to make up for your wife’s income. You even mentioned that one of your goals was to fund your child’s 529 plan. Have those goals grown as expected?
I see you’ve read my blog quite thoroughly — I am impressed. As for alternative income streams, I had a few web sites before Moolanomy and knew how much work it takes to run a successful web site. All I can say is the blog has done well beyond my original expectation. Before starting Moolanomy, we relied on part of my wife’s income to cover our expenses and planned savings. To accommodate her maternity leave, I would either have to (1) earn more, (2) spend less, or (3) save less. I certainly didn’t want to save less, and I was sure that we would be spending more after the baby is born. So the only option left was “earn more”. In retrospect, I am glad I started Moolanomy. This year, I believe that alternative income from all of my web businesses will be about 17% of my total income. By the way, my wife is back working so the extra income is really nice, especially in this economy.
As for 529 Plan, it was doing well until the stock market went south. However, I am currently sticking with my original plan to contribute $425 a month to the plan. Once I have a chance to re-evaluate our financial goals, I may be adjusting this number after the new year.
Do you ever foresee blogging being able to be a full time profession?
I am a strong believer of diversification, including income diversification. I don’t think I would quit my current job even if my blog income exceeds my salary. As much as I like blogging, it’s based on a technology that’s changing fast. Think about it. Where was blogging 5 years ago and where do you think it will be 5 years from now. Would you risk your career and marketability on something that could disappear tomorrow?
I enjoy the extra income and could probably blog full-time between jobs. However, I think I would soon find another job, or start some sort of business on top of blogging. So no, I don’t see it as full time profession for me.
Knowing what you know now about blogging, what are three tips you would give a new blogger that wants to become the next “Moolanomy”.
As mentioned earlier, making money blogging is conceptually “simple”, but it’s not “easy”. If I count all the hours I poured into Moolanomy, I think I am still making just above the minimum wage. However, once you get it going, the income is semi-passive and you’ll eventually recoup your investment. As for three specific tips:
Make sure you love the subject you’re blogging about. You’ll be writing a lot of articles about the subject, so don’t write about something that will turn blogging into another “job”.
Make a lot of friends. If you think networking is important for success in real life, it’s even more important for blogging.
Look at blogs you admire and ask the blogger specific questions. I think this is by far the best way to learn. Sure, there are a lot of information out there, but it’s confusing. However, a few good friends can bring you up to speed real quick.
With the creation of the M-Network, how has that helped you with growing your readership on your blog as well as increasing your knowledge in personal finance?
I think creating M-Network was one of the main contributors to my success with Moolanomy. Initially, we did a lot of linking back and forth among each other which really helped build our readers base. We don’t do that as much now, but we are still doing a lot of information sharing and work together on a few initiatives. For example, we recently released a free eBook called Money Saving Tips for the Holidays Guide eBook and we recently just released The 12 Days of Christmas – Personal Finance Style 2008 series. Other than that, the main benefits are the the teaching, ideas, leads, and intels that we offer each other. Also, it’s great to have a group of supportive people that you can bounce your ideas off, or help you get out of tight spots.
Lastly, we are planning to launch a network feature in 2009 that I am really excited about…stay tuned!
What’s your goals with “Moolanomy” in the next year?
Honestly, I have been slacking in this area. I haven’t set a goal for my blog for a while now, especially because I have been more focused on my job and family. I know that I want to keep blogging in 2009 for sure, but I may be slowing down my pace and supplement my content from other contributors. In fact, I just quietly added the Contribute feature to my blog.
I guess, the only SMART goal I have is to have 35% of my total income coming from Moolanomy in 2009.
Since your creation of “Moolanomy”, what has the been the most pleasant surprise and/or surprises?
I think the biggest surprise is that I can actually earn serious income with the blog. But I think the best thing about this experience is the opportunity to meet a lot of people and establishing a few good friendships along the way. Even if I stop blogging now, there would be a few people that stay on my list of friends into the foreseeable future. Additionally, I learned a lot about financial concepts and ideas over the year and a half blogging about finances. I guess you’ll can’t help but learn a few things by writing about a subject every day.
Thanks to Pinyo for taking time to answer my questions. If you haven’t checked out his blog yet, you must. Here are some of my favorite posts from his blog:
Las Vegas is known for many things, typically its world-famous casinos and that legendary nightlife. There’s a reason they say, “What happens in Vegas stays in Vegas.”
For some people, those features of Las Vegas are exactly what they want. But not everyone loves to play the slot machines, try their luck at roulette, or sip those fancy cocktails. The good news is you don’t have to: There are countless things to do in Las Vegas, and only a small fraction involve drinking and gambling.
Here, learn about the best things to do when visiting Las Vegas because this Nevada town has a lot going on!
Best Times to Go to Las Vegas
The best times to visit Las Vegas can depend on your personal preferences. What do you want to do while you are there? Here are some things to keep in mind:
• Weather: Las Vegas can be very hot if you opt for summer travel. Temperatures can exceed 100 degrees Fahrenheit during that time. So, if you prefer not to be covered in sweat, the best time to visit in terms of weather is usually in the fall (September to November) or spring (March to May), when temperatures are milder. However, if you are planning a visit that involves nothing but casino time, seeing shows, and hitting the pool, you can travel pretty much whenever.
• Events: Las Vegas hosts many events and festivals throughout the year, including the Electric Daisy Carnival music festival in May, the World Series of Poker in the summer, and the National Finals Rodeo in December. If there is a particular event you want to attend, that could influence when you decide to go.
• Crowds: Las Vegas is a popular destination all year, but certain times of year tend to be busier than others. The winter holidays and New Year’s Eve are typically the busiest times, while weekdays in the summer can be quieter.
Generally, the best time to visit Las Vegas depends on what you want to do and see. If you want to avoid crowds and extreme heat, consider visiting in the shoulder seasons of spring and fall. If you want to attend a specific event, plan your trip around that. Also, consider travel insurance to give yourself peace of mind in case you hit any obstacles before or during your trip.
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Bad Times to Go to Las Vegas
Again, the bad times to visit Las Vegas are subjective and depend on your preferences. For most people, though, here are times of the year that might be less enjoyable:
• Summer: As mentioned, temperatures can exceed 100 degrees Fahrenheit in the summer. That could make it an uncomfortable time to visit for many.
• Major holidays: Las Vegas is a popular destination on many major holidays, including New Year’s Eve, Memorial Day, Fourth of July, and Labor Day. During these times, hotels and attractions can be crowded, and prices might be higher than usual.
• Convention weekends: Las Vegas is a popular destination for business conferences and conventions, and hotel rates can be higher during these times. You might also find that the city is more crowded than usual.
As you can see, the worst times to visit Las Vegas also depend on your personal inclinations. If you want to avoid crowds and high prices, it’s best to avoid major holidays and conventions. If you can’t handle the heat, staying away during the summer is best.
Average Cost of a Las Vegas Vacation
The cost of a Las Vegas vacation can vary widely depending on factors such as the time of year, duration of your visit, accommodations, dining and entertainment options, and your budget for spending. It might help if you already have a travel fund, but it depends on how much you will spend. Here is a general breakdown of common expenses for a one-person and couple’s vacation:
One-Person Vacation:
• Accommodations: A mid-range hotel room can cost around $100-$200 per night; luxury hotels in Vegas will of course typically be more, but you may be able to use hacks that will lower that cost and help you save money on hotels.
• Flights: Round-trip flights generally cost around $200-$500, depending on the departure city and time of year.
• Transportation: Taxis, Ubers, and public transportation can add up to around $50-$100 or more. Of course, they might cost you more money depending on how often you use them.
• Food and drink: Meals can cost around $20-$50 per day, depending on where and what you eat, plus drinks and snacks can add another $20-$50 per day.
• Entertainment: Shows, attractions, and activities can range from free to several hundred dollars per person. Tickets to those high-profile residencies can get quite pricey.
Total: A one-person vacation to Las Vegas can cost anywhere from $500 to $2,000 or more, depending on the above factors. Also consider things like traveling with pets, which will increase your costs as hotels typically add a charge and you might have additional transportation costs getting to pet-friendly parks.
Couple’s Vacation:
• Hotels: A mid-range hotel room can cost around $100-$200 per night or more for a luxury hotel.
• Flights: Round-trip flights can cost around $400-$1,000, depending on the departure city and time of year. However, you can save money or get extra perks with an airline credit card or cash back rewards credit card.
• Transportation: Taxis, Ubers, and public transportation can add up to around $100-$200. Again, it depends in part on how much you use them.
• Food and drink: Meals can cost around $40-$100 per day for two people, depending on where and what you eat. Drinks and snacks might add another $40-$100 per day.
• Entertainment: Shows, attractions, and activities can range from free to several hundred dollars per person.
Total: A couple’s vacation to Las Vegas might cost anywhere from $1,000 to $4,000 or more, depending on the above factors. Naturally, how much you can afford will have an effect on your budget.
10 Fun Must-Dos in Las Vegas
Las Vegas is one of the best places in the country for all kinds of entertainment. Whether young or old, you are never more than a few steps away from something interesting. This list of the best things to do in Vegas is culled from top-rated attractions on popular review sites, as well as insider intel from savvy travelers.
The good thing about taking a trip to Las Vegas is that the Strip is generally the focal point. So, if you stay near the Strip, you are sure to find many attractions that are accessible. Just be sure to wear comfortable walking shoes, as traversing the Strip takes more steps than you might realize.
1. Visit the Las Vegas Strip
As the main attraction in Vegas, the Strip has numerous shops, restaurants, and shows. Of course, you can visit the casinos if you prefer, but even the Strip has plenty to do that doesn’t involve gambling. Admire the Bellagio’s fountains and the artwork inside the casino, or visit the Eiffel Tower at Paris Las Vegas. Visit the city’s museums, or enjoy some performances by the city’s various street performers. The Strip offers endless entertainment for all kinds of people. visitlasvegas.com/las-vegas-strip/
2. See a Live Show
Seeing a live show is one of the best things to do in Las Vegas. The city is home to many spectacular shows, including Cirque du Soleil, Blue Man Group, and magic shows. All the best shows are usually on the Strip, so catching a show is convenient, too.
3. Explore Fremont Street
This is the old downtown area of Las Vegas, with vintage casinos, bars, and the famous light show on the overhead canopy. While the Strip is generally the main attraction in Last Vegas these days, many people insist Fremont Street is the “real” Vegas experience. Today, Fremont Street is home to unbeatable experiences like the Viva Vision Light Show, an indoor zip line, and the vintage Golden Nugget casino. vegasexperience.com/
4. Ride the High Roller
Even if you aren’t a high roller in the casinos, you can feel like one in the High Roller observation wheel. This 550-foot-tall Ferris wheel is the world’s tallest observation wheel, offering a stunning view of the Las Vegas skyline. Because the High Roller is so tall, the seats are completely enclosed in glass to keep passengers safe. The High Roller is located in the heart of the Strip, on the property of the LINQ Hotel and Casino. Daytime tickets for a 30-minute ride are typically $8.50 for youth; $23.50 for adults; nighttime is $17.50 for youth, $34.75 for adults. caesars.com/linq/things-to-do/attractions/high-roller
5. Visit the Hoover Dam
Las Vegas has endless things to do, but sometimes, you just need an escape. Located just outside Las Vegas, the Hoover Dam is a marvel of engineering and a great place for a day trip. You can reach the Hoover Dam in about one hour by car from the Strip, so getting there isn’t too time-consuming. It was built between 1931 and 1936 during the Great Depression. It serves several purposes, including controlling flooding of the Colorado River, irrigating over 1,500,000 acres of land, and providing water to 16,000,000 people. Tickets are $10 for a self-guided tour; $30 for a guided tour. usbr.gov/lc/hooverdam/service/
6. Go Shopping
If you’re a shopping fiend, few places are better than Las Vegas. The city is home to many high-end shopping destinations, including the Forum Shops at Caesars Palace and the Fashion Show Mall. There are also indie shops, other malls on the Strip, and outlets. That includes Las Vegas North Premium Outlets, where you’ll find deals on designer brands like Versace, Paige, and Michael Kors. This could also be a great opportunity to earn credit card rewards.
7. Visit the Neon Museum
Be sure to check out The Neon Museum Las Vegas to see a visual representation of Vegas’s history. This outdoor museum is located just north of the Strip and showcases vintage neon signs from Las Vegas’s past. The museum provides guided tours of signs from Vegas, some of which are from famous landmarks from the 1930s to today. General admission is $10 for children, $20 for adults, and tours are available. neonmuseum.org/
8. Play Miniature Golf
Adults and children of all ages can enjoy some amazing mini-golf courses in Las Vegas. The city has several miniature golf courses, including the Twilight Zone by Monster Mini Golf and KISS World featuring KISS Mini Golf. Both courses feature mesmerizing glow-in-the-dark mini-golf. Las Vegas is undoubtedly one of the coolest places to play mini-golf, so be sure to check these out.
9. Go on a Helicopter Tour
Experience the stunning views of Las Vegas and its surrounding areas from above with a thrilling helicopter tour. Several helicopter tour options are available in Las Vegas, ranging from short sightseeing flights to longer tours that take you to nearby attractions like the Grand Canyon or Hoover Dam. Some helicopter tours are as brief as 10 minutes, while some can last several hours. Keep in mind that helicopter tours in Las Vegas can be expensive, ranging from around $100 to several hundred dollars per person. The cost depends on the length of the tour and the attractions included. Book now, pay later travel can help, though these services can have caveats, including incurring high-interest debt.
10. Visit the SkyPod
Visiting the Skypod at the Strat Hotel and Casino is a must-do activity when you’re in Las Vegas. This iconic tower offers stunning views of Las Vegas and an array of thrilling rides, including the SkyJump and Insanity. You can also see the surrounding mountains and desert from the observation deck. The tower stands 1,149 feet tall, making it the tallest freestanding observation tower in the United States. There are several dining options, including the award-winning Top of the World restaurant, which is located on the 106th floor of the tower and offers 360-degree views of the city while you dine. thestrat.com/attractions
Getting Around Town
Las Vegas doesn’t have a wide array of public transit options, but it does have the Las Vegas Monorail that runs along the strip. Unfortunately, the Monorail isn’t exactly cheap, but a 7-day pass might save a bit if you use it multiple times daily. There is also the Las Vegas Loop to transport you between convention halls. Tickets are a reasonable $4.50 per day. Renting a car is always an option as well.
Dining Details
Las Vegas is a great food city. The hotels are packed with amazing options from household-name chefs. You can also stray from the Strip and find local favorites offering affordable tacos, BBQ, and more. Research your favorite kinds of foods, and then let your tastebuds guide you.
The Takeaway
Las Vegas is known for its casinos, but there is much more to Vegas than just gambling. With world-class live performances, incredible dining, fantastic museums, and mesmerizing mini-golf, there is something for everyone in Las Vegas.
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FAQ
How do I get the most out of my Vegas vacation?
You can do many things to get the most out of your Vegas vacation. For example, you can stay on the Strip or at least nearby so you are centrally located and can easily move between destinations. You should also wear comfortable shoes and enjoy free things to do in Las Vegas, like the fountain shows at the Bellagio.
What is Las Vegas best for?
There are many things Las Vegas is great for, including the Strip, Fremont Street, live performances, and museums. Obviously, there are great shows, gambling, and all kinds of delicious dining options, too.
How much money should you take to Vegas?
How much money you should take to Vegas depends in large part on what you plan to do. An individual on a tight budget might be able to skate by on as little as $500 for a week-long stay. But a couple planning a luxury vacation might need as much as $4,000 or perhaps more.
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Save more, spend smarter, and make your money go further
It may not come as a big surprise since we all know that Mint users are financially savvy – but saving for a big purchase and paying off debt reign supreme for Mint users when it comes to their 2015 financial resolutions!
In a recent Mint survey, millennials revealed that their top financial stressor included debt (think student loans), saving for retirement, and over spending – while respondents age 36+ were most stressed out by not having enough savings for the future (you’re not alone)!
We hope the takeaways from the Mint user survey below will help encourage you to be good with your money and keep working towards your 2015 financial goals all year long!
Mint.com 2015 Survey Results:
In 2015, my primary financial goal is:
Saving for a big purchase (house, car, etc.): 35%
Paying off debt: 34%
Paying off student loans – 14.16%
Paying off credit card debt – 19.06%
Saving for an emergency fund – 22.20%
Saving for a vacation – 9.62%
How much do I save?
93% of respondents are saving at least once a year with 83% of all respondents putting money away every paycheck
What do I spend my money on?
59% of all respondents by far the biggest expenditure every month was housing
28% of respondents said their highest expenditure is food and beverage
What I find most stressful about finances:
The overall trend of financial stressors among respondents age 36+ was not having enough money or enough savings for the future
Interesting, a number of respondents over the age of 36 are still paying off student loan debt
Among millennials – the responses seem to vary including not making enough money, debt (including student loans), saving for retirement, over spending, and not having enough money to afford the things they want
Do the results above ring true for you? Let us know in the comments below!
Save more, spend smarter, and make your money go further
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When you’re a pilot, buying life insurance is a bit complicated.
Many companies will see your occupation and worry that it’s too dangerous for them to cover.
I guess you could say the insurance industry also has a fear of flying.
As you know, flying a plane responsibility is not a dangerous activity. Statistically, you are safer flying your plane than driving a car.
Fortunately, there are so many highly rated insurance companies in the U.S that understand this point. With the right company, not only will your job not be an issue, it might actually work out to your advantage.
Problems for Pilots
In order to buy life insurance, you need to fill out an application describing your current situation. This is so companies can measure your risk as an applicant. Insurance underwriters not only consider your current health but also several other factors. Your job is an important part of this analysis.
Many companies consider flying to be an excessively dangerous activity. This is true for both commercial and private pilots. When you mention you are a pilot, there’s a good chance you’ll get rejected from many companies. Should you get a policy, the policy might charge extra because of your job, the same as if you were in poor health or had a bad habit like smoking.
Another issue is a regular insurance company may exclude aviation from your policy. This means that if you die while flying, your policy won’t pay the death benefit. These rules are unfair and you should not have to put up with this treatment.
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How the Right Company Can Help
When it comes to aviation, not all risks are equal.
What is your level of experience?
How much training do you have?
Do you fly commercially or recreationally?
What types of planes do you fly?
All these factors make a big difference and should be considered for your insurance policy.
An insurance company that specializes in pilot life insurance understands this and will be sure to collect this information. This process ensures that you will get a fair review and will get the coverage and rating you deserve.
In addition to all of the factors listed above, the insurance company is still going to want to know general information about your health and medical history. The better your health is, the more likely you are to get cheaper insurance premiums.
The more experienced the insurance company is with covering pilots, the better your chances of getting affordable rates and getting the coverage your family needs. They understand that flying an airplane is a perfectly safe activity and it isn’t going to cause your monthly premiums to cost a fortune.
Getting life insurance for your family shouldn’t break your bank every month. Your life insurance should be there if you ever need it, but it shouldn’t stretch your finances until then.
Special Insurance Benefits for Pilots
Your being a pilot could actually work out to your advantage. As you know, not everyone can become a pilot, especially a commercial one. It takes a fair amount of training and education to get a license. In addition, you need to be in decent health to fly a plane commercially.
As a result, pilots as a group are healthier and live longer than the general population. Insurance companies that realize this give out discounted policies to pilots.
Another benefit of a good pilot policy is that it will be portable to all jobs. If you get a policy through your work, it might only cover you at that airline. Should you change companies or move to another field, you’ll lose your insurance. With a pilot policy, that won’t happen.
Importance of a Broker
The pilot insurance market is quite large. The best company for your needs depends on many different factors like the type of aircraft you fly and the amount you fly per year. To get the best rate, you need to find a company that matches your situation. However, finding a good match can be very time-consuming.
Working with an insurance broker, like our company, saves you this headache. Our representatives understand the pilot insurance market. They can quickly match you up with the companies that make sense for your situation so you can easily track down the best rate.
Be Sure to Review Your Coverage
If you already have life insurance, congratulations! You’ve taken a big step towards protecting your loved ones. It would still be a good idea to contact our services for a policy review though, especially if it’s been a few years since you bought your policy.
Has your life changed over the past few years? For example, have you had more children or bought another house? Through our free review process, we’ll make sure that your coverage keeps up with your ever-changing life. Not having enough life insurance can be as detrimental as not having a policy at all.
It could leave your family with more debt than they have the resources to pay off, which can put a serious financial strain on your loved ones after you passed away. There are dozens of different factors that could impact your life insurance needs. We can make sure that your plan is up to par. We’ll also make sure that your current policy doesn’t have any of the problems or exclusions because of your status as a pilot.
Regardless if you fly for your job or you fly for fun, you can get affordable life insurance. Your job or hobbies should never keep you from getting quality life insurance protection. A lot of pilots assume they will never be able to buy a life insurance policy they can actually afford, but that’s not true.
Being a pilot is only a problem for life insurance if you don’t plan properly. Make sure you are prepared to get the best possible coverage.
For those looking to build their dream home, purchasing land is usually the first big step.
While building a house is far from easy, there are ways for first-time homeowners to make their dreams achievable. Land loans are a great resource, often used in conjunction with a traditional loan. Anyone choosing to build a house is likely to at least consider applying for a land loan.
A land or lot loan is a great financing option for those who have always dreamed of buying land and building their own home.
11 Best Banks for Land Loans
Because land loans typically carry higher interest rates than traditional mortgage loans, it pays to carefully consider the pros and cons of several lenders.
Below we’ve compiled a detailed list of the banks and credit unions offering the best land loans available today. Whatever lender you choose, be sure to check beforehand that they are fully licensed to provide mortgage loans.
The Nationwide Mortgage Licensing System (NMLS) is a centralized database of licensed lenders which you can use as a reference.
1. Atlantic Union Bank
Atlantic Union Bank offers land loans for both residential lots and undeveloped land. The bank is based in Virginia.
There are also separate construction loans available for those interested in financing the construction of a residence. Bear in mind that while Atlantic Union has a strong reputation as lenders, having been in business since 1902, they don’t have services like loan calculators, interest rate guidelines, or down payment information on their website.
For more information on a land loan with Atlantic, you’ll need to call them or visit a local branch to speak about a land loan.
2. Old National Bank
Old National Bank is headquartered in Indiana, and has been in operation since 1834. They offer lending products and services to residents of Indiana, Minnesota, Wisconsin, Michigan, and Kentucky. Old National has two different types of financing for land on offer, depending on the size of the property you’re interested in:
Lot Loans are designed to finance land purchases of no more than 5 acres, requiring a 20% down payment.
Land Loans are for larger property, designed to finance land purchases between 5 and 25 acres. These loans come with a minimum down payment of 35%.
Both land and lot loans with Old National will carry various interest rates and repayment terms. You can get either of these loan types for both improved and unimproved land, and there is no obligation to immediately begin building once a loan is secured.
Old National Bank also has around 250 brick-and-mortar locations since merging with First Midwest Bank. If visiting a local branch to speak with a loan officer is your preference, you shouldn’t have to travel too far.
On the other hand, you also have the option of using Old National’s online loan calculator and online loan application service, if visiting a local branch isn’t convenient.
3. Mountain America Credit Union
Mountain America Credit Union is a federally chartered credit union regulated by the National Credit Union Administration (NCUA) and headquartered in Sandy, Utah. They locations across Arizona, Idaho, Utah, Montana, Nevada, and New Mexico.
Mountain America’s lot loans are available with 85% financing on approved credit, fully amortizing fixed-rate and balloon options, and an easy online application process. The loans are designed to be easily converted to a construction loan, ensuring that you can move forward with your home building plans when you’re ready.
4. WaFd Bank
WaFd, or Washington Federal, offers bank loans for improved land up to the value of $700,000, without any immediate obligations to build.
You can use their online loan calculator to receive an estimate of the interest rates you can expect for a land loan. These estimates are based on your credit score, development plans and the specifications of your desired property.
The minimum down payments and interest rates will vary depending on your ideal loan term, as well as all the other details of your application.
You can apply directly for loans through their online portal, as well as in person at a bank branch. Land loans are available from WaFd Bank only in the following states: Washington, Idaho, Nevada, New Mexico, Oregon, Texas and Utah.
5. Banner Bank
Banner Bank is active in the states of Idaho, Washington, Oregon, and California. They offer financing for purchasing both improved and unimproved land. Banner allows customers to borrow up to 75% of a property’s purchase price, and they also claim to bring competitive interest rates and fees.
All loans with Banner Bank are approved in-house, which means a streamlined credit score check and loan approval process.
If you do apply for a loan with Banner Bank, you also have the option of locking in a fixed interest rate or a flexible rate. Banner also offers financing for construction and personal loans.
6. California Bank & Trust
Customers with California Bank and Trust can potentially avail of both a land loan and a construction loan in one. The bank offers financing for up to 60% of the lot purchase value, along with several loan options.
The option to choose either a single or dual-purpose loan, which can cover both land purchase and construction of a home, makes California Bank & Trust an attractive lender. This is a great option for those looking to save both time and money.
You can apply for a loan online, over the phone, or in person at a local branch.
7. Randolph-Brooks Federal Credit Union
Randolph-Brooks Federal Credit Union is not your typical financial institution. As a financial cooperative, its sole mission is to help members save time, save money, and earn money. Over the years, the credit union has expanded its reach to over 1 million members in Texas and beyond, with a strong presence in Austin, Corpus Christi, Dallas-Fort Worth, and San Antonio.
With over 60 branches dedicated to serving members and the community, RBFCU offers a range of land loan benefits and features, including term options up to 15 years, free 60-day rate lock, and up to 90% financing.
And the best part? There are no building requirements from the lender, so you can have the freedom to build your dream home the way you want. Set up automatic payments and let RBFCU help you make your land ownership dreams a reality.
8. Citizens Bank & Trust
Citizens Bank & Trust is a North Alabama-based institution that’s committed to providing a hassle-free lending experience. What’s more, you can roll your loan into a permanent one, saving you on closing costs.
With local decision-making and processing, you’ll get the personalized attention you deserve, while a streamlined application process ensures you get your funds when you need them. You can experience a stress-free borrowing experience when you choose Citizens Bank & Trust for your land loan needs.
9. Alpine Bank
Alpine Bank is active in Colorado, offering financial services including land loans. Specifically, they offer loans for both lot and new constructions, with a maximum loan to value amount of 75% for land classified as improved.
Alpine Bank doesn’t offer lending details on their website. You can use their website to connect with lending experts in your county. You can also reach out for more loan information online, over the phone, or in person at one of their local bank branches.
10. First Bank & Trust
If you’re looking to buy land or a lot and build your dream home, First Bank and Trust Company can help. Headquartered in southwest Virginia, with additional locations in Tennessee, North Carolina, and Virginia, the bank is committed to helping you realize your homeownership goals.
With a range of lot and land loans, you can choose the financing option that’s right for you, while enjoying competitive rates and flexible terms. Whether you’re looking to build your dream home or invest in a piece of land, First Bank and Trust Company has the financing options you need to make it happen.
11. First Hawaiian Bank
First Hawaiian Bank offers land loan options designed for those who are ready to buy land but not quite ready to build. With 2- and 3-year terms available and no prepayment penalty, you can secure the land you want without worrying about costly fees. And with interim financing available to purchase a vacant lot at residential pricing, you can lock down the land you need to bring your vision to life.
Best of all, your FHB land loan can be refinanced into a construction-to-permanent loan with reduced fees, making it easier than ever to get the financing you need to build your dream home.
What are land loans?
Land loans are loan products designed to help individuals and businesses purchase land for development. A bank, credit union, or online lender can offer specific loans for those interested in buying land. Land loans are also known as ‘lot loans’.
Similar to a mortgage loan, land loans provide individuals and small businesses the opportunity to finance the purchase of land for many purposes, such as investment, agriculture, recreation, or development.
However, because these types of loan are considered riskier for lenders, they typically come with a higher interest rate compared to a mortgage loan. In addition, the conditions of the loan will depend on the type of land being purchased, as well as what the land will be used for.
Let’s take a closer look at the types of land that a land loan can help finance.
Types of Land Classification
Your chances of obtaining financing for land will depend partly on the type of land you want to purchase. In general, lenders who offer land loans will view developed land as less of a risk than undeveloped land.
When it comes to land loans, there are three primary types of land considered for financing.
Raw Land
‘Raw land’ is the first classification and refers to completely undeveloped, rural land. Think no buildings, electricity or drainage system. This is the most difficult land to obtain financing for because land loan lenders view it as the greatest risk of abandonment.
As a result, if you plan to apply for a land loan for raw land, you’ll need to demonstrate that you’ve got a detailed plan for development. Showing lenders that you’re competent and dedicated to the project will help you navigate the lending market.
Although the purchase price of raw land is often cheaper than land that is developed, a raw land loan will come with higher rates. You may also be required to put up a more substantial down payment.
Unimproved Land
‘Unimproved land’ is a step up from raw land, and covers a broad variety of possibilities. Unimproved land will often be land that was once developed, or has seen failed attempts at development in the past. In some cases unimproved land will have some limited access to utilities and amenities, but will need significant repair and refurbishing.
An unimproved land loan can also be difficult to get, even though it poses less risk compared to raw land. Again, having a detailed plan and being aware of the challenges at hand will be a huge help when negotiating with lenders. A large down payment and a strong credit score will also be helpful.
While lenders tend to view unimproved land loans as less risky than raw land, it is still common for rates to be a fair bit higher compared to traditional mortgage rates, for example.
Improved Land Loan
‘Improved land’ typically has decent or good access to utilities, roads and water. Because improved land is the most developed land type, it almost always comes with a higher price tag. On the other hand, this means that interest rates will be significantly lower compared to raw or unimproved land loans. You’ll also find more affordable down payments for developed lots.
For most aspiring homeowners, purchasing land that is already developed with access to basic amenities is the ideal. This allows them to immediately get to work building a house, whereas having to develop land first could add at least another year to their construction project.
How to Apply for a Land Loan
If you want to buy land and build your dream home, you’ll probably want to apply for a land loan. Land loan applying isn’t complex, and land loans work the same as many other types of loan. Here are the steps involved:
Find a Plot
You should start by first identifying the plot of land you want to buy. It helps to have a few options chosen in advance. For example, in the event that you can’t afford to find a good lending option for your first choice, you can quickly move on to an alternative instead.
Draw up a Development Plan
The next step is to make a development plan for each plot that you have on your shortlist. You may need or want to hire professional help to create a solid plan. Try to include as much detail as possible, without overextending yourself or wasting too much time and money.
When it comes to development and construction plans, both an estimated timeframe and overall cost range are the most important details. A good plan will help you negotiate the best rates with a lender.
Find a Lender
Once your development plan is ready, it’s time to seek potential lenders. Depending on the type of development you’re proposing, as well as the type of land you want to buy, it may take some time to find willing lenders.
Be prepared to also take some time to consider more than one loan offer. Ideally, you can compare multiple lenders, and use a pre-approved quote from at least one lender to negotiate against others.
Complete the Application Process
Once you’ve chosen a lender and been approved for your loan, you’ll be guided through the lender’s application process. The majority of lenders will require information such as your development plan, a credit check, and personal information.
You might also need to provide details on things like zoning considerations, utilities access and land use restrictions, where relevant.
Alternative Land Financing Options
In addition to seeking a land or construction loan, there are several other types of loans and financing options available.
USDA Loans
If you’re looking to own land and build a home in a rural area, you may be eligible for a USDA loan. The U.S. Department of Agriculture offers loans that may assist low and moderate income families in finding a new home. USDA Section 523 loans are for wanting to purchase land to develop, and Section 524 loans are for financing new constructions by contractors.
While it isn’t easy to qualify for a USDA loan, the benefit is they require no down payment and the interest rates are low. USDA loans must be settled within two years, however, so there are no long term options.
FHA Loans
Another government-funded product, FHA loans are tailored towards those wanting to buy land and quickly build a home. The Federal Housing Administration insures these loans, protecting FHA-approved lenders from risk.
FHA loans are not available for land purchase alone, but for those intending to build a home on as well as land. FHA loans are sometimes granted in conjunction with construction loans, too. If you’re eligible for one of these loans, you’ll likely have a lower minimum down payment, but potentially higher interest rates.
Home Equity Loans
Home equity loans may be an appealing alternative to land loans for some homeowners. If you already own a property and have good credit standing, this kind of loan might be a good fit. A home equity loan acts as a second mortgage, and will essentially convert your equity into collateral for a new loan to fund your purchase.
Cash-Out Refinancing
Cash-out refinancing involves homeowners refinancing their homes to increase equity. This type of refinancing is essentially paying off your current mortgage to secure another mortgage, but with a lower interest rate and easier monthly payments.
Once the remortgaging is made official, your bank or financial institution will issue you a check based on the equity in your property. You can then use this payment to fund your land purchase.
SBA Loans
The Small Business Administration (SBA) offers loans to small business owners from the 504 loan program.
These loans are best suited to the purchase of real estate for business reasons, so they are not ideal for regular homeowners. However, if you’re looking for land to purchase to grow your business, you might want to consider an SBA loan.
Generally, the Small Business Administration will cover 40% of the purchase value, with 10% from the borrower and another lender of choice providing the other half of the loan. The terms and rates on SBA loans vary depending on the lender you choose to fund 50% of the land purchase.
Seller Financing
If you’re lucky, you may be able to obtain financing directly from the landowner you want to buy from. Also known as land contracts, these types of loans involve the buyer essentially taking out a loan directly from the seller, often with a substantial down payment.
Seller financing also tends to come with less than competitive interest rates. For those who struggle to qualify for a traditional mortgage or financing, seller financing can often be a great, but more costly, alternative.
Frequently Asked Questions
What is the best loan for buying land?
The best loan option for buying land depends on your circumstances. While improved land loans may seem ideal, the reality is there are multiple loan options to choose from.
Your credit score, debt-to-income ratio, and the condition of the land you wish to purchase are all factors that can influence which type of financing will suit you best.
Is it difficult to get a loan for land?
It’s true that obtaining loan financing for the purchase of land isn’t as easy as getting a regular personal loan. However, there are lenders out there with experience financing land purchases. As with any loan, the bottom line will be your credit score, as well as the size of your down payment. The nature of the land in question is also a primary factor.
If you can’t qualify for traditional financing options, there are alternatives such as USDA loans, FHA loans and more to consider.
Those who’ve been experiencing Bridgerton withdrawals for the past year can finally breathe a sigh of relief. The Netflix franchise’s highly anticipated prequel Queen Charlotte: A Bridgerton Story is here to indulge your need for a period drama. And while the latest installment (starring newcomers India Ria Amarteifio and Corey Mylchreest) certainly meets expectations in delivering steamy romance and wild plot twists, there’s another component to the 19th-century story that will catch viewers’ eyes. Yes, the elaborate Regency-era decor serves as an unofficial character in the plot, adding drama and interest … not to mention inspiration for your next home refresh.
Now, to be clear, Regencycore has been having a moment in fashion and home for the past year, thanks to the success of Bridgerton’s first two seasons and other turn-of-the-century series like HBO Max’s The Gilded Age (which debuted in early 2022). In fact, following the release of the latter, vintage reseller 1stDibs reported a 130% increase in “gilded age” searches. And while the quiet luxury trend has taken design by storm in recent months, with the debut of Queen Charlotte, it’s safe to assume a fresh interest in the ornate textured designs of 19th century England will re-emerge.
Which begs the question: How does one make such a maximalist trend like this work in 2023? “While the Regency era style is undeniably beautiful, it can be challenging to seamlessly incorporate its elements into a modern home without sacrificing practicality and functionality,” says Zakhar Ivanisov, founder of Soul & Lane, a platform for home tips and advice. That said, like other over-the-top aesthetics, the key to embracing the Queen Charlotte look is “mixing [these] design elements with more contemporary pieces for a balanced and timeless look,” says Brad Smith, interior designer, and CEO of Omni Home Ideas.
Ahead, interior designers and decor experts outline these components to Regency decor so you can channel your own royal palace in a modern way this spring and summer. Queen Charlotte would be proud.
Rich, Regal Colors
The first and possibly easiest step you can take with this throwback aesthetic is by adding some color to your living space. “Rich and vibrant palettes were popular during the Regency Era,” says Smith. “Consider using jewel tones like emerald green, deep sapphire blue, and burgundy, or opt for soft pastels like dusty rose and powder blue for a more subdued look.”
Ornate Detailing
Another quick fix could be simply swapping in a few accents and accessories. “Regency Era design features intricate detailing in furniture and decorative accents,” says Smith. “Look for pieces with carved woodwork, gilded finishes, and elaborate patterns to add visual interest to your space.” Door or cabinet knobs, mirrors, and picture frames can easily add a touch of regal opulence.
Amber Dunford, design psychologist, and style director at Overstock.com seconds this tip, adding, “an opulent chandelier with elements like crystal, glass, or detailed filigree can bring an instantly elegant feel to a dining room or entryway space.”
Tapestry Walls
Dunford explains that many English homes in the Regency era featured decorated walls with large-scale tapestries. “Try a tapestry-inspired wallpaper or wall hanging,” she recommends. “You may want to consider wallpaper with floral damask prints or opt for eye-catching patterns on a larger scale with scenes that depict nature or animals. There is also formality in symmetry that aligns nicely with this trend, so you can play that up with symmetrical artwork or wall panels or break the rules and go asymmetrical.”
Curved Shapes
Intricately carved and rounded furniture was key in the Regency era. “Adding chairs with tufting or caning is another easy way to get that royal vibe in your home,” says Dunford. “Rounded shapes on sofas and chair backs also have a more regal feel and help spaces feel more comfortable, as curved shapes induce a more soothing energy for humans. “
Luxe Textures & Materials
Never underestimate the power of a throw pillow or fresh drapes. “Opt for rich materials like silk, velvet, or brocade for your draperies, upholstery, or throw pillows,” says Ivanisov. “These textiles not only add a touch of opulence to your space but also contribute to a comfortable and inviting atmosphere. Consider choosing fabrics with intricate patterns or bold colors that reflect the grandeur of the Regency era, ensuring they complement your existing decor.”
Tax law is complicated. There’s no doubt about it. But oddly enough, a lot of the tax mistakes people make are for shockingly simple things that could easily be avoided. (Some examples include missing the tax deadline, failing to report all your income, and not taking the right tax breaks, just to name a few).
Understanding these mistakes can help you avoid them in the future, since none of us really want to deal with the IRS more than we have to.
What’s Ahead:
1. Not paying required estimated taxes
If you’re a freelancer, small business owner, side hustler, or anyone else earning income where taxes aren’t withheld, you’re required to make quarterly estimated tax payments to the Internal Revenue Service (IRS).
Not paying required estimated taxes or paying them late has two major outcomes:
Your tax bill will be a lot larger than anticipated.
You’ll pay penalties and interest charges on your unpaid tax liability.
Either way you dice it, it’s not good. Work those quarterly payments into your schedule so you can breeze into tax season knowing you won’t be in trouble with Uncle Sam.
Read more: 7 Side Hustle Accounting Mistakes To Avoid
Who has to pay quarterly estimated taxes?
Generally speaking, if you owe $1,000 or more in federal taxes for the year, then you’ll need to pay quarterly estimated tax payments. This could include any income earned through:
Self-employment
Interest
Dividends
Alimony
Capital gains
Prizes and awards
Read more: Quarterly Estimated Tax Payments: Who Needs to Pay Them, When, and Why
2. Failing to keep necessary tax records
No matter how simple or complex your tax situation is, you’re going to need to collect receipts, income statements, and other things throughout the year to make sure you have everything you need to file your return.
So, what documents do tax preparers need to keep? In general, you should hang onto:
Income statements such as W2s and 1099s.
Bank statements.
Any tax forms you receive electronically or by snail mail.
Receipts for purchases and charitable donations you plan on writing off.
Copies of your signed return and all supporting documents, so you have proof if you’re audited or need to file an amended return.
If this sounds like a lot, don’t panic. You can use our tax document checklist to keep it all organized.
3. Failing to report all of your income
The IRS knows how much money you make each year — and they also know when you fail to report it all. (They’re kind of like that parent who knows their kid broke their favorite vase but they ask them about it anyway just to give them a chance to come clean and tell the truth).
If you accidentally or purposefully leave something off your return, the IRS will know about it, and there will be consequences to pay. It could be as simple as paying a penalty fee or as extreme as being audited or facing tax fraud charges. Either way, it’s best to avoid it all together.
The easiest way to make sure you’re reporting all your income for the year is to hang onto all your W2s and 1099s. This will help you make sure nothing falls through the cracks when you sit down to prepare your return.
MU30 Tip: If you file your taxes and later realize you forgot to report something, file an amended return as soon as you can to fix it. Learn how in our piece – Tax Return Error? Here’s How To Amend Your Return.
4. Not using accounts that have tax advantages
One of the easiest ways to lower your tax bill is by maxing out any tax-advantaged accounts you have at your disposal. This includes:
Employer-sponsored retirement accounts, such as a 401(k), 403(b), 457 plan, or a federal Thrift Savings Plan (TSP).
Traditional IRAs.
Health savings accounts (HSAs), which you qualify for if you have a high deductible healthcare plan (HDHP).
So, why should use tax-advantaged accounts to lower your taxes? Here’s a scenario to show you why. (It involves some math, so put your nerdy glasses on with me for a second).
A real-life example of why you should use tax-advantaged accounts
Meet Cleo. She’s a single, 28-year-old financial analyst who made $80,000 in 2022. Cleo’s big into saving, so she maxed out her company’s 401(k) ($20,500), her traditional IRA ($6,000), and her HSA ($3,650). This brings her taxable income down to $50,900.
Based on current marginal tax rates, her federal tax liability comes out to $3,650 for the year. Without the tax-advantaged accounts, Cleo would’ve been on the hook for $10,368 — A LOT more money.
Note that this is a simplified scenario that uses the standard deduction but doesn’t take into account other credits or expenses.
5. Filing with incorrect information
Another common tax mistake is filing a return that’s incomplete or inaccurate. This can result in delays in getting your refund, as well as additional penalties and interest charges from the IRS.
To avoid this, be sure to:
Double-check your bank account and routing numbers if you’re getting a tax refund via direct deposit.
Review your name, Social Security number, address, and other personal information.
Make sure your filing status is correct.
Confirm that your income matches the W2s and other income statements you have on hand.
Review your deductions and credits to see if they make sense for your situation.
6. Filing under the wrong status
Your filing status can have a huge impact on how much you owe in taxes for the year. It can also determine if you even need to file a return in the first place.
So, what happens if you file under the wrong tax status?
The most common downside is that it could result in a larger tax bill than necessary. And if the IRS suspects you were intentionally deceptive, you could be audited or hit with a tax fraud penalty.
What are your tax status filing options?
Tax filers have five filing statuses to choose from:
Single – Applies to anyone who isn’t married, including those who are divorced or legally separated.
Married filing jointly – Applies to anyone who’s married and wants to file taxes together.
Married filing separately – Applies to married couples who want to file taxes separately. This could be advantageous if you only want to be responsible for your own taxes. Or, if filing under this status will save you more money.
Head of household – Mostly for those who are single, but it can also be used if you pay for more than 50% of the costs for you and a qualifying person.
Qualifying widow(er) with dependent child – For anyone whose spouse has recently died and has at least one child dependent. Special rules apply, though.
If you’re stuck between two filing statuses, the IRS recommends preparing your return both ways to see which saves you the most money.
Read more: How To Know When You Should File Your Taxes Jointly or Separately
7. Not taking the right tax breaks
There are HUNDREDS of tax deductions and credits out there. Some are quite common — like the earned income tax credit, child tax credit, and property tax deduction.
Others are super obscure — like how you can write off student loan interest paid by your parents. Or, how you can write off taxes paid to the Social Security Administration if you’re self-employed.
Read more: Tax Benefits For College Students: How To Pay Less And Get More Back
One of the best ways to reduce your taxes is to take advantage of every tax break you qualify for. The good news is, if you file your taxes online, the tax software you use will automatically maximize these deductions and credits for you.
Check out a few of our recommended tax software options here: Best Tax Software Compared
8. Missing the tax deadline
The tax filing deadline is April 15 (almost) every year (or October 15 if you file an extension). But in 2023, it’s April 18 due to a state holiday. One of the most common tax mistakes people make is missing this deadline.
So, what happens if you miss a tax deadline?
If you’re set to receive a refund: the short answer is nothing. You can file your tax return at any time and get your money. You won’t pay any penalties or fees.
If you owe the IRS money: you’ll pay a penalty for filing a late return and for not paying your taxes on time. This penalty gets larger the longer you wait, so file your return ASAP if you can.
The IRS’ Failure to File Penalty is 5% each month for any unpaid taxes owed. This fee maxes out after five months for a total of 25%. There’s also a Failure to Pay Penalty that keeps accruing each month even after the Failure To File Penalty stops. It can all add up in a hurry.
MU30 Tip: A tax extension gives you more time to file your return, but it does not give you more time to pay any taxes you owe. So, if you have a bill this tax year, set up a payment plan by the deadline even if you haven’t filed a return yet.
9. Filing your tax return too early
If you’re anything like me, you may be in a hurry to file your taxes as soon as possible each year. Especially if you’re set to get a refund.
Side story: I remember so many times in college when I treated the first day of tax season like my birthday or Christmas. I’d wake up and file my return as quickly as I could because I was so excited to see what my return would be. Weird, I know.
But here’s the catch — another easy tax mistake people make is filing their return too soon. Sounds odd, right?
When you file your return too soon, you run the risk of not having all the proper tax documents you need to file a complete and accurate return. You could also miss out on valuable deductions and credits and that could maximize your refund even more.
What you should do if you make a mistake on your tax return
Okay, so what happens if you file your return and then realize, “Crap! I’ve made a mistake!”? Calm down and take a deep breath. We’re gonna get through this.
In most cases, all you need to do is file Form 1040X, which is an amended tax return, to correct any mistakes you made.
You can typically amend your return using the same tax software or company you used to file it the first time. Or, you can download this form from the IRS and fill it out by hand (although this is a lot more tedious).
Summary
These are just a few of the most common tax mistakes people make each year. The IRS doesn’t always make things easy for us, so there are some things that are just honest mistakes.
One easy way to minimize these mistakes is to file electronically using tax software or a tax professional.
When flying to Europe, you may be considering flights on Lufthansa or Air France. Both international airlines are well-respected in the industry and offer unique experiences for passengers.
From a complimentary glass of champagne on Air France long-haul flights to Lufthansa’s first-class lounge rubber ducks, each airline offers special amenities. If you see flight options for both airlines, you may be wondering if you should choose Lufthansa versus Air France.
In this article, we’ll compare Lufthansa versus Air France based on:
Available destinations.
Co-branded credit cards.
Loyalty programs.
In-flight experience.
We compiled this information to help you decide which one, Lufthansa or Air France, is best for you.
Where they’re based and where they fly
Winner: Air France
When picking an airline, it’s important that it travels to a wide variety of destinations so you can use them over and over again. Flying the same airline repeatedly allows you to earn frequent flyer miles for future flights and credits toward elite status. Air France is the winner with more destinations and flights aboard its own planes.
Lufthansa
The airline offers more than 205 destinations worldwide with 5,200 weekly flights scheduled for summer 2023. Its primary hubs are Frankfurt and Munich, but it flies all over the world with its partners as a founding member of Star Alliance.
Air France
Air France operates 1,500 daily flights to 312 destinations in 116 countries. It is a SkyTeam member, which enables customers to book flights with its partners to fly to destinations worldwide. The airline’s primary hubs are in Paris and Amsterdam.
Travel credit card availability
Winner: Air France
Having an airline’s credit card enables travelers to earn extra miles and receive additional perks when flying on the airline.
When it comes to Air France versus Lufthansa, Air France has the more appealing travel credit card options with higher earning power and better cardholder perks.
Plus, it is a transfer partner of the multiple flexible points programs. This allows you to earn miles multiple ways, even if you don’t have the airline’s co-branded card.
Lufthansa
The Lufthansa Miles & More® World Elite Mastercard® earns 2x miles per dollar on Lufthansa purchases and 1x miles on everything else, and cardholders can convert up to 25,000 miles into elite status miles at a 5:1 ratio.
For its $59 annual fee, it also includes two complimentary Lufthansa business class lounge vouchers and a companion ticket each year.
And don’t forget the welcome bonus:
Earn 60,000 award miles if you spend $3,000 in purchases and pay the annual fee, both within the first 90 days.
The downside is Lufthansa does not partner with any flexible points programs to convert points into its miles.
Air France
Air France KLM World Elite Mastercard® cardholders receive 3x miles on Air France purchases and 1.5x miles everywhere else. In exchange for the card’s $89 annual fee, you’ll receive 5,000 miles on your card anniversary as long as you spend at least $50 each year.
It, too, has a welcome bonus:
Get 50,000 Bonus Miles after you make $2,000 or more in purchases within the first 90 days of account opening.
Plus, you’ll receive 60 XP toward elite status upon approval of your card application. Members can transfer points to Air France KLM Flying Blue from a number of programs, including:
Airline loyalty programs
Winner: Air France-KLM Flying Blue
Travelers earn miles for future flights based on their paid tickets, credit card usage and other activities with partners.
Additionally, they can achieve elite status by hitting certain milestones within the program. Ideally, a loyalty program is simple and straightforward to encourage members to earn and redeem miles on a regular basis.
Lufthansa is in the process of simplifying its loyalty program, and the changes won’t be implemented until January 2024. Air France currently has a better program that rewards travelers for their loyalty and makes it easy to redeem miles.
Lufthansa
Lufthansa is in the process of launching a new loyalty program that was announced in 2019.
The new program is scheduled for release in January 2024 offering a transparent point system and the ability to earn lifetime elite status. Changes are intended to eliminate complicated program components to make it easier for travelers to earn and redeem rewards in the future.
Additionally, members will automatically receive additional benefits as they reach milestones based on their annual flights.
Air France
Flying Blue is the combined loyalty program for Air France and KLM. The loyalty program makes it easy to redeem miles to book award tickets and offers a “miles & cash” option where you can pay up to 25% of your ticket with cash.
Flying Blue also offers monthly promo award flights where you can save up to 50% off award flights. There are four levels of elite status travelers can achieve based on their flights, credit card use and partner activities.
Winner: Air France
Airlines often charge fees when booking a flight with an agent, for checking luggage and other aspects of traveling.
When selecting an airline, you want one that does not charge a lot of extra fees that can increase the cost of your flight. Air France is our choice for fewer fees since it waives fees for telephone booking and online changes or refunds.
Lufthansa
Like many airlines, Lufthansa charges fees for many services when interacting with employees or making changes to flights. In some cases, rebooking or refunds are not allowed on lower-level tickets.
If you need to cancel or change your flight, you may have fees ranging from $250 to $1,000 per passenger plus any difference in fare. On the plus side, all passengers get at least one checked bag for free, even economy class tickets.
Air France
Air France waives many fees for booking, making changes or canceling flights when they’re made online or at airport kiosks. However, fees may apply on the day of departure or over the phone.
Most passengers get at least one checked bag for free. However, economy passengers may be charged on some flights. Travelers can save 20% on excess baggage fees by purchasing allowances online ahead of their flights.
In-flight experience
Winner: Tie
Both airlines offer premier travel experiences on the ground and in the air. Whether you’re flying Economy or upgrading to first class, you can’t go wrong when choosing between Lufthansa versus Air France.
Lufthansa
Economy class passengers receive complimentary meals, drinks and on-board entertainment with seats measuring over 16 inches wide (40 cm).
First class travelers enjoy access to personal assistants, first class lounges and limousine service from the lounge to the plane. Onboard, you’ll dine on culinary delights and fine wines from lie-flat seats that adjust to your comfort level.
The airline is launching an overhaul of its in-flight service known as Lufthansa Allegra. This redesign reimagines the in-flight experience from scratch with maximum privacy in mind.
Air France
Air France offers four levels of seats, ranging from economy to La Premiere First Class. Economy class seats differ slightly based on which region you’re traveling to, but all economy passengers have access to onboard entertainment and Wi-Fi.
In select cities, first class passengers traveling in La Premiere receive complimentary premium driver service to the airport, a private check-in lounge and a chauffeured ride to the aircraft.
Onboard, you’ll enjoy personalized staff service plus culinary meals in your private suite offering hotel-standard comfort.
Is Lufthansa better than Air France?
In the competition of Lufthansa versus Air France, there’s a clear winner: Air France.
While both airlines are part of alliances, Air France flies to more destinations with more daily flights. Each airline has its own credit card, but the Air France KLM World Elite Mastercard® has higher earning power and only Air France partners with other cards for points transfers.
Lufthansa is in the process of streamlining its loyalty program, which illustrates how convoluted its current program is. Both airlines have high-end experiences at the airport and in-flight experiences, but Air France also has lower fees in common situations.
Overall, these two international airlines offer very different pros and cons. Air France is our choice between Lufthansa versus Air France. However, the best one for you depends on where you live, where you want to fly and your travel preferences.
(Top photo courtesy of Air France)
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Home to Mount Rushmore and the Badlands, South Dakota is not only rich in natural beauty but it’s also a treasure trove of educational opportunities.
These college towns in South Dakota offer an ideal environment for students to pursue their passions, earn their degrees and lay down roots for bright futures. In this article, we will explore the top college towns in South Dakota, featuring Vermillion, Brookings, Sioux Falls and more. Lace up your hiking boots, it’s time to embark on a delightful journey through these charming South Dakota college towns.
Nestled along the scenic bluffs of the Missouri River, Vermillion is home to the University of South Dakota. As one of the best college towns in South Dakota, Vermillion boasts a picturesque setting that complements a top-quality educational experience. The National Music Museum on the University of South Dakota campus is a must-see, displaying a remarkable collection of musical instruments from around the world. With more than 15,000 instruments, this museum is a true gem for music enthusiasts and historians.
When it comes to entertainment, Vermillion doesn’t disappoint either. The city’s historic downtown offers a variety of shops, bars and restaurants for locals and students to enjoy. From the legendary drinks at Charcoal Lounge to the eclectic menu at Café Brulé, there is something for every palate in the picturesque downtown.
Vermillion is also home to numerous parks and trails, providing ample opportunities for outdoor enthusiasts to explore the breathtaking South Dakota landscape. No matter your interests, Vermillion is sure to provide an unforgettable college town experience.
Located in eastern South Dakota, Brookings is another vibrant college town that hosts South Dakota State University (SDSU). As the state’s largest university, SDSU brings an undeniable energy to Brookings, making it one of the most sought-after college towns in South Dakota. The South Dakota Art Museum, located on the SDSU campus, showcases a stunning collection of Native American art, as well as regional and national contemporary art. This museum is a haven for art lovers and an excellent way to immerse yourself in South Dakota’s unique cultural heritage.
Brookings is also known for its lively downtown district, which is home to a range of shops, restaurants and entertainment options. For foodies, there’s no shortage of delicious options: indulge in authentic Italian cuisine at Roma’s Ristorante or savor the local flavors at Cottonwood Coffee. If you’re looking to enjoy the great outdoors, Brookings has you covered with several parks, bike trails and the Dakota Nature Park, where you can hike, fish or simply relax in the peaceful surroundings.
The city’s warm and friendly atmosphere, combined with its excellent educational resources, make Brookings a must-visit destination for anyone interested in exploring the best college towns in South Dakota.
As the largest city in South Dakota, Sioux Falls is a thriving hub of education, culture and entertainment. Home to Augustana University, the University of Sioux Falls and several other colleges, Sioux Falls ranks among the best college towns in South Dakota. As you stroll through the city’s historic downtown, you’ll encounter a captivating blend of old-world charm and modern amenities. Be sure to visit the Washington Pavilion, which houses the Visual Arts Center, the Kirby Science Discovery Center and the Wells Fargo CineDome—a one-stop destination for art, science and entertainment.
The city’s culinary scene is equally impressive, with a diverse array of dining options ranging from upscale restaurants to cozy cafes. Treat yourself to some delectable sushi at Oshima or sample mouth-watering Mediterranean fare at Sanaa’s Gourmet. Sioux Falls also offers ample recreational opportunities, with the serene Falls Park at its heart. This beautiful park features the city’s namesake falls, walking trails and picnic areas, making it a perfect spot to unwind amidst nature. Outdoor enthusiasts can also explore the 29-mile Sioux Falls Bike Trail, which meanders through parks and green spaces, providing a picturesque way to experience the city.
With its thriving educational institutions and vibrant cultural scene, Sioux Falls is an excellent choice for those seeking out the best college towns in South Dakota.
While not as well-known as Vermillion, Brookings or Sioux Falls, Spearfish is an up-and-coming college town that deserves some attention. Home to Black Hills State University, Spearfish offers a unique mix of small-town charm and big-city amenities. This beautiful city is nestled in the picturesque Black Hills with provides a breathtaking backdrop for all educational pursuits.
Spearfish’s downtown area is a hub of activity, featuring a ton of locally-owned shops, restaurants and galleries. Savor some delicious wood-fired pizza at Dough Trader Pizza Company or indulge in fresh Mexican cuisine at Guadalajara’s Spearfish. The city is also a haven for outdoor enthusiasts, with nearby Spearfish Canyon offering opportunities for hiking, fishing and wildlife viewing. The canyon’s majestic waterfalls and colorful foliage create a mesmerizing landscape that is sure to leave a lasting impression.
Known as the ‘Gateway to the Black Hills,’ Rapid City is another fantastic college town in South Dakota. Home to the South Dakota School of Mines and Technology, this bustling city is a dynamic environment for students and locals alike. Rapid City’s vibrant downtown area, with its mix of historical architecture and modern amenities, provides plenty of options for dining, shopping and enjoying life to the fullest.
The city’s culinary scene is as diverse as it is delicious, with options like the mouth-watering steaks at Delmonico Grill and the tasty vegan fare at Everest Cuisine. Rapid City also boasts a wealth of outdoor activities, including hiking, rock climbing and mountain biking in the nearby Black Hills National Forest. For a unique cultural experience, visit the nearby Crazy Horse Memorial or take a scenic drive to Mount Rushmore.
With its excellent educational opportunities and unforgettable surroundings, Rapid City is a fantastic choice for those exploring college towns in South Dakota.
Settle down in a cool South Dakota college town
South Dakota’s top college towns offer a unique combination of exceptional educational institutions and vibrant communities. From the picturesque Vermillion to the bustling Sioux Falls, these cities provide a perfect environment for students and visitors to immerse themselves in the rich culture and natural beauty of the state. So, whether you’re a prospective student or a curious traveler, consider setting out on a delightful adventure through the best college towns in South Dakota.