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Save more, spend smarter, and make your money go further
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The evolution of technology has made financial transactions a breeze, transforming our smartphones into financial hubs. Among the leading mobile payment apps are Cash App and Venmo.
Each platform has distinct features, leaving many potential users wondering which is better. This comprehensive review will analyze the key components of both services, helping you make an informed decision.
History and Overview of Cash App and Venmo
Cash App came into existence in 2013, an innovative solution provided by Square Inc. Its intuitive design, combined with extensive functionalities, has attracted millions of cash app users.
On the other hand, Venmo, a product of PayPal, was launched in 2009 and has since then grown exponentially. With a unique social element, it has appealed to a significant number of digital-savvy users.
Setting Up and Using the Platforms
Setting up a Cash App account or a Venmo account requires just a few steps. Both platforms necessitate linking a bank account or a credit card to facilitate transactions. The setup processes are user-friendly, requiring minimal technical skills.
Cash App and Venmo both provide a seamless user interface on various platforms – iOS, Android, and web browsers. Venmo users often laud the app’s social feed that documents their transaction history, a feature absent in Cash App.
Sending and Receiving Money
In the modern age of digitization, moving money between accounts or between individuals should be a straightforward and efficient process. Both Cash App and Venmo place this feature at the heart of their service, allowing users to send and receive money with ease. Let’s delve into the specifics of how this process unfolds on each platform.
Cash App: Instantaneous Money Movement
One of Cash App’s core functionalities is the ability to send and receive money instantly. After setting up an account and linking a bank account, users can send money by tapping the ‘$’ icon at the bottom of the main screen. The app then prompts users to input an amount and choose a recipient from their contact list, or by manually entering the recipient’s phone number, email, or $Cashtag, a unique username for Cash App users.
Receiving money on Cash App is just as straightforward. When another user sends you money, it lands in your Cash App account, reflected in your app balance. You can keep the funds in the app for future payments or withdraw it to your linked bank account.
One notable feature of Cash App is the ability to send and receive Bitcoin, an offering not currently available on Venmo. For users interested in cryptocurrencies, this could be a determining factor in their choice of app.
Cash App has some limitations regarding how much money users can send or receive. Users can send up to $7,500 per week and receive an unlimited amount once their account is verified. Unverified accounts have a $1,000 monthly receiving limit.
Venmo: A Social Approach to Transactions
Venmo takes a slightly different approach, integrating social elements into the process of sending and receiving money. To send money, users tap the ‘Pay or Request’ button at the bottom of the screen, select a contact (or multiple contacts for group payments), enter an amount, and add a note describing the payment. These notes, often including emojis or funny descriptions, are a part of Venmo’s unique charm.
Receiving money on Venmo is as straightforward as Cash App. The money received lands in your Venmo balance and can be kept there for future Venmo transactions or transferred to a linked bank account. It’s worth noting that money received does not automatically transfer to your bank account, providing users the flexibility to manage their Venmo balance independently.
As for limitations, Venmo users can send up to $4,999.99 per week for person-to-person transactions, once identity verification is completed. For unverified accounts, the limit is at $299.99 per week. There’s no limit to how much money users can receive on Venmo.
Unique Features and Services
Beyond just enabling peer-to-peer money transactions, both Cash App and Venmo have developed unique features and services that add value to their user experience and set them apart in the competitive digital payments industry. Let’s take a closer look at what each platform offers.
Cash App: Bitcoin and Stocks
Cash App differentiates itself from Venmo and other competitors with its Bitcoin trading feature. Users can directly buy and sell Bitcoin from their Cash App balance. This introduction of cryptocurrency to the platform has made Cash App a more versatile financial tool, allowing users to participate in the ever-growing crypto market conveniently.
Furthermore, Cash App also offers a stock trading feature. With as little as $1, users can invest in stocks, opening the world of stock trading to a broader audience. Whether you’re a seasoned investor or a newbie just starting, Cash App’s investing feature offers an accessible way to diversify your financial portfolio. Please note that the brokerage services are provided by Cash App Investing LLC, a subsidiary of Square, Inc.
Moreover, the Cash Boost feature is another unique offering. Users with the Cash Card can activate boosts in the app to save money on purchases at certain vendors. Boosts offer instant discounts and are easy to use, making them a favorite among Cash App users.
Venmo: Social Payments and Business Profiles
Venmo’s standout feature is the integration of social elements into its platform. Each payment or request comes with a note that shows up in a feed, much like a social media timeline. It’s a unique approach that adds a fun, social aspect to financial transactions. Users can even like and comment on their friends’ transactions, making Venmo a more interactive experience compared to other payment apps.
In addition to its social component, Venmo also offers business profiles. Small businesses and sellers can set up a professional profile on Venmo, separate from their personal profile. This feature allows businesses to accept payments from customers on Venmo, making transactions convenient for both parties. It also offers sellers exposure to Venmo’s vast user base, providing them an opportunity to expand their business reach.
Venmo has also ventured into the credit card market. The Venmo Credit Card, issued by Synchrony Bank, allows users to earn custom cash back on their spending, directly into their Venmo account. This move into the credit card market offers Venmo users a more comprehensive financial experience, all within one app.
Fees and Limits
One crucial aspect to consider while choosing between Cash App and Venmo is the costs associated with their services. Each platform has its unique fee structures and limits which may impact users differently, depending on their needs and usage.
Cash App: Fees and Transaction Limits
Cash App allows users to send and receive money for free. However, for instant transfers to a linked bank account, there’s a 1.5% fee. Standard transfers, which can take up to three business days, are free. If you are sending money via a credit card, a 3% fee is charged.
There’s no fee to use Cash App’s Bitcoin and stock trading services. However, the app does have a spread between buy and sell prices for Bitcoin, which effectively acts as a fee.
Cash App allows users to send up to $7,500 per week, and there’s no limit on the amount you can receive. The platform also has withdrawal limits: $250 per transaction, $1,000 in any 24-hour period, $1,000 in any seven-day period, and $1,250 in any 30-day period.
As for the Cash Card, ATM withdrawals are free if the user makes at least $300 in direct deposits to their Cash App account in the last 31 days. Otherwise, the fee is $2.50, in addition to any ATM operator fees.
Venmo: Transaction Charges and Limits
Venmo doesn’t charge for basic services like sending money from a linked bank account, debit card, or your Venmo balance. However, there’s a 3% fee on credit card payments and some business payments.
Venmo charges a 1.75% fee (minimum $0.25, maximum $10) for instant transfers of your Venmo balance to your bank account, while standard bank transfers are free. If you are using the Venmo Debit Card, withdrawals are free at MoneyPass ATMs, but there’s a $2.50 fee at non-MoneyPass ATMs in addition to any fees charged by the ATM operator.
In terms of limits, Venmo allows payments of up to $4,999.99 per week on a fully verified account. For new accounts or those without identity verification, the limit is $299.99 per week. Venmo has a rolling weekly limit of $6,999.99 for person-to-person payments, purchases with the Venmo Debit Card, and merchant payments combined.
Security Measures and User Protection
Security and user protection are critical considerations when choosing between financial apps. Both Cash App and Venmo prioritize user security and employ numerous measures to safeguard user data and transactions.
Cash App: Secure Transactions and Data Protection
Cash App employs a number of robust security protocols to ensure safe transactions. It requires a unique code or biometric identification (Face ID or Touch ID) for sign-in and Bitcoin withdrawals.
The app uses encryption to safeguard personal data and provides assistance through its support team for any suspected fraudulent activity. However, it’s important to note that Cash App does not offer protection for willingly sent payments to other users.
Venmo: Advanced Encryption and Verification
Venmo also offers comprehensive security measures to protect user transactions and personal information. It employs encryption for protecting data, and users are required to verify their identity when accessing the app from a new device.
Venmo also allows users to set up a PIN code for additional protection. While Venmo uses strong security measures, users are encouraged to only transact with people they know and trust.
Customer Support
When it comes to customer support, both platforms offer several ways to access help. You can reach out to Cash App or Venmo via email, in-app messaging, or through their websites. The efficiency of customer support is crucial, especially if a user suspects fraudulent activity or faces issues with transactions.
Use Cases
The best use case for Cash App is for those who have varied financial goals and are interested in the ability to invest in Bitcoin and stocks directly from their app. It’s also an ideal choice for those who appreciate discounts through the Cash Card ‘Boosts’ feature.
On the other hand, Venmo excels in its social components. It’s best for those who regularly split bills with friends or family and enjoy the social feed documenting these transactions.
Cash App vs. Venmo: Which one is right for you?
Cash App and Venmo each have strengths and weaknesses, and the choice between the two largely depends on personal preferences and needs.
If you value straightforward money transfers and the additional ability to invest, Cash App may be the better choice for you. However, if the social element of financial transactions appeals to you, along with the easy splitting of bills, Venmo could be your preferred app.
Frequently Asked Questions
Can I use Cash App or Venmo internationally?
Cash App only works for users in the United States and the United Kingdom. You cannot make international payments. Venmo is also available only to users in the United States, and you can’t send money internationally with Venmo.
What happens if I send money to the wrong person?
If you accidentally send money to the wrong person on either platform, your best course of action is to send a request to that person asking them to send the money back. Cash App and Venmo do not offer protection for transactions if you willingly send money to someone.
Can I use these apps without linking a bank account?
Yes, both Cash App and Venmo can be used without linking a bank account. However, you’ll need to link a debit card or a credit card to make transactions.
How long do transfers take with Cash App and Venmo?
Both Cash App and Venmo offer instant transfers to linked bank accounts for a small fee. For free transfers, Venmo can take up to 1-3 business days, while Cash App’s standard deposits are usually available within 1-3 business days as well.
How do I contact customer support?
For Cash App, you can contact customer support through the app itself, or by visiting the Cash App Support website. Similarly, Venmo’s customer service can be reached through the app, or by visiting the Venmo Support website.
Do these apps report to the IRS?
For both apps, if you receive over $20,000 and make more than 200 sales transactions that involve goods or services in a single calendar year, you will receive a Form 1099-K and this information will be reported to the IRS. For personal transactions, these are not typically reported.
Need an easy place to get away in Los Angeles? We get it.
To say Los Angeles is a busy place is an understatement. The bustle of this West Coast city and the crazy traffic are just two things everyone from LA knows are going to cause some stress. Even though you can’t avoid them, you can give yourself the gift of tranquility by finding a Los Angeles apartment that provides a spot where you can get some peace.
It may not be the easiest amenity to track down, but as you figure out which LA neighborhood is perfect for you, keep an eye out.
We’ll get you started with these great apartments that offer all the best spa-like features you crave.
SOURCE: RENT. / THE PALAZZO AT PARK LA BREA
Picture this, you’ve had a long day and use the last of your energy for a workout in the Olympic-level fitness center at The Palazzo at Park La Brea. All you want to do now is soak in a peaceful and bubbly hot tub. Well, you can, thanks to the decadent on-site spa this property offers. Get ready to relax a little or a lot.
Located in Mid-Wilshire, this decadent community also has a saltwater swimming pool, garden and rooftop lounge.
SOURCE: RENT. / RANCHO LOS FELIZ
Give yourself a spa day right from home that starts in the roomy sauna at Rancho Los Feliz. From there you can take some time to sit and reflect among the mature trees and stone fireplace in the outdoor lounge before heading over to the pool for a cooling dip.
In Atwater Village, next door to the Los Feliz Golf Course, this area is a haven for hipsters thanks to its assortment of boutiques, coffee shops, bars and theaters. It’s a highly walkable area that’s closer to the 4,000 acres of open space that make up Griffith Park as well.
Source: Rent. / Museum Tower
There’s nothing like a good lounge for relaxing, and the one in Museum Tower has a massive light fixture that echos a starry sky. Multiple couches in soothing earth tones and a simplistic decor of stone vases make this space feel zen. It’s the perfect spot to wind down with friends or crack open a good book.
Situated in Downtown Los Angeles, Museum Tower offers plenty of amenities. You can take a dip in the heated outdoor pool before grilling out and enjoying the view on the rooftop lounge. There’s also a social room and fitness center.
Source: Rent. / Boulevard on Wilshire
Take tranquility to the rooftops with this cozy and comfortable deck. The grilling and outdoor lounge space at Boulevard on Wilshire provides comfortable seating under the sun and a covered spot with couches and a dining table. It’s the place to go for a peaceful meditative moment.
Surrounded by art deco buildings, along the Miracle Mile in Mid-Wilshire, this community sits right on top of a Starbucks. It comes complete with a fitness center and spin room, dog wash and run, pool and hot tub.
Source: Rent. / Sunset Barrington Gardens
There’s nothing like a green oasis to create a serene moment, especially when you spend so much time stuck in Los Angeles traffic. The outdoor space at Sunset Barrington Gardens features mature trees and a nicely landscaped area for decompressing. Sit on the lounge chairs or under the umbrella and soak in some nature. The lush landscape continues throughout the community, where you’ll also find fountains and a koi pond.
Moving at a slower pace than some other LA neighborhoods, living here in Brentwood gets you closer to Santa Monica, UCLA and the Getty Center.
Source: Rent. / Villa Carlotta
Everything about the Villa Carlotta feels like it got lifted from a Parisian pied-à-terre. Relaxing vibes and a classic style flow throughout the building, even touching the bathroom — your own private spa-like getaway. The white pedestal sink and proper bathtub under the two-pane window ooze elegance and tranquility.
Villa Carlotta feels like an escape from the norm with its music and wine nights every Friday and continental breakfast every morning. This Hollywood Hills community is in a historic building, offering up clear views of the stars and the Hollywood sign from the roof, a saltwater pool and a palm garden.
Source: Rent. / Piccadilly
A tiny urban oasis, the small potted garden in Piccadilly puts some Old World charm into your serene moment. Sit on the stone bench, surrounded by potted greenery and a decorative fountain, and take a break from the daily grind without having to leave home. Just one of two courtyards in this classic building, you’ll have plenty of space to space out.
Located in Koreatown, this popular apartment complex is centrally located and surrounded by an eclectic assortment of dining and nightlife destinations.
Source: Rent. / AVA Hollywood at La Pietra Place
Take a break in one of the coolest lobbies in Los Angeles. At AVA Hollywood at Pietra Place, you’ll find bamboo on the walls, a small rock garden and soft-edged furniture whose patterns seem to melt into the floor. Although the space has industrial touches and modern lighting, overall the openness and small pockets of furniture to lounge in make it a great spot to unwind.
Close to Melrose Avenue, that famous street full of cafes, coffee shops and boutiques, this Central LA community has a 5,000-square-foot fitness center with outdoor yoga space. It’s a LEED Gold-certified building that also boasts a media room and stunning pool.
Source: Rent. / G12
Sit in the fresh air and just pause. Isn’t that nice? Now imagine doing that at G12, in front of a sleek and modern fireplace, on plush patio furniture. It’s possible when you decide to make this cool, Downtown Los Angeles community home.
Chock-full of amenities, G12 also has a 24-hour fitness center with a yoga/spin studio, two sky terraces and a Woof Deck. There’s an entertainment kitchen with community dining space as well as an outdoor lounge with grills, too.
Source: Rent. / The Medici
It’s all about the fountains at The Medici. They offer up the tranquil sound of trickling water at every turn on the grounds of this cool community. You can find them in lush green spaces with places to sit and meditate. They’re also in the courtyards, surrounded by stonework and potted plants, alongside stairs leading inside and just about everywhere else. It’s a calming element that’s always right around the corner.
Within the diverse area of Westlake South, living here you’re close to Echo Park and Silver Lake. Should you prefer to stay home in the serene and tranquil setting of The Medici, you can take advantage of amenities like a jogging track, private one-acre park, putting green, two tennis courts and more.
Find your spa-like Los Angeles apartment today
Apartments in Los Angeles are full of amazing amenities, including some of the best spas in the city. From covered parking to well-stocked fitness centers to shimmering pools, make sure you get exactly what you want out of where you live. If that includes a quiet corner to collect your thoughts and reflect on life, you’ll find it in LA.
When Colleen Randall bought her house in 2016 for $174,000, she figured it was the perfect starter home. Then the past few years made the deal even sweeter: She doubled thesquare footage after redoing herunfinished basement. Now the three-bed, three-bath house in Hagerstown, Md., is worth at least $260,000. Refinancing in 2020 also lowered her mortgage rate from 3.25 to 2.75 percent and knocked off her private mortgage insurance.
And that’s the problem.
Randall, 33, and her husband want to have a second child, but their third bedroom is a sunroom and wouldn’t work for a new baby. They would normally justlook to move and sellit. But they can’t imagine giving up their ultralow rate for a newmortgage above 6 percent on a bigger house. The more likely scenario: delay having another kid and stay put.
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“My mortgage payment would essentially double if we purchased a house with around the same square footage, with just a better layout,” Randall said. “I just can’t do it. If I could predict the future, we’re probably going to stay where we are. It’s just too comfortable a position.”
Mortgage rates rise above 7 percent as Fed scrambles to slow economy
People like the Randalls are everywhere, and they’re causing unanticipated problems for the housing market.Home values soared in the past few years, as the pandemic reshuffled people’s housing needs, and buyers clamored for the few listings available. To cool that demand — and tame inflation throughout the economy — the Federal Reserve has been hiking interest rates at the fastest pace in decades. Those moves sent mortgage rates surging past 7 percent last fall, and while they’ve pulled back somewhat, the 30-year fixed rate was still around 6.35 percent last week, according to Freddie Mac.
But those increases are alsodiscouraging owners from putting their homes on the market and forfeiting thelow rates at which they borrowed money before last year. And that is cutting down on the supply of houses,especially for conventional starter homes that have long helped first-time buyers gain a foothold in the market.
It’s the perfect starter home. But it’s only for rent.
“The world is going back toward normal, but we still have the aftermath of what happened,” said Skylar Olsen, chief economist at Zillow. “That’s moving the housing market to behave this way.”
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Striking a balance between supply and demand in the housing market is key to getting inflation under control. But experts say they don’t see the logjam getting better until rates simmer down,whichprobably won’t happen until next year. Even then, the days of super-low rates are likely over for a generation of home buyers who came of age when it was much easier to get a cheap loan.
The vast majority of homeowners have rates below today’s average. At end of 2022, 62 percent of mortgage holders had a rate below 4 percent, and 82 percent had a rate below 5 percent, according to Redfin data. A whopping 92 percent had a rate below 6 percent.
The number of new listings hitting the market are also far below normal levels, as millions of homeowners decide not to budge. In February, listings were down more than 23 percent from the year before, according to Zillow, and more than 32 percent from pre-pandemic levels.
Five reasons you shouldn’t buy a house right now
The drop is more dramatic in certain areas. Listings in Winston, N.C., were down 65.6 percent in February compared with the year before, according to Zillow, and they dropped 49.6 percent in Milwaukee, 39 percent in Las Vegas, and 36.8 percent in D.C.
The decline in listings is unusual, even compared with before the pandemic. By that measure, listings fell 67.3 percent in Winston, and 45.9 percent in Las Vegas.
In normal times, Knoxville, Tenn., would have around 10,000 active listings at any given moment. But by the time Hancen Sale was shopping for his first home in late 2020 and early 2021, only1,300 properties were for sale. He still managed to buy a three-bedroom, two-bathroom historic home with a 2.75 percent mortgage rate for $291,000.
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Sale works for the Knoxville Area Association of Realtors and has seen how the pandemic turbocharged the college town’s housing market. In 2021, the annual income needed to afford the average house with a 10 percent down payment was $55,677, according to his research. By the end of 2022, it was $88,808. So at age 25, he can’t imagine giving up his situation, and if he ever did outgrow the house, he’d rent it out.
“It’s going to be hard for me, financially, to move elsewhere,” Sale said. “It’s kind of frozen me in place in a lot of ways. And even if I did move, I would probably be holding onto a house like this, because the rate is so low, it would be a good revenue-generating investment for me.”
White House unveils new tenant protections amid soaring rental costs
Meanwhile, scores of people are clamoring to find any homes available, even if that means taking on a high rate.
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Emily Engel and Tyler Young have been trying to buy their first home together for six months — ever since Engel’s landlord told her he wanted to sell the property where she lives. The long-distance couple has been scouring for a home in north-central Connecticut for around $325,000. They’ve lost out on six offers.
Last month, they were getting ready to put in their seventh. But while they were on the phone with their real estate agent, they were told someone else had just put in a massive bid. The only way for Engel and Young to get back to the front of the line would be to put down an extra $100,000 — cash.
“There’s an overwhelming sense of hopelessness — that’s the word — that washes over me every time,” Engel said. “This is insane. We’re not going to win. We’re not rich. We don’t have $100,000 extra. I’m almost 40. Am I not mature enough to own a house? You feel like a kid.”
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Engel said she doesn’t see any signs demand in New England is cooling. But the housing market is extremely sensitive to changes in interest rates,and there are some indications that the Fed’s moves are working as central bankers intended. The median existing-home price fell 0.9 percent in March from a year earlier, to $375,700, according to the National Association of Realtors. That marked the largest year-over-year price decline since January 2012.
Homes that do make it onto the market are taking longer to sell, which helps boost inventory and tame the buyer frenzy from earlier phases of the pandemic. Fed officials are betting that the slowdown will eventually trickle to the rental market, a crucial step since rent costs have become the main driver of inflation throughout the economy.
“We’re not seeing it yet in housing services,” Fed Chair Jerome H. Powell said in February. “But we expect to see that. We need that to happen. That’s another big part of the economy. It’s got to come. It should come in the second half of this year.”
But prices probably won’t drop markedly until there are simply more homes available. Experts have various estimates for how many more houses the country needs,with figures sometimes ranging from 1.5 million to 5 million. Last year, the White House unveiled its Housing Supply Action Plan, which aims to help close the country’s housing shortfall in five years.
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Persistent supply chain issues, labor shortages and the rising costs of construction have few experts hopeful that the plan can come to fruition. But the trend is at least moving in the right direction; the number of listings coming from new construction has been steadily climbing since 2016. At the end of 2019, right before the pandemic, almost 19 percent of listings came from new construction, according to Redfin data. By the beginning of 2023, that figure had grown to more than 33 percent.
Still, there is a long way to go, especially when it comes to luring people with ultralow rates.
Jonathan Levitt, 32, took advantage of remote work and moved from Boston to Boulder, Colo., during the pandemic. In 2021, he bought a three-bedroom house for $865,000. He locked in a 3.05 percent interest rate, and he estimated that if he bought the same house today,the monthly payment would be at least $1,000 higher.
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Levitt keeps an eye on Zillow listings, and sees other, less-appealing homes in his neighborhood selling for $200,000 more than he paid. He’s put money into upgrading the house — with solar panels, a sauna and workout equipment. He might rent it outdown the line. But he can’t imagine selling, or going back to his old Boston apartment with no outdoor space or parking.
“I’m losing money in that scenario,” Levitt said, “versus gaining.”
Today we’ll check out Neighbors Bank, a company that refers to itself as a “hometown bank” that got its start all the way back in 1945 in Clarence, Missouri.
It originally served folks in the counties of Shelby, Macon, and Monroe before making a digital transformation in 2018, when a name change was made to align with its new look.
The company says it still operates under the same values, though instead of focusing solely on individuals and families in rural America, they provide home loans to borrowers nationwide.
Let’s more about them.
Neighbors Bank Fast Facts
A FDIC insured depository bank
Founded in 1945, headquartered in Columbia, Missouri
Offers home purchase loans, refinances, and formerly savings accounts
Licensed to do business in all 50 states and D.C.
Operate like an online bank despite having a brick-and-mortar location
As noted, and as their name implies, Neighbors Bank is a depository that holds money for its customers via savings accounts.
While they aren’t currently accepting new online savings accounts, they’ll be able to take your mortgage application, whether it’s for a home purchase or a mortgage refinance.
Despite being a brick-and-mortar bank with more than 70 years of history, they actually only operate one physical location in Columbia, Missouri.
This means you’ll be working remotely if you choose Neighbors Bank for your home loan needs.
But this can be a good thing as they’ve invested in the latest technology, including a digital mortgage process and a free smartphone app.
Another plus is the company is licensed to do business in all 50 states and the District of Columbia, so they’re available to all.
How to Apply for a Mortgage with Neighbors Bank
To get started simply call them or fill out a short form on their website
A loan consultant will get in touch to discuss eligibility and mortgage rates
When ready to apply they offer a digital mortgage experience that is mostly paperless
Once submitted you can track loan progress 24/7 and satisfy conditions via the online borrower portal
You’ve basically got two options to get the ball rolling – either pick up the phone and call them directly, or fill out a short lead form on their website.
If you do the latter, you’ll just need to answer a series of questions about yourself and your property (or soon-to-be property).
From there, a Neighbors Bank loan specialist will get in touch to discuss loan options, eligibility, and mortgage rates.
It’s also possible to get pre-qualified for a mortgage if you’re still shopping for a suitable home.
Assuming you like what you hear, you’ll be prompted to begin the online digital mortgage application, which appears to be powered by fintech company Blend.
It allows you to perform most tasks electronically, whether it’s filling out the app itself, scanning/uploading documents, or eSigning disclosures.
Their online orrower portal is also where you’ll sign in to monitor your progress 24/7 and tackle your to-do list as you make your way to the finish line.
All in all, they make it easy to apply for a home loan and get status updates thanks to their use of the latest technologies.
Loan Programs Offered by Neighbors Bank
Home purchase loans
Refinance loans: rate and term and cash out
Conventional loans backed by Fannie Mae and Freddie Mac
FHA loans
VA loans
USDA loans
Low down payment loans
Fixed-rate and adjustable-rate options available in a variety of loan terms
Neighbors Bank offers both home purchase financing and mortgage refinance loans, and says it specializes in low down payment loans.
This means they serve first-time home buyers, along with existing homeowners who are looking to save money (rate and term refinance) or those in need of money (cash out refinance).
You can get a conventional loan backed by Fannie Mae and Freddie Mac, or a government-backed loan, such as an FHA loan, USDA loan, or VA loan.
Those main loan types cover much of the population, though borrowers looking for specialty loans may not find what they’re looking for.
It’s unclear if they offer home renovation loans, including FHA 203k or Fannie Mae HomeStyle, but there’s a decent chance they do.
However, there’s no mention of jumbo loans on their website, so those with larger loan amounts may need to go elsewhere.
The same goes for second mortgages, which don’t appear to be available at Neighbors Bank.
The good news is you can get a fixed-rate or adjustable-rate mortgage in a variety of loan terms, whether it’s a 30-year fixed, a 5/1 ARM, or something in between.
Neighbors Bank Mortgage Rates
One slight downside to Neighbors Bank is the fact that they don’t publicize their mortgage interest rates on their own website.
While you might come across them on third-party websites, it’d be nice if they posted daily rates directly for prospective customers to see.
Still, this doesn’t mean their mortgage rates are any less competitive than other banks and lenders, but it does mean you’ll need to get in touch with someone to find out where they stand.
As noted, you may also come across them if shopping rates online, as they do seem to advertise quite a bit on websites like Zillow.
From my own experience, they appeared to offer low rates, but perhaps not the absolute lowest of the many lenders listed on Zillow.
As always, put in the time to comparison shop with Neighbors Bank and other lenders to ensure you receive the lowest interest rate on your mortgage.
And don’t forget about the lender fees! To that end, Neighbors Bank doesn’t mention what fees they charge, so it’s unclear if they charge a loan origination fee or other common fees like underwriting or processing fees.
Neighbors Bank Reviews
On Zillow, Neighbors Bank has a solid 4.76-star rating out of 5 from about 80 reviews, with many highlighting the ease of working with them, along with the attention to customer service.
And on Google, they have a 4.7-star rating out of 5 from more than 200 customer reviews.
Additionally, they’ve got a 4.3-star rating out of 5 on Trustpilot from about 30 reviews, which while not as strong as the other ratings sites, is still considered “excellent.”
The company also has nearly 500 customer reviews on its own website, with a 4.8 out of 5 customer satisfaction rating and 96% saying they’d recommend Neighbors Bank.
Lastly, it’s unclear if the company is Better Business Bureau accredited or what their rating is, as I was unable to find their listing on the BBB website.
In summary, Neighbors Bank appears to offer the latest technology combined with a human touch, noting that both friendly, personal service and mortgage expertise are critical to the process.
Assuming their mortgage rates and lender fees are also competitive, they could be a viable option for your home loan needs, whether it’s a new home purchase or a refinance.
Neighbors Bank Pros and Cons
The Good
Can apply for a mortgage online in minutes
Offer a digital home loan experience and online borrower portal
Plenty of home loan programs to choose from
Licensed to do business nationwide
Excellent reviews from past customers
Free smartphone app
The Perhaps Not
Only one physical location
Do not publicize mortgage rates or lender fees
Don’t appear to offer jumbo loans or second mortgages
One SoCal-based mortgage lender I’ve seen advertising a lot lately goes by the name “Home Loan Enterprise,” or HLE for short.
The company sports a sleek, modern website with a really cool loan pricing engine that lets you see the latest mortgage rates without having to sign up or reveal your personal details.
That’s rare these days in the mortgage business, so I give them bonus points right off the bat for transparency.
On top of that, they offer a fully-digital home loan process and appear to be very well-organized and informative, something that hopefully extends from start to finish.
Let’s discover more about them.
Home Loan Enterprise Fast Facts
Direct mortgage lender that also acts as a mortgage broker
Provides home purchase loans and mortgage refinancing
Founded in 2004, headquartered in Irvine, CA
Licensed to do business in five states (mostly on the West Coast)
Home Loan Enterprise a direct mortgage lender (and mortgage broker) that offers home purchase loans and mortgage refinances.
They act as both in order to provide flexibility and help you obtain extremely competitive mortgage rates that you might not find otherwise with a big bank.
This means they can shop around with third-party wholesale lenders on your behalf to find you a better rate or place a tricky loan scenario.
The company was founded in 2004 by Thysy Trinh, the company’s current CEO, and originally began as a family business in San Diego, California before its corporate headquarters were moved to Irvine, CA in 2010.
Today, they’re licensed to do business in five states, including California, Colorado, Oregon, Texas, and Washington. It’s unclear if they plan to expand in the near future.
How to Apply with Home Loan Enterprise
First price your loan anonymously using their nifty online rate engine
Alternatively you can fill out a short form on their website or simply call them directly
They offer a completely digital mortgage process from end to end
Once submitted you’ll be able to track loan progress via the online borrower portal
Aside from being super transparent on the pricing front, Home Loan Enterprise has one of the nicer websites I’ve seen from a lender.
It looks super modern and includes lots of tutorials, a mortgage glossary, and FAQs to keep borrowers well-informed throughout the process.
Even better, they offer a completely digital mortgage process to improve efficiency and fund loans fast, typically within 2-4 weeks.
They say the faster you provide the paperwork, the quicker they can fund, and that they don’t let loans linger.
Once your price a loan, an originator will reach out to help you set up an account so you can submit an electronic application via their secure website.
You’ll be able to complete most tasks electronically, whether it’s eSigning disclosures or linking your bank account and employment information.
After your loan is submitted, you’ll be able to manage everything from the online borrower portal. You’ll also receive important status updates and a to-do list for any outstanding conditions.
All in all, they make it really simple to submit a loan and get it to the finish line thanks to their modern tools and clean website.
Loan Programs Offered by Home Loan Enterprise
Home purchase loans
Refinance loans: Rate & term and cash out
Conforming loans backed by Fannie/Freddie
Super conforming loans
Jumbo loans
FHA loans
VA loans
HELOCs and home equity loans
Interest only loans
Non-QM and hard money
Down payment assistance programs
Home Loan Enterprise offers a ton of different loan programs because they’re both a direct lender and a mortgage broker.
This means they have access to loan programs from lots of different banks and lenders.
They offer home purchase financing and refinance loans, including rate and term, cash out, and streamline refis.
You can get pretty much any type of loan, including conforming, super conforming, jumbo, conventional, government, and non-QM or hard money.
The only question mark seems to be USDA loans, which aren’t mentioned on their website.
But they do seem to offer interest only loans, HELOCs, and fixed home equity loans, along with down payment assistance programs for first-time home buyers.
Both fixed-rate and adjustable-rate options are available in a variety of loan terms, whether you need to a 10-year fixed loan or a 7/1 ARM, or anything in between.
They lend on all property types, including single family homes, condos/townhomes, multi-unit investment properties, and even commercial properties.
In other words, they should be able to help most borrowers, no matter what their scenario is, and hopefully provide a low interest rate at the same time.
Home Loan Enterprise Rates
One area where Home Loan Enterprise really excels is in its mortgage rates.
The company makes it super easy to see today’s rates simply clicking on “Rates” from the top menu on their website.
From there, just enter your loan scenario and you’ll see a huge list of rates for a variety of popular loan programs, along with accompanying costs or lender credits.
And their rates are real and connected directly to the mortgage market (they also update them multiple times per day if needed to ensure accuracy).
They are big on transparency when it comes to rates and lender fees, and even let you track rates live so you can lock on the best day.
Additionally, they’ll let you re-lock your rate if the market improves, which is likely subject to a small fee or pricing adjustment.
From what I saw, their mortgage rates were very competitive relative to what other lenders offer, and they only charge a $995 lender fee.
Home Loan Enterprise Reviews
One area where information seems to be a tad light is customer reviews. I wasn’t able to find a ton on the web.
However, they do have some reviews. For example, on Yelp the company has a solid 4.5-star rating out of 5 from about 50 customer reviews.
They also have perfect 5-star ratings on both Google and Facebook, though from just a small handful of reviews.
And while the company doesn’t have any reviews on Zillow, their individual loan officers have some feedback.
So once you find the loan officer’s name, you can do some digging on your own, or simply ask them for referrals.
While they aren’t an accredited company, they do have a perfect ‘A+’ rating on the Better Business Bureau website based on complaint history.
Home Loan Enterprise Pros and Cons
The Good
Offer a fully digital mortgage loan process
You can see their daily mortgage rates without signing in
Allow you to re-lock if rates get better
Tons of different loan programs available
Excellent customer reviews albeit from a small sample size
A+ BBB rating based on customer complaint history
Mortgage glossary and learning center on their website
The Maybe Not
Only licensed in California, Colorado, Oregon, Texas, and Washington
Apartment dwellers have neighbors. It’s a fact. Hopefully, you’re on good terms.
The neighbors many people are talking about the past few weeks are the ones portrayed by Seth Rogen and Zac Efron on the big screen in the movie “Neighbors.”
Their attempts to (cough!) get along result in mayhem at a level you’ll likely not experience as an everyday apartment dweller. (After all, you’d need a stunt double to safely get through some of those antics.)
[find-an-apartment]
Their silliness brings up a serious point, however. What do you do when you desperately want to get along with a challenging apartment neighbor?
Maybe you and your neighbor have a different idea of how loudly music should be played in the evening. Or perhaps your neighbor’s cooking is making itself a little too noticeable in your own apartment.
Small conflicts can exist, and the good news is they can be worked out when both parties come together and communicate. But here’s the challenge: you may have to be the one to broker an agreement.
With the skills you’ll read about here, you’ll be able to bring even a nightmarish neighbor to the negotiating table and work toward an acceptable outcome.
Start with “Hi…” It’s an observation of modern-day interaction that we seem to avoid other people whom we do not know. We may feel uncomfortable and unsure about approaching strangers. Is it in my best interest to keep my mouth shut, we ask ourselves. Is avoidance the safest option? Will they take advantage of any openness I share?
For adults who share a neighboring living space, however, the onus falls on them to bridge the distance and set that anxiety aside — especially when they need to make a respectful request.
A conversation is the order of the day, and it can start with a simple hello.
Common ground So, what do you have in common with your neighbor – besides the apartment community you live in and the quarrel you share? Continue your negotiation campaign by learning a little more about your neighbor beyond what you can observe.
How do you do this? Well, ask! Inquire about your neighbor’s interests. Note how you both drive similar vehicles; ask whether he likes his car. If a significant other or children are in the picture, share a detail or two about your own family.
When people understand each other and can find even a little common ground, they are less likely to dismiss the other’s point of view. Before you can expect your neighbor to see your side of an issue, you’ve got to be willing to take a look from their side. Empathy, or feeling from another point of view, is a key element in the process of addressing conflict.
This work at understanding is crucial. You must muster true interest, of course, or your efforts at empathy will fall short.
The moment of truth… Ok, you’ve laid the groundwork for a constructive conversation with your neighbor, and the moment has arrived for actual negotiation about the issue at hand. Even with care, this could get tense. Choosing your words carefully has never been more crucial.
The skills of the professional counselor will aid you, here:
Listen! For every point you make, take a breath and listen to your neighbor’s response. This models how they might also behave in return.
Keep the discussion firmly on the topic at hand. If the conversation begins to veer away from the point, use your words gently to move back into constructive territory.
Reflect your neighbor’s words back to her to positively indicate your understanding.
Avoid the language of the absolute. An ultimatum will invariably provoke an emotional response that is unhelpful in resolving the dispute.
If talk becomes too personal or demeaning, take a break. When you begin to argue from an emotional standpoint, you’ve likely lost the day.
Catch yourself before you utter words like “you always…” or “you never…”
Don’t avoid conciliation. If your neighbor makes a reasonable point — or you even find your position changing — acknowledge this.
If brevity’s all that’s needed, keep the chat short.
Don’t use profanity!
An important choice is leaving the option open for further discussion, should this be necessary.
Standing firm on shaky ground Your level of investment likely varies depending on whether you are lodging the complaint or defending yourself against one. But maintaining mutual respect and staying away from emotionality should be your goal, in either case.
The goal in negotiating a complaint is to win, right? Perhaps…but not at any cost. Winning likely involves some compromise, and the bigger person embraces this fact. You’ve “won” the conflict when you can live more or less in peace with your apartment neighbor.
Photo credits: Shutterstock / Ron and Joe, PathDoc, Cartoonresource
*Please note that this article contains affiliate links and Fancy Pants Homes will receive a small percentage of anything you buy if referred by our site, money that we will use to create more content. Thank you for supporting Fancy Pants Homes.
If you’re someone who hardly has time to go to the spa to relax and cannot do it under your own roof, it probably is a good idea to start revamping your bathroom into a spa-like sanctuary.
To achieve an ambiance that will promote calmness and relaxation, follow these five steps when redesigning your bathroom.
Step #1: Declutter and Get Organized Creatively
You cannot possibly relax with all the clutter scattered around your bathroom. Create a fresh start bykeeping the space clean and organized before proceeding with the main redesign process.
Start by collecting all your towels, toiletries, and other bathroom belongings in one place. Then, group them together according to type or similarity. Put all soaps with shampoos, gather all cosmetic items, and put them all in one place.
Once you accomplish this, you’ll be able to see how much clutter you’ve collected which can help you determine the ones you can let go and those you intend to keep. After that, you can start making your creativity work in choosing storage spaces such as elegantly crafted marble countertops and vanity tables.
Step #2: Repaint with Calming Colors
Once you have removed all the unnecessary items in your bathroom, you can already proceed with the main part of the redesigning process: repainting.
Believe it or not, plain white isn’t your only option to achieve a relaxing bathroom ambiance—you can also opt for soft greys, beige, and other brown tones. You can also make it more soothing and romantic by adding decor, vases, or flowers that sport pale pink shades.
Step #3: Establish a Relaxing Ambiance with Music and Lighting
Next up is to create an ambiance of rest and relaxation in your bathroom. This means you should re-create the space to allow your eyes to rest. To promote calm and stress-relief, adding a sound system and improving the lighting is your best bet.
There are tons of small-yet-powerful speakers you can choose from that allow for effortless camouflaging in any bathroom design. You also have an option to hire bathroom solutions experts who can add subtle lighting that will complement the use of scented candles and crystal light fixtures for the ultimate spa experience.
>> Ease away the stresses of the day with The Sleep Collection
Step #4: Bring Nature In
The common denominator in almost every spa is the presence of nature or natural elements. If you have the luxury of space and a vast window, it would be a good idea to put it to good use. Move your tub near the window so you can bask in the warmth of the sun while soaking in your tub.
If you don’t have much space, you can still bring nature in by decorating the area with some potted plants. There are tons of plants you can choose from, but you should choose the likes of bamboo, aloe vera, Boston fern, or cast iron plant. The bottom line is to pick a plant that can thrive with infrequent watering and low or indirect sunlight.
Step #5: Add Complementing Accessories and Fittings
Now, it is time for you to choose your bathroom accessories and fittings. It is good to think about plumbing fixtures like you would any piece of jewelry—they act as accessories to the bathroom while functioning as intended.
One thing you can add is a rain shower head with an oversized round head. Just imagine showering under it as you would on a rainy day; feel the stress get washed away by the soothing water trickling down your skin. Talk about relaxing!
You can also change up your bathroom accessories. Some cedar or teak bath mats and a wooden bathtub tray could do your spa-themed bathroom justice.
Ready for a Relaxing Bath?
Achieving calm and relaxation under your own roof is not impossible if you have a spa-like bathroom. You just need to be creative and resourceful while understanding the important elements common in spas to get an effective stress-relieving experience in your own home.
The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.
A 2021 study from Pew Research Center found that the median annual income of Asian households in the U.S. was nearly 39% higher than the rest of the country.
But lived experiences are much more nuanced.
“In my experience, managing money doesn’t come up often in a typical Asian American household,” says financial influencer Max Do. “You assume it’s being taken care of, and it doesn’t come up until there is a problem.”
That same study noted that income and poverty rates vary widely among the many ethnicities that fall under the umbrella term Asian Americans and Pacific Islanders.
Vivian Tu, another financial influencer, says her family loves to talk about money. Their experiences highlight just how varied the spectrum of financial exposure is within Asian American and Pacific Islander households, another reminder that the AAPI community isn’t monolithic.
We spoke to six AAPI financial influencers to learn more about financial challenges faced by Asian Americans, how to balance money and familial responsibilities, and the importance of focusing on your financial journey.
Responses have been edited for length and clarity. Learn more about each financial pro below following the questions.
What do you think are the financial challenges Asian Americans face?
Vivian Tu, Your Rich BFF: “Given that so many Asian Americans have parents or grandparents who are immigrants who likely lived through some challenging times, the culture of saving is deeply rooted in our community. This is passed on, meaning that even grandchildren or great-grandchildren who grow up in financially stable, upper-middle-class families may face a constant fear of scarcity.
What I think is important to acknowledge is that as important as saving is, it’s OK to also enjoy your life. Money is made to help you purchase goods and services that improve your daily living. We should also emphasize how important it is to invest and grow our wealth because saving money under the mattress is losing money over time to inflation.”
Aja Dang, Mstrpln: “My experience might be unique because, as a fourth-generation Asian American, no one in my family ever taught me about money. No one talked to me about savings or even how difficult it was for my parents to support me when I was younger.
The one thing that was more important to everyone was getting into a ‘good’ school so you could get a good job, which was the catalyst for my six-figure debt. My parents and I naively believed that going to out-of-state private schools seemed like a necessary expense for a promising future. Ultimately, that didn’t end up happening, and I struggled with debt for a decade, but that experience indirectly taught me the importance of financial transparency and savings.”
Tae Kim, Financial Tortoise: “Many second and third-generation Asian Americans grew up in working-class immigrant families where frugality and saving were the default. Our parents feared the new world and found comfort in saving as much as possible.
So we respond to our parent’s culture of saving in two ways. One, we carry on the tradition and continue to save, finding comfort in it as our parents did. Or two, we retaliate because we feel we were deprived and live the luxurious lifestyle our parents kept us away from. I was, unfortunately, the latter. Each generation has its unique view of the world and approach to managing money, so it is important that we find our own.”
How do you think the culture of saving influences how second- or third-generation Asian Americans manage money?
Simran Kaur, “Girls That Invest”: “We have the challenge of understanding that our parents or elders immigrated with limited resources and for them, their primary goal was stability and safety for our finances. We, on the other hand, have the privilege of focusing outside of the stability bubble — we have more appetite for risk and for creating long-term wealth.”
Aja Dang: “For many of us, the idea of living in, and supporting a multigenerational household is a unique financial challenge.
It’s not just about supporting yourself and your family, but also supporting your parents as they retire, and maybe also your grandparents. And for my generation in particular, how do you support multiple generations while still dealing with student loan debt?
It’s important to remember the best way to support our family is by putting ourselves and our needs first so we can make sure we’re in a solid financial place to be able to support others.”
Tae Kim: “One of the biggest challenges Asian Americans face when it comes to money is financial literacy. Many of us grew up under first-generation immigrant parents who didn’t understand how the economy and financial market worked.
The next generation of Asian Americans enters the workforce never having discussed 401(k) contributions, insurance, or investing in general. So many of us fall prey to the financial marketing machine. Buying high fee-laden investments, risky bets, and unnecessary insurance because we think that is what we should do with our money. We must prioritize financial literacy from an early age to better prepare the next generation.”
How do finances show up typically in Asian American households, and what tips would you give on managing money with family or relationships?
Vivian Tu: “Depending on what ethnicity you and your family are, money conversations may or may not be completely normal.
For example, my family is Chinese, and my relatives LOVE to talk about money. How much was that flat-screen TV? How much did you pay for that vacation? How big of a discount did you get on those new boots? However, talking about money can be seen as impolite in many other cultures.
That said, I really do encourage young people to learn more about their family’s finances. Learning more about money early on is the easiest way to gain those skills firsthand, ahead of being an adult and navigating those experiences yourself.”
Chris Chung, The Everyday Millennial: “In the majority of Asian American households growing up, the husband earns a large share of the income working a corporate job while the wife either stays home with the kids or earns a part-time hourly wage.
However, in the last 10 years, I’ve seen a large shift as both spouses each focus on growing their respective careers and bringing in a relatively equal share of the income.
My biggest tip for managing money with your family or spouse is to be 100% transparent and focus on being a team! Even if you maintain separate bank accounts, you should be talking with your spouse about your financial goals and what you want to accomplish together.
I’ve seen family dynamics struggle due to money. I’d recommend keeping specific numbers private because the only people who need to know the specifics about your finances are you and your spouse — nobody else.”
Max Do, Max Miles Points: “In my experience, managing money doesn’t come up often in a typical Asian American household. You assume it’s being taken care of, and it doesn’t come up until there is a problem. Sometimes, it almost feels taboo to talk about. My tip would be to be open about it, talk about how much money you make, how you’re saving your money, and how you’re investing it.”
Aja Dang: “Do not ever gift or loan money to friends or family that you cannot afford to lose. If someone says they will pay you back, don’t believe them because chances are they won’t. Do not be afraid to say no to something you cannot or don’t want to do. Also, do not feel pressured to support a multigenerational household. I think many of us want to, but if you can’t afford it, don’t do it. Do not put yourself in a state of financial stress because it’s the ‘right’ thing to do.”
What advice would you give to Asian Americans who feel as though they’re not yet in the same financial situation as their peers?
Max Do: “My advice is to focus on your own financial journey and avoid comparing yourself to others. Setting your own goals and working towards them at your own pace is crucial. Sometimes, it can feel like there’s competition among parents to see whose son or daughter is the most successful or wealthy. This sense of pride is especially strong for immigrant parents who came to the U.S. with nothing. This competition can also create additional pressure.”
Simran Kaur: “One of the best — but perhaps crippling — parts of our culture involves celebrating educational, career and financial success. It’s so easy to fall into the trap of comparing who has more, who bought their home first or who got the big promotion.
We are so proud of those around us who have hit milestones early on, but that does not come without the unfair comparisons that we put on ourselves. It’s so important to step back and remind ourselves that we are only in competition with ourselves and that as long as we are getting better than our past selves, that is all that matters.”
Chris Chung: “There’s always going to be someone you know earning more money or more successful than you. Instead of comparing or worrying about it, put that energy towards improving yourself and what you can control.
In 2023, there’s never been more free resources available discussing entrepreneurship, investing, real estate, which valuable skills to learn and how to build financial freedom for your future. Use these resources to your advantage and spend the time to build financial literacy yourself instead of worrying about what your peers are doing.
I started my first job working for a bobblehead company earning $25,000 while my peers were earning close to $100,000. I quickly realized early on that instead of wasting my energy asking myself, ‘Why not me,’ I needed to put in the work to create a new reality for myself.”
Vivian Tu: “It’s OK! We don’t all start our financial journeys at the same place. Some people are born with major generational advantages and others face significantly more adversity. It’s called personal finance for a reason, and comparison truly is the thief of joy. Focus on making smart money decisions for yourself and prioritizing your well-being. Don’t let FOMO or someone else’s Instagram feed make you feel like you have a bad life.”
More about the influencers
Aja Dang, Mstrpln
Aja Dang is a content creator and founder of Mstrpln. After getting out of $200,000 debt, Dang built the Mstrpln budget planner using the layout she created for herself during her debt-free journey. Since launching, Mstrpln has helped thousands of people set and track their financial goals.
Chris Chung, The Everyday Millennial
Chris Chung is the creator of The Everyday Millennial, a platform that helps millennials master their finances. He aims to bring financial literacy to the forefront and empower millennials to achieve financial freedom. Chris has helped over 175 students get started investing and taking control of their financial futures.
Max Do, Max Miles Points
Max Do is a content creator who teaches his over 400,000 followers and subscribers how to maximize airline miles, hotel points, and credit card points on Instagram, YouTube and TikTok.
Simran Kaur, “Girls That Invest”
Simran Kaur is the creator of a popular investing podcast for women and the author of “Girls That Invest.” She aims to provide access to investing education for women and underrepresented groups. She has been featured in Forbes and Vogue.
Tae Kim, Financial Tortoise
Tae Kim founded Financial Tortoise, a YouTube channel focused on building wealth slowly. After paying off $105,000 in student loans, he found his passion for educating others about money. He is a graduate of UCLA, a former finance director and captain in the Army.
Vivian Tu, Your Rich BFF
Vivian Tu is a former Wall Street trader turned educator, public speaker, host and entrepreneur. She is the founder and CEO of Your Rich BFF, which aims to make personal finance advice accessible and digestible for nonexperts and members of marginalized communities. She’s also the host of the new podcast “Networth and Chill.”
The discussion yesterday about how to earn money when you’ve lost your job got me thinking about ways to earn extra income outside regular employment. None of these are quick fixes, but they’re ways to generate cash in your spare time.
Get a Second Job
A second job can be an excellent way to earn extra money if you have the time and energy. Why have a second job?
To pay off your debt
To build up your savings
To get more experience
To ease into a career transition
Real-life example: In 2000, I took a second job programming computers. For several months, I was working sixty hours a week. I’ve never been so flush with money in all my life. Too bad I was a spendthrift back then — it was all wasted on computer games, comic books, and Magic cards.
Become a Consultant
Earlier this year, Andréa wrote a guest entry about becoming a consultant to defeat debt quickly:
“Consulting” may sound intimidating. It’s really just a fancy word for someone who trades their knowledge and expertise for pay. Every time you make a suggestion, recommend a process, draw up a plan or manage a process, you’re using consulting skills. To get into consulting, you just need to find someone who can use your expertise.
Read more advice about how to become a consultant at Andréa’s site.
Real-life example: After I decided that computer programming was not for me, I set up a small computer consulting business. I designed web pages, maintained networks, and repaired computers. Though I didn’t have much work (I never pursued the business as much as I could have), my hourly pay was the highest it’s ever been in my life.
Earn Money From Your Hobbies
If you’re like most people, your hobbies cost money. They may cost lots of money. For example, I used to spend hundreds of dollars for new camera lenses just so I could take better photos of my cats. Is there a way to turn your hobby into a money-making proposition? Even if you make just a little cash, you can help offset your costs. Here are some more ways that you can use your hobbies to bring you wealth.
Real-life example: After spending a fortune on lenses and camera equipment, I’ve actually been able to make a little money on my hobby. The $750 I’ve generated from prizes and sales is peanuts compared to what I’ve spend on the hobby, but it’s a start.
Make Money Online
Wait. Didn’t I just write that blogging is no way to get rich quick? Absolutely. But blogging can be a way to supplement your income. If you have subject that you’re passionate about, and if you like to write, a blog can let you earn extra money from your expertise.
But blogs aren’t the only way to make money online. You could open an online store. You could sell things on eBay. Here’s a list of 10 ways to make money online from Web Worker Daily.
Real-life example: This blog.
Sell Stuff
A final way to earn some extra cash fast is to sell things. Look in your closets. Check your bookshelves. Walk out to the garage. See all that junk? How much of it do you actually use? Couldn’t you borrow books from the library when you need them? When was the last time you played Mario Kart 64? Wouldn’t you feel better if your house were less cluttered?
As long as you don’t try to sell it all at once, it doesn’t take much time and effort to sell your used stuff to generate some extra cash.
Sell your most valuable items on eBay. (My eBay tips.)
Consider selling certain specialty items to specific stores: sell your used CDs to a music store, your used Nintendo stuff to a game store, etc.
Use Craigslist to sell bulky items, or to get rid of stuff that just won’t sell. (My Craigslist tips.)
Hold a garage sale to purge everything else. (Our annual garage sale is just a month away — I can’t wait.)
Real-life example: Once or twice a year, I sell extra stuff I’ve accumulated. Each year at our garage sale, I make about $300. Every couple years, I sell more valuable items on eBay. Last year I made $1500 for a few hours of work.
Use Your Extra Money Wisely!
What should you do with the extra money you earn using these techniques? Put it in a high yield savings account, establish an emergency fund, pay off debt, and then save for retirement!