Longtime reverse mortgage industry professional, advocate and leader Scott Norman has been appointed as the new CEO of the Texas Mortgage Bankers Association (TMBA).
Norman is currently serving his fifth consecutive term as co-chair of the National Reverse Mortgage Lenders Association (NRMLA). He also works as vice president of field retail and director of government relations at Finance of America Reverse (FAR).
Leadership at TMBA unanimously approved Norman’s appointment on April 24, and he is expected to begin serving in his new role on May 2, when he will cease to be an active employee of FAR.
Appointment to TMBA
Norman previously served as president of TMBA in 2011. He was selected from a pool of candidates submitted to the association by a search advisory committee.
“Scott Norman brings industry knowledge and experience along with a passion for our association and its members to his new role as CEO,” TMBA President Matt Kiker said. “We are grateful for the leadership and stability that the association has enjoyed over the past 25 years under Lisa Vercher and with Scott Norman, we are excited about our future. We appreciate the dedication and diligence of our search advisory committee throughout this process.”
Norman has been a longtime fixture of the reverse mortgage industry, FAR and NRMLA. He remains a fierce advocate for the wider adoption of reverse mortgages and served an influential role in amending the Texas Constitution in 1999 to allow for reverse mortgages. Norman also originated the state’s first reverse mortgage soon afterward in late 2000.
Reflections on a reverse career
When reached by RMD, Norman expressed appreciation for his time in the reverse mortgage industry, his colleagues at NRMLA and FAR, and his career journey up to this point.
“This is an incredibly bittersweet week for me,” Norman told RMD in an email. “From countless trips to Washington, D.C. to the 26 states I visited during my time as co-chairman, I have some amazing memories and friendships that I will take with me. I started my journey with Jim Mahoney with Financial Freedom and ended it with Kristen Sieffert with Finance of America, so I learned from two of the real giants in our industry.”
Norman also lauded his fellow co-chair, Mike Kent of PHH/Liberty Reverse Mortgage, and the NRMLA organization.
“As the co-chairman of NRMLA, I had the good fortune to share the very best job in the industry with my brother Mike Kent. I’ve had an amazingly unique vantage point of our industry for the last five years, and I can’t imagine a company who can’t benefit from being a member of NRMLA.”
Norman also wanted to thank the organization’s executive committee, vowing to remain supportive of the trade association.
“I can’t let my term end without specifically recognizing those on the executive committee: Joey Demarkey, Mike McCully, Bobby Sivori, Elly ‘Rella’ Johnson, Jimmy Cory, Alex Pistone, Chris Mayer, Peter Bell and especially Steve Irwin for their friendship, leadership and support – as well as Jim Brodsky, Soroush Shahin Joel Schiffman for their always-wise advice.
“And of course, my friend Darryl Hicks,” he added. “While I may be leaving the reverse space, I’m not leaving the arena. In my new role with the TMBA, I will continue to follow and support NRMLA at every turn.”
Finance of America President Kristen Sieffert described Norman as a key figure for both the company and the wider industry.
“Scott has devoted much of his career to championing the adoption of reverse mortgages so that more Americans can have better financial outcomes in retirement,” she said. “For many years, FAR has had a front row seat to Scott’s vision, insight and passion for this business — to the great benefit of our company, employees, customers, partners and the industry — and for that we are infinitely grateful.
“While we are sad to see him go, we wish him all the best on his next endeavor and we look forward to continuing to jointly advocate for broader awareness, education and adoption of reverse mortgages.”
Other accomplishments
Norman’s 30-year mortgage career includes his start as a loan officer for Temple-Inland Mortgage Corp. He later became president of the Austin Mortgage Bankers Association, and in 2017 became a recipient of TMBA’s Larry E. Temple Award, which recognizes contributions to the mortgage banking industry in Texas.
In 2014, Norman played a role in advocating for the addition of reverse mortgages for purchase to the allowable offerings in Texas, which required legislative action and voter approval. Norman first ascended to the NRMLA co-chair position in 2018.
NRMLA reelected Norman late last year as co-chair of its board of directors for the 2023-2024 term alongside Kent of PHH/Liberty Reverse Mortgage. Norman has been a consistent supporter of RMD for years, offering his perspective to this publication’s reporting on numerous occasions.
“I got into the reverse mortgage industry when I was in my 20s. So, to some extent, it’s been the only real industry I’ve ever been a part of,” Norman told RMD in a 2020 interview. “I’ve been really fortunate to work for some great companies, and to work for some great mentors. Jim Mahoney at Financial Freedom sticks out quickly. The Bart Johnsons, the Peter Bells, the Jim Brodskys — I’ve had some great mentors that really helped to raise me, if you will.
“Almost across the board, they ingrained in me two things: the importance of fostering great relationships and always treating your borrowers like you would your own parents. Never does a day go by when I don’t think about both.”
Inside: Learn what 27 an hour is how much a year, month, and day. Plus tips to budget your money. Don’t miss the ways to increase your income.
You’re probably wondering if I made $27 a year, how much do I truly make? What will that add up to over the course of the year when working? Is $27 an hour good?
Is this wage something that I can actually live on? Or do I need to find ways that I can increase my hourly wage? How much more is $27.50 an hour annually?
When you finally start earning $27 an hour, you are happy with your progress as an hourly employee. Typically, this is when many hourly employees start to become salaried workers.
In this post, we’re going to detail exactly what $27 an hour is how much a year. Also, we are going to break it down to know how much is made per month, bi-weekly, per week, and daily.
That will help you immensely with how you spend your money. Because too many times the hard-earned cash is brought home, but there is no actual plan for how to spend that money.
By taking a step ahead and making a plan for the money, you are better able to decide how you want to live, make sure that you put your money goals first, and not just living paycheck to paycheck struggling to survive.
The ultimate goal with money success is to be wise with how you spend your money.
If that is something you want too, then keep reading. You are in the right place.
$27 an Hour is How Much a Year?
When we ran all of our numbers to figure out how much is $27 per hour is as an annual salary, we used the average working day of 40 hours a week.
40 hours x 52 weeks x $27 = $56,160
$56,160 is the gross annual salary with a $27 per hour wage.
As of June 2023, the average hourly wage is $33.58 (source).
Breakdown Of 27 Dollars An Hour Is How Much A Year
Typically, the average workweek is 40 hours and you can work 52 weeks a year. Take 40 hours times 52 weeks and that equals 2,080 working hours. Then, multiply the hourly salary of $27 times 2,080 working hours, and the result is $56,160.
That number is the gross income before taxes, insurance, 401K, or anything else is taken out. Net income is how much you deposit into your bank account.
That is just above the $56000 salary threshold, which is desired for a recent college graduate.
Work Part Time?
But you may think, oh wait, I’m only working part-time. So if you’re working part-time, the assumption is working 20 hours a week at $27 an hour.
Only 20 hours per week. Then, take 20 hours times 52 weeks and that equals 1,040 working hours. Then, multiply the hourly salary of $27 times 1,040 working hours and the result is $28,080.
How Much is $27 Per Month?
On average, the monthly amount would average $4,680.
Annual Amount of $56,160 ÷ 12 months = $4,680 per month
Since some months have more days and fewer days like February, you can expect months with more days to have a bigger paycheck. Also, this can be heavily influenced by how often you are paid and on which days you get paid.
Plus by increasing your wage from $25 an hour, you average an extra $347 per month. So, yes a few more dollars an hour add up!
Work Part Time?
Only 20 hours per week. Then, the monthly amount would average $2,340.
How Much is $27 per Hour Per Week
This is a great number to know! How much do I make each week? When I roll out of bed and do my job, what can I expect to make at the end of the week?
Once again, the assumption is 40 hours worked.
40 hours x $27 = $1,080 per week.
Work Part Time?
Only 20 hours per week. Then, the weekly amount would be $540.
How Much is $27 per Hour Bi-Weekly
For this calculation, take the average weekly pay of $1,080 and double it.
$1,080 per week x 2 = $2,160
Also, the other way to calculate this is:
40 hours x 2 weeks x $27 an hour = $2,160
Work Part Time?
Only 20 hours per week. Then, the bi-weekly amount would be $1,080.
How Much is $27 Per Hour Per Day
This depends on how many hours you work in a day. For this example, we are going to use an eight-hour workday.
8 hours x $27 per hour = $216 per day.
If you work 10 hours a day for four days, then you would make $270 per day. (10 hours x $27 per hour)
Work Part Time?
Only 4 hours per day. Then, the daily amount would be $108.
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$27 Per Hour is…
$27 per Hour – Full Time
Total Income
Yearly Salary (52 weeks)
$56,160
Yearly Wage (50 weeks)
$55,000
Monthly Salary (173 hours)
$4,680
Weekly Wage (40 Hours)
$1,080
Bi-Weekly Wage (80 Hours)
$2,160
Daily Wage (8 Hours)
$216
Net Estimated Monthly Income
$3,573
**These are assumptions based on simple scenarios.
Paid Time Off Earning 27 Dollars an Hour
Does your employer offer paid time off?
As an hourly employee, you may or may not get paid time off.
So, here are the scenarios for both cases.
For general purposes, we are going to assume you work 40 hours per week over the course of the year.
Case # 1 – With Paid Time Off
Most hourly employees get two weeks of paid time off which is equivalent to 2 weeks of paid time off.
In this case, you would make $56,160 per year.
This is the same as the example above for an annual salary making $27 per hour.
Case #2 – No Paid Time Off
Unfortunately, not all employers offer paid time off to their hourly employees. While that is unfortunate, it is best to plan for less income.
Life happens. There will be times you need to take time off for numerous reasons – sick time, handling an emergency, or even vacation.
So, let’s assume you take 2 weeks off without paid time off.
That means you would only work 50 weeks of the year instead of all 52 weeks. Take 40 hours times 50 weeks and that equals 2,000 working hours. Then, multiply the hourly salary of $27 times 2,000 working hours, and the result is $55,000.
40 hours x 50 weeks x $27 = $54,000
You would average $208 per working day and nothing when you don’t work.
$27 an Hour is How Much a year After Taxes
Let’s be honest… Taxes can take up a big chunk of your paycheck. Thus, you need to know how taxes can affect your hourly wage.
Also, every single person’s tax situation is different.
On the basic level, let’s assume a 12% federal tax rate and a 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.
Gross Annual Salary: $56,160
Federal Taxes of 12%: $6,739
State Taxes of 4%: $2,246
Social Security and Medicare of 7.65%: $4,296
$27 an Hour per Year after Taxes: $42,878
This would be your net annual salary after taxes.
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$42,878 ÷ 2,080 hours = $20.61 per hour
After estimated taxes and FICA, you are netting $20.61 an hour. That is $6.39 an hour less than what you thought you were paid.
This is a very highlighted example and can vary greatly depending on your personal situation. Therefore, here is a great tool to help you figure out how much your net paycheck would be.
Plus budgeting on a just over $20 an hour wage is much different.
$27 An Hour Salary Calculator
Now, you get to figure out how much you make based on your hours worked or if you make a wage between $27.01-27.99.
This is super helpful if you make $27.30, $27.40, or $27.88.
$27 an Hour Budget – Example
You are probably wondering can I live on my own making 27 dollars an hour? How much rent or mortgage payment can you afford on 27 an hour?
Using our Cents Plan Formula, this is the best-case scenario on how to budget your $27 per hour paycheck.
When using these percentages, it is best to use net income because taxes must be paid.
In this example, above we calculated that $27 an hour was $20.61 after taxes. That would average $3573 per month.
According to the Cents Plan Formula, here is the high-level view of a $27 per hour budget:
Basic Expenses of 50% = $1787
Save Money of 20% = $715
Give Money of 10% = $357
Fun Spending of 20% = $715
Debt of 0% = $0
Obviously, that is not doable for everyone. Even though you would expect your money to go further when you are making double the minimum wage. So, you have to be strategic in ways to decrease your basic expenses and debt. Then, it will allow you more money to save and fun spending.
To further break down an example budget of $27 per hour, then using the ideal household percentages is extremely helpful.
recommended budget percentages based on $27 per hour wage:
Category
Ideal Percentages
Sample Monthly Budget
Giving
10%
$468
Savings
15-25%
$936
Housing
20-30%
$1,076
Utilities
4-7%
$140
Groceries
5-12%
$311
Clothing
1-4%
$19
Transportation
4-10%
$164
Medical
5-12%
$234
Life Insurance
1%
$14
Education
1-4%
$23
Personal
2-7%
$70
Recreation / Entertainment
3-8%
$117
Debts
0% – Goal
$0
Government Tax (including Income Taxes, Social Security & Medicare)
15-25%
$1,107
Total Gross Income
$4,680
**In this budget, prioritization was given to basic expenses. Thus, some categories like giving and saving were less.
Can I Live off $27 Per Hour?
At this $27 hourly wage, you are more than likely double the minimum wage. Things should be easy to live off this $27 hourly salary.
However, it is still slightly above the $55,000 salary. That means it can still be a tough situation.
Is it doable? Absolutely.
In fact, $27 an hour is higher than the median hourly wage of $19.33 (source). That seems backward, but typically salaried workers earn more per hour than hourly workers.
Can you truly live off $27 an hour annually?
You just have to have the desire to spend less than your income. Plus consistently save.
If you are constantly struggling to keep up with bills and expenses, then you need to break that constant cycle. It is possible to be smart with money.
You need to do is change your money mindset.
This is what you say to yourself… Okay, I have aspirations and goals to increase how much I make. This is the time to start diversifying my income into multiple streams and start investing. I am going to stretch my 27 dollars per hour.
In the next section, we will dig into ways to increase your income, but for now, is it possible to live on $27 an hour.
Yes, you can do it, and as you can see it is possible with the sample budget of $27 per hour.
Living in a higher cost of living area would be more difficult. So, you may have to get a little creative. For example, you might have to have a roommate. Move to a lower cost of living area where rent is cheaper.
Also, you must evaluate your “fun spending” items. Many of those expenses are not mandatory and will break your budget. You can find plenty of free things to do without spending money.
5 Ways to Increase Your Hourly Wage
This right here is the most important section of this post.
You need to figure out ways to increase your hourly income because I’m going to tell you…you deserve more. You do a good job and your value is higher than what your employers pay you.
Even an increase of 50 cents to $27.50 will add up over the year. An increase to $28 an hour is even better!
1. Ask for a Raise
The first thing to do is ask for a raise. Walk right in and ask for a raise because you never know what the answer will be until you ask.
If you want the best tips on how specifically to ask for a raise and what the average wage is for somebody doing your job, then check out this book. In this book, the author gives you the exact way to increase your income. The purchase is worth it or go down to the library and check that book out.
2. Look for A New Job
Another way to increase your hourly wage is to look for a new job. Maybe a completely new industry.
It might be a total change for you, but many times, if you want to change your financial situation, then that starts with a career change. Maybe you’re stressed out at work.
Making $27 an hour is too much for you and you’re not able to enjoy life, maybe changing jobs and finding another job may increase your pay, but it will also increase your quality of life.
3. Find a New Career
Because of student loans, too many employees feel like they are stuck in the career field they chose. They feel sucked into the job that they don’t like or have the potential they thought it would.
For many years, I was in the same situation until I decided to do a complete career change. I am glad I did. I have the flexibility that I needed in my life to do what I wanted when I needed to do it. Plus I am able to enjoy my entrepreneurial spirit.
4. Find Alternative Ways to Make Money
In today’s society, you need to find ways to make more money. Period.
There is no way to get around it. You need to find additional income outside a traditional nine-to-five position or typical 40 hour a week job. You will reach a point where you are maxed on what you can make in your current position or title. There may be some advancement to move forward, but in many cases, there just is not much room for growth.
So, you need to find a side hustle – another way to make money.
Do something that you enjoy, turn your hobby into a way to make money, turn something that you naturally do, and help others into a service business. In today’s society, the sky is the limit on how you can earn a freelancing income.
Must Read: 20 Genius Ways on How to Make Money Fast
5. Earn Passive Income
The last way to increase your hourly wage is to start earning passive income.
This can be from a variety of ways including the stock market, real estate, online courses, book sales, etc. This is where the differentiation between struggling financially and becoming financially sound.
By earning money passively, you are able to do the things that you enjoy doing and not be loaded down, with having a job that you need to work, and a place that you have to go to. And you still make money doing nothing.
Here is an example:
You can start a brokerage account and start trading stocks for $50. You need to learn and take the one and only investing class I recommend. Learn how the market works, watch videos, and practice in a simulator before you start using your own money.
One gentleman started with $5,000 in his trading account and now has well over $36,000 in a year. Just from practice and being consistent, he has learned that passive income is the way for him to increase his income and also not be a slave to his job.
Watch his inspiring story!
Tips to Live on $27 an Hour
In this last section, grasp these tips on how to live on $27 an hour or just above $55k yearly salary. On our site, you can find lots of money saving tips to help stretch your income further.
Here are the most important tips to live on $27 an hour. More importantly stretch how much you make, in case you are in the “I don’t want to work anymore” mindset. Highlight these!
1. Spend Less Than you Make
First, you must learn to spend less than you make.
If not you will be caught in the debt cycle and that is not where you want to be. You will be consistently living paycheck to paycheck.
In order to break that dreadful cycle, it means your expenses must be less than your income.
And when I say income, it’s not the $27 an hour. As we talked about earlier in the post, there are taxes. The amount of taxes taken out of your paycheck is called your net income which is $27 an hour minus all the taxes, FICA, Social Security, and Medicare are taken out. That is your net income.
So, your net income has to be less than your net income.
2. Living Below Your Means
You need to be happy. And living on less can actually make you happier. Studies prove that less is better.
Finding contentment in life is one thing that is a struggle for most.
We are driven to want the new shiny toy, the thing next door, the stuff your friend or family member got. Our society has trained you that you need these things as well.
Have you ever taken a step back and looked at what you really need?
Once you are able to find contentment with life, then you are going to be set for the long term with your finances.
Here is our story on owning less stuff. We have been happier since.
3. Make Saving Money Fun
You need to make saving money fun. If you’re good, since you must keep your expenses low, you have to find ways to make your savings fun!
It could be participating in a no spend challenge for the month.
It could be challenging friends not to go to Target for a week.
Maybe changing your habits and not picking up takeout and planning meals.
Start to save 5000 in a year.
Whatever it is challenge yourself.
Find new ways of saving money and have fun with it.
Even better, get your family and kids involved in the challenge to save money. Tell them the reason why you are saving money and this is what you are doing.
Here are 101 things to do with no money. Free activities without costing you a dime. That is an amazing resource for you and you will never be bored.
And you will learn a lot of things in life you can do for free. Personally, some of the best ones are getting outside and enjoying some fresh air.
4. Make More Money
If you want if you do not settle for less, then find ways to make more money. If you want more out of life, then increase your income.
You need to be an advocate for yourself.
Find ways to make more money.
It could be a side hustle, a second job, asking for a raise, going to school to change careers, or picking up extra hours.
Whatever path you take, that’s fine. Just find ways to make more money. Period.
5. No State Taxes
Paying taxes is one option to increase what you take home in each paycheck.
These are the states that don’t pay state income taxes on wages:
Alaska
Florida
Nevada
New Hampshire
South Dakota
Tennessee
Texas
Washington
Wyoming
It is very interesting if you take into account the amount of state taxes paid compared to a state with income taxes.
Also, if you live in one of the higher taxed states, then you may want to reconsider moving to a lower cost of living area. The higher taxes income tax states include California, Hawaii, New Jersey, Oregon, Minnesota, the District of Columbia, New York, Vermont, Iowa, and Wisconsin. These states tax income somewhere between 7.65% – 13.3%.
6. Stick to a Budget
You need to learn how to start a budget. We have tons of budgeting resources for you.
While creating a budget is great, you need to learn how to use one.
You do not have to budget down to every last penny.
You need to make sure your expenses are less than your income and that you are creating sinking funds for those irregular expenses.
Budget Help:
7. Pay Off Debt Quickly
The amount that you pay interest on debt is absolutely absurd.
Unfortunately, that is how many of these companies make their money from the interest you pay on debt.
If you are paying 5% to even 20-21% or higher, you need to find ways to lower that debt quickly.
Here’s a debt calculator to help you. Figure out your debt-free date.
Make that paying off debt fast is your target and main focus. I can tell you from personal experience, that it was not until we paid off our debt that we finally rounded the corner financially. Once our debt was paid off, we could finally be able to save money. Set money aside in separate bank accounts and pay for cash for things.
It took us working hard to pay off debt. We needed persistence and patience while we had setbacks in our debt-free journey.
Jobs that Pay $27 an Hour
You can find jobs that pay $27 per hour. Polish up that resume, cover letter, and interview skills.
Job Search Hint: Always send a written follow-up thank you note for your interview. That will help you get noticed and remembered.
First, look at the cities that require a minimum wage in their cities. That is the best place to start to find jobs that are going to pay higher than the federal minimum wage rate. Many of the cities are moving towards this model so, target and look for jobs in those areas.
Possible Ideas:
Virtual Assistant – Get free training NOW!
Freelance writer
Class A Truck Driver
Managers
Entry Level Marketing Jobs
Data Entry Clerks
Customer service managers
Bank tellers
Maintenance workers
Freight broker – Learn how easy it is to start!
Administrative assistants
Athletic Trainers
Event Planners
Day trader
Security guard
Movers
Warehouse workers
Electrician
Licensed Practical Nurse (LPN)
Companies that pay more than $27 per hour: Wells Fargo, Disney World, Disney Land, Bank of America, Cigna, Aetna, etc
$27 Per Hour Annual Salary
In this post, we detailed 27 an hour is how much a year. Plus all of the variables that can impact your net income. This is something that you can live off.
How much is 27 dollars an hour annually…
$56,160
This is right between $56000 per year and $57k a year.
In this post, we highlighted ways to increase your income as well as tips for living off your wage.
Use the sample budget as a starting point with your expenses.
You will have to be savvy and wise with your hard-earned income. But, with a plan, anything is possible!
Still thinking I don’t want to work anymore, you aren’t alone and need to start to plan for your early retirement.
Learn exactly how much do I make per year…
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
I’m currently in the process of buying a house. Even though I’ve done so in the past (spoiler alert: it didn’t end well), I still qualify as a “first-time home buyer” on this go-round, at least for mortgage purposes. Since it’s been more than three years since I had an ownership stake in a house, I qualified to buy with an FHA loan — and actually, that’s how I bought last time, too.
FHA loans are backed by the federal government (specifically, the Federal Housing Administration, hence their name), and administered by standard mortgage lenders. The requirements to use one are less stringent than for conventional home loans.
While a conventional mortgage often requires a credit score of 620 or better, many FHA lenders only require a score of 500. If your credit score is at least 580, you can get away with putting down just 3.5% on a home purchase. But if you can swing a 10% down payment, your credit score could be as low as 500.
Despite these perks, I opted against an FHA loan this time — I’m buying with a conventional loan instead. Here’s why.
I’m already paying more than I want to
Mortgage loans are far from cheap these days. As of this writing, the average rate on the classic 30-year fixed home loan sits at 6.88%, according to Freddie Mac. Compare that to rates at 3% in 2021! In real numbers, if you buy a $250,000 home with 10% down at a rate of 3%, your monthly payments for the loan and the interest will be just $1,094. Swap that 3% rate for one at the current average, and you’re signing on for monthly loan and interest payments of $1,624. Ouch. And even with a credit score over 800, I’m still not saving much on a mortgage rate.
Since I’m already paying more per month (and overall) to buy a house, I decided against going with an FHA loan, because it would cost me even more. I’m putting just 10% down on my home purchase, so I will have to pay for private mortgage insurance (PMI). This protects my lender in the event I stop making payments and it must repossess and resell my house. If you buy a home with a conventional loan and less than 20% down, you’ll pay for PMI.
More: Check out our picks for the best mortgage lenders
FHA loans come with mortgage insurance, too — it’s called MIP, or a mortgage insurance premium. Like PMI, payments are collected monthly — but there’s also an upfront payment to cover at closing. But unlike PMI, if you make a 10% down payment on a home with an FHA loan, you’ll pay MIP for 11 years. If you make the standard 3.5% FHA loan down payment, however, you’re stuck with MIP unless you refinance to a conventional loan.
With my conventional loan, once I reach 20% equity in my house, I can have my PMI payments canceled by my mortgage lender. With an FHA loan, I’d be paying more for longer — or paying to refinance the loan as soon as I got to 20% equity.
I wanted to be a more competitive buyer
I’m very aware of how competitive the current market is for buyers. The supply of homes for sale (just 2.9 months’ worth in February, according to the National Association of Realtors) is too low to equalize the market between buyers and sellers, so I knew I’d have to beat out other buyers to get an offer accepted.
On the lead up to finding the right house, making an offer, and getting it accepted, I looked at several that specified “cash or conventional” in their listings. This means that sellers were only willing to consider buyers paying cash or using a conventional loan, rather than a government-backed mortgage. Unfortunately, some sellers are wary of FHA loans because of the stricter appraisal requirements.
All homes bought with a mortgage go through appraisal, but in the case of a conventional loan, that appraisal is to assess value, not condition (that’s what a home inspection is for). But FHA appraisals also serve as a safety inspection for the home, which must meet certain livability standards for the loan to be approved. I didn’t want a seller to be leery of me as a buyer because of this extra layer of scrutiny.
If you’re an aspiring homeowner, it’s a great idea to assess all your mortgage options. Depending on your credentials, income, or background, you might have access to programs that can save you money on the home-buying process. I might not be using an FHA loan this time, but I’m sure glad the option exists — anyone who wants (and has the means) to buy a house should be able to.
‘It’s not my motivation to always do something timeless,’ Kristina Crestin told me in our interview this week.
In a design landscape where we’re constantly discussing how to make interiors more ‘timeless’ or ‘anti-trend,’ it seems like a shocking revelation. The statement is especially surprising, coming from Crestin, a champion of the ‘classic’ modern farmhouse style in her HGTV series Farmhouse Fixer. Actually, her reasoning is quite freeing.
‘I get a lot of feedback from homeowners that have gone safer and more timeless with some things, but they just don’t love it as much as the places they took risks,’ Crestin explained on the home decor idea. Rather than guiding your interior design based on arbitrary ideas of what’s ‘outdated,’ Kristina recommends choosing an interior scheme based on personal taste.
When one is guided by personal taste, it’s easy to be drawn to current interior design trends. Crestin doesn’t necessarily think this is a bad thing. Instead, choosing where to integrate interior design trends you love requires reconfiguring where and how to spend budget. She used the analogy of buying a new wardrobe.
timeless interior design and focusing on the joy of the process. Crestin told Homes & Gardens: ‘I think people get trapped with the idea that they’re doing this once, they’re spending the money once and then they’re not going to change it for 15 years. Well, you wouldn’t address your wardrobe that way. Knowing that over time you might need to supplement some things takes the pressure off of feeling like it’s one and done. It’s more of a psychological thing.’
Design expertise in your inbox – from inspiring decorating ideas and beautiful celebrity homes to practical gardening advice and shopping round-ups.
Shop the Modern Farmhouse Edit
The modern farmhouse style, often seen on Farmhouse Fixer, perfectly strikes the balance of incorporating trendy elements, but also remaining true to timeless materials and high-quality design.
Sherpa Shams
Wheel Chandelier
Marble Coffee Table
Whether you prefer following interior design trends or opting for more classic interior design, Crestin’s ideas are helpful reminder that it’s always okay to decorate to the tune of your own drummer. If you hate it, you can always change it later.
If you are a serious secondhand home decor lover, and if you live in New York City, then you know that Design on a Dime (DOAD) is one of the most highly anticipated thrifting events of the year. Founded by interior designer James Huniford in 2004, this three-day shopping experience is celebrating its 19th anniversary (they skipped 2020 due to the Covid-19 pandemic) at the Metropolitan Pavilion where 60 designers have created one-of-a-kind, shoppable vignettes using donated decor and furniture items that are being sold at an extreme discount. The pieces sold will directly benefit Housing Works, the New York organization that’s working to end the HIV/AIDS epidemic and provide support and healthcare to the unhoused.
Courtesy of Housing Works
Design firm Redd Kaihoi’s vignette from Design on a Dime 2024.
In the previous years, designophiles—both professional and recreational—have purchased amazing finds marked up to 80 percent off at this secondhand extravaganza, from gorgeous couches and statement light fixtures to breath-catching pottery and cashmere throws. Plus, these vignettes can serve as some great interior inspiration. Directly source tips from interior designers and firms like Keith Carroll, Redd Kaihoi, Shakoor Interiors, and Eclectic Home, all with a great mix of styles represented in each “room.:
wallpaper and pattern on print this year. “Rayman Boozer’s room in particular screamed House Beautiful to me,” Huniford says, explaining that Boozer opted for a range of different, highly patterned wallcoverings for his vignette.
This year, between April 25 and 27, thrifters can expect a record number of donated items to shop from out of the swiftly completed vignettes, Huniford tells House Beautiful, with even more in back stock when the first round gets shopped out. “People have really gone overboard with donations,” he explains, happily. “So in the first go round, if things get sold out, there’s that opportunity to have back stock, which I think is unusual.” Some of the brands featured at DOAD this year include Serena & Lily, ABC Carpet & Home, OKA, and West Elm to name a few, with a price range of items from $50 to $5,000.
Courtesy of Housing Works
Out of the thousands of pieces donated, Huniford gives a little peek at what types of products you can expect to find while there, and what pieces he, along with other interior designers, always love to shop for secondhand. There are exclusive pieces, like a custom desk from Steven Gambrel and a René Prou chair in Cliff Fong’s booth. Other amazing finds include a pair of galvanized metal planters in Mark Cunningham’s booth, a gorgeous coffee table in Michael Mezzano’s booth, and a blue lapis-looking mirror in Redd Kaihoi’s. “That’s just my brain on speed dial,” Huniford adds.
Huniford expects the coffee tables, the lamps, and the accessories—like pottery—to be the first to go. “Those kind of singular things make a room really special and personal and unique,” he says, are what interior designers are always on the hunt for, both at DOAD and the local thrift store.
Courtesy of Housing Works
While the sheer number of pieces donated this year was extraordinary, it’s the fact “that people are still showing up and doing it” that completely fills Huniford up with joy after these almost two decades of DOAD. Tickets are still available for purchase for opening night, which is April 25th, but entry is free for the public sale days on April 26 and 27. Even if you don’t plan on buying anything, we highly recommend stopping by for endless interior inspiration. Click through the gallery below for a peek at some of the stunning vignettes you’ll find this year.
Inside: Uncover the realities of financial aid repayment for students. Learn about FAFSA, loan forgiveness, credit impacts, and strategies for managing your student debt. Find out which types of debt you must pay back.
Financial aid is a beacon of hope for many aspiring students, granting them the financial support they need to access higher education.
Yet, understanding the basics of FAFSA makes applying for financial aid confusing for most students. When considering aid options, it’s crucial to differentiate between the various available types.
Navigating your repayment obligations can seem daunting, but with proactive management, they needn’t be overwhelming.
Take stock of your financial aid package and parse out which portions require repayment.
Understanding these details is the first step towards fulfilling your obligations without compromising your financial well-being.
Remember to read the fine print and don’t hesitate to reach out to your loan servicer for clarification. They are there to help guide you through the repayment process.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
Do you have to pay back FAFSA money?
Technically, FAFSA indicates how much financial aid you can qualify for. Whether you need to repay depends on the type of financial aid you received:
Grants and scholarships: These forms of aid do not require repayment.
Work-Study: These funds are earned through part-time work and do not require repayment.
Loans (subsidized, unsubsidized, and Direct Plus Loans): These must be repaid with interest.
It’s important to note that while grants typically don’t have to be paid back, certain circumstances, such as withdrawal from a program or changes in enrollment status, may require you to repay federal grant money.
Start filling out your FASFA properly with these tips.
Do you have to pay scholarships back?
When it comes to scholarships, the name of the game is financial support without the strings of repayment. Generally, scholarships are like gifts—they do not have to be paid back. Perfect for the undergraduate!
Scholarships are awarded for various reasons such as academic excellence, artistic or athletic talent, or involvement in community service, among others. That said, it’s imperative to understand the terms set by the scholarship provider.
Most scholarships are commitment-free, but some may carry conditions such as maintaining a certain GPA, completing a degree in a specified field, or requiring the recipient to follow through with certain obligations. If these conditions are not met, there could be repercussions, including the requirement to repay the funds.
Learn how to pay for college without loans.
Types of Financial Aid That Require Repayment
I’m not going to lie when I was looking at borrowing for financial aid for college I was confused with the names and types of aid offered. Now, I know the best course of action is to get paid to go to school.
Thankfully, there is more information readily available for this type of information rather than relying on your guidance counselor.
So, here is the info you need.
Unraveling Federal Student Loan Repayment
First, you must understand the different types of Federal Student loans to know their repayment requirements.
Each loan type has its own set of rules and repayment schedule, typically beginning after you graduate, leave school, or drop below half-time enrollment.
Federal loans boast flexible repayment options.1
The Standard Repayment Plan for federal loans entails a fixed monthly payment amount, ensuring that the loans are fully repaid within a standard period of 10 years, and extends to 30 years for direct consolidation loans. This plan is often the quickest way to pay off loans, providing a consistent monthly payment over the repayment term.
The Graduated Repayment Plan starts with lower monthly payments that increase every two years, designed to pay off all student loans within 10 years, or 30 years if it’s a direct consolidation loan.
The Extended Repayment Plan offers borrowers with over $30,000 in federal student loans the flexibility of fixed or graduated payments over a 25-year period.
If affordability is a concern, you might settle on an income-driven repayment (IDR) plan, which keys your monthly payments to your earnings and family size. Should your finances take a downward turn, relief is available through programs like deferment or forbearance, allowing you to temporarily suspend payments.
After 20 to 25 years on an IDR plan, you might even be eligible for loan forgiveness for any remaining balance. This doesn’t nullify your entire debt but can relieve a significant financial burden. Teacher Loan Forgiveness and Public Service Loan Forgiveness (PSLF) are two such avenues, provided eligibility requirements are met.
Deciphering Private Student Loan Responsibility
These private loans are offered by non-government entities such as banks, credit unions, and online lenders, and repayment rules can be more stringent. As such, it is best to start with traditional federal loans.
While you typically aren’t required to repay private student loans while you’re in school, interest accrues during this time, increasing your eventual debt. After leaving school, some lenders allow a grace period similar to federal loans, but this isn’t guaranteed. Check with your lender for specifics on repayment commencement and grace periods.
Repayment plans with private loans are usually less flexible and often lack income-driven options. Monthly payments are fixed, and lender offerings on deferment and forbearance can be less generous, with some providing no options for such measures.
This is why it is best to learn how to pay for college without parents’ help.
Scholarship System
The Scholarship System is changing how parents and students look at paying for college.
Learn how real people found real scholarships. Their students have been awarded $12,060,000 in scholarship money (as of October 2023).
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When You Need to Start Paying Back Financial Aid
Federal Loans: Grace Periods and Repayment Plans
Federal student loans, notably, offer a six-month grace period following graduation, leaving school, or dropping below half-time enrollment status. During this period, no payments are due, offering you time to get financially settled and choose a repayment plan.
Repayment plans span the Standard, where you’ll pay a fixed amount each month for a term of usually ten years, to Graduated, where payments start lower and increase over time. Income-Driven Repayment Plans adapt to your income level, ensuring that your student loan payments are manageable relative to your earnings.
Each plan has unique advantages depending on your financial situation and long-term goals. The key is to select one that corresponds with your ability to pay, aligns with your career trajectory, and manages your debt effectively over time.
Always be proactive in contacting your loan servicer to discuss plan options or changes in your financial status.
Private Loans: Lender-Specific Timelines and Terms
Private loans come with lender-specific timelines and terms that can vary widely from one lender to another. Unlike federal loans, private loans don’t come with a standardized grace period, although some lenders may offer a similar post-graduation moratorium on payments.
Borrowers must check their loan agreements to determine when repayment should begin.
The terms of repayment for private loans are also set by the lender and typically don’t offer the same flexibility found in federal programs. Fixed and variable interest rates are based on credit scores, and while some lenders might offer loan modification options in cases of financial hardship, such policies are not universal.
Remember, with private loans, leniency for late or missed payments is not a given.
Consequences of Defaulting on Financial Aid
The Effects on Credit Scores and Future Borrowing
Missing payments, or worse, defaulting on your student loans, are red flags to future creditors that appear on credit reports and can significantly lower your credit score. A lower score can make securing further credit from lenders—whether it’s for a mortgage, a car loan, or a credit card—an uphill battle.
Moreover, the repercussions ripple outward: Not only might you face higher interest rates due to perceived risk, but landlords and employers can reference credit scores during their tenant or employment screening processes.
Maintaining on-time payments is an investment not only in your education but also in your broader financial stability and opportunities.
Legal Repercussions and Wage Garnishment Risks
Wading into the murky waters of default on student loans can unleash legal repercussions that ripple through your financial landscape. The government has tough mechanisms to recoup defaulted federal student loans, ranging from wage garnishment — where a portion of your paycheck is allocated to your debt without your consent — to seizing tax refunds and other federal benefits you may be entitled to receive.
The prospect of wage garnishment adds a level of complication to an already tense situation. In such cases, the government can legally claim up to 15% of your disposable income. This can strain your finances even more, potentially forcing you to make hard choices about your monthly budget.
These same consequences do not typically apply to private student loans, which are subject to state laws. However, private lenders can bring lawsuits against borrowers in default, leading to potential wage garnishment or asset liquidation as decided by a court.
The message is stern yet simple: Stay vigilant with student loan repayments to forestall these severe outcomes.
Options for Managing Repayment Challenges
Loan Forgiveness, Cancellation, and Discharge Opportunities
Navigating the sea of student loan debt isn’t without its lifelines. Loan forgiveness, cancellation, and discharge programs can serve as financial floatation devices, providing necessary relief in an ocean of repayment.
Loan forgiveness is typically occupation-specific. For instance, Public Service Loan Forgiveness (PSLF) absolves remaining federal loan debt after 120 qualifying payments for professionals in government or non-profit sectors.
Cancellation might occur under circumstances like your school closing prematurely or if you’ve been defrauded by the institution.2
Additionally, if you become totally and permanently disabled, you may qualify for a discharge, relieving you from the obligation to repay your federal student loans.
Exploring these opportunities requires patience and diligence, as each comes with strict eligibility criteria. Nonetheless, they can significantly lighten the burden of student debt.
Strategies for Keeping Student Loan Payments Affordable
Crafting a strategy to keep student loan payments within the realm of affordability hinges on exploring all available options and making informed choices. Consider the following ways to ensure your loans remain manageable:
Income-Driven Repayment Plans: Federal loans offer several plans that base your monthly payment on your income, notably capping payments at a fixed percentage of your discretionary income. These plans can significantly decrease your monthly obligations if you’re starting with a lower salary.
Refinancing or Consolidation: You might find a lower interest rate through refinancing, which can reduce your monthly payments and the total cost over the life of the loan. Consolidating multiple federal loans can streamline payment processes, though it may average out to a higher overall interest rate. This is what I did.
Applying for Deferment or Forbearance: In times of financial hardship, job loss, or returning to school, you can apply for a temporary suspension of payments. While interest may still accrue, it can provide short-term relief.
Making Extra Payments: By paying more than the minimum or making bi-weekly payments, you can reduce the principal balance faster and save on interest in the long run.
Setting a Budget and Cutting Expenses: Sometimes, the most effective strategy is tightening your budget. By trimming unnecessary expenses, you may free up funds for your loan payments.
Every borrower’s situation is unique, so consider your financial circumstances and long-term goals when choosing the best strategy for you. Always maintain open communication with your loan servicer to stay abreast of changes or additional assistance programs that may become available.
Should I refinance my Student Loans?
Refinancing your student loans can be a strategic move to manage debt, potentially offering lower interest rates and different repayment terms to suit your financial situation. It involves replacing your current loan with a new one, typically through a private lender, and may provide relief if you’re struggling with high payments.
However, borrowers should carefully consider the loss of federal loan benefits, like loan forgiveness, before proceeding with refinancing their student loans.
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Making Informed Financial Aid Decisions – How to Review and Understand Your Aid Offer
When the much-anticipated financial aid offer lands in your hands, taking the time to thoroughly review and understand it ensures you’re making an informed decision. Here’s how you can break down your aid package:
Identify Free Money: Distinguish between grants and scholarships that don’t require repayment from loans that do. These are the parts of your offer that you’ll want to maximize.
Assess Work-Study Opportunities: If your offer includes federal work-study, understand that these funds must be earned and are not guaranteed. They depend on your finding an eligible job and fulfilling work hours.
Analyze Loan Details: Look closely at the type of loans offered, their interest rates, and repayment terms. Remember, federal loans generally offer more favorable terms than private loans.
Calculate Net Cost: Subtract the total aid package, excluding work-study, from the overall cost of attendance to determine what you’ll need to cover through savings, income, or additional loans.
Consider Cost of Living: Ensure that you take into account living expenses and indirect costs like books and supplies when reviewing your aid offer.
If anything is unclear, don’t hesitate to contact the school’s financial aid office for clarification. The goal is to fully understand your commitments before accepting any part of the aid offer.
Remember Not All Financial Aid Offers Must Be Accepted
Not every portion of the financial aid offered to a student needs to be accepted.
It’s crucial to carefully evaluate the components of the financial aid package, as some elements, such as loans, will need to be repaid with interest. Ultimately, it’s important to make informed decisions about which types of aid to accept based on one’s financial circumstances and long-term educational costs.
Frequently Asked Questions (FAQ)
FAFSA, the Free Application for Federal Student Aid, is a form that determines your eligibility for different types of financial aid, not money in itself.
Some aid offered via FAFSA does not need to be repaid, like grants and scholarships, while other types, such as federal student loans, do require repayment with interest.
If you withdraw from college, your student loans remain in place and need repayment.
Following withdrawal, usually a six-month grace period for federal loans before repayments start. However, interest may accrue during this time, except for subsidized federal loans, which don’t accumulate interest until after the grace period.
Yes, FAFSA loan debt, which generally refers to federal student loans obtained through the FAFSA application process, can be forgiven, canceled, or discharged under certain conditions, such as public service work, teaching in low-income areas, or permanent disability.
However, these options have specific eligibility requirements. So, be careful and read the fine print.
If you don’t pay back financial aid that is in the form of a loan, you risk defaulting, which can lead to wage garnishment, withheld tax refunds, lowered credit score, and other financial consequences.
It can make future borrowing more difficult and become a legal issue. Always seek help before defaulting.
What Happens If You Don’t Pay Back the Financial Aid?
If you don’t pay back financial aid that is in the form of a loan, you risk defaulting, which can lead to wage garnishment, withheld tax refunds, lowered credit score, and other financial consequences.
It can make future borrowing more difficult and become a legal issue. Always seek help before defaulting.
Source
Federal Student Aid. “Federal Student Loan Repayment Plans.” https://studentaid.gov/manage-loans/repayment/plans. April 28, 2024.
Student Loan Borrower Assistance. “Borrower Defense to Repayment.” https://studentloanborrowerassistance.org/for-borrowers/dealing-with-student-loan-debt/loan-cancellation-forgiveness-bankruptcy/cancellation-forgiveness-options/borrower-defense-to-repayment/. April 28, 2024.
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Do you want to learn how to sell gold for cash? Selling your gold can be a quick way to make extra money and potentially turn a profit depending on if the price of gold increased. Whether you have gold jewelry, gold coins, gold bars, or even dental gold, you can most likely make extra…
Do you want to learn how to sell gold for cash?
Selling your gold can be a quick way to make extra money and potentially turn a profit depending on if the price of gold increased.
Whether you have gold jewelry, gold coins, gold bars, or even dental gold, you can most likely make extra money from it.
In this article, we’ll go over the strategies to turn your short stories into a profitable side hustle, and you will learn:
List of the best places to sell gold
How to calculate how much your gold is worth
What place gives you the most money for gold
If you have to pay taxes for the gold
Recommended reading: Where To Sell Jewelry: 12 Best Places For Extra Money
Best Places To Sell Gold For Cash
Here’s a list of the 11 best places to sell gold for cash.
1. Worthy
Worthy is an online auction platform specifically for selling jewelry and this is usually the best place to sell gold jewelry for cash. They buy jewelry (bracelets, rings, necklaces, etc.), diamonds, watches, platinum jewelry, and other valuables. The platform helps connect you to a group of professional buyers which may lead you to getting a better price for your gold.
This is one of the best places to sell your gold due to the convenience and reliability of the website. Worthy is built with the seller and buyer in mind, making it as easy as possible to buy and sell jewelry.
Here’s how to sell your gold on Worthy.
Tell Worthy about the item by answering a few basic questions.
Schedule shipping of the item via FedEx. Item is insured FedEx shipping by Worthy (and it is free shipping).
Worthy prepares the sale by cleaning and photographing items for you.
An online auction takes place where you can select a reserve price and the highest offer wins.
Once your gold is sold, you’ll receive payment via bank transfer, PayPal, or check.
You can start selling your gold jewelry on Worthy by clicking here.
Recommended reading: Worthy Review – Is Selling Jewelry On Worthy Legit?
2. Cash For Gold USA
Cash For Gold USA is an online platform that buys gold, such as gold jewelry and gold coins, with benefits such as being A+ on BBB, $100,000 insurance on every shipment, with over $150 million bought and sold on the website.
Here’s how Cash For Gold USA works:
Enter your shipping info to receive a free appraisal kit. Send your gold to Cash For Gold USA.
Receive an appraisal from Cash For Gold USA within 24 hours of them receiving your kit.
Accept an offer and get paid via direct deposit, PayPal, virtual credit card, or check.
Cash For Gold USA even has a gold calculator on their home page that gives you a rough estimate of what you can get for your gold. If you do not like the estimate or no longer want to sell your gold, you can decline the offer and Cash For Gold USA will return your item free of charge.
3. Express Gold Cash
Express Gold Cash is a reputable online platform for selling gold (even dental gold!). With over 5,000 positive Trustpilot reviews, you can feel peace of mind knowing you’re working with a reputable gold dealer.
This is how Express Gold Cash works:
Request a free appraisal kit with a prepaid FedEx return label.
Send Express Gold Cash your gold. Packages are insured up to $5,000, so keep that amount in mind.
Once received, Express Gold Cash will calculate the cash value and send you an offer that you can accept or decline.
4. The Alloy Market
Alloy is an online market that offers a seamless way to sell your gold for cash. Similar to Express Gold Cash and Cash For Gold USA, Ally works by sending in your gold via appraisal kit. Alloy covers shipping and up to $100,000 insurance at no cost to you.
Once receiving your package, Alloy will inspect, weigh, and test the gold to give you an accurate valuation. Once the team appraises the items, an Alloy Advisor will reach out to you and give you a cash offer. The Alloy Advisor can also answer any questions you may have.
Once you accept an offer, the payout is processed. How quickly you get your money depends on which payment option you choose. Choosing PayPal or Venmo pays out immediately.
5. Local Pawn Shops
Selling your gold to a local pawn shop is one of the quickest ways to get cash. Research local pawn shops in your area and check for reviews and recommendations from friends or family. Check current market prices for gold to get an idea of what your gold is worth. Bring your gold to the pawn shop for assessment where the pawnbroker will check for quality, purity, and weight of the gold.
The pawnbroker will give you an offer. If you don’t like the offer, you can negotiate for a higher price. If you accept the offer, the pawnshop will give you cash on the spot. If you pawned your items instead of selling them outright, you’ll need to repay the loan amount plus any interest fees within the agreed loan period.
6. Consignment Stores
A consignment store is a popular spot for selling gold for cash if you’re looking for a hands-off approach to selling your gold. Consignment stores work by handling the selling process on your behalf and in exchange, the consignment store earns a percentage of the sale price of your item.
To get started, research consignment stores in your area and look for places with good reviews and recommendations.
Once you find one (or some) that you’re interested in, give them a phone call and ask them about their terms and fees. You should prepare your gold items before taking them in by cleaning and making them presentable.
Bring your gold to the consignment store where they may assess the quality and condition of the item. Once that is finished, you’ll likely sign a consignment agreement with the store which includes the agreed-upon sale price, fees, and consignment period.
Once your gold is sold, the consignment fee will be deducted from the sale price and provide you with the remaining amount.
7. Local Jewelry Stores
Selling your gold to a local jewelry store is a convenient option if you want to make cash quickly.
You can start by researching local jewelry stores in your area to see if they buy gold. Also, make sure the jewelry store has good reviews and recommendations.
I recommend that you write down the details of the gold you want to sell such as the weight and purity, and then check the current market price of gold. Then, call local jewelry stores to see if they have specific days or times when they handle gold buying.
8. Local Coin Shops
If you want to sell your gold right away, a local coin shop may be a good option.
To get started, research local coin shops and check the reviews. Gather important details about your gold including its weight, purity, and any certificates or special documentation. Then, get in touch with local coin shops and schedule an appointment if necessary.
Before going to any local coin shops, check the current market price of gold to get a rough estimate of what gold is worth.
You may want to negotiate the price if the shop’s buying policies allow it. Shops need to make a profit when reselling these items, so keep that in mind when getting your offer. Online buyers may pay you more for your gold coins due to having less overhead costs, but going to a local coin shop may be easier or faster because you don’t have to ship anything.
9. eBay
eBay is another option for selling your gold jewelry. eBay has the benefit of an international customer base which may increase your profit.
To get started selling on eBay, research the current market price of gold to give you an idea of what you should sell your gold for.
In your eBay listing, use a descriptive title including the gold, weight, and purity. The description should include detailed info about the piece of gold including weight, purity (18k, 24k, etc.), dimensions, and certificates of authenticity. Include high-quality photos of the gold including close-ups. Share the condition the item is in and if it’s new, used, or like new.
10. JM Bullion
JM Bullion is a website that buys gold for cash. This site is rated 4.8 on Shopper Approved with over 370,000 reviews.
To get started, you need to create an account at JM Bullion. Similarly to other gold buying platforms, JM Bullion sends you a prepaid shipping label and package mailer so that you can send them your jewelry.
Once JM Bullion receives your package, they’ll get started inspecting your item and approving the sale. After approval, payment will be issued to you.
11. Luriya
Luriya is a New York-based jewelry buyer who has in-store appointments or mail-in kits to sell jewelry.
To get started, you can request a mail-in kit from Luriya and send your jewelry to them. The mail-in kits are insured for up to $1,000, but you can pay extra to have your items insured for up to $1,000,000.
Once the item is received, Luriya will contact you to confirm they’ve received it. Within 24-48 hours, you’ll have an offer.
How much will I get if I sell my gold?
The amount you’ll receive from selling your gold will depend on factors such as:
Purity and weight of the gold
The current market price of gold
Buyers fees (pawn shops and jewelers often charge a fee for their services)
Local market demand
To get an idea of how much you’ll receive for your gold, weigh your gold in grams. Check the purity and identify the karat of your gold. Once you know this information, you can research current gold prices which are usually quoted per ounce or gram.
You can also calculate the value of your gold with this equation:
Multiply the weight of gold by its purity (percentage of pure gold) and then by the current price of gold per gram or ounce.
Understand that this is just a ballpark estimate to give you an idea and isn’t the exact amount you’ll receive.
Also, I do want to say that online gold buyers many times will pay more because as an online purchaser, they have lower operating costs.
Now, if we’re talking gold jewelry, then the amount will be a little different. This is because the value of jewelry can depend on so many things, such as the brand, quality, and more. To get the best price for your gold jewelry, then you may want to compare offers and shop around.
Frequently Asked Questions
Below are answers to common questions about how to sell your gold for cash.
What place gives you the most money for gold? Where can I convert gold to cash?
The place that gives you the most money for your gold include options like local jewelry stores or pawn shops, auction sites like Worthy, and gold buyers and dealers.
To maximize your earnings for selling your gold, get quotes from multiple buyers to compare prices. Make sure any buyer you talk to is reputable and licensed and check with organizations like Better Business Bureau for complaints.
How much is 14k gold worth today? How much is a 14K gold necklace worth at a pawn shop?
The value of 14k gold fluctuates daily based on the current market price of gold. As of April 2024, 14k gold price per gram is $43.68.
How much you’ll get at a pawn shop depends on their fees and overhead costs. Get quotes from multiple pawn shops and dealers to compare offers to ensure you’re getting a fair price.
Do I have to pay taxes when I sell my gold?
Gold is considered an asset, so any profit you earn from selling your gold is taxed by the IRS. How much you owe depends on factors like:
How long you had the gold before selling
How much of a profit you make
Your tax filing status
Is it better to sell gold jewelry or pawn it?
Whether or not you should sell gold or pawn it depends on how quickly you need cash. If you need cash quickly, pawning gold jewelry at a pawnshop can get you cash quickly, even within the hour.
When you pawn gold (this is different from selling gold to a pawn shop), you’ll receive a loan amount based on the appraised value of the item. You’ll need to repay the loan, interest, and fees within the loan period to get your gold back.
If you’re not in a rush to get cash now, it may be better to sell your gold jewelry as you’ll likely get more cash this way.
How do pawn shops determine the value of gold?
Pawn shops determine the value of gold based on several factors, including:
Purity of the gold
Weight of the gold
Current market prices
Condition of the item
What are the best places to sell gold for cash online?
The best places to sell gold for cash online include places like:
Cash for Gold USA
Worthy (if you want to sell gold jewelry for cash)
Express Gold Cash
eBay
Each platform has different fees, so make sure to read the fine print clearly and research reviews for each website from Better Business Bureau. You’ll also want to think about factors like shipping costs, insurance coverage, and payment methods for each website.
Where can I sell gold for cash near me?
To sell gold for cash near you, there are a few options to try selling at. Here are some places you can sell gold for cash near you.
Local jewelry stores
Pawn shops
Coin shops
Gold buyers and dealers
Local precious metals refinery
Best Places To Sell Gold For Cash – Summary
I hope you enjoyed this article on the best places to sell gold for cash.
If you want to sell your gold for cash and get the most money, you can try selling your gold on auction sites like Worthy or gold dealers. Evaluate your gold items based on purity and weight to get a better idea of how much your gold is worth.
I also recommend getting multiple quotes to compare offers so you get the best deal for your gold. Take the time to understand any fees that may impact your profit like overhead costs at pawnshops and other buyer fees.
Do you want to learn how to turn $1,000 into $10,000? Turning $1,000 into $10,000 might seem like a big challenge, but it’s possible with the right plans and some creativity. Whether you want to make extra income, run a full-time business, or if you are just looking to learn how to turn your $1K…
Do you want to learn how to turn $1,000 into $10,000?
Turning $1,000 into $10,000 might seem like a big challenge, but it’s possible with the right plans and some creativity.
Whether you want to make extra income, run a full-time business, or if you are just looking to learn how to turn your $1K into $10K quickly, there are many options that may interest you.
Best Ways To Turn $1,000 Into $10,000
Below are the best ways to turn $1,000 into $10,000.
Recommended reading: 22 Ways To Make Money Online Without Paying Anything
1. Flip items for profit
Turning your $1,000 into $10,000 might sound like a dream, but one practical way to work toward this goal is by flipping items for profit. Start by searching your home for things you don’t use anymore.
You’d be surprised how much money you can make from selling stuff like old phones, laptops, fancy clothes, and even that couch you never sit on.
I have flipped many items for resale over the years, and I even had a small reselling business at one point. It’s a fun way to make extra money!
Here are some ideas:
Sell electronics and furniture – Websites like Craigslist and Facebook Marketplace are perfect for selling bigger things like furniture due to easy local pickups. Make sure your items are in good shape to get the best price.
Fashion and accessories – For clothes, especially if they’re branded, platforms like eBay or Facebook Marketplace are great. These sites help you reach a wide audience and ship items easily. And for those special pieces of jewelry you never wear, a site like Worthy can help you find them a new home.
Yard sales – Sometimes old-fashioned is best. A yard sale can be a quick way to make money, especially when you have lots of items. You might get less money per item, but it adds up!
Then, to take it a bit further, you can start buying items to flip for a profit. So, you might find furniture that needs a little bit of cleaning up, high-end clothing that needs to be repaired, or an appliance that needs a new part. Fix them up and sell them for a higher price.
One of my friends does this for a living.
Some of the best flipped items that they’ve done include:
An item that they bought for $10 and flipped for $200 just 6 minutes later.
A security tower they bought for $6,200 and flipped for $25,000 just one month later.
A prosthetic leg that they bought for $30 at a flea market and sold for $1,000 on eBay the next day.
2. Start an online business
Launching your own online business is a solid path to multiply your money.
Some service-based businesses you can try include online businesses such as freelance writing, proofreading, transcription, or bookkeeping, as well as in-person businesses like car detailing, meal prep service, lawn care, dog walking, tutoring, and local tour guide.
These are in high demand and don’t require much to start – usually just a good laptop or some equipment (like car washing soap and a sponge).
To start your own business with just $1,000, marketing is key. You can use social media to reach your target audience (such as by simply just posting something on your personal Facebook page) or add flyers to local bulletin boards.
3. Real estate investing
There are many ways to turn $1,000 into $10,000 in real estate.
I’ve tried out a few real estate side gigs myself, and I know plenty of others who do the same. Starting in real estate doesn’t have to be expensive. There are several side hustles in real estate that you can begin even if you’re new or working with a tight budget.
These include:
House hacking – Buy a home, live in part of it, and rent out the rest. This way, other people’s rent helps pay your mortgage. Look for multi-unit properties where you can stay in one spot and lease the others.
REITs, or Real Estate Investment Trusts, are another way to dive in. These trusts own types of properties, from apartments to shopping centers. When you invest in REITs, you spread your money across different properties without the hassle of managing them.
Airbnb rentals open doors to earning from a spare room or your entire place for travelers. Set up your space to be cozy and welcome guests looking for a stay. Remember to look into the laws in your area about renting your place, and set a competitive price to attract visitors.
Rent out your storage space – Rent out your unused land or space for storage to earn extra income. Whether it’s a parking spot, closet, basement, attic, or any unused area, people are looking for storage and are willing to pay for it. List your space on platforms like Neighbor to earn anywhere from $100 to $400 or more monthly, depending on demand and the size of the space you offer.
Flipping homes – Flipping residential properties will typically cost you a lot more than $1,000 to get started, but I still wanted to include this because this is a popular way to turn a small amount of money into a lot. If you’re handy and love a project, buy a house, fix it up, and sell it for more. You’ll also want to pay attention to things like location and opportunity in the market.
You can learn more about this at 23 Best Real Estate Side Hustles.
4. Peer-to-peer lending
Turning $1,000 into $10,000 might seem like a dream, but you can try peer-to-peer (P2P) lending platforms to help grow your money. These platforms connect people who want to borrow money with those who are willing to lend it.
Peer-to-peer lending is like helping out a friend who needs a loan. For example: You have extra money and a friend asks to borrow some. You lend it to them, and they pay you back with interest – more than what you gave them. P2P lending works similarly but on a bigger, online level where individuals lend money to others through a platform, earning interest on the loans they provide.
Getting started with peer-to-peer lending is fairly straightforward. Here’s how:
Choose a reputable P2P platform that fits your needs.
Deposit your $1,000 to fund loans.
Before committing, make sure to read and understand all terms and conditions, including the potential earnings and risks.
The interest you earn from the loans becomes your profit over time.
Remember, investing has risks and loans might not be paid back, impacting your return.
5. Stock investing
Stock investing is an investment strategy when you buy a share of ownership in a company, like Microsoft, Apple, or Tesla. Individual company stock prices can go up or down, but if it goes up, then you may be able to turn $1,000 into $10,000.
This may take a year, 10 years, or even longer. All stocks are different, but it is possible to learn how to turn $1,000 into $10,000 in stocks.
Stocks give you a chance to make more money than by just putting it in the bank. Over time, companies grow and can pay you back more than what you started with.
Usually, long-term investors (this is the type of investing I personally do) like to diversify their portfolios so that all of their eggs aren’t in one basket. This way, if one company doesn’t do so well, then you won’t lose all your money.
One option is to invest in funds (like exchange-traded funds or mutual funds) instead of individual stocks. A fund is a bunch of stocks wrapped up in one package and this can make things less risky for you.
Recommended reading: How To Start Investing For Beginners With Little Money
Note: Some people do short-term investing to make money in the stock market. Yes, this is another way, but you’ll want to do a lot more research about your investment decisions, the different fees you may come across, understand your risk tolerance, and more before opening up a brokerage account. This is because while the right strategy can make you money in the stock market, the wrong strategy can lose you a ton of money.
6. Create digital products
Creating digital products is a way to turn your $1,000 into $10,000 (and even make passive income). By designing products that people can download and use, you tap into a market with very low overhead costs.
You can start by thinking about what skills or knowledge you have that others might pay for. It could be anything from a guide on how to care for exotic plants, templates for social media branding, weekly routine printables, printable wall art, and more.
Your earning potential can vary, and digital product sellers can typically start this business side hustle with little needed.
You can learn more about this at How I Make Money Selling Printables On Etsy.
7. Flip domains
Flipping domains is similar to flipping houses: You buy domain names at a lower price and sell them for more. Domain names are the web addresses people use to visit websites.
For example, my domain name is “makingsenseofcents.com.”
Now, this can be risky, because you don’t know what domains will eventually sell. Someone has to want it in order for you to sell it.
Some ways to brainstorm domain ideas include looking for catchy, short, and easy to remember names. Think about what’s trending or might become popular soon.
You can hold on to the domains until you’re ready to sell, or you can list them on sites like Flippa right away.
Just like with all ways to make money (especially if you want to turn a small amount of money into $10K), this is risky. You have to be smart with the domain you choose to buy (and a little lucky), and there can be legal issues as well, such as trademark problems.
Recommended reading: How I’ve Made $80,000 Selling Blogs
8. Start a blog
Starting a blog can be a great option if you’re looking to grow your $1,000 into $10,000.
A blog is essentially an online journal or informational website where you share your thoughts, knowledge, or experiences. You create posts that people can read, engage with, and share. And yes, blogging can be profitable!
Blogging is what I personally do to make money online, and I started by spending $0, actually. It took me around 2 years to start making $10,000 each month.
I started this website, Making Sense of Cents, back in 2011, and it has helped me earn over $5,000,000 since then. I started my blog on a whim to share my own money journey, not even knowing that people could make money with websites.
You can learn how to start a blog with my free How To Start a Blog Course (sign up by clicking here).
Frequently Asked Questions
Below are answers to common questions about how to turn $1,000 into $10,000 (and other ways to grow your money).
How to turn $1,000 into $5,000 in a month?
Turning $1,000 into $5,000 in one month would be hard but not impossible. You could create a product that you sell (such as an online course), sell something that you already make (for example, if you are a photographer, you may be able to sell prints of a picture that you’ve taken), buy something to flip and resell for a higher price, and more.
How to turn $1,000 into $10,000 in 6 months?
Increasing your money to $10,000 in six months can be challenging but may be possible. You might look into starting a side business such as selling items online.
How to invest $1,000 dollars and double it?
To double your $1,000, investing in a diversified portfolio of stocks and bonds could be a smart move, with the potential to grow over time. With this, though, patience is key, as doubling your investment won’t happen overnight.
How to use $1,000 dollars to make money?
There are many ways that you can use $1,000 to make money. You could start a business, such as a website, an online store, an in-person business like a lawn mowing business, an at-home business selling dog treats, or even a business where you sell soy candles at craft fairs. You don’t need to spend a ton of money to start your business, just $1,000 or less can help you start many different business ideas.
How To Turn $1,000 Into $10,000 – Summary
I hope you enjoyed this article on how to turn $1,000 into $10,000.
There are many ways to turn $1,000 into $10,000 such as investing in real estate or stock, starting an online business like a blog, and even reselling items for profit.
For me, I was able to start my own online business for less than $100, and I have turned it into a business that has earned me well over $10,000 a month for many years now – so I know that it is possible to get started with a low amount of money.
If you have a financial goal where you need to make more money, then there are plenty of side hustles, home-based businesses, and other ways to make money.
Trader Joe’s is a national chain of grocery stores with a bit of a cult following. There are dozens of social media accounts dedicated to Trader Joe’s shopping hauls and recipes using only items found at the store. Trader Joe’s even has its own podcast.
If you’ve never shopped at Trader Joe’s before, it can feel overwhelming. Our guide can help you find the best things to buy at Trader Joe’s and ways to save money.
What you should know before shopping at Trader Joe’s
Trader Joe’s features a large selection of organic and specialty items, as well as seasonal products. Its private label items contain no artificial flavors or preservatives, MSG, genetically modified ingredients or harmful food dyes, according to the grocer’s website.
Seeing few recognizable brand labels on the shelf can be disorienting for some shoppers, but for others like Anna Lisa Abarca, author of “Trader Joe’s 5 Items or Less Cookbook,” the store’s smaller scale simplifies decision making. Larger grocery chains “are a little too big for me. There’s too many choices. I get analysis paralysis,” says Abarca, who is not affiliated with Trader Joe’s.
However, the store’s small profile means you might not be able to get everything on your list, and you may need to visit another store. For Abarca, a second stop typically includes buying baby diapers and some home and personal care items.
Before you build a budget
NerdWallet breaks down your spending and shows you ways to save.
What to buy at Trader Joe’s
Now that you know what to expect, you can make your list. Here are some categories to consider to get the most value.
Frozen food
At Trader Joe’s, the “frozen fruits and veggies are always at a really good price point,” says Abarca, who relies on frozen food to make quick and affordable meals. “You can still make a really good, healthy meal that’s cost effective, and it’s not going to go bad.”
Trader Joe’s frozen food section is also full of perennial fan favorites at lower prices than some other grocers. The Mandarin Orange Chicken, for example, costs $4.99, compared with a similar size bag of P.F. Chang’s Orange Chicken for $7.78 at Walmart, as of this writing.
Cheese
If you are a cheese lover, shopping at Trader Joe’s might offer savings. An 8-ounce block of feta cheese is $3.49, compared with $4.96 at Walmart. A 1-pound wedge of brie costs $7.99 at Trader Joe’s, versus about $9.75 at Walmart.
Wine
Trader Joe’s is known for its “Two-Buck Chuck,” the nickname for its $2 bottles of Charles Shaw wine. Although it has exceeded that price point in recent years, people still rely on Trader Joe’s for lower cost wine. Not every store sells wine, but if yours does, Abarca recommends looking for ones with the “reserve” label because they’re of a similar quality to wines offered at a higher price elsewhere.
Beauty products
Trader Joe’s offers a range of beauty and skin care products, and some reviewers say they compete with more luxury brands. The Daily Facial Sunscreen ($8.99 for 1.7 fluid ounces) made headlines for being a cheaper but comparable alternative to Supergoop! Unseen Sunscreen ($38 at Sephora and Amazon). The Vanilla Lip Mask ($5.99) is likened to the popular Laneige Lip Sleeping Mask ($24 at Sephora and Amazon).
Flowers and greeting cards
Flowers are typically the first thing you see when you walk into a Trader Joe’s store. A seasonal bouquet there is $9.99, less than similar arrangements found at Kroger (about $12) and Ralphs (about $18). Pair it with a 99-cent greeting card (compared with drugstore card prices that typically start around $4.99) and you have a thoughtful gift that’s easier on your budget.
Get more financial clarity with NerdWallet
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How to stretch your dollar at Trader Joe’s
Some of the conventional wisdom about how to save money on groceries doesn’t apply to Trader Joe’s. There are no coupons to apply at the register, there’s no store app, and buying in bulk isn’t an option. But, there are other ways to get more value from Trader Joe’s:
Use online tools for meal planning. Websites like Pinterest can help you find free budget-friendly meal plans, some for which the food costs $50 or less per week, says Traci Williams, a certified financial therapist and clinical psychologist in Atlanta. Searching “Trader Joe’s” or #traderjoesrecipes on social media surfaces tons of posts dedicated to the store’s new products or ways to combine items for fresh meal ideas.
Subscribe to “The Fearless Flyer.” Trader Joe’s free newsletter offers updates on new and seasonal items and recipes. The digital option comes every few weeks while the paper newsletter comes less frequently.
Check your pantry first. Food waste is costly, as is buying duplicates, but there are some solutions. “There are apps that allow you to create meals based on the ingredients you already have,” Williams notes. Cooklist, for one, allows users to scan pantry items, find recipes using those ingredients and create grocery lists.
Leave room for a few impulse purchases. Seasonal items are part of the fun of shopping at Trader Joe’s, but “you can very easily get swept up in all the things you want to try,” Williams says. “Decide ahead of time how many new products you’re willing to pick out. … That way you’re not feeling too restricted by your budget.”
SCHENECTADY — Bluebird Home Decor has begun its closing sale for its State Street location after the owner announced via Facebook that she would be shuttering the store in March.
“A little over a year ago I began feeling a nudge that I could not ignore,” stated owner Nicolle Broughton in a Facebook post Friday. “After much thought and even more prayer, I have made the very difficult decision to move on from my retail storefront in Schenectady.”
The storefront opened in 2018. However, owner Broughton established the home decor and gift shop in 2013, having had a previous location in Troy.
The shop has handmade, vintage and new items for peoples homes and works with over 20 artists and other businesses across the country, according to the company website.
Broughton said she’s not sure what she’ll be doing next.
“I do know that my creativity does not end here. I will still be around, selling in some capacity,” the Facebook post stated. “I am simply stepping out in faith, releasing my storefront and believing that the best is yet to come. I cannot wait to see how the next few years unfold.”
Broughton also thanked everyone for their support over the years in the post.
“It has been one of the greatest honors and blessings of my life to create and share this space with you allI will miss you all dearly,” she said. “My sincerest thanks and deepest gratitude for all of your support over the years.”
Many customer comments on the post said that they were sad to see the store close.
“So sad to see this post… although not often enough I enjoyed binge shopping at your store,” said Anita Nasuto in a comment. “It was a treat to walk through your door and find so many irresistible gifts and special items for myself. They will mean even more to me now. Sincerely hoping you find a most rewarding path ahead. Very best wishes and thanks for adding such class to that corner.”
The store will offer sales until it closes, all of which are final.
“Most items are 30/40/50% off, any item without a sale tag is 10% off,” Broughton said. “The store will remain open Thursday-Sunday through mid-March. Please come use your gift cards! We also hope to have a tent sale this May, details to follow, and a holiday shop somewhere in the capital district this holiday season.”