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Source: mint.intuit.com

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Interior design goes beyond simply accessorizing a house with decorations. Anyone can decorate a home or property, but learning how to design an interior properly is a different skill set altogether.

Interior design enhances the beauty, functionality, and style of a property with the intent of making it instantly more appealing to guests and visitors.

For a real estate investor, interior design functions as a hook; a well-designed property entices visitors and makes it easier to picture themselves living in the property. It pulls potential buyers in, and makes them go, “Aha! I could live here!”

In this short article, we’ll look at four uses of interior design for the real estate investor. These are all ideas that you’ll be able to apply to your own investments. We’ll conclude with a short list of practical tips and tricks.

Add value

A simple real estate rule applies across the board: a well-designed interior adds value to your property.

Some of this may come in the form of actual furnishings with a tangible value that has been added to the residence; it may also come in an intangible form — your ability to sell the property for more because of the well-designed interior.

Apply beauty strategically

A beautiful interior can increase your home’s value, but it has to be a well-applied beauty. Interior design isn’t a matter of filling your property with all the pretty things you can find.

Apply the beauty strategically to gain the most benefit and have the most significant impact on potential buyers. 

Think strategically. One interior designer recommends always repainting the front door of the property. A fresh, clean-looking door makes a great statement even before your clients have entered.

That is the key to understanding interior design; be selective in the beautiful elements you incorporate to receive the maximum benefit.

Enhance appeal

If you’ve added value by incorporating strategically beautiful elements into your home, you’ll succeed in increasing the immediate appeal of the property to any potential buyers.

From the pictures in advertisements to their first impressions on entering the property, potential clients will see a beautiful and well-thought-out interior.

Good design speaks not only to a well-kept property but to the quality of presentation that your clients will appreciate as well.

The above ideas are general, big-picture concepts to keep in mind with your interior design. Below are several specific tips and tricks that will help with interior designing.

Interior design tips and tricks

  • Balance “splurges” and “saves”

A “splurge” is a big-budget item such as a designer table in the dining room or a statement chandelier in the main hall. A well-chosen splurge draws the eye and ties the room together, serving as a natural focal point. 

On the other hand, “saves” are the little design elements used to flesh out a room, from throw pillows to wall hangings, they can go a long way in interior decorating. You can go cheap on the saves and set aside more money for the splurges to maximize the “wow” factor without breaking your design budget.

  • Minimize clutter

Don’t decorate like someone who hoards everything. Often, more is not better when it comes to interior design, particularly for display properties; keep things simple and steer clear of countless small items which will just confuse the overall look of the room.

  • Feature upgrades

Two points here: first, when redesigning an old home, be sure to upgrade key fixtures and rooms, particularly the kitchen and bathroom. And second, capitalize on those upgrades by featuring those rooms more prominently. In the case of the kitchen especially, it may even be possible to draw attention to that room from other locations in the property, doubling-down on the benefits of your upgrades.

  • Avoid fads

Don’t decorate only according to the latest style; if you do, your interior design will soon look outdated. Go for time-tested, classic looks and design elements from mid-century modern influences, classic rustic farmhouse style, etc.

While not an exhaustive list, hopefully you find that the tips and principles listed above will help you increase the price and beauty of your property.

Keep reading

How to Successfully Integrate Smart Home Tech into a Home
How to Properly Furnish a Small Bedroom to Fit a Large Bed
How to Use Video Walls to Make Your Home More Entertainment-Friendly

Source: fancypantshomes.com

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Ask Metafilter is one of my favorite sites on the internet; I’ve been an active member there for years. It’s a great place to get advice on many subjects, including money. And careers. Recently a user named Entropic asked a question about “finding your passion”, which received an awesome reply from my pal Grumblebee. Here, with permission (and a tiny bit of editing), is that Ask Metafilter exchange.

Entropic
How did you find your passion?

How have you figured out what your passion(s) is/are in life, and how have you translated that into a successful career involving your passion(s)? I am intentionally not including details about myself and my situation because I don’t really want specific suggestions about what might be good career directions for myself or what interesting areas I might pursue. I’m looking more for concrete examples of what steps you’ve taken to find out what drives you, and how you were able to make a career out of that.

Grumblebee
Is there a difference between “discover your passion” and “discover what you want to do”?

I ask because I hear people talk about their Passion (with a capital P), as if everyone has one whether they know it or not. As if it’s a special glowing ball inside each of us. Yet I see no evidence that this ball necessarily exists.

Defining passion
To me, it’s more likely that we have things we like and things we dislike. A like becomes a passion when it repeats with regularity. For instance, I like peaches, but I don’t constantly crave them. So I wouldn’t call peaches a passion. On the other hand, whenever I see a book, I want to read it. I like reading… I like reading… I like reading… So I’d call reading a passion.

Is there anything like this for you, even if it’s something “stupid” (e.g. watching TV or eating poptarts)? If so, that’s a passion for you. If it repeats with great rapidity (and if the urge is very strong), then it’s an obsession. (I can’t keep my hands off my iPod. I think about it all the time. If I lose it, I panic.)

You don’t get to choose your passions. Since passions are just intense likings, choosing a passion would be like choosing to like eating eggplant. You either like eating eggplant or you don’t. Perhaps, if you don’t like it, you can learn to like it. But right now, you either like it or you don’t.

Finding and feeding passion
I’ve met some people who don’t seem to have any strong passions. Some admit to this. They certainly have likes and dislikes, but nothing specific crops up over and over. In fact, some people dislike anything that repeats too often (you could say such people have a passion for novelty). Other people do have passions (defined as I’ve done so, above), but they don’t think of them as such. For many people, their passion is other people: passion for their kids, passion for their families, passion for helping others in need, etc….

Many people think they’ve discovered a passion when if fact they’ve only found a surface activity that lays atop their real passion. For instance, I love working in the theatre. At the risk of sounding holier-than-thou, I believe my passion is pretty “pure.” In other words, my passion for theatre doesn’t hide a deeper passion. I love theatre because I’m fascinated by the specific mechanics of telling stories on stage. When I’m not rehearsing a play, I will choose to read a book about theatre mechanics just for fun (for another dose of my obsession).

I’ve met others like me, but I meet far more theatre people who seem to be using theatre to feed some deeper passion. (Please note that I’m not saying that there’s anything wrong with this or that I’m better than these people. I believe neither of those things. And there are plenty of other activities — just not theatre — that I use as tools to feed deeper passions.)

Such people may be into theatre because they love attention and praise; they may love belonging to an open-minded group (many “misfits” find their way into theatre in high school and stay because they love belonging to such an accepting culture); they may even be operating on autopilot, doing theatre because for whatever reason, they got into it when they were younger and it never occurs to them to quit. (They probably enjoy having mastered something.)

Digging deeper
I think it’s useful to delve into your psychology and ask yourself why you like what you like. Sometimes (as with me and theatre), the answer might be “because I simply love the activity.”

How do you know if this is true? Try mentally removing orbiting aspects of the activity: Would I still want to direct plays if no one saw them? Would I still want to direct plays if I could only work with bad actors? Would I still want to direct plays if I hated the results? Would I still want to direct plays if I always got bad reviews? etc. For me, though I wouldn’t enjoy the activity as much in these cases, I’d still want to do it.

This is useful because if you learn what your true passion is (the underlying one, if there is one), you may be able to change your life for the better. You may be able to say, “Wow! It’s not theatre I like, it’s collaboration! Maybe I instead of continuing in theatre, I should look into all sorts of collaborative activities and get into the one that’s the most collaborative.”

Such psychological delving may also help you deal with a crisis: “Oh no! I’ve lost my voice. I can’t act anymore. Wait a minute: it’s not specifically theatre that I like, it’s storytelling! I could write a novel.”

There’s also nothing wrong (and a lot right) with realizing, “I love attention and praise, so theatre is a great activity for me.” In all of these cases, you’ll have learned something about yourself.

Turning passion into a career
Once you know your passion, you will be tempted to ask — as you did — “How can I turn this into a career?” I think that’s the wrong question. I don’t think it’s totally wrong. I just think it’s too specific. Instead, I recommend you ask yourself this: “How can I best arrange my life so that I can spend the most time engaging in my passion in its purest possible form and derive the least amount of pain doing non-passion activities?”

I am a director, but I’m not a working (as in “paid”) director. To pay my rent, I have a “day job.” I could work as a director, but I’d have to direct plays that I don’t want to direct. For some people, that would be fine. For me, it’s not a good trade off. I’ll be more happy with the day job and the ability to direct whatever I want — forgoing pay. It took me a while to come up with that “formula,” and it’s a personal one. Mine won’t necessarily work for you.

(If you realize you’re like me, find the least painful day job you can, getting yourself training if you have to. I actually like my day job. And I continually work to make it better and more interesting. The cliché of waiting tables to support your passion isn’t a necessity. If you commit to the idea of having a day job — I’ll likely have one for the rest of my life — it behooves you to make it a good one. Or at least the least painful one you can find.)

I see a lot of people working really hard to make their passion into a job, and — tragically — when they finally make it happen, they don’t enjoy the passion any more. (E.g. a lot of working actors, who got into the business to play Shakespeare or Chekhov, spend most of their time acting in commercials.) If this happens, it’s really worthwhile to do some soul searching. Would I be happier with a day job? Am I happy doing a compromised version of my passion? If I am happy doing a compromised version of my passion, does that (perhaps) mean that what I thought was my passion wasn’t really my passion? (“Hmm. I thought I wanted to act, but in order to do theatre for a living, I’ve had to become a producer. And — hey — I like it. Maybe acting isn’t my real passion. Maybe my real passion is being a key part of a big project.”)

I am not saying there’s anything wrong with figuring out a way to do your passion for pay. Often, that’s a great way to spend most of your time doing your passion. Just make sure that if you’re doing your passion as a job, it’s really your passion that you’re doing and not a perverted version of it that will fail to make you happy.

Putting it all together
So, go through this thought process:

  1. I’ve identified my passion as X. I am now going to define X as fully as possible. For X to be X, it MUST include A and B. C is optional. It can’t include D.
  2. I’ve realized that I won’t be happy unless I’m doing X for a living.
  3. Are there any jobs that will allow me to do X as I’ve defined it? (Or that will let me gradually work towards a pure version of X?)
  4. If not, then I need to either brainstorm other ways I could be happy (compromised X? doing X as a hobby?) or resign myself to unhappiness.
  5. If so, then I need to make sure that I can live with non-X aspects of the job. (Wow! I can do full time, paid theatre, but I’d have to work with the dreaded Mr. Y!)

Finally: I’ve noticed that people (myself included) have a strong urge to classify themselves. People really want to be able to say, “I’m a director!” “I’m an engineer!” “My passion is gourmet cooking!”

There’s nothing wrong with that drive, but putting yourself in a category is not the same thing as actually being in that category. In fact, categorizing yourself — since it’s so final — is a good way to thwart any attempt to discover your actual passions. Once you say, “I’m a director,” it’s hard to think, “Wait a minute: is it actually directing that I like or some other activity that directing helps me achieve?” Which is why, at the start of this long post, I suggested you de-romanticize the whole thing and, instead, think about what you like and dislike, rather than trying to pin down your Passion.

Maybe you don’t have a Passion. Maybe you have many likes:

  • You like playing in the sun
  • You like watching movies
  • You like hanging out with friends

If so, you’ll be much happier if you arrange your life to maximize your chances to do these activities than if you expend a ton of energy categorizing yourself.

I am fortunate to have been able to turn my passion — writing — into a career. But even so, some of what Grumblebee warns against is certainly present. As much as I love to write, I have a very different relationship to it now that it’s my job than I did when I simply did it for fun.

Source: getrichslowly.org

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When it comes to renting a garage, many consider it a luxury. Apartments with garages can actually be worth the “splurge,” and a worthwhile investment, however. Read on to learn why and how.

1. Weather protection

It is really inconvenient to scrape your car each morning in the winter. Wind can also send debris flying into your car. And time spent on de-icing can do a number on your clothes, your health and your attitude.

However, snow and ice are not the only elements that can do damage to your car. If you live in a tornado alley, hail damage or debris from a tornado could cost you your deductible. What if a tree falls on your car during a tornado? You’ll not only be shelling out your deductible amount — you’ll likely be looking for a temporary or even brand-new car. If you live in an area with extreme weather conditions, narrowing your search to apartments with garages for rent is a must.

2. Enhanced security

Typically, criminals don’t like to work hard. In order to loot a car in a garage, they would first have to break into the garage, usually more trouble than it’s worth for them. Statistics show that cars in a garage are less likely to be stolen. If your car is safely stored in the garage, it’s out of sight out of mind, along with its contents.

3. Protection from other drivers

Not everyone is a good driver, especially in the parking lot. People get distracted, and they park poorly or open their doors too quickly if they’re in a hurry. You shouldn’t have to suffer because someone else is careless.

Who’s got time to get dents and scrapes fixed? Apartments with garages eliminate that problem since your vehicle is carefully insulated from careless, inexperienced and aging drivers.

4. Shield your engine

Your engine doesn’t like extreme weather conditions. Keeping its fluid and oil warm is good for the lubrication of the engine and will ensure it runs well and doesn’t have to work so hard to warm up or cool down.

5. Cheaper insurance premium

Before you decide on a garage, ask your insurance agent how much you can save if you put your car in the garage. Renting a garage won’t feel like such a splurge if you can save some money on your insurance bill. This is especially true if you have a nice vehicle.

6. Higher car value

When you go to sell your car, you can ask (and get!) more for your vehicle, if you say it’s been garaged. Buyers love knowing that a car they’re considering hasn’t been exposed to the elements overnight.

Looking into apartments with garages for rent can save time, money and your sanity. Have a chat with your insurance agent and see how much you would save putting your car in a garage, then compare that to the rent. What may initially seem like a splurge on a tight budget can actually be a great long-term investment on many levels.

7. Convenience

In larger cities, parking can especially be a hassle. Having a garage attached to your apartment means you don’t have to search for parking on the street, especially during peak hours, saving you time and effort.

8. More preferred mode of transportation options

If you own a motorcycle or even a bicycle, a garage can provide a safe and secure place to store them, protecting them from theft and weather damage. There isn’t always allotted space for these modes of transportation, and a garage offers extra options.

9. Extra living space and storage space

A garage offers a private space that you can customize and build onto, such as adding shelves, cabinets or a workbench, to suit your specific needs. Along with decoration opportunities, this space can serve as a place for extra storage, which can be helpful for beautifying your apartment space.

10. Added guest parking

Having friends and guests over is an essential part of making an apartment feel like home. A garage can provide a dedicated parking space for guests, making it convenient for them to park their vehicles when they visit your apartment. By having a garage, you won’t have to worry about parking hassles, leaving you free to enjoy book clubs, wine nights and gatherings.

11. General peace of mind

Knowing that your vehicle is parked safely in a garage can provide peace of mind and reduce stress, with the peace of mind that your car is protected. This reassurance is priceless and allows you to focus on the things that matter most, like work, family and activities, without the added stress of worrying about your car’s safety.

An apartment with a garage can pay for itself

Apartments with garages offer a range of advantages that can greatly enhance a renter’s living experience. From convenience and security to storage options and preservation of your vehicle’s condition a garage can provide countless benefits while practically paying for itself.

When considering apartment options, it’s worth keeping in mind the many reasons to prioritize apartments with garages just like you would for other important amenities. Find your dream apartment with a garage today.

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Mortgage Q&A: “How much do mortgage brokers make?”

If you happen to use a mortgage broker to obtain your mortgage, you may be wondering how they get paid and what they make.

Mortgage brokers essentially work as middlemen between borrowers and banks/lenders, so they can actually be paid by either party.

Just to be clear, this article is about how much mortgage brokers make on the home loans they originate, not how much they make in the way of salary.

Of course, brokers typically aren’t paid a salary, so if we know what they’re making per loan, we’ll have a decent idea as to what they might take home each year as well depending on annual volume.

But you have to consider their costs to operate as well, which will vary based on how large their shop is, if they employ loan officers, how much they spend on advertising (if any), and so on.

How Does a Mortgage Broker Get Paid?

  • They can choose to get paid by either the lender or the borrower
  • They can charge an origination fee directly, which comes out of the borrower’s pocket
  • Or elect to get paid by the lender, which is indirectly paid by the borrower
  • The latter results in a slightly higher interest rate, meaning it’s paid over time via higher monthly mortgage payments

In the recent past (before April 1, 2011), mortgage brokers could make money on both the front and back end of a mortgage loan.

Simply put, they could charge a loan origination fee directly to the borrower and also get paid by the mortgage lender via a yield spread premium (YSP), which was the commission the bank or lender provided in exchange for a mortgage rate above market.

In short, the higher the interest rate, the more YSP the broker would receive from the lender.

YSP was also referred to as “par-plus pricing”, “rate participation fee”, “service release fee”, and many other variations.

Brokers had the ability to make several points on the back end of a loan, potentially earning thousands of dollars, sometimes without the borrower’s knowledge.

They could also collect money on the front end of a loan via out-of-pocket closing costs like loan origination fees and processing costs, which the borrower paid directly.

For example, back in the day it was possible for a broker to charge one (or more) mortgage points upfront for origination, receive another two points on the back from the lender, and also tack on things like loan processing fees.

All told, they could make three to five points on a mortgage, aka 3-5% of the loan amount. If we’re talking a $500,000 loan amount, that’s anywhere from $15,000 to $25,000 per loan!

And it could be even higher for jumbo loans. Prior to the housing crisis, it wasn’t unheard of for brokers to make massive commissions like this.

You’d hear about them asking for “max rebate” on the back end, which was the limit wholesale lenders would pay out, while still convincing the borrower to pony up an origination fee on the front end.

As a result, brokers could essentially be paid twice for the same transaction.

The beauty of it was the yield spread premium came in the form of a higher mortgage rate, so it didn’t even look like a fee or a cost to anyone – it just meant the borrower had a slightly higher mortgage payment for the entire loan term.

In other words, the borrower was saddled with a higher rate for the life of their loan and may have also paid a commission upfront, without realizing it.

Had the broker just charged the upfront fee and nothing else, the borrower may have received a mortgage rate of say 4% instead of 4.5%.

In hindsight, it probably didn’t matter because most of those loans didn’t last more than a few years (or months) before they were refinanced or foreclosed on. Eek.

How Mortgage Broker Compensation Works Today

  • Brokers can no longer get paid twice on a single loan
  • Instead they have to choose how they want to be compensated, by the borrower or lender
  • They may have a different compensation package with each lender
  • So depending on where the loan is placed their commission could vary from loan to loan

As noted, the controversial practice outlined above was outlawed in 2011.

The Fed came in and changed all that by effectively banning yield spread premiums, and now mortgage brokers can only get paid by the borrower OR the lender, not both.

That doesn’t mean they can’t still make a lot of money per loan, it just means the way they can get paid via the wholesale mortgage channel has been limited.

In other words, they either charge you directly to close the loan or they get paid by the lender and you pay for that commission indirectly (not out-of-pocket at closing) via a higher interest rate.

If charging directly, the borrower pays for the broker fee or origination fee, loan processing, and so on. Compensation can also vary from loan to loan.

If being paid by the lender, it’s similar to YSP, but brokers must now choose a compensation plan upfront with each lender they work with, as opposed to charging different amounts on each loan as they see fit.

And they usually must stick with that compensation plan for three months before they can change it again.

For example, they may choose to earn 1% commission on every loan they close with Bank A. So if the loan amount is $500,000, they’d earn $5,000. If it’s $300,000, they’d only get $3,000. And so on.

But they may select a higher compensation structure with Bank B that gives them 1.5% on each closed loan.

Assuming the loan terms and cost are the same, they can send your loan to Bank B for a higher commission, as it won’t affect what you ultimately receive.

However, a different broker may decide to set all their compensation levels at 2%, and if you happen to work with them your interest rates may be higher across the board to account for their higher commission.

So you kind of have to shop mortgage brokers too in order to find the one offering the lowest rate/costs.

In other words, you can still get a raw deal, or at least a not-as-good deal. The good news is they can no longer get paid on both the front and back end of the loan.

But you should continue to be vigilant and look over your loan documents to ensure you aren’t being overcharged.

In short, you’ll want your broker to send your loan to the bank that offers you the lowest interest rate, not the one that gives them the highest commission.

What Is the Mortgage Broker’s Commission? And How Do I Find It?


So you’re applying for a home loan and want to know the mortgage broker’s fee. I don’t blame you, it’s important stuff.

But if the interest rate and combination of closing costs are favorable relative to other banks/lenders/brokers, it doesn’t really matter what they make.

Still, you should know and you have a right to know. Here’s how to find out.

When signing loan disclosures early on in the process, look out for a “Loan Brokerage Agreement” form that spells out their commission, and whether it’s borrower- or lender-paid.

The screenshot above is an example where a broker earned $8,775 via the lender for facilitating the loan. Not bad for one loan, eh?

To figure out how much they’re making on a percentage basis, simply take the compensation amount and divide it by the loan amount.

The loan amount in this example is $780,000, making their compensation 1.125%. It’s reasonable as they could charge 2% or more depending on the wholesale lender they partner with.

You can also find the broker fee on the Closing Disclosure (CD) and the ALTA Settlement Statement when it’s time to sign docs and close your loan.

Okay great, so what do brokers make?

  •  A survey said they were paid 2.25 points per loan on average
  • On a $300,000 loan amount that would be $6,750 in compensation
  • While it sounds like a tidy sum, you have to consider their volume and operating costs as well
  • It’s pretty close to what real estate agents make, usually 2.5% of the sales price

A press release from 360 Mortgage Group detailing the compensation changes said mortgage brokers generate an average revenue of 2.25 mortgage points on a home loan.

For example, on a $500,000 mortgage, they’d make roughly $11,250 in revenue. That sounds pretty good, doesn’t it?

But as mentioned, we have to subtract the costs of doing business, which are variable. From there, you’d have your profit per loan.

Not a bad take for helping people get mortgage financing, depending on how many loans are closed each month, and what expenses are involved.

As you can see, mortgage broker salary will definitely vary based on the size of the loans they typically close. In more expensive areas of town (or the country), brokers might make six-figures or much, much more.

While those in lower-priced metros could make significantly less if costs are still relatively similar.

Additionally, brokers who focus on mortgage refinances might have higher loan volume than those who help home buyers purchase real estate, as the latter can be harder to come by and slower to close.

Of course, if they partner with a local real estate office or two, they have the ability to generate a ton of purchase loan business too, so it’s hard to say either specialty would be more successful universally.

Their average income will also depend on the financial institutions they choose to partner with, as compensation structures and points per loan will vary across different mortgage lenders.

One aspect of a mortgage broker’s job is linking up with lending partners that are good at quickly closing loans, while also offering competitive pricing. As such, these partners can greatly affect a mortgage brokers salary.

[How to get a wholesale mortgage rate?]

Will mortgage brokers still make the same money?

  • While it might be more difficult to make a ton of money on a single loan
  • Brokers still have the ability to make a very good living even with limited volume
  • A broker who closes just $2 million a month could earn over $500,000 annually
  • Very few other occupations pay anywhere close to that much

The 360 Mortgage Group believes brokers will be able to adapt to the compensation changes, and if you know anything about the mortgage business, new rules are typically circumvented overnight.

Many mortgage lenders are now publishing multiple mortgage rate sheets, with one version lender-paid compensation and the other borrower-paid compensation.

So brokers can simply pick up a specific compensation-based rate sheet they’d like and be on their way.

For example, if they want to make 2.50 points, there’s a rate sheet for that. If they only want one point, there’s a rate sheet for that too.

But the rule change will probably reduce average incomes for loan brokers, since they won’t be able to take a little from both the front and back of the loan.

Receiving compensation from just one entity, as opposed to two, means it’ll be more difficult to charge an excessive amount per loan, though not impossible.

This is relatively good news for home buyers and existing homeowners looking for refinance who will hopefully enjoy lower mortgage payments, but bad news for mortgage brokers, who continue to lose market share. It could also dent their total pay.

It’s recommended that you shop for a mortgage by gathering rate quotes online, at your local bank/credit union, and also via a mortgage broker or two.

You’ll never know who might have the best rate/terms unless you actually take the time to shop around!

Read more: Why use a mortgage broker?

Source: thetruthaboutmortgage.com

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By Peter Anderson 7 Comments – The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money. Last edited November 26, 2017.

Sometimes the most powerful precepts in personal finance are the ones that are the simplest.  We all would love to think that the reason why we haven’t gotten further ahead in our financial lives is because saving and earning money are such complicated topics that have a myriad of secrets that are beyond our grasp.

The thing is, that while certain niches in finance may be complicated or require specialized knowledge, in order to succeed you really don’t need to have a degree in finance.  Some of the most powerful financial rules are the ones that are the simplest and easiest to grasp.

The Richest Man In Babylon


I have been reading bits and pieces of the 1926 book by George S. Clason called “The Richest Man In Babylon“.  The book, while it was written in the 1920s has a lot of insightful things to say about  saving, investing and the simple ideas behind wealth creation.  It gives those simple ideas via parables or stories.  One of those stories that I read today was the one the book is named for, The Richest Man in Babylon.

The parable tells us about a rich man named Arkad in Babylon who despite not having any special talents or family wealth was now known to be the wealthiest man in all the land.   His friends around him couldn’t understand how he had become so wealthy, or how he had become so successful, when they had all been afforded the same opportunities that he had.   So they asked him.

He responded by telling them how he had enough sense to know that he didn’t know everything, and that in order to become wealthy, he would need to ask someone who was wealthy what their secret was.  So when he found the opportunity one day, he asked a money lender who came to the hall of records where he worked.  The money lender told him:

I found the road to wealth when I decided that a part of all I earned was mine to keep. And so will you.

We all have the idea that everything we earn is ours to keep, but if we really think about it we all have things we need to pay for in everyday life.  We have to buy food, pay for clothing, purchase or rent a place to live and so on.  Much of what we earn is not ours to keep.  If we really want to succeed, however, we must realize that a part of all we earn is ours to keep, and that we must pay ourselves first. If we don’t the money will quickly disappear and none of what we earn will be ours to keep.    The teacher in the parable continues:

Every gold piece you save is a slave to work for you. Every copper it earns is its child that also can earn for you. If you would become wealthy, then what you save must earn, and its
children must earn…

A part of all you earn is yours to keep. It should be not less than a tenth no matter how little you earn. It can be as much more as you can afford. Pay yourself first. Do not buy from the clothes-maker and the  sandal-maker more than you can pay out of the rest and still have enough for food and charity and penance to the gods.

Wealth, like a tree, grows from a tiny seed. The first copper you save is the seed from which your tree of wealth shall grow. The sooner you plant that seed the sooner shall the tree grow. And the more faithfully you nourish and water that tree with consistent savings, the sooner may you bask in contentment beneath its shade.

We must make our money work for us, and make savings and investment a priority.  We need to plant that seed as early as we can, and continue nourishing it so that the tree of wealth will grow and give us shade in the long run.

Lessons From The Parable Of The Richest Man?

This parable is rich in lessons and advice, and I probably won’t touch on them all. Here are the main lessons I gleaned from the story:

  • Seek out the wisdom of those who know and who have experienced success:  The richest man in Babylon knew that he needed to seek out the advice of those who knew more than he did. He sought out wise counsel and received good advice that helped him to prosper.
  • Pay yourself first:   In the parable the teacher tells the student that you must save at least a tenth of what you earn, no matter what you earn.  If you can afford to save more, you should.  Don’t forget to also give (I might put this before the saving part).
  • The law of compounding returns: The earlier you start saving and more faithfully you save, the sooner you’ll be well off and wealthy.  You must also invest your money and make a return if you want to become wealthy.
  • You won’t miss the money you pay yourself first: In the parable it talks about how if you make your saving a habit or automatic every time you get money, it won’t seem like you’re living on less money than before.  “Each time I was paid I took one from each ten pieces of copper and hid it away. And strange as it may seem, I was noshorter of funds, than before“.

The whole book is full of great lessons that we would all do well to heed.  Amazing how relevant the book is even today 85 years later.

Have you read the book “The Richest Man In Babylon“?  If so, what other lessons have you learned? 

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Source: biblemoneymatters.com

Apache is functioning normally

By Peter Anderson 4 Comments – The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money. Last edited November 7, 2011.

Lending Club has been having another banner year, reaching a variety of milestones and being honored with several different awards, including the World Economic Forum 2012 Technology Pioneer.  Among the recent milestones that they have achieved include last week when they reached $400 million in total loan originations, less than 4 months after they reached $300 million!

We’re proud to announce that this week Lending Club passed $400 million in total loan originations, less than four months after reaching $300 million. It’s hard to visualize such a large number, and we’ve had some fun kicking around ways to understand just how much money $400 million is—for example, it could buy 100 million gallons of gas (enough to drive from San Francisco to New York 1 million times!), 200 million Slurpees, or maybe 250 Lamborghini Reventons.

But in all seriousness, reaching $400 million is a big milestone for us, and an exciting way to move into the final months of what has been a tremendous year for Lending Club.

While Lending Club has been having a good  year, the returns I’m seeing mean I’m continuing to have a good year as well.  The returns are much better than anywhere else my money is currently.  I’m seeing in excess of 11% returns when my stock market holdings are down, and savings accounts are yielding right around 1% in interest.  I think Lending Club and social lending in general are a great way to diversify your savings and investments especially in such turbulent times.

Interested in my original Lending Club Review? check it out below.

Check out my original Lending Club review

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Returns Now Up To 11.03%

My Lending Club investments have continued to improve, and they’ve now surpassed the 11% mark for the first time.

  1. Net Annualized Return of 11.03%: Up from 10.93% in September, 10.76% in August and 10.53% before that. That puts me in the 59th percentile. My returns are higher than 59% and lower than 41% of all investors.
  2. Number of defaults still zero… for now: Despite all odds I’m still showing zero defaults on my account, despite having given out over 100 loans so far. I’m actually surprised I haven’t had at least one or two. I do currently have two loans that are late, however. The funny thing is that the late loans are a Grade B and A loan, not one of the many lower grade ones I’ve signed up for. Go figure.
  3. Twenty loans have been paid off early: Nine were A grade loans, five were C grade loans, four were grade B and one grade E and F. Looks like grade A loans, while they’re more likely to be paid back, may also be more likely to pay of early – reducing returns.  Another reason to look at including more higher grade loans.
  4. My account balance still going up: I currently have $2,631.70 in my account, with $454.28 of that ready to invest.
  5. I’m still diversified by investing across a large number of loans: I’ve got 133 loans, with no more than $25 in each loan. That way if I do have defaults, while my return may go down, my risk will be minimized. Lending Club noted earlier this month, that 100% of their investors who have invested 800 notes or more had positive returns. Not too shabby, not everyone in the stock market can say that!

So it looks like my strategy I laid out a while back of adding more risky C, D, E and F grade loans is paying off so far.  My returns have gone up past 11% now!

How Do You Measure ROI?

One thing that is often talked about in the peer-to-peer lending world is how you can determine a more accurate way of knowing your true return on investment (ROI).  Some have complained that the numbers on the Lending Club and Prosper sites will give an overly rosy view of what your actual or projected ROI will be, and the ways that they calculate your ROI are not standardized.  They don’t take into account  future default rates of your loans, how young or old your portfolio is, and other things that may be a factor.  It’s basically a take or leave it when it comes to accepting their stated ROI on your portfolio.

This past month I read a great post over at SocialLending.net that talks about 5 ways to measure your ROI, and he expands on some alternative ways and tools that are out there for people to measure their own ROI.  I normally just rely on what the Lending Club site tells me it is, although I know in reality it may be a bit lower.  In checking my net annualized return this month on Lending Club, it sits at 11.03%.

One of the sites mentioned by Social Lending is Nickel Steamroller’s Lending Club portfolio analyzer.  Basically the analysis tool with give you an estimated ROI after you download all your notes from your Lending Club account and upload the .csv file.   It will go through you notes and give sell recommendations, show duplicate notes and highlight  notes that are below Lending Club’s average return (so you can sell them on the secondary platform).   In looking at my returns on the analyzer, my actual return according to the site will be closer to 9.79%.

I think my return is showing lower in part because I’ve currently got two loans 31-120 days late and a number of my loans are still relatively young.  So we’ll see if this lower ROI bears itself out over time.  I hope it’s higher though!  I’ve gone a couple of years now with no defaults, I’m hoping I can continue that trend – but I wouldn’t count on it!

Lending Club Strategy

Here’s the basic strategy I’ve been using with Lending Club over the past couple of years.

  • Less than $10,000: I believe I’ll still be sticking with mostly loans below $10,000. Lower amounts mean higher likelihood of payback of the loan.
  • Zero delinquencies: Again, I may fudge slightly on this one, but I still want it to be very few or zero delinquencies.
  • Debt to income ratio below 20-25%: I like to invest in loans where the borrowers have a lower DTI ratio, and preferably have higher incomes. I’ll try to keep this as is.
  • Good employment history: I like loans with a decent employment history of at least 2 years, and a decent income.

So that’s what I’m doing with my Lending Club portfolio right now, and how I’m investing.

Not ready to invest, but looking to consolidate debt or pay off a high interest credit card? You might want to consider borrowing from Lending Club. Check out my post on borrowing from Lending Club.

Are you currently investing in Lending Club? How are your returns looking? Tell us in the comments!

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Source: biblemoneymatters.com

Apache is functioning normally

It’s easy to overspend, especially when you can buy things online with a couple of clicks or simply swipe a credit card. But over time, those purchases can really add up.

Approximately one in five American workers run out of money before their next payday, according to a recent survey. And, sticking to a budget is a problem many people have, other research shows.

Fortunately, there are strategies that can help you develop healthier spending habits. Here are six ways to stop spending money.

Ways to Curb Spending

1. Mapping Out a Budget

Without a budget, you can spend money mindlessly, without thinking much about it. Mapping out your spending patterns and essential expenses by creating a household budget can help you see where your dollars go and figure out where to cut back. In short, it can teach you how to be better with money.

To create a budget, start by tracking your current spending patterns. Check your monthly bank statements or receipts from recent purchases. You can also use a free tool to track your spending, which makes the process even easier.

Identify essential expenses from non-essential ones. Necessary spending includes such items as housing/rent, groceries, utilities, healthcare costs, and transportation. Non-essential costs are things like eating out, leisure travel, and entertainment. You may be surprised to see how small daily purchases — such as eating out for lunch every work day — can add up to a lot of money spent over the course of each month.

Once you figure out how much you tend to spend in each expense category, it may be easier to identify places where you could cut back and reduce excessive spending. A monthly budget can allot specific amounts of money for vital expenditures, savings, investing for retirement, and fun activities, too.

Recommended: 10 Personal Finance Basics

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2. Calculating Hourly Earnings

A night out may not seem like a huge splurge in the moment — especially when compared to your total earnings for the month. But, that same expense can quickly appear more significant, when you tabulate how many hours of work are needed to pay for it.

To figure out your hourly pay, divide your after-tax pay by the number of hours worked. If you get paid twice a month and work a 40-hour week, divide your total earnings by 80 (two weeks times 40 hours).

For instance, a birthday dinner and drinks with friends that costs $200 would translate to eight hours of work if you earn $25 per hour.

Whether that spend feels worth it is a personal decision, but determining how much you earn per hour may provide incentive to stop spending — or to consider carefully before you do to make sure the expense feels worth it.

Recommended: 15 Creative Ways to Save Money

3. Understanding What Triggers Spending

Whether it’s the gourmet food section at the grocery store, the Instagram influencer with the covetable closet of clothes, or that friend who drops big bucks on concert tickets, for all of us, the urge to spend can be triggered by emotions and outside influences.

Even something as seemingly innocuous as the physical shopping environment — think in-store displays, prominent markdown messaging, and subtler cues like store layout — can trigger people to want to spend. When figuring out how to stop spending money, it can be key to understand which emotional or psychological cues make you take out your wallet.

There are a couple ways that understanding your spending triggers may help. For starters, you might plan ahead to avoid scenarios that make you more prone to spend. And, when the urge to shell out cash strikes, evaluate whether the purchase is really necessary or if it mainly feels good but isn’t really helping you in the long run. These tactics can help you manage your money and feel in control.

4. Shopping with a Plan

Of course you can’t always avoid spending triggers. We all have to shop sometimes. Still, it may be easier to avoid the temptation to overspend by creating a shopping list and sticking to it.

For example, going grocery shopping may be easiest to do right after work. But, that time of day may also coincide with when you’re at your hungriest. Hungry shoppers, research shows, tend to buy more non-essential items.

Creating a set list of items to pick up can help you focus on what you really need — rather than buying out of want.

5. Sleeping on It

Before you buy something, take some time to think it over, rather than impulse spending.

Mulling over purchases can be beneficial. You can impartially evaluate whether you might still treasure the item months down the line, or more or less ignore it once the shopping impulse fades.

Studies show that activities that provide instant gratification, such as impulse shopping, activate feel-good chemicals in the brain. But, if that purchase comes at the expense of your long-term goal to save, buying now could set you up for deep regrets later on.

“Sleeping on it” for a few hours (or even days) may give you some necessary psychological distance from the urge to buy.

6. Finding It Cheaper

Of course, there are times when you’ll choose to spend money on specific purchases. Comparison shopping may help you cut back on expenses. You may be able to find the item cheaper elsewhere. Or, you might find a similar brand for less.

It’s also a good idea to keep an eye out for discounted pricing. Holding off on a bigger purchase until it goes on sale, at holiday time, for instance, may lead to additional savings.

Stopping Spending Money Starts with Awareness

Naturally, it’s not possible to stop spending money altogether. But adopting a few smart habits, such as budgeting, understanding your spending triggers, and shopping with a list, could help you take control of your money and spend less.

3 Money Tips

  1. If you’re saving for a short-term goal — whether it’s a vacation, a wedding, or the down payment on a house — consider opening a high-yield savings account. The higher APY that you’ll earn will help your money grow faster, but the funds stay liquid, so they are easy to access when you reach your goal.
  2. If you’re creating a budget, try the 50/30/20 budget rule. Allocate 50% of your after-tax income to the “needs” of life, like living expenses and debt. Spend 30% on wants, and then save the remaining 20% towards saving for your long-term goals.
  3. If you’re faced with debt and wondering which kind to pay off first, it can be smart to prioritize high-interest debt first. For many people, this means their credit card debt; rates have recently been climbing into the double-digit range, so try to eliminate that ASAP.

Better banking is here with up to 4.20% APY on SoFi Checking and Savings.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.

The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with direct deposit can earn up to 4.20% annual percentage yield (APY) interest on Savings account balances (including Vaults) and up to 1.20% APY on Checking account balances. There is no minimum direct deposit amount required to qualify for these rates. Members without direct deposit will earn 1.20% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 4/25/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
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Source: sofi.com

Apache is functioning normally

Save more, spend smarter, and make your money go further

Maybe you just graduated college, or you scored your first “grown-up” job, and now you’re looking for a car that suits your transportation needs. Whatever your situation is, there are a lot of factors to think about before purchasing your first car — the most important one being your budget. Be sure to consider these five things to help you decide whether you can fit the cost of a car into your new monthly budget.

1. Your income

The most important factor that affects your bottom line when it comes to purchasing your first car is your monthly income — especially if you’re buying a brand-new ride. Car payments can be pretty hefty, and if you’re not sure about what you can foot out of pocket each month, it can spell trouble down the line.

It’s a good idea to pay as large a down payment as you can comfortably afford so that you can score lower monthly payments. Experts recommend a down payment of at least 20 percent of the vehicle’s total cost.

Before you head to the dealership, think hard about how much you can realistically budget for your car payment each month, in addition to how much you can set aside for routine maintenance and repairs. Even if you’re buying an older, inexpensive car without a monthly payment, it’s still imperative to have some savings in case issues crop up.

2. Your credit score

If you’re new to this whole “being an adult” thing, you might not have much credit. But establishing a solid credit score is crucial to your car budget, since it directly affects your interest rates when financing your first vehicle. Scoring a good interest rate can save you hundreds — if not thousands — of dollars.

If you don’t have any credit, or you have a credit score that needs some improvement, be wary of dealership salespeople who may try to talk you into a longer financing term. You’ll end up paying significantly more interest over the course of the term, which can negatively impact your future finances.

3. Your financing options

If you’re not purchasing your first car outright, you’ll have to finance it in some way. It might seem strange to shop for loans before you go car shopping, but it’ll give you a better idea of what kind of interest rate and loan amount you can expect once the time comes to secure a financing option.

Compare rates from your bank or credit union to other lenders to see who offers the best option for you. If possible, it’s smart to get pre-approved for financing before you walk into the dealership — that way, you know the cards are stacked in your favor.

If you have little or no credit, you may find that it’s best to wait on your car purchase until you’ve improved your score so that you can get a better interest rate. You’ll be able to better afford your vehicle in the long-term.

4. Your research

While researching cars that you’d like to take a look at and test drive, it’s wise to focus on practicality versus the latest sports car. In other words, prioritize what you absolutely need out of a vehicle rather than what you want. This keeps your car payments lower and helps reduce other ownership costs, such as routine maintenance, repairs and fuel expenses.

Look for vehicles that have a solid track record of safety, reliability and inexpensive maintenance. Reference trustworthy sources, such as Edmunds.com, Kelley Blue Book, J.D. Power and Consumer Reports, to find honest reviews and helpful information.

Make sure you also compare prices across multiple dealerships for each vehicle you’ve got your eye on to ensure you get the most bang for your buck.

5. Insurance rates

Once you’ve narrowed down a list of vehicles to shop around for, call around or go online to compare car insurance quotes for each one. It’s key to incorporate your monthly insurance cost into your budget. Not only is liability insurance required in the vast majority of states, but most lenders also require that you carry comprehensive and collision coverages (a.k.a. “full coverage”) for the life of the loan.

To get the most accurate auto insurance quotes, there are a few pieces of information you should have handy:

  • Year, make and model of each vehicle you’re getting quotes for
  • Your social security number, which allows insurers to pull your credit-based insurance score
  • Your driving record and insurance history (if you have one)
  • Your coverage and deductible needs, plus any optional coverages you’d like to carry
  • Purpose of the purchase — whether you’ll be using the car for business, commuting or pleasure
  • Safety and security features on each vehicle, which can score you discounts
  • Vehicle identification numbers (VINs), if possible
  • Address where you’ll be garaging the car (usually your home address)

Though this may seem like a lot to consider when deciding how to include your new car purchase in your monthly budget, it’s best to think about these things ahead of time. You’ll be sound in your purchasing decision and sound with your finances — a win-win!

Haden Kirkpatrick is the director of marketing strategy and innovation at Esurance, where he is responsible for all initiatives related to product and service innovation. He manages the annual planning processes for the marketing and service business units. Haden is an innovator who is constantly thinking about how IoT, blockchain and machine learning will impact the insurance industry. He is also a mobile guru, aspiring yogi and mixed martial artist.

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How Rising Rates Affect Bank Stock

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Rising interest rates can be good or bad news for bank stocks — sometimes both at the same time. Banks can earn more money when they can charge more for loans, but borrowers may want fewer loans, which can depress profits. Also, banks must pay more when they borrow funds. Finally, banks’ portfolios of bonds usually decline in value when interest rates rise, which can harm the bank’s balance sheets and cause investors to shy away from them. Individual banks may do better or worse when rates rise, depending on their specific markets and business model.

To figure out how bank stocks could fit into your plans, consider working with a financial advisor. 

Recent Bank Stock Performance

A little more than a year after the Federal Reserve began hiking interest rates on March 16, 2022, one broad-based measure of bank stocks showed how rates can negatively affect shares of banking companies. The S&P Banks Select Industry Index, which tracks shares of 94 banks and other financial services institutions with market caps that range from less than $1 billion to $382 billion, was down 28.86% in the year ending March 30, 2023. While this was a challenging period for stocks in general, the S&P 500 Index of 500 large firms in diverse industries was down a more modest 9.29% for the same period.

This poor showing by bank stocks during a year of rate hikes contrasts with a positive annualized return of 11.51% for the previous three years. That period includes two years of stable interest rates and relatively good price performance before the rate hikes started.

This general trend is in addition to the singular failures of two large institutions, Silicon Valley Bank and Signature Bank, which were shut down by regulators during March 2022. These banks were victims of runs by depositors who rushed to withdraw funds after concerns about the banks’ stability arose.

How Interest Rates Affect Bank Stocks

The interplay between bank stocks and interest rates is not perfectly straightforward, however. Higher rates can both benefit and imperil banks. Here are some major factors affecting how bank stocks respond to interest rates:

  • Higher lending profits. Banks make money by lending money and their profit margins may rise when they can charge more to borrowers, which naturally helps buoy banks shares.
  • Less loan demand. When loans costs more, borrowers are less interested in borrowing, which can depress bank shares. Also, rate hikes tend to depress overall economic activity, which can further reduce loan demand.
  • Higher borrowing costs. Banks don’t just lend money. They also borrow from various sources, including the Federal Reserve, which manages overall rates by increasing the rate it charges to member banks for borrowing from it. Depositors, too, want higher rates on savings accounts and certificates of deposits, so banks have to pay more to remain competitive.
  • Bond portfolios. Banks can’t lend out all the money they have. They must hang onto some of their total capital as a reserve. These reserves are typically invested in bonds, which tend to decline in value when rates rise – especially if those bonds are hold-to-maturity fixed-income securities. If the value of these reserves declines enough, it can make banks vulnerable to customer withdrawals, trigger regulatory scrutiny and, potentially, being shut down. Investors who see declining reserves often unload bank stocks, causing prices to fall. The problems at Silicon Valley Bank, Signature bank and First Republic, for example, were caused in part by steep declines in the value of their portfolios of bonds, which limited their ability to raise money to pay off depositors when bank runs gathered momentum.

Interest rates aren’t the only economic factors that affect banks. For instance, central banks tend to increase rates when economies are strong, because strong economies tend to bring about inflation. Loan demand tends to be strong when the economy is, so for a while at least when rates rise some banks may enjoy continued good demand for their relatively high-priced loans.

Also, much depends on the circumstances of individual banks. For example, Silicon Valley Bank failed while nearly all other banks survived the challenging economic climate, in part, because it had as customers a higher-than-average percentage of venture capitalists. At the same time shares in the more-diversified JPMorgan Chase & Co., the nation’s largest bank, were down only about 4% during the year after the rate hikes started.  That’s much less than the S&P bank index and better than the overall stock market performance.

The Bottom Line

Banks and interest rates have a complex relationship that includes the opportunity to earn more profit from lending when rates rise, but only if they can overcome the obstacle of higher borrowing costs for their own funds. The round of rate hikes that began in March 2023, along with other influences, has led to a steep decline in the value of the typical bank stock. This suggests that most banks, in the eyes of investors, are not being helped by higher interest rates. However, broad characterizations of the impact of rising rates on bank stocks may be inaccurate in the case of individual stocks.

Investing Tips

  • To better understand how investing in banks and financial services companies can play a role in your portfolio, consider talking to a financial advisor. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
  • Interest rates affect far more than bank stocks. The SmartAsset guide to interest rates shows how rate trends impact many aspects of your personal financial life, from the cost of a new mortgage to the return on your savings account.
Mark Henricks
Mark Henricks has reported on personal finance, investing, retirement, entrepreneurship and other topics for more than 30 years. His freelance byline has appeared on CNBC.com and in The Wall Street Journal, The New York Times, The Washington Post, Kiplinger’s Personal Finance and other leading publications. Mark has written books including, “Not Just A Living: The Complete Guide to Creating a Business That Gives You A Life.” His favorite reporting is the kind that helps ordinary people increase their personal wealth and life satisfaction. A graduate of the University of Texas journalism program, he lives in Austin, Texas. In his spare time he enjoys reading, volunteering, performing in an acoustic music duo, whitewater kayaking, wilderness backpacking and competing in triathlons.

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