A beautiful unit just came to market at 500 Waverly, on the corner of Waverly Avenue and Fulton Street — where the neighborhoods of Clinton Hill, Fort Greene, and Prospect Heights all meet.
But if you think location is all this apartment has going for it, you’d be sorely mistaken.
The sun-filled corner unit has both space and views to boast, thanks to its clever layout that maximizes every inch of the apartment, despite its rather modest 690 sq. ft.
The living room has a highly coveted North and West corner exposure with great views of the colorful facades of the original 1930s buildings across Fulton Street and the courtyards of the neighboring buildings of Clinton Street. The living room is large, and spacious enough to have a separate dining table and chairs.
And if you’re a sneakers buff, then here’s a special treat for you: the 500 Waverly apartment has the most insane sneakers collection!!
Based on the listing photos, we can assume that the current owner sure has a knack for his Nikes and Jordans, and doesn’t want to have them sleeping in a separate room all by themselves, fitting the bedroom with a wall-to-wall display to showcase them.
It doesn’t hurt either that the Drake-worthy shoe collection stands right next to the oversized windows (and 9′ ceilings) that shower it with light, letting us properly appreciate the impressive sneakers collection in all its glory.
While the badass shoe display totally caught my eye, another nifty feature this apartment come with — and a little more practical than the shiny shoe collection — is a 25-year 421A tax abatement that will be keeping monthlies low for future owners.
The unit is part of 500 Waverly, a boutique condo building designed by GKV Architects.
Recently completed in 2017, the stylish 500 Waverly only comes with 48 residences, but has quite the list of amenities, including an entertaining lounge, a second-floor terrace with grills, a landscaped rooftop terrace with jaw-dropping views of the neighboring tree-lined blocks and the Manhattan skyline, a fitness center, bike storage, and fully-automated on-site parking (though that’s not included with the purchase, according to the listing).
To inquire about the property, reach out to agent Frank Suriano with Compass, who holds the listing.
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A popular retailer has filed for bankruptcy and has announced its store in Flint, Michigan, will close.
Christmas Tree Shops, a home decor, furniture, and discount gift retailer, is the latest business to file for bankruptcy protection. It has also announced ten of its stores will be closed.
The Christmas Tree Gift Shop (now known as CTS) first opened as a seasonal gift shop open between May and October in the 1950s. Bed Bath & Beyond owned it for some time before being acquired by Handil Holdings in 2020.
At the time of the bankruptcy filing, the brand had 82 stores across 20 states and employed more than 5,700 staff nationwide.
According to Forbes, the “company attributed the bankruptcy to high inflation, recent interest rate hikes and dropping consumer demand for home goods and seasonal decoration.”
“Christmas Tree Shops is in bankruptcyprobably for the same reasons as Bed Bath & Beyond but with less of a lead-up. It’s another store that sells everything, and you can still get that stuff easier from Amazon.” Ted Gavin, managing director and founding partner of Gavin/Solmonese, a corporate recovery firm
Stores closing in Flint, Michigan
The store in Flint was one of the ten stores listed to close. A sale has commenced, and according to a press release, “shoppers can take advantage of discounts up to 30 percent off the lowest ticketed prices throughout the store. These stores offer a huge selection of home décor, furniture, gifts, and so much more, including popular brands, now at even lower prices.”
4071 Miller Road, Flint, MI, 48507
No date has been listed for when the store may close, so shoppers should act quickly to take advantage of this sale.
Several retail chains have filed for bankruptcy recently, including Bed Bath & Beyond, Tuesday Morning, David’s Bridal, and Party City. Other major retailers such as Walmart, Macy’s, GAP, and Best Buy are also closing stores across the United States.
Your thoughts
Are you concerned about the number of retail businesses closing? Do you believe the government should offer these businesses more financial support? Do you fear we will head toward a recession? Who is to blame for this retail crisis?
Please leave your thoughts in the comments below and share this article on social media so more people can join the discussion. And to keep up to date with all the latest retail and business developments, make sure you click the follow button!
No matter what city in America you’re in, there’s an incredible amount to see. From historic buildings to museums, shops, restaurants, and more, each city is exciting and interesting in its own way.
But some cities have a little bit more beneath the surface that many people aren’t aware of. In fact, some cities have bustling metropolises underneath their streets! Check out these amazing underground cities across the country:
Atlanta, Georgia
Atlanta is home to an impressive amount of U.S. history, much of it in what’s now the city’s underground. Commonly called the “City Beneath the Streets,” Atlanta became one of the first big metropolises in the south before the Civil War began, making it a destination for Confederates and a target for the Union army.
Though much of it was demolished during the war, Atlanta rebuilt itself, erecting banks, businesses, and railways in the late 1800s. The railroads crossed over each other on bridges, which were eventually connected by concrete viaducts.
These concrete structures created a “second level” of the city, causing merchants and business owners to move their business up (literally). This left the original underground area unused for dozens of years until the city restored it, declared it a historic site and opened it to visitors.
Portland, Oregon
A tunnel system that spans several blocks beneath the surface of Portland connects hotels, restaurants and other businesses from Chinatown to the city’s downtown area. Known locally as the “Shanghai Tunnels,” these tunnels are said to have been used by disreputable people to Shanghai – or kidnap – men and force them to work on ships starting in the 1850s.
The Shanghai Tunnels got their name from people allegedly shanghaiing men who worked in Portland (this practice was supposed to have started in the 1850s). Shanghaiing was the practice of kidnapping able-bodied men and taking them through the underground tunnels to their docked ships. Then they’d be held captive on the ships and put to work when the ships reached the ocean.
During Prohibition, the tunnels were allegedly also used for kidnapping women and selling them into prostitution, although historians have found no evidence that the tunnels were ever used for either of these purposes. Still, locals and visitors to the city enjoy touring the tunnels, which are also said to be haunted.
Washington, D.C.
Like in Portland, a network of tunnels lies under America’s capital, connecting government buildings, subway stations and more. Unlike in Portland, Washington, D.C.’s underground city is very much in use today. In fact, the tunnels are lined with restaurants, retailers and food courts.
Because the tunnels connect government buildings, like the Library of Congress, the U.S. Capitol and many more, you may run into a congressman or two on your way through them!
Houston, Texas
Another city with an expansive tunnel system is Houston. Downtown Houston has tunnels beneath the surface that extend for more than 6 miles, spanning 95 city blocks total.
The tunnels connect office buildings, and they’re largely used by businessmen and women, which means they’re closed on the weekends. They contain restaurants, food courts, shops and other amenities that Houston’s business people may need during their work days.
New York City, New York
Beneath New York City, you’ll find many underground areas, some connected and some not. On a ride on one of the city’s subway trains, you may find yourself noticing abandoned subway platforms, like the City Hall station, which has been out of use for years.
In the Meatpacking District, a collection of underground tunnels remains that was previously used to transport cattle from the Manhattan docks to their slaughterhouses.
There are also crypts that lie underneath a cathedral in Little Italy and vaults full of rare books and research materials that can be found under the New York Public Library. With all of these underground destinations, not to mention its renowned subway system, New York City truly has an underground metropolis.
Seattle, Washington
A public tour of one of the coolest underground cities of all time starts in a restored public house that was originally built in 1890. From there, visitors will learn about Seattle’s Underground, made up of a town that was largely demolished during the Great Seattle Fire of 1889.
Because the city was originally built on swamp-like land that was difficult to construct on, the town’s government decided to raise itself up and build a new city one story above the old one.
New stone and concrete streets were built above the old remnants of the city– which lies under the historic Pioneer Square– and eventually covered it completely, leaving just a network of tunnels beneath the surface. It wasn’t until many years later that the city decided to preserve what was left of the underground and began offering tours.
Kansas City, Missouri
SubTropolis is a huge underground building complex located under Kansas City and it’s home to several businesses and thousands of workers. SubTropolis was originally built in 1964 from an excavated mine, and is about 6 million square feet in size and still growing.
The tenants of SubTropolis love it for its amazing insulation, which keeps it at a constant 68 degrees. In fact, it’s such a stable environment that the U.S. Post Office uses it to store their collectible stamps.
The VA streamline refinance is the quickest, cheapest, and most beneficial type of refinance for veterans who currently have a VA home loan. VA refinance rates are at historic lows. If you are interested in reducing your interest rate and monthly payment, it’s worthwhile to check current VA streamline rates.
The VA streamline is one of the only refinance programs available in 2023 that allow you to qualify without income or bank account verification. It’s available to those with less than perfect credit. It is one of today’s quickest and easiest refinance options.
Check today’s VA streamline refinance rates by completing this quick online form.
What is a VA Streamline Refinance Loan?
The VA streamline helps veterans lower their mortgage rate and payments. When rates are low like they are now, veterans can refinance into a new loan based on today’s rates, and often reduce their monthly payment quickly and easily.
This loan type, also called the Interest Rate Reduction Refinancing Loan (IRRRL) eliminates many of the roadblocks that hold up applicants on other types of refinances. The VA Streamline is much easier because:
No paystubs or W2s are required
No bank statements are required
No home appraisal is required
There is no loan-to-value limitation because no appraisal or value is required.
Underwater homes are eligible
The required funding fee is lower than for VA purchase loans
Closing costs can be wrapped into the new loan, meaning little or no out-of-pocket expenses
Get a VA streamline rate quote here, no obligation.
Why is this loan so easy to obtain? Homeowners with a VA loan are more likely to make payments on time if their payments are lower. It benefits everyone when veterans have affordable mortgage payments.
Current VA Refinance Rates
VA streamline refinance rates are at historic lows. Many Veterans who have purchased or refinanced a VA home loan in the past few years should check today’s VA rates to make sure they have the absolute lowest rate and monthly payment possible.
Click here for a free VA streamline rate quote.
Eligibility
If you’re interested in a VA Streamline (IRRRL) you must currently have a VA loan. Your mortgage professional will pull a Prior Loan Validation from VA’s website to prove current VA loan status. There are some additional requirements.
On-Time Payments
In addition, you are required to have made on-time payments over the past year, with no more than one payment that was 30+ days late in the past 12 months. If you did have a late payment, say, 8 months ago, you may want to wait 4 months before applying.
The VA Streamline Refinance Must Improve Veteran’s Situation
The VA streamline has to put the borrower in a better financial situation. VA lenders may only approve streamline refinances that help the veteran.
The new payments on the VA streamline must be lower than your current payments. There are a few exceptions, like when you:
Refinance an adjustable rate mortgage (ARM) to a fixed rate mortgage.
Refinance into a shorter term
Finance energy efficient improvements into the VA streamline
In all cases except for an ARM refinancing into a fixed rate, the interest rate must decrease.
Check VA streamline refinance rates here.
To prove the benefit of the refinance, your lender will provide you with a form stating the interest rate and payment of your current loan compared to the rate and payment of the new loan. The form will also state how long it will take the refinance to pay for itself. For instance, if the refinance will cost you $3000 in closing costs, but you are saving $300 per month, you will make back the cost of the refinance in 10 months. Be sure to review this form to make sure you are receiving an adequate benefit from the refinance. Talk to one of our VA experts to determine your refinance payback time frame.
Occupancy
You must certify that you previously occupied the home that you are refinancing with a VA streamline. Those applying for a VA streamline are more likely to qualify if they currently live in the home.
There are still instances where you may still qualify if you don’t live in the home. For example, if you lived in the home, then relocated and rented it out, you still may be able to apply for a VA streamline. Speak with your lender for more information.
VA Streamline Funding Fee
The VA funding fee is required on most purchase and refinance VA loans to defray the costs of the VA home loan program. In most cases, the VA Streamline funding fee is 0.50% of the new loan amount. This fee can be financed into the loan so that the veteran does not have to pay it at closing of the loan.
Check today’s VA rates.
The fee is waived for veterans who are disabled due to service-related injuries. The VA makes this determination and provides it to the lender.
The 0.50% fee is much less than the 2.15% or 3.3% usually required for purchase or VA cash out refinance loans.
Subsequent Use
The VA streamline is not viewed as a subsequent use of your VA home loan benefit. You will not incur the 3.3% subsequent use fee because you used the VA streamline refinance program.
Entitlement
This loan does not use any of your VA home loan entitlement, nor do you have to prove remaining entitlement to obtain a VA streamline. Your remaining VA entitlement after purchase of the home, if any remains, does not change when you obtain a VA streamline.
Loan Terms and VA Streamlines
As discussed previously, your VA loan term may decrease, for instance, from 30 years to 15 years. In this case, it’s OK that your payment increases.
You can also refinance a 15 year loan into a longer term loan. However, keep in mind that the most your loan term can increase is 10 years. So if you currently have a 15 year term, the longest loan you can refinance into will be 25 years.
Apply for a VA Streamline
Complete a short online form to get a free rate quote and see how much you can save.
Can I refinance my Home if it’s Underwater?
Yes. The VA streamline does not require an appraisal, therefore no value is established for the property. The basis for the loan is the existing VA loan, not the current value of the property.
Do lenders impose additional rules for VA streamlines?
Yes. Often, lenders will impose “overlays,” which are additional guidelines on top of VA’s requirements. Each lender has the right to establish their own standards for lending on VA loans.
For instance, the VA does not require an appraisal or credit report. But almost all lenders require a credit report, and many require an appraisal for a VA streamline. If you are worried about the value of your home or the cost of the appraisal, find a lender who will complete the loan without an appraisal.
Do I need my COE for a streamline?
No. Your Certificate of Eligibility (COE) is needed for your VA home purchase, but not for a streamline. Since you already have a VA loan, most lenders will simply request a prior loan validation directly from VA’s website in lieu of a COE. If you have questions about your COE, contact us.
Get a free VA streamline rate quote here.
Can I add or remove anyone from the mortgage with a VA Streamline?
In some cases, parties can be added or removed. The general rule of thumb is that the veteran who was eligible for the original loan must remain on the loan. The exception is when a spouse and veteran are on the existing loan, and the veteran passes away. In this case, the spouse may be able to refinance with a VA streamline without the eligible veteran.
What if the VA streamline raises my payment?
The payment is allowed to rise as a result of the VA streamline in some cases. In the very rare case that the new payment goes up 20% or more because of these features, the lender may ask for full income documentation. Usually the payment does not rise that dramatically because of the below factors:
ARM to Fixed Rate
Because fixed rate mortgage generally have higher interest rates than adjustable rate mortgages (ARMs), your payment may go up. But, often it is a good trade off to know that your payment won’t change over the life of the loan like it can with an ARM.
Check VA rates today.
In some cases, your rate and payment may even go down if your ARM interest rate is higher than today’s low fixed rates.
Shorter Term
The VA streamline allows you to refinance from a 30 year loan into a shorter term, such as a 15 year term. In this case, it’s OK for your payment to rise as long as your interest rate goes down. Since shorter term loans pay off faster, payments are bigger than loans with longer terms.
Energy Efficient Improvements
As an added benefit, the streamline refinance program allows home owners to finance up to $6000 in energy efficient improvements for their home. These improvements will save home owners money over time and are a great option for those who are interested in upgrading and adding value to their home. Some examples of energy-efficient items are programmable thermostats, insulation, solar heating, and caulking/weather stripping.
In some cases, the veteran may receive cash at closing of a VA streamline for reimbursement of energy-efficient items. Check with your lender for details.
What if I have a Second mortgage?
Second mortgages on VA loans are fairly rare, since VA loans do not require a down payment, and therefore not enough equity exists to obtain a second mortgage.
In the case that there is a second, the new VA loan from a streamline can’t pay it off. A VA cash out loan would be required. Any additional loans on the property need to be “subordinated,” or put underneath on title, behind the new VA loan.
Can I get cash at closing with a VA streamline?
No. VA streamlines are meant only to pay off the existing loan and closing costs. The only exception is when a veteran prepays for energy-efficient improvements and needs to be reimbursed for actual costs.
Should I apply for a VA streamline with my current lender?
Although your original lender or current mortgage servicer might be able to do your VA streamline, it is not required. Any VA-approved lender can do your streamline, and it’s best to check with a few lenders to compare interest rates and fees.
Get a personalized rate quote here.
Is VA streamline the same as HARP 2.0?
No. HARP 2.0 is a refinance for loans owned by Fannie Mae or Freddie Mac. Fannie/Freddie do not own VA loans, so a HARP loan can’t refinance a VA loan.
Can I refinance my VA loan with a new conventional loan?
Yes, if you have enough equity and meet other qualification standards for conventional loans. If you have 20%+ equity in your home, it would be possible to open a new conventional mortgage without a funding fee or mortgage insurance, to refinance the current VA loan. This type of loan would require an appraisal and full income, asset, and credit underwriting.
Check today’s VA streamline rates.
What are the closing costs on a VA streamline?
Closing costs vary greatly from lender to lender. Borrowers should shop around to find the best interest rate and closing cost combination for them. There are certain closing costs the veteran can and cannot pay on a VA loan. For an in-depth look at closing costs, see our closing cost page. Generally, rules for VA streamline closing costs are the same as for purchase closing costs, except that the veteran may not finance more than two discount points (2%) into the new loan. Discount points are points paid to reduce the interest rate. For a closing cost quote based on your specific situation, contact a licenced VA lender.
Can the lender pay my closing costs instead of including them into the new loan?
In some, cases, the lender can give you a higher interest rate and pay your closing costs, and sometimes even your funding fee. The closing costs aren’t added to the loan amount; the lender pays them for you by using the excess profit from the loan. Usually this works best when rates are very low, or if you currently have a high interest rate. In these cases, you lower your rate substantially, despite the rate hike given to you to pay for fees.
Check today’s rates.
For instance, if market rates are 4.0%, your lender might give you a 4.25% rate and pay all your closing costs. You still end up with a great rate, and don’t add much principle to the loan balance. This isn’t always an option, though, and often closing costs need to be wrapped into the new loan or paid in cash.
Can I skip a payment by getting a VA streamline?
No payments can be skipped. Sometimes, depending on the closing date of the new loan, it appears that a payment has been missed because the previous or subsequent month’s interest was wrapped into the new loan. However, the VA does not condone this practice as a method to “skip” a payment. The VA lender should not coach the borrower to structure a refinance in this way.
How do I know if market rates are lower than my current rate?
The amount of money that you can save with a VA streamline refinance varies with the current VA interest rates that change based upon the normal market fluctuations. You should look at the current VA rates displayed on our site and match them against the rate you got when you initially got your VA loan. If the rate is lower than what you are currently paying, there’s a strong chance that you can save money with a VA streamline refinance loan.
Check today’s rates and see how much you can save.
Can I use a VA streamline to refinance another type of loan?
No. VA streamlines or for VA to VA refinances only. If you have a conventional, FHA, USDA, or other type of loan, you could possibly use a VA cash out refinance. You would need an appraisal, and income, asset, and credit documentation.
I’m Ready to Apply for a VA Streamline. What’s my Next Step?
Call (866) 240-3742 or simply complete our online form for a free, no obligation VA streamline rate quote. Rates are low and it’s a great time to lower your home payment.
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Whether you like flashy sports cars or practical minivans, shopping around for cars can feel like a fresh start. The problem is, most people can’t afford to pay out of pocket.
So how do you get a car loan to help turn your motorized dreams into reality? Like most big purchases, creating a thorough plan is a must. Understanding all your financing options, how a car loan will affect your credit, and how you can get the most bang for your buck will save you headaches—and debt—down the road.
Have a specific question in mind? Use the links below to get straight to the information you need:
What Are the Steps for Getting a Car Loan?
Throughout the financing process, remember that you’re shopping for two different products: the car and the car loan. Before setting foot on a dealership, take the time to weigh all your options so you feel 100% certain that investing in a new car is the best decision for your financial health as a whole.
Start with a Budget
If you don’t have a monthly budget, it’s time to create one. Assess all the monthly debt payments you currently have—such as rent, student loans, and credit card bills—and then figure out how much you’ll be able to afford on a monthly car payment.
Your car payment calculations should include not only the amount paid back to the lender, but also gas, insurance, and maintenance fees. If you come up with a number that won’t work with your income, consider saving for a larger down payment so you won’t have to take out a large car loan.
Check Your Credit Score
Request a copy of your free credit report to determine how your score will affect the loan shopping process. When doling out the best rates, lenders look for a score of 760 or higher and will give you a better deal the higher your score. Payment history, debt-to-income ratio, and the history of your credit lines all affect that magic three-digit number.
Start by fixing any inaccuracies you find on your report that could be dragging down your score. Within a month or two, you should see the mistakes removed which may make your number rise. If you aren’t in a rush to purchase the car, work on bringing your score up to help you get more favorable loans when it does come time to apply.
If you don’t have the time or ability to raise your credit score before purchasing the car, you could find a co-signer for the loan. Consider asking a parent, friend, or family member with a good score to co-sign. It’s important to remember that the co-signer is responsible for paying back the loan if you’re unable to make the monthly payments, and the credit score of both you and the co-signer will be affected by late or missed payments.
Explore All Your Loan Options
There are two main ways to get a car loan: direct lending and dealership financing. After picking out the car you want to buy, consider which option makes the most sense for you.
Direct Lending
Direct lending entails receiving a loan from a bank, credit union, or online lender. You’ll agree on the amount of the loan and the finance charge, or interest rate, that you’ll pay on the loan. Some things to note about receiving direct lending:
Banks often offer competitive interest rates but are more exclusive about who they offer a loan to. It is more likely you will need to have a good or excellent credit score to obtain a desirable loan from a bank. You don’t usually have to be a member at the bank to apply for an auto loan or get pre-approval.
Credit unions may have an easier loan application process and lower interest rates. However, you must be a member to apply for a loan.
Online lending websites often contact several lenders at the same time so you can easily obtain competing loan offers. Just like a bank or credit union, you will determine the terms of the loan with the lender. Make sure to always do background research on each lender you contact to ensure they aren’t predatory lenders.
Dealership Financing
Some dealerships offer on-site financing, which means you agree on the loan amount and interest rate with the dealer. Here are some things to keep in mind:
The dealer will gather all your information and send it to one or more prospective auto lenders, who will then give the dealer a “buy rate.” This could be higher than the interest rate you negotiate because it could include a compensation fee for the dealer handling your loan.
Because you are treating the dealership as a one-stop-shop for all your car needs, you might be offered special deals or rebates that include low interest rates.
Get Pre-Approval
Whichever financing option you decide to pursue, don’t just take the first loan offer that comes your way. Take the time to shop around and get competing rates through the pre-approval process. This entails asking multiple lenders to look at your credit report and draft up the loan amount and interest rate they’d be willing to offer you.
Pre-approval may give you more bargaining power with a dealership than if you went in without a financing plan. You also might be able to hunt down the best deals because lenders are competing for your business. Remember, just because you receive pre-approval from a lender doesn’t mean you have to take their offer.
An important element of loan shopping is keeping your pre-approval applications and final loan applications within a short window of time. Every time a lender looks at your credit report, it triggers a hard inquiry. If you build up too many hard inquiries, it could lower your credit score.
Fortunately, Turbo uses VantageScore, one of the common scoring models, which offers a 14-day grace period. If multiple hard inquiries are made during this time period for an auto loan, it will only be counted as a single inquiry—thus protecting your score.
Negotiate the Total Cost
Once you’ve found a lender that you want to finance your car loan, consider negotiating the final deal. This includes:
Length of the loan. Typically, a shorter loan will have higher monthly payments but lower interest rates. A longer loan will have smaller monthly payments and higher interest rates.
APR and interest rate. Depending on your pre-approval offers, you might be able to negotiate for a lower interest rate. This means you’ll pay the lender less to borrow the money over the length of the loan.
Additional add-ons. Extended warranties or additional insurance can raise the total cost of the loan.
Special offers or discounts. If you’re getting your loan through a dealership, use the negotiation process to ask about any manufacturer rebates that could get you a lower price on the car, therefore reducing the amount of money you need to borrow.
Close the Deal
Before driving off into the sunset, make sure to tie up any loose ends that could impact your car loan. Per the federal Truth in Lending Act, lenders are required to provide you with important information about your agreement so you can verify all the terms match what you discussed.
Sign all paperwork before taking your new car home, and make sure you have multiple ways to contact your lender if you ever have any questions. Whether you make online or by-mail monthly payments will be discussed during the negotiation process. It’s crucial that you pay these back on time every month to avoid severe late fees or repossession of your brand new set of wheels.
Will Trading In my Car Affect an Auto Loan?
If you plan to trade in your current car before purchasing a new one, it could lower the total cost of your car loan. The credit or cash you receive from the trade-in can be put to use as a down payment, thus reducing the amount you need to borrow from a lender.
Before trading in, make sure you know whether the total amount you still owe on your car is less than what it’s worth. Carrying an old auto loan onto a new auto loan may raise your interest rates and limit your options for the best deals. While trading-in can significantly help some buyers, it may not always be the best option if you want to get a favorable loan for your new vehicle.
Can I Get a Car Loan with Bad Credit?
Despite many lenders being wary of borrowers with poor credit scores, there are still options available to obtain a car loan. As mentioned earlier, paying off any existing debt, finding a co-signer, or saving for a larger down payment are all ways to help offset bad credit.
However, if the purchase can’t wait, lenders may still offer you a loan—but likely at a high price. Interest rates and additional fees skyrocket for borrowers with less-than-ideal credit scores, and it may dig you into a deeper hole of debt than you started with.
If you think you might be late on a payment, contact your lender immediately to discuss the possibility of adjusting your payment plan. While most of the original terms you negotiate will likely stay the same, you may be able to make a delayed payment. But if you consistently default on your payments, the lender is allowed to repossess your car, sell it, and use the money to pay off your remaining debt.
Despite its complexities, getting a car loan can be a straightforward process if you make a strategic plan. Assess your current financial health, loan shop, and negotiate a deal that suits your needs; in no time you’ll be able to hit the streets with a shiny new toy and feel confident in your abilities to manage debt.
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If you’re looking to make a big difference with your money, then read on.
You might be thinking that it’s unlikely for anyone to generate $100k in revenue on their first go.
But we have good news: You don’t need to – people can earn more than 10x the amount they had initially invested into them!
This is possible because there are so many ways to make money today that cost less than what most would consider “big-ticket” investments like a car or a house.
Today, you will learn from this article provides tips on how to turn $10k into more money in 2022.
The goal is to learn how to make your money work for you.
We have included 20 different ways to make quick and easy money.
The methods included are varied and include things like investing in stocks, starting a business, and finding work that pays well. This guide will help you get started on making extra cash quickly and easily!
What can I do with my 10K to make money?
There are many ways to make money with your 10K. You can use it to invest, save, or spend.
You can also use it to purchase items that will generate income such as rental properties, stocks, and businesses.
The most important thing is to find something that you enjoy and that will help you grow financially. Making passive income is even better!
How can I grow 10K to 100K?
The goal is to find the method that works best for you and makes the most money. That is who you will grow 10K to 100K this year.
There are many options available below to help you grow your money, so choose what will work best for you.
You don’t need expensive equipment or special skills to start making your money multiply. In fact, learning how to invest $100 to make $1000 a day is a common question answered here by Money Bliss.
You can start with simple methods and add on as you get better at it.
What are some fast ways to invest 10k to make 100k?
While it is difficult to make a living from one job, the ability to work multiple jobs has been shown in many studies as an effective way of generating income.
More and more people today, are focusing on ways to build passive income to grow their wealth.
Setting a goal of how to turn $10k into $100k is a great way to multiply your money.
Option #1 – Stock market investing
The goal of investing in the stock market is to earn profits by buying and selling stocks at a higher price than what was paid for them.
There are several ways to invest in the stock market, but the simplest way is to buy and sell individual stocks. You can also purchase mutual funds, which are collections of different stocks that are managed by an investment company or ETFs. Other investors prefer to look at dividend stocks.
Investments in the stock market can be risky, but if you do it correctly, you could see significant returns over time.
Related Learning: How To Invest In Stocks For Beginners: Investing Made Easy
Option #2 – Invest with Retirement Accounts
Investing in retirement accounts can help you turn 10K into 100K over time. By investing in a 401k, IRA, or other retirement accounts, you will have access to growing assets that can help you reach your financial goals.
When you invest money in a retirement account, the funds are held by the company and grow over time. This means that even if the stock market experiences tough times, your 401k or IRA will still be growing steadily. This is important because it allows you to delay taking major financial risks and focus on long-term planning instead.
By investing early in your career, you can build up a sizable nest egg that will provide security for yourself and your loved ones when you retire.
Option #3 – Invest in Rental Property
Investing in rental property can be a great way to make money. Rental properties often have high yields (the percentage of income returned to investors), and there’s never been a better time to invest in this type of property.
Rental properties are an attractive investment because they tend to have stable yields, which means you can count on making a certain amount of money every year.
In addition, rental properties are usually less risky than other types of investments, so you can feel confident about your returns even if the market goes down.
There are many ways to buy and sell rental properties, so you can find one that’s right for your financial situation. And since rents always go up (to some degree), investing in rental property is a guaranteed way to grow your money over time.
Option # 5 – Flip Stuff To Make Money
Flipping is the process of buying and selling assets in order to generate profits. It can be done through stocks, bonds, real estate, furniture, art, sports equipment, or any other type of material item.
There are a few ways to flip stuff for money. One way is to buy assets and then sell them at a higher price later.
For example, you might buy stock in a company and then sell it two months later for a higher price. This technique is called “swing trading.” Others do the buying and selling within the same day for “day trading.”
Another way to flip stuff is to wait until the asset has reached its peak value and then sell it. For example, you might buy property in downtown Chicago for $100,000 and wait six months until the market reaches its peak value of $200,000 before selling it for $200,000 minus commission.
On a smaller scale, many people flip items found at Flea Markets and easily make $100k with a few transactions. If that sounds like you, then take a free flippers class!
Option # 6 – Start An Online Business
Starting an online business is a great way to make money. There are a variety of ways to do this, and the sky is the limit!
Some people start their own businesses to create something they’re passionate about, and others start businesses in order to make extra money. Whatever your reasons for starting an online business, there are plenty of ways to do it fast.
In fact, learning how to make money online for beginners is a hot topic!
Option #7 – Start a Side Hustle
Not willing to start a full-fledged online business yet? Then, look at a side hustle. This is an extra job or business you do on the side to make money.
It is flexible, easy to start, and doesn’t require much time commitment. You can work part-time or full-time, as long as you’re able to devote enough time each week to it. And since it’s your own gig, you have complete control over its success!
There are plenty of resources available online that will help guide you through the process (including this blog post on best gig economy jobs). Just remember: don’t give up on your side hustle until it becomes profitable and meaningful to you – because once it does, that’ll be worth double the effort!
Option #8 – Invest In Cryptocurrency
Cryptocurrencies are digital tokens that use cryptography to secure their transactions and control the creation of new units. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control.
Many people view cryptocurrencies as a way to make money online. Bitcoin, for example, has increased in value by over 1,000% since its inception in 2009! While there is a lot of speculation involved with cryptocurrencies, if you’re patient, you can find opportunities to invest in them as well.
There are two main ways you can invest in cryptocurrencies: buying them on an exchange and mining them. Buying cryptocurrencies on an exchange allows you to quickly and easily trade them for other currencies or assets. Mining coins involves trying to solve complex mathematical problems that reward participants with cryptocurrency tokens.
While it’s important to do your own research before investing in any type of cryptocurrency, these fast ways could help you double your money within just a few short weeks!
Option #9 – Peer-to-peer lending (P2P)
P2P lending is a type of online lending where individuals lend money to other individuals, usually without any collateral.
P2P lending has become increasingly popular in recent years because it offers borrowers and lenders an alternative to traditional banking products. Borrowers can borrow money from multiple lenders at once, which gives them more options and access to financing. Lenders can earn interest on their loans while also taking advantage of the high demand for P2P lending products.
Because P2P lending is a new product category, there are still some risks associated with it. For example, borrowers may not be able to repay their loans, and lenders may not be able to collect on the loans they have lent out. However, the growth of P2P lending indicates that there is room for this type of financing in the marketplaces.
Peer-to-Peer Lending Options:
Option #10 – Invest in Yourself with Education
The fastest way to turn $10,000 into $100,000 is to invest in yourself. This is very often overlooked, but one of the best returns on investment that you can have.
Consider taking courses to improve your skillset or investing in real estate or stocks.
My favorite online courses to improve your income:
With hard work and dedication, you can make your money work for you and achieve your financial goals.
Option #11 – Day Trade (or Swing Trade) in the Stock Market
Investing in the stock market is a way to make money by buying and selling shares of companies.
There are two main ways to make money through investing: buying and holding (also known as long-term investing), and active trading (also known as short-term investing).
Many people in this popular investing course choose to become active investors by day trading or swing trading for income. In fact, many people have made the $1000 in a day club.
Option #12 – Trading Stock Options
Option traders can make money by predicting which direction prices will move and then trading on those predictions.
Trading options is risky because it’s possible for prices to change after you’ve bought or sold them – so your profits (or losses) may depend on how well you guess what’ll happen.
But if you do manage to make money by trading options, it can be very lucrative – especially over short periods of time (days or weeks).
First, before trading stock options, you must learn how to trade the underlying stocks first. Learn how to trade options with this VIP investing course.
Option #13 – Invest in an Initial Public Offering (IPO)
Wouldn’t you love to invest in Amazon (AMZN) or Google (GOOGL) when they first went public??
If you invested $500 into AMZN, it would be worth $855,505 (as of August 2022) – source)
If you invested $500 into GOOGL, it would be worth $27,502 (as of August 2022) – source)
An IPO is a type of stock market transaction in which a company sells shares to the public. An IPO offers businesses the opportunity to expand their reach and raise money quickly.
IPOs are popular because they provide investors with access to new companies at an early stage. As such, IPOs can be a great winner or a great loser of your capital. Thus, do your research.
Option #14 – Flip Websites
Flipping websites is a quick and easy way to make money. All you need is the right software and some knowledge of how the internet works.
Flipping websites means buying a website, fixing up the code, improving the SEO, and selling it to another owner or business. This process can be done quickly and easily with the help of some simple tools. By flipping websites, you can earn a profit while also increasing your web traffic.
Flipping websites is a great way to make money on the side and supplement your income. It’s also an excellent way to learn more about online marketing and build your own business skills.
Option #15 – Start Affiliate Marketing to Turn 10k into 100k
Affiliate marketing is a great way to turn 10,000 into 100,000 by earning money through promoting other people’s products. This is also known as an influencer. And you don’t have to carry inventory yourself!
There are a few different ways to get started with affiliate marketing, and the most important thing is to find an affiliate program that aligns with your goals and interests.
Once you’ve registered with an affiliate program, it’s time to start promoting! There are a variety of tools and resources available online that can help you build an effective affiliate campaign through social media or blog traffic.
Option #16 – Invest in REITs with Real Estate Market
Real estate investment trusts (REITs) are a type of investment that allows you to invest in real estate without having to own the property. This is done by investing in a portfolio of properties that are owned and managed by the REIT.
REITs offer investors several advantages over other types of real estate investments. These advantages include:
Low risk – REITs are typically less risky than other real estate investments, such as buying and holding single family homes or properties.
Lower fees – Unlike buying and holding individual properties, REITs pay relatively low management fees, which means your money is more likely to be returned to you quickly.
Liquidity – As long as there is demand for REIT shares, the prices will generally continue to rise, giving you an opportunity to make significant profits over time.
Investing in REITS can be a great way to diversify your real estate portfolio and achieve higher returns while avoiding some of the risks associated with other types of real estate investments.
My favorite REIT platforms are:
Option #17 – Invest in penny stocks
Penny stocks are a type of investment that is usually considered to be risky but can offer high returns if the right investments are made.
Penny stocks are small companies that trade on the stock market for under $2-10 per share. Because these companies are relatively new and often have little financial stability, penny stocks can be volatile – meaning they can rise or fall in price quickly while low or high volume.
Because penny stocks are so risky, it’s important to do your investigation before investing in them. However, if you make the right choices and invest in carefully chosen penny stocks, you could see high returns over time.
Option #18 – Make Money With Retail Arbitrage or Flipping
Retail arbitrage is the practice of buying products in one market and selling them in another market to earn a profit. Many do this with dropshipping.
There are a few fast ways to get started with retail arbitrage. The first is by using online tools like eBay, Facebook Marketplace or Amazon’s Selling Manager. These platforms make it easy to find specific items that you want to buy and sell at a profit.
All in all, you are looking for low price items and selling them for a profit.
By taking advantage of flipping methods like these, you can quickly increase your income without having to spend too much time researching each opportunity. Learn more withthis FREE webinar.
Option #19 – Start A Service-Based Business
Starting a service-based business can be a great way to make money by finding clients willing to pay for your services. There are many different types of service businesses, and each offers its own unique opportunities and challenges.
Service businesses can be profitable in a number of different ways. You may be able to charge high prices for your services or offer them at a discount in order to attract customers.
There are several advantages to starting a service-based business.
First, you have control over your own schedule and work environment.
Second, you can set your own hours and earn a flexible income.
Finally, service businesses tend to be more recession-proof than other types of businesses because they don’t rely as much on consumer spending habits.
Option #20 – Buy a business
Buying a business is a great way to increase your wealth and expand your empire. There are many different types of businesses available for purchase, so it’s important to choose the right one for you.
There are two main reasons why buying a business can be beneficial. First, buying a business gives you access to valuable assets that you couldn’t otherwise own – like cash flow, customer lists, and intellectual property. Second, buying a business can help you build a dynasty by passing on the company name and legacy to future generations.
There are many different factors to consider when purchasing a business, so it’s important to consult with an experienced advisor and do your due diligence.
How to Turn 10K Into 100K FAQs
Obviously, you probably have a lot of questions when trying to decide on which investment opportunities are best for you. While affiliate programs may work for some, you may want to use your stock market knowledge. Maybe even a dog walking business?
Ultimately, you have $10k in investment capital to start with, now you have to make some decisions.
What are the best ways to turn $10k into $100k?
A lot of people have been asking themselves this question lately and wondering what they could do with their money in order to make a big difference in their lives and achieve financial freedom.
In addition, you probably have questions before you make this a reality.
How Can I Get Rich With 10K?
One of the best ways to get rich is to start with a small sum of money and grow it over time by being consistent in your actions.
Learn the best ways to invest 10k.
It’s not about getting lucky, but rather developing habits that will help you achieve your goals. With hard work and dedication, anyone can become wealthy over time.
How to Turn 10k into 100k in 1 year?
There are a few key things you need to do in order to turn 10k into 100k in 1 year.
You need to look for a business to start that has a lot of potential for growth and profit. Don’t forget, that you must be willing to work hard and put in the time and effort required to make your business successful.
You need to be passionate (and adamant) about turning 10000 dollars into 100000. If you are wanting a 900% return on investment, then you must be willing to put in the effort to make that happen.
How to turn 10k into 100k in a month?
For most people, it will take more than just one month to turn 10k into 100k.
Regardless of the path you choose, it will take time to get the education and experience needed to achieve such a high return.
The best options for faster success include: starting an online business, becoming an active stock market trader, or investing in real estate. There are many options available, but it is important to do your research and find what works best for you.
How Can I Turn $10k into $100k Passively?
The key right here is … passive income!
You want to find ways to make money passively – also known as making money while you sleep.
The most common way is through passive income streams, which include investments, real estate, and online businesses. Whichever route you decide to take, the key is to be patient and let the money grow over time.
Many people want to make 10k a month – passive income is even better!
How Do I Convert 10K Into 100K With Stocks?
There are a few different ways to convert 10,000 into 100,000 with stocks.
Buy and hold: This is the simplest option and can be effective for those who are looking to invest for the long term. By buying stock in a company and holding on to it, you will eventually see your investment grow over time.
Day trading: This involves buying and selling stocks quickly in order to make money based on the movements of the market. While this can be very exciting, it is also risky because you could lose all of your money if the market goes down.
Investing in Options: Options allow you to buy or sell a security at a set price within a certain period of time. This type of investing is often considered conservative because you don’t have to worry about losing your investment if the market goes down – you only risk losing money if the option doesn’t expire or hits its expiration date without being exercised (sold).
Dividend stocks reinvestment: When companies pay out cash dividends each quarter, many investors choose to reinvest that money back into more shares of stock – which increases their total ownership stake in the company over time.
Trade shares for assets: Some people choose to trade their shares of stock for other types of assets, such as real estate or precious metals. This allows them to diversify their portfolio and increase their chances of making a profit.
What are some risks associated with these methods?
As always, there are risks with any method of looking for a high rate of return. You must do your due diligence first to make sure the investment is worthwhile and not a scam.
When looking to make a high return on investment, it is important to be aware of the risks involved. Sometimes, these investments are not as secure as low-return options and can result in losing the original investment. It is, therefore, crucial to do your homework before investing in anything.
What are some other things to keep in mind when trying to double your money?
There are a few other things to keep in mind when trying to find a way to double $10k quickly.
Though it can be difficult to turn 10k into 100k, there are ways to make this happen. For example, by investing in stocks or real estate, one can see an increase in their original investment. Additionally, starting a business can also lead to a doubling of one’s money. However, it is important to keep in mind the risks associated with these ventures.
When you are trying to double your money, make sure you are looking at smart investments, saving wisely, and increasing your income. Additionally, don’t forget about enjoying life while you’re working towards this goal!
Be cautious about get-rich-quick schemes
There are a lot of get-rich-quick schemes out there that promise you can make money quickly by following a certain plan or investing in a certain product. While these schemes may seem promising at first, they’re often nothing more than scams.
The reality is that most get-rich-quick schemes don’t work the way they’re supposed to. In fact, many of them actually lead to losses for the people who try them. This is because most of these schemes involve high-risk investments or unproven methods.
So if you’re thinking about trying one of these schemes, be sure to do your research first. You might be able to find a better way to make money without risking everything you have.
What Skills Will Help You Make 100k Fast
The goal of this article is to help you turn $10k into $100K by the end of this year. No need for a fancy MBA or years’ worth of experience, just some simple skills that will help you.
More than likely, you will have to invest in an online course or even a few books to help you along your journey. For instance, I purchased a blogging course to jumpstart my entrepreneurship. Also, I dived straight into an investing course to further my stock market knowledge.
When you are growing your liquid net worth, you are looking somewhere to have your money make more money. The strategy you choose will be different than the person reading this same post. Buy, you have to show patience and know that you will reach your target based on your timeline.
There is a lot of content available to help you along your path.
As we discussed above, there are many different ways to make 10K to 100K this year, so choose the one that works best for you and gets results!
Know someone else that needs this, too? Then, please share!!
Have you ever wondered about where the things in your home come from? Who created them? How were they made? I firmly believe that a thing takes on a whole new level of meaning when you can tell its story. I’ve made this concept a top priority as I work to design our new house. The renovation process has been such a (never-freakin’-ending!) labor of love. So now that I’m working on furnishing the space, I want what I put in the house to have the same level of care and attention paid that we put into our construction. I’m in no rush to simply fill the house with off the shelf stuff so that it feels “done.” Instead, I’ve been intentionally taking my time, hunting down pieces that I know I will feel good about every time I look at them.
So when my friends at HP challenged me to create an experience inspired by the beautiful design and attention to detail that went into making their gorgeous HP Spectre laptop (my new obsession which you may have caught in this post here), I knew exactly what I wanted to do. I wanted to collaborate with someone who would put that same attention to detail and commitment to artistry into a piece for my home. It did not take long for me to think of my dream partnership. I immediately set my sights on the home furnishing company Cisco Home. Like HP, they care about both the guts of their product as much as the visual aesthetics.
I’ve been obsessed with Cisco Home ever since I stumbled upon their store front upon moving to San Francisco. Their eye-catching lighting is what drew me in first, but it is the family run company’s commitment to quality, sustainability and beautiful timeless design that has kept me coveting a Cisco Home piece. Thanks to HP, I got the chance to hop down to Los Angeles to get a personal tour of the Cisco Home headquarters and furniture factory (where nearly everything Cisco Home sells is made by hand), to see what goes into their design process and collaborate with the founder himself on a custom piece for our home! Swoon.
As we walked Cisco Home’s factory floor, my HP Spectre tucked in my purse (it’s SO thin and light you can’t even tell it’s in there, can you??), I was so impressed by the skill and artisanship that goes into building furniture frames – Cisco only uses certified sustainable hardwoods – hand tufting headboards, stuffing cushions or hand stitching upholstery. Fabrics are designed in house by Cisco Home’s Creative Director & founder Cisco’s daughter Maurishka. To see the human hand that touches each detail of a piece of furniture was so inspiring.
After getting to see how a piece of furniture is made – start to finish – we sat down do design the perfect piece for my house! I was like a kid in a design candy store to say the least. Since our living room is likely going to be the heart of our home – it’s directly connected to the kitchen and will be the ultimate hang out zone – we decided to design a sofa. When it comes to home furnishings, your sofa is kind of equivalent to your computer if you think about it. It needs to be your work horse and stand up to all the abuse you dish out, but it also needs to look good and inspire you! I really want our living room sofa to be a piece I’ll love for years to come. Thankfully, my HP Spectre was the perfect travel companion to help us get the job done. At less than 2.5 lbs I was able to travel with it easily. And with its great battery life, I didn’t even have to haul a charger.
We were able to sit down right there in the middle of the Cisco Home showroom and quickly look up sofa styles on their website, look through all my Pinterest boards and narrow down to the perfect sofa style, fabric choice and color palette for my design – all in less than an hour! I loved that the online world could so easily collide with the old school physical one that is furniture making. It felt so satisfying to look at Pin boards on my HP Spectre while simultaneously flipping through Cisco Home’s books of gorgeous textile samples, connecting the virtual with the tactile in real time.
While I’ll have to wait for my sofa for awhile, I thought I’d share a little sneak peek of the design direction we’re headed.
I cannot wait for this house that I’ve worked on for so long to finally feel like home. And knowing the loving, thoughtful origins of our living room sofa is going mean so much to me. It’s just proof positive of HP’s entire approach to the design of the Spectre; that when something is thoughtfully designed from the inside out, it is made to last and to be loved.
original photography for apartment 34 by jeff mindell
This post is a paid collaboration with HP Spectre. All thoughts and opinions are 100% my own. Thank you for supporting partnerships that I’m excited about and that have kept Apartment 34’s doors open.
Do you earn too much to make a Roth IRA contribution?
Under IRS rules, you’re prohibited from making a Roth IRA contribution if your modified adjustable gross income is more than:
$183,000 if you’re married filing jointly, or
$125,000 if you’re filing as a single person or head of household
If you fall into this category, you can’t make a Roth IRA contribution, right? Wrong.
While you can’t make a direct contribution to your Roth IRA, that doesn’t mean you should write off the idea of funding your Roth IRA this year.
You can still make an indirect contribution to your Roth IRA regardless of how much money you earn, and whether it’s a direct or indirect contribution, what’s most important is getting that money into your Roth IRA where it can grow tax-free and where you can withdraw it tax-free in your retirement years.
So how do you make an indirect Roth IRA contribution? It all starts with a 2010 congressional rule change.
Note: Check here for the latest Roth IRA Rules and Contribution Limits for 2012.
Roth IRA Conversion Limit Rule Change
The key to making an indirect Roth IRA contribution is a 2010 rule change in which Congress eliminated the income limit for performing a Roth IRA conversion.
Prior to 2010, if you had adjustable gross income in excess of $100,000, the IRS prohibited you from converting a Traditional IRA or an old 401k to a Roth IRA.
But now that the income limit has been lifted, anyone (regardless of income) can perform a Roth IRA conversion.
At this point, you’re probably asking yourself, “So what? The income limits on contributions are still in effect, and I earn too much!”
That’s a good question, and the answer is that the elimination of the income limit on Roth IRA conversions paves the way for you to make a Roth IRA contribution – regardless of income.
Fund Your Roth IRA Regardless of Income
How? Because anyone (regardless of income) can make non-deductible contributions to a Traditional IRA. For most people, the advantage in making a Traditional IRA contribution is that it’s tax deductible, but odds are that you can only make non-deductible contributions due to your high income. And that’s good, because those are exactly the type of contributions you want to make.
Once you fund your Traditional IRA with non-deductible contributions, you can then convert your Traditional IRA to a Roth IRA and… Presto! You just funded your Roth IRA.
Done right, you should avoid income taxes on the conversion since you haven’t had time to generate any investment earnings, and you don’t owe conversion taxes on contributions which were originally non-deductible.
For example, let’s say you’re married, 40 years-old, and earn $300,000 per year. Under IRS rules, you’re prohibited from making a direct contribution to your Roth IRA since your $300,000 income exceeds the $183,000 income limit for married couples.
However, you can still contibute $5,000 in after-tax non-deductible contributions to a Traditional IRA, and then convert that Traditional IRA into a Roth IRA tax-free.
Is it really that simple? Yes, and… no.
Potential Pitfalls
Such a conversion isn’t always a tax-free event. It is if you don’t already have a Traditional IRA. But if you already have one, it can get complicated.
Why? As previously stated, most people make Traditional IRA contributions in order to take advantage of the tax break. So if you already have a Traditional IRA, in all likelihood, it’s funded with tax deductible contributions.
You can still make your non-deductible Traditional IRA contribution, but the IRS won’t let you convert only your non-deductible contributions. Any Roth IRA conversion you perform will trigger income taxes on those portions of the conversion amount which represent original tax deductible contributions and earnings, and the IRS requires you to treat your cost basis as a percentage of tax deductible and non-tax deductible contributions.
For example (and this is a simplistic example), let’s say you’re married, 40 years old, and earn $300,000 per year. You decide to make an indirect Roth IRA contribution by following the steps outlined above, but you also already have a Traditional IRA worth $30,000 – of which $10,000 represents earnings, while the remaining $20,000 represents your original tax deductible contributions.
If you make a $5,000 non-deductible contribution to your Traditional IRA, then attempt to convert $5,000 of your Traditional IRA to a Roth IRA, you will owe the IRS income taxes.
Why? Because the IRS determines the cost basis of your conversion by looking at your total contributions – in this case, $20,000 in deductible contributions and $5,000 in non-deductible contributions.
In percentage terms, this means that 80% of your contributions are tax deductible, while the remaining 20% are not. As such, if you attempt to convert a portion of your Traditional IRA, 80% of your conversion is taxable, while the other 20% is not. In addition, if you convert any of existing funds which are the result of past investment earnings, those are subject to income taxes as well.
In the above example, we now have $45,000 in your Roth IRA – $20,000 in deductible contributions, $5,000 in non-deductible contributions, and $10,000 in earnings.
Assuming an effective tax rate of 35%, converting your entire Traditional IRA to a Roth IRA will trigger a $10,500 income tax bill. Why? Because your deductible contributions are taxable ($20,000 x 35% = $7,000) and your earnings are taxable ($10,000 x 35% = $3,500).
So if you decide to go this route, make sure you seek the advice and guidance of a certified financial professional. Also, make sure you have plenty of cash on hand to pay your conversion taxes if you still wish to move forward with a conversion.
Act Before the Conversion Limit Comes Back!
A Roth IRA can be a great place to grow your retirement savings, so don’t give up if you earn too much to make a direct Roth IRA contribution.
You can always make non-deductible Traditional IRA contributions and then convert to a Roth IRA. However, take advantage of this “backdoor” contribution method while you can. Don’t simply assume that it will always be available. Congress can always legislate a new income limit for Roth IRA conversions, and then you’ll be shut out again.
So don’t take your current opportunity for granted.
This is a guest post by Britt who writes for Your-Roth-IRA.com, a website which looks to educate people concerning Roth IRA regulations.
If you’re still debating what you’re going to get your mom for Mother’s Day, here’s a thought: How about picking up one of these five ridiculously low-priced homes in various parts of the country, all asking for less than$100,000?
Now, if your mom isn’t the type who would like to kick back and relax in a cozy cottage, maybe consider springing for one of these deals for yourself instead.
These smaller-sized abodes have all been improved inside and could work as a starter home, a short-term rental to generate income, or a place to downsize.
Today’s high interest rates are less of an issue with prices like these. You’ll truly be surprised by what you can get for your money. Take a look.
Price: $61,500 Tiny house with a big yard: OK, so this cute little studio home might measure only 501 square feet, but the grassy lot it sits on comes in at 8,712 square feet, and there are gorgeous, mature trees shading it.
Originally built in 1950, it’s been completely redone, with a new roof, electrical, and plumbing. Cute and efficient, it even has a pantry, a closet, and washer-dryer hookups. With a comfy sofa bed and a flat-screen TV, you’ll have it made!
Of course, there’s plenty of room on the lot for additions. The previous owner used it as a short-term rental. After all, Kingstree, sitting right on the Black River, is a charming place to visit.
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Price: $96,900 Almost too good to be true: We see a lot of good deals on Realtor.com®. But this one rises above the rest. It’s a three-bedroom, two-bath house that measures 1,389 square feet. It features quality finishes and looks absolutely pristine. Who knew that living (and the payments) could be so easy?
There are luxe features like a kitchen with butcher-block countertops and a pot filler, and bathrooms with designer tile. You’d never guess it was originally built in 1929, because it’s been beautifully refurbished and comes with all-new lighting, furnace, water heater, and plumbing.
The delightful domicile sits on a relatively large lot—9,240 square feet—with tall trees shading it. Makes you want to pour yourself a glass of sweet tea, pull up a rocking chair on that adorable porch, and chat with the neighbors as they stroll by.
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Price: $99,999 Striking starter: This two-story home with a basement is a score. This one’s been around since 1916, and while it’s been completely renovated, it still has some of its original charm—so you get the best of both worlds, both old and new, for a song.
The 1,000-square-foot home with two bedrooms and one bath comes with fine features like a walk-in pantry, brand-new appliances, and a large back deck. In fact, it’s the perfect starter home that’s completely move-in ready.
There’s even a two-car garage on the 4,400-square-foot, grassy lot. The yard is completely fenced in, so pets would be happy here as well. You can easily walk your dog to shops and eateries in the area.
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Price: $99,900 Remodeled ranch: Here’s another great starter home. The owner of this two-bedroom, one-bath gem is a licensed builder who gave the place a refresh from top to bottom—and will guarantee the roof and siding for 10 years.
The 920-square-foot home was built in 1948, but many of its features are new, including an updated kitchen and bath, new appliances, cabinets, windows, lighting, LVP flooring, and on-demand water heater.
Another uncommonly practical feature is the sizable garage with a brand-new door. It’s got plenty of room for storage. For recreation, you might want to take a drive to the nearby Shiawassee River, or a little farther to Lake Huron.
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Price: $72,500 True blue: The paint job on this cozy cottage on the corner is enough to cheer anyone. So are its all-new features: flooring, windows, electrical, roof, and stainless-steel appliances. It’s just waiting for someone to move in and appreciate all that’s shiny and new, as well as its wide-open floor plan.
It has two bedrooms and one bath in 1,064 square feet of space, but there’s plenty of room to add on—the completely fenced-in lot measures 7,013 square feet. Currently landscaped to be low-maintenance, there’s much that can be done with a piece of land that size.
You’ll find plenty of peace and quiet here in Knox City, a town with fewer than 1,500 residents. That front porch, built in 1950, affords ultimate serenity.
Save more, spend smarter, and make your money go further
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Agreeing on a single set of goals as a couple can be challenging. While it’s possible that you’ve managed to settle down with someone that happens to be your exact money twin, what’s more likely is that you and your partner will have different money philosophies. As you work towards building your life together, you’ll have to learn how to mesh those differing viewpoints so that you can create joint financial and life goals. These tips will help you do just that.
Commit to Complete Financial Honesty
If you want to create financial goals that work for you both as a couple, you are going to have to be completely honest with each other about money. That means talking about your current financial situation, like how much money you make and how much debt you have. Even if you plan to manage your finances separately, your financial state will have an effect on each other’s lives. It’s better to be honest from the beginning than to have to deal with unexpected surprises later on.
It also means being honest about lifestyle goals and preferences like whether you want to have kids, where you want to live, and how often you like to go on vacation. Your partner should know what a good life looks like to you and vice versa. That way you start to have an idea of what you both want and why you want it.
If you aren’t used to having these kinds of raw conversations about money, it might be uncomfortable at first. But the more #RealMoneyTalk convos you have with your partner, the easier it will get.
Be Prepared to Compromise
If you have a partner, chances are you are already used to doing this, like whose parents’ house to visit for Thanksgiving each year. Deciding on joint financial goals as a couple works the same way. As much as we all wish that we could fit in all of our financial goals in one shot and never have to choose, the reality is that we have to prioritize. There will always be limits to what we can feasibly accomplish financially especially in the short term.
You and your partner will likely have some differing ideas of how you want to spend your money or how quickly you want to accomplish your goals. Even something as simple as where you want to live can be a source of disagreement that you will have to work through. The key here is to be open to modifying your original expectations so that you can fit in the things that matter the most to both of you.
Outline Your Life Goals as Individuals and as a Couple
Taking the time to figure out what you both want as a couple and what you want as individuals helps give both of you perspective. Before you get together to agree on your joint financial goals, you should each take some time separately to write down your goals beforehand. Each of you should make a list of your own personal goals and the goals that you are hoping to accomplish as a couple. The more inclusive the list is, the better. You can always cull the list later.
Using your two lists as a starting point, get together and start talking through your goals. Do you have any goals in common? Are there goals on there that surprised you? This exercise is a great way to learn some new things about your partner that you might not have known about.
Remember that while you’re only working on financial goals, you’ll want to consider things that may not seem like a financial goal. Many of the things that we think of as bucket list items or life goals, like climbing Kilimanjaro or cruising in retirement, are actually financial goals in disguise. It will cost money to actually make them happen. So be sure to include the not so obvious financial goals in your discussion.
If you find that you and your partner are worlds apart, don’t fret. Figuring out where you both stand is just the beginning. You can always choose to compromise later. Financial goals change over time and the key is to keep them growing and changing together.
Decide Which Goals Are Most Important to You
Once you have a comprehensive list of goals that you’re both working from, it’s time to start prioritizing. That means you are going to each have to rank which goals matter the most to you and which matter the least. You’ll also want to consider the urgency of the goals and how long it will take to accomplish them.
Prioritizing your goals make it easier to decide which ones to focus on first. It also makes compromising a lot easier because you can choose what is most important to you and what you are willing to give up in order to have it.
Starting from a place of wanting to fit in as many of each other’s top priorities as possible will make it that much easier to decide on your joint financial goals. And if you aren’t able to fit in some of your high priority goals right at the beginning, it gives you both something to work towards as a couple.
Use Real Numbers to Define Your Goals Where Possible
As you work through deciding which financial goals you want to focus on, take some time to estimate exactly how much those goals are going to cost. It’s really easy to get carried away with goals and underestimate how much money or time it will take the accomplish them.
Taking the time to attach a real number to your financial goals makes for more realistic goals.
Use those real numbers in your actual budget to see how your financial goals will affect your day to day lives. A goal that seemed reasonable in theory could turn out to be unbearable in practice because of how it affects the rest of your life. If you set both of your expectations in advance, it will make it a lot easier to stick with your financial goals.
Have Regular Check-Ins to Make Sure You Are On Track
Deciding which goals you want to prioritize as a couple and fitting them into your budget is just the beginning. As time goes on, you might want to add new goals in or you might find that one or both of you don’t actually want the things that you thought you wanted when you initially set your financial goals. That’s okay. People change and goals change too.
Having regular check-ins with each other about your goals will help you adjust your goals as you go so that they continue to reflect your financial goals as a couple.
Save more, spend smarter, and make your money go further
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