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Apache is functioning normally

May 27, 2023 by Brett Tams

How much money does it take to start an IRA? The easy answer is $0, but that won’t get you on your way to growing your money into retirement. The truth is, you can start an IRA with very little money. The keys to really take advantage of the power of Roth IRAs or Traditional IRAs are to understand your eligibility, the rules, and to consistently add to your account over time.

IRA’s are easy to start. Just open up a great online brokerage account. My personal favorite right now is M1 Finance.

Keep in mind that there are actually two main types of IRAs to consider, so make sure you understand which one you are eligible for.

Which IRA Am I Eligible For – Traditional or Roth?

Virtually anyone can contribute to an IRA, Roth or traditional. The most basic requirement is that you have earned income. The difference between the two is based on when you’ll pay taxes.

get started investing with Roth IRA or Traditional IRAs

A traditional IRA allows you to grow your money tax-free over time. You won’t pay income taxes on your account until you begin taking distributions in retirement age, or when you’re at least 59^1/2. You may be able to deduct your contributions on your taxes if you meet specific filing status and income requirements.

With a Roth IRA, on the other hand, you’ll contribute income that has already been taxed, so you don’t get a tax deduction right off the bat. Your money will grow tax-free, however, and you won’t have to pay income taxes on your account once you begin taking distributions in retirement.

Here is a tool to help figure out what type of IRA you’re eligible for:

Anyone who earns an income and is under the age of 70 1/2

Income caps limit who can deduct contributions on their taxes unless you don’t have a retirement plan through work

You’ll pay taxes on distributions once you begin taking them in retirement

Anyone who can deduct contributions and wants to reduce their taxable income

	Traditional IRA	Roth IRA
Contribution Limits	$6,500 total across all IRAs in 2023; if you’re ages 50 and older, you can contribute an additional $1,000	$6,500 total across all IRAs in 2023; if you’re ages 50 and older, you can contribute an additional $1,000
Who Can Contribute?
Anyone who earns an income
Do Income Caps Apply?
Income caps limit who can contribute
How Do Taxes Work?
Your distributions will be tax-free once you reach retirement age
Who Is This Account Best For?
Someone who wants tax-free income in retirement

Heads Up: no matter which type of IRA you choose (or if you contribute to both), you’ll face an IRA contribution limit for each tax year. In 2023, you can contribute up to $6,500 in total to an IRA if you’re under the age of 50. If you’re 50 or older, the limit is $7,500.

How Much Money Does it Take to Start an IRA?

Now you know what type of account to open, so how much do you invest? Technically, you don’t need anything to open an IRA since the Internal Revenue Service (IRS) doesn’t set minimum contribution limits — only annual maximums.

However, individual brokerage firms have minimum requirements and you want to employ a healthy contribution strategy to maximize rewards.

When it comes to your contributions, remember that the important thing is to just get started. Small amounts of money can add up over time, and from there, compound interest can do its magic and help your account balance balloon. Here’s one way to think about it:

IRA Monthly Contribution	IRA Annual Contribution
$5	$60
$10	$120
$25	$300
$50	$600
$100	$1,200
$200	$2,400
$500	$6,000
$541.67	$6,500

Let’s say you’re 30 years old, and you contribute $100/month for a total of $1,200 a year to your Roth IRA. By the time you’re 67 and ready to retire, you’ll have saved $204,000 that won’t be subject to income taxes. That can go a long way to support a happy retirement.

Now that you understand the process a bit more, figure out which brokerage firm to use for your IRA, and how much you need to actually open an account and get the ball rolling. Once your account is up and running, you can figure out how much to contribute regularly, whether that’s $100 per month or $100 per week.

How Much Does it Cost to Open an IRA?

The cost to open an IRA can vary depending on the financial institution or brokerage firm you choose. Some institutions may have no account opening fee, while others may charge a one-time fee or an annual fee. Some firms may also have minimum deposit requirements to open an account.

As an example, M1 Finance requires a $500 minimum investment in their Roth IRA. Depending on the mutual fund you choose, Vanguard requires at least $1,000 for their Target Retirement funds up to $3,000 for their other funds.

In addition to account opening costs, there may be ongoing fees associated with an IRA account, such as annual maintenance fees or fees for certain transactions. It is also important to note that while Traditional IRA or Roth IRA contributions may be tax deductible or not taxable but there are limits to how much you can contribute annually.

How to Start Investing in an IRA

1. Compare online brokerage firms that offer IRA accounts

Different online brokerage firms have features that you’ll want to pay attention to. Some are better for hands-off investing, while others are better for those who want to get their hands dirty and really dig in.

Here are some of the things you should ask yourself when choosing a brokerage:

Would you rather be hands-on or hands-off with your account? A robo-advisor may take the burden off you when it comes to managing your investments.
What sort of investments do you want to buy? Pay attention to limitations with the broker.
How much are you looking to invest off the bat? Fees and commissions can eat away at early earnings if the initial investment is too small.

Here are some of our favorite options:

$0 per trade
$0 mutual fund
$0 set up
0.25%-0.40% account balance annually

Open Account

Among the best brokerage accounts for beginners, we like M1 Finance for IRAs. You only need $100 to open an account with M1 Finance, which is a threshold most beginning investors can reach. M1 Finance IRAs also come with no hidden fees, the option to invest in fractional shares, and a helpful mobile app that lets you monitor your account growth no matter where you are.

2. Fund your account

Now it’s time to put the minimum amount in to fund your brand new account. As previously mentioned, different brokerages have different minimum requirements, so

3. Select your investment strategy

Your next step is building a system that will allow you to seamlessly build wealth over time. This means figuring out how much you can afford to invest in an IRA each month, but it also means choosing investments that will exist within your IRA.

Remember: Your IRA is nothing more than a retirement vehicle you can use to save and invest for the future. Once you open an IRA, you still have to choose the investments that do the work inside your account.

If you find you are able to deduct contributions to a traditional IRA because your employer doesn’t offer a retirement plan, you should strive to contribute as much as you can each month up to the $541.67 monthly (and $6,500 annual) limit. That way, you’re building up retirement funds in a hurry while maximizing tax advantages.

If you opt for a Roth IRA instead, you won’t get any tax advantages now, but you will later on since you won’t have to pay income taxes on distributions once you reach retirement age. Either way, the ultimate goal is striving to invest as much as you can each month up to account limits, and without harming your other financial goals.

In terms of selecting your portfolio, this component of your system depends a lot on which investment platform (brokerage firm) you choose to go with. If you choose an online broker and decide on stocks ask a key part of your portfolio, you could benefit from dollar-cost averaging. Here’s an example of dollar cost averaging into an individual stock with a fluctuating price:

BENEFITS OF DOLLAR COST AVERAGING
Month	Share Price (In $)	Shares Bought
January	15	3.3
February	13	3.8
March	12	4.2
April	14	3.6
May	13	3.8
June	12	4.2
July	13	3.8
August	14	3.6
September	16	3.3
October	16	3.1
November	17	2.9
December	16	3.1
Total Shares		42.7
Avg. Price Per Share		$14.25
Avg. Cost Per Share		$14.05

Some firms like M1 Finance let you set up “pies” of investments that are based on fractional shares.

With M1 Finance, you can build your own “pie” from more than 6,000 available stocks and funds, but you can also choose from “Expert Pies” that have been put together by in-house investment professionals.

That’s just one way this can work, but there are plenty of other ways to set up a portfolio depending on the firm you choose. For example, let’s imagine you decide to open an IRA with Betterment.

Betterment is a robo-advisor that helps you formulate an investment plan based on your age, your investing goals, and your risk tolerance. As a result, opening an IRA with Betterment is a breeze.

You’ll start by answering some basic questions about yourself, including your age, your income, and when you plan to retire. From there, Betterment will suggest a specific investment plan that is formulated to help you achieve your goals.

If you’re a knowledgeable investor who wants to select the stocks, bonds, ETFs, and other investments that live within your IRA, that’s perfectly okay, too.

Just remember that some brokerage firms will help create an investing plan for you based on how much you can invest and your long-term goals.

4. Make it automatic

To help in your effort to contribute consistently, and to remove some of the pressure, consider making your investments automatic with the click of a button. Many of the top brokerage firms let you set up automatic investments through their mobile apps or online platforms, including Betterment’s example below.

5. Check in regularly and stay on track

Part of the fun of putting away money for your future is watching it grow. Keep an eye on your portfolio to make sure you’re contributing the way you want to. It can be tempting during tighter financial times to stop contributing, but you can always reduce your contribution amount depending on your circumstances and then change it back later.

Don’t worry about small fluctuations and seek help from an advisor if necessary.

Know the IRA Rules

Whether you opt for a traditional IRA or a Roth IRA, you should know that plenty of rules dictate who can contribute, how much can be contributed each year, and whether contributions are tax-deductible.

With a Roth IRA, the rules are as follows:

Roth IRA contributions are made with after-tax dollars, so they are not tax-deductible.
Your money will grow tax-free until you reach retirement age, and you won’t pay income taxes on your distributions when you retire.
You can remove contributions to your Roth IRA from your account at any time before age 59 1/2, but you cannot take out any earnings without a penalty until then.
Married couples filing jointly can contribute the full amount to a Roth IRA provided their modified adjusted gross income (MAGI) is below $218,000. Those with incomes between $218,000 and $227,999 can contribute a reduced amount. Those with incomes over $228,000 cannot contribute.
Single tax filers can contribute the full amount to a Roth IRA provided their modified adjusted gross income (MAGI) is below $138,000. Those with incomes between $138,000 and $152,999 can contribute a reduced amount. Those with incomes over $153,000 cannot contribute.

With a traditional IRA, the rules are as follows:

Money invested in a traditional IRA grows tax-free. However, you will pay income taxes on distributions once you reach retirement age.
If you are covered by a retirement plan at work and you’re single, you can deduct contributions to a traditional IRA if your MAGI is below $73,000. You can claim a partial deduction if your MAGI is between $73,000 and $82,999. For those with incomes over that amount, contributions cannot be deducted on your taxes.
If you are covered by a retirement plan at work and you’re married filing jointly, you can deduct contributions to a traditional IRA if your MAGI is below $116,000. You can claim a partial deduction if your MAGI is between $116,000 and $135,999. For those with incomes over that amount, contributions cannot be deducted on your taxes.
If you are single and don’t have a retirement plan at work, you can deduct the full amount of your contributions to a traditional IRA regardless of your income.
If you’re married filing jointly and your spouse is covered by a retirement plan at work but you’re not, you can deduct the full amount if your MAGI is below $196,000. Those with MAGIs between $196,000 and $205,999 can deduct a reduced amount. Anyone with a MAGI of $206,000 or higher cannot deduct IRA contributions on their taxes.

And, as we mentioned already, both accounts come with an annual contribution limit of $6,500 for 2023. If you’re 50 or older, you can contribute an additional $1,000 for a total of $7,500.

Summary on How Much to Start a Roth IRA

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Opening an IRA is a great way to save more money for retirement and the future, and that’s true whether you opt for a traditional IRA or a Roth IRA. Just remember that each type of IRA has pros and cons, and you’ll need to consider your tax situation now and what it might look like later.

Still, you shouldn’t get so caught up in the rules and minutiae of these accounts that you fail to open one altogether. Do some basic research then decide which brokerage firm will meet your needs the best. From there, open an account and start contributing as much as you can. The rest of the details will work themselves out, but only if you get started.

FAQs on How Much to Start a Roth IRA

What is the minimum amount needed to start a Roth IRA?

The minimum amount needed to start a Roth IRA varies depending on the financial institution where you open the account. Some institutions have no minimum deposit requirement, while others may require a minimum deposit of $500 or $1,000.

Can I withdraw my contributions from a Roth IRA without penalty?

Yes, you can withdraw your contributions from a Roth IRA without penalty at any time. However, if you withdraw earnings before age 59 1/2, it may be subject to taxes and penalties.

Source: goodfinancialcents.com

Apache is functioning normally

May 26, 2023 by Brett Tams

Are you ready to embark on a culinary journey through the exquisite food scene of Malibu? Perhaps you’re a local searching for new gastronomic delights or you’re contemplating a move to this coastal paradise; either way the dining options in this city are nothing short of extraordinary. From oceanfront establishments boasting breathtaking views to cozy hidden gems tucked away in the hills, this Redfin article is your guide to 6 of the most popular restaurants in Malibu.

So whether you’re looking at apartments for rent or homes for sale in Malibu, CA, get ready to savor every moment and every bite as we dive into the culinary treasures this vibrant city offers.

Malibu sign

1. Duke’s Malibu

Nestled right on the shores of the Pacific, Duke’s Malibu offers breathtaking ocean views that will sweep you off your feet. The menu is a fusion of Hawaiian and Californian flavors, showcasing fresh seafood, mouthwatering steaks, and refreshing tropical cocktails. From their signature Hula Pie to the famous Duke’s Mai Tai, every bite and sip transports you to a beachside paradise. Duke’s is the go-to spot for its vibrant atmosphere, friendly service, and stunning sunsets that paint the sky with streaks of purple and gold.

2.Moonshadows Malibu

Perched dramatically on the cliffs off the Pacific Coast Highway, Moonshadows Malibu offers a dining experience that combines panoramic ocean vistas with delectable cuisine. The menu boasts an array of coastal-inspired dishes crafted with locally sourced ingredients. From the vibrant seafood ceviche to the succulent grilled steaks, every bite is a celebration of flavors. Moonshadows’ enchanting ambiance, complete with outdoor seating and cozy fire pits, makes it an ideal choice for locals seeking an elegant dining spot or those contemplating a move to Malibu.

Raw salmon steak

3. Nobu Malibu

A culinary destination renowned worldwide, Nobu Malibu offers an extraordinary dining experience. This upscale Japanese restaurant presents a menu that blends traditional Japanese cuisine with innovative flavors. Each dish is a work of art, from their renowned black cod miso to the exquisite sushi and sashimi platters. Immerse yourself in the unparalleled dining experience, where impeccable service, breathtaking vistas, and exquisite flavors collide.

4. Geoffrey’s

Among the sprawl of restaurants along the coast, Geoffrey’s offers a quintessential Malibu dining experience. The menu showcases a delightful fusion of American and international cuisines, featuring fresh seafood, prime steaks, and creative cocktails. The enchanting outdoor patio, adorned with vibrant flowers and cozy fire pits, provides the perfect setting for a romantic dinner or a memorable gathering with friends.

Young woman drinking summer cocktail on the beach bed at sunset.

5. The Sunset

Aptly named, The Sunset offers a dining experience that celebrates the beauty of Malibu’s iconic sunsets from the shores of Point Dume State Beach. This oceanfront restaurant boasts panoramic views of the coastline and features a menu inspired by the flavors of California. Every bite showcases the region’s finest ingredients, from fresh seafood to farm-to-table dishes. The vibrant atmosphere and live music create a lively and inviting ambiance.

Pacific Coastline from hills above Leo Carrillo at night.

6. Lucky’s Malibu

Situated in the heart of Malibu, Lucky’s Malibu is a classic steakhouse that offers a timeless dining experience. Lucky’s creates a sophisticated and welcoming atmosphere with its chic interior and cozy outdoor patio. The menu features prime cuts of beef, fresh seafood, and classic American dishes, all prepared with meticulous attention to detail.

Source: redfin.com

Apache is functioning normally

May 24, 2023 by Brett Tams

Investing in the stock market has never been easier. Many of the best online brokerages are designed for beginner investors and offer unique incentives for signing up. The good news is that you can enjoy free stocks just for signing up.

Investing in the stock market, real estate, or crypto has never been easier. Gone are the days when you had to be an expert or work with a stock broker to buy company shares or invest your money. You can invest your money in several ways, with options for every level of risk tolerance and investment understanding.

Many of the best online brokerages are designed for beginner investors and offer unique incentives for signing up. The good news is that you can enjoy free stocks just for signing up.

How to Get Free Stocks

You have so many options today for investing in stocks, real estate, or crypto that investing platforms must work harder to gain your business. This means you can find many new discount brokerages and established investment platforms offering free stocks or financial bonuses to lure in investors.

We decided to look up the best free stock offers for those looking to take advantage of this opportunity.

Ready? Let’s dive in!

1. Public

Public is an investing platform offering commission-free stock trades, and it’s become a hit with young investors just starting. The platform is also a social online stock brokerage that lets you see how others invest so that you don’t feel alone in your financial journey. Public allows you to track the trade activity of verified investors with proven track records, so you’re always learning about investing options.

Another feature that makes Public attractive to young investors is that you can purchase fractional shares, meaning that you can start investing in more prominent companies even if you’re not in the financial position to buy whole shares.

Public’s platform also gives you access and exposure to asset classes like ETFs, crypto, luxury goods, and artwork. They plan to add real estate and music royalties to this list of asset classes soon.

We should note that Public doesn’t participate in payment for order flow like many other brokers do. This means that the company doesn’t sell your trades to third parties.

How do you get free stocks with Public?

Open an approved brokerage account with Open to the Public Investing.
Deposit at least $20 in your account.
Claim your reward from the top right of your home screen.

The reward, in this case, is a fractional share of a specific stock, ETF, or crypto token (you must open an account with Apex Crypto LLC for a crypto asset reward). The cash value of the reward you receive will vary from $1 to $300, with about 95% of participants receiving a reward valued at $1. According to Public, about 4.9% of participants will earn a reward valued at $5, and only 0.1% will earn a reward valued at $300.

2. moomoo

Moomoo claims that you can trade like a pro on their platform. There are no commissions, account minimums, hidden fees, or trade minimums with moomoo. The platform offers free investing tools with real-time data and AI support, plus you have access to global markets (US, Hong Kong, and China-A-shares) under one account. It also has US-based licensed specialists who are available for professional support.

How do you get free stocks with moomoo?

The moomoo home page states that you can get up to 15 free stocks valued between $3 to $2,000 each when you sign up. The offer is subject to change at any time.

Here are the different ways to get free stocks with moomoo:

Open a brokerage account and draw for a chance to earn one free stock worth between $3 and $2,000.
Deposit $100 into your account during the promotional period, and you will be entered into a draw four times to earn one free stock worth between $3 and $2,000.
Deposit $1,000 into your account during the promotional period, and you will get ten chances to draw for free stock worth between $3 and $2,000.

According to moomoo’s current promotional page, the free stock is completely random based on a specific probability distribution. There’s a 95% chance you’ll get a free stock worth $3 to $9.99, a 4.9% chance of getting a stock worth $10-$99.99, and a 0.1% chance of getting a stock worth $100 or more.

3. M1 Finance

M1 Finance is a free investment platform with a wide variety of professionally chosen portfolios for you to invest in. M1 Finance also offers various brokerage accounts, so there’s likely an account that will match your investing preferences.

The company refers to its platform as the “Finance Super App” since you can manage all of your financial tasks, like investing, spending, and borrowing, in one place to simplify your life. The platform comes with a checking account and lending services, and you can earn 1% cash back as a Plus user of the M1 Finance checking account.

M1 Finance is known for letting users invest in pies, which means that you can invest in different securities that make up slices of the whole pie. You can create a custom pie of stocks and ETFs based on your investment strategy. If you want to leave the guesswork to the professionals, you can use one of the expert pies created for different investors.

How do you get free stocks with M1 Finance?

M1 currently offers up to $500 for free if you deposit at least $10,000 within 14 days of opening a new brokerage account.

When you deposit $10,000 to $29,999.99 to your account, you get a $75 bonus. When you deposit $30,000 to $49,999.99, you get a bonus of $150. When you deposit $50,000 to $99,999.99, you get a $250 bonus. To earn a cash bonus amount of $500, you have to deposit over $100,000.

You can also use the M1 referral program to get $10 for free. When you sign up for an account through a friend’s link, you both get $10. You can then use this money to invest how you wish through the platform.

* Account Minimum $100
* Build custom portfolios (or)
* Choose expert portfolios
* Stocks, ETFs, REITs

Open an account

4. Robinhood

This investing platform was a game changer during the pandemic as many young folks turned to Robinhood to begin their investment journey. While there were some controversies related to Robinhood that came along with the 2021 meme stock rallies, you can’t ignore this easy-to-use app that has changed investing.

Robinhood’s popular commission-free app is designed for investors of all levels. You can invest in stocks and crypto through Robinhood, and it also provides ETFs, margin trading, and options trading for those looking to level up their investments. With 24/7 professional support, educational resources, and the ability to purchase fractional shares, it’s clear why many young investors have turned to Robinhood and its straightforward mobile app.

How do you get free stocks with Robinhood?

To get free stocks with Robinhood, you must open an account. Once you’ve linked your bank account, you’ll be given a specific dollar amount and will pick your gift stock from a list of America’s top 20 leading companies, based on market cap, in their respective industries. You can use the cash value you’re gifted to purchase fractional shares of the companies offered on the list in case you don’t earn enough to buy a total share.

The Robinhood website doesn’t specify the exact cash value you’ll receive, though it ranges from $5 to $200, with about 98% of the new account holders being granted a reward running from $5 to $10. You can use whatever amount you’re gifted to purchase stocks or fractional shares of a company.

You do have to keep the stock for three days from the day you claim it. When you sell the shares, you can use the money to purchase other stocks. If you want to withdraw this money from your account, you must keep the share’s cash value in your account for at least 30 days. Once the 30-day window is up, you can withdraw your funds without restrictions.

5. SoFi Invest

SoFi Invest is a part of the SoFi family of products. Their mission is to help people reach financial independence and realize their ambitions. SoFi Invest is an app designed to let you track and trade money. The investment platform lets you trade stocks and ETFs with no commissions, invest in IPOs before they hit the public market, invest in crypto, and even set up simplified automated investing.

The platform also offers educational resources to help you learn more about investing if you’re not comfortable with it yet. SoFi has many other personal finance products, including student loans, credit cards, banking, credit score monitoring, and personal loans. You can essentially use SoFi to handle all of your personal finance needs.

How do you get free stocks with SoFi Invest?

You must open an Active SoFi Invest Brokerage Account with SoFi Invest and deposit $10. Then you become eligible for a signup bonus that ranges from $5 to $1,000. The promotional offer gives a 0.028% probability of earning $1,000 and an 85.488% chance of gaining the $5 reward.

6. Webull

Webull is one of the new players in the stock broker space, offering zero commissions and no deposit minimums. Every member gets smart tools for smart investing. Webull allows you to diversify your portfolio with various investment products like stocks, fractional shares, options, ETFs, ADRs, and OTC.

Webull also attracts more sophisticated investors by offering innovative tools like advanced charting and comprehensive financial analysis. When you become a member, you get access to a community with millions of folks discussing investment strategies, so you’re not alone during your investment journey.

How do you get free stocks with Webull?

According to their website, Webull’s process is fairly simple, and you can get up to 12 free fractional shares with a value ranging from $3 to $3,000. This promotional offer ends on January 4, 2023.

Here are the two ways you can get free stocks with Webull:

Open an account with Webull to get two free fractional shares.
Deposit any amount of money in your new account and get up to 10 free fractional shares.

The free stocks, which include NYSE or NASDAQ-listed companies with a minimum market cap of $2 billion and a share price ranging from $3 to $300, are chosen randomly. The odds of being rewarded a stock ranging between $151 and $300 is approximately 1:10000.

7. Groundfloor

Groundfloor is a real estate crowdsourcing app aimed at debt investments, so you can get into real estate without allocating a significant portion of your savings. Real estate investing platforms have become more popular over the last few years, with more apps like Groundfloor popping up.

You can invest with Groundfloor in two ways:

The “Stairs” saving account: This is essentially a high-interest savings account with a 4% APR, no fees, and no minimum balance. You can leave your money there and let it grow until you’re ready to start investing.
Groundfloor real estate crowdsourcing: You can invest in individual renovation loans or use automatic investing tools to find projects you can fund based on your chosen criteria.

Groundfloor claims to be the only investing platform where you can securely earn up to 10% on your money with investments backed by real assets. The platform is known for “savesting” since they try to combine saving with investing.

Groundfloor has grown to about 200,000 users and over $240 million in assets under management. Groundfloor generally repays all investments every 4-12 months, which is rare considering that real assets back your investments.

How do you get free stocks with Groundfloor?

When you invest $100 into your new Groundfloor account, you get a $50 credit within 30 days. All you need to do is link your bank account, pick your investments (or let Groundfloor do it for you), and collect your interest. You and a friend can also earn a $50 referral bonus when you get them to sign up for Groundfloor using your referral link.

8. Plynk

Plynk is an app designed to make investing easy for beginners, helping you learn about financial investments as you go. You can start investing for as little as $1, so you don’t have to be intimidated by the investment process or by setting aside a large chunk of capital.

Plynk uses simple language that’s easy to understand and teaches you about investing concepts as you work on growing your money. They offer many tips and how-tos to guide you through the process. Plynk will ask you some questions that it will use to narrow down investment opportunities based on your interests.

How do you get free stock with Plynk?

You create an account, then link your bank account to earn the $10 signup incentive. You can also get up to a $100 deposit match as a bonus for a limited time.

9. Fundrise

Fundrise helps you start real estate investing with only $10. This real estate crowdsourcing app is focused on long-term investments. The best part of investing with Fundrise is adding real estate exposure to your portfolio without dealing with any of the hassles typically involved in owning and renting out properties.

Fundrise has multiple investment options depending on how much capital you have to work with. There’s a Starter level for those who want to begin with as little as $10 and packages that go in tiers up to $100,000 for accredited investors.

Fundrise also recently launched the Innovation Fund for those who want additional diversification. This investment is focused on high-growth private tech companies that could provide lucrative returns in the future.

How do you get free stocks with Fundrise?

Fundrise will automatically deposit $10 as a bonus when you open your new account and link your bank account via its promotional page. Several terms and conditions apply as to who qualifies for this offer. You can use the bonus cash for investing in one of Fundrise’s fund options. For more information on Fundrise, check out our full review.

* Invest in real estate with $10
* Open to all investors
* Online easy to use site and app

Invest now

10. Firstrade

Firstrade is a full-service online brokerage that allows you to invest in stocks, options, and mutual funds while you get access to a full suite of investment products, research, tools, and even customer service. The best part is that you get all of these services for free. Firstrade offers zero-dollar commission trades and $0 options contract fees on its award-winning platform.

Firstrade has an extensive list of services for investors, including some of the following perks:

Extended-hours trading: You can get pre-market news and after-market-hours sessions.
Trade ideas: You get access to premium research from trusted platforms like Morningstar, Benzinga, and Zacks.
Free educational resources: There are free tools and live webinars for investors of all levels.

According to Firstrade’s website, you can get up to $4,000 in cash bonuses when you sign up. While you don’t get paid in stocks, you get the next best thing, cash.

How do you get free stocks with Firstrade?

It’s very easy to earn free stocks with Firstrade, as all you have to do is fund your account to get a cash bonus. This promotion ends on January 17, 2023, and there’s a list of criteria for earning free stocks based on how much you invest. Here’s how much you can earn in cash with Firstrade:

Deposit or transfer amount	Cash bonus
$5,000+	$50
$10,000+	$100
$25,000+	$300
$100,000+	$700
$500,000+	$1,500
$1,000,000+	$3,000
$1,500,000+	$4,000

You can also get up to $200 in transfer fee rebates for account transfers and $25 in wire transfer fee rebates.

11. Acorns

Acorns allows you to save, invest, and learn with one simple app. You can set the Acorns app to save and invest for you automatically. For example, you can turn on the Round-Ups feature to invest your spare change by rounding up your purchases to the next dollar and allocating the difference to your portfolio. According to Acorns, the average new user will invest an extra $166 within four months by just rounding up and investing their spare change.

Acorns also offers diversified portfolios that experts create, including ETFs that professionals from top investment firms manage. With over 10 million sign-ups, Acorns has been helping millennials save money daily.

With Acorns, you can earn bonus rewards by purchasing products from many top brands. Since Acorns works with over 15,000 brands, including Apple, Amazon, and many others, you have multiple opportunities to earn rewards.

How do you get free stocks with Acorns?

To get your $10 sign-up bonus on Acorns, simply create a new account and make your first investment of at least $5. Acorns also offers a $5 investment referral bonus to you and a friend when you get your friend to sign up. Find out more about Acorns in our full review.

12. Stash

Stash is an investing app tailored for beginners, allowing users to start investing with very little cash. With only a $5 investment minimum, Stash allows new investors to start small until they’re more comfortable.

Stash offers banking and investing tools to its ten million-plus users. You can automate your investing, put your money into stocks, or let Stash create a customized investment based on your financial preferences. If you’re unsure which investment option to choose, the Smart Portfolio will automatically expose you to stocks, bonds, and cryptocurrency.

Among other unique features, Stash can work with parents or guardians who want to open a custodial account for their children to invest in their future. Stash also offers a Stock-Back debit card that lets you earn 1% in stock on all of your purchases. The Stock-Back card rewards you with stocks of the companies you shop with.

In addition to no hidden fees, Stash offers a Stock Round-Up feature where you can round up your purchases to the nearest dollar and invest your spare change in stocks. This platform is an easy, educational, and convenient way to invest in stocks.

How do you get free stocks with Stash?

Stash is currently offering $5 to anyone who signs up for a Stash Invest account which you can use to spend on more investments.

Stash also has weekly stock parties, where investors can earn bonus stock in a well-known company for participating in the party and sharing a referral code with friends.

13. Charles Schwab

Charles Schwab is one of the country’s biggest, most well-known banks and brokerages, with many physical locations available nationwide.

The Schwab digital platform offers various financial tools and accounts for investors of every level. You can find different brokerage accounts depending on your investing goals. The Schwab brokerage account features options trading, margin trading, and checking account features like paper checks and debit cards.

You can utilize the robo-advisor investing tool for a more hands-off approach to investing your money. You can also visit a physical branch near you if you have any pressing issues. There’s also 24/7 access to investment professionals if you have questions.

How do you get free stocks with Charles Schwab?

Charles Schwab touts that new investors will get its investing 101 course and a $101 cash bonus. You have to open up a Schwab Starter Kit, which includes $101 of Schwab Stock Slices, investing education, and other financial tools (like budget planners, for example).

To get free stocks with Schwab, you must open your account and fund it with $50 within the first 30 days. Then you’ll receive $101 to split equally between the top five stocks in the S&P 500.

Which is the Best Online Broker For Free Stocks?

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If you’re looking for free stocks while opening up a new investment account, the good news is there are plenty of options. Those newer to investing will want to explore the various choices to see which broker works best for their unique financial situations. Every app offers distinct features and benefits that will hold different values depending on your current financial situation.

The investing app you go with will also depend on what you’re looking to invest in, as you can choose between different assets like stocks, ETFs, real estate, crypto, and so on. The best part of investing in 2023 is finding a platform that will match your investment strategy, so you can shop around until you’re satisfied.

As always, we urge you to carefully read the fine print to ensure that you qualify for free stocks if you’re solely signing up for the financial incentives.

Source: goodfinancialcents.com

Apache is functioning normally

May 24, 2023 by Brett Tams

This is another guest post from JoeTaxpayer. On my blog, I’ve shared several articles that discussed the Roth IRA conversion event of 2010 in great length and detail. While this is can be a great opportunity for many, there are several instances that a conversion does not. I looked to JoeTaxpayer to share some pros and cons of the Roth IRA conversion and for unforeseen consequences that could result.

There’s been much hype regarding the ability for anyone to convert their retire money to Roth regardless of their income. Many professional planners and writers of financial blogs have offered compelling reasons why one should convert. Today, I’d like to share some scenarios where you might regret that decision.

You don’t have a crystal ball

All signs point to higher marginal rates, this is one factor that prompts the advice to convert, but who exactly would that impact, and by how much? Let’s look at the first risk of regret. You are single, and an above average wage earner, just barely in the 28% bracket. (This simply means your taxable income is above $82,400 but less than $171,850, quite a range). Any conversion you make now is taxed at 28%, by definition. You get married, and start a family quickly, your spouse staying home. That same income can easily drop you into the 15% bracket as you now have three exemptions, and instead of a standard deduction, you have a mortgage, property tax and state tax which all put you into Schedule A territory and a taxable income of less than $68,000. Now is when you should use the conversion or Roth deposits to take advantage of that 15% bracket, before your spouse returns to work and you find yourself in the 25 or 28% bracket again. It’s then that you should convert enough (or use Roth in lieu of traditional IRA) to ‘top off’ your current bracket.

Life isn’t linear

It’s human nature to expect the next years to be very similar to the past few. Yet, life doesn’t work quite that way. The person who makes more money year on year, from their first job right through retirement is the exception. For more people, there are layoffs, company closings, major changes in family status, disability, and even death. Except for permanent disability or death, the other situations can be considered opportunities to take advantage of a full or partial Roth conversion. If one should become disabled, the ability to withdraw that pretax money at the lowest rates is certainly preferable to having paid tax on it all at your marginal rate.

Transferring your 401(k)

The Roth conversion is available for holders of 401(k) (and other) retirement accounts as well as holders of traditional IRA accounts. Back in October 07, I cautioned my readers on a somewhat obscure topic they need to be aware of when considering a transfer from the 401(k) to their IRA and the same caution exists for conversion to a Roth. Net Unrealized Appreciation refers to the gains on company stock held within your 401(k). The rules surrounding this allow you to take the stock from the 401(k) and transfer it to a regular brokerage account. Taxes are due only on the cost of that stock, not the current market value. The difference up to the market value at time of sale (thus the term Net Unrealized Appreciation) is treated as a long term capital gain. Current tax law offers a top LT Cap Gain rate of 15%. A loss of 10% or more if you are in the 25% bracket or higher and convert that company stock to a Roth.

Taking Money At Retirement

Given the low saving rate of the past decades, all projections point to fewer than the top 10% of retirees coming close to ‘retiring in a higher bracket.’ Consider how much taxable income it would take to be at the top of the 15% bracket in 2010. For a couple, the taxable income needs to exceed $68,000. Add to this two exemptions, $3,650 ea, and an $11,400 standard deduction. This totals $86,700. Using a 4% withdrawal rate, it would take $2,167,500 in pretax money to generate this annual withdrawal. What a shame it would be to pay tax at 25% to convert only to find yourself with a mix of pre and post-tax money that puts you toward the bottom of that bracket. Whose marginal rates do you believe will rise? Couples making less than $70,000? I doubt it. What’s the risk? That you should be in the 25% bracket at retirement? That’s still break even in the worst scenario.

What About Your Beneficiaries

While a tax-free inheritance might be great for the kids, a properly inherited, properly titled Beneficiary IRA can provide them a lifetime of income. Consider, if you leave a portion of your traditional IRA to your grandchild, a 13 year old, his first year RMD (required minimum distribution) will only be about 1.43% of the account balance. For a $100,000 account left to him, this RMD falls shy of the current $1900/yr limit before he is subject to the kiddie tax. To insure that he doesn’t withdraw the full remaining amount at 18 or 21, consult a trust attorney to set up the right account for this purpose. If left to your own adult children, the advantage can go either way depending on their income and savings level.

Are You a Philanthropist?

If you don’t have individual heirs you wish to leave your assets to, the ultimate poke at Uncle Sam is to leave your money to charity. No taxes at all are due. Leaving Roth money to charity just means that our government already got its piece of the pie.

Avoiding Roth IRA Conversion Regrets

Today, I’ve shared with you some scenarios that are cause for regretting a conversion. As I always caution my readers, your situation may differ from anything I addressed here, and your unique needs are all that matters. If you have any questions on when or if a conversion makes sense for you, post a comment and we’ll be happy to discuss.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Please see a tax professional before implementing any sort of IRA conversion. Joe TaxPayer is not affiliate or endorse by LPL Financial.

Source: goodfinancialcents.com

Apache is functioning normally

May 24, 2023 by Brett Tams

This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.

Empower Personal Wealth, LLC (“EPW”) compensates Money Bliss for new leads. Money Bliss is not an investment client of Personal Capital Advisors Corporation or Empower Advisory Group, LLC.

You are looking for the best investment app to help you save money, but all of them seem too complicated. You want something that is simple, easy to use, helpful, and even better if the app is free.

Empower is an online service for tracking your finances. Before a merger, the company began in 2009, and to this day it has been growing exponentially with a user base of over two million people.

Personal Capital is now Empower.

The app works on desktop as well as mobile devices, giving users the ability to track their spending easily wherever they go.

Empower also offers a suite of tools that help you get out more information about how you are using your money so that you can make better financial decisions.

On this Empower review, we will focus on what they do well, how it works for those who use it, and where Empower could improve.

Don’t forget… here is a list of all of the budgeting apps on the market.

If you are looking for an easier way to monitor your financials and see how healthy your finances really are, then you may want to check out what Empower has to offer.

What is Empower?

Empower is an online tool for tracking your finances.

It has been called the best financial app out there, and I agree with that statement. But, I personally use it as one of the money management tools to help guide our financial decisions.

I have used Empower to track my investments for over six years now, which probably makes me a bit of an expert on this topic because I use it on a regular basis.

Overall, Empower is a financial planning and wealth management tool that users can use to manage their net worth. The product offers tools for managing investments, retirement, debt payoff, and other personal finance goals.

How does it work?

First of all, Empower is a FREE app that helps you keep track of all your accounts. It can help you to invest better and did we mention… it is free to use!

To get the most out of this app, you’ll have to link each of your financial accounts one by one so that Empower can learn how you spend money.

It takes a couple of minutes to create an account and verify your identity.

The longest step is linking accounts to the Empower app. Just make sure you do this step within 7 days to get the most out of the app.

Features of Empower

The features of Empower include the ability to visualize your overall financial picture, keep track of your investments in a dashboard, and see which companies you are invested in.

Most people associate Empower as one of the best tools to help with investing, like a stock screener and an investment calculator.

But, there are many great features available for free including:

Net Worth Planner
Retirement Planner
Fee Analyzer
Cash Flow Management
Savings Planner
Budgeting
College Savings Planner
Investment Checkup

Pros and Cons of Empower

First of all, Empower is free to use. So, you might as well test drive the system and check out if the Empower app fits what you are looking for.

Just like any of the Empower reviews will tell you, there are positives and negatives with every type of money management app available.

You just have to decide the most important features for you. As well as what you are willing to pay.

Pros of Empower:

Free portfolio management tool.
Good for new investors who want a free-to-use tool with minimal features.
Easy to use and can be accessed on multiple platforms.
Can track investments across multiple accounts.
Tracks over 23,000 securities and over 1,000 mutual funds. – check
Offers a free app for on-the-go access.
Offers in-depth analysis and investment research on stocks, bonds, and ETFs.
Cloud-based platform
Free to use!

Cons of Empower:

Sales call from staff
Wealth management service is more expensive than a traditional advisor or simply investing in index funds.
High wealth management fee
Unable to reconcile your bank statements with Empower, but since they are coming from your bank directly, they should already be in sync.
No credit health information
Budgeting Tool needs improvement
Limited transaction management and budgeting
No import option for transactions from any platform including YNAB, Quicken or Mint
Cloud-based platform

Many people report that the Empower app requires $100,000 in investment assets to be eligible. That is untrue. In fact, it works best for those who have at least $100k in some form of investments – 401k, IRA, brokerage accounts, or even cash!

Empower is incredibly easy to use and has helpful financial planning tools.

Overall, it is one of the many great tools to help further push you to financial freedom.

Empower Pricing

While Empower is free to access personal finance tools, it does come at a small price of annoyance.

Empower is free

Empower is a free online portfolio platform that helps people save and invest their money. It offers tools to track net worth, create investment plans, compare retirement accounts, view savings goals and cash flow, and more.

This is the great part of using this app!

The downside is to make these dashboards free is they are trying to entice you to move to their wealth management services.

You do not need to invest your money with Empower to use this platform.

It is best to keep everything invested where it currently is and use their free tools to analyze and make the necessary changes.

As such, once you sign up, you will receive calls on a reoccurring basis offering you a free analysis. There is no pressure to do this. Once you have said no enough times, they will stop calling you.

Wealth management services come with fees

Empower offers fee-only financial advisory services.

For those under $1 million in investable assets, their fee is 0.89%.

As you can read in this book, there are many ways to invest yourself without paying that fee.

In fact, this is my favorite book explaining how much harder and longer you have to work by paying someone a 1% wealth management fee.

However, for a small percentage of people, this may be a more cost-effective way of receiving professional advice, as it eliminates hidden costs from this type of service.

Empower Tools

Empower is a financial management platform that provides tools to help individuals manage their personal finances. The platform offers tools for portfolio tracking, performance analysis, and retirement planning. The company also provides its users with educational resources on financial topics.

Under their free dashboard, these are the tools you can use for free.

Net Worth Calculator

This simple tool will keep track of your net worth. Very simple and always available.

Know where you stand, by downloading the free app to see your true net worth in real-time.

Understanding your personal financial statement is important.

Picture of using personal capital net worth feature.

Savings Planner

One of the most asked questions is how much I need to save for:

Retirement
Emergency Fund
To Pay Down Debt

Calculate how much to save each year with a 70% chance of reaching your retirement goals. Learn how much you are currently savings and how much you need to start saving.

Cash Flow

Cash flow is the amount of cash available for expenses at a certain time. This term used in personal finance describes the rate at which one’s income and expenses change over time.

The Cash Flow tool is easy to use because Empower automatically tracks deposits and spending. The time saver feature allows users to see their cash flow, balance sheet, net worth, asset allocation over a period of time.

Cash flow is a budgeting tool that offers limited information on spending. It provides a second check when using another program that gives you more details like Quicken or Simplfi.

Retirement Planner

This is the #1 reason I recommend Empower especially if you are looking to stay away from a financial planner.

Trying to figure out how much you need for retirement by yourself seems like picking a random number from the sky.

The retirement planner is used by millions of people to figure out how on track they are for retirement. Plus get tips on what they can do to improve their chances of success.

Budgeting

Budgeting is a method of allocating financial resources by identifying and evaluating needs, prioritizing them in order to meet goals, and monitoring the achievement of those goals.

Empower includes a budgeting section to help you set monthly spending targets and track your spending. They automatically import the information from linked accounts such as checking, savings, and credit card statements.

Using their free online financial dashboard, allows you to track your spending and investments. There are interactive charts, graphs, pie-charts, and even widgets. All to make sure your budgeting is on track.

Investment Checkup

This portfolio analysis is the process of measuring performance and risk in order to develop a strategy for capital allocation. The goal of portfolio analysis is to improve return on investment, which can be achieved by increasing return on assets, decreasing the risk of losses, or reducing the variance.

The Empower app lets you explore your entire portfolio visually. It also provides asset allocation tools and tax optimization tools to help manage a person’s financial life.

Picture of using personal capital investment checkup feature.

Fee Analyzer

A fee analyzer helps people to determine the annual fees they are paying in their retirement plan.

401K Analyzer also calculates how much your retirement is costing you and provides a breakdown of any hidden fees that may be present within mutual funds with which it has been linked. This Retirement Planner tool uses assumptions about account holdings and investment behavior for calculating expenses against an estimated portfolio value.

Consequently, these fees add up over time and will drastically put a drag on your portfolio and reduce your retirement savings.

Picture of using personal capital fee analyzer feature.

Empower Dashboard is Free

Just remember, you do not need to hire an advisor to use the platform.

Empower is a free tool for individual investors.

Empower provides users with access to all of the above-mentioned advanced tools for free. In addition, they offer free financial advice through their blog and social media pages.

It allows users to track their investments and get a personalized financial plan. The service also offers apps for iOS and Android devices, which makes it easy to manage finances on the go.

Empower Wealth Management Review of Services

In addition to offering free financial tools, Empower provides wealth management services.

You get to work one-on-one with an advisor who will give you personalized advice based on your situation.

They help you to invest, save money and track your financial goals.

Their advisors start by determining your risk tolerance and goals in order to construct the best personal financial plan for you.

If you are interested in getting a better understanding of your financial situation, Empower is an excellent option. It gives users the tools to understand their investments, budgets, and cash flow all with one app.

All it requires is that you sign up for free without any obligations or commitments from them whatsoever. You do not have to agree to use their wealth management program.

Personally, I cannot comment on an Empower advisor review as I have not used this service personally.

Empower Investment Strategy

The Empower investment strategy is a simple way to invest your money for the long-term.

This means that you will be able to retire and live a comfortable life without any concern about how you will be able to live.

They employ the tactic called Smart Weighting because they invest equally across all sectors and industries, which can provide diverse returns with minimal risk. The best part of this strategy is it’s easy to use as Empower has created an interface that makes portfolio management simple for users on any device or platform.

Empower’s software is able to identify tax-loss harvesting opportunities (opportunities where the investor sells an investment after it has fallen in value and pays fewer taxes than if the sale had occurred earlier) than investing on their own.

In addition, Empower invests passively for cost efficiency which means that they don’t take any active management into account.

The best part about Empower and one of the key areas I prefer, is they include socially responsible investments as well as an investment strategy to fit any budget.

They identify which companies are doing good work for society and invest in them accordingly. This feature makes personal finance much more interesting and easier than ever before!

Wealth Management Tiers

Many people invest in various financial services and products, such as mutual funds or stocks. They are promised that these investments will generate a good return, but they do not always make the best choice. Wealth management services are a way to help people manage their personal investments. They may charge fees for their service, but that is not always the case.

Depending on your level of assets, will determine the amount of services you will receive.

Investment Services:

This is the most basic level to receive financial and retirement planning guidance from their team of experts.

$100K in investment assets
Unlimited advice from any of the available financial advisors
Managed ETF portfolio

Wealth Management:

This is where you can receive more personalized services and dedicated support to manage your money as you move through new financial challenges.

$200K minimum in investment assets
Two dedicated financial advisors
Access to specialists in real estate, stock options, and more
Regular reviews on your customized portfolio
Tax optimization

Private Client :

This is the most exclusive level at Empower to help you receive comprehensive financial planning. They will help build a customized investment plan to reach your lifestyle goals.

over $1 million in investment assets
Two dedicated financial advisors
Priority access to specialists
In-depth retirement and wealth planning

Wealth Management Fee Structure

Empower charges only an all-inclusive annual management fee at a fraction of the cost of traditional financial institutions. In addition, they do not charge hidden fees, trailing fees, or trade commissions.

First $1 million = .89%
First $3 million = .79%
Next $2 million = .69%
Next $5 million = .59%
Over $10 million = .49%

Overall, if you want a financial advisor or a second opinion, using Empower wealth management services may be for you.

Even if you don’t join, you can still use the tools for free, no questions asked.

My Empower Review from Experience

I have had a lot of experience using Empower in the past. They provide snapshot financial pictures of your personal situation that are very informative.

Plus it is a free tool to use, which is always a bonus.

Empower is one of my favorite online tools to see all your finances in one place.

It is eye-opening to see the overall picture. Also, tracking investments across multiple accounts can be overwhelming, but they make the process seamless and help you stay on top of things.

Personally, my favorite tools are the net worth, fee analyzer, and retirement planner.

I use Empower in conjunction with Quicken. Read my Quicken review.

My Empower dashboard is my overall financial picture whereas Quicken tracks all of my day-to-day spending and helps me remember when we purchased something for a return.

The app has a convenient interface that makes managing your personal financial situation easy, even if you’re not familiar with finance jargon or investing terminology. With this tool at hand, keeping track of where everything stands financially becomes easier than ever before!

Just to note… to get the best financial picture, you must include all of your accounts. The more time you spend in the Empower dashboard, the more helpful analysis you will get from the tool.

Empower Alternatives

In addition to Empower, there are other financial apps that can help you allocate your portfolio.

These include Betterment with Wealthfront also being a viable option for those who want the best of both worlds by tracking their investments in stocks and bonds. However, these alternatives have much higher fees than what is charged by Empower which makes it an appealing alternative if the fee does not bother you.

Also, if you are looking for budgeting capabilities you may want to look at Quicken, Mint, YNAB, or Simplifi.

At the end of the day, you have to decide what your goals are and what you are looking for.

From all of the free and paid budgeting apps, here are our top budgeting apps to check out!

This section may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. Please read the full disclosure below.

Personal Capital Advisors Corporation (“PCAC”) compensates Money Bliss (“Company”) for new leads. (“Company”) is not an investment client of PCAC.

Personal finance and money management software allows you to manage spending, create monthly budgets, track investments, retirement and more.

Save 40% off on new memberships.

Enjoy guilt-free spending and effortless saving with a friendly, flexible method for managing your finances.

Change your relationship with money!

Photo Credit:
www.personalcapital.com

Personal Capital is wealth management for the Internet Age. The online platform combines digital technology with highly personalized service to provide a holistic view of a unique financial picture (AKA your net worth).

Make sure to connect all of your accounts within 7 days to set up your Personal Financial dashboard.

Tiller is the only tool that automatically updates Google Sheets and Microsoft Excel with your spending, transactions, and balances each day.

Start your free trial.

Automate your financial plan with set-and-forget money tools that fit right into your daily life.

That’s why Qapital puts your goals front and center, then helps you plan your spending, saving, and investing around them.

Manage your money less in 5 minutes each week. Reach your money goals with confidence! The personal finance app gives you something to look forward to.

“The easiest, most comprehensive way to both see where your money is going and plan for future expenses.”

Your automated financial assistant and budget tracker are designed to put you back in control of your money.

Stay on top of your spending, easily track bills, cancel unwanted subscriptions, and find ways to improve!

Photo Credit:
moneybliss.org

HoneyMoney increases your awareness about your money habits. Being fully aware of your money naturally changes how you spend it.

Great way to use cash flow budgeting. Plus uses “envelopes” to budget.

Start your free trial.

Moneyspire is user-friendly personal finance and small business accounting software that brings your entire finances together in one place.

Have total control over your financial life in one click.

Is Empower right for you?

Picture of trees growing from money for this personal capital review.

Empower is a company that offers tools for personal finance management. This app has more than one hundred different tools to help you with your finances, including monthly budgeting and investing tracking.

Empower also helps people manage their credit card debt, establish emergency funds, track retirement savings progressions, calculate their net worth, and much more!

The smartphone app integrates locations, bank accounts, and credit scores which allows users to access current information on their financial situation.

The online portal allows for comparing available investment options.

This tool allows people to plan out the future of their money as well as provides them with valuable financial information in an easy-to-read format so they can make informed decisions.

As stated before, Empower is a financial app that can help you manage your investment assets. It has many features and it’s not perfect, but it’s the best out there in terms of value for money.

You can always test drive it and see what you learn about your personal finance situation.

Now you can try it free (no credit card required!)

Source: moneybliss.org

Apache is functioning normally

May 23, 2023 by Brett Tams

DRIP is an acronym for Dividend Reinvestment Plan, and in this guide, we are going to break down and take a look at what it means, why you should consider it, and what some of the pros and cons of DRIP investing are.

If you’re already familiar with investing, you’ll know that dividends are paid out on the shares you own in a publicly-traded company. This is your slice of the pie or your share of the profits in the company you hold stock in.

While some people take their dividends every quarter and spend them, reinvesting them can be extremely profitable over the long run.

According to the DRIP model of investing you will reinvest those quarterly dividend payments into the company, provided it offers a share purchase plan (SPP), rather than taking them. These are usually automatic in nature, meaning once you set them up they run themselves.

There are pros and cons to DRIP Investing, of course. Let’s take a look at some of those now.

drip investing

Note: There are two kinds of DRIPs, synthetic and traditional. A synthetic plan is set up and run by your broker, while a traditional plan is run by the company itself. Naturally, synthetic plans will almost always be more expensive in terms of fees and charges.

Pros of DRIP Investing

You Can Start Small & Invest Long Term – DRIPs are definitely better for long-term investment plans like college savings funds or retirement funds. They utilize the power compounding and allow you to acquire more shares of a company through small investment amounts over time. You won’t need much to get started, either. One share will usually be enough.

It’s Automatic – Once a DRIP is set up it will be run by either the company or your broker, depending on what you have chosen. This means you don’t have to think about it, and even if you are an undisciplined investor, a DRIP will take care of itself and grow automatically.

Low/Zero Fees – DRIPs are usually either fee-free or very low-cost. This can only be a good thing since fees are enemy number one of an investor’s profits. There will usually be a one-time setup fee with most DRIPs, which could be as low as $10 or as high as $400.

Discounts – It isn’t the case with every plan, but loyalty to a company can be rewarded in the form of buying discounts. This gives you a chance to score extra value below market price.

Cons of DRIP Investing

Lots of Mail – Once you buy shares in a company, you will get monthly, quarterly, and annual earnings reports, as well as alerts and news from the company, as well as annual reports, etc. If you have more than one DRIP on the go, this can be a lot to keep up with.

Complex Setup – Buying a single share in a company is enough to get started on a DRIP plan, but usually when you buy through a broker that share will be held in their name. You will need to get a share certificate in your name to be able to get started on a DRIP.

Not Diversified – We’ve all heard the old phrase ‘Don’t put all your eggs in one basket’. With a DRIP, you are increasingly exposed to the fortunes of the company you hold the stock in. You could, of course, have more than one DRIP set up to help counter this.

Temporarily Reduces Income – If you look forward to and enjoy your quarterly dividend payments then you will have to accept that a DRIP will reduce those until the plan has reached its conclusion and you’re ready to take profits.

Summary

DRIPs aren’t for everyone, but if you have time and patience, and are willing to let compound interest work its magic, you can make DRIPs work for you and they can lead to substantial returns long-term.

So, now you know what they are, and what some of the advantages and disadvantages are. The only question left to answer is – are DRIPs right for you?

Brian is a Dad, husband, and an IT professional by trade. A Personal Finance Blogger since 2013. Who, with his family, has successfully paid off over $100K worth of consumer debt. Now that Brian is debt-free, his mission is to help his three children prepare for their financial lives and educate others to achieved financial success. Brian is involved in his local community. As a Financial Committee Chair with the Board of Education of his local school district, he has helped successfully launch a K-12 financial literacy program in a six thousand student district.

Source: debtdiscipline.com

Apache is functioning normally

May 21, 2023 by Brett Tams

My primary care doctor recently left her practice and invited me to join her at her new gig — a concierge medicine group. There, for a membership fee, I’d have better and more personal access to her services: same-day appointments and long conversations!

Concierge medicine — a model in which patients pay a membership fee for a more direct relationship with a primary care doctor — used to feel like a perk for the superwealthy. But as fees have come down and people have gotten more frustrated with the state of traditional primary care, concierge services may not seem like such a pie-in-the-sky option. There’s less waiting, more access, longer visits and greater coordination of care. However, the fees can be high, and if you don’t have complex medical needs, it may not feel worth the expense.

What is concierge medicine?

Concierge medicine is an arrangement in which a patient pays a membership fee to gain access to a doctor’s practice. Your fee may cover a wide range of services, with insurance covering any needs you have outside the practice, or your fee may cover basic preventive care and the practice might accept insurance for the rest.

But your experience, overall, is more personal. Concierge medicine typically offers same-day appointments and 24/7 access to your doctor (who, by the way, isn’t rushed during visits).

Patients like it because they have more time with their provider, says Terry Bauer, CEO of Specialdocs, a company that helps doctors transition to concierge medicine. People with a medical situation after hours can call, text or email. “They have that doctor, in essence, on speed dial,” Bauer says. “It makes people a lot more comfortable and a lot less anxious.”

How much does concierge medicine cost?

Membership fees for concierge medicine vary widely. For one large concierge network with doctors in 44 states, the fee is typically between $1,800 and $2,200 per year (or between $150 and $183 per month). Other practices can run much more.

“I know a couple that charge $4,000 a month,” Bauer says. Doctors who charge those prices may be board certified in two specialties — cardiology and internal medicine, for instance — or they may be in an extremely wealthy area of the country, he says.

Advantages of concierge medicine

There’s plenty to like about concierge medicine. It’s usually possible to get same-day or next-day appointments with your doctor, and wait times are minimal, says Bret Jorgensen, chairman and CEO of MDVIP, a network of concierge medicine physicians. Typically, you have access to your provider at all hours of the day, and because they have fewer patients, your doctor has more time to spend with you.

“With a smaller patient roster, your doctor can take the time to know you and your health history intimately, which can lead to more personalized and effective care,” says Dr. Shoshana Ungerleider, a practicing internal medicine physician and host of the TED Health podcast. “Concierge doctors can focus more on preventative care, which could potentially catch health issues early and save costs in the long run.”

Disadvantages of concierge medicine

The biggest stumbling block for most people is the price tag. “For people on a tight budget or those without substantial health care needs, this could be a significant cost without enough perceived benefit,” Ungerleider says.

On top of the cost, there are practical concerns: Concierge doctors are still a small percentage of the medical field, so your options for care may be limited. And while a concierge doctor can manage your regular or chronic concerns, you’ll still pay for visits to the hospital or emergency room, major surgeries and visits to other specialists.

“It does not negate the need for health insurance,” says John Hansbrough, an employee benefits consultant with The LBL Group, an insurance and financial services company. “You need the insurance because bad stuff can still happen.”

Advocates argue that concierge preventive care can save you money overall. Consider the scenario where a text exchange with your doctor saves you a 2 a.m. trip to the emergency room, Jorgensen says. “More than 80% of our interactions with our members are virtual,” he says. “Those are just bundled and included in the service.”

Who might consider concierge care

Concierge medicine isn’t a slam-dunk for everyone. If you can’t afford the membership fee or are an infrequent health care user, this model probably isn’t a good fit.

But it can be a game changer for patients with chronic illnesses who would benefit from the higher level of care. And for people who are frustrated by the conventional medical system, concierge care offers an alternative.

“There are great outcomes for the doctor and patient alike,” Jorgensen says. “We consistently renew in excess of 90% of our patients every year.”

This article was written by NerdWallet and was originally published by The Associated Press.

Source: nerdwallet.com

Apache is functioning normally

May 18, 2023 by Brett Tams

Those looking to buy a home, along with existing owners, may have come across the term “mortgage rate lock-in effect” lately.

It’s a relatively new phrase that came about thanks to the ultra-low mortgage rates that were available in 2020-2022.

During those years, it was entirely possible to snag a 30-year fixed in the 2-3% range.

In fact, some lucky homeowners might have even got their hands on a mortgage rate that starts with 1.

Here’s the problem – now that rates have doubled, many of these homeowners don’t want to give up their low rate. Or perhaps worse, can’t.

What Is the Mortgage Rate Lock-In Effect?

mortgage rate lock-in effect

In a nutshell, the mortgage rate lock-in effect is a phenomenon where borrowers are essentially trapped in their homes thanks to very cheap mortgages.

It’s not exactly a negative, assuming they like their property. But it has been referred to as “golden handcuffs” because it can be somewhat bittersweet.

Basically, folks with mortgage interest rates locked in at 2-3% know they’ve got an amazing deal on their hands.

But if and when they sell, they’ll lose that incredible rate. And worse yet, they’ll have to take on a significantly higher mortgage rate if they buy another home and finance it.

Really the only way to avoid this situation is to sell and rent, or sell and buy a home with cash.

Any other scenario basically results in a doubling of the borrower’s interest rate, from that 2-3% range to 6%+.

Not only is this a tough pill to swallow, it also presents affordability challenges. Especially since home prices haven’t come down all that much.

Remember, there isn’t a negative correlation between home prices and mortgage rates. Both can rise together, or fall together.

Though given the steep increase in mortgage rates lately, there was obviously some downward pressure on home prices, especially in regions of the country that saw big gains.

However, because of this rate lock-in, existing home supply is super limited and has kept home prices elevated.

Mortgage Rates Doubled After the Refi Boom

refi boom

As noted, the 30-year fixed was priced in the 2-3% range a few years ago. It officially hit its lowest point on record during the week ending January 7th, 2021, according to Freddie Mac.

At that time, you could get a 30-year fixed mortgage for 2.65%, and actually even lower if you paid discount points. Or simply shopped around for the best deal.

And that’s exactly what many homeowners did. The so-called “Great Pandemic Mortgage Refinance Boom” resulted in about 14 million new mortgages between the second quarter of 2020 and the fourth quarter of 2021.

Per the Federal Reserve Bank of New York, about five million borrowers extracted a total of $430 billion in home equity via their refinance. These are known as cash out refinances.

Another nine million refinanced their loans without equity extraction and lowered their monthly payments in the process. This is known as a rate and term refinance.

It resulted in a staggering $24 billion in aggregate reduced annual housing costs. And remember, that can be for the next three decades on these 30-year fixed mortgages.

And yes, fixed, meaning the interest rate doesn’t change, regardless of what happens with mortgages in the meantime.

Speaking of, the going rate on a 30-year fixed is now closer to 6.5%, per Freddie Mac.

Can Existing Homeowners Afford to Move?

Now trading in a mortgage priced at 2-3% for one above 6% is clearly unfavorable, especially if the home price doesn’t change much.

This makes a lateral move disadvantageous, and a move-up purchase unlikely.

Moving from one like home to another simply isn’t cost-effective. Let’s consider an example.

Say you purchased a home in 2021 for $500,000, put down 20%, and obtained a 30-year fixed at 2.75%.

That puts the monthly principal and interest payment at $1,632.96. What a deal!

Now imagine you grow tired of your home, or simply want to move for whatever reason. A home you like is going for $475,000. Prices came down a little bit.

You put down 20% and wind up with a loan amount of $380,000, but the mortgage rate is now 6.5%. Ouch!

That puts the monthly principal and interest payment at $2,401.86. What a drag!

Your mortgage payment just increased about $770, or 47%. Yes, you’re reading that right. So not only is it a huge deterrent to move, it’s also potentially unaffordable for some (or many).

This explains why many of today’s homeowners are essentially locked-in to their existing properties.

Either because it makes no financial sense to move, or because it’s not even affordable to do so.

Literally, some homeowners probably couldn’t get approved for a home loan at today’s much higher rates.

But Can’t the Mortgage Rate Lock-In Effect End If Rates Come Down?

Those who don’t buy into this whole mortgage rate lock-in effect argue that life happens. People will move for a variety of reasons, regardless of their low mortgage rate.

While that’s true, it’s unclear how many will move for these reasons. It might be a pretty small percentage of the overall pie.

They also claim that over time, there is a diminishing value to the low-rate mortgage. After all, each time you make a monthly mortgage payment, you have one less at your disposal.

But remember that a 30-year fixed comes with 360 monthly payments. So it’ll take a very long time for that scenario to play out.

What could put an end to the mortgage rate lock-in effect is lower mortgage rates. They don’t necessarily have to be 2-3% again, just something in the ballpark.

So perhaps 30-year fixed rates back in the 4% range would do it. It’d be more palatable for a homeowner to swap a rate of 3% for a rate of 4.5%. And more affordable too!

You could argue that falling home prices would entice people to move, but they’d also have to sell in the process. And it’s unclear if they’d want to take a haircut and lose their low rate.

What would maybe be more likely would be renting out their home and buying another if that were to happen.

This explains why homeowners may be keeping their mortgages for a very long time. And why being locked in can actually be a wonderful thing.

Source: thetruthaboutmortgage.com

Apache is functioning normally

May 15, 2023 by Brett Tams

Here at Apartment Guide, we wanted to get a local sense of life in the Valley of the Sun, Phoenix, Arizona.

We reached out to three Phoenix area bloggers to get their varied takes on the city. These notable, local Phoenix experts share from their own points of view the details you need to know to understand the city a bit better. How Phoenix is changing, where to visit, how to get around, great spots to eat… it’s all here!

David Bickford is the author and creator of the top-rated blog PHX Rail Food, “devoted to good eating along the light rail line that connects Phoenix, Tempe, and Mesa.” David’s is the number one Phoenix food blog as ranked on Urbanspoon.com.

Scott Dunn of VisitPhoenix.com and The Hot Sheet Blog is a former journalist and now Senior Director of Marketing and Communications for the Greater Phoenix Convention and Visitors Bureau.

Gwen Ashley Walters of Pen&Fork.com is a food journalist, professional chef, and award-winning cookbook author. She lives in Scottsdale, a nearby suburb of Phoenix.

[find-an-apartment]

Describe Phoenix in three words.

David: Reinventing, surprising, maturing.

Scott: Dreamy outdoor living. (Eight months out of the year, anyway.)

Gwen: Diverse, fun, home.

How long have you lived in Phoenix?

David: I’ve lived in Phoenix for 25 years. I came here right after graduate school for a job opportunity, ended up marrying a native, and now feel fully embedded here.

Scott: 8 years.

Gwen: 19 years. Moved to Phoenix to go to culinary school and never left.

Urban Graffiti in Phoenix, Arizona (Chris Curtis)

What’s exciting or changing about the city?

David: Phoenix is becoming more dense, more walkable, and more multimodal in terms of transport. Using a car for every trip is no longer as essential as it once was. It’s also becoming more aware of its own history and the need to preserve its past.

Scott: The renaissance of downtown and preponderance of new businesses in adaptively reused buildings.

Gwen: Our culinary scene is growing, both at the high-end and in the affordable, mom-and-pop ethnic joints.

Do you live in an apartment?

David: No, my family lives in a house that we’ve owned for the past decade; however, I rented apartments during my first decade in Phoenix. I started with a modest one-bedroom within walking distance of work. Then, when I wanted to upgrade, the only real option at the time was to move several miles north. I didn’t mind because the new place was closer to my favorite hiking trails, but I’m pleased that there are now a lot of better apartment options available Downtown for those who want a more urban lifestyle.

Scott: No.

Gwen: I live in a condo.

If you could move tomorrow (and money is no object), which Phoenix neighborhood would you choose to live in, and why?

David: I would live in one of Phoenix’s historic districts. Those neighborhoods combine shaded, walkable streets with independent businesses and easy access to public transit. The housing there is a mix of well-maintained vintage homes and newer infill apartment buildings.

Scott: I’m perfectly happy where I am — the Coronado District — because of its diversity, walkability, neighborhood eateries/bars and proximity to my downtown workplace.

Gwen: I already live in Old Town Scottsdale, and I don’t ever want to move. I’m within walking distance to great restaurants, shopping, galleries and museums.

When out-of-town friends come to visit, where are three locations you take them in the city?

David: 1) The Heard Museum, because its emphasis on Native American art makes it a unique cultural attraction.

2) The Roosevelt Row and Lower Grand arts districts, because they show what small-scale, fine-grain reuse of old buildings can do to create authentic urban revitalization.

3) Taliesin West, Frank Lloyd Wright’s winter home, now turned into an architecture school.

Scott: 1) Phoenix Mountains Park

2) Camelback Mountain

3) Desert Botanical Garden

Gwen: 1) The Heard Museum

2) Desert Botanical Garden

3) Old Town Scottsdale Main Street Galleries

Corn Grinder sculpture, Desert Botanical Garden (Bill Florence)

How do you get around in Phoenix? Light rail? By car?

David: Light rail, my bicycle, walking, the bus, UberX, and our family car — like people, transportation should be diverse. A healthy city supports many ways of getting around.

Scott: Both. And on foot and bicycle.

Gwen: I walk whenever I can but otherwise by car. Light rail is a long way from where I live.

Do you have a favorite green chile dish?

David: The pork chile verde at St. Francis restaurant with a side of corn bread is excellent. It’s also offered at the Downtown Phoenix Public Market Cafe, the more casual cousin of St. Francis.

Scott: No. (Green chile is more of a New Mexico thing.) My favorite local food is carne asada street tacos.

Gwen: Green chile pot pie at the Phoenix Public Market Cafe in downtown Phoenix.

Both Scott and Gwen also commented on Phoenix’s weather.

Scott: “Dry heat” is a well-worn cliche for a reason: the low humidity really does make a 105-degree summer day here feel more comfortable than an 85-degree day back home in Tennessee.

Gwen: From November through May, Phoenix has near perfect weather. Summers are hot but so are the deals for both travelers and locals who want to take advantage of stay-cations.

Gwen Ashley Walter’s picks for four great Phoenix restaurants:

FnB for Chef Charleen Badman’s veggie-centric menu

Pizzeria Bianco for Chris Bianco’s hand tossed pizzas and his mother’s homey desserts

Binkley’s for a special night of molecular gastronomy influenced cuisine

Andreoli’s for the best handmade pastas

David Bickford’s picks for four great Phoenix restaurants:

La Piazza Locale — The latest arrival in Downtown Phoenix’s vibrant wood-fired pizza scene. The pizza is great, especially the Montanara, a pie made with fried dough, but don’t skip the excellent pasta dishes.

Umami — Downtown Tempe’s ramen restaurant has recently reopened after a fire. It’s back better than ever with its own broths, off-menu specials, and shareable bentos.

Republica Empanada — This restaurant in Downtown Mesa goes south of the border, farther south than Mexico to Central America, offering not only empanadas with all sorts of fillings, but also arroz con pollo and daily specials.

Clever Koi — A new pan-Asian restaurant in Midtown Phoenix. A summer ramen special with corn and asparagus goes great with one of the refreshing cocktails offered at the bar.

Special thanks to our contributors for sharing their Phoenix knowledge, opinions and experiences!

More Phoenix links on the Apartment Guide Blog:

Check Out These Entertainment Venues in Phoenix

Moving in Phoenix

Where to Find Nice, Cheap Furniture in Phoenix

Welcome to Phoenix

Photo credits: Shutterstock / Andrew Zarivny, Chris Curtis / Shutterstock.com, spirit of america, J. Norman Reid, Bill Florence / Shutterstock.com, Karen Grigoryan, ApartmentGuide.com

Apache is functioning normally

May 13, 2023 by Brett Tams

Buying or renting a home is a challenge that can take up a lot of your time and energy. Much of that time and energy go into your due diligence process, of doing the proper research and learning more about the area you’re looking to buy a house in.

This is why people tend to turn to realtors or other professionals, to tap into their past experience and vast knowledge of the local real estate market.

However, if you are determined to handle the purchase or rental of your new Texas home by yourself, here’s a detailed Texas housing market overview, meant to help you save time and make the entire process easier when buying a house in the area.

What are the latest stats when it comes to housing in Texas in 2019?

To offer you a complete image of the housing situation in the Lonesome Star State, we will be tackling the three essential criteria: Supply, Demand, and Prices:

Supply

According to the construction activity reported by the Texas Residential Construction Cycle (Coincident) Index, the overall home construction and development activity slowed down its pace after a strong 2018.

Construction wages and employment in this sector have dropped. However, the Texas Residential Construction Leading Index remains optimistic when it comes to future projections. The main reason behind this are the lower interest rates and extended economic expansion in Texas.

December brought a surprising downslide in terms of single-family housing construction permits. When looking at the major metropolises, the Texas housing insight identified San Antonio as the leading example when it comes to growth in monthly permits (796). Other cities in Texas were managed to stay in the race, in comparison to the stats from early 2018:

Houston led the state with 2,846 issued permits (despite a 14.6 percent decline)
Dallas-Fort Worth was the close runner-up, with 2,698 issued permits
Austin doesn’t offer nearly as much, but still did good, with 1,400 issued construction permits

state of texas housing market in 2019 — Lou Neff Point, Austin. Photo by Tomek Baginski

Inventory

Texas’ months of inventory (MOI) showed potential but never passed four months, just two short from a balanced housing market. Everything home lower than $300,000 maintained an MOI between 2.9 and 3.4 months.

A drop in new listings and boost in sales could limit any further MOI expansions.

The state of demand for Texas housing

With lower mortgage rates reducing the price pressure, the total housing sales in Texas marked a 5.2 percent increase since July 2018. Resale transactions were the reason behind the progress, with a record level of homes sold in the price range of $200,000-$300,000.

On the other hand, homes that went for under $200,000 also experienced an increase in quantity. Put these two ranges together and you have a piece of the Texas housing pie that covers more than 70 percent.

However, it should also be noted that even luxury homes achieved an 11.9 percent increase, making up for the losses experienced back in the 4th quarter of 2018.

According to current Texas housing insights, all major metropolitan areas in the state are experiencing growth. So, it should be no surprise that people are moving to Texas from another state.

The trend began in Central Texas, with Austin and San Antonio, and continued to spread throughout the state. Fort Worth marked the biggest growth, raking in at 12.4 percent, with Dallas and Houston trailing behind at 6.0 and 6.5 percent.

More market reports & studies

Here’s How Many People Became Millionaires by Selling their Homes in the Hottest Real Estate Markets
Features that Sell: Here are the Listing Keywords Likely to Get Your Home Sold for More
Million Dollar Homes in NYC Aren’t Selling Like They Used To

Source: fancypantshomes.com

Table of Contents

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How Much Money Does it Take to Start an IRA?

How Much Does it Cost to Open an IRA?

How to Start Investing in an IRA

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Know the IRA Rules

Summary on How Much to Start a Roth IRA

FAQs on How Much to Start a Roth IRA

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