The first batch of pension contributors who applied for mortgage loans through Stanbic IBTC Bank has been processed, and the funds disbursed to them to enable them to achieve their dreams of being homeowners.
Recall that recently, the National Pension Commission (PenCom) released guidelines that allow contributors to use up to 25 per cent of their contributions as equity to purchase a home in their preferred location.
The Central Bank of Nigeria (CBN) then advised financial institutions to support this initiative, and Stanbic IBTC Bank keyed into it and processed the specialised mortgage loans for pension contributors.
Having commenced the validation process for RSA holders that had shown interest in home loans, Stanbic IBTC made the first payout to Mr Kunle Oyetola and helped him achieve his lifelong dream of becoming a property owner in a short time, confirming its strategic emphasis on enhancing the quality of life for Nigerians and aiding contributors in receiving greater value from their contributions prior to retirement.
“Our efforts to ease the housing problem for individuals and families in Nigeria have just begun with this initial step. Housing is an essential human necessity, and our prompt action in taking advantage of the opportunity created by PenCom to close the accessibility gap demonstrates our dedication to providing value to Nigeriansm” the chief executive of Stanbic IBTC Holdings Plc, the parent company of the lenders, Mr Demola Sogunle, said.
“Recognising that purchasing a house is a substantial investment for our customers, this program is customized to address each client’s distinct financial requirements and assists them in promptly realizing their aspirations of owning a home,” he added.
He stated that, “As one of the pioneer disbursers of this specialized mortgage solution, we are confident that we will provide the best possible value to our esteemed customers.
“The mortgage scheme is equipped with several characteristics, such as customizable terms, competitive interest rates, low financial entry barriers, and flexible repayment options.
“We also have a group of experienced mortgage specialists dedicated to guiding our clients through the process seamlessly and efficiently.”
The pioneer recipient of the equity contribution for a residential mortgage processed through Stanbic IBTC Bank, Mr Kunle Oyetola, expressed his enthusiasm and gratitude to Stanbic IBTC Bank.
“I was very excited to learn about the release of the guidelines by PenCom for accessing a portion of my pension for property equity. I quickly got in touch with Stanbic IBTC, and their team was very helpful and put me through the processes required.
“I was very impressed by the professionalism and industry knowledge displayed by their Personal Wealth team and their Home Loans team. They put me at ease and were able to work with me to overcome all the obstacles encountered, being the first time this method was utilized.
“I am very happy to have my equity via my Retirement Savings Account (RSA) disbursed, and I am glad I chose to go with Stanbic IBTC Bank,” he enthused.
If you thought the refinance party was over, it’s not. It just seems to keep on going, which is a great thing for lenders that specialize in offering refis.
It has been surprising how long it’s gone on given the fact that most Americans already refinanced over the past few years. And interest rates aren’t as low as they once were in recent history, despite being pretty darn low.
Still, borrowers were able to cut their rate by more than a full percentage point during the fourth quarter, this according to the February 2016 Insight & Outlook report from Freddie Mac.
Refi Rate Is 110 Basis Points Lower
In fact, borrowers on average cut their mortgage rate by 110 basis points during the last three months of 2015, a whopping 23% rate reduction.
For example, someone who previously had a rate of 5.125% on their 30-year fixed was able to lower it to 4% when they refinanced.
That’s a pretty compelling reason to refinance, and above the historical norm in terms of rate reduction.
On average, the typical rate reduction is just 13% during refinance, per Freddie Mac, so homeowners who refinanced in the fourth quarter were nearly doubling their benefit.
[The Refinance Rule of Thumb]
It Got Even Better in 2016
Amazingly, rates marched even lower at the start of 2016, and now sit about 40 basis points below levels seen in the fourth quarter.
So that same borrower with the 5.125% rate can now get a rate closer to 3.625% on the 30-year fixed today.
That represents about a 30% discount in rate to the homeowner. On a $300,000 loan, the monthly payment drops from $1,633.46 to $1,368.15, roughly $300 lower per month.
I’m sure that $3,600 in annual savings will come in handy. A lower rate means more of the payment will go toward principal as well, allowing the borrower to gain equity faster.
Higher Refinance Share Projected in 2016
Speaking of equity, Freddie also noted that increases in home equity coupled with low rates should incent more borrowers to refinance.
As a result, the 2016 refinance share of originations has been boosted to 40%. It currently runs around ~60%, per the Mortgage Bankers Association, but purchases are expected to ramp up as home buying season gets in full swing.
Borrowers are also tapping their equity at a higher clip, with 43% of borrowers increasing their loan balance by at least five percent when refinancing (their minimum definition of cash out). That’s up four percentage points from the earlier period.
For the record, fixed-rate mortgages remain king, with more than 95% opting to go with a fixed loan, regardless of what they had prior.
And 83% of borrowers with a hybrid ARM chose a fixed loan in the fourth quarter, with just 17% choosing to jump into another ARM.
I actually mentioned the benefit of an ARM the other day if you’re planning in move in the next five years. You can get a lower rate and not worry about the rate adjustment, knowing the loan will be paid off before it ever adjusts.
Of course, I can see where folks just go with a fixed mortgage seeing how cheap they are at the moment.
Freddie expects the 30-year fixed to average 4.1% in 2016 and 4.8% in 2017, so the refis should continue to roll on in.
Scroll down far enough on the list of Webster’s definitions of the word “consolidate,” and you’ll find “to form together into a compact mass.” Financial markets appropriated that definition long ago and have been using it to refer to the condensed mass of prices, yields, or whatever else is being measured on a chart.
Speaking of charts, consolidation has a tell-tale pattern of lower highs and higher lows that form a sort of triangle or pennant (incidentally, market participants also use those terms more or less interchangeably).
Regardless of the label, the underlying phenomenon is one of indecision or anticipation of a big move that has a chance to be higher or lower.
Consolidation is everywhere in the market these days. If we zoom way out and simply consider the general flow of events, this makes good sense. As inflation surged at the fastest pace in decades, the Fed tightened monetary policy at a similarly fast pace. Inflation can also act as a natural brake on economic activity as consumer buying power declines.
At some point, the inflationary surge levels off and we wait for price growth to moderate back toward more sustainable levels. The presence of consolidation makes sense because we’re smack dab in the middle of finding out whether inflation has leveled off as a sign that it’s about to go lower, or simply to take a breath before remaining stubbornly high. Consolidation patterns are equally likely to be seen for both reasons.
This week’s focal point for economic data and the broader consolidation theme was Wednesday’s release of April’s Consumer Price Index (CPI). More than any other inflation report, CPI has had the power to push rates rapidly higher or lower.
CPI was right in line with expectations this time around, which doesn’t really help clear up much indecision. The monthly change of 0.4% at the core level (the one that gets the most attention from the Fed and financial markets) is right in the middle of consolidation pattern. And the annual number remains fairly flat after coming off the higher levels seen at the end of 2022.
There were some subtleties underneath the headlines that were helpful for rates. Specifically, there was a nice little drop in core services inflation excluding housing. This is a hot button for the Fed, as it captures a vast majority of the inflation that has been the most problematic. Removing housing from the equation allows the market to see a shift earlier than it otherwise might (because the housing components don’t move as much or as quickly).
All that to say: interest rates moved lower on Wednesday despite CPI coming in flat. The following day, Jobless Claims and the Producer Price Index (PPI) helped the move continue, although bank sector drama was also driving investors into US Treasuries. Yields bounced on Friday after the Consumer Sentiment survey showed 5-year inflation expectations at their highest level since 2011.
The chart of 10yr Treasury yields above is a good proxy for interest rate momentum throughout the week. It may not look like a good example of consolidation on such a short time scale, but if we zoom out, things change.
And what would a good proxy for rate momentum be if its sideways vibes didn’t translate to the mortgage market?
In fact, as of Friday, mortgage rates clocked their flattest calendar month since May 9th through June 9th, 2022.
The point of all this consolidation observation is simply to convey that the market is at a crossroads–albeit with a very long stop light–that will inform the next big move for rates and the housing market.
If inflation moves lower out of its consolidation pattern, rates would almost certainly do the same, thus allowing homeowners some breathing room to shop for new homes without worrying about sacrificing their ultra low existing rate.
In the week ahead, we’ll get to see how that process is going via the Existing Home Sales data on Thursday. Two days prior, the Retail Sales report will provide an update on consumer spending. In general, lower sales suggest downward pressure on inflation, but economists expect a +0.7% increase this time around compared to a 0.6% decrease in the last report.
After posting a surprising 14.5% monthly increase in February, breaking a year long streak of declines, existing home sales were back down again in March, according to a report from the National Association of Realtors (NAR), released Thursday.
Existing home sales dropped 2.4% month over month in March to a seasonally adjusted annual rate of 4.44 million. On a year-over-year basis, sales were down 22%.
“Home sales are trying to recover and are highly sensitive to changes in mortgage rates,” Lawrence Yun, NAR’s chief economist, said in a statement. “Yet, at the same time, multiple offers on starter homes are quite common, implying more supply is needed to fully satisfy demand. It’s a unique housing market.”
With mortgage rates remaining in the mid to low 6.0% range, home prices across the country have decreased slightly. According to NAR’s data, the median existing home sales price fell 0.9% year over year in March to $375,700. The second consecutive month of annual decreases.
“Home prices continue to rise in regions where jobs are being added and housing is relatively affordable,” Yun noted. “However, the more expensive areas of the country are adjusting to lower prices.”
Despite much higher mortgage rates than those seen a year prior, sales prices have only decreased slightly, thanks in large part to the continued inventory pinch. At the end of March, NAR reported that the inventory of unsold existing homes was up to 980,000, an increase of 1.0% from a month prior and 5.4% from a year ago. This represents 2.6 months of supply at the current sales pace.
“Prices are starting to warm up again signaling that demand is returning when dips in mortgage rates and creative financing strategies allow,” Nicole Bachaud, Zillow’s senior economist, said in a statement. “But with inventory levels far off from pre-pandemic levels as existing homeowners are still facing mortgage rate lock-in, existing home sales are taking a hit. Low inventory in general is going to remain a driving force in the movement of prices in the housing market, so affordability will likely be a barrier to those looking to transact for the foreseeable future.”
Despite these concerns, Yun remains optimistic about existing home sales for the second half of this year.
“With overall consumer price inflation calming and rents expected to decelerate from robust apartment construction, the Federal Reserve’s monetary policy will surely shift from tightening to neutral to possibly loosening over the next 12 months,” Yun added. “Therefore, home sales will steadily rebound despite several months of fluctuations.”
Thanks to the limited inventory and usual springtime uptick in buyer demand, properties typically remained on the market for 29 days in March, down from 34 days in February, but up from 17 days a year ago.
In addition, 65% of homes sold in March were on the market for less than a month.
Regionally, existing home sales fell in three out of the four regions month over month, with the Midwest recording the largest monthly drop at 5.5% to a sales pace of 1.03 million homes. The Northeast was the only region to not record a drop, holding steady from the month prior at an annual rate of 520,000.
Despite the lack of monthly change, the sales pace in the Northeast was still down 21.2% year over year. The other three regions also recorded year-over-year decreases in the existing home sales pace, with the Midwest falling 17.6%, the South (annual rate of 2.07 million) dropping 20.4%, and the West (annual rate of 820,000) falling 30.5%.
The West also recorded the largest year over year price change, falling 7.5% from a year prior to a median sale price of $565,400.
Home Point Capital reported another quarterly loss on Friday morning, just two days after announcing that it is being sold to Mr. Cooper Group for $324 million in cash. The transaction will result in the company shutting down in the coming months.
In the first quarter, Home Point’s origination and servicing businesses were in the red amid declining production volumes and a negative change in the fair value of its mortgage servicing rights (MSR).
Overall, Home Point delivered a non-GAAP adjusted net loss of $28.3 million from January to March, larger than the $21.7 million loss in the previous quarter. The GAAP net loss was $133.8 million, according to documents filed with the Securities and Exchange Commission (SEC).
Amid several quarterly losses, Home Point being sold wasn’t out of the realm of possibility, the company’s president and CEO, Willie Newman, said when announcing the 2022 earnings in early March.
The company failed to adjust to a landscape of high mortgage rates, low inventory levels and fierce competition.
In April, Home Point announced it exited the origination business after nine years of operation by selling its wholesale lender Homepoint to Arizona-based lender The Loan Store, Inc.
The buyer inherited a lender that produced $891 million in mortgage loans in Q1, compared to $1.7 billion in Q4 2022.
Home Point’s gain-on-sale margin attributable to correspondent and wholesale channels, prior to the impact of capital markets and other activity, was 97 basis points in the first quarter of 2023, compared to 86 bps in the previous quarter and 61 bps in the same quarter in 2021.
However, after the impact of capital markets and other activity, the gain-on-sale margin in the fourth quarter was just 12 bps, compared to 22 bps in the previous quarter.
In total, the origination segment had a $20.1 million loss in Q1 2023, compared to $24.2 million in Q4 2022 and $8.4 million in Q1 2022.
The transaction with The Loan Store did not include the company’s MSR portfolio, which is the target of Mr. Cooper’s deal. The buyer will also assume $500 million in Home Point’s senior notes due in February 2026. The transaction is expected to close in the third quarter of 2023.
Home Point’s servicing portfolio totaled $88.4 billion in unpaid principal balance as of March 31, 2023, down 0.3% quarter-over-quarter and 13% year-over-year. The company said it had 315,801 servicing customers in the first quarter, a decline of 9.6% from the same period in 2022.
The company had a $109 million net loss with the servicing portfolio in Q1 2023, which was impacted by a $139.8 million negative change in MSR fair value, net of hedge.
Regarding its liquidity, the company had $100 million in cash and cash equivalents as of March 31, 2022, and a total available liquidity of $663 million.
After the earnings report, Home Point share was trading at $2.26 at 10:30 AM EST, down 0.44% from the previous closing.
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Yep, you are reading this because you need an extra $300 ASAP.
In this post, you will learn the exact ways I have made 300 dollars fast or other methods that I truly know that work. Around here at Money Bliss, we research everything! That way we know you can put in the hustle and make it happen, too!
But with so many ways of making money on the internet these days, which one is best for your situation?
Hey, do you ever wonder how some people seem to make money the way they do?
It’s not by getting lucky–you’ve got to be smart about it.
I’ve looked at different options and ranked them from my favorite method all the way down to what I think is least desirable in terms of time investment and return.
Let’s get started…
How can I make $300 right now?
There are multiple ways to make $300 in a day.
You have to decide what works best for you! Preferably it would be a way that you naturally find enjoyment.
Even better, if you find a way to make 300 dollars fast that you can do repeatedly – that is called passive income.
What are ways to make money fast?
With so many ways to make money, sometimes figuring out what you should do can be a little overwhelming.
There are plenty of ways to make money fast.
You have to decide what you want to do.
35 Specific Ways on How to Make 300 Dollars Fast
Let us break it down for you with some of the most common and well-known methods of earning money.
For each way to earn 300 dollars in 24 hours, we will provide tips on how you could go about doing it.
1. Get a part-time job
One way is to get a part-time job.
You can look online or walk around any business for job postings.
Right now, there are SO MANY places that are DESPERATE for workers! You can easily find a part-time job making $15 an hour to $20 an hour.
2. Do a No-Spend Challenge – Budget to Find $300
A no-spend challenge is a great way to save money fast. I guarantee you can find $300 from your spending.
During a no-spend challenge, you commit to not spending any money on non-essential items for a set period of time. This can be anything from a week to a month.
There are a few different ways you can approach a no-spend challenge. One option is to cut out all non-essential spending for the duration of the challenge. This includes things like eating out, entertainment and shopping for new clothes. Another option is to allow yourself a set amount of money to spend each day during the challenge. This could be $10 per day or $50 per week.
No matter which approach you take, a no-spend challenge can help you save money fast. It’s also a great way to get creative and find new ways to have fun without spending money.
3. Open A New Bank Account & Get a Cash Bonus (Yes, get 300 dollars free)
A simple way to make money fast is by opening a new bank account. In fact, I just did this and received $300!
One way is to sign up for a new account and receive a sign-up bonus. Many banks offer these bonuses, which can range from $25 to $500, just for opening an account and meeting certain requirements. For example, you may need to deposit a certain amount of money within the first month or maintain a minimum balance.
Another way to make money fast with a new bank account is to take advantage of interest rates. Many banks offer higher interest rates for new customers, so you can earn more on your deposited funds.
Finally, some banks offer cashback or reward programs when you use your debit card or credit card for certain purchases. For example, you may get cash back when you use your debit card at grocery stores or gas stations.
4. Hop on TaskRabbit
TaskRabbit is a great way to make some quick money in one day. You can sign up to be a Tasker and choose from a variety of tasks that need to be completed in your area. Once you complete the task, you’ll get paid.
TaskRabbit is great for people who are looking for extra income and don’t mind doing odd jobs. Some of the tasks you can do on TaskRabbit include:
Cleaning
Yard work
Furniture assembly
Grocery shopping
To become a Tasker, you’ll need to create an account and fill out your profile. Once your profile is complete, you can start applying for tasks. Once you’re approved for a task, you’ll need to complete it and submit proof of completion in order to get paid.
5. Sell items you no longer need for quick cash
There are a few things you can do to make some quick cash if you find yourself in a bind and selling items that you no longer need ranks at the top.
This could include clothes, furniture, electronics, or anything else that you have around the house that you don’t need.
You can list these items for sale on websites like Craigslist, Nextdoor, or Facebook Marketplace.
6. Join an in-person or online focus group
Focus groups are a great way to make some extra money fast. You can join a face-to-face focus group or an online focus group. Online focus groups are usually conducted via Skype or a similar video conferencing platform.
In a focus group, you will be asked to provide your opinions on various topics, products, or services.
The company conducting the focus group will use your feedback to improve its offerings. Focus groups usually last for 1-2 hours, and you will be compensated for your time with cash or gift cards.
Typically, I have made $50-300 for each focus group I completed. The exact amount will depend on the company conducting the research and the topic of the focus group. Learn more.
7. Move to freelance work
The best way to make money fast is to find a need that you can fill and then fill it. For example, if you’re good at writing, you could start offering content writing services. If you’re good at design, you could start offering design services. There are always businesses and individuals who need help with things like this, so if you can provide it, you’ll be able to make money quick.
There are a few different ways to offer freelance services. You can offer your services through a freelancing platform like Fiverr, or you can reach out to businesses directly and offer your services. You can also set up a website and promote your services through that.
Of course, the amount of money you can make will vary depending on the quality of your work and the size of the projects you’re working on. But if you’re able to deliver high-quality work quickly, you should be able to make decent money doing freelance work.
Also, this is a great way to start building consistent income from work from home jobs without investment.
8. Advertise On Your Car As Easy Ways to Make Money
There are a few companies that will pay you to advertise on your car. You can usually sign up for a short-term contract and get paid per month, or sometimes per week or day.
This can be a great way to make some quick cash if you have a car that you don’t mind driving around with ads on it.
Here are a few companies that offer this service:
To sign up, you’ll need to provide some basic information about yourself and your car, and then you’ll be able to browse the available campaigns and choose the ones you want to participate in. Once you’ve been approved for a campaign, the company will send you the materials you need to apply the wrap to your car, and then you’ll be on your way!
Double bonus if you do this while driving for Uber or Lyft!
9. Become A Virtual Assistant:
There are many ways to make money fast, but becoming a virtual assistant is one of the most viable options.
Virtual assistants provide administrative, secretarial, and clerical support to clients from a home office. They can perform tasks such as scheduling appointments, handling customer inquiries, managing social media accounts, and more.
To be a successful virtual assistant, you will need to have strong organizational and time management skills. You will also need to be comfortable using computers and various software programs. Additionally, it is important to be able to communicate effectively with clients via email and phone.
If you have the necessary skills and qualifications, becoming a virtual assistant can be a great way to earn money fast. Check out this free virtual assistant training!
10. Clean Houses
Cleaning houses is a profitable business and most people charge from $35 dollars to $45 an hour, so you can quickly make $300 by cleaning houses. You could start by advertising your services on platforms like Craigslist orNextdoor.
Once you get a few clients, you could start a Facebook group or Instagram account to showcase your work and attract more customers.
You could also look into joining a local house cleaning company as an independent contractor. This would give you the benefit of having a regular income, while still being able to set your own hours and work as much or as little as you want.
10. Give Blood OR Sell Plasma:
There are a few ways to make money fast, and giving blood or plasma is one of them – especially if you live in a college town.
You can usually make around $50-75 for giving blood or plasma. Also, many centers offer first time donors a big bonus!
The process takes around an hour, and you can usually donate once a week.
11. Do Grocery Shopping With Instacart:
Instacart allows people to shop for groceries and other items from the comfort of their own homes. As a shopper, you would be able to set your own hours and work as much or as little as you want.
For someone who loves shopping, this is perfect because you are not spending your own money!
You would also be able to earn tips from satisfied customers. If you are looking for a flexible way to make money, then becoming a shopper with Instacart could be a good option for you.
12. Test Websites for UI/UX
Testing websites for UI/UX is a great way to make money fast. Here are a few things to keep in mind when testing websites:
Make sure the website is easy to navigate
Check for broken links
Test the forms and checkout process
Provide feedback on the overall design and user experience
Companies want their online experience to be great, so this is a top gig.
13. Tutor Online
There are a few different ways you can tutor online, and each has its own benefits. You can use a platform like Chegg or Wyzant to connect with students who need help in your area of expertise. If you’re more of a self-starter, you can also look for online tutoring gigs on Upwork or Fiverr.
Benefits of tutoring online include:
You can work from anywhere with an internet connection
You can set your own hours
Tutoring is a great way to make $30 an hour
If you’re looking for ways to make money fast, tutoring online is a great option. You can work from anywhere in the world, and set your own hours so that you can fit tutoring into your busy schedule. Plus, tutoring is a great way to make extra money.
14. Writing Skill? Become a Freelance Writer
Also, making money is becoming a freelance writer. There are many websites and online publications that are always looking for new content, and a freelance writer can easily provide this. In addition, a freelance writer can often command a higher rate than other types of writers because of the specialized nature of their work.
Another way to make money fast as a freelance writer is to offer services such as ghostwriting or editing. This can be especially helpful for businesses or individuals who need assistance with their writing but do not have the time or resources to do it themselves. By offering these services, you can still earn a decent living while helping others improve their own writing skills.
Check out this course on how to Earn Money while Writing.
15. Manage Social Media Accounts to Make $300 a Day
There are a few different ways you can make money by managing social media accounts. You can offer your services to businesses or individuals who need help with their social media presence. Here are a few ideas:
Offer to help businesses with their social media strategy. This can include creating and scheduling posts, engaging with followers, and monitoring analytics.
Offer to manage an individual’s personal social media accounts. This can include anything from posting updates to responding to comments and messages.
Start your own social media management company. This will require more work upfront, but you can potentially earn a lot more money in the long run.
If you’re looking to make some quick cash, managing social media accounts is a great option. With a little effort, you can easily make $300 or more per day!
16. Become An Uber Or Lyft Driver:
If you’re looking to make some quick cash, becoming an Uber or Lyft driver might be a good option. This past weekend, we met a driver who would not tell me the exact amount he makes, but it was hovering six figures.
You can work on your own schedule and earn money by picking up passengers and taking them to their destination. Plus, you can get paid even more if you’re willing to pick up additional passengers or drive during peak hours.
Key Tip… Learn the routes and areas in which you are more likely to make more money. This may mean driving outside your hometown.
17. Ask for Extra Hours
A simple way to make $300 fast is to ask for extra hours at work. If you’re able to put in the extra work, you’ll likely see a boost in your paycheck.
This can be a great way to make some quick cash if you’re in need.
Many employers will be happy to pay overtime hours or just under the requirements of a full-time position.
18. Rent Your Car
Have you ever thought about renting your car out?
You can do this by signing up with a car rental service like Turo or Getaround. Once you’re approved, you can start renting out your car for quick cash.
Typically, you can earn around $30/hour for each rental, and you can get paid weekly. This is a great way to make some extra money if you have a car that you don’t use often.
19. Rent out a spare room in your house
Renting out a room in your house is a great way to make money fast.
You can charge daily, weekly, or monthly rates, and you’ll get the money right away.
This is a great option if you have an extra room in your house that you’re not using. Just make sure to list the room on a site like Airbnb so people can find it.
20. Open a Shopify Store and Sell
Opening a Shopify store is one of the quickest and easiest ways to start making money online. Shopify is an eCommerce platform that allows you to create an online store in minutes, without any prior experience or technical knowledge.
There are a few things to keep in mind when opening a Shopify store:
Choose a niche: When choosing what products to sell, it’s important to pick a niche that you’re passionate about. This will make it easier to market your store and stand out from the competition.
Research your products: Once you’ve chosen a niche, it’s important to do your research and make sure you’re offering quality products that your customers will love.
Set up your store: The next step is to set up your Shopify store. This process is relatively simple and can be done in just a few minutes.
Start promoting your store: Once your store is up and running, you’ll need to start promoting it through social media, blogging, and other marketing channels.
Once your store is up and running, you can start selling products and making money right away.
21. Events Assistant
Thankfully, large events are making a comeback, and thus it is now one way to make money fast is to work as an events assistant.
Events assistants help with the planning and execution of events, such as weddings, corporate functions, and parties. They may be responsible for tasks such as booking venues, arranging transportation, and decorating the event space.
Working as an events assistant can be a great way to earn quick cash, as many events take place on weekends or evenings. You may earn tips in cash, too.
22. Apply For A New Credit Card & Get a Signup Bonus
Applying for a new credit card is one of the easiest ways to make money fast if you have a good credit score.
You can often get a sign-up bonus just for applying, and if you use the right card, you can earn cash back or points that can be redeemed for free travel.
Just make sure to pay off your balance in full each month so you don’t get hit with interest charges.
23. Get Paid To Walk
There are a few ways to make money by walking, including becoming a pet-sitter or dog-walker, delivering food or packages, and even participating in research studies.
Pet-sitting and dog-walking are great ways to get some exercise while making some extra cash. You can advertise your services on websites like Rover or Care.com, or even on local community Facebook groups. Once you build up a clientele, you can set your own schedule and rates.
If you don’t mind doing a little bit of extra work, you could also sign up to deliver food or packages for companies like DoorDash, Postmates, or Amazon Flex. You can typically set your own schedule and rates for these gigs.
24. Wait tables
Working as a waiter or waitress can be a great way to make some extra money fast. In fact, it is easy to net over $300 if you are personable and do your job well!
In most cases, you will be able to keep all of the tips that you earn, which can add up to a significant amount of money over time.
Additionally, many restaurants offer their employees discounts on meals, which can further increase your earnings. If you are looking for a way to make some quick cash, waiting tables may be the perfect solution for you as you can start within days.
25. Provide Yard Work Help
Another way to make money fast is by providing yard work services. This could involve mowing lawns, shoveling snow, trimming hedges, or any other type of outdoor work.
You can use online platforms such as TaskRabbit, Nextdoor or Craigslist to find clients, or you can reach out to local businesses or individuals who need help with their yards.
From personal experience, my kids have averaged over $300 a day – just for snow shoveling! Good hustle for those preteens!
This is yet another way to make some quick cash by doing odd jobs for people in your community.
26. Read Books and be Paid as a Reader
There are a few ways to make money by reading books. You can start a book blog and get paid to review books, you can work as a freelance book editor, or you can even get paid to read books!
If you want to start a book blog, you first need to find a niche. What kind of books do you want to review? Once you’ve found your niche, the next step is writing reviews. You can use sites like Amazon and Goodreads to find books to review, and then post your reviews on your blog.
If you’re interested in working as a freelance book editor, there are a few things you need to know. First, you need to have experience editing books. Second, you need to be able to showcase your work. And third, you need to be able to market yourself so that potential clients can find you.
One way that you can make money by reading books is by becoming a beta reader. Beta readers are people who read manuscripts before they’re published and provide feedback on the story and the writing. If you’re interested in becoming a beta reader, the best way to find work is by networking with authors and editors who might need your services.
27. Sell a Skill on Fiverr
There are many ways to make money fast, but one way you can monetize a skill you have is to sell it on Fiverr.
Fiverr is a marketplace where people can buy and sell services starting at $5.
If you have a particular skill or talent, you can create a gig offering that service. Once your gig is created, buyers can purchase your service and leave a review.
If you deliver quality work, you will get repeat customers and your gigs will start to rank higher in the search results. This will help you make more money faster.
28. Profit from Baked Goods & Get Rewarded
Cake pops are hot! As most professional bakeries, charge between $1-4 per cake pop, you would need to sell 75 cake pops to make your goal of $300 a day.
Same with sourdough bread! people are selling homemade sourdough bread for $5-8 per loaf. So, you need to sell around 40 loaves to hit 300 dollars fast.
Another option is to offer baking classes in your community to make extra money. This is a hot thing to do for couples and kids.
There are many delicious ways to make money fast from baking.
29. Flip Stuff Online and Be a Reseller
One way to make money fast is to resell items on eBay, Facebook Marketplace, or Craigslist.
You can find items to resell at garage sales, thrift stores, and even online. Once you have found an item to resell, list it on eBay and set a starting price. Be sure to research the item so you know how much it is worth and what similar items have sold for in the past. You can also offer to ship if you are selling a larger item.
Check out this free training from Flea Market Flipper!
30. Negotiate a Pay Rise
There are a few key things you can do to increase your chances of successfully negotiating a pay rise:
Do your research: find out what the average salary is for your role in your area, and what other people in similar roles at other companies are being paid. This will give you a good starting point for negotiations.
Build a case: put together a document or presentation detailing your successes and value to the company. This will help you make your case in a clear and concise way.
Be prepared to walk away: if the company isn’t willing to meet your demands, be prepared to walk away. This may mean looking for another job, but it’s important to stand up for yourself and not accept less than you’re worth.
This is a great way to increase your paycheck!
31. Do odd jobs for people
One way to make some quick cash is to do odd jobs for people in your neighborhood.
This could be anything from mowing lawns and shoveling snow to painting fences and washing cars. If you have a knack for handyman work, you can list your services on websites like TaskRabbit or Craigslist.
You can also sign up with a local home improvement store, such as Home Depot or Lowe’s, to find customers who need help with small projects around the house.
You can house sit for people in your community who are going out of town and need someone to watch their home while they’re gone. Check out a great place with Trusted Housesitters.
32. Start Copywriting
Copywriting is a skill that can help you make money fast. If you can write persuasively, you can earn quick cash by writing articles, sales letters, and web copy.
Here’s how to get started:
Find a need. Look for businesses that are in need of content and start pitching them your services.
Write a great proposal. Your proposal is your chance to sell your services, so make sure it’s well-written and persuasive.
Get paid! Once you’ve landed a client, get to work and start earning money fast!
Check out where to find copywriting jobs.
33. Play with Dogs with Pet-sitting Services
If you love animals, you can offer pet-sitting services to earn some extra cash.
Pet owners often need someone to watch their pets while they’re away on vacation or business trips. If you love animals, this can be a great way to earn some extra cash.
You can also dog walk or pet sit for neighbors or friends.
34. Invest in Stocks or Cryptocurrency.
If you’re willing to take on some risk, you could make money by investing in stocks or cryptocurrency. However, these investments can also lose money, so be sure to research before investing.
This is one way I consistently make an extra 300 dollars a day.
However, this is after I took an investing course and months of practice. If you are analytical and enjoy patterns, this could be for you.
35. Complete online survey and earn extra cash
This is probably my least favorite, but you can make cash fast for very simple work. The amount of money you can make depends on the amount of time you’re willing to spend, and some other factors like your demographics.
Join a paid survey panel.
These panels usually work with marketing research companies who pay panelists for their participation in online and offline surveys. To join a paid survey panel, you’ll typically have to fill out a short sign-up form and provide some basic information about yourself. Once you’re signed up, you’ll start receiving survey invitations by email.
Here are the top legit survey platforms:
How much money can you make with each method?
The goal is to make 300 dollars fast, right?
It depends on the way you want to make money and the effort you put into it.
Some like virtual assistants or active trading will take longer to build up and get your experience, but it will be more lucrative as you go. On the flip side, pet sitting or house sitting is quicker to start but could be less consistent with clientele.
What are the pros and cons of each method to make money today?
There are a few different ways to make extra money, and each has its own pros and cons. For example, you could get a part-time job, start a side hustle, or take on some freelance work.
Idea #1 – Another job or More Hours
Getting a part-time job is one of the most common ways to make extra cash. The main pro of this method is that it’s relatively easy to find a part-time gig these days. You can use sites like Indeed or Craigslist to find open positions near you.
The main con of this method is that it can take up a lot of your time, which might not be ideal if you’re already working full-time or taking care of other obligations.
Idea #2 – Start a Side Hustle
Starting a side hustle is another popular option for making extra money. The biggest pro of this method is that you can often make more money with a side hustle than you would with a part-time job.
The biggest con of this method is that it takes time and effort to get your side hustle off the ground.
Idea #3 – Freelance Work Online
Taking on some freelance work is another option for making extra cash. The main pro of this method is that you can often set your own hours and rates.
The main con of this method is that it can be tough to find consistent work.
Best Way to Earn Money Fast
Ultimately, the best way to make extra money is the method that works best for you and your situation.
If you need to make some quick cash, a part-time job might be the way to go. If you’re looking to consistently make a bit more money, starting a side hustle is best.
Top ways to make money fast online
There are many different ways you can make money online.
Some of the most common include affiliate marketing, selling your own products or services on social media platforms like Instagram and Facebook, using your blog as a source of passive income, and creating e-commerce stores.
In fact, learning how to make money online for beginners is a hot topic!
Which methods are best for making long-term income?
There are a variety of methods you can use to make 300 dollars fast. While some methods may only provide you with temporary or one-time earnings, others have the potential to provide you with more long-term income.
Some of the best methods for making long-term income include:
Finding a high-paying job: If you’re looking for more sustainable earnings, then finding a job that pays well is one of the best options. While it may take some time to land a high-paying position, once you do, you’ll be able to earn a steady income that can last for years.
Starting your own business: Another great option for earning long-term income is starting your own business. This can be a great way to earn a passive income, as well as give you the flexibility to work on your own schedule.
Investing in real estate or stock market: Another option for those looking to make long-term earnings is investing in real estate or the stock market. This can be a great way to earn passive income and build up wealth over time.
What are some tips for making money fast?
These are just a few ideas to get you started.
Remember, the key is to be creative and think outside the box. There are many opportunities out there for those who are willing to look for them. With a little effort, you can find a way to make money fast.
Do you need to know how to make 2000 fast?
Tips to Earn Real Money and Make Extra Money Fast
How can you make sure you make the most money possible?
There are a few key things to keep in mind if you want to make the most money possible:
1. Be Clear On Your Expectations
If you want to make extra money, you need to be clear on what you want. Specifically how you are looking to make and how many hours you are going to commit.
Also, you need to communicate this to others around you like friends, family, or kids.
2. Set Prices People Make in Reality
Making sure that you have a clear understanding of the services you’re offering and what the going rate is for those services is crucial.
If you don’t know how much your time and effort are worth, it’s easy to undervalue yourself and end up making less money than you could have. Likewise, if you overprice yourself, people are less likely to use your services.
3. Negotiate a Ton
Don’t be afraid to negotiate. If you feel like you’re worth more than what the other person is offering, try to negotiate for a higher price.
Don’t be afraid to negotiate when it comes to prices. If you feel like your time is worth more than what the other person is offering, try negotiating for a higher price. It never hurts to ask, and often times people are willing to pay more than they initially offered if it means getting better quality work.
4. Work Hard and Make Real Cash – Not Free Cash
Be willing to work hard. The more effort you put in, the more money you’re likely to make.
If you’re not willing to put in the extra effort, you’re not going to make as much money as you could have.
Free cash won’t just happen; that isn’t someone you strive to be. Work hard and be paid.
Start Earning 300 dollars and Make Money Quickly
There are a lot of ways to make 300 dollars fast.
You just have to be creative and resourceful.
With this guide, you now know 35 ways to make 300 dollars fast. You can start earning extra cash today by following these methods.
You can start by looking for ways to make money in your free time, at home, or online. With a little effort, you can make 300 dollars in no time. Then, on to make 500 dollars fast.
Remember to have fun while you’re earning money! Thanks for reading and good luck!
Then, your next goal will be how to turn 10k into 100k.
Know someone else that needs this, too? Then, please share!!
Do you earn too much to make a Roth IRA contribution?
Under IRS rules, you’re prohibited from making a Roth IRA contribution if your modified adjustable gross income is more than:
$183,000 if you’re married filing jointly, or
$125,000 if you’re filing as a single person or head of household
If you fall into this category, you can’t make a Roth IRA contribution, right? Wrong.
While you can’t make a direct contribution to your Roth IRA, that doesn’t mean you should write off the idea of funding your Roth IRA this year.
You can still make an indirect contribution to your Roth IRA regardless of how much money you earn, and whether it’s a direct or indirect contribution, what’s most important is getting that money into your Roth IRA where it can grow tax-free and where you can withdraw it tax-free in your retirement years.
So how do you make an indirect Roth IRA contribution? It all starts with a 2010 congressional rule change.
Note: Check here for the latest Roth IRA Rules and Contribution Limits for 2012.
Roth IRA Conversion Limit Rule Change
The key to making an indirect Roth IRA contribution is a 2010 rule change in which Congress eliminated the income limit for performing a Roth IRA conversion.
Prior to 2010, if you had adjustable gross income in excess of $100,000, the IRS prohibited you from converting a Traditional IRA or an old 401k to a Roth IRA.
But now that the income limit has been lifted, anyone (regardless of income) can perform a Roth IRA conversion.
At this point, you’re probably asking yourself, “So what? The income limits on contributions are still in effect, and I earn too much!”
That’s a good question, and the answer is that the elimination of the income limit on Roth IRA conversions paves the way for you to make a Roth IRA contribution – regardless of income.
Fund Your Roth IRA Regardless of Income
How? Because anyone (regardless of income) can make non-deductible contributions to a Traditional IRA. For most people, the advantage in making a Traditional IRA contribution is that it’s tax deductible, but odds are that you can only make non-deductible contributions due to your high income. And that’s good, because those are exactly the type of contributions you want to make.
Once you fund your Traditional IRA with non-deductible contributions, you can then convert your Traditional IRA to a Roth IRA and… Presto! You just funded your Roth IRA.
Done right, you should avoid income taxes on the conversion since you haven’t had time to generate any investment earnings, and you don’t owe conversion taxes on contributions which were originally non-deductible.
For example, let’s say you’re married, 40 years-old, and earn $300,000 per year. Under IRS rules, you’re prohibited from making a direct contribution to your Roth IRA since your $300,000 income exceeds the $183,000 income limit for married couples.
However, you can still contibute $5,000 in after-tax non-deductible contributions to a Traditional IRA, and then convert that Traditional IRA into a Roth IRA tax-free.
Is it really that simple? Yes, and… no.
Potential Pitfalls
Such a conversion isn’t always a tax-free event. It is if you don’t already have a Traditional IRA. But if you already have one, it can get complicated.
Why? As previously stated, most people make Traditional IRA contributions in order to take advantage of the tax break. So if you already have a Traditional IRA, in all likelihood, it’s funded with tax deductible contributions.
You can still make your non-deductible Traditional IRA contribution, but the IRS won’t let you convert only your non-deductible contributions. Any Roth IRA conversion you perform will trigger income taxes on those portions of the conversion amount which represent original tax deductible contributions and earnings, and the IRS requires you to treat your cost basis as a percentage of tax deductible and non-tax deductible contributions.
For example (and this is a simplistic example), let’s say you’re married, 40 years old, and earn $300,000 per year. You decide to make an indirect Roth IRA contribution by following the steps outlined above, but you also already have a Traditional IRA worth $30,000 – of which $10,000 represents earnings, while the remaining $20,000 represents your original tax deductible contributions.
If you make a $5,000 non-deductible contribution to your Traditional IRA, then attempt to convert $5,000 of your Traditional IRA to a Roth IRA, you will owe the IRS income taxes.
Why? Because the IRS determines the cost basis of your conversion by looking at your total contributions – in this case, $20,000 in deductible contributions and $5,000 in non-deductible contributions.
In percentage terms, this means that 80% of your contributions are tax deductible, while the remaining 20% are not. As such, if you attempt to convert a portion of your Traditional IRA, 80% of your conversion is taxable, while the other 20% is not. In addition, if you convert any of existing funds which are the result of past investment earnings, those are subject to income taxes as well.
In the above example, we now have $45,000 in your Roth IRA – $20,000 in deductible contributions, $5,000 in non-deductible contributions, and $10,000 in earnings.
Assuming an effective tax rate of 35%, converting your entire Traditional IRA to a Roth IRA will trigger a $10,500 income tax bill. Why? Because your deductible contributions are taxable ($20,000 x 35% = $7,000) and your earnings are taxable ($10,000 x 35% = $3,500).
So if you decide to go this route, make sure you seek the advice and guidance of a certified financial professional. Also, make sure you have plenty of cash on hand to pay your conversion taxes if you still wish to move forward with a conversion.
Act Before the Conversion Limit Comes Back!
A Roth IRA can be a great place to grow your retirement savings, so don’t give up if you earn too much to make a direct Roth IRA contribution.
You can always make non-deductible Traditional IRA contributions and then convert to a Roth IRA. However, take advantage of this “backdoor” contribution method while you can. Don’t simply assume that it will always be available. Congress can always legislate a new income limit for Roth IRA conversions, and then you’ll be shut out again.
So don’t take your current opportunity for granted.
This is a guest post by Britt who writes for Your-Roth-IRA.com, a website which looks to educate people concerning Roth IRA regulations.
If you’ve ever shopped for life insurance, then you know that there can be some key variables to consider to determine whether you have the proper type and amount of coverage.
For example, knowing how much your policy’s proceeds should be can be beneficial, as you don’t want to underinsure and leave your loved ones with a financial burden, or over-insure and end up paying more than you need.
When shopping for the right life insurance policy, it is also imperative that you review the company that you are considering purchasing through, as you will want to know that it is stable and safe financially and that it has a good reputation for paying out its policyholder claims. One life insurer that has a long standing reputation – and is well-known in the insurance marketplace – is Bankers Life Insurance Company.
The History of Bankers Life Insurance Company
Bankers Life Insurance Company – also commonly referred to as simply BLIC – was initially founded in 1976 – and, while it may not be one of the older insurance carriers in the U.S., it has proven itself to be a viable player in the life insurance and annuity arena. Bankers Life is headquartered in St. Petersburg, Florida. The company does business in all 50 of the U.S. states, although it does business as Western Bankers Life Insurance Company in the state of Texas. It is a subsidiary of Global Bankers Insurance Group Company.
With $1.2 billion of assets under management, Global Bankers continues to deliver on its unique investment strategy, too, with sustainable and profitable growth. Global Bankers is itself a subsidiary of another company, Eli Global, LLC. Founded in 1991, Eli Global is a privately held consortium of more than 50 independent businesses that serve the needs of its clients in industries such as insurance, financial services, health care services, revenue cycle management, information technology, marketing and sales, publishing, distribution, market research, and business information.
Bankers Life Insurance Company Review
Bankers Life Insurance Company’s strategic use of reinsurance to reduce liability and add capital and surplus, as well as its commitment to disciplined management of company expenses, has positioned this insurance carrier to continue growing its business for years to come.
As of year-end 2016, Bankers Life has more than $447 million in assets and $27.3 million in statutory surplus. Both figures represent a considerable increase over those of just one year prior.
Insurer Ratings and Better Business Bureau (BBB) Grade
The Bankers Life Insurance Company investment policy is predicated upon ultimate protection and providing stable, predictable income to the company’s policyholders. Based on its overall financial stability and reputation for paying out its policyholders’ claims, Bankers Life Insurance Company has a grade of B (Stable) from A.M. Best Company.
Life Insurance Coverage Offered Through Bankers Life Insurance Company
Bankers Life Insurance Company does not provide any of the traditional life insurance products such as term, whole life, universal life, or variable life insurance coverage. Rather, it focuses more on the retirement income market through annuities.
Other Products and Services Offered
With the number one concern on the minds of retirees today is running out of income, the focus of many life insurance carriers today – as well as other financial companies – has been offering retirement annuities. One reason for this is because annuities can provide the ability to obtain a guaranteed lifetime income stream – regardless of how long a person lives. (Some annuities will also pay out income to a second individual, such as a spouse or partner, for as long as that person lives, too).
Bankers Life Insurance Company offers several annuity options. These include the following:
SPDA-5
The SPDA-5 is a five-year tax deferred guaranteed return annuity. With this annuity, the interest rate is guaranteed for five years. And, by choosing the interest rate lock, the annuitant will qualify for an interest rate lock for 45 days on incoming transfers from other financial institutions.
The interest on this annuity will begin 30 days after the policy issue – or if requested, after the policy issue date the payments will be made monthly starting one month after the monthly interest option effective date. The interest is credited daily, and it is compounded annually to yield the guaranteed rate.
This annuity also offers a nursing home care waiver whereby if a covered condition occurs to the annuitant, the policyholder may withdraw up to 50 percent of the accumulated contract value without incurring a withdrawal charge. (Otherwise, there can be a withdrawal fee for any money taken out more than 10 percent, during the first six years).
In this case, a covered condition is defined as confinement in a residential care facility or a skilled nursing home facility for at least 90 consecutive days. The annuity contract must also be in force for at least 90 days for this to be covered.
The SPDA-5 annuity is available to applicants who are between the ages of 0 to 85 years, and it has a minimum premium requirement of at least $10,000 – regardless of whether the account is qualified or non-qualified.
SPDA-7
With the Bankers Life Insurance Company’s SPDA-7 annuity, the interest rate is guaranteed for seven years. This annuity also requires a minimum premium of $10,000, and it is open to those who are between age 0 and 85 years. This annuity will also qualify for an interest rate lock of 45 days on incoming transfers from other financial institutions.
If the policy owner is required to take a Required Minimum Distribution (RMD) on a tax-qualified annuity, the withdrawal charges will be waived on any RMD amount that exceeds the 10 percent free withdrawal provision. Any withdrawal that is requested more than that allowed under one of the penalty-free withdrawal options is subject to the following withdrawal charges (which may vary by state):
Contract Year
1
2
3
4
5
6
7
8
Withdrawal Charge
9%
8%
7%
6%
5%
4%
3%
0%
As with the SPDA-5 annuity, the SPDA-7 also has a nursing home waiver option, whereby if a covered condition is to occur to the annuitant, the policy owner may withdraw up to 50 percent of the accumulated contract value without incurring a withdrawal charge. A covered condition, in this case, is defined as confinement in a residential care facility or skilled nursing facility for at least 90 days. The annuity contract must be in force for at least 90 days to become covered.
SPIA
The SPIA annuity is also available through Bankers Life Insurance Company. An SPIA – or a single premium immediate annuity – create instant income during retirement through taking a lump sum of money and converting it into regular payments that continue for a specified period, or for the lifetime of the insured.
An SPIA annuity could be a viable option for someone seeking an excellent return on their money that he or she will not outlive and does not want to worry about how to invest the money. The benefits of the SPIA annuity will also include the tax deferral that is derived from receiving income in payments instead of in one large lump sum.
The SPIA annuity option from Bankers Life allows the policy owner to elect to receive either monthly, quarterly, semi-annual, or annual payments over the course of five to twenty years – which will enable the annuitant to customize the size and the frequency of the income payments.
These income payments are fully guaranteed for the period that is elected – even if it is for the annuitant’s full lifetime. The payments will not fluctuate, so the annuitant can have the peace of mind in knowing that his or her retirement income will be stable.
If the annuitant dies while he or she is still receiving income payments from the SPIA annuity, and provided that these payments are a non-life only option, a named beneficiary (or beneficiaries) will have a few options. They may receive the remaining payments that left on the annuity’s income payment schedule, or, they may elect to receive the remaining account value as a commuted lump sum.
This annuity option is available to those who are up to age 90 (as of his or her last birthday) as the annuitant, and policy owners who are at least age 18 or over. The annuity has a minimum premium amount of $10,000 and a maximum premium amount of $500,000 (unless the annuity holder obtains home office approval from Bankers Life Insurance Company).
The various income payout options and parameters for the SPIA include the following:
Lifetime Income – ages 75 and below
Life Income with Period Certain – 5, 7, 10, 15, or 20 years
Income for a Fixed Period – 5 to 20 years
Joint Life Income – 100 percent or 66 2/3 percent to the survivor
Interest Plus
The Interest Plus annuity from Bankers Life Insurance Company is designed for the individual who desires a higher than average rate of return, but with the ability to access funds for any reason or amount – without incurring an excessive surrender charge. By paying an upfront fee, the annuity owner will receive a large amount of flexibility.
The issue ages on this annuity are 0 to 90 years for non-qualified contracts, and 0 to 65 on qualified contracts. The minimum premium amount is $10,000, and the maximum is $500,000 without getting home office approval.
Annuity holders who have the Interest Plus annuity are permitted to access unlimited withdrawals – with the minimum being $1,000 – of their accumulated accounts for any reason after the annuity has been issued. Each of these withdrawals, however, will be subject to a 1 percent redemption fee schedule. The withdrawal fee schedule on the Interest Plus annuity is as follows:
Contract Year
1
2
3
4
5
30-Day Window
6-10
11
Withdrawal Charge %
1
1
1
1
1
0
1
0
It is important to note that not all of the annuities offered by Bankers Life Insurance Company are available in all 50 states.
How to Find the Best Life Insurance Premium Quotes
If you are looking for the best quotes on life insurance coverage, it is recommended that you work in conjunction with an independent insurance broker or agency that has access to multiple insurance carriers. This will allow you to compare the options that are available to you in an unbiased manner, and from there you can better determine which one will work for you, as well as for your budget.
We understand that the purchase of any insurance product can be a bit daunting. There are many different variables that you can choose from – and you want to be sure that you are going with the plan that will be the best for you and your specific needs. Going through this process can be much easier, though, with an ally on your side. So, contact us today – we’re here to help.
Its loan origination volume during the period was $4.9 billion, down 23% or $1.4 billion from Q4 2022, according to the lender’s financial report. Purchase volume fell to 71% of total loans, down from 76% in the prior quarter and up from 37% a year ago. “Although the affordability and availability of new and existing … [Read more…]
Knowing that you have life insurance protection can provide you and those you love peace of mind. While nobody wants to dwell on the unimaginable, life insurance can help to ensure that your dependents will have additional funds that they may require for paying off debts and / or continuing to pay their ongoing living expenses.
When you are searching for the best life insurance policy, it is important that you obtain the proper type and amount of coverage. That way, your loved ones won’t be left with too little to serve their needs.
It is also key to make sure that the insurance carrier that you purchase your life insurance coverage through is strong and stable financially – and that it has a good, positive reputation for paying out its policy holders’ claims. One company that meets these criteria is Phoenix Life Insurance Company.
The History of Phoenix Life Insurance Company
Phoenix Life Insurance Company has more than a century and a half in the business of providing coverage to its customers. Initially founded in 1851 as the Phoenix Companies, Inc., the company has grown and expanded throughout the years.
This insurer has a primary focus on helping those who are considered to be in the middle income market, as well as those who are more affluent, with securing the property life insurance protection for their needs.
Phoenix Life Insurance Company Review
Phoenix Life focuses on offering a variety of life insurance plans, as well as retirement annuities. These are offered via financial advisors throughout the U.S. The company also has a distribution subsidiary, Saybrus Partners, which provides insurance coverage to clients.
While Phoenix Life Insurance Company is considered by many to be a somewhat small insurance carrier – with roughly 600 home office employees – its products and services rate among the best. Phoenix Life is headquartered in Hartford, Connecticut.
Insurer Ratings and Better Business Bureau (BBB) Grade
Due in part to recent financial issues, Phoenix Life Insurance Company’s ratings are not currently among the best from the insurer ratings agencies. These ratings include a B+ (Credit Watch) from Standard and Poor’s (which is a rating of 14 out of 21 possible ratings), and a B (Stable) from A.M. Best Company (which is seventh out of a possible sixteen total ratings.
Even though the company’s ratings are not on par with where they could ideally be, Phoenix Life Insurance Company has been satisfying the financial obligations that it has to its current policy holders.
While Phoenix Life is not an accredited company through the Better Business Bureau (BBB), it has still been provided with a grade of A+, which is on an overall grading scale by the BBB of A+ through F). Over the past three years, Phoenix Life Insurance Company / The Phoenix Companies, Inc. has not had to close out any customer complaints through the Better Business Bureau.
Life Insurance Products Offered by Phoenix Life Insurance Company
With its key focus on life insurance and annuities, Phoenix Life Insurance Company provides a wide range of products for customers to choose from. This can be quite beneficial, as coverage can change along with the client, as his or her needs change over time.
The company provides several types of permanent life insurance, along with final expense coverage. With permanent life insurance, there is both a death benefit component, and a cash value component. Typically, once an insured has been approved for coverage, the amount of the death benefit protection is locked in, as is the premium amount – which means that the premium that is charged will not go up, even as the insured’s age increases, and if he or she contracts an adverse health condition.
The cash that is inside of the cash value component is allowed to grow and compound over time on a tax deferred basis. This means that there are no taxes due on the growth of these funds unless or until they are withdrawn.
Policy holders who have permanent life insurance protection are allowed to withdraw or borrow cash from the policy’s cash component for any need that they see fit – including to pay off debts, to supplement retirement income later in life, or even to take a nice vacation.
One type of permanent life insurance coverage that is offered through Phoenix Life Insurance Company is whole life. The Phoenix Remembrance Life policy is a simplified issue whole life insurance policy, which also offers supplemental benefits that are designed for protecting the insured’s loved ones and for leaving a legacy.
Because the Remembrance Life plan is a simplified issue policy, it will not require the applicant for insurance to undergo a medical examination, or to answer a long list of medical related questions. Because of this, these policies will oftentimes be approved within just days – or sometimes even sooner. So, if an individual is in need of life insurance protection quickly, this could be a viable option.
Another form of permanent life insurance coverage that is offered by Phoenix Life Insurance Company is universal life. With a universal life insurance policy, there are some similarities to whole life in that there is death benefit protection, along with a cash value component. However, in many ways, universal life insurance is considered to be much more flexible than whole life, as the policy holder is allowed – within certain guidelines – to change the due date of the premium, as well as to allocate how much of his or her premium will go towards the death benefit, and how much will go into the cash component.
Phoenix Life offers the Phoenix Accumulator UL universal life insurance policy. With this plan, policy holders may obtain a higher cash value crediting rate than they can with whole life insurance. There is also an interest bonus feature with this policy.
For those who are seeking both death benefit protection, along with a potentially higher amount of cash value build up over time (in a tax-advantaged manner), the Phoenix Accumulator UL policy may be a good fit.
Another type of universal life insurance that is offered through Phoenix Life Insurance Company is indexed universal life. Here, there is also a death benefit and a cash value component within the policy. However, instead of having the cash grow based on a certain rate of interest, the growth is based on the performance of an underlying market index (or indexes) such as the S&P 500.
With an indexed universal life insurance policy (IUL), if the underlying index or indexes perform well within a certain time period, then the cash value will be credited positively – typically up to a certain “cap.” If, however, the underlying index performs poorly – or even in extreme negative territory – then the cash value will not lose value. Rather, it will just simply be credited with a 0 percent for that time period.
Because of this, indexed universal life insurance is used by many policy holders who are seeking higher potential growth (than that of whole life, or even CDs and money markets), yet with protection of principal.
Phoenix Life Insurance Company offers the Phoenix Simplicity Index Life policy. With this plan, the policy holder may choose from several different cash value accumulation options. There is also a death benefit included in the policy, with the option to allocate policy value in a fixed account and / or to two indexed accounts.
As with the whole life insurance policy that is offered via Phoenix Life, this indexed universal life product will not require a medical examination by the applicant for coverage. There is also no need to fill out a large amount of paperwork. Therefore, those who may have certain health issues could still qualify for this policy – and it could be a viable option if someone is looking for guaranteed death benefit protection, along with protection of cash value and possible higher growth.
Other Products and Services
While Phoenix Life Insurance Company is known for its offerings of life insurance coverage, the company also offers some options for retirement annuities. Today, because many baby boomers are reaching retirement age, there is worry about whether or not retirement income will be able to last through the remainder of their lifetimes. This is particularly the case as life expectancy has increased.
With an annuity, a guaranteed, set income can be received – and, if the annuity holder opts for the lifetime income option, they can literally receive an income stream that will last for the remainder of their lifetime, regardless of how long that may be. Do your research and make sure you’re getting the best annuity rates.
All of the annuity products that are offered via Phoenix Life Insurance Company are designed for flexibility – depending on what it is that a client needs. These annuity products include the following:
The Phoenix Personal Retirement Choice – The Phoenix Personal Retirement Choice is a deferred annuity that provides its holder with the ability to build up long-term savings over time on a tax deferred basis. Deposits can be made into the annuity over time, prior to converting the annuity to an income stream. This annuity has several different income options to choose from as well.
The Phoenix Personal Income Annuity – The Phoenix Personal Income Annuity is a fixed indexed annuity, so it allows the opportunity to grow cash over time, based on the performance of an underlying index – but if the index should perform negatively in a given time period, there are no losses of principal.
The Phoenix Personal Protection Choice – With the Phoenix Personal Protection Choice annuity, the client can deposit a single premium up front. Because this annuity is a fixed indexed annuity, the cash will be protected from market downturns, while at the same time having the opportunity to grow, based on an underlying market index. There are also several options that are available when it comes time to convert this annuity to an income stream.
How to Get the Best Premium Rates on Life Insurance Coverage
If you are looking for the best premium rates on life insurance coverage on plans from Phoenix Life Insurance Company – or from any life insurance carrier – then it is typically recommended that you work in conjunction with an independent life insurance brokerage or agency.
In doing so, you will be much better able to shop and compare – in an unbiased manner – from numerous life insurance policies and carriers, and from there, you can choose the plan and premium quote that works the best for you and your specific needs.
If you are ready to take a look at the life insurance coverage that may be available to you, we can help. We are an independent life insurance brokerage, and we work with many of the top insurance carriers in the market place today. We can get you the details that you need quickly, easily, and conveniently – all from your own computer – and without you having to meet in person with an insurance agent. Whenever you are ready to begin the process, all you need to do is just simply take a moment to fill out the quote form on this page.
We understand that the purchase of life insurance coverage is a big decision. There are many different variables that you need to be aware of – and you want to be sure that you are obtaining the property type and amount of protection for your needs. The good news is that this process can be made so much easier when you have an ally on your side. So, contact us today – we’re here to help.