Simple interest is the money earned after investing or depositing a principal amount, and compound interest refers to the interest accrued on that principal amount and the interest already earned. While interest is typically earned or accrued in a savings account, it can play a role in an investing portfolio, as certain types of investments (CDs, bonds) may involve interest payments, adding to overall investing returns. Note, though, that interest is different from investment returns.
Further, Albert Einstein is reputed to have said that compound interest is the eighth wonder of the world. It’s easy to see why. Continuous growth from an ever-growing base is the fundamental reason investing is so compelling a practice. Compounding has the potential to grow the value of an asset more quickly than simple interest. It can rapidly increase the amount of money you owe on some loans, since your interest grows on top of both your unpaid principal as well as previous interest charges.
What Is Simple Interest?
In basic terms, simple interest is the amount of money you are able to earn after you have initially invested a certain amount of money, referred to as the principal. Simple interest works by adding a percentage of the principal — the interest — to the principal, which increases the amount of your initial investment over time.
When you put money into an average savings account, chances are you are accruing a small amount of simple interest.
APY is the annual rate of return that accounts for compounding interest. APY assumes that the funds will be in the investment cycle for a year, hence the name “annual yield.” If your interest rate is low, you might be missing out on cash that could otherwise be in your pocket. And it may be worthwhile to look into other types of accounts that could earn you more interest.
Simple Interest Formula
Calculating interest is important for figuring out how much a loan will cost. Interest determines how much you have to pay back beyond the amount of money you borrowed.
The simple interest formula is I = Prt, where I = interest to be paid, r is the interest rate, and t is the time in years.
So if you’re taking out a $200 loan at a 10% rate over one year, then the interest due would be 200 x .1 x 1 = $20.
But let’s say you want to know the whole amount due, as that’s what you’re concerned about when taking out a loan. Then you would use a different version of the formula:
P + I = P(1 + rt)
Here, P + I is the principal of the loan and the interest, which is the total amount needed to pay back. So to figure that out you would calculate 200 x (1 + .1 x 1), which is 200 x (1 + .1), or 200 x 1.1, which equals $220.
Example of Simple Interest
For example, let’s say you were to put $1,000 into a savings account that earned an interest rate of 1%. At the end of a year, without adding or taking out any additional money, your savings would grow to $1,010.00.
In other words, multiplying the principal by the interest rate gives you a simple interest payment of $10. If you had a longer time frame, say five years, then you’d have $1,050.00.
Though these interest yields are nothing to scoff at, simple interest rates are often not the best way to grow wealth. Since simple interest is paid out as it is earned and isn’t integrated into your account’s interest-earning balance, it’s difficult to make headway. So each year you will continue to be paid interest, but only on your principal — not on the new amount after interest has been added.
What Is Compound Interest?
Most real-life examples of growth over time, especially in investing and saving, are more complex. In those cases, interest may be applied to the principal multiple times in a given year, and you might have the loan or investment for a number of years.
In this case, interest compounds, meaning that the amount of interest you gain is based on the principal plus all the interest that has accrued. This makes the math more complicated, but in that case the formula would be:
A = P x (1 + r/n)^(nt)
Where A is the final amount, P is the principal or starting amount, r is the interest rate, t is the number of time periods, and n is how many times compounding occurs in that time period.
Example of Compound Interest
So let’s take our original $200 loan at 10% interest but have it compound quarterly, or four times a year.
So we have:
200 x (1 + .1 / 4)^(4×1) 200 x (1 + .025)^4 200 x (1.025)^4 200 x 1.10381289062
The final amount is $220.76, which is modestly above the $220 we got using simple interest. But surely if we compounded more frequently we would get much more, right?
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More Examples of Compound Interest
Let’s look at two other examples: compounding 12 times a year and 265 times a year.
For monthly interest we would start at:
200 x (1 + .1/12)^(12×1) 200 x (1 + 0.0083)^12 200 x 1.00833^12 200 x 1.10471306744 220.94
If we were to compound monthly, or 12 times in the one year, the final amount would be $220.94, which is greater than the $220 that came from simple interest and the $220.76 that came from the compound interest every quarter. And both figures are pretty close to $221.03.
Notice how we get the biggest proportional jump from one of these interest compoundings to another when we go from simple interest to quarterly interest, compared to less than 20 cents when we triple the rate of interest to monthly.
But we only get 18 cents more by compounding monthly instead of quarterly, and then only 9 cents more by going from monthly to as many compoundings as theoretically possible.
What Is Continuous Compounding?
Continuous compounding calculates interest assuming compounding over an infinite number of periods — which is not possible, but the continuous compounding formula can tell you how much an amount can grow over time at a fixed rate of growth.
Continuous Compounding Formula
Here is the continuous compounding formula:
A = P x e^rt
A is the final amount of money that combines the initial amount and the interest P = principal, or the initial amount of money e = the mathematical constant e, equal for the purposes of the formula to 2.71828 r = the rate of interest (if it’s 10%, r = .1; if it’s 25%, r = .25, and so on) t = the number of years the compounding happens for, so either the term or length of the loan or the amount of time money is saved, with interest.
Example of Continuous Compounding
Let’s work with $200, gaining 10% interest over one year, and figure out how much money you would have at the end of that period.
Using the continuously compounding formula we get:
A = 200 x 2.71828^(.1 x 1) A = 200 x 2.71828^(.1) A = 200 x 1.10517084374 A = $221.03
In this hypothetical case, the interest accrued is $21.03, which is slightly more than 10% of $200, and shows how, over relatively short periods of time, continuously compounded interest does not lead to much greater gains than frequent, or even simple, interest.
To get the real gains, investments or savings must be held for substantially longer, like years. The rate matters as well. Higher rates substantially affect the amount of interest accrued as well as how frequently it’s compounded.
While this math is useful to do a few times to understand how continuous compounding works, it’s not always necessary. There are a variety of calculators online.
The Limits of Compound Interest
The reason simply jacking up the number of periods can’t result in substantially greater gains comes from the formula itself. Let’s go back to A = P x (1 + r/n)^(nt)
The frequency of compounding shows up twice. It is both the figure that the interest rate is divided by and the figure, combined with the time, that the factor that we multiply the starting amount is raised to.
So while making the exponent of a given number larger will make the resulting figure larger, at the same time the frequency of compounding will also make the number being raised to that greater power smaller.
What the continuous compounding formula shows you is the ultimate limit of compounding at a given rate of growth or interest rate. And compounding more and more frequently gets you fewer and fewer gains above simple interest. Ultimately a variety of factors besides frequency of compounding make a big difference in how much savings can grow.
The rate of growth or interest makes a big difference. Using our original compounding example, 15% interest compounded continuously would get you to $232.37, which is 16.19% greater than $200, compared to the just over 10% greater than $200 that continuous compounding at 10% gets you. Even if you had merely simple interest, 15% growth of $200 gets you to $230 in a year.
Interest and Investments
As noted previously, interest can play a role in an investment portfolio, but it’s important to note the distinction between investing returns and interest – they’re not the same. However, if an investor’s portfolio contains holdings in investment vehicles or assets such as certificates of deposit (CDs) or certain bonds, there may be interest payments in the mix, which can and likely will have an impact on overall investing returns.
It can be important to understand the distinction between returns and interest, but also know that there may be a relationship between the two within an investor’s portfolio.
The Takeaway
Simple interest is the money earned on a principal amount, and compound interest is interest earned on interest and the principal. Understanding the ways in which interest rates can work both for and against you is an important step in helping to secure your future financial stability. Interest is typically earned in a bank account, but it can also play a role in an investment portfolio, to some degree.
Interest is typically earned in a bank account, but it can also play a role in an investment portfolio, to some degree.
If you’re interested in investing and making your money work harder for you, then identifying interest types and finding ways to earn as much interest as possible could be the difference in thousands of dollars over the course of your life. The bottom line, though, is that the longer you invest, the more time you have to weather the ups and downs of the stock market, and the more time your earnings have to compound.
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If you’re a seasoned trader who spends hours watching the markets every weekday and relies on your portfolio to supplement or even provide the bulk of your income, low-cost robo-advisors and most mass-market DIY brokerages don’t cut it for you. You need a powerful trading platform that lets you execute at a level commensurate with your skill.
Tastytrade is just such a trading platform. It’s designed for experienced, confident traders who actively play the markets and, in many cases, trade in riskier asset types like options, futures, and cryptocurrencies.
Tastytrade has a lot of benefits for market participants who know what they’re doing. It also has some important gaps and drawbacks, so don’t automatically assume it’s ideal for you. Learn more about how it works and what to expect from it first.
What Is Tastytrade?
Tastytrade is an online trading platform for experienced, active traders. It has a broad lineup of available asset types, including stocks, exchange-traded funds, options, futures, and cryptocurrencies. Stock and ETF trades are free, with variable commissions and fees for other asset types.
Tastytrade’s core features enable quick construction and execution of simple or complex trades. Unlike more beginner-friendly brokerages, Tastytrade is designed for traders deeply familiar with the markets and confident in their trading strategies. Though it does have social features that allow regular users to follow experts as they play the markets, it lacks extensive educational resources.
What Sets Tastytrade Apart?
Tastytrade stands out from many other online brokerages in ways both positive and negative:
Excellent account opening bonus. Tastytrade offers an account opening bonus worth up to $3,000 for new users. You can get the maximum bonus amount with a new money deposit of just $250,000, lower than comparable thresholds for similar bonus amounts elsewhere.
Sophisticated features for active traders. Tastytrade is designed for active traders in scenarios where seconds (or even milliseconds) count. Its ordering interface prioritizes speed and accuracy.
Access to advanced asset types like futures and futures options. Tastytrade allows stock and ETF trading, but so do most online brokerages. Its futures, futures options, and cryptocurrency offerings are less common in this market, and quite welcome for serious traders looking to diversify.
Limited trader education resources. The other side of Tastytrade’s appeal to experienced traders is its relative lack of trader education resources. It’s not the best place to learn investing basics.
Key Features of Tastytrade
Before opening a Tastytrade account, understand how its platforms work and what to expect from its trading features. Familiarize yourself with its pricing and account opening bonus opportunity too.
Account Opening Bonus
For a limited time, Tastytrade has an exciting account opening promotion* for new customers. To earn it, complete the following qualifying activities:
Open and fund your account by the stated offer end date, currently September 30, 2023
Make a qualifying new money deposit of at least $5,000 — but you must deposit at least $250,000 to earn the full $3,000 bonus
Meet other bonus requirements as spelled out in Tastytrade’s offer terms
Bonus tiers are as follows:
Deposit
Cash Bonus
$5,000 to $24,999
$100
$25,000 to $99,999
$500
$100,000 to $249,999
$2,000
$250,000 or more
$3,000
Your deposit can be cash, securities, or some combination of the two, but all of it must be new to Tastytrade. Funds transferred from another Tastytrade account don’t count toward the bonus amount.
Account Types
Tastytrade offers two taxable account types: individual and joint. You hold an individual account in your name only and a joint account with one other individual.
Tastytrade offers several types of tax-advantaged accounts as well, including traditional, Roth, and SEP IRAs.
Products Available to Trade
Tastytrade offers a comprehensive lineup of asset types to trade:
Stocks (including fractional shares)
ETFs
Options contracts
Futures contracts
Options contracts for futures
Cryptocurrencies
Commodities
Note that you can only trade stocks and ETFs in a basic account. You need to complete separate applications to get permission to trade other asset types, like options and futures. Standards vary by asset type, but you generally need to have a minimum amount of cash in your account at all times to trade more advanced asset types.
Commissions & Fees
Tastytrade charges no commissions at all on stock and ETF trades and no direct commissions on most other trades.
However, options and futures trades carry variable per-contract fees that are a few ticks above the industry average. These range from $0.25 to $2.50 per contract, depending on the contract type and underlying asset.
Cryptocurrency trades carry a flat 1% commission. It’s capped at $10 per transaction, regardless of the size of the trade. Cryptocurrency trades may involve other fees that Tastytrade can’t control.
Trading Platforms & Tools
Tastytrade has three distinct platforms: a desktop platform that you download once and run on your computer, a web browser that you can use on any machine as long as you have your login credentials, and a mobile app for on-the-go trading from your phone.
All three platforms have a comprehensive array of features and capabilities for serious traders:
Percent-of-profit orders, which allow you to set a strike price with a higher probability of occurring (and thus locking in your profits)
A rapid order adjustment feature that allows you to change pricing and trade structure on open orders without placing the order again
Curve analysis, a visual representation of expected profit or loss for a given trade based on the strike price
Quick roll, a fast way to roll open options orders into the next expiration month without reopening the trade
Social features like the Follow Feed, where you can follow expert traders’ moves in real time, and an in-platform video feed where expert traders narrate their trades
The mobile trading app has separate versions for Android and iOS. It’s essentially the desktop and browser trading platforms in miniature, with all the same features and capabilities. The user experience is excellent and execution speed (which is critical for serious traders) is on par with the other platforms as long as you have a strong Wi-Fi or LTE signal. Both versions have high marks from thousands of verified users.
Pros & Cons
Tastytrade has some key pros and cons to understand before opening your account.
No trading commissions on stocks and ETFs
Access to less common asset types
Excellent account opening promotion
Not ideal for beginners or hands-off investors
Some missing asset types
Above-average pricing on certain assets
Pros
Tastytrade is a comprehensive, social, and overall well-designed online brokerage for experienced traders.
No trading commissions on stocks and ETFs. Tastytrade charges no commissions on stock or ETF trades. If these are the only assets you buy and sell on Tastytrade, you’ll pay almost nothing (other than unavoidable regulatory fees) to use it.
Access to some less common asset types. Tastytrade’s less common asset types include futures, futures options, cryptocurrencies, and commodities that you can buy and sell directly. Many competing brokerages offer only stocks, funds, and options.
Potentially generous account opening promotion. Tastytrade’s account opening promotion is worth up to $3,000 with a qualifying new money deposit. You can earn the full amount with as little as $250,000 in new money, compared with $1 million or more for similar bonuses elsewhere.
Powerful order construction and execution tools. Tastytrade is built for sophisticated order construction and rapid execution. If your income depends on getting in and out of trading positions quickly, this is a key advantage.
Available anywhere with an Internet connection. Tastytrade’s three trading platforms are available anywhere with an Internet connection. The mobile apps offer Tastytrade’s full capabilities on the go.
Cons
Tastytrade isn’t appropriate for beginner and intermediate investors, which means it’s not appropriate for most market participants. It also has some gaps in asset availability and higher-than-average pricing in some asset types.
Not ideal for beginners. Tastytrade isn’t designed for beginners or even intermediate investors. It’s meant for active traders who know what they’re doing. If that’s not you, consider another online brokerage.
Not designed for passive investors. You can use Tastytrade to build a long-term stock and ETF portfolio that you occasionally write options against. But you can do that with dozens of other online brokerages as well. And Tastytrade lacks basic research and education features that long-term investors need.
Some missing asset types. Though Tastytrade has some bond ETFs, you can’t buy or sell government or corporate bonds directly on Tastytrade. The platform also lacks mutual funds. Truly comprehensive brokerages have both asset types.
Above-average pricing on certain assets. Tastytrade’s options and futures pricing is a bit higher than average in some cases. Futures option pricing ranges up to $2.50 per contract, nearly double what more reasonable brokerages charge.
How Tastytrade Stacks Up
Tastytrade is one of several high-quality online brokerages serving experienced, active traders. One of its closest competitors is TradeStation, which has a similar breadth of assets. Before opening an account with either, see how they compare.
Tastytrade
TradeStation
Account Opening Promo
Yes
Yes
Stock Commissions
$0
$0
Options Contracts
$1 per contract
$0.50 per contract
Futures Contracts
$0.25 to $1.50 per contract
$0.50 to $1.50 per contract
Cryptocurrency Available
Yes
Yes
Bonds Available
No
No
Tastytrade is roughly equivalent to TradeStation on stock, ETF, and cryptocurrency trading. Both lack direct bond access as well. But TradeStation is superior overall thanks to more competitive pricing on certain asset types.
Final Word
Tastytrade has a powerful trading interface built for experienced, active market participants. It’s fast, intuitive, and effective.
If that sounds like everything you need in an online brokerage, Tastytrade could be the right platform for you. Unfortunately, most investors aren’t super-experienced or particularly active. Tastytrade isn’t designed with them in mind.
On the bright side, there’s an abundance of beginner-friendly online brokerages for DIYers, plus even more low-cost, easy-to-use robo-advisors built for passive investors. You don’t have to use Tastytrade just because it’s a well-designed product. In fact, if you have to stop and think about whether it makes sense for you, it probably doesn’t.
*This offer is valid for legal residents of the 50 U.S. states and D.C. It’s not valid for IRA or trust accounts. You must be 18 or older to qualify. For complete rules and additional eligibility requirements, see the Official Terms and Conditions.
tastytrade, Inc. (“tastytrade”) has entered into a Marketing Agreement with Money Crashers (“Marketing Agent”) whereby tastytrade pays compensation to Marketing Agent to recommend tastytrade’s brokerage services. The existence of this Marketing Agreement should not be deemed as an endorsement or recommendation of Marketing Agent by tastytrade and/or any of its affiliated companies. Neither tastytrade nor any of its affiliated companies is responsible for the privacy practices of Marketing Agent or this website. tastytrade does not warrant the accuracy or content of the products or services offered by Marketing Agent or this website.
Editorial Note:
The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.
The Verdict
Our rating
Tastytrade
Tastytrade is an excellent online brokerage for experienced, active traders who don’t need much support or education. It offers access to less-common asset types like futures and futures options and boasts one of the best, most accessible account opening bonuses in the industry. However, its lack of beginner- and intermediate-friendly resources mean it’s not appropriate for most traders, and its pricing is a bit high on some asset types.
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Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he’s not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.
Inside: Are you looking for a remote job? This guide will help you find the best remote jobs for college students, with information on industries, pay, hours, and more.
The internet has made it possible to work from anywhere in the world.
This is great news for college students who want to earn some money while they study.
Back when I was in college, working remotely wasn’t even considered a possibility. But, now, there are a number of online jobs available that are perfect for college students.
In addition, remote jobs are one of the best ways for college students to make money and gain experience.
With a remote job, you can work from anywhere in the world, which is perfect for students who want to travel or live at home with their parents while transitioning to and from a college campus.
There are many different types of remote jobs available, so there is sure to be something that suits your skillset and interests.
In this article, we will explore the best remote jobs for college students.
How can a college student make money remotely?
Remote work has become increasingly popular among college students and for good reason.
Many students today have grown up with technology and possess the skills necessary to excel in remote jobs.
Not only does remote work provide a flexible schedule that can be easily adjusted to accommodate class schedules, but it also offers numerous benefits such as the ability to work from anywhere, reduced transportation costs, and the opportunity to contribute to environmental sustainability by reducing carbon emissions.
Additionally, remote work allows students to earn extra income, potentially reducing their reliance on student loans and minimizing post-graduation debt.
Can I work remotely in college?
Yes! Working remotely in college can be a great way to earn some extra money and gain some work experience.
Remote work has gained immense popularity across the globe, with its adoption nearly doubling since the pandemic.
As college students, you often possess the necessary tools for remote work, such as a laptop, making it a convenient option for them.
This is a great idea if you are looking at how to pay for college without loans.
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.
This is the perfect side hustle if you don’t have much time, experience, or money.
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The 15 best remote jobs for college students
Working remotely is a great way for college students to earn money and gain experience in their chosen field.
Whether you are looking for a way to make some extra money, or maybe you need a flexible job that will fit around your studies. Whatever the reason, there are plenty of remote jobs out there that could be perfect for you.
Also, you can review these non phone work from home jobs for more ideas.
Here are 15 of the best remote jobs for college students.
1. Virtual Assistant
A virtual assistant is one of the best remote jobs for college students due to its versatility and learning opportunities. Plus there are plenty of virtual assistant jobs with no experience out there.
As the demand for remote administrative support services continues to grow, virtual assistants play a crucial role in helping companies and individuals with various tasks. Working from a remote location, virtual assistants provide administrative assistance by handling phone calls, scheduling appointments, managing emails, and more.
By finding a position as a virtual assistant in their desired industry or with a respected professional, students can make their side hustle more beneficial to their future.
Benefits:
Provides an opportunity to gain professional experience and develop essential skills such as communication, time management, and resourcefulness.
Requires quick thinking and the ability to switch between diverse tasks, which enhances cognitive flexibility and adaptability.
Allows students to learn about different industries and gain insights into their chosen career paths.
Pay: Most virtual assistants average about $20 an hour.
2. Online Tutor
Online tutoring is widely regarded as one of the best remote jobs for college students. With its flexibility and convenience, it offers students the opportunity to work from anywhere at their own pace.
Whether they excel in a specific subject or want to gain teaching experience, online tutoring provides a platform for college students to share their knowledge and help others succeed academically.
Benefits:
A high degree of flexibility it offers.
Freedom to choose their own hours, instruction topics, and the number of students they want to work with.
Balance their tutoring responsibilities with their academic commitments, ensuring they can effectively manage their time.
Pay: Although the reported median hourly wage for tutors was $17 an hour. The actual pay can vary depending on factors such as the subject being taught, the level of expertise required, and the platform through which tutoring is conducted.
3. Proofreader
Proofreading is a crucial role in the final stages of the written content production process, making it one of the best remote jobs for college students. A proofreader possesses a keen eye for detail and a strong command of the language, allowing them to identify and rectify errors that may have eluded the writer or editor.
They play a vital role in ensuring the accuracy, clarity, and coherence of written materials across various industries.
Benefits:
Offer the flexibility to work from anywhere, making it ideal for college students who need to balance their studies with work.
Enhances skill development such as language skills, attention to detail, and critical thinking abilities, which are valuable in various fields.
Networking opportunities to build professional connections and expand one’s network.
Pay: The average pay for proofreading jobs is $22 per hour, providing college students with a valuable source of income.
4. Social Media Manager
In today’s digital world, social media has become an essential tool for businesses to connect with their target audience, build brand awareness, and drive engagement. With the increasing importance of social media, businesses are in need of skilled professionals who can effectively manage their social media presence.
This makes the role of a social media manager one of the best remote jobs for college students, providing them with the opportunity to earn money while gaining practical experience in online promotion.
Benefits:
Enjoy being paid to be on your favorite social media apps.
Ideal remote job for college students due to its flexibility.
Gain practical experience in online promotion, which can be valuable for those studying marketing, journalism, or communications. Benefits:
Pay: The pay for social media management can vary significantly, but you can expect $15 an hour to $25 an hour.
5. Freelance Writer
Remote writing jobs are an excellent option for college students looking to earn extra income while honing their writing skills.
As writers, college students have the opportunity to create a wide range of written materials that can be distributed through various channels, such as articles, blogs, website copy, and more.
The demand for remote freelance writers is high, making it a popular choice among college students seeking flexible work options.
Benefits:
Freelancers can work on short and long-term projects.
As long as you have a computer and internet connection, you can work from anywhere.
Showcase writing skills and earn income.
Pay: The pay for freelance writers is by the word (.01-$1.50 per word). With most freelance writers averaging about $29 an hour.
6. Social media influencer
Social media influencers have become a prominent and lucrative career option in today’s digital age.
For college students, becoming a social media influencer can be an excellent remote job opportunity that allows them to leverage their online presence and pursue their passions while earning money.
To stand out as a social media influencer, it’s essential to create content that is visually appealing and captures the attention of your audience. Experiment with different types of content, such as photos, videos, stories, and live streams, to keep your followers engaged.
Benefits:
Be creative, and authentic, and share valuable information or entertainment that aligns with your niche.
Foster a sense of community.
Monetize your social media presence with sponsored posts, brand partnerships, and affiliate marketing.
Offers flexible working hours, allowing you to manage your studies and other commitments effectively.
Provides opportunities for personal branding and networking, which can open doors to other remote job opportunities in the future.
Pay: Potential for high earnings. This is more passive income than an hourly job.
7. Website or App Tester
Website and app testing is a highly sought-after remote job option for college students due to its flexibility and the opportunity to gain valuable experience in the tech industry.
As designers and developers strive to create the best user experience possible, they often hire individuals to find bugs and issues in their websites and apps. The role of a website or app tester is crucial in ensuring the functionality and usability of these digital platforms.
This feedback is invaluable for designers and developers as it allows them to make necessary improvements and optimize the performance of their websites and apps.
Benefits:
Excellent opportunity for college students to develop and showcase their skills in a professional setting.
Gain practical experience in the tech industry while balancing their academic commitments.
The flexible hours offered by these remote positions allow students to work at their own pace and manage their time effectively.
Pay: Platforms like UserTesting offer a payment of $10 per website tested. You can also find remote hourly wages ranging from $12 an hour to $16 an hour, with potential bonuses based on quality and productivity goals.
8. Video Editing
With the increasing demand for video content across various platforms, video editors play a crucial role in creating engaging and impactful visuals. This profession offers the opportunity to work from anywhere, making it ideal for college students who may have limited availability or prefer a flexible work schedule.
By adhering to the overall video brand messaging strategy, you can shape the final product and captivate the audience. This creative aspect of video editing allows college students to explore their artistic talents and develop their skills in storytelling and visual communication.
Benefits:
One of the key advantages of video editing as a remote job is the ability to work from any location.
Provides a platform for creative expression.
Video editing is a profession that is in high demand.
This high demand translates to a wide range of job opportunities and the potential for steady work, even for college students.
Pay: When it comes to money, beginner video editors can typically charge up to $45 an hour. However, it’s worth noting that rates can vary depending on factors such as experience, the complexity of the project, and client’s budget.
As college students gain more experience and build a strong portfolio, they can potentially increase their rates and earn a higher income from video editing projects.
9. Remote Research Assistant:
Many professors and researchers hire remote research assistants to help with data collection, literature reviews, and other research tasks. This type of job requires strong research and analytical skills, as well as the ability to work independently.
As a research assistant, you will have the opportunity to delve deeper into a specific subject or area of interest.
This can be particularly beneficial if you are considering pursuing further education or a career in that field. By immersing yourself in research projects, you will gain a comprehensive understanding of the topic and develop expertise that can set you apart from others.
Benefits:
Opportunity to work closely with experienced researchers and professionals in your field of interest.
Gain valuable insights, knowledge, and skills that can enhance your academic and professional development.
Learn research methodologies, data analysis techniques, and critical thinking skills that are highly transferable to future career opportunities.
Hands-on experience in conducting research projects.
Build a network of professional contacts in your field.
Depending on the nature of the research projects you are involved in, there may be opportunities to contribute to academic publications or presentations. This can be a significant achievement that adds to your academic portfolio and demonstrates your research skills to potential employers or graduate school admissions committees.
Pay: Compensation for remote research assistant positions varies depending on the project and the level of responsibility. This is a great way to be paid to go to school.
10. Audio Transcription
Audio transcription is a popular remote job for college students that involves listening to audio files and accurately transcribing the spoken content into written form. Additionally, it provides an opportunity to develop valuable skills such as speed and accuracy in typing, excellent listening skills, and efficient time management.
Determine the type of transcription work you want to specialize in, such as technical legal transcription or educational podcast transcription. This will help you target specific clients and tailor your skills accordingly.
Benefits:
Offers flexibility in terms of scheduling, allowing students to work around their classes and other commitments.
Opportunity to develop valuable skills such as listening, typing, and time management, which can be beneficial in various professional settings.
Create a portfolio showcasing your transcription skills and experiences.
Pay: Transcription can be a well-paying job, with freelancing gigs offering up to $0.36 per minute of transcribed audio.
11. Data Entry
Data entry is a popular remote job option for college students due to its flexibility and convenience.
This role involves managing electronic data by entering and updating information in computer systems. It is a job that can easily be done remotely, allowing students to work from the comfort of their own homes or dorm rooms.
However, it is important to be cautious when seeking data entry jobs online to avoid scams.
Benefits:
Minimal specialized skills are required.
Data entry skills can also be beneficial for future career opportunities.
Employers often value individuals with data entry skills, as it showcases their ability to handle and organize large amounts of information accurately and efficiently.
Valuable experience in working with digital documents and databases.
Pay: The average pay for data entry is $18 an hour.
12. Virtual Recruiter
A virtual recruiter is a professional who is responsible for posting online job advertisements and searching for potential candidates to fill various positions.
This remote job opportunity can be particularly beneficial for college students as it offers flexibility in terms of working hours and allows them to gain valuable experience in the field of recruitment while still pursuing their education.
Benefits:
Collaborating with hiring managers and clients to understand their specific requirements and preferences for potential candidates.
This role provides hands-on experience in recruitment, which can be beneficial for your future career in HR or related fields.
Building relationships with candidates, hiring managers, and clients can expand your professional network and open doors for future opportunities.
Pay: The average pay for virtual recruiters is around $20 to $30 per hour, providing the potential for a lucrative income.
13. Blogger
College students can create their own blogs and build an audience by regularly posting content in a unique niche.
While this may not be the easiest route to make money fast, it provides an opportunity to showcase writing skills and develop a cohesive writing style. Once a blog gains a solid stream of visitors, it can be monetized through ads and affiliate links.
However, you will be starting a small online business which has its perks.
Benefits:
This is 100% passive income.
Works as much as you want or as little as you want on your site.
A simple way to help your readers while making money.
Your site can grow as you graduate college until you decide to sell it.
Pay: Various based on traffic and monetization. But it is an easy way to invest $100 to make $1000.
14. Course Creator
As a course creator, you have the chance to teach others about a topic or course that you are passionate about while earning a steady passive income. This job allows you to create online tutorials or how-to videos to educate and engage students from all over the world.
You will be responsible for creating and managing the content on your website and other online platforms. This includes developing blog posts, videos, podcasts, and other educational materials to enhance the learning experience for your students.
Make use of hosting platforms like Thinkific, Teachable, or Kajabi to facilitate easy access to course-related information for your students. These platforms offer features such as course management, student progress tracking, and payment processing, making it convenient for both you and your students.
Benefits:
Opportunity to earn a steady income while pursuing your passion and sharing your knowledge with others.
Working remotely offers flexibility in terms of working hours, allowing students to manage their time effectively and balance their studies with their job.
Gain valuable experience in content creation, marketing, and online teaching, which can greatly enhance their resume for future career opportunities.
Pay: This is a passive income job where you will put the work in upfront and have less ongoing maintenance to run your course.
15. Stock Trader
Stock trading is a lucrative and dynamic field that offers college students the opportunity to work remotely and earn a substantial income. With the rise of online trading platforms and the increasing popularity of investing, stock trading has become a highly sought-after skill in today’s market.
Honestly, I know more and more high school students waiting to turn 18, so they can start life as a stock traders.
As a stock trader, you will be responsible for buying and selling stocks, bonds, and other financial instruments for your own portfolio. This role requires a combination of analytical skills, market knowledge, and the ability to make quick decisions under pressure.
Continuous learning and staying updated on market trends and strategies are crucial to staying competitive in this field. I highly recommend taking the Trade and Travel course to learn the basics of stock market investing.
Successful traders can earn substantial profits, but it is important to note that trading also involves the risk of financial losses.
Benefits:
Stock traders have the potential to earn significant income through their trading activities. Learn how fast you can make money in stocks.
Flexibility to trade before class and work from anywhere with an internet connection.
Opportunity to work independently and be your own boss, setting your own schedule and goals.
However, it is important to acknowledge the challenges that come with being a stock trader. The stock market is highly volatile and unpredictable, requiring constant monitoring and adaptation to changing market conditions.
Pay: Various significantly with your profit /loss ratio. But, a great way to make $1000 a day.
16. Customer Service Agents
Customer service agent remote jobs are a great option for college students looking to gain work experience while studying. These jobs allow students to provide excellent customer service from the comfort of their own homes, offering flexibility and convenience.
Remote customer service agents interact with customers through various communication methods such as phone, chat, and email. They answer customer questions, solve problems, and direct customers to the appropriate resources when needed. These jobs can be done part-time, making them ideal for students with busy schedules.
Benefits:
Require little experience or education.
Develop valuable skills such as communication, problem-solving, and time management.
Showcase their communication skills to future employers, which is a highly desirable quality in any job.
Pay: Earnings can range from $10 to $25 per hour, depending on the role and experience.
17. Photography
Photography is a form of artistic expression that allows college students to showcase their creativity.
You can experiment with different styles, compositions, and subjects to capture unique and visually appealing images. This creative aspect of photography can be fulfilling and enjoyable for college students who have a passion for visual arts.
Benefits:
Choose when and where to take photos, giving them the freedom to balance their academic and personal lives effectively.
Build a portfolio of their best work. A strong portfolio can open doors to more significant opportunities in the future, such as exhibitions, collaborations, or even full-time photography careers.
Earn income while honing their skills in product, stock, or event photography.
When stock images are licensed, earn passive income from the sales.
Pay: When it comes to pay, the average rate for a photographer is $24 per hour. However, it’s important to note that pay can vary depending on factors such as experience, location, and the type of photography gig.
18. Virtual Internships
Virtual internships provide valuable work experience and allow you to gain industry-specific skills while working remotely. Many companies offer virtual internships in fields like marketing, finance, and technology.
Having an internship in the field you want to pursue is an invaluable opportunity to gain practical experience and enhance your career prospects.
Additionally, virtual internships can provide you with a unique perspective on the field you want to pursue (and if you still want to pursue it).
Benefits:
Gain relevant work experience in your desired career field.
Practical experience will not only enhance your understanding of the industry but also demonstrate your competence and dedication to potential employers.
Greatly strengthen your resume.
Build a network of contacts in your desired field.
Pay: These internships may be paid or unpaid, but the experience and connections you gain can be invaluable for your future career.
Looking for Online Summer Job?
There are a plethora of online summer temporary jobs available for college students. You just have to decide what is interesting for you to do.
Also, think about ways you can build your resume for future employment after graduation.
If I could go back to college, I would focus on learning how to make your money work for you. That is one of the best life skills you can truly understand.
This list above has plenty of options for you to consider.
Are you passionate about words and reading?
If so, proofreading could be a perfect fit for you, just like it’s been for countless of readers! Learn how you can create a freelance business as a proofreader.
Check out this free workshop!
Bookkeeping is the most stable, reliable & simple business to own. This is how to make a realistic income -either part-time or full-time.
Find out TODAY if this is THE business you’ve been looking for.
FAQ
Many colleges and universities have career centers or job boards that specifically cater to remote job opportunities for college students.
Networking is crucial for college students when it comes to finding remote job opportunities. Reach out to your professors, classmates, and alumni who may have connections or knowledge of job opportunities.
This is smart if you want to know how to move out at 18.
Remote work requires a unique set of skills that allow individuals to effectively perform their job duties from a distance. In order to succeed in a remote job, college students should possess the following skills:
Time management: Remote work often provides flexibility in terms of scheduling, but it also requires individuals to manage their time effectively. College students need to be able to prioritize tasks, set deadlines, and stay organized to ensure they meet their work obligations.
Communication skills: Since remote work involves limited face-to-face interaction, strong communication skills are essential. College students should be able to effectively communicate through various channels such as email, instant messaging, and video conferencing.
Self-motivation: Working remotely requires a high level of self-discipline and motivation. College students need to be able to stay focused and productive without direct supervision. They should have the ability to set goals, stay on track, and meet deadlines without constant oversight.
Adaptability: Remote work often involves working with different tools, technologies, and platforms. College students should be adaptable and willing to learn new software or applications that are necessary for their role.
Problem-solving: Remote work may present unique challenges and obstacles that require critical thinking and problem-solving skills. College students should be able to analyze situations, identify potential issues, and come up with innovative solutions. This skill is particularly important when faced with technical difficulties or communication issues.
By honing these skills, college students can position themselves as valuable assets to remote employers and increase their chances of securing remote job opportunities.
When you’re applying for remote jobs, most of the time your potential employer will want to see some kind of portfolio that showcases your skills and experience.
You can create a portfolio by using a free online portfolio builder or by creating your own website.
With a visually appealing and user-friendly portfolio, you can make a lasting impression and increase your chances of landing your dream remote job.
Which Online Jobs for College Students Are Interesting To You?
There are a lot of great remote jobs for college students out there!
With a little bit of research, you can find the perfect job for your skills and interests.
Be sure to consider the pay, hours, and industry when you are looking for a remote job as well as career advancement.
For many students, working in college is a must! Because you know how to pay for college without parents is hard.
So, use these ideas to find the right job for you whether it is part-time or full-time.
And if all else fails, check out this list of low-stress jobs that pay well without a degree.
Know someone else that needs this, too? Then, please share!!
Editor’s note: This is a recurring post, regularly updated with new information and offers.
Virgin Atlantic has a great new offer to save thousands of points on your next redemption.
Virgin has discounted the cost of all redemptions between the U.S. and the U.K. by 30% for travel from now until Sep. 30. The carrier is following the lead of Air France-KLM’s Flying Blue Promo Rewards and Singapore Airlines’ Spontaneous Escapes,
The offer isn’t quite as generous as the “redemption deal of the year” we saw in 2022, which offered a 50% reduction in the Virgin points required for redemptions to almost all destinations. This new offer is only 30% off the cost of a standard redemption. However, all classes of service are included, and there are no blackout dates this summer.
The 30% off applies to Virgin Atlantic flights between London’s Heathrow Airport (LHR) and:
Hartsfield-Jackson Atlanta International Airport (ATL)
Austin-Bergstrom International Airport (AUS)
Boston Logan International Airport (BOS)
Los Angeles International Airport (LAX)
Miami International Airport (MIA)
New York’s John F. Kennedy International Airport (JFK)
Las Vegas Harry Reid International Airport (LAS)
Orlando International Airport (MCO)
San Francisco International Airport (SFO)
Seattle-Tacoma International Airport (SEA)
Tampa International Airport (TPA)
Washington’s Dulles International Airport (IAD)
Virgin Atlantic’s routes from New York, Atlanta and Orlando to Manchester Airport (MAN) are also included — as is the nonstop flight from Orlando to Edinburgh Airport (EDI).
The discounts apply to flights in either direction, in any cabin with award availability. This offer is available for redemptions, upgrades and companion tickets. Virgin Atlantic must operate the flights to qualify for the promotion.
Related: Video alert! TPG reviews all cabins on Virgin Atlantic’s brand-new Airbus A330-900neo
Even for peak summer travel, round-trip redemptions start from just 28,000 Virgin points from the East Coast or 35,000 from the West Coast. You’ll see the points discount applied when booking online.
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Unfortunately, the full fees, taxes and substantial surcharges are payable on all routes in all cabins. Unlike British Airways, there is no way to reduce the carrier-imposed surcharges by redeeming more points. Even in economy, you can expect to pay hundreds of dollars extra; in business class, the total is more than $1,000 round trip. These surcharges remain the biggest frustration with the Flying Club program.
Related: Is Virgin Atlantic premium economy worth it on the A330-900neo?
To take advantage of this great offer, you must book by July 24 and complete travel by Sep. 30. Unfortunately, the discount does not apply to existing bookings. You may consider canceling and rebooking if your existing flight falls within the eligibility window. However, availability is not guaranteed.
If you need to earn Virgin points for one of these awards, you can transfer them from American Express Membership Rewards, Bilt Rewards, Capital One, Chase Ultimate Rewards and Citi ThankYou. All of these transfers process at a 1:1 ratio and should post instantaneously to your Virgin account.
This is a great initiative from Flying Club, and it is generous, given it covers peak summer travel across the Atlantic in all classes. Just be mindful of those pesky surcharges when booking.
Whoa. In an unexpected turn of events, online real estate brokerage Redfin has launched a new mortgage service called, you guessed it, “Redfin Mortgage.”
Well, maybe it wasn’t so unexpected, seeing that the mortgage trend is decidedly moving from refinances to purchases. Just ask Motto Mortgage…
So it’s a very smart move for Redfin to get their hands on all that mortgage business, while also gaining more control of the many moving parts involved in the typical home purchase.
In announcing the news, and the new website, the company noted that Redfin Mortgage “is the next step in our mission to put customers first.”
Redfin Agents and Redfin the Lender Will Work Together
Redfin’s goal is to streamline the home loan process
By creating a unified team from within the same company
It can seamlessly integrate its lending platform with Redfin’s home-buying service
To both speed things up and provide a smoother loan closing
The goal seems to be harmony, and also savings, something Redfin introduced as an online real estate brokerage many years ago.
They only charge a 1.5% commission to sellers, which they refer to as “half the usual listing fee.”
In reality, it might be a little less as 2.5% is a typical fee these days, but still, they don’t charge as much as a full-service real estate brokerage.
And with many, if not all, home buyers using Redfin to peruse homes for sale, Redfin-listed properties get prominence as they’re always found at the top of the list.
That doesn’t mean they’ll sell faster or for more, just that they’ll be assured to get plenty of exposure.
Redfin Mortgage Will Begin as a Purchase-Only Home Loan Lender
At the moment they only offer home purchase loans
Though they might dip their toes into the refinance waters eventually
You must use a Redfin real estate agent if you want to take advantage of their home lending platform
But it’s not a necessity to use Redfin Mortgage if you work with a Redfin real estate agent
Initially, Redfin Mortgage will only dole out mortgages to help customers purchase homes, with mortgage refinances perhaps coming later, depending on how things go.
In terms of loan type, they only offer the 30-year fixed, 15-year fixed, and the 5/1 adjustable-rate mortgage. So it’s pretty vanilla.
But you can get a conforming loan or a jumbo loan, which is helpful if you’re looking at an expensive property.
The good news is Redfin Mortgage will originate mortgages for both home buyers represented by a Redfin agent and those using an outside real estate brokerage.
By the way, Redfin credits back some of their commission for buyer’s closing costs too, which can make the mortgage process run a bit smoother (and cheaper).
Redfin will not bar its people from continuing to work with other mortgage lenders or brokers that they have relationships with.
And I’m sure the buyer can always use whichever broker or lender they choose – this is simply another option.
Redfin hired Jason Bateman, no, not that guy from Juno and Arrested Development, but the former executive vice president of mortgage operations at BBVA Compass, to spearhead the operation.
Bateman will run Redfin Mortgage out of a new Dallas-based office, with software engineers providing support from up in Seattle.
A Streamlined, Tech-Heavy Digital Operation
Redfin Mortgage rates seem fairly competitive
Especially since they don’t charge lender fees to drive up the APR
But loan options are limited to 30-year fixed, 15-year fixed, and 5/1 ARM
They also provide a fully-underwritten pre-approval reviewed by an underwriter
One thing that might give home buyers a head start is their fully-underwritten mortgage pre-approval, which is actually reviewed by a loan officer and an underwriter.
They expect a streamlined operation thanks to a “single system” that can be accessed by Redfin Mortgage advisors, real estate agents, title companies, and the customer.
This, they hope, will lead to on-time closings, something that is paramount in the home purchase world of lending.
The portal will notify all parties when something comes up, such as a low appraisal, so time isn’t wasted sending emails and making phone calls to get everyone in the loop.
Automating the process should also lower costs, which could allow Redfin Mortgage to offer more competitive mortgage rates.
Seen above is a screenshot of a sample scenario from June 8th, 2018 to give you an idea of what rate might be offered by the company.
It’s a hypothetical home purchase with 20% down on a primary home valued at $250,000 with excellent credit. Basically a vanilla scenario. Rates seem to be quite competitive, especially with the lack of lender fees.
Also, their mortgage advisors will not be paid a commission for offering a certain loan product or rate because they’ll be paid based on customer reviews.
This is similar to newer mortgage startups like Sindeo and SoFi, perhaps an emerging industry trend.
Additionally, Redfin real estate agents won’t receive any incentives for recommending a Redfin loan over outside options.
Redfin Mortgage Offers 30-Day Closing Guarantee
They offer a 30-day closing guarantee
In which they’ll credit $1,000 toward closing costs
If they aren’t able to fund your mortgage in 30 days
But pay attention to the restrictions and read the fine print
Redfin Mortgage also recently announced a so-called “30-day closing guarantee” in which they will give the home buyer a $1,000 credit toward closing costs if they’re unable to fund a mortgage in 30 days.
So aside from keeping costs down, they also aim to close loans as quickly as possible, which is always important when it comes to a home purchase.
However, there are a lot of deadlines the borrower must abide by along the way to ensure the closing guarantee remains in place, including one fairly aggressive one.
They require borrowers to lock their mortgage rate within six days of the purchase contract and pay for the appraisal.
Additionally, some loans are excluded from the promotion, including jumbo loans. Read the fine print to ensure you’re eligible.
Where Redfin Mortgage Operates
At the moment, Redfin Mortgage is only available to customers in 20 states and the District of Columbia.
Those states include Arizona, Colorado, Delaware, Florida, Georgia, Illinois, Maryland, Massachusetts, Michigan, Minnesota, New Hampshire, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Wisconsin, and Washington D.C.
They plan to expand to additional new markets in 2020 and beyond, with the goal likely full national coverage sooner rather than later.
Should be interesting…
Redfin Mortgage Highlights
Only offer home purchase mortgages (no refinances yet)
Available to buyers represented by Redfin real estate agents and outside brokerages
No incentive to agents whose buyers work with Redfin Mortgage
Totally digital, online process with 90-minute pre-approvals and quick closings
Single portal for lender, agent, title company, and customer
Mortgage advisors paid on customer reviews, not commission
Low rates thanks to savings related to streamlined technology
While they might be better known for credit cards at this point, Chase also offers mortgages. And now they want to offer digital mortgages, or at least a digital mortgage experience.
In other words, they don’t want to be your boring old brick-and-mortar grownup bank anymore. Let’s explore what exactly that means.
Self-Serve Mortgages from Chase
Today, the NYC-based megabank unveiled its grand plan to launch a so-called “digital, self-serve mortgage platform” that will ideally make it quicker, easier, and more transparent to get a mortgage from Chase.
Once launched later this year, customers will be able to track loan progress online or via a mobile device…how novel!
Okay, I’ll stop mocking and provide some specifics to this new rollout. The technology platform relies on some help from Roostify, a company whose sole purpose is to make loan closings faster (and better).
They provide software that allows consumers to apply for mortgages online (or on their smartphone), while letting them easily connect financial accounts for document verification, and track progress all within an app or webpage. See the screenshots above and below for more on that.
The presence of this technology basically streamlines a once cumbersome process and reduces mistakes and hiccups that can often slow down the loan process. It also keeps the whole team in the loop the entire time.
The technology should also minimize the need for human interaction, something people seem to be pretty fond of these days, even when it involves major decisions and large sums of money.
Chase notes that it already has 43 million active “digital users,” ostensibly their existing mortgage, banking, and credit card customers.
Soon they’ll be able to take advantage of a completely redesigned Chase Mortgage website and the following technology upgrades:
• Improved loan comparison interface to aid in loan choice • Upload and tracking tools to submit documents and keep up-to-date on application status • Real-time messaging to ask questions and share updates with Chase loan officers and processors • Real estate agent connection to keep them informed and easily share loan progress • Secure eSign solutions to speed up loan closings
Chase Is Getting Up to Speed
It appears Chase is taking its new competition seriously. With so many fintech companies now entering the mortgage space, such as Clara, Lenda, Sindeo, and SoFi, to just name a handful, it was obvious they needed to completely revamp their platform.
This is especially true with younger home buyers and refi’rs, who demand a simpler, cleaner product with which to work with. If you can’t access loan status from an iPhone, or send a text or a snap, they might be forced to go elsewhere.
That’s why Quicken got ahead of the game with its Rocket Mortgage, which basically does what it sounds like Chase is about to do. They just don’t have a catchy name for it, yet.
Still, Chase is no slouch when it comes to mortgages, even though I alluded to the fact that they’re probably more recognizable for their credit cards these days.
The company was the second largest mortgage lender in the fourth quarter of 2016, originating a healthy $30 billion or so in home loans during those three months, trailing only Wells Fargo (which happens to be facing some problems at the moment).
They also service 5.4 million home loans, and claim to have prevented 1.2 million foreclosures since 2009. Maybe they can prevent some headaches too with their new digital mortgage experience.
Chase $595 Mortgage Promotion
If none of that sounded exciting, also note that Chase is currently offering $595 cash back when you take out a residential purchase mortgage with them after March 26th, 2017. It must be a first mortgage, not a second.
The promo also says “loans submitted directly to Chase,” so it’s unclear if a brokered or correspondent loan that winds up at Chase will work. It’s worth a shot I suppose, but doubtful.
You must enroll in the $595 Cash Back promotion within 60 days of closing using the E-coupon code provided in your Welcome brochure.
The only catch, if you want to call it that, is the requirement to enroll in automatic mortgage payments using either a new or existing Chase personal checking account.
Additionally, you have to opt-in to electronic (paperless) mortgage statements, which most of us do anyways.
This article started out as the individual experience of one personal finance blogger as he successfully haggled with his cable company to reduce his bill by 33% back in 2009. Unfortunately, that sinking feeling you are overpaying for services such as cable is still alive and well in 2016.
But other things have changed dramatically. In 2009, Netflix was still known by many as the company with the red and white DVD sleeves that came in the mail. Hulu didn’t launch until 2007. Was there life before Amazon Prime? Not sure.
So if you are here to find out how to cut the cord with cable entirely, take these exact steps (in 2016). If you’d like to see how you can keep cable but pay less thanks to this great post by blogger G.E. Miller, jump to Cheaper Cable TV
Cut Cable Entirely in Four Simple Steps
First, figure out if you are willing to pay to leave cable. If you don’t mind paying a fee, you don’t need four steps. Simply call customer service and ask for your service to be canceled immediately. Ignore all deals or efforts to retain your service. Return all equipment and don’t forget a receipt showing you did. Important note: If you get your Internet from your cable provider and don’t want a service interruption, make sure you have your Internet-only alternative already set up.
If you don’t want to pay an early-exit fee, memorize the end of your contract date. In future calls you may hear this date repeated back to you incorrectly and extended far into the future based on some action you probably didn’t take. Insist they note the correct date and ask for this to be repeated back anytime you talk to your cable company.
Don’t forget to purchase a streaming device. Of course you can watch TV directly from the web on your laptop or tablet, but if you want to keep watching from the TV, plan for a Roku or similar device.
Wake up on your cable-free day ready to say ‘so long’. Who loves calling 1-800 numbers? Staying on hold? Resisting enticing deals to keep my business? Me, when I’ve done all my homework and look to save potentially $100 or more per month. I recently went down to Internet only, cutting our cable subscription and phone. Monthly savings: $130 per month. (By the way, not a peep of complaint from the kids, who I suspect looked at the black cable box in the same quaint way I saw my family’s last rotary dial phone in the 1980s.)
To read another tale of wrangling with cable TV providers, see contributor Rod Kelly’s post on the topic of cutting the cable cord.
Cable TV Alternatives
Netflix, of course.
Apple TV
Hulu (Basically streaming cable at this point. See more about Hulu’s plans in The Wall Street Journal)
Amazon/Amazon Prime
Sling
These are all paid, but monthly subscriptions are significantly cheaper than cable.
For free services, check out:
Cheaper Cable TV
This is the original post by G.E. Miller who gives a real-life example of using negotiation to save money. For more from G.E., check out his personal finance blogs 20somethingfinance.com and microfrugality.com.
For the third of the country who has no choice but to turn to Comcast for cable television, the thought of price haggling is about as appealing as a root canal. Comcast has a notorious reputation for being unwilling to make their customers happy. Customers of other monopolistic cable outfits across the nation know the feeling.
However, the potential savings that can come from limiting a monthly subscription expense can be enormous – that’s money that goes straight to your online savings account. What’s a frugal person to do?
Dealing with your local cable superpower doesn’t have to be an intimidating process. And as evidenced by the ease in which I recently cut my cable/internet costs by a third during a short online chat without losing any service whatsoever, you may have similar success.
With television service competition increasing and unemployment rates still trending upward, consumers are looking to slice discretionary expenses and service providers may be feeling the pinch to keep them on board. There’s no better time to ask than now. Here’s my actual chat with a Comcast rep (whose name has been altered to Rizzo to preserve his anonymity). Afterward, we’ll discuss some universal price haggling techniques to better prepare you for your interaction.
My Comcast Chat Transcript user G.E. has entered room analyst Rizzo has entered roomRizzo: Hello G.E., Thank you for contacting Comcast Live Chat Support. My name is Rizzo. Please give me one moment to review your information. G.E.: Hi Rizzo Rizzo: Hello G.E., I will be happy to assist you today. How are you? G.E.: Fine, you? Rizzo: How may I assist you today? I’m good. Thanks for asking. G.E.: I need to lower my bill. U-Verse is much cheaper. Thinking of switching Rizzo: Alright. Let me check my resources for this. G.E.: A buddy of mine was able to get $39.99/mo. for digital preferred for a year. Rizzo: Can I have your account number please. G.E.: XXXXXXXXXXXXXXX Rizzo: Thank you for that. I will now check on the account. Please bear with me. Thanks. Rizzo: G.E, I have checked the account. You have our Digital Preferred package for $74.94, DVR for $9.99, Internet $42.95 and Modem Rent for $5.00. I will now check on my resources to lower your bill. Rizzo: I have checked my resources. I can offer you Digital Preffered $54.99 for 12months and Internet for $19.99 for 6 months. G.E.: Can you do $44.99 on the cable or 1/2 price DVR and extend the internet to a year? Rizzo: With this your new monthly charge will be $89.97. Thats the best promotion available G.E. G.E.: Rizzo, we’re so close! =) Rizzo: Thanks. Do you want me to process this one for you? G.E.: Can you extend the internet to a year? That way the cable and internet are both a year Rizzo: The Internet Code is only good for 6 months. That’s the best price I can offer you for internet. However, you can check back on us again next quarter to check if there’s another promotion available to you. Would that be okay? G.E.: What’s my TOTAL bill now, and what would it be after your offer? Rizzo: Your current monthly charge is $132.88. With this offer your monthly bill is $89.97. G.E.: Preferred is what I presently have, correct? Rizzo: Yes, the offer that I have is also a Digital Preferred package. Do you want me to proceed and process this one? G.E.: Yes, can you send me an email confirmation? Rizzo: Unfortunately, I cannot. The process will take effect immediately. You will see this rates adjusted on your next bill. Rizzo: Shall I process this now? G.E.: yes Rizzo: Alright. G.E.: thanks Rizzo, you’re a good man. Rizzo: You’re welcome. I’m still processing. Please bear with me. Rizzo: G.E., I already have processed the order. The new charges includes Preferred $54.99, DVR $9.99, Modem $5.00 and Internet $19.99. Your new monthly charge is $89.97. Rizzo: Do you have other concerns for today? I will be glad to assist you further. G.E.: Nope, that’s it. thanks Rizzo: You’re welcome. By the way, to properly close this chat room please click on the END SESSION button. Thank you. I hope that you can find time in answering the 3 question survey after this chat. Thanks. Rizzo: Bye for now.
So what can you take away from this chat transcript? There are a few universal haggling techniques that are applicable to just about any price haggling scenario.
1. Don’t be afraid to ask.
Asking to cut my bill worked. Amazed at how simple it was to cut more than I was aiming for from my bill immediately, I asked for an even bigger cut. That request was denied (not to my surprise or dismay). Truth be told, I’m not sure that any of the techniques I used triggered the better offer, but I do know one thing — had I been afraid to simply ask for the price break, I would have never gotten one. Rule number one is to overcome your fear and just ask.
2.Be pleasant.
Congeniality is king when interacting with CSRs. Being rude only infuses CSRs with the desire to deny your request. CSRs aren’t paid near what they should be, and probably don’t have the highest job satisfaction levels. If you can appeal to their gentler human-side, you win. Spit fire at them, and they will slam the door on you with pleasure.
3.Refer to the competition.
I had heard that Comcast was motivated to be a little more giving with the entrance of AT&T U-Verse cable into the marketplace (at lower prices). I’m not sure that it helped in this specific case, but referencing the competition specifically or generically (if its offerings are weaker) rarely will hurt you.
4.State the facts.
More than anything else, I wanted to lower my cost, and that’s what I asked for. Someone I know had received a better price than I was paying and I stated that fact.
5.Do your research.
Knowing what kind of promotions the company is offering to new or exiting customers is essential to getting the best deal. When it comes down to it, if you can quit your service and then re-start it the next day at a cheaper price, the company knows it has little incentive to let you leave without matching that offer.
6.Look for special circumstances.
I’d heard that working with Comcast online chat representatives often yielded better results because the reps weren’t actual Comcast employees, and therefore had lesser incentive to play the hard line. That’s why I chose the online chat route versus the phone.
7.Let them make the first move.
Before the chat, had I not received a cost break, I was willing to cut my service levels. I didn’t offer that right away, and it turned out that I didn’t need to. Don’t show all your cards right away.
When I need to call back in, I now have two additional pieces of information that I can take into the negotiation process based on this statement form the CSR: “The Internet Code is only good for 6 months. That’s the best price I can offer you for internet. However, you can check back on us again next quarter to check if there’s another promotion available to you.”
I now know that Comcast has promotions available on a quarterly basis. I also know that there are “codes” for both Internet and cable. Both pieces of info should help me in future negotiations. Hopefully, they’ll help you as well.
Have you had similar success haggling with your cable company or ISP? What do you attribute it to? What kind of a break did you get on your bill?
With its discount fares, a fleet of new Airbus jets and a robust frequent flyer program, Frontier Miles can be a great value for Frontier Airlines travelers. As a Frontier Miles member, you can earn miles and elite status. Frontier elite status has many perks to make your travels more enjoyable and less expensive, including complimentary carry-on luggage, advance seat assignments and the ability to pool your miles. You can then redeem your miles for award travel.
Surprisingly, despite being one of the top low-cost carrier loyalty programs, the program often flies under the radar. You can quickly earn enough miles for a free trip even after just a few flights. And recently, the airline launched a limited-time promotion where eligible Frontier Miles members with a travel rewards credit card can secure Elite 20K status for as little as $199.
Here’s an overview of how the program works.
How to earn Frontier Miles
The Frontier Miles program is free to join. You can earn Frontier Miles by flying, through its cobranded credit card and transacting with Frontier partners.
Earn Frontier Miles by flying
Unlike many loyalty programs nowadays, you earn Frontier Miles on the length of your flight (rather than the price of your ticket). You earn 1 mile per mile flown regardless of your fare type. For example, if you fly from Orlando International Airport (MCO) to New York’s LaGuardia Airport (LGA), you’d earn 950 miles.
Mid and upper-tier elite members earn the following bonuses on their flights:
Elite 20K: No bonus
Elite 50K: 1.25 miles per dollar bonus
Elite 100K: 1.5 miles per dollar bonus
Earn miles with the Frontier Airlines credit card
Frontier Airlines partners with Barclays to offer the Frontier Airlines World Mastercard®.
New card members earn 50,000 bonus miles after spending $500 on purchases and paying the annual fee in full within the first three months of cardmembership.
With this card, you’ll earn 5 miles for every dollar spent directly with Frontier (including airfare, fees and onboard purchases), 3 miles per dollar spent at restaurants and 1 mile per dollar spent everywhere else. The miles you earn on this card count toward elite status.
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The card also offers valuable benefits like Zone 2 boarding on all Frontier flights and family pooling. You also earn a $100 flight voucher after spending $2,500 or more on purchases with your card during your cardmembership year (terms apply). Cardholders also get waived award redemption fees. We’ll discuss redemption fees later, but Frontier charges between $15 and $75 for close-in reservations.
Unless you place a high value on Frontier Airlines miles and elite status, we generally don’t recommend this card. Most travelers are better off with a transferable points credit card like the American Express® Green Card.
The information for the Frontier card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
Earn points with Frontier’s partners
Frontier has relationships with several major rental car companies, so you can earn bonus miles and access negotiated rates when booking through their transportation partner page. While earning rates depend on the rental car company, you can generally earn between 50 and 100 miles per rental day or 1,000 miles per rental.
Frontier Airlines also partners with Marriott Bonvoy, Radisson Rewards and Wyndham Rewards. You can transfer Marriott points at a 3:1 ratio (with 5,000 bonus miles for every 60,000 points you transfer), while Radisson Rewards transfer 10:1. You can’t transfer Wyndham points to Frontier.
These are not favorable ratios; you’re probably better off redeeming those points for hotel stays. However, it’s an option worth knowing about if you ever need to top off your Frontier Miles account.
Depending on the Marriott brand, you’ll generally earn either 1 or 2 Frontier Miles for every qualifying dollar spent. You must update your Marriott account preferences to earn Frontier miles instead of Marriott points. We don’t recommend doing this since you’ll get a maximum of 2.2% back in Frontier Miles instead of at least 4.2% back in Marriott Bonvoy points for your Marriott stays, based on our valuations.
Like Marriott, you can also opt to earn Frontier Miles instead of Wyndham points on your eligible stays:
Wyndham Blue (standard): 1 mile per dollar spent on all stays
Wyndham Gold: 1 mile per dollar spent
Wyndham Platinum: 2 miles per dollar spent
Wyndham Diamond: 2 miles per dollar spent
Again, we generally recommend earning hotel points instead of Frontier Miles.
You can also buy or gift Frontier Miles and earn on eligible Vinesse Wine and Teleflora purchases. Finally, you can book a cruise through Frontier Cruises and earn miles at a preset rate. Often, you can earn more miles by booking through other cruise programs.
One- to five-night cruise: 1,500 miles
Six to nine-night cruise: 3,000 miles
Nine to 12-night cruise: 5,000 miles
Cruises 13 nights and longer: 10,000 miles
Related: What it’s like to fly Frontier Airlines from Miami to Newark on the Airbus A320neo
How to redeem Frontier Miles
You can redeem Frontier Miles for two things: flights and magazines. As you’d expect, the best use of Frontier Miles is redeeming them for award flights. The airline publishes an award chart with starting award rates, but there are a few added fees that you should be aware of before booking. Here’s a look at the specifics.
Frontier offers three different redemption tiers: Value, Standard and Last Seat.
Value: This is the lowest redemption rate for all Frontier redemptions and can be compared to a “Saver” ticket on a traditional carrier. These are generally offered during off-peak dates and less desirable flights, but we’ve also found Value tickets when there’s low demand.
Standard: Standard awards are generally priced out at twice the cost of a Value ticket. These awards are available on more (but not all) dates.
Last Seat: As the name suggests, Last Seat awards are available for booking until the last seat on the plane is booked. Unfortunately, these awards are only bookable to Frontier elites and cost 2,500 more miles each way than Standard awards. This can be a good option if you’re booking at the last minute and paid fares are high.
Here’s a look at Frontier’s current award chart, with starting award rates:
Travel within the U.S. and Puerto Rico
Value
Standard
Last Seat
10,000
20,000
22,500
Award tickets to or from Mexico, Dominican Republic, Jamaica, El Salvador, Guatemala, the Bahamas, Costa Rica and Antigua
Value
Standard
Last Seat
15,000
25,000
27,500
Fees associated with Frontier award tickets
Unfortunately, Frontier adds a booking fee to most award tickets. You’ll pay this fee when you book an award flight within 180 days of departure; the closer you get to departure, the higher the fee is.
Here’s a look at the fee structure — note that these fees are charged in addition to other taxes and fees:
At least 180 days before departure: $0
21-179 days before departure: $15
7-20 days before departure: $50
Six days or less before departure: $75
These fees are waived for Frontier elite status members and those with a Frontier Airlines credit card. If you frequently book award tickets close to departure, you may find applying for a Frontier credit card worthwhile, as this can save you considerable money. Additionally, companions booked on the same reservation as a Frontier cardmember or elite member receive waived redemption fees.
Be sure to factor these fees into the cost of your ticket when booking travel on Frontier Airlines. In some cases, booking a paid ticket instead of an award ticket may make more sense if you’re subject to a booking fee. Frontier often offers low-cost tickets at the last minute, making the cent-per-point redemption value extremely low.
Related: 7 takeaways from my first Frontier Airlines flight in over 4 years
Discount Den membership
Frontier Airlines offers a subscription service called Discount Den. While not the same as elite status, the program gives members access to discounted fares for $59.99 annually. New members have to pay a $40 enrollment fee.
Children under 15 fly for free when accompanied by the Discount Den member on select flights, offering excellent savings on certain routes.
We’ve found that Discount Den can offer pretty excellent deals, too. On a given flight from San Francisco International Airport (SFO) to Las Vegas’ Harry Reid International Airport (LAS), a Discount Den member would save $20-$30 per ticket over the standard price.
These discounts also apply to international flights. For example, you can score a $10 discount per person when flying from Hartsfield-Jackson Atlanta International Airport (ATL) to Cancun International Airport (CUN).
We recommend that frequent Frontier flyers consider a Discount Den membership if they’ll get more than $59.99 annually in savings from the service. That said, a family of four may recoup the cost of a Discount Den membership from just one family vacation a year.
Related: Should you join Frontier’s Discount Den or the new Spirit Saver$ Club?
Go Wild! Pass
Frontier Airlines also offers an all-you-can-fly pass, which it calls Go Wild!
TPG tested the pass and found unexpectedly high fees and limited availability. Additionally, while it’s advertised as an all-you-can-fly pass, it doesn’t provide unlimited free travel after you buy it.
You generally can get the most value from the pass by booking last-minute flights. Here’s an example from Houston’s George Bush Intercontinental Airport (IAH) to Las Vegas.
Go Wild! Pass customers can get confirmed bookings the day before flight departure for domestic travel and starting 10 days before flight departure for international travel.
The annual pass costs $1,999, but you might be able to find limited-time promotions here.
Related: I bought an all-you-can-fly pass — here’s what it was like to use it
Frontier elite status
Frontier elite status has three tiers: Elite 20K, 50K and 100K. You can achieve these elite status tiers by earning 20,000, 50,000 and 100,000 Frontier miles from flying on Frontier or spending on the cobranded credit card. Frontier Airlines also has a promotion where eligible cardholders can secure Elite 20K status for as little as $199.
Let’s look at each of these status tiers and their respective benefits.
Benefits
Elite 20k
Elite 50k
Elite 100k
Qualification
20,000 qualifying miles or 25 flight segments annually
50,000 qualifying miles or 50 flight segments annually
100,000 qualifying miles or 100 flight segments annually
Redeemable mileage earning on Frontier flights
1 mile per mile flown
1.25 miles per mile flown
1.5 miles per mile flown
Carry-on
✓
✓
✓
Seat assignment
✓
✓
✓
Family pooling
✓
✓
✓
Priority boarding
✓
✓
✓
Waived redemption fees
✓
✓
✓
Waived travel fees
✓
✓
✓
Last Seat availability
✓
✓
✓
Stretch seating
At check-in
✓
✓
Family seating
✓
✓
Discount Den membership
50% off
✓
Checked bag
✓
Family status (the Works bundle)
✓
Family status (the Works bundle) is the key benefit here. When you reach Elite 100K, you and your family get free checked bags, carry-on bags, priority boarding and seat selection. Plus, you can change or refund your flight for free, giving you the utmost flexibility when flying with Frontier. This can save your family hundreds of dollars per flight, making the Works one of the most impressive Frontier elite status benefits.
Related: How to get airline elite status
Bottom line
Frontier may not be the most exciting airline, but its loyalty program is worthwhile for those who fly on the airline often. Its award chart is extremely easy to understand and can provide excellent value if you avoid pesky booking fees. Furthermore, Frontier Airlines’ elite status is great for families and those who want to avoid fees when flying on a low-cost carrier.
Now, you have the background to decide if Frontier Miles is the right program for you.
Liquidity in stocks generally refers to how quickly an investment can be bought or sold and converted into cash. The easier an investment is to sell, the more liquid it is. Plus, liquid investments generally do not charge large fees when you need to access your money.
For the average investor, liquidity is an important consideration when building a portfolio, as it’s an indicator of how easy it is to access their savings. That can be important to know and understand when sizing up your overall strategy.
Types of Liquidity
Liquidity comes in two forms: Market liquidity and accounting liquidity. Here’s how the two are different.
Market Liquidity
Market liquidity refers to how quickly a stock can be turned into cash. High market liquidity means there’s a high supply and demand for an asset. That, in turn, makes it easy for buyers to find sellers and vice versa. As a result, transactions can be completed quickly, even when stock values are dropping.
Accounting Liquidity
Accounting liquidity is related to an individual’s or company’s ability to meet their financial obligations, such as regular bills or debt payments.
For an individual, being liquid means they have enough cash or marketable assets (such as stocks) on hand to meet their obligations.
Companies measure liquidity slightly differently by comparing current assets and debt. In addition to cash and marketable assets, current assets also include inventories and accounts receivable, the money customers owe on credit for goods or services they’ve purchased.
Investors may pay attention to company liquidity if they are researching that company’s stock as a potential buy. Companies with higher liquidity may be in better shape than those in risk of defaulting on their debt.
How Liquid Are Different Assets?
An investor’s financial portfolio may be made up of a number of different assets of varying liquidities, including cash, stocks, bonds, real estate, and savings vehicles like certificates of deposit (CDs). Cash is the most liquid asset; there is nothing an investor needs to do to convert it into spendable currency.
On the other hand, an investment property is an example of a relatively illiquid asset, as it might take a long time for an investor to sell it should they need access to their money.
CDs are also relatively illiquid assets because they require investors to tie up their money for a preset period of time in exchange for higher interest rates than those available in regular savings accounts. Individuals who need their money early may have to pay hefty fines to access it.
Stocks generally fall on the relatively liquid side of the liquidity spectrum. Stocks that are easy to buy and sell and said to be highly liquid. Stocks with low liquidity may be tougher to sell, and investors may take a bigger financial hit as they seek buyers.
What Is Liquidity Risk?
Liquidity risk is the risk that an individual won’t be able to find a buyer or seller for assets they wish to trade during a given period of time, which can lead to adverse effects on the price. Liquidity risk is higher for complex investments or investment vehicles like CDs that may charge penalties to liquidate or access funds early.
Are Stocks a Liquid Asset?
For the most part, stocks that are traded on a public exchange are considered liquid assets. Some stocks, like those traded on foreign exchanges, may be less liquid as it takes more time to execute a trade.
Generally speaking, when an individual wishes to execute a trade, they use a brokerage account to issue a buy or sell order. The broker then helps match the individual with other buyers and sellers hoping to take the opposite action.
This process can take a little bit of time. Most stock trades settle within a two-day period. A stock trade executed on a Wednesday would typically settle on Friday. Settlement is the official transfer of stocks from a seller’s account to the buyer’s account, and cash from the buyer to the seller.
Because it can take some time for trades to be executed, there can be a difference in price between when an individual places an order and when that order is fulfilled.
How to Calculate a Stock’s Liquidity
One way to figure out a stock’s liquidity is by looking at a metric known as share turnover. This financial ratio compares the volume of shares traded and the number of outstanding shares. A stock’s volume is the number of shares that have been bought or sold over a given period. Outstanding shares refer to all of the shares held by a company’s shareholders.
Higher share turnover indicates high liquidity; investors have an easier time buying and selling. Investors might want to pay close attention to low share turnover, as this can indicate they may have a difficult time selling shares if they need to.
Another measure of a stock’s liquidity is the bid-ask spread. Bid price is the price an individual is willing to pay at a given point in time. The ask price is the price at which a buyer is willing to sell. The bid-ask spread is the difference between the two.
For highly liquid assets, the bid-ask spread tends to be pretty small — as little as a penny. This indicates that buyers and sellers are generally in agreement over what the price of a stock should be. However, as bid-ask spread grows, it is an indication that a stock is increasingly illiquid.
A wide spread can also indicate that a trade may be much more expensive to execute. For example, there may not be enough trade volume to execute an entire order at one price. If prices are rising, an order can become increasingly pricey.
Examples of Liquid Stocks
The most liquid stocks tend to be those that receive the most interest from investors. The large companies that are tracked by the S&P 500 Index.
Why Stock Liquidity Is Important for Investors
The relative liquidity provided by stocks can be a boon to investors. Stocks help provide the growth needed for investors to meet their savings goals. They are also relatively easy to buy and sell on the market, allowing investors to access their savings quickly when they need it.
The Takeaway
Liquidity is a measure of the ability to turn assets into cash without losing value. So it’s an important metric for investors to pay attention to as they construct their portfolios. But liquidity is just one of many factors to consider when investing.
Investors may want to know how liquid their holdings are so that they can choose the appropriate mix of investments that align with their risk tolerance. It may be comforting to some to know that they can sell investments with relative ease, rather than have their money tied up for the long-term.
Ready to invest in your goals? It’s easy to get started when you open an Active Invest account with SoFi Invest. You can invest in stocks, exchange-traded funds (ETFs), and more. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).
For a limited time, opening and funding an account gives you the opportunity to win up to $1,000 in the stock of your choice.
FAQ
What is good liquidity for a stock?
Good liquidity for a stock refers to an investor’s ability to sell the stock in exchange for cash. If a stock is liquid, then it should be relatively easy to sell. If a stock is illiquid, or has bad liquidity, it may be more difficult.
What is a “Liquidity Ratio?”
A liquidity ratio is a financial ratio that can help an investor determine a company’s ability to pay off its debt obligations, particularly in the short-term. There are several liquidity ratios that can be utilized.
Is a higher liquidity better?
Generally, yes, a higher liquidity is better for investors, as it can signal that a company is performing well, and that its stock is in demand. It can also be easier for an investor to sell that stock in exchange for cash.
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When 43% of Americans haven’t had a vacation in a year or more and a half are only using nine days off on average to travel, people are finding a way to bring pieces of their getaways into their everyday lives with their home decor.
Between the cost of travel, worrying about falling behind on work, hurting their chances for a promotion, or risking losing their job, Americans aren’t using all their vacation days. So across the country, people decorate their homes to remind them of their favorite vacation destinations when they can’t get away.
In a survey conducted by OnePoll on behalf of Puffy, Americans reported that interior design decisions weren’t about function or creating spaces that better served their needs. They were about craving a luxe space that felt more like a sanctuary.
“There is actual science for why we choose to decorate our homes with memories tied to a specific place — it’s called Topophilia, the love of a place,” explains Lars Gesing, a fine arts nature photographer. “It’s an effort of our society, which now spends up to 80% indoors, to reconnect with nature.”
“As an interior designer, I find that travel can be one of the most inspiring sources of creativity. Exploring new cities, immersing myself in different cultures, and admiring the natural beauty of a destination all provide endless inspiration for my work,” reveals Carmelo of Axel Property Management.
“When I return from a trip, I often find myself incorporating elements of what I’ve seen and experienced into my design projects.”
According to an analysis by Storyboards.io, New York, California, Texas, Pennsylvania, Illinois, Ohio, Florida, Georgia, Massachusetts, and Missouri are the U.S. states with the most design inspiration. These rankings considered the number of landmarks, museums, and design-related hashtags when sharing images on social media.
New York is where decor dreams of made of. The state has 276 landmarks, 786 museums, and many attractions over its 11 regions. From Niagara Falls to New York City, Catskills to Cooperstown, and Hudson Valley to Hudson Yards, there’s a diversity of landscapes and landmarks to incorporate into living spaces.
“My biggest decor inspirations are the clean lines of New York City,” says Diana Kellogg, architect. “The Mercer Hotel comes to mind in terms of style inspirations as Christian Liaigre’s clean, comfortable, and timeless look represents the ideal of the modern styling I base my decor on.”
Home to many iconic cities and landscapes, California trails closely behind New York for driving people’s decor decisions. With mountains, beaches, desert, national parks, stunning historic and modern hotels, plus the creator’s spirit of Hollywood, it is also a creative well for home decoration.
One of those inspired vacationers is Raf. After traveling to 45 countries and 46 U.S. states, he designed his home office after one California destination known for its mix of mid-century modern design and playful use of colors.
“My office color palette is inspired by Palm Springs with a blush-colored sofa, teal-accented throw pillows, and a vibrant rug to set the tone. The wall color, Benjamin Moore’s Palladian Blue, provides a serene setting, and the tropical plants thrive in the natural light that comes through the window,” shares Raf, Interior designer, Founder of Meble Furniture.
Other travelers have gone as far as recreating their favorite hotel room in their own homes.
“My husband and I love the Ojai Valley Inn. They decided to remodel all the guest rooms about seven years ago, so I bought their outgoing Spanish-tile-inspired fabric, drapes, pillow shams, furniture, artwork, and accent pieces. I completely redid my living room and bedroom,” admits Elizabeth Borsting, account manager.
“Whenever I get ready for bed, I ask my husband to ‘Ojai Valley Inn’ the room, which means closing the drapes. It really transports me back to the inn, one of my happy places.”
During the pandemic shut-in, people re-did the outdoor spaces of their homes to increase their living areas. Add in pandemic-era travel to wide open spaces and nature destinations, and people’s outdoor living spaces also transformed into a reflection of beloved vacations.
“One of my favorite places to visit and vacation is Hawaii. I love the tropical environment — from the beaches to the animals to the colorful plants. One of the Hawaiian flowers that I really love is Birds of Paradise,” says Jeremy Yamaguchi, CEO of Lawn Love.
“So, a few years ago, after a trip to Hawaii, I researched the plant and figured out it’s suitable as an indoor plant. I got a few, and they sit in my sunroom.”
“I fell in love with the Florida Keys. The tropical flowering plants, orchids, and the many variations of palms, both big and small. The bright colors, the blues, yellows, light greens, pinks, and the turquoise blue water,” adds Marc Renson.
“So I came home to New York and created a Key Largo front porch. I walk out the front door, yell to my husband, ‘I’m going to Key Largo,’ and sit on my front porch.”
According to AAA booking data, international travel is up more than 200% in 2023. These cross-border travelers have also inspired people to bring those memories made abroad during their paid time off into their everyday lives.
“The Dunmore Hotel in Harbour Island, Bahamas, inspired me to design our home with an island feel. It’s a whimsical blend of organic greenery, carefully curated vintage pieces, casual and unpretentious elegance with a combination of natural textures and pops of color,” shares Violette de Ayala.
“There is a sense of elegance and rustic homage to island life that I fell in love with and was able to transport into our home in Miami.”
“The mix and blend of vintage rattan, old art, pops of turquoise, and an array of natural fibers, including fresh-cut greenery from the outdoors, was so captivating, and these components were easily adaptable at our home. I love the black and white striped awnings and added these to the exterior of our home,” Ayala continues.
“You can’t travel to the Mediterranean region without coming back inspired to redo your decor at home. With the rich textures and colors you find in traditional homes throughout Spain, Italy, and the Greek Isles, you’ll want to bring a little piece of that back with you in your own home,” explains Todd Saunders, CEO of Flooring Stones.
“A tile backsplash with a Mediterranean design was our choice after our travels to Greece. It’s a great reminder of our awesome trip and is a focal point of the kitchen,” he adds.
This article was produced by Planner at Heart and syndicated by Wealth of Geeks.