Lee wrote with an innocent question about photography equipment yesterday. Little did she realize I’d already been thinking about the broader issues of her dilemma. Here’s an abridged version of her message:
A friend asked me about cameras. He went shopping last weekend and saw lenses that ranged from $200 to $700. He felt that the lower-end lenses would not work for him, but he wasn’t prepared to spend $700, so he went home. Now he’s reconsidering. Of course the one he liked was $700. He thinks he should go to a camera store for some professional advice. What do you think?
Ah, the lure of photography. About five years ago, I spent a couple thousand dollars on camera equipment. Before I started Get Rich Slowly, I seriously considered trying to become a professional photographer. (A dream perhaps best left unpursued.) I believed that by throwing money at the hobby, I could improve my results.
This year, I’ve discovered the joy of running. On the surface, it’s a sport you can pick up with no equipment at all — you can just run in a pair of sneakers. As with anything else, I’ve discovered there are tons of things to buy: running shoes, special socks, water bottles, logbooks, and high-tech heart-rate monitors.
Which expenses are worth it and which are not?
When you begin pursuing any sport or hobby, it can be difficult to decide where to spend your money. The initial temptation is to buy the best gear now. But I’ve learned from experience that the best gear is worthless if I’m not skilled enough to use it. Before you spend money on a new pastime, consider the following:
Know your goals. What is your aim? What kinds of photographs do you wish to make? Or, if you’re looking to purchase a bike, what is your objective? Do you want to commute five miles back-and-forth to work? Do you want to train to ride one-hundred miles? Are you just looking for something to putter around on with the kids? Be realistic. Be honest. Use your answers to help guide your decision.
Educate yourself. When I was starting out, I didn’t like the quality of my photographs, so I did what many people do: I threw money at the problem. I bought expensive filters and lenses. I bought Photoshop. None of these things helped. My images still looked lousy. What did help was spending $150 on a community college photography course. An amateur photographer is going to get a much better return for her money by taking a photography class (or three) than by purchasing a new lens.
Practice, practice, practice. Too often people believe that the equipment is going to increase their skill at something — golf, photography, whatever — when actually it’s practice that will help them improve. There’s no sense buying an expensive driver if you can’t hit the ball straight off the tee. Once you’ve hit a few thousand balls (or snapped a few thousand photos), then you might begin thinking about how new equipment might further improve your strengths.
Don’t take advice from a salesperson. Yes, she knows a lot about the subject, but in general, her primary goal is to sell things. She wants you to buy more. Instead, find a friend who can give you advice on the equipment you’re researching. Use Google. If you need advice, get it from somebody who doesn’t have a vested interest in your purchase. Once you’ve done your research, then ask for a salesperson’s help.
Borrow from a friend. Kris’ sister thought she might want to learn how to knit. Rather than buying a bunch of equipment, Tiffany borrowed a few of Kris’ knitting needles to give it a try. She did take up the hobby, but by borrowing Kris’ stuff first, she was able to learn the ropes before shelling out her own money.
Consider used equipment. Check Craigslist or eBay. Find a dealer of used equipment in your town. You can often find high-quality items for cheap if you’re patient and know what you’re looking for. A friend of mine recently saved 33% off a fancy heart-rate monitor simply because he was patient and willing to buy used.
Rent! For many sports and hobbies, renting is a great way to get a taste of the high-end. How often do you scuba dive? Ski? Instead of buying equipment that will mostly sit unused, consider renting when you need it. This not only will save you space, but can actually be less expensive in the long run. Renting is also a good way to try before you buy.
Beware a hobby or sport that is driven by purchasing more stuff. Some hobbies are simply sales pitches in disguise. I’ve written before about my own obsession with the card game Magic: The Gathering, a game specifically designed to get suckers people to spend more money. Kris was once into scrapbooking. She loved it, but she came to realize it was more about buying new Stuff than actually creating memories. Like many scrapbookers, her supplies now sit in the closet, unused.
Fancy equipment is not a panacea. In most hobbies and sports, skill is more important. Don’t get me wrong — good equipment can make your pastimes more pleasurable. But it’s difficult to know which equipment is worth the expense until you’ve gained some experience.
My photography instructor used to tell us, “A professional photographer can produce amazing shots from a crappy disposable camera. But a $5,000 camera won’t help a beginner make better photos.” This idea isn’t just true with photography — it’s true with knitting and biking, and even with running, too.
In today’s fast-paced world, time is a precious commodity, leading many individuals to seek out luxurious experiences that can be enjoyed without the commitment of an overnight stay. Recognizing this desire, hotels across the globe have embraced the concept of daypasses, allowing guests to indulge in their exquisite amenities for a few blissful hours.
“Daypasses allow guests to experience the property’s amenities without requiring the normal time commitment of an overnight stay,” said Brad Mills, hotel manager at The Ritz-Carlton, Denver. “As locals and travelers strive to maximize their time but still enjoy luxurious and relaxing experiences, the ‘daycation’ is a perfect alternative.”
The trend of the “daycation” has gained significant popularity, catering to locals and travelers who yearn for some relaxation, especially by a pool. This concept provides a convenient alternative for those seeking a quick getaway. It also gives hotels an opportunity to gain free publicity through social media and cultivate future business relationships.
Whether your travel plans include Miami, Dallas or Los Angeles, this list of hotels will keep you cool and content with pool passes you can use for a few hours of pure leisure.
Fontainebleau Miami Beach
Steeped in history, this iconic oceanside retreat has welcomed all kinds of illustrious guests and even made an appearance in the 1964 James Bond flick “Goldfinger.” It continues to exude timeless elegance and allure.
At this distinguished Miami-area hotel, you’ll find an impressive selection of 11 unique pools with luxurious cabanas, top-notch amenities and awe-inspiring views. From family-friendly options like small shallow pools and a pool with a waterslide to serene free-form pools and lively social spaces like the poolside Arkadia Day Club, Fontainebleau Miami Beach caters to a wide range of preferences.
Several daypass cabana options are available from $375 for two people.
Related: The best Miami Beach hotels
The William Vale
A modern retreat in Brooklyn’s cool Williamsburg neighborhood, The William Vale attracts trendsetters seeking stunning surroundings both inside and out.
Sign up for our daily newsletter
The property’s Vale Pool offers spectacular views of New York City, allowing visitors to bask in the Brooklyn sun while enjoying the city’s longest outdoor hotel pool, measuring 60 feet in length.
Various daypass options are available, such as the entry-level terrace pass for $160 and the more exclusive cabana pass for $675, which grants access to a luxurious, private poolside cabana that can accommodate up to six guests for the entire day. Alternatively, guests can opt for a comfortable reclining bed accommodating up to three guests for $475 or a poolside plush sofa for two for $325.
Related: The best hotels in New York City, from luxury stays to points properties
W Hollywood
Bask in Los Angeles’ abundant sunshine at Wet Deck, the gorgeous rooftop pool of the stylish W Hollywood. From this vantage point, you can relish expansive views of the Hollywood Hills and downtown Hollywood while unwinding by the pool.
During your visit, treat yourself to handcrafted specialty cocktails, refreshing beverages and delicious bites at the pool bar. A drink in hand is the perfect way to relax in the pool’s chic setting.
W Hollywood offers a daypass for $35 per adult. You can also reserve a daybed, fire pit table or private cabana starting at $50, should you want an extra touch of luxury and comfort.
Related: The 27 best hotels in Los Angeles for your next visit
Fairmont Scottsdale Princess
The Fairmont Scottsdale Princess is the longest-running AAA Five Diamond-awarded hotel in Scottsdale, Arizona. So, it’s no surprise that people near and far would want to take advantage of its top-notch hospitality.
You’ll find several eye-catching spots to visit here. However, the six on-site pools are particularly noteworthy, each offering a unique experience. Sonoran Splash Pool is a family-friendly oasis with a zero-entry pool deck. Princess Pool features picturesque views of the lush lagoons and TPC Stadium golf course. Sunset Beach provides open-air serenity under swaying palm trees. Sonoran Landing Pool serves as an exclusive adults-only area with oversized daybeds, floating bean bags and a lap lane.
The basic daypass starts at $70 for adults and $21 for children. For the use of a daybed or cabana during your visit, expect to pay at least $175 for two people.
Related: 9 beautiful hotel pools across the US
Mirage Las Vegas
Escape the bustling atmosphere of the Las Vegas Strip and indulge in a serene poolside retreat at the Mirage Las Vegas. You can find the perfect oasis for your relaxation needs thanks to the property’s array of options.
By the main pool, you’ll find 10 cabanas, plus six more in a secluded area surrounded by lush tropical plants. There’s also the Bare Pool if you prefer an adults-only atmosphere.
Daypass access to the Private Oasis area ranges from $25 to $60 per chair and $125 to $300 per daybed. You can also reserve one of 16 private cabanas, each of which can accommodate up to four people.
Related: The best hotel pools in Las Vegas
Hilton Anatole
Hilton Anatole’s JadeWaters pool complex is the top resort pool area in Dallas. The facility offers a range of exciting activities for the entire family, plus a beautiful pool, thrilling waterslides and a relaxing lazy river where you can unwind.
When you need some sustenance, treat yourself to delicious poolside fare at JadeWaters Bar & Grill. Or, head straight to the swim-up bar for a tropical drink.
Multiple daypass options are available, including one that also covers the use of the resort’s fitness and spa facilities. A standard daypass for two starts at $90, while upgraded options that include reserved seating like in-water lounge chairs, daybeds or cabanas start at $179 for two people.
Related: The best Hilton hotels in the US, from luxury to budget stays
Kona Kai San Diego
Experience an island getaway at Kona Kai San Diego, which conveniently sits in the heart of the city.
Relax by the pool with a stunning bay view, savor local delicacies at Vessel Restaurant + Bar or enjoy tropical cocktails at the main pool’s Tiki Bar. You’ll have two pools to choose from: the family-friendly Tiki pool by the property’s private beach and an adults-only Paloma pool with its own bar.
The basic daypass, which costs $89 for adults and $45 for kids, grants you access to the main pool and a hot tub. For an elevated experience, opt for a daypass with a private cabana at either pool. Starting at $250, the cabana daypasses, which are for use of private cabanas capable of accommodating up to eight people each, come with snack buckets filled with various nonalcoholic beverages and snacks.
Related: The best hotels in San Diego
The Perry Hotel & Marina
Upon arrival at The Perry Hotel & Marina, guests can find solace at the outdoor heated pool and sun deck, where they are welcomed with a complimentary drink. The Salty Oyster Dockside Bar & Grill provides convenient poolside food and drink service, ensuring a hassle-free relaxation session.
Unwind in a hammock, taking intermittent dips in the pool to beat the heat. The laid-back island atmosphere truly complements your desire for tranquility.
For access to the property’s pool without staying overnight, purchase a daypass for $35 per adult (kids daypasses start at $15 each). Should you seek a touch of luxury, choose a cabana daypass, which includes access to a cabana stocked with a complimentary bottle of Champagne and bottled water for $125 for two people.
Related: Battle of the Key Largo beachfront hotels: Baker’s Cay and Playa Largo
Britain’s biggest banks are on track to make billions more from rising interest rates this year – fuelling claims they are profiteering at the expense of savers.
Major lenders stand accused of not extending a series of recent Bank of England rate hikes to savings accounts while ramping up mortgage and other borrowing costs, leading to fatter profits.
City analysts expect NatWest, which was bailed out by the taxpayer during the financial crisis, to make almost £12 billion in net interest income – the difference between what they pay savers and charge borrowers. This is £2 billion more than last year.
Lloyds Banking Group, Britain’s biggest lender and owner of the Halifax brand, is set to scoop almost £14 billion, nearly £1 billion more than a year ago.
Inflation fight: Base rate has soared as the bank of England battles inflation but savers haven’t seen as big rises as borrowers
Both will report results later this month. The Mail on Sunday and This is Money recently revealed that the six biggest lenders made £44 billion last year in net interest income, which was £8 billion more than the previous year.
But the latest forecasts indicate it will be an even bigger bonanza this year as the cost of borrowing continues to soar, with interest rates now expected at peak at over six per cent.
It comes as ministers are braced for the latest inflation data. Figures this week are expected to show the pace of price rises slowed in June to around 8 per cent.
That would be still way above the Bank’s 2 per cent target – and puts Prime Minister Rishi Sunak’s promise to halve inflation by the end of this year in peril.
The Bank is poised to jack up rates again next month – from their current level of 5 per cent – as it tries to curb persistently high inflation, which is running at 8.7 per cent.
That will heap more misery on homeowners, with nearly a million of them facing an extra £500 a month in repayments as their cheaper fixed-rate deals end, the Bank reckons.
The typical cost of a two-year fixed rate mortgage has soared to 6.8 per cent from 3.8 per cent a year ago, according to financial experts Moneyfacts.
But the interest paid on instant access savings accounts has only increased to 2.6 per cent from 0.5 per cent in that time.
The growing gap has enabled banks to rake in bumper profits. Experts says banks’ profits are highly sensitive to changes in interest rates.
Barclays, for example, makes an extra £170 million for every quarter-point increase in the base rate, according to investment bank JP Morgan.
It has warned banks’ ‘super normal profitability’ raises the risk of the Government imposing a windfall tax.
MPs and regulators are investigating the profiteering claims while encouraging savers to shop around for better rates.
Bank of England governor Andrew Bailey last week urged lenders to pass on interest rate rises to savers, saying they were financially strong enough to compete and offer better deals.
‘The resilience of the banking system is not a constraint on banks managing their net interest margins, and therefore managing the rates they pay to savers and the rates they charge on mortgages,’ he said.
Chancellor of the Exchequer Jeremy Hunt has also backed calls for banks to offer better returns to customers.
But Harriett Baldwin, chairman of the House of Commons’ Treasury select committee, which is examining the lenders’ rates ruse, said: ‘While it is positive to see that some firms are responding to our continued pressure, the easy access rates offered to High Street banks continue to lag, and are significantly lower than the base rate.
‘Banks must now step up and start alerting customers where better products are available.’
Lenders, however, deny charging rip-off rates and say margins of around 3 per cent have only recently recovered to pre-pandemic levels.
There are also signs savings rates have improved after bank and building society bosses were recently called in to see the Financial Conduct Authority, the industry regulator.
But David Postings, chief executive of the UK Finance trade body, was accused of being ‘completely out of touch with reality’ by Labour MP and select committee member Angela Eagle after telling yesterday’s Daily Mail bank margins ‘were not egregious at all’.
LONDON, June 29 (Reuters) – Major British lenders on Thursday announced another increase in mortgage rates offered via brokers, pushing many products above the 6% mark in painful news for many homeowners and potential buyers.
Lenders have re-priced home loan offerings repeatedly in recent weeks in a scramble to keep up with soaring funding costs, spurred by expectations of more interest rate hikes from the Bank of England as it battles stubbornly high inflation.
Barclays (BARC.L), NatWest (NWG.L) and Virgin Money (VMUK.L) informed brokers that rates on many mortgage offerings will rise again on Friday, according to emails seen by Reuters.
Nationwide Building Society, another major lender, raised rates on products offered via brokers earlier on Thursday.
“As mortgage rates continue to rise, the property market is being pushed further towards a cliff edge and there’s no real help in sight,” mortgage broker Lewis Shaw of Shaw Financial Services said.
Oxford Economics, a consultancy, said it now expected a peak-to-trough drop in house prices of around 13%.
“The high share of fixed-rate deals and a limited rise in unemployment mean we still expect the downturn to be more of a slow puncture, with prices falling steadily over a couple of years, rather than a sudden, sharp drop,” said Andrew Goodwin, Oxford Economics’ chief UK economist.
Two-year swap rates – a key determinant of mortgage borrowing costs – have soared by 0.83 percentage points over the course of June.
If sustained until the end of Friday, it would mark the biggest one-month increase since May 1989 – apart from during the market turmoil triggered by the economic agenda of former Prime Minister Liz Truss late last year.
Mortgage rates of 6% represent the same financial burden from repayments as they did in the late 1980s, even though mortgage rates were around 13% then, according to housing market analyst Neal Hudson, founder of consultancy BuiltPlace.
Mortgagors today borrow much greater sums against their income – a ratio that has risen from 2.0 in the late eighties to around 3.5 today – while changes to taxes and mortgage products have also altered the equation.
Bank of England data published on Thursday showed lenders approved more mortgages than expected in May but for the first time since records started in 1986, the value of mortgage lending contracted for a second month running.
Reporting by Andy Bruce
Editing by William Schomberg and Sachin Ravikumar
Our Standards: The Thomson Reuters Trust Principles.
STG Mortgage has successfully implemented OptifiNow‘s TPO CRM solution, according to a press release from the software provider. STG Mortgage, based in Orange County, California, said it opted for OptifiNow’s TPO because it provided an out-of-the-box solution for the company’s wholesale division that was seamlessly integrated with its loan origination system (LOS).
Nectar Kalajian, CEO of STG Mortgage, said the company needed a CRM solution that could meet the sales and marketing needs of the entire business unit. The company initially used a generic CRM from a widely-known provider but found it too limiting.
“We were able to upload contacts and send out emails, but that was pretty much all it did for us,” said Karin Abdelmalak, marketing director at STG Mortgage. “We knew it wouldn’t be efficient or cost-effective to customize our existing CRM so we decided to look for alternative systems and came across OptifiNow TPO.”
OptifiNow TPO is the first CRM designed specifically for wholesale mortgage lenders and is used by many lenders nationwide. The CRM platform is designed to be implemented quickly and provide out-of-the-box functionality that only wholesale lenders can appreciate.
Abdelmalak praised OptifiNow’s understanding of wholesale lenders, noting that the company built a global search tool that gives account executives limited access to everyone’s accounts, not just their own. This feature reduces confusion and keeps the sales team running smoothly, she said.
John McGee, the president of OptifiNow, said wholesale mortgage lenders shouldn’t be forced into a box by a big-name CRM vendor.
“We’re proving that a smaller vendor that already knows what wholesale lenders need is a much more efficient and cost-effective way to implement a CRM,” he said.
OptifiNow is a cloud-based provider of customized CRM sales management and marketing automation software. The company’s platform consists of multiple modules that are fully integrated to provide companies with a customizable solution that adapts to virtually any type of sales environment, including distributed retail, consumer direct, and wholesale mortgage lending.
OptifiNow delivers its solutions using a unique White Glove service model that significantly reduces implementation time, lowers maintenance costs, and offers ongoing support to clients.
This content was generated using AI, and was edited and fact-checked by HousingWire’s editors.
Insolvency is a state of financial distress where a person or business cannot pay bills or debts.
The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.
Insolvency, or being unable to pay one’s bills, typically arises when a person or business is experiencing economic hardship or borrowing excessively. When experiencing insolvency, businesses or individuals can potentially avoid bankruptcy by increasing income, working with a financial advisor and settling debts.
When asking, “What is insolvency?” the distinction between individuals and businesses is an important one. This will help you decide what options are available and what is the right fit for your specific situation.
Here, you’ll learn about the different types of insolvency as well as how and why it happens. We’ll also cover the difference between insolvency and bankruptcy, so you’re aware of different routes you can take to repair your finances.
How insolvency works
Insolvency isn’t a process, but instead, it is a state in which a person or entity is unable to pay what they owe to creditors.
The IRS defines insolvency as when a person or business’s liabilities have become greater than its assets. The IRS uses this situation to decide if canceled debts should or should not be included in a person’s income taxes.
To better understand insolvency, let’s look at some examples. If a restaurant owner owes $200,000 to their various vendors, but the restaurant is only worth $150,000, the business is insolvent. Or, if an individual owes $30,000 in credit card debt, but their net worth is only $25,000, they would also be insolvent.
What causes insolvency?
Insolvency can happen due to poor financial management as well as factors out of a person’s control like unexpected bills. There are various ways that financial insolvency can happen.
Some of the most common causes of insolvency for businesses include:
Budget mismanagement
Rising costs to vendors
Losing a lawsuit
Not keeping up with competitors
Excessive borrowing
For individuals, common causes include:
Job loss
Reduced salary or working hours
Divorce
Medical debt
Excessive use of credit cards
Signs of insolvency
Knowing the signs of insolvency can help you avoid this situation. This will give you more time to get your finances in order and prevent the negative consequences that come from being insolvent.
The following are signs that you or your business may be nearing insolvency:
You are regularly late making payments
You are late paying employees
You are taking on more debt to pay off other debts
You have lost vendors due to late or missed payments
You need to sell assets or property to pay debts
You are unable to collect debts that are owed to you
You regularly receive calls or notices from your creditors
The two types of insolvency
To further understand insolvency, it’s helpful to unpack the two types: cash flow and balance sheet insolvency. Cash flow insolvency is more common for both individuals and businesses and can happen at any time. Balance sheet insolvency is primarily a concern for businesses.
Cash flow insolvency
Cash flow insolvency happens when you don’t have the money to pay off your debts. This is more common because it can happen whenever you have an unexpected financial situation. For example, people often become cash flow insolvent when they’re laid off and no longer have a reliable source of income. Ongoing financial mismanagement can also lead to long-term insolvency.
Some individuals or businesses find that they’re insolvent after they exhaust other options like selling personal assets. This can also happen if you were borrowing money to pay off debts and no longer have access to new loans.
Balance sheet insolvency
In short, balance sheet insolvency is when a business is spending more than it is bringing in. For example, if you’re spending $30,000 a month to keep the business running, and it’s only bringing in $10,000 per month, this is balance sheet insolvency. When the business isn’t bringing in enough money and the value of the business’s assets is less than what’s owed to creditors, the business has negative net assets.
If an owner believes that their business is insolvent, there are a few common routes they can take to avoid bankruptcy:
The business may hire a financial advisor or accountant to see if the business can cut spending or budget in other ways
A business consultant may be hired to see if business operations can be improved
Insolvency vs. bankruptcy
Insolvency is a financial situation, while bankruptcy is a legal proceeding. You can go through insolvency without having to file for bankruptcy. The bankruptcy process allows you to find a resolution with creditors through the legal system. With insolvency, there’s a low possibility that you’ll need to deal with the courts at all.
There are downsides to filing for bankruptcy, so individuals or businesses may benefit from finding a solution to insolvency before turning to bankruptcy as an option.
If you do decide to file for bankruptcy, it is important to know that there are different forms of bankruptcy. Deciding on which form of bankruptcy to file depends on the individual or business. If your bankruptcy filing is approved, it can help to either eliminate debts or provide you with a manageable payment plan. Although it can provide some relief, a bankruptcy may be difficult to remove from your credit report.
Five actions to take when you’re insolvent
The following steps may help you prevent bankruptcy if you are insolvent.
Step 1: Contact a debt counselor or debt management company
A debt counselor or debt management company may be able to help you find options for dealing with your insolvency. You may even be able to find nonprofit help in your area. They can assist you with a plan of action to pay or settle your debts.
Step 2: Try to negotiate a settlement for your debts
Negotiating your debts can be done with or without outside help. You can contact your creditors to see if they’re willing to settle the debts you owe for a lower price. If you are dealing with collection agencies, it can be helpful to know debt collection laws. In some cases, you can have your debt lowered by upwards of 50 percent of what you owe.
Step 3: Find out if you owe taxes
If you’re able to settle your debts, you may be liable for taxes. This situation can happen if the creditor writes off your debt in a settlement. To find out if taxes are owed, it’s helpful to contact a tax professional or credit counseling agency.
Step 4: Check if you are eligible for an insolvency order
An insolvency order happens through the courts and provides you with protection from filing for bankruptcy. If approved, the insolvency order may also prevent debt collection efforts temporarily.
Step 5: Seek legal counsel
Finally, it may be beneficial to contact legal counsel. You may be dealing with illegal debt collection practices that you’re unaware of. By working with a lawyer, you’ll receive professional advice to ensure you handle your insolvency properly.
Can insolvent businesses or individuals recover?
Whether you’re a business owner or an individual, you can recover from insolvency. As you’ve learned, insolvency can be due to a temporary setback or mismanaged finances. In both cases, you can bounce back by taking the right steps.
For a business, this may mean better business management or accounting. If you have a business that’s spending far more money than it’s bringing in, it may be time to develop a new plan. This may involve cutting spending or finding ways to bring in new customers.
Individuals who become insolvent may need debt relief, which gives you the opportunity to adjust your payments. You may also find that seeking out additional sources of income or cutting down on expenses allows you to recover and pay off your debts.
Does insolvency affect your credit?
If you’re dealing with insolvency, it may be affecting your credit. Things like missing payments, making late payments and using a large percentage of your available credit can hurt your credit. It’s also possible that you might have errors on your credit reports that are negatively affecting your credit. Fortunately, help is available.
Here at Lexington Law Firm, we can help you understand your credit and work to address any errors on your credit reports. The consequences of your insolvency may not be as bad as you think, and that is where we come in. To learn how we can help you, contact us today.
Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.
Reviewed By
Anna Grozdanov
Associate Attorney
Anna Grozdanov was born in Sofia, Bulgaria, but moved to Arizona with her family.
Ms. Grozdanov grew up in Arizona and went on to graduate Magna Cum Laude from the University of Arizona with a B.A. in both Philosophy and Psychology. Ms. Grozdanov finished her first year of law school at Pepperdine University School of Law in California, but returned to Arizona where she graduated from the Sandra Day O’Connor College of Law. Since graduating from law school, Ms. Grozdanov has worked in Estate Planning, Estate Administration, Probate, and Personal Injury. She has extensive experience advising and working closely with clients and applies these skills at Lexington by helping clients achieve their credit repair goals. Ms. Grozdanov is licensed to practice law in Arizona. She is located in the Phoenix office.
Ready to start a real estate business? Consider building your new career as a Realtor based on relationships. That’s what Andrew Jacobs did, and he now gets 75 percent of his business from past clients and referrals. As a result, he doesn’t have to spend any time or money on outbound marketing. On today’s podcast, Andrew shares how to build a relationship-based business, offers advice on starting a real estate team, and explains why keeping things simple is the key to success.
Listen to today’s show and learn:
Andrew Jacobs start in real estate [1:50]
Leaving the music business for a career in real estate [1:17]
Lessons learned in the music business that apply to real estate [5:40]
Why real estate is the best career in the world [6:27]
Aaron’s favorite part of being in a band [7:27]
Andrew’s sales stats and team structure [8:54]
Advice on starting a real estate team: grow organically [9:54]
Learning to be a leader [15:17]
Why you should be honest regarding experience [16:20]
Two different paths for building a real estate business [17:49]
Tips on building a relational real estate business [20:32]
The value-giving mindset and winning clients at an open house [23:35]
Advice for following up with past clients [26:38]
Tips on ensuring the transaction runs smoothly [30:30]
Telling the sellers the truth about price [33:15]
Why national news and statistics shouldn’t be applied to a Realtor’s local market [37:43]
Following a checklist to ensure your transactions run smoothly [38:48]
Why simple = success in the real estate industry [41:39]
How to reach out to Andrew Jacobs [45:14]
Andrew Jacobs
Real Estate has been in Andrew’s family for over 30 years. He is in the top 15% of the network and he serves all of lower Bucks County, PA, and a large portion of NJ as well. Whether selling your home or looking to purchase, Andrew will aim to exceed your expectations and help to achieve your goals. “If you can dream it, you can do it!” Feel free to reach out to Andrew personally anytime and he promises to give you his undivided attention. Andrew also encourages all Professionals to join him in donating to charity. At the end of each transaction, his clients get to choose which charity he will donate to. This initiative has resulted in many donations for important causes! Let us all give back to those in need. Contact Andrew anytime at 267-714-2900 or [email protected]
Related Links and Resources:
Thank You Rockstars!
It might go without saying, but I’m going to say it anyway: We really value listeners like you. We’re constantly working to improve the show, so why not leave us a review? If you love the content and can’t stand the thought of missing the nuggets our Rockstar guests share every week, please subscribe; it’ll get you instant access to our latest episodes and is the best way to support your favorite real estate podcast. Have questions? Suggestions? Want to say hi? Shoot me a message via Twitter, Instagram, Facebook, or Email.
Is the labor market finally normalizing? Jobs Friday data came in as a beat of estimates, but the labor market is clearly starting to come back to earth, killing the fear of 1970s wage spiral inflation. We’ve had a good week’s worth of data to show that the Federal Reserve is starting to get what it wants if you know where to look.
The headline jobs data beat estimates, but we did have 149,000 negative revisions to the previous month’s data. However, the cumulative labor data this week is a story of job growth returning back to normal and the Fed should be happy because the labor market has always been its target for pain.
From BLS:Total nonfarm payroll employment rose by 253,000 in April, and the unemployment rate changed little at 3.4 percent, the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in professional and business services, health care, leisure and hospitality, and social assistance.
Part of my COVID-19 recovery model on the labor market was that job opening should reach 10 million in this recovery. The Federal Reserve was terrified of this because this could send wages spiraling out of control, which means they had to kill this labor market. Nothing is worse to the Fed members than 1970s inflation.
That isn’t happening today. As we can see, wage growth has been cooling down, even with a tight labor market. Yes, wage growth has slowly decreased while millions of jobs were being created and we had massive job openings.
Even if we added other variables, such as hours worked, we could see the wage growth data cooling.
Also, this week we learned that the one data line Fed cares about, job openings, are no longer at 12 million. That number is down roughly 2.5 million since 2022. The Fed wants this to return to 7 million to feel more comfortable about the labor market. The reason I say 7 million is because that’s where we were before COVID-19 happened.
Job openings data
One thing to remember about this labor market and the historically low unemployment rate of 3.4% is If we didn’t have COVID-19, total employment in America would be 158 million to 159 million, just taking the pre-COVID-19 growth trends.
Based on demographics, I wasn’t a huge job creation person in the previous expansion. However, the shock of Covid created a significant fall in employment, and while it has been spectacular to see the rise of people being hired again, we are still in make-up mode as long as demand is growing.
If we didn’t have COVID-19, the total number of jobs would be higher today, but the job growth numbers would be lower. So, if some people are surprised about the job data at this cycle stage with all the rate hikes and bank drama, don’t forget this reality when considering the job growth we have seen since 2022.
Total employment data: 155,673,000
Now let’s look at the internal report for more details.
One of the data lines I have stressed during the past decade is the unemployment rate tied to educational background. This is useful for housing data, especially when the next recession hits. Here is a breakdown of that data for those aged 25 and older:
Less than a high school diploma: 5.4% (previously 4.8%)
High school graduate and no college: 3.9%
Some college or associate degree: 2.9%
Bachelor’s degree or higher: 1.9%
Yes, you saw right, college-educated Americans with a Bachelor’s degree have an unemployment rate below 2%, which means they’re in great demand.
This report shows the sectors where the jobs were gained and lost. Most sectors this month had job gains, of course. But, if we take a three-month average of job gains in the private sector only, not accounting for the government, it’s running at 182,000 per month, the slowest pace of job growth since early 2021. Again, the Fed is getting what it wants, the labor market to cool off.
My 2023 forecast for the 10-year yield and mortgage rates was based on the economic data remaining firm, meaning that as long as jobless claims don’t get to 323,000, we should be in a range between 3.21%-4.25%, with mortgage rates between 5.75%-7.25%. Right now, jobless claims are at 242,000.
If the labor market breaks, the 10-year yield could reach 2.73%, which means mortgage rates could go lower, even down to 5.25% — the lowest end of my range for 2023.
Even though we had a lot of drama this week in the market, my famous Gandalf line in the sand for the 10-year yield didn’t break. I’ve said for many months that this line is a tough nut to crack and on Friday afternoon before close the 10-year yield was around the 3.37%-3.42% level, as the chart below shows.
Overall, April was a good jobs report; nothing is wrong with the labor data now in a meaningful way, but we see that the growth of job creation is slowing down, which was always going to be the case coming back from the depths of COVID-19.
When does the labor market break, meaning jobless claims data shoot up much higher? Even though job openings data has noticeably come down, we haven’t seen jobless claims data spike out of control, which is the most critical data line we have with labor.
I joke that in the rock, paper, scissors game, jobless claims beat job openings always. The Fed knows that all their rate hikes have a lag before they hit the economy. We can clearly see that the fear of wage growth spiraling out of control is not happening and that, over time, the inflation growth rate will ease.
What’s next?
Over the next 12 months, we will see more of an impact from the massive rate hikes and credit getting tighter from the banks, this is why it’s more critical than ever to track weekly economic and housing data, as we do in the Housing Market Tracker every week. Like every economic cycle post-WWII, if you know where to look for clues, they will guide you to the truth.
Have you ever been excited about a film enough to go to the theater, and spend a fortune on concessions, only to be disappointed beyond belief in the movie? After polling the internet, here are twenty-five films people admitted were the worst they have ever seen in theaters.
1. Holmes and Watson (2018)
“Holmes and Watson. My friend turned a good Christmas into an unforgettable Christmas. But in a bad way. This movie was the end of those styles of comedies,” shared one.
A second admitted, “I was looking for this one. My ex and I saw it on Christmas, we wanted to walk out, but we had to see the garbage the whole way through. Just God awful. I would not recommend it to anyone!”
“My wife and I debated which movie to go see. Being a big Will Ferrell fan and loving John C. Reiley, combined with the amazing world of Sherlock Holmes, I was confident my movie pick was the right one. She conceded, and we went to it. Terrible. Horrible. We haven’t been to the movie theatre since,” a third user confessed.
2. Alvin and the Chipmunks: Chipwrecked (2011)
“Alvin and the Chipmunks: Chipwrecked. I hated this movie so much. It sucked so bad that I wanted to cry. So I took my daughter and her friend to see this. I still wanna cry,” one mom replied.
“I, too, took my daughter. It was her first movie, and she got to pick. I was hoping for Muppets, and I’ll never forgive Jason Lee. And David Cross! I love him. But I have not watched anything he’s been in since that movie. I read that he hated it too, and I’m mad that I can’t even enjoy him anymore,” a second added.
3. Catwoman (2004)
“I wanna go back in time to be in the editing room when they cut the basketball scene together. The number of cuts and the decision to have Halle Berry grinding on the guy in front of a bunch of kids is bizarre,” shared one.
“Wow… I, uh, man, I watched that. I know I watched that. And yet, somehow, as if some defense mechanism, my brain must have deleted that scene, and most of the film, from my memory,” another confessed.
“I can’t believe that actual professional filmmakers decided that any part of this movie was worth making. The whole thing is just such a pile of trash. I saw it for free — I worked for a part of the company that released the movie — and I STILL wanted my money back,” a third admitted.
4. Transformers: Age of Extinction (2014)
“My parents dropped me off to see this movie when I was a kid, and I was the only person in the theater. I like the first one, but after that, I’m done,” one stated.
“Don’t get me started on Transformers with Marky Mark. I was nauseous, to begin with, in the theater when I watched it—nausea combined with awful storytelling. I fell asleep at like three different times,” a second expressed.
“Totally. You’ll have to take a lot of Dramamine to choke down Transformers: Age of Extinction. There were many moving parts, like the fast, third-person following the action of the bots running through the city while transforming multiple times. Then there was the banal cast I wish would get squished in one of the bots while they rode in them,” a third shared.
5. The Amazing Spider-Man 2 (2014)
“I worked at a movie theater as a first job, and the owner got this movie for a week because he thought I would like it (nothing else going on at the time). I couldn’t apologize to him enough. It was awful. I remember the attendance was 25 tickets sold for the entire week,” someone volunteered.
“Came here to say this. I took my 8-year-old brother to see it for his birthday. The only thing I can remember was that I wanted to get up and walk out less than halfway through,” another confessed.
“It’s always painful to take someone to a movie as a special treat like a birthday or Christmas, and the experience sucks. For example, I took my son to see The Amazing Spider-Man 2 for his first theater experience, and I can barely hold back my disdain for it,” a third user expressed.
6. Mortal Kombat Annihilation (1997)
“I’m seriously dating myself here, but Mortal Kombat Annihilation. Five minutes in, Johnny Cage was like 80% of what made the first movie decent – dies; I felt the film was in trouble.”
“Then a recast Raiden walks in, and I knew it was all over,” said one. Another added, “I was a teenager when the first one came out… it was awesome! Finally, after years of playing the game in arcades, I loved it. So I went to the second without hesitation, leaving highly upset and bummed out. What a pile of trash it was!”
7. The Dark Tower (2017)
“The Dark Tower adaptation of the Stephen King book series was a trainwreck. I’m the most disappointed I’ve ever been with a film adaptation—Scratch that. I was more than disappointed. I was disgusted,” admitted one.
“My dad (70) wanted to see it. He has never read any of the books. I don’t think he’s ever read a single book. I cautioned him that it was NOT a western, which is what he likes, but I didn’t expect it to be such hot garbage. He was utterly confused, and I could tell he wanted to leave.”
8. Space Chimps (2008)
“Space Chimps. The things you will do for a loved one. I was a teen and took my kid sister to see this; so many bad monkey puns. This movie came out the same day as The Dark Knight, and I saw Space Chimps,” one digressed.
“My kid sisters were addicted to it when we didn’t have cable for a while. It was so bad, and I saw it originally in the theaters a few years earlier. I hated it the FIRST time I saw it,” another added.
9. After Earth (2013)
“That movie with Will Smith and his son. They were space travelers looking for something on Earth. I would look up the title, but I’ve already spent enough time on it typing this out. Time wasted,” one shared.
“I believe it’s After Earth! That is hilariously bad and another M. Night Shyamalan special. Based on this thread, I have learned that M Night Shyamalan deserves a Bad Movie Lifetime Achievement Award,” suggested another.
10. Howard the Duck (1986)
“I saw Howard the Duck at the theater the year after I saw Back to the Future. I remember thinking I wish this were as good as Back to the Future. It wasn’t. Howard the Duck is as memorable as Mannequin 2. I can’t believe I saw that turd in the theater,” confessed one.
“Prime Lea Thompson is the only reason anyone could have positive memories of the movie so bad that it led to firesales resulting in Pixar, the Marvel Cinematic Universe, and Disney buying all that plus Lucas and Fox,” a second noted.
11. Battlefield Earth (2000)
“Battlefield Earth was awful, and this is my answer. It is the ONLY answer. So I walked out,” shared one. Another confessed, “The first movie I ever walked out of was Battlefield Earth, it was awful, and it was the catalyst of why I hate everything Sci-Fi.”
12. The Adventures of Pluto Nash (2002)
“Watching The Adventures of Pluto Nash in a dingy hotel room at 3:00 am was perhaps the most hollow experience of my life. Of all the questionable things I have in my lifetime, this is by far at the top of the list of things I wish I could undo,” one shared.
13. Godzilla (1998)
“Then there are universally panned movies that I enjoyed. Godzilla comes to mind, which everyone hates, but I, who had never seen a Godzilla film in my life up to that point as a 14-year-old, thought it was pretty bizarre,” one stated.
“I finished the Godzilla movie, walked out, and snuck into Deep Impact. It was just starting, and I needed a way to make my money spend well. It’s not the worst film I’ve ever seen, but it is the worst I’ve seen in theaters,” a second answered.
14. Fant4stic 4 (2015)
“I remember sitting through a long dialogue/monologue scene with Miles Teller talking at length between Reed and Sue that went on long enough for me to turn to my friend and say, ‘this conversation has no point and could have been cut from the movie entirely,” one replied.
“And it turns out I was right. It didn’t set up a payoff later, didn’t develop the characters at all; it just added runtime to an already bloated movie.”
15. Drag Me to Hell (2009)
“I would say my worst movie experience was Drag Me To Hell because I’m already not a horror fan, and that movie has a jumpscare every four minutes, which meant I was looking at the film from the corner of my eyes most of the time,” shared one.
16. Ghost Dad (1990)
“I saw it in the theater. I was in a phase back then where I loved movies so much that I loved every movie I saw. But, Ghost Dad taught me that sitting through a movie could be awful,” admitted one.
17. Leonard Part 6 (1987)
“There are some excellent movies people list in this thread, which I find hard to agree with,” one said. Meanwhile, I saw Leonard Part 6 in the theater.”
Another shared, “I remember that there was a machine that was going to let the bad lady take over the world, which the good guy sabotaged by replacing the fluid inside with dish soap….only to find out the original fluid was dish soap anyways. Terrible, just terrible.”
18. The Village (2004)
“I was not too fond of it when I was younger when it first came out, but I thought I was going to see a monster movie because that’s what all the advertising at the time was making it seem to be,” someone admitted.
“The Village by M. Night Shyamalan is the same story as Running Out Of Time. Some random teen book that came out in the 90s. I had read it, and within the year The Village came out, it made the twist very predictable. So I didn’t like the film,” another expressed.
19. Old (2021)
“That was the stupidest movie I’ve ever seen in my life. My roommate wanted to watch it, and after the film, we were all sitting in stunned silence until I blurted out that it was the stupidest movie I’d ever seen in my life, and that’s the only thing I’d been able to say about it since,” answered one.
“I just watched Old not long ago, and that was quickly one of the worst movies I’ve seen in years. It was so bad. But, truthfully, Old and Glass are both pretty awful films,” a second added.
20. The Happening (2008)
“One person noted, “He has several movies on this list. The Happening is my vote. What a disappointing film included in such a disappointing character arc that M. Night Shyamalan had.”
“Seeing that movie made me feel legitimately shaken. I wasted a lot of time in my life, but only after sitting through that in a theater did I have these dark thoughts about how I would never get back that precious time that I could have been doing anything else. It made me confront mortality. I had an awful day that day,” a second shared.
21. Epic Movie (2006)
“Epic Movie. With my grandparents. It is partially my fault, nonetheless. Epic Movie was my first experience with a dumb parody/satire film,” someone confirmed.
“I’ve walked out of two movies in my life. Epic Movie is one of them. I was with five friends, including one who drove me there. I wished I could have walked out sooner. But, instead, we all learned our lesson from this movie,” a second replied. “After I sat through Epic Movie, I promised myself that I would walk out if I ever saw a film that bad again,” a third user commented.
22. Norm of the North (2016)
“I took my kids to see Norm of the North. Instead, I’d have watched Paint Dry, and my kids would have. But, unfortunately, I lost it with the addition of purple drank in a styrofoam cup added to the arctic snacks ideas,” one stated.
“I still point out how horrible it was, and my wife’s response is, it’s a kid’s movie. As if it being a kid’s movie excuses it from being a steaming pile of garbage. As if we use a different scale for kid’s movies despite agreeing that some of the best movies ever made are kid’s movies. I hate that movie so much,” a second user confessed.
23. The Last Airbender (2010)
One person shared, “I was 12-13 when this movie came out, and I LOVED the show. So my siblings and I all watched the show, and my parents agreed I could go with them to my first midnight showing since I loved the show so much.”
“So I shaved my head, painted blue arrows on my head, arms, and neck/upper back, wore a robe, and carried a staff.” “The movie freaking sucked. A movie ruined my first midnight showing, so terrible many deny its existence. I’m still angry at M. Night Shyamalan to this day.”
24. Eragon (2006)
“As a kid seeing their first movie with their same-age friends. Eragon. That move was such a massive waste of money. My buddies and I constantly read the books and saved pocket money for weeks to watch them. I’ve walked out of movies since, but the Supreme disappointment that movie had as a kid me cannot be beaten,” someone explained.
“I watched that terrible film on a DVD from Redbox years later once I had finally read the books. But, man, that was a major heartbreaking book-to-film adaptation, even then. I wished we hadn’t rented it at all,” a second agreed.
25. Lady in the Water (2006)
“It was the last nail in the coffin for me in terms of my hope that M. Night Shyamalan could have a rebound after his fall from grace. But, unfortunately, the plot (I’m being liberal with the word plot) was garbage. The idea and the execution were also trash,” said one.
“M. Night Shyamalan casts himself as a prophet in it. Aside from a few moments of unintentional comedy, it had no redeeming qualities. I got my money back for it despite having sat through all of it. The guy at the counter didn’t even ask follow-up questions; he was used to doing it for that movie,” a final user commented.
Source: Reddit.
Who is one actress you can never stand watching, no matter their role? After polling the internet, these were the top-voted actresses that people couldn’t stand watching.
10 Actresses People Despise Watching Regardless of Their Role
These 7 Celebrities are Genuinely Good People
We’ve all heard the famous adage that “no publicity is bad publicity,” and while it tends to be accurate, there are certainly exceptions. But what about those few stars who stay out of the limelight and get along without a hint of trouble?
These 7 Celebrities are Genuinely Good People
Have you ever known someone and thought you liked them—until you learned about their hobbies? Then you get to know them and then you’re like, “Wow, red flag.” Well, you’re not alone.
These 10 Activities Are an Immediate Red Flag
Some celebrities definitely seem to enjoy the limelight and keep working to stay in the public eye. While others quickly move out of the spotlight. Many of these actors and actresses stepped out of the spotlight to live a more private life without constant media pressures.
10 Celebrities That Made the Big Times Then Disappeared Off The Face of the Earth
We’ve all been there – sitting through a movie that we can’t help but cringe at, but somehow it still manages to hold a special place in our hearts.
These 10 Terrible Movies Are Still People’s Favorites
New Year’s resolutions don’t have to be reserved for diets and exercise. Sometimes the area of your life that really needs attention is your finances. As 2022 ends and 2023 begins, this is your opportunity to reset and reevaluate.
The new year is the perfect time to give your finances a boost. Here are my top 15 financial New Year’s resolutions that can help improve your financial health.
I’m jumping in with the big ones first…
What’s Ahead:
1. Start investing
While it may not be the easiest resolution on this list, investing is one of the best ways to build your wealth. If you don’t think that you have time to start investing, I get it. Investing can take time to understand. We’ve done our best to lay out the different investing methods in our article: How To Invest: Essential Advice To Help You Start Investing.
While it’s totally possible to invest without the help of an advisor, many of us are choosing the advisor route because, let’s be honest, it’s just so much easier. Remember that advisors also includerobo-advisors, which can help you decide what to invest in including when to buy and sell.
Read more: The Best Robo-Advisors
2. Build your emergency fund
When emergencies happen, you don’t want to be stuck without anemergency fund. Emergency funds can be lifesavers when unexpected challenges make their way into your life, like losing your job or getting into an accident, or a global pandemic.
So, if your emergency fund is non-existent at the start of the new year, it is time to change that!
To start, decide how much money you need in your emergency fund by calculating your monthly expenses. This should include not only your rent or mortgage but also your utilities and your basic expenses. Many financial experts agree that this should be at least three to six months’ worth of expenses, but it can’t hurt to overestimate how much money you would need in times of emergency.
If you need help calculating how much money you should save in your emergency fund, check out MU30’s handyemergency fund calculator to help you find your perfect number.
My husband and I like to keep our emergency fund in ahigh-yield savings account. These accounts allow us to access our savings quickly. Even better, high-yield savings accounts accrue interest at a higher rate than a traditional savings account, letting our money grow while it lies in wait.
Read more: Best High Yield Savings Accounts Compared
3. Pay off your credit card debt
If credit card debt is bogging down your financial success, why not make it a goal to tackle it in the new year?
Paying off your credit card debt is an important step in becoming financially healthy. If you don’t pay it off, you are doing a serious disservice to your credit score.
When searching for ways to pay off your debt, I recommend opening abalance transfer credit card. While it may sound counterproductive on one hand, these cards can help you consolidate your debt and even stop it from collecting interest for some time. That’s a big incentive right there!
Read more: How To Pay Off Credit Card Debt Fast – The Smart Way
4. Start a budget and track your expenses
If you don’t already have one, you need a budget. Creating and sticking to one could be the single best thing that you do for your finances in the new year. Budgets force you to take a hard look at the money that you bring in, the money that you shell out, and the money that you may owe.
If you have never followed a budget before, the thought of starting one can be daunting. The truth is, budgets can be incredibly freeing. Once you get used to following your budget, you can begin finding ways to free up cash to put towards your future.
Read more: How To Make A Budget: Our Step-By-Step Guide To Managing Your Money
5. Pay off your student loans
Student loan debt is one of the nation’s largest consumer debts and if you have it, you know just how painful it can be. Wouldn’t it be nice if you could get rid of your student loan debt altogether? Well, depending on how much you have, 2023 could be the year that you make it possible!
Making a plan to pay off your student loans is all aboutgetting organized. Knowing who you owe, how much you owe, and how you will afford to pay off your loans should be your first priority.
If you are having trouble trying to fit your student loan payment into your budget, it’s worth it to give your lender a call. Often, you can work outincome-driven repayment plans or deferments that can lessen the financial blow of your current loan payments.
Read more: Income-Based Repayment: Should You Do It?
6. Open a retirement account or fine-tune your existing one
When you are young,saving for your retirement probably sounds like the least exciting thing that you can do with your money. The truth is, the sooner that you start, the more secure you will be when your retirement comes. Investing in your retirement means that you are investing in your future.
If you’re employed, a quick conversation with your boss or human resources department can help you find out if your employer offers retirement accounts like 401(k)s or 403(b)s. Often, employers who have them will match a percentage of your annual contributions. This match is like an extra bonus from your employer that you don’t collect until retirement.
If your employer does not offer retirement accounts or you’re self-employed, you still have options for saving for your retirement.IRAs, or Individual Retirement Accounts can be opened by anyone.
Read more: The Beginner’s Guide To Saving For Retirement
7. Build your credit
If you are going into 2023 without any credit, it’s time to start building some. The credit system was put in place as a way to give future lenders and creditors information about potential borrowers. This allows them to make an informed decision and weigh the risks of loaning money to you.
If you haven’t built your credit, you could find yourself regretting it when you want to finance a car or even buy a house. Most lenders will not give out loans to people with poor credit and if you’re lucky enough to find one that does, your interest rates are often through the roof!
Taking out a loan with acosigner or becoming anauthorized user on your parent’s credit card can help you get started. Personally, I began building my credit with asecured credit card. When you get a secured credit card, you’ll need to put down a deposit, which then becomes your line of credit.
The OpenSky® Secured Visa® Credit Card is unique among secured cards in that they won’t run your credit when you apply, giving even those with no credit the ability to qualify.
Read more: Best Secured Credit Cards
8. Create a will
Don’t be fooled into thinking that having a will is just for old people. If you don’t have a will already, making it one of your New Year’s resolutions could benefit you and your family. Without one, in the event of your death, yourstate’s laws will determine who takes ownership of your assets and property.
If you’re wondering if you really need a will, the answer is probably a resounding yes. Most importantly,wills are strongly recommended for those who have children, have a spouse, or have a positive net worth. Having a will protects your family and your assets, something that all of us can agree is important.
If you don’t have a will, don’t put it off!
Read more: Do I Need A Will? Who Needs A Will (And When)
9. Spend less money
Everyone wants to save money, right? One of the best ways to do that is toconsciously spend less of it. While it is easier said than done, spending less money in 2023 is doable with a few tweaks to your spending habits.
To begin spending less money, I recommend this: take a hard look at your budget and try to find spending categories that you can cut back on. Lessening, or even getting rid of, spending categories allocated towards things like coffee runs and eating out could save you a significant amount of money each month.
Here are a couple more of my favorite ways to save:
Find a better deal on cell phone service. Cell phone services can be expensive. If you haven’t shopped around lately, give it a try. Many cell phone service companies will work hard to beat their competitors and will often beat your current rate!
Learn how to clip coupons. Clipping coupons is an easy way to save money at the grocery store and beyond. Often found in local circulars and newspapers, using coupons can add up to some significant savings.
Make a grocery list. Grocery lists can keep you on track financially in the midst of temptation, saving you from overspending on snacks and unneeded ingredients.
Make coffee at home. Coffee runs add up quickly, but it would be hard to get through the workweek without it. Instead of running to the coffee shop, try making coffee at home and bringing it to work in an insulated thermos.
Bring lunch to work. If you areeating out for lunch every day, your finances are more than likely feeling the pressure. Why not try giving them a break and pack last night’s leftovers instead?
Have date nights at home. Date nights can be an important part of staying connected with your partner and you shouldn’t have to sacrifice them. Finding alternative date night ideas, like cooking dinner together at home, can help you rack in the savings.
Try a meal delivery service.Meal delivery services will deliver pre-portioned ingredients and easy-to-follow recipes straight to your door. Home Chef is just one option, offering meals that take as little as five minutes to prepare. Plus, whether you’re looking to cut back on meat, carbs, calories, or more, Home Chef has options for you.
Cut back on subscriptions – We live in a world overrun by subscription services. It can be easy to sign up for a bunch and then never use half of them.
10. Save money on insurance
Protecting the ones you love is always a priority. In 2023, why not make it a goal to do so, while also keeping more of your hard-earned money in your bank account? I’ve found that one of the best ways to do this is by saving money on insurance.
11. Define your long-term financial goals
Sometimes you get so caught up in your present financial situation that you forget to plan for the future. Setting long-termfinancial goals is an exciting way to keep yourself on track and to ensure that your money is working for you.
Long-term financial goals vary depending on the person and the state of their finances. These goals could include saving for retirement, a downpayment on your future home, or even saving for that trip that you have always wanted to take. After you have defined your financial goals, it is time to start planning for how and when you will reach them.
I like to organize my long-term financial goals into my monthly and yearly household budget. This allows me and my husband to aggressively work towards our goals.
12. Track your expenses
Implementing this habit in my household was easy. My husband and I decided to ask for receipts with every purchase, ensuring that we don’t miss any expenses. After making a purchase and returning home, we began recording the totals on our receipts into monthly spending categories. These include areas of spending like groceries, entertainment, and gas.
Knowing how much we spend each month allows us to not only make a more accurate budget but also plan for the future. Keeping track of your expenses gives you a reference to look back at when creating a budget, including utility bills that may change due to the seasons.
If you have a mortgage, chances are that you would like to get rid of it. Well,making extra principal mortgage payments in 2023 could help you be free from it faster!
Those who can afford to put extra money towards their mortgage, but don’t, are missing out on some major savings. If you pay your mortgage for the life of your original loan, you could end up paying nearly as much in interest as you do for your home itself.
For example:
A $150,000, 30-year mortgage with an interest rate of 4.5% will cost a total of $273,610 by the end of thirty years. This means that $123,610 of your payments have been made towards interest.
If you take the same mortgage, but pay an extra $100 monthly, you would save $29,723.18 and shorten your loan by six years and four months.
If you want to make paying down your mortgage a priority in 2023, simpleloan pay-off calculators can help you figure out how much extra money you would like to put towards your mortgage.
You could also consider refinancing your mortgage, which can provide you with a much better interest rate, which, in turn, can lower the total cost of your loan.
14. Save money with money-making and reward apps
What if I told you that you are throwing money out the window every time that you shop online? If you are shopping without a cash back app, this is most definitely true for you! And since most of us have resolved to online shopping, this extra money could be adding up quickly!
To remedy this, I like to use a cash back app. Not only do cash back apps help you save money, but they can help you make money, too!
If you are looking to save, or make, money, Swagbucks may be a great choice for you. In fact, it is the internet’s leading rewards site! For users who are hoping to save money, I recommend installing Swagbucks browser extension, the “SwagButton.”
15. Get your taxes done early
Tax season is coming and there is no need to stress about it. Getting yourtaxes done early in 2023 can help put your mind at ease and save you from taking an extra trip out of the house. You may even find yourself with your return in hand faster than if you wait until closer to the deadline!
Filing taxes can be complicated. Luckily, there are great tax preparation companies that can help make filing a breeze and answer many of your tax questions – you can find a list of our favorites here.
Summary
The end of 2021 is fast approaching and it’s time to start thinking about the resolutions that you’ll make for 2023. While many of us – myself included – typically resolve to follow a healthier lifestyle, we sometimes forget to think about our financial health.
As 2021 comes to a close, start thinking about what you can do to make your finances stronger, because we never know when a financially challenging year will hit again.