A new tech company called LemonBrew has launched its so-called “custom matching platform” to link up home buyers (and sellers) with local, expert real estate agents.
The team behind the operation consists of “experienced entrepreneurs and operators” who work in the real estate and mortgage industry.
Their goal is to create a frictionless home buying process and improve efficiencies in what is often a daunting and stressful endeavor.
Initially rolled out via pilot in local markets across North Carolina and Florida last fall, LemonBrew plans to launch nationwide throughout 2020. It appears they are currently live in 15 states.
The platform has a “couple thousand” Partner Agents in its database, but expects that number to climb above 50,000 by the end of the year.
How LemonBrew’s Matchmaker Service Works
Answer basic questions to get matched up with local real estate agents
Questions include property type, budget, number of bedrooms and bathrooms
If you already have a home picked out or are still looking, when you want to buy, etc.
Then get top 3 matches in your area to choose from
It can be difficult to choose a real estate agent. Do you go with someone a friend or family used, someone you saw in an ad, or do you respond to a flyer or freebie you received in the mail?
All of those methods are pretty old school, yet still effective for agents for the time being. But are they the best approach for home buyers and home sellers? Possibly not.
LemonBrew feels it’s super important to go with a high-quality agent, and that’s exactly what they set out to do.
After you answer a series of questions, you’ll be matched up with a local expert based on factors beyond just location.
Your match also considers things like personal budget, down payment, property type, and various sales history metrics such as how fast an agent can help you find your dream home.
The company’s proprietary algorithm then presents prospective home buyers with the profiles of the top 3 matches and lets them choose who to work with.
Ostensibly, this will lead to greater success if/when you purchase or sell a property, as opposed to just going with someone random or referred to you.
Your LemonBrew BrewScore
Prospective home buyers are assigned a BrewScore
Which is based on thousands of analyzed data points
The more complete your profile, the higher your score
Those with higher BrewScores qualify for larger rebates at closing
The company comes up with a custom score known as a your “BrewScore,” which is based on thousands of data points analyzed by their proprietary algorithm.
The more information you provide and securely verify, the higher your BrewScore.
This includes verifying your credit, income, assets, and employment to ensure you’re a qualified buyer, similar to getting a mortgage pre-approval.
And the higher the BrewScore, the more money you can receive at closing to offset closing costs.
BrewScores range from 0 to 100, with a score north of 70 considered “good,” and high enough to qualify for a rebate back at closing.
It’s not totally clear what you can do to ensure your BrewScore is as high as possible other than providing all information that is asked of you.
But the general idea is someone with a higher BrewScore is more motivated (and likely) to buy/sell soon, and thus can qualify for a higher rebate because it’s closer to a sure thing for the real estate agent.
LemonBrew Provides a Rebate to Home Buyers and Sellers
To sweeten the deal, LemonBrew provides rebates to both home buyers and sellers who use a LemonBrew Partner Agent.
These real estate commission rebates back to the buyer are allowed in 42 of 50 states, along with DC.
If you’re selling, you can save up to 2% off the listing fee, which instead of 3% might be just 1%. On a $500,000 home sale, we’re talking $5,000 versus $15,000. Those are big savings.
And this is for a full-service agent, which might differ from other discount real estate brokerages.
If buying a home, you get a rebate that can be used to offset your closing costs.
It’s unclear what percentage or amount this is as LemonBrew does not disclose it. But as noted, it’s based on your BrewScore.
Rebates aside, LemonBrew is 100% free to both home buyers and home sellers.
If and when you buy/sell with a LemonBrew Partner Agent, that individual pays LemonBrew a referral fee, which is 25% of the gross commission.
While agents may receive less than they would if prospecting clients on their own, greater volume may lead to higher overall income.
LemonBrew Lending
A mortgage brokerage formerly operating as SD Capital Funding
Headquartered in New Jersey with loan origination contact center in Charlotte, NC
Currently operational in 19 states nationwide and DC
Expect to roll out to all 50 states by the end of 2019
The company also operates an affiliated mortgage brokerage called “LemonBrew Lending,” which used to go by the name SD Capital Funding (and still does in New Jersey).
They were apparently ranked #1 with Quicken Loans Mortgage Services (QLMS), receiving the wholesale lender’s Top Partner Award for 2019.
LemonBrew Lending complements the real estate side of their business, allowing homeowners and home buyers to enjoy one seamless transaction from start to finish.
They currently operate in 19 states nationwide, along with the District of Columbia. The company expects to expand to all 50 states by the end of 2019.
If you’re looking to get the best return on your savings, or pay the lowest rate for a loan, you’ll want to understand the difference between APY and interest rate. While these terms are often used interchangeably, they are not the same thing.
APY stands for annual percentage yield. It tells you how much you will earn on your savings over the course of a year. Interest rate, on the other hand, simply refers to the percentage of interest earned on a savings account or investment. It can also refer to the percentage of interest a bank charges for a loan. Read on to learn more about APY vs. interest rate vs. APR and how each affects your finances.
Table of Contents
High-Level Definitions
If you deposit money into an interest-bearing account, you will earn an annual percentage yield (APY) on that money. The APY is a useful number because it tells you how much you’ll earn on your deposits over the course of a year, expressed as a percentage. The APY calculation takes into account the interest rate being offered, then factors in whether or not the financial institution offers compounded interest.
Compound interest is the interest you earn on the interest you’ve already earned. Depending on the bank or credit union, interest may compound daily, monthly, quarterly, or annually. The more frequently interest compounds, the faster your money grows.
APY is different from APR, which stands for annual percentage rate and comes into play when you take out a loan. A loan’s APR factors in the loan’s interest rate, as well as any additional fees and costs. It tells you how much you will pay for the loan over one year.
The APY Formula
The actual formula for APY calculation is as follows: (1 + r/n)ⁿ – 1.
The “r” stands for the interest rate being paid, while the “n” represents the number of compounding periods within a year. If, for example, the interest rate is 3.5%, then that’s what you’d use for the “r.” If interest is compounded quarterly, then “n” would equal four.
Compounding frequency can cause two different savings accounts with the same interest rates to have different APYs. For example, if two different banks offer a certificate of deposit (CD) with the same interest rate, and one of them compounds annually, that institution would have a lower APY than the institution that compounds quarterly, or daily.
The good news is that if you want to compare savings rates from one bank or credit union to another, you don’t need to perform these in-depth calculations. Financial institutions are required to provide information on APY as part of the Truth in Lending Act . And, here’s the heart of it all: The higher the APY, then the more quickly the money you deposit can grow.
Calculating APR
The APR of a loan tells you how much the loan will cost you over one year, including both the loan’s interest rate and fees, and is expressed as a percentage. A loan’s APR gives you a better sense of the true cost of the loan than the loan’s interest rate, since it includes fees. The higher the APR, the more you’ll pay over the life of the loan.
Thanks to the federal Truth in Lending Act, lenders must provide the APR of a loan. This allows you to compare loans apples to apples. A loan with a low interest rate but high fees may not be a good deal. In fact, you may be better off with a loan that charges a higher interest rate but no or lower fees. APR allows you to be a savvy consumer.
APR can be calculated with this formula: APR = ((Interest + Fees / Principal or Loan amount) / N or Number of days in loan term)) x 365 x 100. Fortunately, lender’s will tell you the APR of a loan and you won’t need to perform any complicated calculations.
Recommended: What Is a Good APR for a Credit Card?
Ready for a Better Banking Experience?
Open a SoFi Checking and Savings Account and start earning 1% APY on your cash!
Types of High-Interest Accounts for Savings
If you’re looking to earn a competitive rate on your savings, you’ll want to compare accounts by looking at APYs, as well as account fees and minimums. Generally, you can find competitive rates by looking at high-yield savings accounts, money market accounts, and CDs.
High-yield savings accounts, typically offered by credit unions and online banks, are accounts that typically pay a substantially higher APY than the national average of traditional savings accounts. They generally also have low or no fees.
Money market accounts are savings accounts that offer some of the features of a checking account, such as checks or a debit card. They often come with a higher APY than a traditional savings account, but typically require a higher balance, such as $1,000 or more, to avoid monthly fees.
Certificates of deposits (CDs) also tend to pay a higher APY than a regular savings account but require you to leave your money untouched for a certain period of time, called a term. If you take money out before then, you’ll likely pay an early withdrawal penalty. CD terms typically range from three months to five years. Generally, the longer the term, the higher the APY.
High-Interest Checking Accounts
Checking accounts work well for everyday spending but typically offer no interest or very little. A high-yield checking account is a special type of account offered by some banks (traditional and online) and credit unions that offers a higher-than-average APY. These are accounts designed to give you the flexibility of a traditional checking account (with checks and/or a debit card) but with higher-interest returns.
Often, to qualify for the highest rate the checking account has to offer, however, you need to meet certain criteria. This might be making a certain number of debit card transactions in a month, having at least one direct deposit or automated clearing house (ACH) payment each month, or choosing to receive paperless statements.
Some high-interest checking accounts will offer different APY tiers, with higher account balances earning a higher APY than lower account balances.
The Takeaway
The terms APY, APR, and interest rate are often used interchangeably. However, they each mean different things. APR is the amount you will pay on a loan over the course of a year, and includes the loan’s interest rate and fees. APY is the amount of money you can earn on your deposits in a savings account, and takes the account’s interest rate, plus compounding interest, into account.
If you’re looking for a bank account that allows you to earn a competitive APY, save, and spend all in one product, you might want to consider opening a SoFi Checking and Savings Account. You’ll not only get an above-average APY but won’t pay any overdraft, minimum balance, or monthly fees.
Better banking is here with up to 4.30% APY on SoFi Checking and Savings.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
SoFi members with direct deposit can earn up to 4.30% annual percentage yield (APY) interest on Savings account balances (including Vaults) and up to 1.20% APY on Checking account balances. There is no minimum direct deposit amount required to qualify for these rates. Members without direct deposit will earn 1.20% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 6/9/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances. External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement. SOBK0523068U
In a digital age where convenience is king, the idea of writing checks, stuffing envelopes, and running to the post office to pay your bills seems almost antiquated. Instead, many people are turning to online bill pay, a system that lets you manage and pay bills from one central location.
What is online bill pay?
Online bill pay is a modern solution that revolutionizes the way we manage and pay our bills. It is a digital service provided by banks, credit unions, and financial institutions, offering a secure and convenient platform for handling various bill payments.
Whether you have one-time payments or recurring bills like utilities, online bill pay allows you to streamline the payment process. Instead of traditional methods like writing checks or mailing payments, online bill pay lets you pay your bills with just a few clicks.
How does online bill pay work?
Here’s how online bill pay works: once you set up online bill pay, you can schedule payments to be made from your checking account either immediately or on a future date. You can manage your one-time payments or recurring payments with ease, knowing that your bank or credit union will ensure the payment gets to your service provider.
Some online bill pay services also allow you to receive electronic bills directly in your online account, saving you from having to keep track of paper bills. Once you have your online bill pay setting configured, paying bills becomes a breeze.
See also: Best Online Checking Accounts of June 2023
Benefits of Using Online Bill Pay
Online bill pay offers a plethora of benefits that can make your financial life easier and more organized. Let’s explore these benefits in detail.
Budgeting and Tracking Expenses
Online bill pay provides a centralized platform where you can conveniently manage all your bill payments. This consolidation offers several advantages for budgeting and tracking expenses:
Consolidated view: With online bill pay, you can view all your bills and their due dates in one place. This makes it easier to plan and allocate funds accordingly, ensuring you don’t miss any payments.
Payment history: Most online bill pay services maintain a record of your payment history. This allows you to review past transactions, track your spending patterns, and identify areas where you can potentially cut costs or adjust your budget.
Real-time balance updates: Some online bill pay platforms offer real-time updates on your account balances. This feature helps you stay on top of your finances by providing an accurate picture of how much money you have available for online bill payments and other expenses.
Saving Money and Avoiding Late Fees
Late payments can lead to unnecessary fees and even impact your credit score. Online bill pay can save you money by helping you avoid these financial pitfalls:
Timely payments: With online bill pay, you can set up automatic payments, ensuring your bills are paid on time. By doing so, you eliminate the risk of forgetting or missing a payment deadline, thereby avoiding late fees.
Payment reminders: Many online bill pay platforms offer reminder notifications that alert you before a bill is due. These reminders can help you stay organized and prompt you to make timely payments.
Interest savings: Making timely payments through online bill pay can save you from accruing interest charges. By paying your bills on time, you can minimize the interest that would have otherwise accumulated, especially for credit card balances or loans.
Electronic Records and Organization
Keeping track of paper bills and receipts can be cumbersome and time-consuming. Online bill pay simplifies this process by providing electronic records of your payments:
Document storage: Online bill pay platforms often allow you to store and access electronic copies of your bills and payment receipts. This eliminates the need for physical paperwork, reducing clutter, and making it easier to find specific documents when needed.
Search and filter options: Many online bill pay services offer search and filter functions, enabling you to quickly locate specific bills or payments. This can be particularly helpful during tax season or when reviewing your financial history.
Accessibility and mobility: Online bill pay lets you access your payment records from anywhere, as long as you have an internet connection. This mobility ensures that you can review your bills and payment history on the go, making it easier to stay organized even when you’re away from home.
Drawbacks and Potential Risks of Online Bill Pay
While online bill pay offers numerous benefits, it’s important to be aware of the potential drawbacks and risks associated with this service. Understanding these risks can help you take appropriate precautions to protect your financial information. Here are some considerations:
Internet Security Concerns
One of the primary concerns with online bill pay is internet security. Anytime you handle sensitive bank account information online, there is a risk of hacking or phishing attempts. Cybercriminals may try to gain unauthorized access to your account or personal information.
However, it’s crucial to note that most financial institutions prioritize customer security and employ robust security measures to keep your data safe. Some common security practices include encryption, secure login procedures, and multi-factor authentication.
To mitigate the risk of internet security threats, it’s essential to follow best practices:
Use strong and unique passwords for your online banking accounts.
Be cautious of phishing attempts and avoid clicking on suspicious links or providing personal information through unsolicited emails or phone calls.
Regularly update your devices and software to protect against known vulnerabilities.
Monitor your accounts regularly for any suspicious activity and report any unauthorized transactions to your financial institution immediately.
System Errors or Failures
While rare, system errors or failures can occur when using online bill pay services. These technical glitches could potentially result in missed payments or delays in processing. However, financial institutions typically have systems in place to rectify such issues promptly.
To minimize the impact of system errors or failures:
Double-check your payment history and account balances after initiating transactions to ensure they are processed correctly.
Set up payment reminders or notifications to stay informed about upcoming payments.
Maintain a buffer of funds in your account to account for any unexpected delays or errors in payment processing.
Processing Time
One important consideration when using online bill pay is the processing time required for payments to be completed. While the exact timing may vary depending on the financial institution and the specific payment recipient, it may take several days for the online payment to process. This means that you should plan your payments accordingly to ensure they reach the recipient by the due date.
To avoid late payments due to processing time:
Initiate your bill payments in advance, especially for bills with strict due dates.
Familiarize yourself with the payment processing timeframes of your financial institution to ensure timely payments.
Consider setting up automatic recurring payments for bills with consistent amounts and due dates to ensure timely payments without manual intervention.
How to Get Started with Online Bill Pay
Getting started with online bill pay is typically straightforward. Most banks and credit unions provide this service for free to their checking account or money market account holders.
Here’s a step-by-step guide to help you get started:
Log into your online banking account: Visit your bank or credit union’s website and log in using your username and password.
Navigate to the bill pay section: Once logged in, look for the bill pay section or tab. This is usually located within the online banking platform.
Add new payees: Within the bill pay section, you’ll have the option to add new payees. Provide the necessary information, such as the payee’s name, account number, and address where the payments should be sent.
Specify payment details: For recurring payments, you’ll be prompted to specify how often and when the payment should be sent. This can be weekly, monthly, or at custom intervals. For one-time payments, you’ll need to specify the payment amount and the date it should be sent.
Review and confirm: Before finalizing the setup, review the payment details to ensure accuracy. Once everything is verified, confirm the setup, and your online bill pay is ready to go.
It’s worth noting that the exact steps and interface may vary slightly depending on your bank or credit union. If you encounter any difficulties, consult the bank’s customer support or refer to their online resources for guidance.
Best Practices for Using Online Bill Pay
To get the most from your online bill pay service, it’s important to monitor your account balances regularly and ensure you have enough funds to cover your scheduled payments. Setting up alerts and notifications can help you keep track of your payment schedule and account balances.
Using automatic payments responsibly is also crucial. While they can be a convenient way to avoid late fees and improve your credit score, they can also lead to overdrafts if you’re not careful.
Conclusion
In summary, online bill pay provides a secure, convenient, and time-saving method for managing and paying your bills. From setting up recurring payments for monthly utility bills to scheduling future one-time payments, online bill pay services can help you streamline your financial tasks.
While there are potential risks involved, such as internet security threats and system errors, these can be mitigated with vigilance and good security practices. Whether you choose to use your bank account, debit card, or even a credit card for your payments, online bill pay can be a valuable tool in managing your finances.
Just remember, while online bill pay can make your life easier, it’s still important to monitor your accounts and payments regularly. This will help you avoid any potential issues such as overdrafts or missed payments, keeping your financial life running smoothly.
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.
It is no secret that the internet is changing how money is made forever.
This has caused a boom in many businesses and people the ability to make money online, which is a huge benefit for you!
This trend will only continue as technology improves. If it feels daunting to jump onto this new bandwagon right now, don’t worry; we have some tips that can help you double your 10k in the next few weeks or years.
I am going to show you how to double your money so that you can retire early, pay off debt and invest in the stock market.
A lot of people would say this is impossible, but I’m not just showing it–I’m proving it!
We all have said it takes money to make money and while that is true. It is easy to start doubling your money with just $10K.
What if, right now, you decided to double your 10K by the end of the year? Maybe, you want to hit a major goal and make a huge change in only 8 short weeks?
Making money is not a difficult task. Too often, people become impatient and think that they can simply make money without putting in the effort. This is not true.
Cash is a tool and nothing more. Once you understand this concept, you can begin to figure out how to make more money. Additionally, it’s important to appreciate that it takes time to make money – don’t expect to become a millionaire overnight.
Here is a realistic guide to help you work towards that goal.
Be sure to decide which strategic way to double $10k quickly works best for your personality.
The 10K of your dreams seems impossible.
How can I double $10000 fast?
There is no one-size-fits-all answer to this question, as the best way to double your money will vary depending on your individual circumstances and goals. However, some general tips include developing a growth mindset around money, finding ways to make more money, and investing in yourself and your skills.
Keep in mind that $10,000 is not a lot of money to double in a short period of time.
How long does it take to double 10k?
The answer to this question is dependent on a number of factors.
The most important factor is the amount of time it takes for your investments to double.
If you are investing in stocks, you can quickly double 10K with an options contract within 2-3 days. If you are looking at other avenues, it will depend on how you choose to double your money.
Typically, people start seeing results in approximately 4 to 6 months to double 10k.
If your eyes are set on this, then make sure to write down one of the millionaire quotes for motivation.
What to do with 10k?
Now that you’ve earned an extra 10k, you may be wondering what to do with it.
You could save it, spend it, or invest it, but there are a few other things you could do as well.
Here are some ideas on how to make the most of your money and grow it even more.
How can I Double my Money?
There are many ways you can double your money in a short amount of time.
I am passionate about exploring the best ways to make money online. In this article, I will share some tips on how you can double your money relatively quickly. However, please keep in mind that these are general ideas to get you started.
Specifically How to Double 10k Quickly?
If you are serious about how to double your 10k fast, you will need to dedicate time on a regular basis to the tasks needed to reach your ambition. The key is to do it daily in order to keep the momentum of your progress going.
Earning money is a mindset.
To double 10k quickly, learn how to change your mindset about money.
Although doubling $10,000 may seem difficult, it can be done with the right approach.
If you have $10,000 and want to double it within a month or a few months, here are a few realistic strategies to help you reach your goal.
Idea #1 – Swing Trading with Stocks
Swing trading is a technique that allows investors to hold onto stocks for a period of time, typically two to four days. During this time, the trader watches for specific price patterns and buys or sells shares based on their analysis.
One former assistant principal, Teri Ijeoma, changed her life when she left her job as an educator and become an active trader.
Check out: My Personal Trade and Travel Review
This type of trading can be very profitable if done correctly, as it allows the trader to make twice their investment in a short amount of time.
The key is you must learn how to invest in stocks for beginners. This is one step many people overlook when they are focused on doubling their money. Either you will get lucky or you will have a huge loss. Take time and become educated on swing trading stocks.
Related Reading: How Fast Can You Make Money in Stocks?
Idea # 2- Cryptocurrencies
Cryptocurrency is a digital or virtual asset that uses cryptography for secure transactions. Cryptocurrencies are growing in popularity and may become a major part of society. Bitcoin, the first and most well-known cryptocurrency, has seen its value skyrocket in recent years.
Cryptocurrencies are often unstable because they are not regulated by any government or financial institution, and thus their value can change rapidly. However, the potential for reward is high, making cryptocurrency an attractive investment option. Because of this, cryptocurrency investments are often seen as riskier than traditional investments, but also have the potential for greater returns.
Before investing in cryptocurrency, do your research and be sure you understand the risks involved. There are many educational resources available to help you get started.
Idea # 3 – Flip Items for a Profit
Retail arbitrage is a practice where an individual or company purchases a popular product at a discounted price and then resells it for profit at another online retailer. This can be done on marketplaces like Craigslist, eBay, and Facebook Marketplace.
This is a great way to make some extra money on the side. You need some time and a willingness to invest, but if you find the right deals, you can make a good return on your investment.
Many people have great success by flipping items from auctions, free groups, or local goodwill store.
Check Out: Flea Market Flipping
Idea #4 –Resell Products on Amazon FBA
Amazon FBA is a service for independent entrepreneurs who want to start their own e-commerce business. They can offer products on Amazon and work with Amazon directly to fulfill orders, collect payments, and provide customer service. By doing this, they don’t have to worry about the inventory and can focus on other aspects of their business.
This is another avenue for selling your flipping treasures.
There are a few ways to make money through reselling products. You can either find products to sell on Amazon or Ebay, or you can dropship products from a supplier. If you want to find your own products to sell, you’ll need to do some research on what is selling well and what prices are competitive. If you want to dropship, you’ll need to find a supplier and create an account with them.
Idea #5 – Start a Business or Invest in a Franchise Company
Starting a business is not easy. It requires a lot of work and effort, but if you’re willing to put in the time and effort it can be very rewarding.
Starting your own business is one of the most difficult things you can do, but it’s also one of the most rewarding. There are many different businesses you can start that have low overhead costs, so it’s a great way to get started.
Think of the things you enjoy doing or any hobbies you have. Look for business opportunities that line up with your interests. Then, it makes working much easier.
Here are great ways to make money on the side:
It is possible to make more money on your business than you make more money in your current job or career.
Idea # 6 – Real Estate Portfolio
Real estate is a recession-proof business.
There will always be people who need to rent or buy dwellings in boom or bust economic times.
Real estate can be a lucrative investment, but it is not without risk. A lot of people have invested in real estate and lost money, but an investor who does their research and finds a good deal can make a lot of money.
Idea # 7 – Increase Your Income
If you’re not happy with your current income, don’t worry! You can increase it this year.
This is the year that many experts are predicting will see the biggest wage growth in years. So start planning now and you could see a significant increase in your take-home pay.
More than likely, this could be your seed money of $10k to fund the start to doubling your money and making $20k.
Related Reading: How Much Do I Make Per Year?
Idea #8 – Advertise and Gain Clients
If you are a small business owner, then this one is for you. Start advertising as a way to gain more customers.
There are a number of ways to make your services more accessible and appealing to potential clients. One way is to spend money on promotions and advertising. Advertising can be effective in reaching your goals, surpassing your double your money goal of $20,000 in revenue.
There is no doubt that advertising your services will increase the number of customers you have. The more people who know about your business, the more likely they are to use it. And as we all know, the more customers you have, the quicker you earn more money.
It’s a simple equation: More customers equals more money.
Idea # 9 – Invest in Stock Market – ETFs & Index Funds
Investing in the stock market is a process that requires careful consideration and research. Index funds have become an increasingly popular investment option for many investors. ETFs are known as Exchange Traded Funds, which are also a popular investment option.
Both index funds and ETFs provide investors with the ability to invest in a diverse range of stocks, making them ideal for any investor who is looking to diversify their portfolio.
Investing in an index fund is one of the best ways to build wealth over time.
This is probably the slowest way to make money quickly in the stock market, but it comes with less risk.
With a mutual fund, you are essentially investing in many different stocks, which means that you get to choose how much your investments grow each day. This can be a great way to ensure that your money is working for you – and growing – even when you’re not able to actively monitor it yourself.
Just to know, investing in bonds will eventually double your money, but it will take more time as the rate of return is less.
Idea #10 – Start a Mining Farm
Cryptocurrency mining is a process by which new coins are introduced into the market. In order to do this, miners use computers to solve complex mathematical problems in order to receive rewards in the form of new coins. A cryptocurrency mining farm is a way to pool together multiple computers in order to increase the chances of solving these problems and receiving rewards.
Starting a mining farm is a process of investing in cryptocurrency or blockchain technology.
Mining farms can be started with as little as $500, and they are commonly used to mine cryptocurrencies like Bitcoin, Ethereum, and ZCash. Although the process of mining cryptocurrency is not always easy, it can be lucrative for those who invest in the process.
Starting a cryptocurrency mining farm can be lucrative, but it’s important to do your research first. The farm will require a lot of power and will have a rate of return of around 18% (source).
Idea #11 – Share Cash with P2P Loans
Peer-to-peer lending is the act of lending money to borrowers through a P2P lending website. These websites act as an intermediary between lenders and borrowers, and most sites allow you to lend money to a dozen or two applicants. The interest rate you earn on your loan depends on the P2P website you register with, but it typically falls between 3% and 36%.
When considering a P2P loan, it is important to remember that you are entrusting your money to a stranger. Because of this, it is crucial to take the time to review and assess as many applicants as possible in order to find someone who you feel is most likely to pay back their loan.
P2P loans can be arranged without any collateral or credit check.
Idea #12 – Buy Initial Public Offerings
When a company decides to go public, it sells shares of its stock to the public. This is a way for the company to get more money, and it also allows people who invest in the company early on to make a lot of money if the stock prices rise.
The share price of a company can be very volatile when it first goes public. This can lead to significant growth for the company as investors buy and sell shares rapidly. However, this volatility can also lead to losses if the share price falls abruptly.
You must know the underlying stock value before looking at IPOs as a way to double your money. Many current stockholders are required to hold their stocks for a certain number of days after the IPO. Typically, the stock price falls after the hold period expires.
Idea #13 – Make Money with Airbnb
There are a number of ways to make extra money, and renting out a room at Airbnb is one of them. You can also learn how to make money from home by becoming an Airbnb host.
By doing this, you can provide a valuable service to people who are looking for a place to stay, and you can also make some extra money on the side.
Learn how to start hosting with Airbnb today.
Idea #14 – Flip Some Furniture
Flip furniture is very trendy right now. There has been a recent resurgence in popularity for antique and vintage furniture, and people are buying pieces and restoring them themselves. This can be a great way to make additional money without spending a lot of money.
There are a number of ways to quickly turn a profit by flipping furniture.
Spend some time researching the best methods and finding a niche in the market that you can exploit. With a bit of hard work, you can easily double your investment in no time.
When you are looking for furniture to flip, it is important to do your research and become familiar with the different places you can find quality pieces at a low cost. Local antique stores will often have hidden treasures, so be sure to check them out. Additionally, watch for yard sale notices in your area; people are often willing to sell high-quality furniture at a fraction of the price. Finally, estate sales can be a great place to find unique furniture pieces that you can resell for a profit.
There are many ways to sell furniture, but when you are starting out, it is best to use popular platforms like Facebook Marketplace, NextDoor, Craigslist, and others. Once you have more experience, you may want to create a website and online storefront.
This can be a fun and lucrative way to grow your money.
Idea #15 – Pay Off Debt Strategy
This idea of getting out of debt may seem backward, but this is one of the fastest ways to find extra money in your budget.
There is no doubt that paying off your debt is one of the smartest things you can do for your financial future.
Not only does it reduce the amount of interest you are paying each month, but it also frees up more money to save and invest. Additionally, by paying off high-interest debt first, you are essentially making an investment with a very high return rate.
Once your debt is paid off, you can save your first $10000 which you can now use to quickly double to $20000. This will help you achieve your financial goals faster.
Idea #16 – Online Courses & Coaching Programs
Coaching is a huge business – reaching $11 billion in 2022 (source). People are actively searching for coaching and online courses for personal development.
Coaching programs are designed to provide guidance and support for individuals in order to improve their skills, knowledge, or habits. Coaching programs can take the form of one-on-one sessions or group sessions. Some coaching programs are designed for specific topics like career development, personal growth, or relationship issues.
If you don’t want to work one-on-one as a coach, you can create an online course that can be viewed at any time.
If you have passion, you can likely find people that want coaching.
Idea #17 – Buy a Fancy Car and Uber
You could buy a new, luxury car and become an Uber driver. This would allow you to make money while driving people around in your fancy car.
If you’re looking to make some extra money, driving a luxury car for Uber could be a great way to do it. Not only will you make more per trip, but you’ll also get to drive a nicer car. Keep in mind that if you drive full-time, you could easily double your $10,000 investment.
Driving a luxury car for Uber can get you up to 50% more fares. The extra money can be great for those looking to upgrade their lifestyle or simply want to make some extra cash on the side.
If you want to buy a fancy car and use it for Uber, make sure you have the appropriate insurance. This will protect you in case anything happens while driving.
Idea #18 – Learn a New Skill
A new skill can help to increase your income by allowing you to do things that you couldn’t do before. For example, learning how to code can allow you to start a new career in tech or programming.
Additionally, many skills have the potential to double your income quickly if you are able to find a way to use them in high-demand areas.
It is always a good idea to invest in learning new skills.
There are many places where you can learn, including online and in-person courses. The key to success is jumping in with both feet and really dedicating yourself to learning the skill set. Once you have it down, new opportunities for income will be available.
Idea #19 – Work More Overtime
Working overtime is a great way to earn extra money. You can earn up to double-time pay for working more than 8 hours in a day or 40 hours in a week.
Overtime is becoming more common, so be sure to ask your employer if you can work some extra hours.
In order to make $10,000 in one month from overtime, you would need to figure out how many extra hours per work you need to work.
Idea #20 – Some Gambling?
This is the RISKIEST option of all of them. And highly not recommended as a strategic way to double $10k quickly.
Gambling is a way to risk cash in the hopes of making more cash.
While it can be thrilling and exciting, it’s important to remember that gambling is also a form of entertainment that comes with risk. If you’re able to afford it, gambling can be a way to double your money- but be aware that you could also lose everything you put in.
What is the quickest way to double your money?
How to double your money quick is simple. You need to side hustle and start a business.
Also, the stock market is a simple way to double your money with the rule of 72.
Following billionaire morning routines can be helpful in setting up solid habits for success.
How can I double my money in 24 hours?
The answer to this question is simple… Doubling the money in 24 hours is not practical or doable. You might be able to double your money in 24 hours, but it’s also possible that you could lose everything in one day.
Pay attention to scams if you think you can double your money in 24 hours.
You are better off learning how to make 10k a month.
Which investments are the safest and which are the riskiest?
First of all, it depends on your education, experience, and background.
The best way for someone to double their income is by leveraging their time with the right strategies.
Investments that are considered safe are investments that have an average return on investment of about 8-12% per year. Investing in index funds and ETFs typically have a lower risk. Investing in individual stocks is riskier, but they have an average return on investment of about 10-75% per year.
The riskiest option is the idea that you don’t understand how to double your money and you could end up losing more money.
Best Way to Invest 10K
The best way to invest 10,000 is through stocks. Investing in stocks can be risky and make you lose money, but it also has a high potential for gaining value.
As such, this topic needs to be done in more depth to understand how investments in the stock market work. For now, here are some articles to start to understand the returns of stock investing.
Learn all of the ways you can learn how to invest 10k.
You must do your research on companies, know your risk tolerance, understand the volatility of the markets, and be wary of the news.
Which Strategic Ways on How to Double my Money Quickly will you Pick?
You can choose from many classic way and options, but here are a few that we think would be the most effective.
Thankfully, there are many ways to make money online. But when it comes to making a quick buck, which approach should you take?
In this post, we have outlined the 20 popular routes to double your $10k fast. Your retirement plan relies on your investment of 10k.
However, any of these options is a time-consuming process that takes a lot of hard work and dedication. So, you cannot quit halfway through when things get tough.
This is what you want to do in order to be financially secure and take care of all your needs.
Be successful in doubling your 10k by setting a deadline to make it happen.
Then, your next goal will be how to turn 10k into 100k.
Know someone else that needs this, too? Then, please share!!
The mortgage and real estate industry is no stranger to disruptors, especially over the past few years as scores of companies have tried to change the way we buy, sell, and obtain a home loan.
One of the latest examples is “Tomo,” a venture-backed fintech with some big-name founders and investors, including former Zillow employees Greg Schwartz, Carey Armstrong, and Spencer Rascoff.
What’s unique about this mortgage lender is they only originate home purchase loans. No refis. That means they’re completely committed to home buyers.
Like other lenders, they’re attempting to level the playing field between cash buyers and those who need a mortgage, an especially relevant concern in today’s ultra-competitive housing market.
Started by former Zillow executives Greg Schwartz and Carey Armstrong
Do not charge lender fees and offer both a low rate and closing guarantee
Will also pair you with a real estate agent for an additional mortgage rate discount
Tomo Exists Because Buying a Home Can Be Terrible
Tomo was created because purchasing a property can be a real pain in the neck, and instead of relying on old technologies, they’re going the digital route.
This means you can get started right from their website in minutes, whether by desktop computer or smartphone.
They’re also streamlining the process, simplifying how you can complete tasks, and throwing in a bunch of guarantees along the way.
It all starts with a mortgage pre-approval, which they break down into two options: verified and an underwritten pre-approval.
The verified pre-approval assesses your credit score, income, and debt, and turns around the paperwork in no more than three hours after they receive your information, without a hard pull.
The more robust underwritten pre-approval does all that with a hard credit check and a complete assessment by an underwriter, backed by their Closing Guarantee.
The second option takes about 24 hours to complete, once you’ve uploaded all your necessary documents.
Tomo commits to closing on time, and are confident they can do so by moving critical steps earlier in the process.
But if there is a delay on their end, they guarantee your closing date will not change.
It’s unclear what happens if they aren’t able to meet their obligations, but they appear to not let that be an issue.
The Tomo Price Match
While all that sounds good, there’s even more to like about Tomo when it comes to their pricing.
For one, they do not charge lender fees, similar to companies like Better Mortgage, Filo Mortgage, and PenFed Mortgage.
On top of that, they offer the Tomo Price Match if you happen to find a better mortgage rate elsewhere.
Just provide a valid, comparable Loan Estimate (LE) dated within one business day of submission to Tomo and they’ll lower their rate if need be to match it.
But they’re confident they can offer some of the lowest rates around because they’ve simplified the home loan process and made it more cost-efficient.
Speaking of mortgage rates, they’ve got them on full display on their website, so they’re not hiding anything.
Simply navigate to “Find your rate” and you’ll see a list of rates and corresponding costs (discount points) or rebates (lender credits).
You can also fine-tune the rates by entering in your borrower and property information for a more accurate gauge of pricing.
Tomo Brokerage Partner Agent
Speaking of pricing, to sweeten the deal even more, they’ll throw in a .125% (eighth) discount in mortgage rate if you use a Tomo Brokerage Partner Agent.
This is essentially their real estate referral network that pairs you with a local real estate agent, which makes a lot of sense because both Schwartz and Armstrong worked on Zillow’s Premier Agent product previously.
In truth, Tomo might be even more similar to Redfin Mortgage, which doesn’t charge fees and has an obvious real estate agent affiliation.
It also plays into the trend of controlling more of the home buying process instead of just the lending piece, or merely the agent portion.
Assuming you don’t already have a real estate agent, you could save some money by going with one of their recommendations.
This is known as “Tomo Perks,” and on a $300,000 loan amount could save you more than $7,000 over the life of the loan.
To get paired up, you simply provide your info to Tomo and they’ll send video profiles for three local real estate experts they love. Then it’s up to you who to pick, if any of them.
For the record, it is possible to take advantage of both the Tomo Price Match and Tomo Perks.
Where Is Tomo Mortgage Available? And What Loan Types Are Offered?
Currently serve just five states: CO, CT, FL, TX, WA
Offer home purchase loans only
Fixed-rate mortgages: 15- and 30-year loan terms available
Minimum loan amount of $150,000 and min. credit score of 660 required
Jumbo loans available with loan amounts up to $3 million
Single family homes, townhomes, condos, and 2-4 unit properties acceptable
Do not offer FHA/VA loans
At the moment, the company is licensed in just five states, including Colorado, Connecticut, Florida, Texas, and Washington.
And currently only operates in three markets, Dallas-Fort Worth, Houston, and Seattle. My assumption is they’ll expand fairly quickly with their big venture cap backing.
They also only offer home purchase loans, as stated above, though it’s possible they may expand into mortgage refinances in the future.
In terms of loan choice, you can get a conventional mortgage starting with loan amounts of $150,000, or a jumbo loan up to $3 million.
You can’t yet get your hands on an FHA or VA loan, though that could change in the future.
A minimum 660 credit score is required, and they only offer 15- and 30-year fixed mortgages. No ARMs just yet.
While it seems like a limited product menu, something like 90% of home buyers go with the 30-year fixed, and most home loans are conforming.
In summary, Tomo is yet another mortgage/real estate startup looking to shake up the status quo.
While it’s a crowded place, their low rate guarantee and on-time closing guarantee, combined with their fresh modern look, might be enough to help them stand out.
In honor of National Homeownership Month, Chase Home Lending unveiled on Tuesday an upgraded suite of resources for homebuyers to assist in navigating the homebuying process and managing homeownership.
One resource unveiled by Chase is Lock and Shop, which enables buyers to lock in their mortgage rate for 90 days without an upfront fee when using Chase Homebuyer Advantage. Borrowers must find their property within 60 days to take advantage of Lock and Shop, and will have the option of a one-time float down if rates improve.
Once a buyer finds their home, they can take advantage of the lender’s Closing Guarantee, which guarantees an on-time closing in as little as 21 days or the borrower will receive $5,000.
In addition, the lender is offering borrowers a number of other savings and assistance programs, like the Homebuyer Assistance Finder, which allows buyers to search for and discover homebuyer grants and assistance programs they may qualify for. Chase also offers a $5,000 grant for eligible homebuyers purchasing in majority-Black and Hispanic neighborhoods across the U.S.
Buyers may also have the option to take advantage of a $200 Pilot Program, which is available to prospective buyers in Houston, Ohio or Arizona who have an active loan offer from another lender. Borrowers can compare their offer to Chase’s with the assistance of a home lending advisor, and if Chase cannot match or improve upon the offer, the buyers will receive $200.
New homebuyer research
In addition to the upgraded resources, the lender also unveiled data from its latest First-Time Homebuyer Study, which shows that despite fluctuations in the housing market over the past year, 44% of respondents are confident in their ability to be financially prepared for purchasing a home in the coming year. That marks a 12% increase from the previous year.
“The homebuying process can be complex, so it’s critical that homebuyers have the right knowledge, tools, and experts to help them,” said Sean Grzebin, head of consumer originations at Chase Home Lending. “The latest set of resources from Chase, coupled with our network of home lending advisors, were designed with the current needs of homebuyers in mind, like locking in a rate and finding opportunities for savings. We’re excited for consumers to explore our updated offerings and engage with tools that can help them achieve homeownership.”
Chase said it commissioned the study to gain a better understanding of the needs of first-time homebuyers amid an uncertain economic environment. The study examined attitudes, behaviors, and expectations related to homebuying, with a particular focus on confidence and financial readiness.
The study also shows that despite the prevailing economic conditions, 58% of respondents expressed a likelihood of purchasing a home within the next 12 months, while 70% still consider homeownership as a vital step toward building wealth.
“Prospective homebuyers are eager to tap into the wealth-building capabilities that homeownership brings,” Grzebin said. “Despite market uncertainty and lengthened timelines, first-time buyers are making the necessary lifestyle adjustments to reach their homeownership goals.”
The study, based on responses from 1,900 U.S.-based consumers who have never owned a home, was conducted in Q4 2022.
Other notable findings from the survey include:
Black Americans represent 21% of first-time homebuyers in 2022
13% of first-time homebuyers are Hispanic
Single women account for 22% of first-time homebuyers
63% of respondents are aware of the financial changes and activities required to qualify for a loan
59% of respondents know the amount of money they need to purchase a home, while 46% are uncertain if they will ever be able to save enough
Chase is the consumer and commercial banking business of JPMorgan Chase & Co., a financial services firm based in the United States with $3.7 trillion in assets and operations worldwide.
This content was generated using AI, and was edited and fact-checked by HousingWire’s editors.
The internet is a great source of information about personal finance.
But if you want to dig deeper into a money mindset or financial philosophy, there’s still no substitute for a good old-fashioned book. That’s why even successful bloggers and TV personalities also publish books — it gives them an opportunity to flesh out their worldview in a comprehensive, detailed way.
I’ve had something of an obsession with finance books for most of my adult life, and I’ve waded through my share of mediocre writing. Unfortunately, being a finance expert doesn’t make you a good writer, and being a good writer doesn’t mean you know jack about finance.
But when you find a book with a well-articulated and thought-provoking perspective, it can change your life forever. Here are some of my favorite personal finance reads.
What’s Ahead:
Overview: best finance books
Best book for beginners: Get Good with Money by Tiffany Aliche
Tiffany Aliche doesn’t assume any level of financial savvy in this book. It starts at the beginning and goes from there. Get Good with Money teaches simple techniques for getting control of your finances in a way that works for you.
This book lays out the author’s 10-step guide to “financial wholeness.” She describes financial wholeness as all aspects of your life working together for the greatest good.
Grab Get Good with Money here.
Dave Ramsey has been a personal finance legend for decades, starting with the 1997 publication of his book, “Financial Peace.”
If becoming debt-free is your number one goal, then The Total Money Makeover is where you should start. It gives solid step-by-step directions to pay off your debt. Dave Ramsey coined the term “debt snowball” and this method is widely regarded as the most effective way to pay debt off.
Grab The Total Money Makeover.
“The Simple Path to Wealth” is a book about the incredible power of index funds. That sounds about as boring a topic as you could imagine, but it’s surprisingly easy to read.
JL Collins explains how index funds work and why they are a great place to get started when investing in the stock market.
If you are nervous about investing in the stock market this book will soothe your fears. You’ll walk away from this quick and easy read with a solid understanding of how index funds work.
Grab The Simple Path to Wealth.
Author John Bogle is the founder of The Vanguard Group, an investment firm famous for its index funds.
He believed that index funds, which track a specific index like the S&P 500, provide a better return than individual stocks.
This book will give you an in-depth education on stock investing, but be warned that it is not an easy read. However, it’s pretty much required reading for anyone who is serious about investing.
Plus, who better to learn from than the founder of one of the largest investment firms in the world?
Grab The Little Book of Common Sense Investing
Best book for easy money management: The Automatic Millionaire by David Bach
This book takes the adage “pay yourself first” to a whole new level. David encourages you to put your money on autopilot so you can be sure you are saving what you need to save without having to rely on willpower or complicated budgeting systems.
If you are looking for a plan to manage your money with as little effort as possible, while still meeting your goals, this is worth the read.
Grab The Automatic Millionaire.
Best book for spenders: I Will Teach You to be Rich by Ramit Sethi
Along the same lines as David Bach, Ramit is a proponent of setting up automatic systems for your money so you don’t get caught up in the small details.
He also encourages the idea of earning more money rather than paring down spending as a way to build wealth. He despises extreme frugalism and instead encourages you to spend lavishly on the things in life that are important to you while cutting back ruthlessly on the things that are not.
Grab I Will Teach You to be Rich.
Best book for early retirement: Your Money or Your Life by Vicki Robin
Your Money or Your Life is a rallying point for the FIRE (financial independence, retire early) community.
This book will challenge your relationship with money and encourage you to look again at your current lifestyle.
Some critics disagree with the investment advice in the book, so read this book if you are looking to change your relationship with money and consumer culture — and consider getting your investment advice from another book on this list.
Grab Your Money or Your Life.
Best book for simple finances: The One-Page Financial Plan by Carl Richards
Famous for his financial doodles in The New York Times, columnist and financial planner Carl Richards demystifies the financial planning process in his second book.
He says that a great financial plan has nothing to do with what the markets are doing and everything to do with what is most important to you. Pick up this book if you are looking to create a simple, values-based financial plan.
Grab The One Page Financial Plan here.
Best book for 20-somethings: The Millionaire Next Door by Thomas Stanley and William D. Danko
Stanley and Danko analyzed the behavior and habits of millionaires to show how they save, spend, and invest money.
The findings were surprising.
It turns out that people with a net worth of $1 million or more tend to live in middle-class neighborhoods, not in gated communities. It’s a fascinating look at how real people create and keep wealth.
Grab The Millionaire Next Door.
Best book for motivation: Think and Grow Rich by Napoleon Hill
One of the original personal finance books, Think and Grow Rich was published in 1937, in the aftermath of the Great Depression. The book’s lessons are distilled from interviews with the most successful people of the day, including Henry Ford, John D. Rockefeller, and Charles M. Schwab.
Hill takes their lessons and reworks them into bite-size formulas that the everyday layperson can follow. It’s not necessarily solely geared toward making someone financially successful, but successful in all aspects of life. He wants you to chase after your wildest dreams, no matter how crazy they might sound.
Grab Think and Grow Rich.
Summary
Nothing beats an old-fashioned book when it comes to learning about a specific topic, and these 10 books can help you get started on your journey into personal finance.
While I no longer have debt after paying off my student loans, I am always striving to save more money, to save for retirement, to find financial motivation, and more.
Even with how much I love saving money, every now and then it can be easy to get unmotivated and want to SPEND ALL THE MONEY!
I’m sure I’m not alone either.
While many do choose to live a frugal life, it’s not always easy. Some have large amounts of debt to pay off, others find it hard to understand how to stick to a budget, and more.
Finding financial motivators will help you continue to work hard towards your goal, even when it seems impossible.
Without motivation, one might give up on a financial goal quite easily. This is why it’s so important to learn how to stay motivated.
Whatever your financial goal may be, there are many ways to stay motivated so that you can reach it. Here are my tips on how to stick to a budget and find financial motivation.
Make your financial goal visual.
Making your goal visual is a great way to find motivation. Having your financial goal displayed in front of you can make it that much realer, plus it’s nice to have a constant reminder of what you’re working towards.
Various ways to make your financial goal visual include:
Create a graphic that demonstrates your financial goal. An example of this would be if you are trying to pay off your house. You could have a picture of a house and section it into 100 pieces. Then, each time you reach a small payoff goal, you can color a piece in. I did some research and found a blog post about many other creative ways to do this on A Cultivated Nest.
Keep a picture of your goal on hand. Whether your goal is a vacation, an item you want, or something else, having a picture can help keep you reminded of it.
Start a blog. Blogging greatly helped me with my financial goals. I could easily look back to see how I was doing. Plus, I felt like I had to keep myself accountable and keep improving due to the fact that everything was public. If interested, you can start a blog for cheap with my easy tutorial.
Hang out with others who share the same financial goals as you.
Learning how to stick to a budget can be a hard task but spending time with others who share the same financial mindset as you can help.
I’m not saying you should unfriend anyone who is in a different financial spot than you, but I do think spending time with someone who you aren’t trying to Keep Up With The Joneses with can go a long way.
Related article: How To Live On One Income
Read and watch financial media.
Finance is all around you and it’s really not as boring as you may think. I read something related to personal finance every day and it’s not because I have a personal finance blog – it’s because I want to!
There are different ways to stay on top of financial media. You can watch the news, listen to financial podcasts, read personal finance blogs, read financial books, and more.
Set smaller goals in between.
Setting smaller goals in between can help a person stay motivated because it will help you keep your mind on your goal. Also, smaller goals can be a nice way to challenge yourself. Making it more of a game and a competition with yourself instead of a chore can go a long way.
For example: If your overall goal is to pay off $24,000 in debt in two years, then you might want to aim for $1,000 in debt payoff each month. This seems much more attainable than the $24,000 number, and this can help you stay motivated while still challenging yourself at the same time.
Keep track of your progress.
To stay motivated with your financial goals, you should review your progress every now and then. You might want to check in daily, weekly, or monthly, depending on what type of goal you have and what personally works for you.
Keeping track of your progress is a good idea because it can tell you what you need to do in order to reach your goal, if you are behind, or if you need to make a change.
I highly recommend you check out Personal Capital (a free service) if you are interested in gaining control of your financial situation. Personal Capital is very similar to Mint.com, but 100 times better as it allows you to gain control of your investment and retirement accounts, whereas Mint.com does not. Personal Capital allows you to aggregate your financial accounts so that you can easily see your financial situation, your cash flow, detailed graphs, and more.
Think about how you will feel in the end.
It can be hard to visualize the end when you’re just starting to learn how to stick to a budget.
One great way to stay motivated is to think about how you will feel later on and/or even when you’ve reached your financial goal.
How will you feel once you pay off your debt, save a certain amount of money, or reach whatever financial goal it is that you have? You should envision what your life will be like once you reach your goal, why you are trying so hard to reach it, and so on. A little daydreaming can go a long way every now and then.
For example: If your goal is debt payoff, then you may want to dream about what a debt free life would be like!
Still have fun.
Having financial goals doesn’t mean you have to be boring. You can still enjoy life, do many of the same things you usually do, and so on.
Remember to still have fun and enjoy life!
Related post: How To Be Frugal And Fun (And Not Boring)
What tips do you have on how to stick to a budget? How do you find financial motivation and what are your financial motivators? What financial goals are you working towards?
BIDEN-HARRIS ADMINISTRATION TO SAVE NATIVE AMERICAN HOMEBUYERS AN AVERAGE OF $500 IN THE FIRST YEAR ON MORTGAGE PAYMENTS THROUGH FEE REDUCTIONS
Reductions in Section 184 Indian Home loan fees supports the Biden-Harris Administration’s goal to make homeownership more affordable and accessible for families.
WASHINGTON – The Department of Housing and Urban Development (HUD), through the Office of Native American Programs, announced reductions to both the Upfront Loan Guarantee fee and the Annual Loan Guarantee fee charged to homebuyers who obtain a Section 184 Indian Home (Section 184) loan.
The Upfront Loan Guarantee fee will be reduced from 1.50 percent to 1.00 percent and the Annual Loan Guarantee fee will be reduced from 0.25 percent to 0.00 percent for homebuyers seeking a Section 184 guaranteed loan. In addition to providing savings to borrowers, the lower fees can help more people qualify for a mortgage.
As a result of the fee reductions, a Section 184 borrower purchasing a $194,000 home will save approximately $500 this year and up to $6,800 over the term of the loan. Overall, the reduction could mean a savings of $1.5 million for an estimated 3,000 Native American families in the first year alone.
“For this country to truly succeed, all Americans must have access to opportunity. That means expanding access to wealth-building and home ownership,” said HUD Secretary Marcia L. Fudge. “Today, we are building on the steps we’ve taken to make homeownership more affordable, and HUD is acting to ensure people feel comfortable purchasing a home as they build toward their future. As we reduce housing costs for Native American families with Section 184 loans, we continue our work to address longstanding disparities in homeownership.”
This action supports the Biden-Harris Administration’s goal of making homeownership more accessible and affordable for the Nation’s families, particularly Tribal communities for whom Section 184 guaranteed loans have been a cornerstone for access to homeownership.
Dear Lender Letter, 2023-05, which was published yesterday, provides guidance to lenders on the implementation of the fee reductions as published in the Federal Register on May 4, 2023. The fee reductions will apply to all new Section 184 guaranteed loans effective July 1, 2023. The fee reductions will not apply to Section 184 guaranteed loans closed prior to the effective date.
The OG payment app has been around since 1998 and still manages to offer an excellent jack-of-all-trades experience. You can send money to friends, handle payments as a business, and even earn 5% back on PayPal purchases through certain rewards cards.
But 24 years is a long time to let competitors catch up. And while none have managed to topple the titan, contenders like Venmo, Wise, Payoneer, Zelle, and Cash App have gained serious ground by offering a better experience for certain users. Some let freelancers get paid with fewer fees. Others let you pay your friends overseas in their currency of choice. And one is perfect for sending payments to people who don’t have any payment apps installed (e.g., your parents or grandparents).
So which payment app is best for what? And most importantly, which is best for you?
Let’s investigate the 10 best alternatives to PayPal.
What’s Ahead:
PayPal alternatives overview
Venmo: Best for paying friends
Wise: Best for international transfers and currency conversions
Google Pay: Best for sending money through Gmail
Payoneer: Best for receiving online payments as a freelancer
Square: Best for receiving in-person payments as a freelancer/small business owner
Stripe: Best for receiving online payments as a small business owner
ProPay: Best for receiving offline payments as a freelancer/small business owner
Zelle: Best for sending money to people who don’t use payment apps
Cash App: Best for converting received payments into hard cash
Apple Pay: Best for sending, receiving, and paying at the register for iPhones and Apple Watches
Venmo
Fees for personal use: 3% credit card processing fee
Fees for business use: 9% merchant fee plus 10 cents per transaction; Venmo tax applies to all transactions marked “goods and services”
Venmo is so widespread these days that “Do you have Venmo?” has become the new “Cash is king.”
Even though Venmo is technically a subsidiary of PayPal, the numbers show that the former is now nearly as popular as its big brother. PayPal handled a total of $330 billion in transactions in 2021, while Venmo handled $230 billion — up a staggering 44% from the previous year.
And there’s a reason why so many people use Venmo as their go-to payment app: it’s simple, safe, and reliable. Transfers are free, payments to friends and family are free, and the app even has a built-in “newsfeed” showing who among your friends is paying whom for what. There was even a time when Venmo showed you the precise amounts they were paying for rent, food, and more, but naturally that TMI feature was retired.
While popular, Venmo isn’t perfect. It takes between one and three days to withdraw your Venmo funds to your bank account, or you can pay a 1% instant transfer fee. Plus, if you use it to invoice clients, there’s no “tip” option on their end — they have to manually initiate a separate payment.
There are also a few default settings I’d strongly recommend you change if you download Venmo.
Settings > PIN code and biometric lock. Set a 4-digit PIN so that if someone borrows or steals your phone, they can’t Venmo themselves the maximum $3,000 (happens more often than you’d think).
Settings > Privacy > Private. Unless you really want your entire friends list to see who you’re paying and for what, I see no reason to broadcast this sensitive data. Turn it off.
Pros and cons aside, Venmo is so popular that someone’s bound to ask you to use it. Luckily, once you succumb to peer pressure, you have a rock-solid PayPal alternative waiting for you.
Get Venmo for iOS or Android.
Wise
Fees for personal use: Sending rates from 0.41%; conversion rates from 0.41%
Fees for business use: Same as personal, plus a $31 account setup fee
There are plenty of apps to help you split the cost of a pizza with your buddies, but what about your international friends? Wise, formerly TransferWise, helps with that. You can send money to consumers in 51 countries, with new currencies added on an ongoing basis.
Wise is custom-built for any international payment or money transfer you want to make. I just have to enter how much I want to send in USD, then choose the currency of the receiving party. Right there, it shows how much I’ll pay for a monthly fee. There are bank fees and Wise fees, but they are minimal.
To send $100 USD to Europe using Wise’s personal account, I’d pay $0.16 in bank/debit card fees, plus a $0.96 Wise fee. Compare that to $5 per transaction fee for a personal international bank transfer with PayPal payments. That alone makes this perhaps the best PayPal alternative around.
Wise business members pay a fixed fee of $1.40 to send money. PayPal, in contrast, charges a 1.50% international business payments fee in addition to the standard fee (2.89% and up).
I’ve only been a Wise payment recipient, so I had to check out how paying someone works. It’s pretty simple – well, as simple as paying internationally ever is. You’ll need the email address, full legal name, and mailing address of the person. You’ll also need the International Bank Account Number (IBAN) of the recipient, as well as the type of account it is and the name and address of that bank.
The business side of Wise has some advanced features, including invoicing and compatibility with Stripe. You’ll also pay a one-time $31 fee to set up your account for international banking.
Get Wise for iOS or Android.
Google Pay
Fees for personal use: 9% credit card processing fee
Fees for business use: 9% merchant fee plus $0.30 per transaction for transactions under $3,000. Rate drops to 2.5% for transactions above $3,000; 2.2% for $10,000+; and 1.9% for $100,000+.
Google Pay allows you to send money from your bank account or GoogleWallet through Gmail for free. Just look for the $ symbol when you’re composing an email and input the amount of money you want to send. If you’re like me, you already do most of your communication through Gmail, so this may boost Google Pay to the top of your list.
Signing up for Google Pay is easy if you use your Google account for most of your business interactions. You just have to download the app and add your phone number. Google automatically pulls in all your frequent contacts.
The interface with Google Pay is not all too different from Venmo’s. You just choose a name from your contacts and input the amount you want to pay. You can also add a note.
One feature I like with Google Pay is that you can easily split payments with friends. Just tap on “Split with Friends” from the Pay screen and choose the friends from your contacts. There’s also a Scan QR Code feature that will make it easy to pay a business that accepts Google Pay.
Speaking of business use, Google Pay has the same weakness Venmo does when it comes to paying vendors. You’ll have to figure out the tip and add it to what you’re paying. But these apps are designed to keep things as simple as possible, so that’s one unfortunate by-product.
Get Google Pay for iOS or Android.
Payoneer
Fees for personal use: N/A
Fees for business use: $0 for payments from other Payoneer customers; 3% credit card processing fee; 1% ACH debit fee; marketplace fees (Network, Fiverr, et al) vary by marketplace; 0% to 1% receiving account fee
Payoneer is an online payment system and peer-to-peer payment solution that allows you to transfer money to anyone anywhere in the world, in addition to making purchases. It provides you with a pre-paid Mastercard that you can use anywhere Mastercard is accepted.
As a freelancer, I’m familiar with Payoneer through sites like Upwork. The service is useful, but if you’re not a freelancer, there are better options. Professionally, what I like about it is that you can send payment requests to clients and they can pay you directly through the app.
Payoneer is another great option for freelancers who are crossing international borders with their work. You’ll pay no fees on the money your clients send to you, and if you send money, there are no fees as long as the recipient is a Payoneer member. Otherwise, you’ll pay 3% for a credit card payment and 1% on ACH transfers.
But, chances are, if you’re using Payoneer, you’ve encountered it on one of the many platforms that use it. Upwork is where I’ve seen it, but it’s also a payment option on Fiverr, Wish, and Airbnb, among many others. If you pay for products and services on sites like that, a Payoneer account for personal use could come in handy, but otherwise, it’s mostly for freelancers and small business owners.
Get Payoneer for iOS or Android.
Square
Fees for personal use: N/A
Fees for business use: First card reader is free; 2.6% credit card processing fee plus $0.10 per transaction; 3.5% plus $0.15 fee for payments that are manually keyed in
Not every in-person business operates in a storefront with a cash register. Square helps with that, equipping small business owners and freelancers with a way to easily swipe a card. The reader attaches to a phone or tablet, allowing you to accept payments anywhere.
I made the mistake of not using Square when I had an in-person event where I needed to accept cards a few years ago. I used the PayPal reader because I figured I already had an account so it would be easier. The swiper didn’t work, so I had to manually enter every single credit card. It was a pain.
For the next event, I ordered a Square reader and never looked back. It works every time, which comes in handy when you have a line of customers holding credit cards. Fees vary from 2.6% + $0.10 for swiped cards to 3.5% + $0.15 for manually keyed transactions, so while it might come in handy to be able to swipe your buddy’s credit card to pay you back for dinner, one of the apps built for personal payments will likely be better for that.
But Square isn’t just for taking in-person payments on the go. You can use it as a one-stop shop for all your business’s sales. You can send invoices directly from the dashboard, set up gift cards that you sell directly through their site, and even take sales on your website using their platform.
What I like about Square, though, is that you can see, at a glance, your total daily sales. If you’re regularly collecting money from customers — in person or online — having this easy access to your progress comes in handy.
Is it for personal use? Not really. You could swipe your friends’ cards using the reader, but the fees will cut into whatever you’re taking.
Get Square for iOS or Android.
Stripe
Fees for personal use: N/A
Fees for business use: First card reader is $59; 2.9% credit card processing fee plus $0.30 per transaction; 3.4% plus $0.30 fee for payments that are manually keyed in; 0.8% fee for ACH transfers
Another option geared toward the needs of small businesses is Stripe. The payment platform can be integrated with your online store or used separately by directing customers to pay you there.
Stripe is for business. You could use it to send money to friends, but the fees make it cost-prohibitive. Fees start at 2.9% + $0.30 for each successful card charge. You can also accept international transactions, with an additional 1% fee added to each transaction.
Compared to its direct competitor Square, Stripe has higher fees but better tools for online integration. If you’re swiping customer credit cards in-person, use Square. If you accept most payments online and want to offer options like recurring billing and subscriptions, use Stripe.
I’ve used Stripe to accept payments from clients, and I loved the easy sign-up process. They do require identity verification, but all I had to do was snap a photo of my driver’s license and set up two-factor authentication to start accepting payments.
What I like most about Stripe is the dashboard. When you log in, you can see, at a glance, how much you’ve made today, as well as your financial activity over the past seven days. You can also see any disputes customers have filed on previous charges.
Yes, you can send invoices using Stripe, and that’s how I get paid for what I do. But where Stripe really shines is in its API. You can easily add Stripe to your website to start taking payments, and, in fact, if you use one of the top web hosting services, you probably see Stripe as an option when you’re setting up your e-commerce store.
Stripe also has terminals and mobile payment options. You don’t need a card reader to accept in-person payments — simply hold the card in front of your phone and the camera will capture the information you need. If you regularly take payments on the go, it’s worth considering.
Get Stripe for iOS or Android.
ProPay
Fees for personal use: N/A
Fees for business use: $39.95 signup fee; $39.95 annual renewal fee; 2.60% credit card processing fee; 3.55% fee for payments that are manually keyed in; $0.35 bank transfer fee
ProPay offers payment processing tools for businesses of all kinds. Whether your business is small, on the road, or global, they can work with you.
ProPay is for the business that’s serious about accepting payments on the go. You can swipe cards using the ProPay JAK™ card reader. If you aren’t near your card reader, you can manually input the information. You can also opt to securely save a customer’s payment information to make things go more quickly the next time they buy from you.
One thing I love about ProPay is that it works even if you are offline. I’ve sold items at libraries, book fairs, craft fairs, and even in the parking lot after an event. You aren’t guaranteed to have Wi-Fi or even cellular connectivity at all times, and this app comes in handy for that. The transaction is logged the next time you go online.
For personal payments, this is another app that won’t really help you much. But if you’re a freelancer or work in direct marketing, this is a great app for processing payments.
As for fees, they depend on the type of card being used and the account you have. Rates start at 2.40% for swiped transactions. The complete rate chart is posted here.
Get ProPay for iOS or Android.
Zelle
Fees for personal use: None
Fees for business use: None (though there are no business-specific features)
You may already know Zelle as “the payment app my bank wants me to use.”
That’s because while competitors like PayPal and Vemno were marketing themselves to businesses and individuals respectively, Zelle was chatting up the banks. As a result of all that relationship-building, Zelle now interfaces with over 1,000 banks and banking apps worldwide, making it extremely easy to send and receive money directly through your banking dashboard.
The other benefit of using Zelle is it makes it way easier to send money to people who don’t use payment apps at all. For example, let’s say I wanted to send $200 to my grandparents to help them pay for a new fridge. If I said to them, “Do you have Venmo or Cash App?” they’d probably look at me like I was speaking a foreign language.
I don’t want to stress them out with the prospect of downloading an app (or buying a smartphone), so I’ll just send it via Zelle. They’ll receive an email from Zelle that shows them step-by-step instructions on how to enroll and put the money in their account, no apps required.
The other benefit to Zelle is simplicity. You simply send and receive money with no fees ever. That’s it. There are no newsfeeds, social features, nada. And frankly, the only reason I don’t recommend Zelle over Venmo is because the latter is just more recognizable.
Get Zelle for iOS or Android.
Cash App
Fees for personal use: 3% credit card processing fee; 0.5% to 1.75% instant transfer fee ($0.25 minimum); $2 ATM withdrawal fee with Cash Card
Fees for business use: 2.75% transaction fee
Like Venmo, Cash App is another one of those payment apps that everyone’s heard of, and everyone uses. It’s extremely simple, with a no-frills dashboard and no fees for personal use, and for better or worse it lacks the social features of Venmo.
At first glance, Cash App seems to be the Paris Hilton of payment apps: popular just because it’s popular. There’s no option to tip contractors, not much to appeal to business owners, and until you verify your personal information, you’re capped at sending $1,000 every 30 days.
Pretty soon, Cash App’s initial value proposition — barebones simplicity — may start to feel limiting when you see competitors offering compelling features like bank dashboard integration, currency conversions, and free credit card readers.
Thankfully, Cash App starts making way more sense when you learn about the Cash Card. The Cash Card is a debit card linked to your Cash App balance that lets you withdraw your funds from any ATM for a $2 fee.
That’s a big deal for folks who want their cash instantly, since the alternative is to:
Initiate an instant transfer for a fee ranging from 1% to 3%
Find an in-network ATM, or pay out-of-network ATM fees of ~2.5%
Let’s say you receive a $300 payment and want to convert it into cash. With Cash App, the total fee would be $2 or 0.67%. With another app, you could pay up to 5.5% or $18.33 in fees alone, plus having to wait up to 30 minutes for the “instant” transfer to your bank account.
True to its name, Cash App is the best payment app for converting received payments you receive into cold, hard cash.
Get Cash App for iOS or Android.
Apple Pay
Fees for personal use: 5% instant transfer fee (min. $0.25, max $15)
Fees for business use: No additional fees for merchants (though standard credit card issuer fees may apply)
Apple Pay offers more than just another way to send and receive money from friends. The app will also let you securely store all your credit and debit cards in a neat-looking virtual stack. Then, when you reach the register, you can just pull up the card you want to use, hover your phone near the payment terminal, and wait for payment to clear. No need to fiddle with your wallet or let your card out of your sight!
Apple Pay also works with Apple Watch, so you can simply pull up your card there and hold your wrist over the payment terminal until payment clears, signaled by a gentle tap from your watch.
For online stores and in-app purchases, you’ve probably noticed that Apple Pay isn’t quite as widely accepted as PayPal, but it’s getting there. Apple boasts that as of late 2022, over 85% of U.S.-based retailers accept Apple Pay — even vending machines and taxis.
As you might expect, Apple Pay is a perk reserved for iOS users only. In fact, it’s one of the apps that comes factory-installed on Apple devices. At least Android users like me still get Google Pay.
Get Apple Pay for iOS.
Benefits of online payment apps
First, it can help to take a look at the overall features of online payment apps. Online payment apps make it easy for a business of any size to collect money from customers. Peer-to-peer payment apps make it easy to transfer money to your friends.
Here are some benefits to consider:
Easily pay friends and family members
Transfer funds from your bank account to someone else’s with a few clicks
Set up recurring payments to friends or family members
Avoid carrying cash around with you
Skip the trip to the ATM before you go out with friends
Accept secure payments for products or services on your small business website
Set up a Point Of Sale system in a brick-and-mortar business using a tablet
Accept payments on the go using a card swiper
Provide an alternative to personal checks, which can be risky
Some of these won’t appeal to you, while others will. By looking through all the various features that are available, you can start to narrow down what you’re looking for in a payment app.
Features to look for in a payment app
As you’re researching payment apps, there are some features to consider. You may not even realize you can do some of these things using a payment app until you see one offering it.
Fees. Of course, we’d all love for everything to be fee free, but we know there’s a cost associated with some financial transactions. I look for an app that at least has a “friends” option, letting me send money without fees to people I know personally. Often you’ll have to link up a checking account to do this, though, as credit card-based transfers will typically incur a fee.
Social feeds. This isn’t something I look for, but with peer-to-peer payments, some find social updates valuable. When you pay your buddy for your half of those summer concert tickets, this lets all your other friends know about it.
Security. Yes, the verification process can be a pain with some of these apps, but I like it. It means that the platform takes security very seriously, which boosts my confidence that my financial data is safe with them.
Send to email. Some peer-to-peer payment platforms let you send email to someone else using an email address or information from your contacts list. You can even send money within some email and messenger apps with just a tap on the screen. I found this comes in handy when you’re interacting with someone about upcoming plans. You can submit your share of the funds within the same message string to make sure the other person sees it.
All-in-one functionality. Some apps combine the best of peer-to-peer and online payments, letting you pay using the same app. You’ll need to identify which businesses accept payment that way, but it can be a handy way to manage your budget.
Expand payment options. Businesses face the ongoing issue of keeping things as convenient as possible for customers. The more payment options you can offer, the less likely you’ll lose customers who are limited in how they can pay.
International payments. The internet has opened businesses up to reach out to an international customer base. Being able to accept payments across multiple currencies with minimal fees is a huge bonus if you want to go global.
If your business uses financial software, check for integrations. Being able to import information about your transactions can help you stay on top of things while reducing your own workload.
Summary
The beauty of payment apps is that you don’t have to choose just one. You can have a half dozen installed on your phone, so long as you protect yourself with extra layers of security like PIN codes and biometric logins.
And knowing which payment app to use in which scenarios can save you time, stress, and hundreds on fees.