Whether you’re jonesing for an epic Antarctic holiday or an extended weekend in the Bahamas, cruises can be a good way to let someone else take the reins for your vacation. But planning a cruise can be confusing, especially when there are several types of cruises, destinations and price points.
When planning a cruise, you’ll want to consider a variety factors, especially if you’re dealing with limited time or a tight budget.
Let’s look at how to plan a cruise, from your budget to booking, and what to expect along the way.
1. Establish a budget
The first step in planning a cruise is deciding how much money you want to spend. Costs for a cruise will vary based on a number of things, including:
Cruise line.
Destination.
Cruise length.
Room type.
Number of guests.
Onboard spending.
Offshore excursions.
If price is top-of-mind, consider a budget-friendly cruise line. These cruise lines tend to be less glamorous, and you’ll likely be paying for more optional add-ons, such as drink packages and excursions. But you’ll still find plenty of activities to keep you entertained, no matter who you’re cruising with.
You may find deals for as little as $40 per person per night, not including gratuities or any onboard spending. For example, we found a deal for a four-night cruise from Long Beach, Calif., to Ensenada, Mexico, for $169 per person on Carnival.
On the high end, you’re looking at costs as high as $90,000 per person — though these cruises tend to be much longer (nearly six months!) or feature exotic destinations and itineraries.
For example, a 168-night cruise on luxury cruise line Regent Seven Seas — with dozens of stops in ports around the globe — costs more than $97,000 per person.
Of course, your budget will likely fall somewhere in between these low- and high-end examples. The bottom line is that it’s important to plan for a cruise that fits your budget. With such a wide variety of options, odds are you’ll find a price point that’s comfortable for you.
2. Decide on cruise length
Once you’ve decided how much money you’re willing to spend, you’ll need to see how much vacation time you have available.
If you live far from a port, be sure to factor in the time it takes to get to and from the departure city. Add that to the length of the cruise, and that’s how many vacation days you’ll need.
To optimize your time off, you’ll probably want to try to leave from the closest port possible. If you’re on the East Coast, for example, leaving from Miami would require far less travel time than leaving from L.A.
If you’re taking a week-long vacation, a five-night cruise would give you the time to arrive in the port city the day before departure and then return home without feeling rushed.
3. Choose a destination
How can you plan for a cruise without giving some thought to the destination? The cruise industry is worth more than 7 billion dollars and includes routes all over the world.
If the number of destinations seems a little overwhelming, remember that you’ve already narrowed down your options by establishing your budget and cruise length.
Many search engines will allow you to look for cruises using these parameters — in addition to helpful filters like departure port and desired departure date.
Your cruise dates will likely affect your destination options. For example, if you want to depart in February, you likely won’t find any cruises going to Alaska. And booking a Caribbean cruise during hurricane season might result in a rerouted itinerary — or even a canceled cruise — if a hurricane forms in the Atlantic.
4. Compare cruise lines
Different cruise lines cater to different clientele. Some are geared toward those who want to travel in luxury, while others are designed for spring-breakers or families.
If you’re looking forward to a quiet getaway in the Caribbean but choose a Carnival cruise in the middle of April (i.e. prime college spring break time), you may not have much fun when the pool party gets going.
Do some research on the demographics each cruise line attracts. For a family-friendly cruise, sailing with Disney or Royal Caribbean might be a good choice. Those looking for a calm, adult-only atmosphere may want to choose an itinerary on Viking Cruises.
5. Book your cruise
There are several different ways to book a cruise, including reserving directly with the cruise line, using an online travel agency or even working with a travel agent.
Each method has its advantages. Booking through an online agency can save you money. Compared to booking directly through the cruise line, though, it may not be as easy to make changes or cancel your reservation if something comes up. If you book through a travel agent, you have the advantage of being able to arrange your cruise and airfare at the same time.
It’s a good idea to compare cruises across all available platforms, because pricing and special add-ons vary. Last-minute cruises can get you serious discounts, as can stacking cash-back opportunities with shopping portals such as Rakuten.
6. Complete your documentation
Once you’ve booked your cruise, you’ll need to submit some documentation, such as an ID, a health declaration, and a credit card to keep on file.
Most of the time, you can also choose to pre-book activities and excursions, though this may depend on the cruise line you’re sailing with.
You’ll want to find out if you need a passport or any visas for your cruise — this will depend on where your cruise is departing from and where it will stop. Be sure to verify this soon after booking your cruise, as obtaining or renewing a passport can take time.
Planning a cruise recapped
Cruises can be an exciting way to visit multiple destinations in a single trip.
When planning a cruise, you’ll want to decide how much you’re willing to spend, where you want to go and the amount of time you have available.
Aside from that, consider what types of cruises you’d like to go on and the people you want to be around. Once everything is taken care of, all that’s left to do is enjoy!
How to maximize your rewards
You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2023, including those best for:
A new study from credit bureau TransUnion revealed that consumers still don’t get it when it comes to smart credit habits.
Conventional wisdom tells us to halt or limit spending during the lead up to a mortgage application, whether it’s a purchase or refinance, but a lot of folks seem to ramp up spending during this critical time.
The company discovered that those who refinance their mortgages greatly increase credit card spending in the month prior to loan payoff, a departure from long held assumptions about credit behavior.
They found this out after combing through data from some 16.7 million credit files where a mortgage was paid off and subsequently replaced with a new one between the first quarter of 2013 and the second quarter of 2015.
Amazingly, consumers who refinanced managed to increase average monthly spend anywhere from 1.7-3X their typical spend in the 30 odd days before closing on their refi.
It’s as if they knew they were either going to get a lower interest rate, and thus a lower monthly housing payment, or were expecting some cash out, so they could go buck wild.
Unfortunately, this is the last thing you want to do when applying for a mortgage.
Can You Just Wait a Month!
If there’s any likelihood you might refinance your home loan
Anytime in the next several months
It’s wise to pump the brakes on any unnecessary spending
To ensure you don’t jeopardize your mortgage approval
Whatever happened to patience? I mean really. You can’t wait a month to buy that new big screen TV or fancy leather couch from Restoration Hardware?
You do realize your credit score can tank if you increase spending on your credit card(s) before and during the loan process, right?
I proved that when I spent a ton over the holidays. My credit score plummeted to the point where I would have had to accept a higher mortgage rate had I refinanced around that time.
Of course, I knew I wasn’t refinancing so it wasn’t a concern for me.
As expected, borrowers in the “Prime” credit category, characterized as those with 661-720 credit scores, made this mistake the most, at least when compared to those in the “Prime plus” and “Super prime” categories.
Those latter categories include borrowers with credit scores from 721-780, and 781-850, respectively.
So prime really isn’t that good…it’s just above subprime (620 cutoff) depending on how prime you actually are.
You Tripled Your Credit Card Spend
While it sounds too bad to be true
Many consumers who refinanced their mortgages
Increased their spending before and after receiving their new loan
Some we’re probably lucky to still get approved!
The Prime folks tripled their credit card spending during the month before refinancing, and once they got their new loan (I’m glad it all worked out), spending remained elevated for many months afterward.
The Prime plus band saw spending more than double its monthly average and it also stayed elevated.
The Super prime peeps were a bit more responsible, only increasing credit card spend by about 1.7X.
Still, in every case these borrowers were committing a cardinal sin – you don’t increase spending before a refinance.
For one, it can tank your credit score, sometimes significantly depending on how you spend. For example, maxing out one credit card is a big no-no. As a result, you might get hit with higher pricing adjustments and thus wind up with a higher mortgage rate.
So your lack of patience landed you with a mortgage rate of 4.25% instead of 3.75%. Good job. That’s your rate for the next 30 years.
Secondly, it can limit your borrowing capacity because you’ll have higher minimum monthly payments related to those tradelines. If you’re on the cusp of approval DTI-wise, it could potentially make a difference, especially if your mortgage rate is also higher to boot.
The solution is really, really simple. Don’t swipe before you refi…that’s it. Just lay off the spending for a month or two and once your loan funds you can go nuts.
Or even go a step further and pay down your debts before refinancing to lower your DTI and potentially improve your credit scores to receive a more favorable interest rate.
By the way, the study also found that prime or better mortgage applicants are 50%+ more likely to open a new credit card during the 12 months following a mortgage inquiry compared to the rest of the population. That actually makes sense.
Read more: Reasons why you can’t refinance your mortgage.
The 2020 Home Buyers and Sellers Generational Trends Report highlighted similarities and differences across generations of home buyers and sellers. This report takes a look at trends among generational groups within the following 7 categories:
Characteristics of Home Buyers
Characteristics of Homes Purchased
The Home Search Process
Home Buying and Real Estate Professionals
Financing the Home Purchase
Home Sellers and Their Selling Experience
Home Selling and Real Estate Professionals
Overall, Millennials made up the largest share of home buyers at 38 percent.86% percent of Younger Millennials, and 52 percent of Older Millennials were first-time home buyerswhile buyers from ages 40 – 54 (Gen X) consisted of 23% of recent home buyers.
On average, Gen X homebuyers bought the largest homes in size at a median of 2,000 square feet and also moved the shortest distance. The biggest motivations for people above age 55 who purchased a new home were: the desire to own a home of their own, being closer to friends and family, and living in a better area.
Sellers 65 to 73 years (Older Boomers) made up the largest shares of sellers at 23%. Those who were 55 years and older often purchased a similarly-sized, but less expensive home than they sold while moving further away.
Chapter 1: Characteristics of Home Buyers
Characteristics of Home Buyers covered trends among married couples, unmarried couples, single buyers, and buyers with children under the age of 18. Sixty one percent of buyers between ages 30 to 39 had at least one child under the age of 18 residing in their home. 👶
Do you have children? If the answer is yes, or if you are planning to in the near future, you should consider the following 5 key items when searching for a home:
1. School districts
2. Access to local services and amenities
3. Privacy
4. Safety
5. Storage
Chapter 2: Characteristics of Homes Purchased
Home Inspection:
39% of recent buyers who purchased new homes were looking to avoid renovations and problems with plumbing or electricity.🔌🔨🔧💡
Before buying a home, it is always important to check the exterior for any damages. According to the National Association of Realtors Report for 2020, windows, doors, and siding were very important factors that mattered to home buyers between ages 65 – 73. It’s always a smart idea to hire a professional to inspect the interior and exterior of a home before making an offer. Here is a list of 9 Important Exterior Items to Check When Buying a Home:
Foundation
Grade of Property
Settling
Downspouts
Roof
Chimney
Windows
Siding
Concrete Stoops, Patios, and Walks
** It is worthwhile to note that the damages on this list don’t necessarily mean you should cancel a potential purchase, but you should get information on whether or not these things will be fixed and how they might be accounted for in the price. If you have any questions or are looking for home inspector referrals, reach out to be connected to a Total Mortgage loan officer and we can make sure you get the quality in a home that you deserve!
COMMUTING:
Commuting costs were very important at 45% for buyers 22 to 29 years.
Deciding where to buy a home starts with finding a neighborhood that fits your lifestyle and has a cost of commuting that you’re willing to accept. Most people are still working from home, however not everyone is so lucky.
Did you know that the average one-way commute time for most Americans is 26.1 minutes? 🚗 For people who work 5 days a week, that adds up to an average 4.35 hours weekly! This may not seem like a lot but reality kicks in when you start to consider gas money, mileage, funds for public transportation and more. So, if you are looking to buy a new home, make sure you choose a location that makes the trip to work worth it! 😊
Chapter 3: The Home Search Process
According to the National Association of Realtors Report for 2020, the most important website feature were photos for nearly nine in 10 buyers under the age of 55.If you are looking to sell your home, it’s important to have professional pictures and sufficient property information listed online. 📸 Detailed information about properties for sale were also very important to all age groups.
Now, you might be wondering; how long does it typically take to find a new home? According to the National Association of Realtors Report for 2020, buyers typically searched for 10 weeks and looked at a median of nine homes.
Chapter 4: Home Buying and Real Estate Professionals
Why you need a Real Estate Agent:
Are you a pro at negotiating? 🤝 Do you like doing loads of paperwork? 📄 Most likely the answer is “no” because ain’t nobody got time for that! In 2020, it was reported that the majority of home buyers between the ages of 22 – 29 and 74+ wanted an agent to help with paperwork. Agents not only specialize in negotiating and understanding contracts, but they also are power players when it comes to getting the paperwork taken care of.
Home Buying Process:
Do you know how the home buying process works? 🤝🏡💵If not, that’s okay! Actually, most people don’t fully understand how the home buying process works from start to finish. According to the National Association of Realtors Report for 2020, help understanding the purchase process was most beneficial to buyers 29 years and younger at 85 percent and for buyers 30 to 39 years at 69 percent.
Regardless of age, the majority of people really benefit from having assistance with the home buying process. To gain a better understanding, check out the graphic below. Now is the time to start making moves towards finding your dream home!
Chapter 5: Financing the Home Purchase
Saving for a Down Payment:
If you are a prospective first-time home buyer struggling to save money for a down payment, you aren’t alone. According to the National Association of Realtors Report for 2020, 13% of all buyers cited that saving for a down payment was the most difficult step in the home buying process. If you’re looking to buy a home but need help saving, check out these tips on How toSave for a Down Payment on a First Home: https://www.thebalance.com/how-to-save-for-a-down-payment-on-a-house-1289847
Student Debt:
Debt hindered prospective home buyer’s ability to save for a down payment by a median of four years and came primarily from student loan debt.
Most people don’t know this but you can still get a mortgage if you have student debt! A lot of first-time home buyers worry about qualifying for a mortgage while still owing student loans. In 2020, 24% of all buyers reported having student loan debt with a median amount of $30,000.
If you are someone who has student loan debt but want to purchase a home, check out this article on How to Buy a House Despite Student Debt: https://www.cnbc.com/2020/01/31/have-student-debt-you-can-still-get-a-mortgage.html
Build Your Savings:
Even without debt, saving money for a down payment can feel like a struggle. Are you wondering how you can alter your spending habits to increase your savings? According to the National Association of Realtors Report for 2020, it was most common for buyers to cut spending on luxury/non-essential items, and on entertainment to save for their home purchase.
Saving efficiently starts with small habits that stay consistent over time. Here are 10 tips to help build your savings:
1. Transfer a fixed amount into a special savings account every month.
2. Skip vacations for a year.
3. Lower your expenses.
4. Reduce your high interest rate debt.
5. Borrow from a relative.
6. Borrow from your retirement plan.
7. Sell some of your investments.
8. Get a second job.
9. Make a deal with the seller.
10. Look into down payment assistance.
Chapter 6: Home Sellers and Their Selling Experience
Equity:
CHA-CHING! 💸Want to know how to get the most equity out of selling your home? Recently sold homes were typically on the market for a median of three weeks and sellers made a median of $60,000 in equity from their sale. If you want the most value, check out these important tips: https://www.opendoor.com/w/blog/how-to-sell-your-house-for-the-most-money
Understand your local market
Choose the right time to sell
Set the right price
Understand how much it really costs to sell a home
Determine how you’re going to sell
Consider minor renovations that add value at minimal cost
Negotiate the best offer – not just the highest offer
Incentives:
Offering different incentives can help attract buyers and potentially increase the value you can get from selling your home! 🏡 According to the National Association of Realtors Report for 2020,34%of all sellers offered incentives to attract buyers. This varied across age groups where it was less likely for sellers 74 years and over to offer incentives and more likely for sellers 55 to 64 years.
Buy down their interest rate
Include furniture or window coverings
Credit for non-recurring closing costs
Offer buyers’ brokers higher commission
Credit for “Close By” date
Chapter 7: Home Selling and Real Estate Professionals
According to the National Association of Realtors Report for 2020, All generations of buyers continued to utilize a real estate agent or broker as their top resource to help them buy and sell their home. While the internet is increasingly incorporated as an important tool in the process, buyers needed the help of a real estate professional to help them find the right home, negotiate terms of sale, and help with price negotiations.
If you are someone who is looking to buy or sell a home, here are 5 reasons why it is wise to utilize a real estate professional: https://www.forbes.com/2010/05/25/why-you-need-real-estate-agent-personal-finance-commission.html?sh=6d0aede94496
Better Access/More Convenience
Negotiating is tricky business
Contracts Can Be Hard to Handle
Real Estate Agents Can’t Lie
Not Everyone Can Save Money
Please feel free to reach out to us at Total Mortgage with any questions!
Why use credit cards? Other payment options, like debit cards and cash, may seem like an easier way to stay within budget. After all, credit cards have a reputation for encouraging you to spend money you don’t have — especially when enticing offers come in the mail.
But here at Money Under 30, we think a good credit card is a must-have. When used responsibly, credit cards can be great for your financial well-being. In fact, smart credit card holders can earn money just by using their card.
So, what are the benefits of credit cards over cash, and how can using one help you come out ahead?
What’s Ahead:
1. They build credit history
Perhaps the most important reason to have a credit card is to build credit history.
You can get a credit card no matter what your current credit score and then use it to build credit. Even if your credit score is low you can always start with a secured card. This makes credit cards a great place for anyone to start building credit.
A good credit score is essential if you plan to borrow money. These scores come partially from your credit card usage. Using credit cards responsibly can help in building credit.
When you pay at least your minimum payment by the due date the bank reports that to your credit file. When you want to borrow money in the future, creditors can see that you have a history of paying your debts on time. And the longer you use credit cards, the more you’ll build your credit history, improving your score even more.
Read more: How credit works
2. They offer rewards programs
One of the biggest credit card benefits are the rewards you can earn. There are almost as many rewards programs as there are credit cards. The trick is to find a rewards program that fits with spending habits you already have. This allows you to earn rewards on your everyday purchases without having to change your spending habits.
You’ll also want to find a rewards program that gives you rewards you’ll actually use. While everyone can benefit from a cash back credit card, you may get more value from a travel rewards credit card. However, a travel rewards credit card is not much use if you don’t travel very much.
Rewards programs can include, but aren’t limited to:
Cash back cards: These credit cards give you cash back on your everyday purchases. Often they have bonus rewards for certain kinds of transactions, such as extra cash back on gas or groceries. You can typically redeem your rewards for statement credits or a check.
Read more: Best cash back credit cards
Points and miles travel rewards cards: These credit cards let you earn points and miles on your everyday purchases. Like cash back cards, you can earn bonus rewards in certain categories. You can redeem your rewards for free or discounted travel. One popular program is the Chase Ultimate Rewards program.
Hotel or airline specific cards: These credit cards allow you to rack up rewards at specific hotels or airlines. While these credit cards can get you big discounts on travel, they are not as flexible as general travel rewards credit cards.
Many rewards credit cards have annual fees. Make sure that the rewards outweigh the annual fee before you sign up.
Read more: Best rewards credit cards
3. They may come with welcome bonuses
Many cards offer welcome bonuses for signing up. These could include perks like bonus miles/points that you can redeem for air travel or hotel stays, or bonus cash back that you can use as a statement credit.
Usually, you have to spend a certain amount on the card within a certain time period to get the one time bonus, so read the fine print. But it’s still an invaluable perk.
Read more: Best credit card sign-up offers
4. They protect against fraud
One of the biggest credit card benefits over debit cards is the level of fraud protection they offer.
Say your credit card is stolen or someone finds your card information online. If the thief starts making purchases, they aren’t spending your actual money. Unlike when someone steals your debit card.
Once you notify the card company of the theft, they’ll put a hold on your card and investigate. You aren’t liable for any fraudulent purchases made in the meantime. Federal law protections for credit card holders keep you from losing cash. Legally, the most you’ll potentially be liable for is $50, but I’ve never heard of a bank actually holding to that. Most, if not all, credit card issuers have a zero-liability fraud policy, you won’t lose anything.
Now say your debit card is stolen. Since debit card funds are instantly deducted from your checking account, any money spent on unauthorized charges will be gone. Automatic payments you’ve scheduled might overdraft as a result. If you report the theft within 60 days, the transactions can be reversed and the money restored. But this takes time and can be much more disruptive than a credit card theft.
Read more: The 5 biggest debit card dangers
5. Balance transfers let you move your debt to a lower rate
Often time, credit card welcome bonuses include a period of time with 0%, which typically includes balance transfers.
Balance transfers allow you to move your debt from one credit card to another. Other debts, like car loans and monthly installment payments, can also be moved to a balance transfer credit card. Keep in mind there is often a balance transfer fee when you do this – 5% is a common fee for balance transfers.
Now, this doesn’t mean you wipe out the debt. You’ll still have to pay what you owe, of course. However, the 0% APR for the first year will make it easier to pay off what you owe since all the money you’re putting towards it goes against the debt, which will save money on interest charges.
How much you can transfer to your new credit card will depend on your credit line. And if you keep adding more charges to the card, then you’re going to struggle to pay off the debt, even with 0% interest.
But if you do them responsibly, balance transfers can consolidate your debt, lower your interest payments, and make your life easier.
Read more: Best balance transfer credit cards
6. They may come with purchase protection
Consumer protection is a huge perk of many credit cards. If you buy an item with a credit card and later find out it’s damaged or the quality is poor, you can return the item and a statement credit for the amount of the purchase price. It may also cover you if the item is lost or stolen.
Credit cards may also offer extended warranties on electronics, furniture, and other items you hope to use for a long time. In many cases the card doubles the time on the manufacturer’s warranty. Make sure to keep your receipts!
Read more: Best credit cards with extended warranty protection
7. They have built-in grace periods
Essentially, credit cards offer a zero-interest loan for 30 days or less. Unlike debit cards, credit cards don’t require you to have the funds for a purchase immediately. There’s a grace period for you to make payment arrangements.
This grace period is the time between the end of a billing cycle and the day your payment is due (30 days). During this period, you will not receive interest charges to your balance. But you must pay the balance in full by the due date. If you don’t, then all the accrued interest will apply to your account.
Use this grace period wisely. Even if you pay the bill on time, but not in full, or if you pay it off in full, but not on time, then the interest-free grace period is over.
Read more: How grace periods work (and how to make them work for you)
8. They track your spending for you
Want to budget better? Credit card statements are a built-in expense tracker. Your purchases get recorded online with all the essential information — where, when, how much, and how often you’re spending. Some credit card companies keep your spending records around for years.
This benefit becomes especially useful come tax time. With one record of the past year’s spending already compiled, you’ll save time and effort on your taxes. Business expenses, rental property expenses, charity contributions, and more tricky tax return areas all show up on a credit card bill.
Read more: How to budget using credit cards
9. They tack on insurance
Check out the consumer protections offered with your credit card. Chances are you’ll find credit card benefits you didn’t even know you had.
In addition to extended warranties and purchase protection, many cards offer return protection, rental car insurance, and travel insurance.
Travel reward credit cards are known for providing some pretty sweet travel insurance perks. For example, several Chase credit cards offer primary rental car insurance. Meaning that you can decline the rental car insurance at the counter and use the insurance provided by your credit card instead – without having to involve your personal car insurance company if you need to make a claim.
Many credit cards also offer trip cancelation or interruption insurance. This means that if you have to cut your trip short, or cancel it completely, you’ll get reimbursed for your costs. Of course, the trip needs to be canceled or interrupted due to covered events, such as illness or injury.
Read more: Is it worth it to get a credit card just for the insurance benefits?
10. They’re universally accepted
Speaking of travel, your credit card is your best friend when you’re traveling. Accommodations and rental cars are much easier to book with credit than debit. Rental services generally place a hold of a few hundred dollars on your card. This hold can be inconvenient with a debit card.
Credit cards are also more readily accepted than debit cards worldwide. If you’re traveling to a foreign country, plan to use the lower exchange rates on your credit card instead of paying high exchange rates for cash at airports. Keep in mind that many credit cards charge foreign transaction fees – however not all do, so check before travel.
Read more: Best credit cards for international travel
Disadvantages of using a credit card
While credit cards come with a lot of convenience and flexibility, there are some cons of credit cards that you need to be aware of as well, particularly if you’ve had a rocky payment history in the past.
High interest rates
It’s not uncommon for credit cards to come with an interest rate of 20% or even higher. That’s much higher than other forms of debt, like mortgages or car loans. It can quickly add up and lead you into debt if you don’t pay off your balance each month.
When you carry a balance from one month to the next, you accrue interest charges on the unpaid balance. This leads to an accumulation of debt over time and makes it challenging for you to pay it off.
Potential for overspending
For some people, using a credit card doesn’t feel like “real” money. So it’s easier to lose track of your spending if you’re undisciplined, which can lead to a surprise balance at the end of the month.
Overspending is a common disadvantage of using a credit card. You aren’t limited by the amount of money you have available in your bank account, only by your credit limit. This can lead to the temptation to overspend and accumulate debt that might be hard to pay off in the future.
Credit card issuers often provide incentives, like cash back rewards or points, to encourage users to spend more with their credit cards. These credit card rewards can be enticing and might lead to impulsive purchases that aren’t necessary or within your budget.
Annual fees
Some credit cards charge an annual fee, which can be as much as several hundred dollars per year. These fees can add up quickly, especially if you’ve got multiple credit cards.
If the annual fees don’t outweigh the credit card benefits then you’ll want to start looking for another credit card. If you don’t travel very much then travel rewards can be difficult to redeem. Travel rewards credit cards also tend to have the highest annual fees.
If you find yourself in this situation then look for a rewards card with more straightforward rewards.
Read more: Is an annual fee credit card ever worth it?
Incentives and rewards can have conditions
Credit card issuers offer incentives and rewards to entice people to apply. But sometimes there are caveats that make it difficult to take full advantage of the rewards.
For example, a credit card may advertise up to 5% cash back, but if you read the fine print it’s only on certain rewards categories or up to certain spending limits.
Another common condition is to have rotating rewards categories. Each quarter the categories you can earn rewards in changes and you need to register each quarter to qualify for the extra cash back or bonus points. It’s easy to forget to register or the bonus categories aren’t always going to fit into your spending habits.
Irresponsible use can damage your credit score
Irresponsible use of a credit card can damage your credit score. Late payments, high balances, and maxing out cards are all reported on your credit file and can all negatively impact your credit report. This can have long-term consequences.
A low credit score can make it hard to get credit in the future, especially for large items like buying a house or a new car.
How to find the best credit card for you
There’s no one-size-fits-all solution when it comes to credit cards. Finding the card that’s right for you will depend on various factors such as your credit history, if you want travel perks or cash back, if you are looking to consolidate your debt with balance transfers, or a variety of other factors.
For example, you might prioritize a card that has no annual fee. Or you might be after a card with a good welcome bonus.
It’s a good idea to carefully examine how, and how much, you spend to figure out the rewards card that makes the most sense for you.
MoneyUnder30’s credit card comparison tool can help you quickly narrow down the cards that meet your criteria. Check it out today! Then you can read our reviews to see the pros and cons of each card and make an informed decision.
Summary
Credit card benefits include rewards, protection, and convenience, as well as regular reporting to the credit bureaus, which builds your credit.
The key is to be smart with your card and pay it off each month. Doing that can actually save money and keep you protected from unauthorized purchases. And, depending on which card you choose, you’ll have some nice perks thrown in as well. Just watch those annual fees.
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Have you ever wondered what it would be like to have a million dollars?
The first thing that comes to mind might be the ability to purchase whatever you want, whenever you want. But do not let your imagination run wild just yet! There are many things beyond material goods that come with this kind of money.
We will dive into the life experiences that come with being independently wealthy. Plus, everyone will have a different number to be classified as independently wealthy.
You have probably heard that it is impossible to be rich and independent. While others truly believe they are capable of being wealthy.
Becoming financially independent might sound like an impossible goal, but with a little bit of hard work and determination, you are capable of reaching your dreams.
Independent wealth is a life state that you can have and maintain without having to rely on your job or family.
This post will help newbies become financially independent, so you will be able to live their best lives without any external pressures.
In the last few years, many people have taken up the idea of becoming wealthy on their own, without relying on a company or organization to make money. There are numerous ways in which one can become wealthy, but oftentimes it requires a great deal of time, effort, and dedication.
Let’s make sure you enjoy a life of independent wealth with these tips for success.
What Is Independently Wealthy?
Independent wealth is a term often used to describe people who are wealthy enough that their personal finances are not impacted by the economy.
These individuals have a certain level of financial independence, which can be accomplished in a variety of ways, including through saving, investing, or business ownership.
Financial Independence vs. Independently Wealthy
Financial Independence is when you are able to live a life of your choosing (with or without a job) and not need any support from external sources.
Independently wealthy is when individuals do not have to work another day and do not need financial support from any external sources.
Either way, you are in complete control of your money and not living paycheck to paycheck. It is possible to be financially independent without being independently wealthy.
To become independently wealthy, you need to have assets that generate income whether or not you are working.
The benefits of being independently wealthy
Many people believe that becoming independently wealthy is not just a pipe dream but is possible. There are many benefits to being rich, like being able to do anything you want with your money or help others in need.
The benefits of being independently wealthy are clear.
It is possible to achieve financial wealth, and the time and patience it takes to create such wealth are well worth it. Not only that, but those who amass great wealth can also create a powerful financial legacy for their loved ones.
Here are the benefits to enjoy the most:
You can freely pursue your passions without fear of having to conform to a certain type of lifestyle or do certain things in order to be successful.
Your mental and physical health will improve. There is less stress and more time to dedicate to your health.
You have a clear vision for the future. You know it is possible to reach your full potential.
You can experience time freedom.
There are very hardly any downsides to pursuing independent wealth. More often than not, you are the one blocking your path.
Misconceptions About Being Independently Wealthy
There are some misconceptions about what it means to be independently wealthy.
Though some may think that independently wealthy people must look a certain way or act in a certain way, this is not always the case. In fact, many of these people blend in with everyday society and go about their lives just like everyone else.
Furthermore, they are still human and have feelings; they simply have more money than most.
An independently wealthy person typically lives a comfortable life but nothing too showy. They drive nice cars that most people drive, that are reliable and affordable. They work hard and put their savings first always, so they can maintain their wealth over time.
You Don’t Need Millions
You don’t need to be born into a wealthy family or have millions of dollars to be financially independent.
It is possible to build your own wealth with consistency and time.
The amount you need depends on your current expenses and the number of people in your household.
Have All The Luxuries In Life
Wealth is relative and means different things to different people. People often think of flashy things when they think of rich people, but that is not always the case.
A person can be wealthy without having a lot of material possessions.
Money gives you options in life.
Signs You are Independently Wealthy
If you are able to support yourself with a portfolio of investments that pay for your lifestyle without having to work, you are considered to be independently wealthy. This typically means having a solid net worth and not needing to rely on a day job.
What qualifies as independently wealthy? Here are many signs that you may be independently wealthy including:
More free time
No bills to pay
No mortgage
Money saved in the bank
Practice random acts of kindness
You quit your day job.
More than anything, you have built yourself a nice cushion (AKA liquid net worth) and you are able to live off your savings.
You understand how to FI.
How to Become Independently Wealthy
There is no one-size-fits-all answer when it comes to becoming independently wealthy, but there are a few basic principles that hold true for most people.
The first is that money is a tool to be used, and should not be hoarded or worshipped.
Next, realizing wealth accumulation takes time and effort.
Lastly, it’s important to remember that financial independence is about more than just money – it’s about having the freedom to do what you want with your life.
Now, let’s dig into the steps to take to be independently wealthy.
#1 – Set Goals
Goal setting is a powerful tool that can be used to achieve anything you want in life.
By setting a specific date to achieve your goal, writing down what you need to do to achieve the goal, and taking action, you are well on your way to reaching your goals!
If you do not know where you want to go, then how can you use money as a tool to get you there.
Learn: How to set SMART financial goals.
#2 – Pay Yourself First
Pay yourself first is a financial concept that suggests you should save and invest most of your income before paying personal, living expenses. If you pay yourself first and don’t overspend, the money you save will be available for future use.
People find it difficult to save money because they tend to pay everybody else first, including bills, rent, and other necessities. By committing to “paying yourself first,” you make it a priority to put money away in savings or investments so you can cover your own costs down the road.
To become independently wealthy, you should start by saving at least 15% of your income.
Choose: one of our money saving challenges to kickstart your savings journey.
#3 – Increase Your Income
Increase your income in a few steps and move your life ahead. You can do this in one of three ways: find a higher paying job, start a side hustle, or create passive income.
Most people, look to increase their income as the best way to make money. This is definitely the fastest way to make more money. You can ask for a pay raise or look for another job that pays more.
Another option is starting a side hustle, which can be anything that doesn’t take up too much time and can be monetized. A simple way to bring in more money each week.
Passive income streams are income that does not require any effort from the individual who creates it. Passive income is generated by assets such as rental properties, stocks, or investments that produce a cash flow that is higher than the person’s expenses. This is a great way to diversity and increases your income at the same time.
Learn: how to make more money fast.
#4- Know Your Net Worth
Your new worth is a financial snapshot of your personal finances.
It will tell simply calculate your assets minus your liabilities to find your net worth.
Knowing your net worth is important, even if it’s negative. This number will give you an idea of how much debt you have and what assets you own. It can help you make better financial decisions in the future.
Knowing your net worth is important because it measures how wise with money you are. As you pay off debt and invest money into solid assets, your net worth will grow over time- so make sure you’re keeping track!
Figure out your net worth with Empower!
Empower Personal Wealth, LLC (“EPW”) compensates Money Bliss for new leads. Money Bliss is not an investment client of Personal Capital Advisors Corporation or Empower Advisory Group, LLC.
#5 – Invest your Money
Investing in retirement and non-retirement funds is a way to finance your future. Though the investment strategy differs, both are considered to be asset investments because they provide you with a return on your money.
For way too many people, they shy away from investing which means they will never be able to become independently wealthy.
When it comes to investing for retirement, there are a variety of different options available. One popular option is to invest in a mutual fund. Mutual funds are collections of stocks, bonds, and other securities that are managed by a professional investment company. They offer investors the opportunity to buy into a diversified portfolio without having to purchase individual securities.
Another common retirement investment option is purchasing individual stocks or bonds. While this can be riskier than investing in mutual funds, it can also provide greater returns if done correctly.
Regardless of which option you choose, it’s important to start investing as early as possible. Compounding interest can make building wealth over time much easier.
Learn: how to invest in stocks for beginners
#6 – Educate Yourself on Personal Finance Topics
A great way to understand the complexities of personal finance is to educate yourself on how money works.
This can include learning about the following topics:
Budgeting/Finance Budgeting
Debt Management/Paying Off Debt
Investing
Retiring Early
Taxes
Income and Employment
Estate Planning (Wills, Trusts, and Estates)
Financial Freedom
This is one of the most important personal finance tips that I can give you. If you want to become a millionaire, you need to learn how money works. Period.
Check out: one of the top finance books.
#7- Stay Out of Debt
It might seem like common sense, but it is important to stay out of debt. In today’s world where credit cards are easily accessible and loans can be taken out without much thought, it is easy to find yourself in debt, and it can be difficult to get out of.
You have to make a plan to get out of debt and stay out of debt.
Until you have your debt paid in full, you will always be shackled by interest payments and unable to get much further ahead.
Learn: how to get out of debt.
#8 – Live Below Your Means
One of the most important things to understand is you must spend less than you make.
Live below your means is a phrase that was coined in the United States during the Great Depression and describes how it is possible to live on less than you earn. Live below your means refers to living on less than you make.
Living below your means is a great way to become independently wealthy.
You should spend money on the things that make your life more comfortable and enjoyable, rather than frivolous things that you don’t need.
Find out: how to live below your means.
#9 – Minimize Lifestyle Creep
Lifestyle creep can often be a subtle and dangerous thing.
As your income goes up, you may find yourself spending more money in other areas like vacations or entertainment. Most people do not even recognize it until it is too late.
Minimize lifestyle creep by setting specific boundaries and sticking to them.
However, it’s important to remember that you don’t need to completely avoid lifestyle creep and live on the same budget forever – you just want to make sure that your expenses are rising much slower than your income is rising. This will give you the best chance of reaching your long-term goals.
Learn: the signs to watch for lifestyle creep.
#10 – Think Long Term
The key to wealth is thinking long-term. When you have a clear vision for the future and are able to plan accordingly, you set yourself up for success both financially and in other areas of your life.
If you want to be successful in the long term, you must study and learn as much as you can.
Furthermore, if you’re looking to amass wealth over a period of years or decades, playing the long game is your best bet.
There will be ups and downs along the way, but with patience and perseverance, you can achieve great things.
Understand: the difference between rich and wealthy
How to Know if You’re Independently Wealthy?
The first step to knowing if you are independently wealthy is to determine your net worth.
There are a few signs that can help you determine if you are independently wealthy.
For one, you have enough money to cover all of your expenses without having to rely on anyone else. Additionally, being independently wealthy means that you can afford anything and everything you want without needing to rely on any type of income – whether it be passive or active.
You can go out and buy something just because you want to and not worry about the price tag.
Reasons to Strive for Becoming Independently Wealthy
There are many reasons to strive for independent wealth.
Achieving independent wealth is not impossible. Though it takes time, hard work, and patience, any person can do it by following a plan and taking specific steps.
Reason #1 – Enjoy Time Freedom
It’s a very rewarding feeling to be financially independent and know you’ll never have to work again.
You’ll gain more control of your life and finances, which will allow you more freedom to do what you want when you want.
This is something very few people actually get to enjoy.
Reason #2 – Less Stress
One of the main reasons people want to become independently wealthy is to avoid the stress that comes with full-time jobs.
Wealth can provide a sense of freedom and control that reduces stress and allows people to live happier lives.
Financial independence is a goal that many people strive for and when they achieve it, they find that the stresses of money-related problems are no longer a part of their lives. While achieving financial independence doesn’t mean all stress goes away, it does help with the stresses of not having enough money
Reason #3 – More Control
When you become financially independent, you gain a sense of control over your life and your finances. You are no longer at the mercy of others to provide for you or make decisions about your money. There are many ways to gain control over your finances, including creating a budget, investing in yourself, and automating your finances.
There are a lot of benefits to having more control over your finances.
One of the most important is that you can set money aside for emergencies without having to rely on credit cards. This means you won’t have as much stress if something unexpected comes up, and you’ll be less likely to fall into debt.
In fact, check out these billionaire morning routines to find quick success.
How Much Do You Need to Become Independently Wealthy?
It is difficult to determine how much money you would need to become independently wealthy because the amount of wealth that different people have requires an estimate.
For example, someone who earns $50,000 per year and has $100,000 in savings would be considered financially independent. However, they would need investable assets to cover their living expenses to be independently wealthy. Many experts say 20x your income, so approximately a million dollars.
There is no exact amount of how much money should someone have to be considered wealthy.
Everyone’s situation will be unique to them. Thus, your number will be different than mine as well as everyone around you.
Becoming independently wealthy does not happen overnight. It takes work, dedication, and a lot of patience. The first step to becoming an independent millionaire is by saving money in the bank account; this is the most important step in becoming an independent millionaire.
How to Become Wealthy in 5 Years?
Independent wealth means having the freedom to make choices based on what you want, not what you need. And that’s a goal worth striving for.
This is something you can achieve in 5 years or even 10 years.
In order to become wealthy in five years, the first step is to get a good education in personal finance.
In addition, one must work hard and avoid making dumb decisions. In order to become wealthy, you should be able to prioritize your goals and work towards them instead of wasting time on distractions.
There are many ways to become independently wealthy, but it takes time and patience to build up your assets.
You are in control of your destiny, so you must be willing to save more money and spend less money.
We gave you tips to make it happen. You must take action to make it a reality.
Know someone else that needs this, too? Then, please share!!
I’ve been saving for retirement since my mid-20s, and I write a retirement-planning newsletter every month. Yet here’s the thing: I don’t plan to ever fully retire. And while most people list “retirement” as their number one investing goal, I don’t think most other people should retire, either — at least not at age 64 for men and 62 for women, which are the average retirement ages these days, according to the Center for Retirement Research at Boston College.
I question the value and wisdom of retirement for financial reasons, for health reasons, and for “why should we encourage people to sit on their butts all day” reasons. However, in this post, I’ll question retirement from a risk perspective: Can anyone really be sure that their savings and benefits will last for a few decades? Let’s take a closer look.
1. Social Security has “issues.” I’ve written before that all the talk of people getting nothing from Social Security is overblown; everyone will get something. But there are enough problems to suggest that younger and wealthier people should expect to get much less than their currently projected benefit. Not that the current benefits are enough to buy beachfront property; the average annual Social Security benefit is just $14,172. If that weren’t scary enough, according to the Social Security Administration, more than half of elderly beneficiaries receive 50% or more of their incomes from Social Security; for 22% of married couples and 43% of unmarried beneficiaries, Social Security provides 90% or more of their incomes. The fact is, most Americans do not do a good job of planning for retirement.
2. Some people have pensions, but they have their own problems. According to the Employee Benefit Research Institute, approximately 20% of the over-50 crowd receives income from a defined-benefit pension, with an average benefit of almost $18,000. However, the percentage of Americans who will receive a pension is shrinking. Plus, many of these plans don’t have enough money to pay future benefits. (In fact, the massive underfunding of pension plans — particularly state and local plans — is one of the most underappreciated risks facing our country.) And when a company goes bankrupt, as retirees from Kodak recently learned, benefits can be reduced or eliminated. Most private plans are insured by the Pension Benefit Guaranty Corporation (PBGC), which has the power to take over underfunded plans or those of bankrupt or distressed companies. However, pensioners may not receive their full benefits. Furthermore, the PBGC is on the hook for $107 billion in payments yet has just $81 billion in assets. Government plans are not insured, but their sponsors can always raise taxes — though that’s generally not very popular.
3. Savings to the rescue…or not. I won’t trot out all the stats about how people don’t save enough, or how the baby boomers, as a group, are entering their golden years with too little gold (that is, net worth — I’m not suggesting that every retiree hoard the shiny metal). That’s bad enough. My concern is that for these (often-too-meager) savings to last, investment markets have to cooperate, and, as we’ve seen over the past decade or so, they often don’t. I’m not predicting Armageddon or anything like that; most of my longterm savings are in the stock market. But investing can be risky; we just don’t know for sure how much a certain stock or even a bond will be worth a decade or two from now. Yes, you can play it safer with CDs or Treasuries, but only if your money will last as long as you do — and keep up with inflation — while earning 2%. 4. Or maybe my home equity will save me…oh, wait. Several years ago, homeowners could take consolation in the rising value of their homes. Now, with prices down nationwide an average 30%, it’s much more difficult to turn a nest into a nest egg. Of course, this wasn’t supposed to happen. In 2005, Ben Bernanke, then an adviser to President Bush, said on CNBC, “We’ve never had a decline in housing prices on a nationwide basis. What I think is more likely is that house prices will slow, maybe stabilize…I don’t think it’s going to drive the economy too far from its full-employment path, though.” This just goes to show that even smart, well-connected people can get things very wrong, and that just because something hasn’t happened before doesn’t mean it can’t happen.
5. Health care is unpredictable and expensive. The big wild card in anyone’s finances is health care — what illnesses or accidents will befall them, and how much of the costs will not be paid by insurance. Yes, most folks age 65 or older are eligible for Medicare, and approximately 25% of retirees also get help from former employers. But basic Medicare, by itself, does not provide comprehensive medical and dental care; that costs extra. Plus, the financial challenges facing the Medicare system dwarf any problems Social Security has. As for employer-provided retiree health care, that — like a pension — is a disappearing perk.
6. If I only knew when I’ll die. From a financial perspective, retirement is a mathematical equation that answers the question: Will I run out of money before I run out of life? You’ll need a lot more money if you die a centenarian than if you die an octogenarian (which is how long the average person lasts, once she or he has made it to age 65). There are plenty of longevity calculators that will factor in your health, family history, and upholstery-potato habits to come up with an estimate of when you’ll join that Great Spa in the Sky (I sure hope there are massages in heaven.). The standard financial-planning advice is that you should assume you’ll live to 90 or 95. But the truth is, no one really knows their date of death, yet it’s a very important variable in the calculus of retirement.
A caboodle of question marks The bottom line is, no one can say for certain what their various sources of retirement income will provide a decade or three hence, or whether that income (whatever it is) will be enough to cover the income they’ll need at that point. That said, there are plenty of ways to mitigate all the risks of retirement, which I write about in my newsletter and in my GRS posts. But for now, I’ll just put the question to you: Do you think retirement is too risky? How do you plan to address any potential problems?
Finally, the message of this post is most definitely not “stop saving for retirement.” I continue to max out my 401(k), despite my hope that I’ll be able to work forever. Nevertheless, many people are forced to retire due to bad health or a bad economy. Plus, I’m just 42. By the time I’m 72, I may have changed my mind — or my body has changed it for me — and I’ll actually be ready to sit on my butt all day.
We never tire of looking at magnificent midcentury modern homes—and we’re not alone. They’ve been favored on architectural popularity lists for well over 75 years!
Midcentury modern design began in the mid-1940s, right after World War II. Soldiers were coming home, starting families, and setting off the baby boom—and they needed new homes quickly and inexpensively.
The experimental technologies and materials—steel, aluminum, tempered glass, stucco, and plywood—developed during the war and beyond were quickly applied to residential structures to meet the needs of the growing U.S. population.
The style had staying power—and spread across the U.S. You might think the epicenter of the midcentury modern movement would be in swanky Palm Springs, CA, where the design was energetically embraced. Or perhaps in the Midwest, where architectural icon Frank Lloyd Wright helped originate the movement.
But a simple search on Realtor.com® reveals that original midcentury modern homes can be found throughout the country.
The prices are as varied as the locations. We found prime and well-preserved examples ranging from $2.6 million to $249,500.
If open floor plans, floor-to-ceiling windows, sleek spaces, and a cool-cat vibe are on your list of must-haves, take a look.
Price: $1,995,000 Handsome in Hollywood: Brimming with original features, this 1960-built home is nestled in the hills of Beachwood Canyon, close to the Hollywood sign and the Lake Hollywood Reservoir. Celebrity-filled hiking trails await right outside the door.
This one is a three-bedroom, two-bath, 1,502-square-foot beauty with walls of glass, transom and picture windows, sliding glass doors, and balconies.
Original features include glass-block walls, a concrete-block fireplace, beamed ceilings, and brick planters. This hillside home is already pending sale.
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Price: $2,600,000 Pretty and petite: Beautifully restored and located in the popular Sun Terrace neighborhood, this two-bedroom, two-bath, 1,338-square-foot home proves that good things really do come in small packages.
Every square inch of this “atomic ranch” has been stylishly renovated. For example, custom floors were poured to match the original terrazzo. We’re also crazy about those primary-colored floor tiles.
Other exquisitely updated features include a sparkling kitchen with high-end appliances, and a high-impact roof and windows. The house is further equipped with smart technology.
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Price: $535,000 Boise beauty: Built in 1961, the two-story home has been updated with modern features like a state-of-the-art kitchen.
The three-bedroom, two-bath abode, with 2,028 square feet of interior space, has been updated from floor to ceiling. Plus, the home’s 9,583-square-foot lot includes a hot tub, storage shed, and chicken coop.
The home is located in a quiet neighborhood near downtown Boise, so there are plenty of shops and restaurants nearby. It’s also close to the interstate and the airport, just in case you ever need to get away from this pretty little piece of paradise.
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Price: $335,000 Kansas cocoon: If you’re the type who likes to keep the neighbors guessing—this could be the time capsule for you! All the big windows are in the back, and that 1966-era, stone-front exterior allows for plenty of privacy.
The interior space measures 1,949 square feet, and there are three bedrooms and two baths. Downstairs, you’ll find a playroom and storage area, a two-car garage, and an additional storage shed.
The listing indicates that “lots of possibilities await,” so it may need a little work.
The 0.42-acre lot is located on a cul-de-sac, not far from Garden City shopping. The nearest big city is Wichita. You’d have all the advantages of small-town living while enjoying a big-time, sophisticated home.
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Price: $1,900,000 Old yet new: While the architecture was inspired by seminal home designers Frank Lloyd Wright and Richard Neutra, this spacious home has had all of its mechanical systems updated. It’s a miraculous feat of blending midcentury modern style with 21st-century convenience.
This five-bedroom, seven-bath, 6,716-square-foot home sits on a 2.7-acre hilltop lot. It features sweeping views of the the surrounding countryside via floor-to-ceiling windows. Its finer features include all walls with cross-bracing to hold firm in a storm, exterior fir wood siding, and marble walls and chimneys.
Built in 1960, and fabulously maintained and updated, the property comes with additional living quarters that could be used as a short-term rental, according to the listing.
And there’s more good news: Most of the midcentury modern furniture can stay in the home, for the right price.
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Price: $1,725,000 Perfection in Princeton: This immaculately restored and updated home features a garage that has been converted into a light-filled office space. The property also comes with a beautiful apartment with a separate driveway and patio.
The five-bedroom, 4.5-bath dwelling sits on a leafy, 3-acre lot close to downtown Princeton. Originally built in 1955, it has period features like an open floor plan, beamed ceilings, large expanses of glass windows and doors, and a fireplace.
Bonus: Your kids can walk to an excellent school via a footpath from the backyard.
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Price: $249,500 Well-rounded: The least expensive home on our list, this circular brick house has four bedrooms, 2.5 baths, and tons of style.
That sturdy construction could be responsible for its holding strong since it was built in 1964, since hurricanes have been known to pummel the region. Residents stay toasty and safe in its curvaceous sunken living room with a full masonry fireplace. The open kitchen with a spacious dining nook is another of the 3,046-square-foot residence’s highlights.
Louisiana might not be the first place you’d think to look for such a Space Age abode, yet here it sits, right in the middle of Louisiana’s fifth largest city. The low price and retro style attracted a buyer, and the property is now pending sale.
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Price: $2,200,000 Unquestionably unique: This midcentury modern design will absolutely take your breath away with its soaring ceilings, redwood-and-stone finishes, and towering windows overlooking picturesque Margaret’s Falls.
Built in 1961 by award-winning architect John Michael, who was inspired by Frank Lloyd Wright, it has six bedrooms and five baths in a roomy 5,453 square feet of space. The fenced, hilltop lot is spacious as well, measuring almost 5 acres of landscaping near the house, as well as private woods.
Highlights include a stacked-stone, double-sided fireplace, original stone floors, and clever built-ins.
As homeowners, who doesn’t love the idea of improving our living spaces, especially when you can do it for under a couple hundred dollars? The great news is that there are several do-it-yourself weekend projects that can quickly transform your home in a weekend, and all without draining your wallet. Whether you live in a townhouse in Washington DC, or a cabin in Lexington, KY, we’ll explore nine affordable weekend home projects that you can complete quickly, and all for under $200.
1. Create a statement wall with wallpaper
Wallpaper is an excellent way to add personality and style to any room. Opt for a bold pattern or unique texture to create a statement wall in your living room, bedroom, or home office that’s sure to impress. Many home improvement stores offer affordable wallpaper options that are easy to apply, and you can quickly cover a standard-sized wall for under $100. The transformation will be immediate and remarkable, giving your space a unique touch that reflects your personal style.
2. Install energy-efficient LED lighting
Upgrade your lighting fixtures with energy-efficient LED bulbs. LED bulbs consume less electricity and last longer than traditional incandescent bulbs and come in various color temperatures, allowing you to customize the ambiance of your home. With LED bulbs priced between $3 and $10 each, you can easily change the feel of your entire home for under $100.
3. Enhance your bathroom with new fixtures
Give your bathroom a mini-makeover by replacing outdated fixtures such as faucets, showerheads, and towel racks. New fixtures can instantly update the look and feel of your bathroom from dated to luxury. Look for stylish and affordable options at home improvement stores or online retailers. With a budget of $200, you can find quality fixtures in many different finishes that will add a t
4. Create an outdoor oasis with potted plants
Transform your outdoor space, or at least a part of it, into a serene oasis by adding potted plants and flowers. Choose among a variety of plant species that suit your climate and personal preferences in shape, size, and color. Colorful blooms and foliage can create visual interest and instantly enhance your curb appeal. With a budget of $200, you can easily shop for plants at local nurseries or take advantage of online deals and discounts and curate a beautiful collection of potted plants that will bring life and vibrancy to your outdoor area. This could be the perfect weekend project to complete this summer.
5. Refresh your walls with paint
One of the most cost-effective ways to refresh your home’s interior is by painting the walls. A fresh coat of paint can instantly revive a room and create a new and inviting atmosphere. Choose a color that complements your existing furniture and décor. A gallon of paint typically costs between $30 and $60, and with proper preparation and a steady hand, you can achieve professional-looking results. Here are some popular colors this year to “swatch” out for.
6. Create a gallery wall
Convert a plain wall into a captivating focal point by creating a gallery wall, which is a compilation of your favorite photographs, artwork, or prints arranged on a wall in a visually appealing way. Experiment with different frame styles and sizes to add depth and then add visual interest by placing your pieces on the wall in a way that allows your eyes to flow from one piece to the next. It may take some extra effort to get it just right, but you’ll be glad you spent the extra time. With affordable frames and prints available online or at local stores, you can create a stunning gallery wall within your budget.
7. Install a smart thermostat
Upgrade your home’s heating and cooling system with a smart thermostat. These devices not only provide convenience but also help you save energy and reduce utility costs. Many smart thermostats are priced under $200, thought they can certainly go up from there, and offer features such as programmable schedules, remote control via smartphone apps, and energy usage insights. This may not necessarily change the look of you home by much, but it will have a big impact on keeping your home at a comfortable temperature every day.
8. Build a vertical herb garden
Utilize your outdoor space or even a sunny corner indoors to create a vertical herb garden. Build a simple wooden frame or repurpose a hanging shoe organizer to hold small pots or planters. Choose herbs like basil, mint, parsley, or rosemary that you frequently use in cooking. Not only will this DIY project provide fresh herbs for your culinary endeavors, but it will also add a touch of greenery to your home.
Embarking on DIY weekend projects allows you to unleash your creativity and make meaningful improvements to your living spaces that better reflects your personality and interests. The nine household DIY projects discussed above offer practical and budget-friendly solutions to upgrade your home, but there are so many more worth exploring. So, grab your toolkit, unleash your inner DIY enthusiast, and start transforming your home today.
It’s a good idea to get to know your apartment neighbors — whether you really want to or not!
Whether you are full-on friendly or super-shy, you should make the effort to meet at least two or three of your apartment neighbors for these four simple reasons.
In case of emergency
One of the most basic reasons for saying hello to your hallmates might, at first, appear a little selfish. What if you encounter an emergency and need neighbor assistance? Sure, none of us like to think about unfortunate situations, but it’s smart to have someone to call if you have a medical emergency, safety issue… or if you lock yourself out of your apartment.
It’s wise to swap phone numbers with a few people that live above, below or next door to you. Before you exchange apartment keys, however, make sure you get to know that neighbor and feel comfortable first, of course.
Read more: Ways to Break the Ice with New Neighbors
When you need a helping hand
A more likely scenario is that you’ll need some help at home and could benefit from a neighborly relationship. Run out of coffee on a Sunday morning? Call your neighbor. Need someone to feed your cat or check your mail while you are on vacation? Call your neighbor. From spare light bulbs to plant watering, it’s totally worth it to get to know the girl or guy next door.
For fun and friendship
The big bonus of having cool apartment neighbors is that you instantly get a bunch of built-in friends. Planning a movie night, supper club or walking group is a piece of cake when you have pals just steps away. (No one will ever complain about your place being too far!) Remember those BFFs from your college dorm? Neighbors can be just like those buddies if you choose your neighbor-friends wisely and then make an appropriate effort.
Read more: How to Hang Out in Your Apartment Community
To maintain mental health
Today’s world of texting, tweeting, online relationships and telecommuting can leave you feeling lonely. Put a stop to solo sadness by starting up a few face-to-face relationships with your neighbors. You don’t have to spend hours chatting up everyone you see on the sidewalk, but a friendly wave and hello will make you both feel infinitely better.
Read more: Fear of the Unknown: How to Handle New Neighbor Anxiety
If you don’t know a soul in your apartment community, make a point to meet some folks this week — at least two people. You never know when you’ll need – or how much you’ll value — each other’s help and friendship!
Read more: What If Justin Bieber Moved In Next Door?
I love to learn. That’s part of what makes me who I am. And so I spend large chunks of time pursuing passions like astronomy and Spanish…and investing. Sometimes I’m asked if I have a method for picking up new skills and new knowledge. “Not really,” I say. “I just try to keep an open mind and to absorb as much information as possible.”
As you’ve probably noticed around here, I try to never say “THIS IS THE WAY THINGS ARE!”. Sure, at any give time I have a set of beliefs — I currently believe index funds are the best investment for me (and many others), for example — but I’m never so locked into any given belief that I’m unwilling to change my mind.
So, I continue to explore opposing viewpoints. I listen to new ideas. And, every once in a while, one of these new ideas will stick, will change the way I think. That’s the way I learn.
Passive investing — with an open mind For me, one of the best ways to learn about money is by listening to others who have been successful. I’ve found it profitable to seek out mentors, for instance. Plus, I like to gather with groups of like-minded folks to share ideas. So, once or twice a year, I attend the meeting of a local investment group — the Diehards.
I’ve written about the Diehards a couple of times before (2008, 2010). This is a report on the most recent meeting.
Note: For those of you who aren’t familiar, Diehards (also called Bogleheads) are fans of indexed mutual funds — funds that track the movement of stock market indexes — as popularized by John Bogle, the founder and retired CEO of The Vanguard Group. These Diehards discuss investing in the Bogleheads investment forum. From my experience, they’re friendly, smart, and knowledgeable people.
As followers of John Bogle, you might expect most of these folks to be passive investors, but that’s just not the case. Many of these folks are actually active investors (though everyone seems to make decisions informed by the principles of passive investing). This group has a wide variety of approaches to investing based on their own goals, risk tolerance, and opinions about the economy. But each person comes to these meetings ready to learn more about investing, and to share their stories.
Keeping a level head Most members of the group are retired. I’m not. I feel like this gives me an advantage. I’m able to pick the brains of people who are twenty or thirty years older than I am. For instance, every meeting I learn something new from Bruce about preferred stock.
Bruce teaches in the financial planning program at a local university. He’s a vocal advocate of preferred stocks, which are a sort of hybrid between bonds and common stocks. “I don’t need capital appreciation,” he says. “I want capital preservation. And income.” It’s all Greek to me, but it’s also intriguing. Now I want to learn more about preferreds. (To find out more about preferred stocks, check out Quantum Online — I’m going to!)
At this meeting, I sat next to a woman named Kris (just like my wife). At the last meeting I attended, she stressed the importance of always being a saver. At this meeting, Kris said she no longer worries about market downturns. “I’ve been investing since 1968,” she said. “I’ve been through this three or four times now, depending on how you count. I don’t like when the market drops, but I also know that if I wait five years, then things will be fine.”
Loren, too, tries to keep an even keel when it comes to investing. “I don’t try to make my rebalancing too accurate,” he said. “I’ve never been sure what the right balance is in the first place!”
Andy says that he does his best to follow the investment mantra “buy low, sell high”. “When something’s down, I buy it,” he told us. “It’s hard — it goes against human nature — but I do it. I try to stay broadly diversified.”
This led the discussion back to Harry Browne’s permanent portfolio. There are many ways to approach safe, steady investing, but Brown has some specific recommendations for his own Permanent Portfolio:
25% in U.S. stocks, to provide a strong return during times of prosperity.
25% in long-term U.S. Treasury bonds, which do well during prosperity and during deflation.
25% in cash in order to hedge against periods of “tight money” or recession.
25% in precious metals (gold, specifically) in order to provide protection during periods of inflation.
Because this asset allocation is diversified, the entire portfolio performs well under most circumstances. One of our members practices this investment philosophy, and has done well with it. He actually hopes to write a book providing a modern update of the technique.
Near the end of the meeting, Bruce pointed out that a recent article in the Journal of Financial Planning once again showed the terrible, terrible drag of expenses on the returns of the average investor. (You can read the article here.)
Strength in numbers It’s certainly possible to learn about investing from books and blogs and magazines. But I think meeting and exchanging ideas with other people adds a new dimension to the subject. That’s why I think meetings like this are invaluable. They’re a chance to exchange ideas with fellow investors, and to profit from their success and mistakes.
I highly recommend finding a similar group in your area. There’s no need to be intimidated. It’s fine to show up and just listen if you feel like you don’t have anything to contribute. I feel lost a lot of the time, but the more often I do things like this, the less lost I become.