The average barber’s salary is $52,123 a year, according to the latest data from ZipRecruiter. But barber salaries can range from about $17,500 to more than $86,000.
How much money you can make as a barber may depend on several factors, including education, certifications, experience, and where you’re located. Here’s a look at what barbers do and how they get paid.
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What Are Barbers?
A barber’s main job is to cut and style hair, usually for male clients. Barbers also may trim or shave facial hair, fit hairpieces, and provide hair-coloring services.
To become a barber, you must obtain a license in the state where you plan to work. Licensing qualifications can vary, but you’ll likely have to meet a minimum age requirement, have a high school diploma or equivalent, and have graduated from a state-licensed barber program. You may also have to pass a state licensing exam.
A barbershop often doubles as a social hub where men can go to swap stories and catch up on the latest news while they enjoy a little personal care. If mingling with clients all day isn’t your thing, you may want to check out jobs with less human interaction. 💡 Quick Tip: Online tools make tracking your spending a breeze: You can easily set up budgets, then get instant updates on your progress, spot upcoming bills, analyze your spending habits, and more.
How Much Do Starting Barbers Make?
An entry-level salary for a barber can range from $8.41 to $41.35 or more an hour, according to ZipRecruiter. Brand-new barbers tend to earn the highest hourly wages in New Jersey, Wyoming, and Wisconsin.
Recommended: What Trade Jobs Make the Most Money?
What Salary Can a Barber Expect to Make?
Barber jobs in the U.S. can pay anywhere from $17,500 to $86,000 or more, according to ZipRecruiter data. How much you can expect to make may depend on several factors, including how many hours you work and how many clients you serve; if you live in a region with more competitive pay; and if you work on commission, rent a chair at a shop, or own your own barbershop.
Here’s a look at the average barber’s income by state.
State
Average Salary for a Barber
Alabama
$49,572
Alaska
$53,033
Arizona
$50,968
Arkansas
$40,073
California
$46,632
Colorado
$50,860
Connecticut
$47,890
Delaware
$48,177
Florida
$40,869
Georgia
$46,181
Hawaii
$51,460
Idaho
$44,515
Illinois
$46,962
Indiana
$52,044
Iowa
$47,980
Kansas
$44,493
Kentucky
$42,214
Louisiana
$44,134
Maine
$45,672
Maryland
$46,693
Massachusetts
$53,224
Michigan
$42,137
Minnesota
$50,551
Mississippi
$47,266
Missouri
$45,239
Montana
$50,200
Nebraska
$45,804
Nevada
$50,144
New Hampshire
$54,449
New Jersey
$53,861
New Mexico
$50,829
New York
$60,841
North Carolina
$43,866
North Dakota
$52,473
Ohio
$49,290
Oklahoma
$44,358
Oregon
$52,559
Pennsylvania
$55,714
Rhode Island
$48,681
South Carolina
$44,791
South Dakota
$49,593
Tennessee
$47,059
Texas
$44,130
Utah
$46,849
Vermont
$60,007
Virginia
$47,628
Washington
$53,744
West Virginia
$43,029
Wisconsin
$52,882
Wyoming
$53,101
Source: ZipRecruiter
Recommended: Highest Paying Jobs by State
Barber Job Considerations for Pay and Benefits
A barber’s compensation is traditionally set up in one of two ways:
• Renting a chair or booth: Barbers who rent a chair at a barbershop pay the owner or franchise a fee for the space where they work, but they keep the rest of what they earn. This can give barbers more control over their work schedule and the services they choose to offer.
• Earning a commission: Barbers who work on commission are paid a percentage of what they earn (typically between 40% to 70%). Or they could receive a predetermined hourly wage or salary plus a bonus commission. New barbers may choose to work a few years on commission to gain knowledge of how the business works and build a clientele, and then switch to renting a chair.
In addition, barbers can earn tips, usually about 15% to 20% of the price of a haircut or other service provided. Online tools like a money tracker app can help you keep track of your spending and saving from month to month.
Pros and Cons of a Barber’s Salary
As with any job, there are pros and cons to working as a barber, including:
Pros
• Attending a barber school can take less time (usually a year or less) and is far less expensive than getting a college degree. Tuition is about $14,000 on average (not including books and supplies), but costs can range from about $4,000 to $25,000, depending on the program. Financial assistance may be available through federal or private student loans, grants, and scholarships.
• Job prospects for barbers are good. According to the U.S. Bureau of Labor Statistics, employment for barbers is projected to grow by 7% over the next decade, which is faster than the average for all occupations.
• Popular barbers often can work the hours they choose while serving clients who appreciate their creativity — and reward them with their loyalty and generous tips. If you like the idea of becoming an entrepreneur, you may even decide to start your own business someday.
Cons
• It can take time to build a reputation and a reliable list of repeat customers. In the meantime, you may experience some income instability, and tips may vary from one client to the next. This could make budgeting and spending difficult at times.
• As a barber, you may not receive the same employee benefits that other careers generally offer, including health insurance, a 401(k) or similar retirement plan, paid sick leave, or vacation pay. You might have to work nights, weekends, or a fluctuating schedule that makes it hard to plan your social life. And you may have to pay for your own work tools.
• You might also want to consider how long your career as a barber might last. Though it can be a fulfilling job, the work can be hard on your neck, back, hands, and feet. 💡 Quick Tip: We love a good spreadsheet, but not everyone feels the same. An online budget planner can give you the same insight into your budgeting and spending at a glance, without the extra effort.
The Takeaway
Your income potential as a barber will likely depend on where you work and the loyalty of your clientele. If you’re a creative and skilled stylist who likes keeping up with the latest trends, and you have good social skills, being a barber could be a great career choice. It also can help to have some business skills, as you may face unique challenges when it comes to managing your income, tracking your cash flow, planning for retirement, and paying taxes.
FAQ
Can you make $100,000 a year as a barber?
Once you establish yourself and build a solid clientele, you may be able to earn six figures as a barber. Your success, though, will likely depend on how in demand you are, how willing you are to travel or work long hours, the clientele you cater to, and if you own your own shop.
Do people like being a barber?
Though barbering can be hard work, barbers on Payscale.com gave their job an average of 4.2 stars out of 5. If cutting hair and providing other personal care services is your passion — and you’d enjoy building a bond with your clients — you could find a career as a barber is right for you.
Is it hard to get hired as a barber?
According to the U.S. Bureau of Labor Statistics, the job outlook for barbers should be solid for at least the next decade. If you get the proper training, become a licensed barber, and can demonstrate that you have the skills and demeanor for the job, it shouldn’t be too hard to find work.
Photo credit: iStock/dusanpetkovic
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American spending habits fluctuate by generation. In 2023, Gen Z spent most of their money on food and clothes while baby boomers prioritized healthcare.
American spending habits fluctuate based on factors like the economy, average cost of living and global events. Interestingly, spending trends don’t always move in predictable patterns—NPR reported elevated spending in 2023 despite rising inflation costs.
Here, we’ll review American spending habits to paint a clearer picture of our potential expenses in the near future. We’ll also share personal finance resources that can help you refine your budget and reach your savings goals.
Table of contents:
Overview of American spending habits
According to the Bureau of Labor Statistics (BLS), Americans spent an average of $72,967 in 2022. This number suggests a 9 percent increase in American spending habits from 2021 (wherein the average annual expenditure was $66,400) to 2022. How much we spend makes a lot more sense when we break down what exactly our money is going toward.
What do Americans spend the most money on?
Expenditure
Cost
Housing
$24,298
Transportation
$12,295
Food
$9,343
Personal Insurance and Pensions
$8,742
Healthcare
$5,850
Entertainment
$3,458
All Other Expenditures
$2,080
Cash Contributions
$2,755
Apparel and Services
$1,945
Education
$1,335
Personal Care Products and Services
$866
Source: Bureau of Labor Statistics
In 2022, the BLS noted a 7.5 percent increase in income to coincide with a 9 percent increase in expenditures. Among the different categories, spending on food increased by 12.7 percent from 2021 to 2022. Vehicle purchases and entertainment expenses dropped by 6.9 percent and 3.1 percent, respectively.
These numbers fluctuate depending on the circumstances of a particular household. For example, the BLS found that 39.4 percent of a one-person household’s expenses go toward housing costs, while 32.1 percent of a two-person household’s funds are spent on housing.
To better understand American spending habits, we can examine the average expenditures of various groups based on factors such as age and education.
Teen spending habits
According to the United States Census Bureau, more than 43 million teenagers live in America. Gaining a better understanding of teen spending habits is important, as teens spend about $63 billion each year.
More than 50 percent of young adults (16 to 24) were employed in 2023. Some of the top brands that teens spend their new income on include Chick-fil-A, Netflix and Snapchat. In 2024, the BLS anticipates that more teenagers will prioritize school attendance over traditional means of employment—which could affect where and how often they’re spending money.
College student spending habits
College student spending habits fluctuate as changes to the American education system become more widespread. Four years in college is no longer the norm—many students take anywhere between an extra semester to a few extra years to graduate. This extra time incurs additional costs (like tuition and rent) that impact spending habits.
In addition to money spent on tuition, college students are purchasing new tech, tickets to festivals and events and lots of food. Older students with more life experience also have to balance school expenses with other mandatory purchases like groceries for the household.
Gen Z spending habits
Generation Z includes anyone born between 1997 and 2012. Gen Z spending habits reportedly differ even more than their older millennial counterparts. This generation grew up completely immersed in the digital era and is very likely to shop online.
A 2021 study by Elmira Djafarova and Tamar Bowes found that 41 percent of Gen Zers are impulse buyers. Quality and value are of the utmost importance to this generation. They may be quick to switch brands if they believe they’re getting better overall value from a different company.
Millennial spending habits
Millennials are generally defined as the generation born between 1981 and 1996. This group is known for making financial decisions that are strikingly different from those that came before them.
Millennial spending habits include increased online shopping, a preference for experiences over material things and an openness to generic brands if the choice saves money.
Baby boomer spending habits
Baby boomers are those born between 1946 and 1964. This group is filled with people who are close to or already in their retirement years. In contrast to their parents, who were born in the Great Depression, boomers expect to have a fun retirement.
They’re looking forward to experiencing new places and trying new things. However, many baby boomers are facing retirement issues due to a lack of savings and mounting debt. Despite it all, baby boomer spending habits indicate that this generation holds more than 50 percent of the wealth in the United States.
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The median annual salary for pediatricians is $198,420, according to the most recent data from the Bureau of Labor Statistics. There are many different paths a doctor can take when it comes to choosing their medical specialty. Doctors who enjoy helping children feel their best and live healthy lives will likely find a lot of fulfillment in their jobs.
To learn more about how much a pediatrician makes a year, keep reading.
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What Are Pediatricians?
A pediatrician is a type of doctor who provides medical care to children ranging from infancy to adolescence. They specialize in diagnosing and treating injuries, developmental issues, and illnesses children commonly experience. From routine exams to issuing vaccines to providing medicine to sick children, pediatricians can help.
The path to becoming a pediatrician can be a long and expensive one. Typically, that means college, medical school, a residency, and possibly a fellowship. Medical school can easily cost $250,000 in tuition. It’s wise to consider this investment when pursuing a career as a pediatrician. Many doctors have a high amount of medical school debt when starting out.
Also, keep in mind that being a pediatrician involves interacting with children and their families all day. This may not therefore be the best job for introverts. 💡 Quick Tip: When you have questions about what you can and can’t afford, a spending tracker app can show you the answer. With no guilt trip or hourly fee.
How Much Do Starting Pediatricians Make a Year?
While pediatricians can eventually earn very competitive salaries, like any job, they tend to earn less when they are entry-level. The lowest 10% of earners in this role make just $75,670, which is significantly lower than the median annual salary for all physicians of $198,420.
What is the Average Salary for a Pediatrician?
On average, a pediatrician can make a salary that is considerably higher than the American average for all jobs. Where a pediatrician chooses to work can greatly impact how much a pediatrician earns. This is a quick glance at the annual mean wage for a variety of workplaces where a pediatrician may be employed:
• Offices of physicians: $203,690
• General medical and surgical hospitals: $180,790
• Outpatient care centers: $232,420
• Colleges, universities, and professional schools: $84,810
• Specialty (except psychiatric and substance abuse) hospitals: $201,100.
Another factor that also affects pediatrician earning potential is the state the doctor works in. This table below highlights how average pediatrician salaries vary by state, with typical pay arranged from highest to lowest by location.
In addition, it shares how much a pediatrician’s hourly pay vs, salary is.
What is the Average Pediatrician Salary by State for 2023
State
Annual Salary
Monthly Pay
Weekly Pay
Hourly Wage
Oregon
$222,171
$18,514
$4,272
$106.81
Alaska
$221,079
$18,423
$4,251
$106.29
North Dakota
$221,044
$18,420
$4,250
$106.27
Massachusetts
$218,405
$18,200
$4,200
$105.00
Hawaii
$216,375
$18,031
$4,161
$104.03
Washington
$211,404
$17,617
$4,065
$101.64
Nevada
$209,030
$17,419
$4,019
$100.50
South Dakota
$208,910
$17,409
$4,017
$100.44
Colorado
$206,290
$17,190
$3,967
$99.18
Rhode Island
$205,782
$17,148
$3,957
$98.93
New York
$196,083
$16,340
$3,770
$94.27
Delaware
$193,921
$16,160
$3,729
$93.23
Vermont
$191,477
$15,956
$3,682
$92.06
Virginia
$191,115
$15,926
$3,675
$91.88
Illinois
$191,057
$15,921
$3,674
$91.85
Maryland
$187,806
$15,650
$3,611
$90.29
Nebraska
$183,797
$15,316
$3,534
$88.36
Missouri
$182,659
$15,221
$3,512
$87.82
California
$182,152
$15,179
$3,502
$87.57
South Carolina
$181,082
$15,090
$3,482
$87.06
Pennsylvania
$179,627
$14,968
$3,454
$86.36
New Jersey
$179,258
$14,938
$3,447
$86.18
Oklahoma
$177,994
$14,832
$3,422
$85.57
Maine
$177,900
$14,825
$3,421
$85.53
Wisconsin
$177,526
$14,793
$3,413
$85.35
North Carolina
$177,345
$14,778
$3,410
$85.26
New Hampshire
$174,681
$14,556
$3,359
$83.98
Idaho
$174,250
$14,520
$3,350
$83.77
Texas
$173,077
$14,423
$3,328
$83.21
Kentucky
$172,518
$14,376
$3,317
$82.94
Wyoming
$171,910
$14,325
$3,305
$82.65
Minnesota
$171,467
$14,288
$3,297
$82.44
Michigan
$170,777
$14,231
$3,284
$82.10
New Mexico
$170,501
$14,208
$3,278
$81.97
Indiana
$169,638
$14,136
$3,262
$81.56
Ohio
$166,670
$13,889
$3,205
$80.13
Arizona
$166,130
$13,844
$3,194
$79.87
Connecticut
$165,286
$13,773
$3,178
$79.46
Mississippi
$164,126
$13,677
$3,156
$78.91
Iowa
$163,921
$13,660
$3,152
$78.81
Montana
$163,627
$13,635
$3,146
$78.67
Arkansas
$163,030
$13,585
$3,135
$78.38
Alabama
$161,584
$13,465
$3,107
$77.68
Utah
$159,236
$13,269
$3,062
$76.56
Tennessee
$159,121
$13,260
$3,060
$76.50
Kansas
$154,538
$12,878
$2,971
$74.30
Georgia
$150,529
$12,544
$2,894
$72.37
Louisiana
$149,706
$12,475
$2,878
$71.97
West Virginia
$138,728
$11,560
$2,667
$66.70
Florida
$133,219
$11,101
$2,561
$64.05
Source: ZipRecruiter
Pediatrician Job Considerations for Pay & Benefits
Alongside earning a $100,000 salary or more, most pediatricians also receive superior employee benefits. If a pediatrician runs their own practice, they will need to supply themselves and their employees with these benefits.
Those who are employed by employers like hospitals or medical groups can expect to gain access to benefits like paid time off, health insurance, and retirement accounts. They may also have unique benefits like continuing education allowances and malpractice insurance coverage. 💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.
Pros and Cons of Pediatrician Salary
The main advantage associated with competitive pay for pediatricians is that they are quite high. With a median salary of $198,420, pediatricians are greatly rewarded for their hard work.
However, they must pursue many years of higher education to earn that salary. Many young doctors struggle under the weight of their student loan payments. So, while this salary may seem high at first glance, much of it can go towards student loan debt initially.
It’s also worthwhile to consider work-life balance. Being a pediatrician and improving the health of children can be a very rewarding career, but it can also involve long, tiring hours and being on call for patients on nights and weekends. Medical problems and emergencies crop up all the time, so this is a factor to acknowledge.
Recommended: How Much House Can I Afford?
The Takeaway
Pediatricians can earn very high pay while making a big difference in the lives of their patients and their families. They do have to commit to many years of schooling and education to become a pediatrician, but once they do, they can earn a great living.
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FAQ
Can you make 100k a year as a pediatrician?
Most pediatricians make $100,000 a year or more, especially after gaining a few years of work experience. The median annual salary for a pediatrician is $198,420.
Do people like being a pediatrician?
Pursuing a career in pediatric medicine is a major commitment and those who are passionate about this field and patient care are likely to really enjoy their work. However, this role requires many hours of patient interaction a day, so even if someone finds the work fascinating, it won’t be a good fit for them if they are antisocial.
Is it hard to get hired as a pediatrician?
The main challenge in getting hired as a pediatrician surrounds not having the right credentials. Potential pediatricians must pursue medical school and any required medical licenses in order to find a job in this field, which is no easy feat.
Photo credit: iStock/alvarez
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What’s a fair price to pay for mouthwash, soap, body wash, and toothpaste? One TikToker is in shock at their total from Target when buying these items and voiced their concerns about the affordability of basic essentials.
In the video, Steve Owens (@iamsteveowens) is in their car telling viewers about their recent Target visit. They mention that their total price for these essentials was $35, which averages out to about $8.75 per item. They also mention that everything in the store is locked up and that the self-checkout is no longer an option, allegedly due to the store’s concerns about theft. They go on to explain that people are stealing out of necessity, not as a hobby.
“Y’all, people are not stealing because it’s fun. People are stealing because they have to. If you look at what’s locked up—it’s soap, deodorant, toothpaste, mouthwash, body wash. These are essential items, OK? They didn’t lock up the home goods stuff in there,” Owens states about the items at Target.
The video has over 16,000 likes and over 144,000 views since April 10 at 9pm ET.
Owens goes on to contextualize the total of the items based on the average minimum wage in the United States.
“Y’all, people are struggling—that is why folks are stealing. This is $30, OK? Minimum wage in the United States of America, on average, is $11 an hour. You have to trade three hours of your life. Think about this, y’all. You gotta trade three hours of your life for mouthwash, toothpaste. I’mma show it to you again—soap and body wash. This is three hours of your life that you have to trade, and you ain’t never get it back,” Owen states about the Target purchase.
@iamsteveowens Target is robbing us blind, and we are letting them! #fyp #foryou #foryoupage ♬ original sound – Steve Owens
While some sources say the accurate average for minimum wages across the United States is $9.00, the federal minimum wage is lower than this at $7.25 an hour for nonexempt employees, according to the U.S. Department of Labor.
People in the comments began to echo their concerns as well.
“Trading your life (work) for items is insane to say…. lordt… that just changed the way I see things,” one comment reads.
“Between essential items and groceries it’s ridiculous,” another wrote. The Daily Dot has previously written about people being overwhelmed by the price of groceries as well.
“Corporate greed,” commented another.
It seems that Owens is not the only one fed up with the price of items nowadays. The Daily Dot has reached out for comment to Target via email and Owen via TikTok comment.
The internet is chaotic—but we’ll break it down for you in one daily email. Sign up for the Daily Dot’s web_crawlr newsletter here to get the best (and worst) of the internet straight into your inbox.
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*First Published: Apr 11, 2024, 2:00 pm CDT
Marlin Ramos
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Marlin Ramos is a museum educator currently working at the Museum of Modern Art in New York. They founded LUMXN Magazine and is a graduate student at New York University. She loves long walks in nature, doing yoga, and baking!
A cup and handle pattern is something identified by stock traders or investors analyzing data related to certain securities. Traders analyzing stock charts can identify a cup and handle pattern, which comprises a period of falling values followed by a “breakout,” and use it to help inform their trading decisions.
The cup and handle pattern is one of many that investors may identify and use to help make investing decisions.
What Is a Cup and Handle Pattern?
The cup and handle security trading pattern is a bullish continuation pattern used in technical analysis. When the pattern appears on a stock chart, it shows a period of price consolidation followed by a price breakout. The pattern is called cup and handle because it has two distinct parts: the cup and the handle.
The cup pattern forms after an advance and looks like a bowl with a round bottom. It forms after a price advance. After that pattern forms, a “handle” forms to the right of the cup within a trading range. Finally, there is a breakout above the range of the handle, showing a bullish continuation of the prior advance.
Stock broker William O’Neil identified the cup and handle stock pattern and introduced it in his 1988 book, How to Make Money in Stocks.
💡 Quick Tip: When you’re actively investing in stocks, it’s important to ask what types of fees you might have to pay. For example, brokers may charge a flat fee for trading stocks, or require some commission for every trade. Taking the time to manage investment costs can be beneficial over the long term.
How the Cup and Handle Works
The cup-and-handle candlestick pattern starts with the formation of the “cup,” which looks like a bowl. The two sides of the cup are not always the same height but in a perfect scenario they would be. Once the cup forms, the stock price pulls back, forming a “handle” out to the right of the cup. The handle shows price consolidation happening before a price breakout occurs.
The handle is smaller than the cup and generally doesn’t retrace more than ⅓ of the cup’s advance, staying in the upper part of the cup range. It can also form a triangle shape. If the handle forms at the bottom price range of the cup, the pattern may indicate that this is not a good time to trade. It may take six months or longer for the cup pattern to form, but the handle forms much faster, ideally within four weeks.
The entire pattern can also form within minutes or days. Technical analysts watching the cup-and-handle pattern try to buy when the price breaks out from the handle. This is marked by when the price moves above the old resistance level, which is the top of the right side of the cup. The more volume in the breakout the stronger the buy signal.
To estimate the price target the stock might hit after the breakout, a trader would measure the distance from the bottom of the cup to the top of the right side of the cup and then add that number to the buy signal point. If the left and right sides of the cup are different heights, the smaller side would give a more conservative price target, and the taller would be a more aggressive target.
What Does a Cup and Handle Pattern Tell Traders?
The cup-and-handle is a candlestick pattern that indicates a cup-shaped price consolidation. This involves a downward price movement, a stabilization period, then a price increase of about the same amount as the downward movement.
This is followed by a sideways pullback between the high and low of the cup shape, forming the handle. Then, a price breakout indicates increasing trade volume. However, as with any trading pattern, a cup-and-handle pattern does not guarantee the stock price will continue on a bullish trajectory, it’s just a trading indicator.
The cup and handle is a bullish pattern that can show a continuation or a reversal from a bearish trend into a bullish trend. Either way it indicates that the stock price will likely rise following the pattern.
Example of a Cup and Handle Pattern
An example of a cup and handle pattern would be if a cup shape forms between $48 and $50. A handle should then form between $49 and $50, ideally closer to $50. Then the price should break out above the price range of the handle.
💡 Quick Tip: Look for an online brokerage with low trading commissions as well as no account minimum. Higher fees can cut into investment returns over time.
Does the Cup and Handle Pattern Work?
The cup-and-handle pattern is one strategy that traders can use to get a sense of the market and inform their investing decisions. However, it is not a perfect tool.
Like any trading pattern, the cup and handle should be used in conjunction with other trend indicators and signals to make informed trading decisions. Although the cup and handle pattern can be a useful and easy to understand pattern to find entry and exit points, it does have some drawbacks.
The cup-and-handle pattern may form over the course of a day, weeks, months, or even a year. This makes it challenging to figure out exactly when to place a purchase order. Generally it forms over a month to a year, but identifying the exact breakout point is not easy.
Also, the depth of the cup can be a confusing part of the pattern. A shallow or a deep cup might be a false signal. The cup also doesn’t always form a handle at all, and the liquidity of the stock also affects the strength of the trading signal.
How to Trade a Cup and Handle Pattern
Traders wait for the handle pattern to form, which may either be in the shape of a sideways handle or a triangle. When the stock price breaks out above the top of the handle, that indicates completion of the cup-and-handle pattern, and creates a signal that stock price could continue to rise.
Although the cup-and-handle pattern can be a strong buy indicator, it does not guarantee that prices will go up. The stock price may rise, fall again, then continue to rise. Or it might rise and then simply fall.
One way to avoid significant losses when this happens is to set a stop-loss on trades with your broker. Day traders may want to close out the trade before the market closes.
Cup-and-Handle Patterns in Crypto
While the cup-and-handle pattern has traditionally been used for stock trading, it can also be used in crypto trading. Cup and handle patterns have formed in Bitcoin and Ethereum charts in recent years. Bitcoin formed a cup and handle pattern in 2019, and Ethereum formed one in 2021. The basic guidelines and indicators are the same for crypto as for stocks.
Recommended: Crypto Technical Analysis: What It Is & How to Do One
The Takeaway
Stock patterns are signals that form a certain recognizable shape when charted graphically, making them easy to spot and trade. They can help traders find entry or exit points, estimate price targets and potential risk. The cup-and-handle pattern is a useful and easy to follow trading pattern to help traders spot entry points for bullish trades.
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For a limited time, opening and funding an Active Invest account gives you the opportunity to get up to $1,000 in the stock of your choice.
FAQ
Is cup and handle pattern bullish?
Yes, the cup and handle pattern is considered a bullish market signal, and investors may take it as a sign that they should go “long” on an investment or specific market position.
How reliable is cup and handle pattern?
The cup and handle pattern is merely an indicator, and not a promise or sure sign that something is going to happen. As such, investors should be careful not to take it as a sure thing. That said, investors may do well to use it in conjunction with other trading strategies and methods, and along with other trend markers.
What are the rules for the cup and handle pattern?
The cup and handle pattern doesn’t have “rules” per se, but instead, is a pattern that forms on a stock chart. That form shows a stock price decreasing in price over a short period of time, then stabilizing, forming a “cup,” which is then followed by a rise in value, creating the “handle.”
What is the weekly timeframe for the cup and handle pattern?
Cup and handle patterns can emerge on a stock chart over several months, but many times, over a handful of weeks.
Photo credit: iStock/jacoblund
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Data experts on the mortgage team at NerdWallet dig into NerdWallet’s survey research, as well as public datasets, to identify trends and provide insights on the ever-changing U.S. housing market. On this page, you’ll find some of NerdWallet’s most-read research and commentaries on home buyers and sellers, mortgage interest rates and homeownership.
For NerdWallet statistics and data on additional topics, including credit cards, banking and student loans, head to our studies and data analysis hub.
Have questions or want to speak with a NerdWallet expert? Reach out to [email protected].
Mortgage interest rates
Daily mortgage interest rates
Mortgage interest rates this week
Mortgage interest rates this month
NerdWallet home and mortgages expert Holden Lewis writes a monthly column covering the near-term forecast for mortgage rates.
Annual home buyer report
Every winter, NerdWallet collaborates with The Harris Poll to survey U.S. adults 18 years and older. The results provide a nationally representative snapshot of how Americans perceive the housing market.
2024 Home Buyer Report: Pessimism reigns as home buyers struggle and the goal of homeownership loses some of its luster.
2023 Home Buyer Report: Higher mortgage interest rates and apprehensions about the economy have Americans unsure about their ability to purchase homes.
2021 Home Buyer Report: Pent-up demand from would-be home buyers clashes with a limited supply of homes for sale.
2020 Home Buyer Report: Buying a home is a top priority, especially for younger generations, but some feel locked out of homeownership.
2019 Home Buyer Report: Recent buyers have had to get competitive to close their deals, and many feel stretched by the costs of homeownership.
2018 Home Buyer Report: Homeownership is a widely shared goal, but concerns about costs keep some buyers sidelined.
Quarterly first-time home buyer affordability report
Each quarter, NerdWallet data analyst Elizabeth Renter analyzes information from sources including the U.S. Census, the Bureau of Labor Statistics and the National Association of Realtors to better understand the challenges facing first-time home buyers.
Q4 2023: A slight bump in inventory isn’t enough to ease affordability challenges.
Q3 2023: Higher mortgage rates outpace slight price declines seen in some metros.
Q2 2023: Seasonality appears to be returning to home prices.
Q1 2023: Banks’ tighter lending standards add to the difficult climate for first-time buyers.
Q3 2022: Price increases slow, but rising mortgage rates eat into potential savings.
Q2 2022: Falling wages and price growth intensify affordability struggles.
Q1 2022: Two years’ worth of data highlights housing market challenges.
Q4 2021: High prices and low inventory are a double whammy in some markets.
Q3 2021: Moderate improvements may be blips, not trends.
Q2 2021: Notable year-over-year decline in affordability.
Q4 2020: Typical winter shifts in the housing market may help home buyers.
Q3 2020: Competition is hot for the limited supply of homes on the market.
Q2 2020: Real estate booms as the country comes out of quarantine.
Q1 2020: Home prices rise, even as the effects of the pandemic are unclear.
Elevated mortgage rates took a bite out of new home sales in February, as they declined slightly from the previous month. Builders continue to respond to affordability concerns; half of the homes sold in February cost under $400,000, compared with 45% in January.
March 25, 2024
Latest housing market columns from Holden Lewis
Additional studies and data analysis
Home buyers
Home improvement
2022 study: After a boom in renovations and DIY projects, homeowners may dial back home improvement plans (Nov. 2022).
2020 study: Homeowners prioritize DIY and paying for projects with cash (Oct. 2020).
Home sellers
2023 data analysis: Why homeowners may want to sell despite higher interest rates (March 2023).
2021 study: What to expect listing a home in a seller’s market (April 2021).
2019 study: What sellers should know before listing (May 2019) .
Housing market
Mortgage denials
2022 data analysis: Higher home prices and debt contribute to home loan denials (Nov. 2023).
2021 data analysis: Competition and lack of collateral drive mortgage denials (Oct. 2022).
2020 data analysis: Tighter lending standards make some home loans harder to obtain (Nov. 2021).
2019 data analysis: Debt-to-income ratio most-cited reason for mortgage denials (Oct. 2020).
Do you want to learn how to make $10 a day? Whether you want to make an extra $10 every day or if you just need an extra $10 fast right now, you have options. Plus, if you are looking to make $10 a day every day, this is about $300 each month or $3,650…
Do you want to learn how to make $10 a day? Whether you want to make an extra $10 every day or if you just need an extra $10 fast right now, you have options.
Plus, if you are looking to make $10 a day every day, this is about $300 each month or $3,650 extra each year!
Surprisingly, you might not need to spend much time to reach this goal – maybe just an hour or less each day. The great thing about this is that many of the ways mentioned below are flexible and can be done on your own schedule.
Whether you work full-time, stay home with kids, or have a packed student schedule, there are lots of ways to make that extra $10. And even though $10 may seem small, if you do it every day for a month, it adds up to a few hundred dollars, which can be a big help for your budget or savings.
Getting some extra money can be easy by using what you already have online. You don’t need a second job to make $10 more each day. There are lots of online ways to do this. Maybe you want more money or just some spending cash without working a lot. Either way, you can find ways to meet your money goals.
Recommended reading: How To Get $20 PayPal Now
Best Ways To Make $10 a Day Fast
Below are the best ways to make $10 fast.
1. Paid online surveys
Earning $10 by taking surveys is a real possibility and a simple way to make money from home. Some survey companies will even give you $5 or $10 just for signing up and becoming a new member.
When I was repaying my student loans, I filled out surveys every week. I did this before work, during lunch, or after work. It was easy because I could do it whenever I had some free time and could do it on my own schedule. I enjoyed doing them because it was super flexible and would earn me some extra money without any physical labor or really even any brain power.
Survey companies pay you for answering surveys, watching videos, and trying out products. Sometimes, they might even send you free products to test. The best part is, signing up with these companies is completely free!
The paid online survey companies I recommend include:
These survey websites typically give out rewards as cash deposited into PayPal accounts or as free gift cards for places like Amazon.
2. Start a blog
Starting a blog is a creative way to make $10 a day.
Starting a blog won’t immediately earn you $10 a day because it takes time to set up. However, with time and effort, bloggers can usually start earning at least $10 a day in the future.
A blog is a website that contains articles, similar to what you’re reading now. You can start a blog on many different niches and topics like personal finance, recipes, travel, pet care, family life, and more. There are many different kinds of blogs available on the internet.
You can earn money from a blog by teaming up with companies for sponsorships, displaying ads, doing affiliate marketing (such as promoting products from Amazon), and selling items like ebooks, candles, T-shirts, and more directly on your blog.
This is how I make money online, earning well over $10 a day. It took me about 6 months to make my first $100 with my blog, so getting started does take time. It took around a year to reach about $5,000 a month and approximately 2 years to reach $10,000 a month.
You can learn how to start a blog with my free How To Start a Blog Course (sign up by clicking here).
3. High-yield savings accounts
A high-yield bank account is a low-risk way to earn extra money. These accounts offer a higher interest rate than regular savings accounts, so your money grows faster.
While you might not earn $10 every day from a high-yield savings account, it’s quite easy to earn $10 or more over time. You can then stack this with other methods to make $10 every day or $300 a month.
I personally use Marcus by Goldman Sachs because they have a very high interest rate. At the time of this writing, you can get up to 5.40% through a referral link bonus. So, if you have $10,000 saved, you could earn $540 in a year with a high-yield savings account like this. In comparison, with normal banks, your earnings would only be around $50 for the same amount saved.
4. Sell printables on Etsy
One way to make $10 a day from home is by selling printables on Etsy. Printables are digital products that buyers can download and print at home. Think planners, art, or even educational materials.
You have probably used printables in your life, just like most people have. I purchase printables all the time because they make my life much easier. It’s convenient to print things out and have them readily accessible when needed. I recently downloaded a digital printable that is a calendar of new activities to do with my toddler, in fact. (It has a specific new activity to do each day for her age group.)
You can learn more at How I Make Money Selling Printables On Etsy.
Do you want to make money selling printables online? This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.
5. Mystery shopping
Mystery shopping can be a fun way to earn money. If you enjoy shopping and going out, this option can help you make $10 a day.
Companies hire mystery shoppers to visit stores and behave like regular customers. You’ll make purchases, ask questions, and then give feedback on your experience.
Secret shoppers evaluate places like restaurants, stores, car dealerships, banks, and more.
My favorite mystery shopping company that I have personally used is BestMark. There are many other good mystery shopping companies as well.
I have mystery shopped a lot over the years. At one point, I was earning around $150 to $200 a month from it, as well as getting free restaurant meals, free retail items, and more. Most of the shops were very easy to complete and I could do them on my own schedule.
6. Get a raise at work
If you’re wanting to increase your daily earnings by $10, asking for a raise at your current job can be a great strategy as you would be simply continuing the job you already have and not having to find a second job.
Start by evaluating how your skills and experience contribute value to the company. Are you taking on additional responsibilities? Have you achieved any big goals or improved anything at work lately?
Remember, timing is everything when it comes to asking for a raise. I recommend setting up a private meeting with your boss to talk about your raise and make sure it’s a calm period in the work cycle, not the middle of a big project or problem.
Then, during your meeting, be direct about your request and explain how your hard work deserves additional compensation and talk about the value you bring to the company.
7. Answer questions in a focus group
Joining a focus group is a great way to earn $10 quickly, or potentially more! Now, you typically won’t be able to make $10 every single day with a focus group because they are more limited in availability, but you can make well over $10 in a single day with them.
A focus group is a small gathering of people who share their opinions about new products or services. Companies use these insights to improve their offerings.
I have participated in a focus group that paid me approximately $400 for just 75 minutes of my time. While this payment was higher than usual, most focus groups typically pay anywhere from around $50 to over $100 per hour. The amount you get paid can vary greatly depending on the length and topic of the study, but there are certainly studies that offer higher compensation than others.
One focus group company that I recommend joining is User Interviews.
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User Interviews pays very well for market research studies and these are some of the highest paying online surveys, with each paying $50 to $100 or more. The average pays over $60.
8. Donate plasma
Donating plasma can earn you between $20 to $50 each time you donate, and you can earn up to $300 a month if you donate regularly.
Plasma is the liquid part of your blood, and it’s in high demand for medical treatments. Your plasma can help individuals with immune deficiencies, bleeding disorders, and other health problems.
The process is similar to donating blood, but it takes a bit longer – usually about an hour. You’ll be comfortably seated during the procedure, and a machine will take your blood, separate the plasma, and return the blood cells to your body.
Typically, you can donate plasma twice a week. Most donation centers require a 48-hour gap between sessions to make sure that your body has time to recover.
Recommended reading: How to Make Money in One Hour: 15 Real Ways
9. Food delivery
If you want to make an extra $10 a day, food delivery is a good choice. It’s a flexible way to earn cash by helping people get their meals delivered right to their doorstep. With apps like Uber Eats, DoorDash, and Postmates, you can sign up and start delivering right away.
When you choose to be a food delivery driver, you work on your schedule. All you need is a reliable way to get around, like a car, bike, or scooter, and a phone. The exact amount you’ll make can depend on the time of day, your location, and how many orders you take.
Typically, you receive more than $5 for each delivery. Plus, customers may tip you for your service as well.
Recommended reading: How To Make $5 Fast
10. Deliver groceries
If you’re looking for a way to make an extra $10 a day, delivering groceries might be the perfect side gig for you. With many people busy or preferring to stay home, you can help by bringing their food shopping right to their doorstep.
Popular apps like Instacart and Shipt are always looking for shoppers. You’ll need to meet some basic requirements, like having a car and a phone. After you’re approved, you can start to accept delivery jobs through the app.
You can choose when you want to work. Maybe it’s after your day job or just on weekends. Each trip to the store and delivery earns you money, and you can see your earnings add up with every order you complete.
I have ordered groceries through Instacart many times when I’m too tired to shop, when I’m on vacation and want groceries delivered straight to the vacation home, and when I’m running low on time at home. It is a great service to have!
11. Transcribe
Transcribing is when you get paid to type out what you hear, and it’s a way to make $10 a day if you have a good ear and can type fast.
Transcription jobs are found online and offer flexible schedules. To start, you’ll need a computer and a solid internet connection.
As a beginner, you can earn around $15 an hour, but with more experience, that number can go up.
Recommended reading: 18 Best Online Transcription Jobs For Beginners To Make $2,000 Monthly
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In this free training, you will learn what transcription is, why it’s a highly in-demand skill, who hires transcriptionists, how to become a transcriptionist, and more.
12. Freelance on Fiverr
If you’re looking to earn an extra $10 a day, Fiverr is a platform to try out if you want to freelance.
Fiverr lets you sell skills you’re good at, such as graphic design, data entry, social media management, writing blog posts for others, and more. You can sell thousands of different kinds of freelance gigs, and you can make your service as customized as you want.
I have freelanced a ton over the years, and it’s a great way to make money from home without having to pay anything to get started. You just need your skills and time!
13. Walk dogs
If you love dogs and want to learn how to make $10 a day (or more) without paying, then walking dogs is a side hustle you can easily get started with.
Dog walking apps like Rover help you to list your dog walking services. This is an in-demand service where you may be able to earn $15 to $30 an hour walking dogs.
Once you’re signed up on a dog walking platform, you’ll get alerts for dog walking jobs in your area. You can choose the ones that fit your schedule. A typical session lasts about 30 minutes, and you might walk one or more dogs during this time.
If you have the chance to walk multiple dogs at once, then you may be able to earn more money by aligning many dog walking gigs at the same time. Some clients do pay more for their dog to be walked alone if that’s what they want.
I have two close family members who are dog walkers and they both really love it!
14. Invest in stocks for dividends
If you’re looking to make some extra money daily, you can try dividend stocks. These are shares of companies that give you money back, called dividends, just for owning them. This is like getting a “thank you” for investing in the company.
To make $10 a day, you’d need to earn around $300 a month from dividends.
Dividends work by paying shareholders a portion of a company’s earnings per share of stock they own. For example, if you own 10 shares of Company ABC and they pay $5 in cash dividends per share each year, you will receive $50 in dividends annually. Dividends are usually paid on a monthly, quarterly, or yearly basis, with quarterly payments being the most common (four times a year). In this scenario, the $5 in cash dividends per year would likely be distributed as $1.25 per quarter for each share of stock you own.
Recommended reading: What Are Dividends & How Do They Work? A Beginner’s Guide
15. Play games online
If you enjoy playing games, you can actually make money from it! While you might not consistently earn $10 every day, you can likely make $10 occasionally by doing something in your spare time.
Game apps can pay you real money because they generate revenue from ads and in-app purchases. They then share a portion of their earnings with players to keep them engaged and playing their games.
Here is a quick list of popular online game platforms that offer real cash rewards:
Swagbucks
KashKick
InboxDollars
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Swagbucks is a site where you can earn points for answering surveys, shopping online, watching videos, using coupons, and more. You can use your points for gift cards and cash.
16. Sell things you no longer need
A simple way to earn $10 quickly (or even more) is by selling items you no longer need around your home.
Everyone has things like old books, clothes, unused gift cards (to many places such as Walmart, Starbucks, Target, Amazon, and more), or electronics that they no longer use. Selling these items can help you make money fast.
You have several options for selling your old stuff, like eBay, Facebook Marketplace, Mercari, Craigslist, or even holding a garage sale at your home.
17. Charge scooters
If you’re looking to make an extra $10 each day, then you may be able to find a side gig as a scooter charger for companies like Lime or Bird. These companies pay individuals to pick up, charge, and redeploy their electric scooters around the city.
You can get started by signing up on the company’s website by submitting your name, email, and location. You’ll need to download an app that will guide you to scooters needing to be charged.
Typically, a single scooter gives you around $3 to $5 once fully charged. It might sound small, but charging just a couple of scooters can quickly add up to your $10 daily goal.
18. Babysit
Babysitting is a popular way to bring in some extra cash. If you enjoy spending time with children and have some free hours, this could be a smart pick for making $10 a day or even more.
On average, you could earn between $15 to $25+ per hour for watching kids. The rate might go up if you’re taking care of more than one child or if the children need special attention.
Jobs can range from a couple of hours after school to full days. This makes babysitting a flexible job that can fit into your schedule.
19. Sell on Amazon
If you’re looking to make some cash each day, you might try selling retail items on Amazon. Amazon’s Fulfillment by Amazon (FBA) program can be a great way. You send your products to Amazon, and they handle shipping and customer service for you.
Here’s a quick start guide:
Sign up – Creating an Amazon seller account is your first step. It’s pretty easy and you can do it online.
Choose your products – Find items you want to sell.
List your items – Describe what you’re selling, add pictures, and set your price. Make sure it looks good so people want to buy it.
Ship to Amazon – Box up your items and send them to an Amazon warehouse.
Sell and earn – Once your products are listed, you can start making sales. Amazon gives you a part of the sale price, and that’s how you make your money.
If you want to learn more about starting an Amazon business, I recommend signing up for this free training that will teach you how to sell products on Amazon and make $100 to $500 per day.
20. Rent out your storage space
If you have unused space in your home like a closet, garage, or even a spare bedroom, you can turn it into money! Yes, by renting out your storage space, you could easily make a payout of around $10 a day or $300 a month without much work.
A site to use to rent out your space is Neighbor.
Frequently Asked Questions
Below are answers to common questions about how to make $10 a day fast.
How can I make $10 a day?
You can make $10 a day by doing small freelance gigs, completing online surveys, or selling items that you no longer need. Another way could be to save your spare change from everyday purchases (such as with the Acorns app).
How to make $10 an hour online?
You might be able to earn $10 an hour online by selling virtual assistant services, content writing, graphic design, or tutoring through platforms made for freelancers. Your hourly rate will depend on the skills you have and the demand for them.
How to make $10 a day for free? Can I make $10 daily without any upfront investment?
Making $10 a day for free is possible through apps that reward you for participating in surveys or completing certain tasks, freelancing services like writing or virtual assisting, and walking dogs. You can learn more about this at 22 Ways To Make Money Online Without Paying Anything.
How can kids make $10 each day?
Kids can make $10 a day by doing chores for neighbors (such as by going around the neighborhood and seeing who needs their lawn cut or leaves raked), setting up a lemonade stand, or pet sitting. It’s great for teaching them about the value of work and earning at a young age.
How To Make $10 a Day – Summary
I hope you enjoyed this article on how to make $10.
There are many ways to make an extra $10, whether you need $10 right now or if you want to make $10 each day.
Making an extra $10 can be helpful, whether you have a full-time job, are a stay-at-home parent and just need to make a little extra money, or whatever else.
If you like sharing your thoughts, you can make money doing online surveys. If you’re good at crafts and art, selling printable designs on Etsy could be a good fit. For those who love pets, walking dogs using apps can bring in extra cash. And if you prefer working at night, you can offer your skills on freelance websites after the day is over to make that extra $10.
These little bits of money each day can add up and give your budget more room to move each month.
Are you looking to learn how to make $10 a day or fast?
If you’re thinking about refinancing your home loan or paying off your mortgage early, you might request a mortgage payoff statement. The amount due on this document is likely to be different from your current balance because it includes interest owed until the payoff date and any fees due.
Read on to learn more about what a mortgage payoff statement or letter is and when you might need one.
What Is a Mortgage Payoff Statement?
Starting with mortgage basics, a mortgage is a loan used to purchase different types of real estate, including a primary home. A bank or other lender agrees to lend money, which the borrower commits to pay back monthly for a set period of time and with interest.
The different types of mortgage loans include conventional and government-insured mortgages and reverse mortgages.
There are jumbo loans, which exceed the dollar limits set by the Federal Housing Finance Agency, and home equity loans.
Say you have a mortgage and want to know exactly how much you’d need to pay to satisfy the loan. A mortgage payoff letter will tell you that magic number. Unlike your current balance, the payoff amount includes interest owed up to the day you intend to pay off the loan. It may also include fees that you’re on the hook for and haven’t paid yet.
Your monthly mortgage statement, on the other hand, only shows your loan balance and the amount due for your next monthly payment. 💡 Quick Tip: You’ve found an award-winning home. Enjoy an award-winning mortgage experience, too. SoFi has knowledgeable Mortgage Loan Officers to guide you through the process.
How Does a Mortgage Payoff Statement Work?
You can request a payoff statement from your loan servicer at any time. Note: Your mortgage servicer may be different from your lender. The company that manages your loan handles billing, accepts loan payments, keeps track of your principal and interest, and fields questions from borrowers.
You may request a payoff statement for any type of loan, including mortgages, student loans, personal loans, and auto loans. However, if you need your mortgage payoff statement, go to your mortgage servicer directly. The name and contact information of your mortgage servicer is included in your monthly statements.
When you make the request from the company that handles your mortgage servicing, you’ll need to provide the following details:
• Your name
• Address
• Phone number
• Your loan number
• The date you want your payoff to be effective if you’re seeking to pay off your mortgage early.
Asking for a payoff statement does not necessarily mean that you intend to pay off your loan immediately. You may simply be determining whether or not paying off your mortgage early is feasible, for example. The request itself does not initiate the prepayment process.
Traditional lenders, such as brick-and-mortar banks, may mail you a paper mortgage payoff statement. Online lenders may send a payoff statement online.
Recommended: 5 Tips for Finding a Mortgage Lender
What Information Do Mortgage Payoff Letters Contain?
All mortgage payoff letters tend to contain similar information, including:
• Payoff amount: The amount of money that would satisfy the loan.
• Expiration date: The date through which the payoff amount is valid. The letter may also include an adjusted amount should you pay before or after the expiration date.
• Payment information: The letter will also usually tell you who to make the final check out to and where to mail it.
• Additional charges: You will be alerted to any additional fees and charges that you’ll need to include.
💡 Quick Tip: Your parents or grandparents probably got mortgages for 30 years. But these days, you can get them for 20, 15, or 10 years — and pay less interest over the life of the loan.
Do You Need a Mortgage Payoff Statement?
There are a few common situations in which you might need a payoff statement.
• Refinancing a mortgage: When you refinance your mortgage, your chosen lender pays off your old home loan with a new one, preferably with a lower interest rate and possibly a new term. When you seek to refinance, your new lender may ask you to provide a payoff statement on your current loan.
• Prepaying a mortgage: It’s possible to pay off a mortgage early. A payoff statement will show you exactly how much you’d need to pay to do so. Most prepayment penalties for residential home loans that originated after January 10, 2014, are prohibited. Still, check before you decide to prepay.
• Working with a debt relief company: If you’re having trouble managing your debts, you’ve fallen behind on payments, or you otherwise need mortgage relief, you may choose to work with a debt relief company that can help negotiate with your lenders. The company will need to see payoff statements to get an idea of the scope of your debt.
• Collections and liens: A lender might send you a payoff statement if you’ve fallen behind on your payments and they are sending your debt to a collection agency. In this case, the payoff statement may tell you how much you need to pay to stop the collection action.
If your lender decides to seize your home to recoup unpaid mortgage payments, they may place a lien on the property. They may send a payoff statement that alerts you that your property will be seized if the specified amount isn’t paid in full.
There are other ways to figure out how much you owe on your mortgage loan. You can talk to your lender and ask for a verbal payoff quote. This will provide an estimate, but understand that it is not a legal agreement and isn’t binding.
The Takeaway
If you have a home loan, you may want to request a mortgage payoff statement, especially if you’re thinking about refinancing or paying off your mortgage early. Requesting the mortgage payoff letter does not initiate any formal processes, so it’s fine to think of it as an information-gathering exercise.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% – 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It’s online, with access to one-on-one help.
SoFi Mortgages: simple, smart, and so affordable.
FAQ
How do I get my mortgage payoff statement?
Contact your loan servicer to request your mortgage payoff statement.
When should I get my mortgage payoff statement?
Request your mortgage payoff statement when planning to prepay your mortgage, refinance, or consolidate debt.
How long does it take to get a mortgage payoff statement?
Generally speaking, you should receive your mortgage payoff statement within seven business days of your request.
Photo credit: iStock/Vadym Pastukh
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Mortgages Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.
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.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
A tax deduction reduces your taxable income, potentially lowering the amount of income you can be taxed on. A tax credit directly reduces the amount of tax owed. Tax deductions are based on expenses or contributions, such as mortgage interest or charitable donations. Tax credits are applied after calculating how much you owe in taxes and can provide a dollar-for-dollar reduction.
When you file your federal and state tax returns, you probably look for ways to reduce the amount of money you owe. To maximize your savings, you need to know the difference between a tax credit vs. a deduction. Both affect the amount of tax due, but they do so in different ways. Here’s how to distinguish between the two.
Note: This is for informational purposes only and is not tax advice. Please consult your tax professional to discuss your individual situation.
Defining Tax Credit vs. Tax Deduction
A tax credit is a tax incentive that allows you to subtract the amount of the credit from the amount of tax you owe. For example, if you owe $2,000 in taxes and take a credit worth $1,000, the credit reduces your tax bill to $1,000. The tax credit is a dollar-for-dollar adjustment.
In contrast, a tax deduction is an amount of money deducted from your income. When you take a deduction, it reduces your taxable income by the same amount of money. For example, the standard deduction allows you to deduct $14,600—$29,200 for married couples—from your adjusted gross income.
Here’s the main difference between the two. Tax credits reduce your tax bill directly, as they offset your tax liability. Tax deductions don’t reduce your taxes directly, but they lower your tax bill by reducing the amount of taxable income you have.
Refundable vs. Nonrefundable Tax Credits
Once you understand the difference between a tax credit vs. a deduction, you also need to know the difference between refundable and nonrefundable tax credits. The type of credit you apply makes a big difference in determining the size of your refund.
If you owe less than the amount of a refundable credit, you get the difference back from the IRS or your state revenue agency. Assume you owe $500 and are eligible for a refundable credit worth $1,500. Not only would the credit wipe out your $500 tax bill, but it would also help you qualify for a $1,000 tax refund.
With nonrefundable credits, you don’t get back the difference between the amount of the credit and the amount of tax you owe. In the scenario above, the credit would reduce your tax bill to $0, but you wouldn’t get the extra $1,000 as a refund.
Common Tax Credits and Deductions
Before you prepare your tax return, take time to learn about some of the most common tax credits and deductions for taxpayers in your situation. Many credits and deductions are based on your income, family size, and filing status. You may also qualify for credits and deductions based on college enrollment, self-employment, or charitable donations.
Tax Credits
Earned Income Tax Credit
The EITC is a federal tax credit for filers with low to moderate incomes. To qualify, you must have earned income, which is income you get from working. Dividends, bank interest, and other forms of passive income don’t count as earned income.
You must also earn less than $63,398 annually. The amount of the EITC ranges from $600 to $7,430, depending on how many children you have.
American Opportunity Tax Credit
The American Opportunity Tax Credit is a federal tax credit worth up to $2,500 per year. You may qualify if you have expenses related to your first four years of higher education, such as tuition, textbooks, or course fees.
Additionally, the AOTC is partially refundable. If you owe $0, you can get back 40% of the remaining amount of the credit as a refund. For example, if you owe $0 and are eligible for the $2,500 maximum, you can get a $1,000 refund when you file your return.
To qualify for the AOTC, you must have a modified adjusted gross income of no more than $80,000 per year—$160,000 if you’re married and file a joint tax return.
Lifetime Learning Credit
The Lifetime Learning Credit is also an educational credit, but it’s a little more flexible than the AOTC. To claim this credit, you must meet the following requirements:
You paid qualified expenses for higher education.
You paid the expenses for an eligible student enrolled at any college, trade school, university, or other educational institution that meets the requirements to participate in a federal student aid program. This is known as an “eligible institution.”
The eligible student is you, your spouse, or a dependent claimed on your tax return.
Your modified adjusted gross income doesn’t exceed $90,000—or $180,000 if you’re married and file a joint tax return. Note that the amount of the credit is gradually reduced if you have a MAGI between $80,000 and $90,000. If you’re married and file a joint tax return, the phaseout starts at $160,000.
This credit is worth up to $2,000 per year, and there’s no limit to the number of times you can claim it.
Child and Dependent Care Credit
The child and dependent care credit reimburses you for some of the expenses you paid for the care of a qualifying individual. If you have a child, they must be under the age of 13 at the time you pay for care. A qualifying individual may also be an adult who’s mentally or physically unable to care for themselves.
The IRS only allows you to claim this credit if you paid for care because you were working or actively looking for work. You can’t claim the credit if you needed child or dependent care for another reason, such as attending school or taking time off to care for an elderly parent.
If you qualify for the credit, the amount you can claim depends on your income. Under the IRS rules, an eligible taxpayer may claim 20% to 35% of their child and dependent care expenses. However, you’re only allowed to claim up to $3,000 in expenses for one dependent or $6,000 in expenses for two or more dependents.
Assume the following:
You have one eligible dependent.
You spent $3,600 on childcare expenses during the tax year.
Based on your income, you can claim 35% of your eligible expenses.
In this scenario, you can’t claim the full $3,600 in expenses, so you’d multiply $3,000 by 35% to determine the amount of your credit.
Tax Deductions
Medical Expense Deduction
The medical expense deduction allows you to deduct unreimbursed medical expenses on your federal tax return. However, you can’t use this deduction unless you itemize, which involves deducting specific expenses rather than taking the standard deduction. Itemizing doesn’t always save you the most money, so consult with a tax professional before you take this deduction.
If you decide that itemizing is right for your situation, you can only deduct medical expenses that exceed 7.5% of your adjusted gross income. Here’s an example:
Assume you have an AGI of $60,000 and $7,000 in unreimbursed medical expenses. If you multiply $60,000 by 0.075, you get $4,500. You can only deduct expenses exceeding the 7.5% threshold, so your deduction would be $2,500, not the full $7,000.
An unreimbursed medical expense is any expense that hasn’t been reimbursed by your health insurance company or another entity. Note that you can’t claim expenses that were paid from a flexible spending account or a health savings account, as both types of accounts already have tax advantages.
Mortgage Interest Deduction
If you have a home loan, you may be able to deduct the interest on your federal tax return. To qualify for this deduction, you must file Form 1040 or Form 1040-SR, itemize your deductions on Schedule A and have an ownership interest in the mortgaged property.
The amount of money you can deduct depends on the amount of your mortgage and when you took it out. Calculating the deduction can be a bit tricky, so don’t be afraid to consult a qualified tax professional.
Student Loan Interest Deduction
If you have student loans, the IRS allows you to deduct $2,500 or the amount of interest you paid during the year, whichever is less. For example, if you paid $2,346 in interest during the year, you can deduct $2,346 from your AGI. You can’t deduct the full $2,500.
Additionally, you can’t claim the student loan interest deduction if you earn more than $75,000 as a single filer or $155,000 if married filing jointly.
Making Sense of Tax Credits vs. Deductions
Credit and deduction amounts aren’t set in stone. The IRS may decide to change the eligibility criteria for some of these credits and deductions. It’s wise to consult a tax professional if you need help determining the best way to file your tax return.
Note that the credits and deductions above apply to your federal tax return only. Your state may offer additional savings opportunities, or it may have different eligibility criteria. Ask your tax professional if you qualify for any state-level credits or deductions.
Visit Credit.com for more information that may help you during tax season.
Want to learn how to make $5 fast? If you need to make $5 as quickly as possible, there are ways to make that happen. Many of the ways to make $5 dollars fast on today’s list are quite easy and can even be stacked together so that you can make extra income many times…
Want to learn how to make $5 fast?
If you need to make $5 as quickly as possible, there are ways to make that happen. Many of the ways to make $5 dollars fast on today’s list are quite easy and can even be stacked together so that you can make extra income many times over and over again.
Whether you’re in need of a little extra cash or just looking for a way to supplement your income, various strategies can help you earn that money quickly.
17 Ways To Make $5 Fast
Want to learn how to make $5 fast? Here are the best ways to make $5 right now and every week.
1. Take surveys online
Earning $5 a day just by answering surveys is possible and is an easy way to make money from home.
When I was paying back my student loans, I filled out many surveys every week. I did this before work, during lunch, or after work. It was easy because I could do it whenever I had some free time.
Survey companies give you money for answering surveys, watching videos, and trying out products. Sometimes, they might even give you free products to test. And the great thing is, signing up with these companies doesn’t cost anything!
Some of the paid online survey companies I recommend are:
The sites above usually pay out via cash rewards to PayPal accounts or gift cards to places like Amazon.
Here are 11 Paid Online Survey Sites if you want to learn more.
2. Get rewarded for grocery shopping
When you go shopping for groceries, you can earn money back just by buying the things you need. My favorite way to do this is with the Fetch Rewards app.
Fetch Rewards is an app you can use on your phone to get free rewards just by scanning your grocery receipts. Whenever you go grocery shopping, make sure to keep your receipt. Then, after you’re done shopping, use the Fetch app to scan your receipt. This will earn you points for every purchase that has an offer tied to it.
I personally use this app every time I shop for groceries. It only takes me less than a minute to scan my receipt from the grocery store. Doing this lets me earn points easily, which I can then use for free gift cards.
Recommended reading: 21 Ways To Get Free Money Now
3. Play games and earn
If you enjoy playing games, you can actually make money from it! That’s right, you can earn real cash by playing games on your phone or computer!
Game apps are able to pay you real money because they make their own money from ads and purchases within the app. Then, they give you a portion of what they earn to keep you interested in playing their games.
Below is a quick list of popular game apps that pay real cash:
KashKick
Swagbucks
InboxDollars
Other popular games to make $5 fast include Mistplay, Blackout Bingo, and Solitaire Cube.
4. Watch videos and ads for money
Companies pay people to watch ads to understand what consumers want and if they would buy their product. This helps companies make their products better and possibly earn more money. They also pay people to watch their ads to get more attention for their company.
Some companies that pay you to watch videos and ads include:
Watching videos for cash is easy. You sign up for these websites, choose videos or ads to watch, and start earning. Most videos pay just a few pennies, but there are some that may pay a few dollars.
Recommended reading: 13 Ways To Get Paid To Watch Ads
5. Shop through cash back sites
When you shop online, you can actually get some of your money back by using cash back sites. It’s kind of like getting a discount, but instead of saving money right away, you get some money back later on. I use cash back sites and apps almost every time I shop online – it’s a simple way for me to get some extra cash for free.
One popular app is Rakuten. When you shop through them, they give you a percentage of your purchase back. It’s super easy too. Start by making a Rakuten account, find your store on their site, and shop like normal. Rakuten sends the cash back to you afterward.
Some popular cash back apps and sites that I like include:
Rakuten – You can receive checks or PayPal payments. By shopping online through their website, you earn a percentage of your spending back. They offer deals for many stores and retailers, giving you more opportunities to get money back on your online purchases.
Swagbucks – You can earn points that you can exchange for cash or gift cards.
Capital One Shopping – Capital One Shopping looks for better deals and coupons. You earn credits from purchases, which you can exchange for gift cards. I personally have this browser extension installed on my laptop, and it’s very easy to use.
6. Join a focus group
Participating in a focus group is a good way for you to make $5 fast – or even much more! A focus group is a small group of people who give their opinions about new products or services. Companies use these opinions to make their products better.
I have participated in a focus group that paid me about $400 for just 75 minutes of my time. Although that’s more than usual, most focus groups typically pay anywhere from around $50 to over $100 per hour. How much you get paid can vary a lot based on how long the study is and what it’s about, but there are definitely some studies that pay more than others.
One focus group company that I recommend is User Interviews. User Interviews recruits people like you and me to answer surveys and share your feedback.
7. Earn with cash back credit cards
If you’re looking to make a quick $5, your cash back credit card may be a way to make some extra money. If you have a credit card, you’re probably earning points just by spending money as you normally would.
You can convert your points into cash back with rewards credit cards. Here’s how it works: Every time you use your credit card to make a purchase, you earn points as a reward for spending money.
I have rewards credit cards, and I earn points every time I shop or pay a bill, without doing anything extra. I just handle my bills and expenses as usual. In fact, I recently signed up for a new rewards credit card with an amazing sign-up bonus worth over $800.
Recommended reading: Best Rewards Credit Cards
Note: Please make sure that you use credit cards responsibly and that you are aware of any annual fee that your credit card may charge.
8. Sell unused gift cards
If you’ve got gift cards lying around that you’re not going to use, you can turn them into cash quickly. You can easily sell your unused gift cards online and make that $5 or more, fast!
The top places to sell your gift cards include Raise, CardCash, CardSell, ClipKard, Gameflip, GiftCash, and Check Into Cash. If you want to get the most money for your gift card, it’s a good idea to check out different websites and see how much they’re willing to offer.
Recommended reading: 7 Best Places To Sell Gift Cards For Cash
9. Sell things you don’t need
One easy way to make $5 fast (or more) is to sell things around your home that you do not need. Everyone has things they no longer need or use – old books, clothes, or electronics. These items can turn into quick cash.
There are many places you can sell your old stuff too, such as eBay, Facebook, Mercari, Craigslist, or even hosting your own garage sale.
Recommended reading: How To Get $20 PayPal Now
10. Return something that you’ve recently bought
There may be a good chance that you have bought something recently that you don’t actually need. If you need $5 quickly, then finding something to return may be an easy way to make some extra bucks.
To make $5 quickly by returning an unused item, first, find items you don’t need anymore and make sure they’re in new condition with the original packaging and receipts.
Check the store’s return policy to make sure you can return the items and to know the time limit for returns. Then, go to the store’s customer service or returns desk with the item and receipt.
Follow the return process, and you’ll get your refund either in cash, credited back to your original payment method, or as store credit. If you can’t return the item, think about selling it online for fast cash.
11. Deliver food and groceries
If you want to make $5 fast, delivering food and groceries is a smart pick with companies like DoorDash, Instacart, and Uber Eats. All you need to make money with delivery services is a way to get around and a phone to accept orders.
When you deliver food, you pick up meals from restaurants and grocery stores and take them to people’s homes:
Instacart – This has a focus on grocery runs. You’re the one who goes up and down the aisles, grabbing what people need. You check the list, find the items, and deliver them.
DoorDash – It’s more about restaurant meals. You grab takeout orders and make sure they get to the customer while the food’s still hot.
Uber Eats – This is similar to DoorDash. It’s all about quick trips from the restaurant to the customer’s place.
You usually get more than $5 for each delivery. Plus, customers might tip you for your service too.
12. Freelance your skills online
To make $5 quickly by freelancing your skills online, first, figure out what you’re good at, like writing, graphic design, programming, or something else.
Then, sign up on freelance gig websites like Upwork, Fiverr, or Freelancer, and sell your services at a reasonable price, like $5 for a small task.
You can also share your services on social media, forums, or online groups to find clients fast.
13. Open a new bank account
Many banks have sign-up bonuses for new customers, such as for $100 or more for depositing a certain amount of money into a new bank account or for setting up direct deposit to your new bank account.
14. Test websites and apps
If you’re looking to make a quick $5, testing websites and apps could be a great option for you. Websites like User Testing will pay around $10 for you to test other people’s websites.
When you test websites, you pay attention to things that don’t work smoothly or might be confusing. Your feedback is valuable because companies want real opinions to improve their websites, not just simple answers.
15. Dog walking or pet sitting
Dog walking is a fun way for you to make some extra cash with a side hustle (this could be a full-time job as well!). If you enjoy spending time with dogs and love being outdoors, this could be your quick $5 or even more!
Dog walking apps like Rover allow you to list your dog walking services. This is an in-demand service where you may be able to earn $15 to $30 an hour walking dogs.
Recommended reading: 22 Ways To Make Money Online Without Paying Anything
16. Get paid to recycle
Recycling isn’t just good for the planet, it’s also a way to put a little extra cash in your pocket. You’re probably used to tossing your plastic bottles and aluminum cans into the recycling bin without a second thought, but did you know that some places will pay you for these items?
The first step is to look up a local recycling center that pays for recycling. They may list out which items they’ll pay for and how much they offer. Items like glass bottles, aluminum cans, and scrap metal are usually in demand.
17. Save money in a high yield savings account
A high-yield bank account is a low-risk method to make extra cash.
These types of savings accounts earn a higher interest rate than a regular savings account, so your money grows faster.
You will want to make sure that you pick a trustworthy bank and check the interest rates regularly because they can go up or down. Some people move their money into high-yield savings accounts often so that they can get the highest interest rates.
I personally use Marcus by Goldman Sachs as they have a very high rate. You can get up to 5.40% at the time of this writing through a referral link bonus. According to this high-yield savings account calculator, if you have $10,000 saved, you could earn $540 with a high-yield savings account in a year. Whereas with normal banks, your earnings would only be $46.
Frequently Asked Questions
Below are answers to common questions about how to make a quick $5.
What easy tasks can I do right now to earn $5 quickly?
If you want to make $5 right now, then I highly recommend finding items around your home to sell. This could be clothing, an old cell phone that you no longer use, or even furniture.
How can I sell my stuff fast for some quick cash?
To sell your things fast, list your stuff on sites like eBay or Facebook Marketplace. You’ll want to take good pictures, write clear descriptions, and set fair prices. You can often sell items you no longer need within a day or two, sometimes hours.
Can I get paid for doing online surveys or playing games?
Yes, you can! Websites like American Consumer Opinion pay you for completing surveys, and apps like Swagbucks reward you for surveys, playing games, referrals, and more. By signing up and participating, you can reach that $5 mark in no time.
How can kids or teens make $5 fast with little effort?
Kids and teens have lots of options such as doing household chores for a neighbor or having a small garage sale. I recommend reading 23 Best Business Ideas For Kids to learn more.
How can I make $5 in passive income?
My favorite way to make a quick $5 in passive income is to save money in a high-yield savings account. These types of savings accounts earn a higher interest rate than a regular savings account, so your money grows faster.
How To Make $5 Fast – Summary
I hope you enjoyed this article on how to make $5 quickly. As you can see, there are many ways to make $5 fast, and many times from home.
Examples of how to make $5 fast include taking online surveys, using grocery receipt apps, playing games online, getting cash back, selling freelancing gigs, and selling things that you no longer need.
Whether you need to make $5 just once, or if you are looking to make an extra $5 each day, there are many ways to do this.