Want to learn how to make $200 fast? Having some extra income can be useful for unexpected needs or saving up money. Maybe you need money for rent, something broken on your car, or a medical bill. Maybe you have something that you’re saving for, and you just want to make some extra cash. If…
Want to learn how to make $200 fast?
Having some extra income can be useful for unexpected needs or saving up money. Maybe you need money for rent, something broken on your car, or a medical bill. Maybe you have something that you’re saving for, and you just want to make some extra cash.
If you want to make $200 fast, there are many ways to do it: You could sell things you don’t need, create and sell handmade items, use your car or home to make money, and more.
There are lots of ways to make $200 fast!
My top picks to make $200 fast
Selling items from around your home, such as clothing, an old cell phone, furniture, and more. You can learn how to flip your stuff in this free webinar.
Make $65+ per hour in a focus group sharing your opinions with User Interviews.
Rent out your RV with RVShare.
Freelance proofread and learn how to become a proofreader in this free webinar.
Start a blog (this is what I do!) and learn how in my free How To Start a Blog course.
Best Ways To Make $200 Fast
Below are the best ways to make $200 quickly.
Selling items from around your home
The quickest way to make $200 fast is to find stuff you already own and sell it.
When you’re in a pinch for cash, your home can be a treasure trove of items you can sell. Start by gathering gently used items or those you no longer need, such as electronics (phones, laptops), furniture (couches, coffee tables), clothing and accessories (especially branded ones), gift cards, and collectibles and antiques.
You can sell on Craigslist (ideal for bulkier items like furniture, tires, cars, etc., where local pickup is more practical), Facebook Marketplace (great for reaching a large local audience quickly), eBay (perfect for unique or more valuable items where shipping isn’t an issue), thrift stores (get cash on the spot at places like Plato’s Closet), having yard or garage sales (typically get less per item but can get rid of a lot of things at once), and more.
I have sold a ton of used items over the years such as clothing, jewelry, car tires, furniture, and more. It is easy and someone probably wants what you’re selling.
Recommended reading: 16 Best Selling Apps For Selling Stuff Online And Locally
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This free workshop will teach you how to get into the flipping business. It will teach you how to resell furniture, electronics, appliances, and anything else you can find.
Rent out your storage space
If you’ve got extra space in your home, be it an attic, basement, or spare room, renting it out for storage is an excellent way to earn extra cash.
A site to use to rent out your space is Neighbor. This website helps you earn money by renting out space you’re not using.
You can make up to $15,000 a year by renting out your garage, driveway, basement, or even a closet with Neighbor. You get to choose the prices and decide which reservations you want to say yes to and host.
Take paid online surveys
Earning $200 a day just by answering surveys isn’t normally possible (unless you are doing focus groups or paid research studies), but you can reach your goal by combining survey earnings with other ideas.
When I was repaying my student loans, I answered lots of surveys each week. I did this before work, during lunch, or after work. It was convenient because I could do it whenever I had free time.
Survey companies pay you for answering surveys, watching videos, and testing products. Sometimes, you might even receive free products to evaluate. The best part is that joining survey companies is free!
Some of the paid online survey companies I recommend are:
Here are 11 Paid Online Survey Sites if you want to learn more.
Answer questions in a focus group
A focus group is like a paid online survey, as I mentioned before, but you can make a lot more money from it.
I’ve done a focus group in the past that paid me around $400 for 75 minutes of my time. While that’s a bit more than usual, most focus groups pay anywhere from around $50 to over $100 per hour. Compensation differs significantly depending on the study’s length and topic, but higher-paying studies do exist.
Lots of consumer research companies pay people like us to share our opinions. The companies use our feedback to make their products and services better.
One focus group company that I recommend is User Interviews. User Interviews recruits participants to answer surveys and share their feedback.
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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.
Play games on your phone
If you’re looking to make $200 quickly, your smartphone can be a surprisingly interesting way. By playing games on your phone, you can earn real money.
Game apps pay real money rewards because they make money from ads and in-app purchases. They share a part of their earnings with you to motivate you to keep playing their games.
The best game apps that pay real money include KashKick, Swagbucks, and InboxDollars.
When picking gaming apps to make money, check reviews and learn about how you get paid. Be careful with apps that ask you to pay to play or promise rewards that sound too good to be true. Also, keep track of the time you spend playing games to make sure it stays worth it.
Rent out your unused RV
If you have an RV that’s sitting idle, you may want to turn it into income by renting it out. Many people have RVs they don’t use very often. Instead of letting it just sit there, you might make extra money by renting it out. Yes, you could potentially make $200 a day by renting your RV to others.
Popular sites such as RVshare work similarly to Airbnb, connecting you with potential renters. They handle the bookings and insurance, making the process easier.
Another idea is to park your RV somewhere and list it on Airbnb. I’ve seen many RVs, campers, trailers, and more on Airbnb available for rent. Just make sure that you can rent it out in the location you want to leave it, as not all campgrounds or neighborhoods may allow it.
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RVshare is one of the best money-making sites because it helps travelers save money by cutting out the middleman and offering RV rentals directly from RV owners. If you have an RV that is sitting around, then you may be able to make $100 to $300+ a day.
Proofread
If you like finding mistakes in written content and want to know how to make $200 a day, proofreading could be a good fit for you. It can be a part-time job or a full-time work-from-home career too.
It’s a job where you can make $200 in a day, and many proofreaders earn around $40,000 a year or even more.
Proofreaders check for mistakes in articles, ads, books, student papers, emails, transcripts, and more.
To become a proofreader, all you need is a laptop or tablet, an internet connection, and the ability to spot mistakes and errors.
I recommend signing up for the free 76-minute workshop, where you can learn more about becoming a proofreader. You can sign up for the free How To Become a Proofreader workshop here.
Recommended reading: How To Become A Proofreader And Work From Anywhere
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This free 76-minute workshop answers all of the most common questions about how to become a proofreader, and even talks about the 5 signs that proofreading could be a perfect fit for you.
Virtual assist
A virtual assistant (VA) is someone who helps a person, company, or business owner with administrative and business tasks, making sure everything runs smoothly. They’re just like in-person assistants, but they work from home and online.
I used to work as a virtual assistant for small business owners. I didn’t have prior experience, but I learned the skills while on the job. It not only helped me earn a good income but also allowed me to work from home. I also have virtual assistants who work for me, so I know how helpful they are! This is a very in-demand job field to get into.
Virtual assistant tasks may include:
Managing a company’s Facebook account
Managing a calendar
Scheduling appointments and meetings
Creating slideshows and presentations
Managing an email inbox and handling customer support
And more.
Typically, when you begin working as a virtual assistant, you might earn around $15 to $20 per hour. However, in some cases, you could start with twice or even three times that amount. It depends on the type of work you do and the services you provide.
This can be a full-time job or a side hustle too!
You can learn more at How I Earn $10,000 Per Month From Home as a Virtual Assistant.
Selling handmade goods and crafts
If you want to earn an extra $200 fast, selling the things you make by hand, like crafts or handmade goods, is a great idea.
A popular place to sell handmade goods includes Etsy, which has a worldwide audience looking to purchase unique handcrafted items. You can also sell via social media or even rent a booth at a local craft fair.
You can sell all different kinds of handmade items such as jewelry, soap, furniture, art, photography, clothing, personalized gifts (such as engraved items), and more.
I have personally bought handmade goods all of these ways.
Freelance write
A person who freelance writes can make $200 in a single day.
Freelance writers work for clients, like websites, magazines, marketing teams, book publishers, and others. They write different things such as articles, blog posts for search engine optimization (SEO), marketing content, newsletters, press releases, and more.
You can find freelance writing jobs in many ways such as by searching on Fiverr or Upwork, looking to see if any of your favorite sites are hiring writers, networking with people in the industry you want to write in, and more.
I’ve been a freelance writer for a long time, and many of my friends also have this job. It’s a great way to make $200 a day or more all from home.
You can learn more about how to find freelance writing jobs below:
Transcribe
If you’re looking to make $200 quickly, transcription could be a great option. With a fast typing speed and strong language skills, you can convert audio files to text for pay.
Transcription is when you change spoken words from audio or video into a written document. Many businesses need transcriptionists because they need to convert audio and video into text.
New transcriptionists usually make about $15 per hour when they begin, and the good thing is, you don’t need any previous experience to get started.
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.
Blog
Starting a blog doesn’t instantly make you $200 on the first day because it takes time to set it up. However, with time and effort, bloggers can make $200 a day in the future.
A blog is a website with articles, like what you’re reading now. You can create a blog on topics such as personal finance, recipes, travel, pet care, family life, and more. There are many different types of blogs out there.
You can make money from a blog by partnering with companies for sponsorships, showing ads, doing affiliate marketing (for example, selling a product listed on Amazon), and selling products like ebooks, candles, T-shirts, and more directly on your blog.
This is what I do to make money, and I earn well over $200 a day online. It did take me around 6 months to make my first $100 with my blog, so it does take time to get started. It took me about a year to reach around $5,000 a month and around 2 years to get to $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).
Another idea similar to this is to start a YouTube channel, TikTok, Instagram, and more!
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Want to see how I built a $5,000,000 blog?
In this free course, I show you how to create a blog, from the technical side to earning your first income and attracting readers.
Dog walker
Becoming a dog walker is a fun way to make some quick cash if you love pets, especially dogs. You can easily get started by signing up with well-known dog walking apps dedicated to connecting dog walkers with pet owners.
Here are some steps to help you begin:
Register on Dog Walking Apps – Platforms like Rover are great for finding dog walking jobs. You could earn around $15 to $18 per hour depending on your experience and the local demand for dog walkers.
Create a Profile – Highlight your experience with dogs and any references you might have.
Set Your Availability – Decide on the days and hours you’re available to walk dogs and set your schedule.
My sister as well as my husband’s mother are both dog walkers on Rover, and they both enjoy this side hustle.
Sell printables on Etsy
Selling printables on Etsy can be a quick way to earn some extra cash.
Printables are digital files that customers can download and print themselves. These can include things like planners, art prints, stickers, learning tools, worksheets, invites, and organizational tools.
You most definitely have used printables in your life, and so have most people. I buy printables all the time because they make my life so much easier – and it’s so nice to just print things out and have them more easily accessible for when I need them.
One great thing about selling printables is that you don’t have to print and send anything yourself. The customer pays for the design, and they print it out on their own.
Here’s how you can get started:
Step 1: Find Your Niche
Determine what kind of printables you’re passionate about. Many people specialize in a certain type of printable, such as home, wedding, organizing, education, etc.
Research what’s popular and in demand. See what kind of printables people are actually buying right now.
Step 2: Create Your Printables
Use design tools like Canva or Adobe Illustrator.
Make sure your design is original and appealing.
Step 3: Set Up Your Etsy Shop
Create a memorable and easy shop name.
Set up shop policies and fill in all the details.
Step 4: List Your Products
Take attractive product photos or create digital mockups.
Write clear and compelling product descriptions so that potential customers can find your printables.
Price your printables competitively.
Step 5: Promote Your Shop
Utilize Etsy’s built-in SEO by using relevant keywords in your listings.
Share your printables on social media platforms.
Consider Etsy Ads for additional promotion.
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.
Deliver groceries and food
Grocery delivery is a service that is becoming more and more popular. I’ve used it several times myself when I didn’t have time to shop or didn’t have a car available. This service is likely to keep growing.
If you’re looking to make quick cash, you can try delivering groceries and food. You have the flexibility to create your own schedule, and payment can be received pretty quickly – sometimes even within an hour.
Delivering groceries is a popular extra job, and all you need is a valid driver’s license and a car.
You get paid for each delivery and keep all your tips. Platforms like Instacart and Shipt can help you earn around $15 to $20 per hour.
Here are a couple of options for you to start earning with food delivery:
Instacart: As an Instacart shopper, you can choose to shop for groceries or both shop and deliver to customers. Being able to cash out your earnings instantly is a big plus.
Shipt: Enjoy shopping at stores like Target and CVS? With Shipt, you can earn by shopping for others. It’s a great way to combine earning with a task you already enjoy.
Sign up to become an Instacart shopper here.
Related to this: You can also deliver restaurant meals in your spare time through companies like DoorDash and Uber Eats.
Drive for Uber or Lyft
Earning $200 quickly may seem hard, but you may be able to reach this goal by driving for ride-sharing services like Uber or Lyft.
Here’s what you need to know:
Sign Up – Both Uber and Lyft require you to have a valid driver’s license, meet age requirements, pass a background check, and have an eligible car.
Flexibility – You have the freedom to choose your working hours. Whether it’s an hour, over the weekend, or throughout the week.
Earnings – Income can vary, but it’s possible to earn between $20 to $25 per hour on average. At this rate, driving for 10 hours can help you reach your $200 target.
Maximize Promotions – Keep an eye out for special promotions or peak time surge pricing (such as by driving during weekend nights or during a baseball game) as these can really boost your earnings.
Expenses like gas and vehicle maintenance will come out of your earnings, so it’s important to work efficiently and choose high-demand times and areas to increase your income.
Tutor
Tutors who know subjects well, like math, language, science, graphic design, and more, help students get better at those subjects.
Becoming an online tutor depends on the subject you want to teach. You need experience in that area, but there are options for beginners too. Tutors for advanced subjects, like calculus or college entrance exams, usually earn more than those teaching simpler topics.
Rates vary from $15 to over $100 per hour, depending on the subject and where you offer your tutoring services.
Read more at 11 Best Places To Find Online Tutoring Jobs (Make $100+ an hour).
Sign up for quick Craigslist jobs
You can make $200 quickly using your local Craigslist, which has short-term jobs and side hustles listed under “gigs.”
Some gigs I’ve seen include painting a room, running errands, passing out flyers, handyman work, loading a moving truck, shoveling snow, pet sitting, transporting a boat, and more.
You can also find quick gig side hustles through a company called Taskrabbit as well!
Note: When using Craigslist for odd jobs, be cautious of scams. If something appears too good to be true, it probably is. For instance, no one is likely to pay you $2,000 for a mystery shop or a 30-minute survey. It’s important to stay alert and choose opportunities that are realistic and trustworthy. Simply skip it if you have doubts!
Get a roommate
If you’re looking to make $200 quickly, getting a roommate can be one way to do so, and if you have an extra room at home, you can make extra money by renting it out on platforms like Airbnb or finding a long-term roommate.
Renting out a room long-term could earn you around $200 or much more, depending on the room and its location. It’s a good way to utilize your extra space for additional income.
I have personally had several roommates in the past, and it was a good source of income. Plus, we had the extra space anyway that was unused. We charged around $400 a month per room, but nowadays you can definitely get a lot more (especially depending on where you live).
Here’s a quick step-by-step guide to finding a roommate and getting paid:
Advertise Your Space – You will need to find ways to get the word out about the spare room you want to rent out. You can do this on Craigslist, your personal Facebook page, placing a post in a local Facebook group, and more.
Vet Potential Roommates – You don’t want just anyone living with you as they will be sharing your space! Here are some ways to vet potential roommates:
Interviews: Have a conversation to make sure everyone is compatible.
References: Ask for and check personal and rental references.
Discuss Financials – This is all about money, so money definitely needs to be talked about and agreed on. You’ll want to think about things like:
Rent: Determine the monthly charge for rent.
Utilities: Decide how you’ll split costs like electricity, internet, and water. Will the monthly rent include all of the bills or will you split the utilities?
Set House Rules – Rules like quiet hours, guest policies, and cleaning responsibilities help avoid conflicts.
Create a Formal Agreement – Writing an agreement will lay everything out so that there is no confusion later.
Lease Addendum: If you have a lease, add your roommate officially.
Roommate Agreement: Outline terms of rent, bills, and house rules.
To learn more about renting out your spare room, I recommend reading A Complete Guide To Renting A Room For Extra Money.
If you want to take it a step further, you could even get into real estate investing. You can learn more about this option at How This 34 Year Old Owns 7 Rental Homes.
Rent out baby items, such as a crib
If you’re looking to make $200 fast, you can rent out your gently used baby items to traveling families. By listing a crib, stroller, or car seat on rental platforms, you can help ease the travel burdens for parents while earning extra cash.
Here are some ideas of what you can rent out:
Cribs
Strollers
Car seats
High chairs
Toys
A website called BabyQuip lets you rent out baby equipment. On average, people using BabyQuip can make about $1,000 a month, and some earn over $10,000 monthly.
Redeem credit card rewards
If you have a credit card, then there’s a good chance that you are earning points by simply spending like you normally do.
Or, you could even sign up for a new card that has a good signup bonus to earn more points.
With rewards credit cards, you can turn your points into cash back. Here’s how it works: whenever you use your credit card to buy something, you earn points as a reward for spending money.
I have rewards credit cards and I earn points every single time I shop or pay a bill, and I don’t have to do anything special. Just pay my bills and expenses like I normally do! In fact, I just signed up for a new rewards credit card with a great signup bonus today with a signup bonus value of over $800.
Two credit cards that I personally like include:
Important note: Making the most of credit card rewards is smart only if you use your credit card responsibly. It’s not a good idea to accumulate debt just to get rewards because debt with interest is neither free nor beneficial. To really earn money from credit card rewards, you will want to make sure to pay your credit card balance in full every month.
Frequently Asked Questions
Below are answers to common questions about how to make $200 quick.
How can I make a quick $200?
If you want to learn how to make $200 fast in a day, then I highly recommend finding items from around your home to sell, like clothing, jewelry, and video games. This is the easiest way to get started as you probably already own things you can sell.
How can I make an extra $200 a week?
If you want to make an extra $200 a week, I recommend freelance work, which might include writing, graphic design, or proofreading. Also, renting out things you already have, like a spare room, can be a great way to make passive income.
What items can be sold to quickly earn $200?
Look around your home for electronics, clothing, or collectibles that are in good condition but you no longer need or want. You may be able to find lots of things to sell (and have a yard sale) and/or find one or two big things to sell.
How to make $200 fast online from home?
I’ve done a lot of things on the list above to make $200 fast online from home, such as freelance writing, blogging, selling items online, taking part in a focus group, and more.
How To Make $200 Fast – Summary
I hope you enjoyed this article on how to make $200 fast in a day.
As you learned above, you can earn $200 fast by doing a lot of different things, such as by freelancing, starting a business, renting out something you already own, playing games, and more.
The key is to choose what fits your life, how much time you have, and your money needs right now.
What do you think is the best way to make $200 fast?
It’s no secret that interest rates are high. Though that may be good news for savers, it’s a harsh reality if you’re in the market for a new home. After all, high mortgage rates result in high mortgage payments. And, every quarter of a point of mortgage interest could represent thousands of dollars over the life of the loan.
Today’s high interest rates are the result of the Federal Reserve’s work to temper inflation. But with inflation cooling, many experts predict that lower interest rates are on the horizon — a beacon of hope for homebuyers.
But when will mortgage rates start to fall? Will they drop below 5% in 2024? And is it even worth waiting for lower rates to buy a home? Here’s what you need to know.
Don’t wait. Learn more about your mortgage options today.
Will mortgage rates drop to 5% in 2024?
Current 30-year mortgage rates are averaging well over 7%. If it seems like it wasn’t long ago that rates were hovering below 3%, that’s because it wasn’t. Although sub-3% mortgage rates are likely a long way off, what are the chances that rates will fall to 5% in 2024?
Rates are currently high because the Federal Reserve has used increases in the federal funds rate target to combat inflation. That target sets the foundation for interest rates on loans.
The good news is that inflation is cooling, and many experts expect interest rates to move in a downward direction in 2024. Then again, a two-point drop would be significant, and even if rates fall, they’re not likely to get down to 5% within the next year.
After all, the Federal Reserve typically moves slowly when it comes to monetary policy changes. The central bank doesn’t want to shock the market by making moves too quickly.
Why you shouldn’t wait for 5% mortgage rates to buy a home
“Regardless of what the Fed does with respect to rates, I would never advise prospective homebuyers to try to time the market or trajectory of mortgage rates,” says Bob Driscoll, SVP and director of residential lending at Rockland Trust Bank. “Instead, they should focus on the factors they can control, such as the timing that works best for them in their unique financial and life circumstances and the values they are seeking in a home. Assessing these factors will result in a much higher pay-off emotionally for homebuyers in 2024.”
Here are a few other reasons why waiting for mortgage rates to drop could be a mistake:
Find out how affordable a mortgage loan can be now.
You could be waiting for quite a while
As noted, the Federal Reserve typically moves slowly when they make monetary policy changes. As a result, if rates do fall to 5%, it will likely take at least a couple of years to happen, barring some drastic, unexpected economic changes.
Ultimately, chances are you won’t be able to wait too long when it’s time to shop for a new home. You may need to move for a new job or because your lease is ending, or any number of other factors that might come into play. The simple fact is that you may not be able to wait the years it could take for mortgage rates to fall back to, or below, 5%.
Competition may get tougher
The housing market is a competitive one, but it’s not nearly as competitive as it was when interest rates were lower. After all, as interest rates rise, potential buyers leave the market. That means when interest rates fall, more buyers will likely enter the market.
When more buyers enter the market, it will be harder for you to make your offer stand out among the competition. Moreover, the law of supply and demand dictates that prices must rise alongside demand unless growth in supply keeps up — which isn’t likely in the housing market. So, if you wait too long, competition could drive prices higher.
You’re not building equity as you wait
If you don’t own your home, you’re probably renting. After all, you need to live somewhere. But there’s an inherent problem with renting. When you rent your home, you make monthly rent payments, but you don’t build a single dime in equity. As soon as the month is over, the value of your rent payment, at least to you, is spent.
Even if you purchase a home while mortgage interest rates are high, you’ll be building equity in your home with each mortgage payment. That’s equity you can fall back on in the future if times get tough.
Get on track to building equity by finding the right mortgage loan now.
The bottom line
Mortgage rates aren’t likely to fall to 5% any time soon, and waiting for them to do so could be a big mistake. Instead, consider buying a home now and taking advantage of a market with less competition. Then, when interest rates fall to a level you’re comfortable with for the long term, refinance your mortgage to take advantage of lower rates.
Joshua Rodriguez
Joshua Rodriguez is a personal finance and investing writer with a passion for his craft. When he’s not working, he enjoys time with his wife, two kids, three dogs and 10 ducks.
Our experts answer readers’ home-buying questions and write unbiased product reviews (here’s how we assess mortgages). In some cases, we receive a commission from our partners; however, our opinions are our own.
Mortgage rates are set to go down in 2024, but when and how much largely depends on inflation and when the Federal Reserve starts cutting the federal funds rate.
Last week, 30-year mortgage rates averaged 6.26%, though they inched up a big higher toward the end of the week. Many experts believe we could see rates end up near 6% or lower by the end of the year.
But hotter-than-expected economic data could shift that timeline. On Thursday, we’ll see the Consumer Price Index data for December. Inflation has slowed significantly since it peaked in 2022, but it’s still a bit above the Fed’s target rate.
The Fed has indicated it may be ready to cut rates this year, and markets have priced in a possible 25-point cut at the Fed’s meeting in March, according to the CME FedWatch Tool. But stubborn inflation could mean we’ll have to wait until later in the year for the Fed to cut rates, which would likely mean a longer wait for lower mortgage rates as well.
Mortgage Rates Today
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Mortgage Calculator
Use our free mortgage calculator to see how today’s mortgage rates will affect your monthly and long-term payments.
Mortgage Calculator
$1,161 Your estimated monthly payment
Total paid$418,177
Principal paid$275,520
Interest paid$42,657
Paying a 25% higher down payment would save you $8,916.08 on interest charges
Lowering the interest rate by 1% would save you $51,562.03
Paying an additional $500 each month would reduce the loan length by 146 months
By plugging in different term lengths and interest rates, you’ll see how your monthly payment could change.
30-Year Fixed Mortgage Rates
The average 30-year fixed mortgage rate was 6.62% last week, according to Freddie Mac. This is a single basis point increase from the week before.
The 30-year fixed-rate mortgage is the most common type of home loan. With this type of mortgage, you’ll pay back what you borrowed over 30 years, and your interest rate won’t change for the life of the loan.
The lengthy 30-year term allows you to spread out your payments over a long period of time, meaning you can keep your monthly payments lower and more manageable. The trade-off is that you’ll have a higher rate than you would with shorter terms or adjustable rates.
15-Year Fixed Mortgage Rates
Average 15-year mortgage rates were 5.89% last week, according to Freddie Mac data, which is a four-basis-point drop from the previous week.
If you want the predictability that comes with a fixed rate but are looking to spend less on interest over the life of your loan, a 15-year fixed-rate mortgage might be a good fit for you. Because these terms are shorter and have lower rates than 30-year fixed-rate mortgages, you could potentially save tens of thousands of dollars in interest. However, you’ll have a higher monthly payment than you would with a longer term.
Are Mortgage Rates Going Up?
Mortgage rates increased throughout most of 2023. But mortgage rates are expected to trend down in the coming months and years.
In the last 12 months, the Consumer Price Index rose by 3.1%. As inflation comes down and the Federal Reserve is able to start cutting the federal funds rate, mortgage rates should fall further as well.
For homeowners looking to leverage their home’s value to cover a big purchase — such as a home renovation — a home equity line of credit (HELOC) may be a good option while we wait for mortgage rates to ease. Check out some of our best HELOC lenders to start your search for the right loan for you.
A HELOC is a line of credit that lets you borrow against the equity in your home. It works similarly to a credit card in that you borrow what you need rather than getting the full amount you’re borrowing in a lump sum. It also lets you tap into the money you have in your home without replacing your entire mortgage, like you’d do with a cash-out refinance.
Current HELOC rates are relatively low compared to other loan options, including credit cards and personal loans.
How Do Fed Rate Hikes Affect Mortgages?
The Fed aggressively raised the federal funds rate in 2022 and 2023 to slow economic growth and get inflation under control. As a result, mortgage rates spiked.
Mortgage rates aren’t directly impacted by changes to the federal funds rate, but they often trend up or down ahead of Fed policy moves. This is because mortgage rates change based on investor demand for mortgage-backed securities, and this demand is often impacted by how investors expect Fed hikes to affect the broader economy.
Now that the Fed has paused hiking rates, mortgage rates have come down a bit. Once the Fed starts cutting rates, which is likely to happen this year, mortgage rates should fall even further.
The much-anticipated Consumer Price Index (CPI) was released this week. For those seeking evidence that inflation will soon be back at the Fed’s target level, it wasn’t the triumph it might have been. Even so, rates managed to move lower.
Mortgage rates and, indeed, most rates are determined by trading levels in the bond market. Bond yields/rates move higher when inflation is high, and the market has been waiting on signs of lower inflation before trading in a way that allows interest rates to move lower.
The Consumer Price Index (CPI) is the biggest name in monthly inflation reports. It’s caused big reactions in rates many times over the past few years. In recent months, it’s been showing more and more promise regarding a return to inflation levels that would allow for significantly lower rates.
But CPI has given false hope before, so traders are wary. This week’s report definitely stopped short of providing resounding confirmation that inflation is defeated. That said, it didn’t send any signals that were too troubling either.
With that in mind, it’s not too surprising that rates actually didn’t move much in response to CPI. If anything, the initial impulse was toward slightly higher rates. It wasn’t until the following day’s Producer Price Index (PPI) that bond traders saw better evidence of calmer inflation. Both CPI and PPI have been moving lower, but PPI is now all the way back down to target levels.
The following chart shows how 10yr Treasury yields (which tend to correlation with mortgage rate movement) were reacting throughout the week:
Note the initially bad reaction to CPI. There was a recovery that same afternoon for a variety of potential reasons. At least one of those reasons had to do with speculation that the Fed is still on track to deliver a series of rate cuts this year in addition to making rate-friendly changes to the way it’s managing its bond portfolio. Fed policy expectations are even easier to see when we look at actual Fed Funds Rate expectations which are now at the lowest levels since July.
Mortgage rates don’t correlate perfectly with Fed Funds Rate expectations (one reason we often advise that a Fed rate cut/hike doesn’t mean a mortgage rate cut/hike). As such, they’re not back below the recent lows, but they definitely haven’t moved much higher. This week’s gentle descent means we’re continuing to hold a vast majority of the improvement seen in Nov/Dec.
Looking ahead, while next week doesn’t have any economic data on the same level as CPI, Wednesday’s Retail Sales report can definitely move the needle. It’s expected to improve slightly to 0.4% month over month after hitting 0.3% last time.
Beyond the data, we’ll hear from several Fed speakers and there’s been some speculation that Waller’s appearance at the Brookings Institute will bring some important concepts regarding the precursors for friendlier rate policy in 2024. That will happen on Tuesday, which is the first business day of the week next week due to the Martin Luther King Jr. holiday.
While not as much of a factor for interest rates, we’ll also get updates on several key housing metrics including new home construction, builder confidence, and Existing Home Sales.
The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.
VantageScore® 3.0 is a credit scoring model that each of the three major credit bureaus uses to determine your creditworthiness.
VantageScore 3.0 is a popular credit scoring model that helps to reflect a person’s creditworthiness. VantageScore® and the FICO® score model help banks and lenders determine if they’ll offer credit cards and loans to applicants.
Understanding the factors that lower and raise your VantageScore can qualify you for better opportunities in the future. We’ll explain what VantageScore 3.0 is and how it works so you can work to improve your credit.
Table of contents:
How does VantageScore 3.0 compare to other scoring models?
VantageScore 3.0 shares multiple similarities with other popular scoring models, including VantageScore 4.0 and several iterations of the FICO scoring model. There are also certain nuances that set each model apart when comparing VantageScore vs. FICO scoring models.
VantageScore 3.0 and VantageScore 4.0 place a heavy emphasis on a person’s payment history, and they place moderate emphasis on age and mix of credit and credit utilization rates. VantageScore 3.0 does focus more on a person’s total account balances, while VantageScore 4.0 is more concerned with new credit.
FICO scores differ from VantageScore in several ways. FICO scores need six months of account activity to generate credit scores, while VantageScores just need one. Vantage Scores generally take six categories into account, while FICO scores focus on 5. Otherwise, VantageScores and FICO scores both use 300 to 850 credit ranges—and the factors they use to calculate credit scores are generally similar.
How are Vantage credit scores calculated?
If you’ve ever asked yourself, “why are my credit scores different?” learning how a VantageScore is calculated may provide clarity.
Payment history makes up roughly 40 percent of your VantageScore and can significantly increase or decrease your score based on how timely you are with your payments.
The age of your credit and how diverse your credit profile is make up about 21 percent of your VantageScore. If you have a wide range of account types and consistently make positive actions with your oldest accounts, your VantageScore will likely steadily improve.
Credit utilization composes 20 percent of your VantageScore. Your credit utilization ratio is determined by weighing how much of your available credit you’re currently using.
Your brand-new credit accounts only make up five percent of your VantageScore.
The total amount of your account balances contributes roughly 11 percent to your VantageScore. This factor is also linked to your credit utilization ratio.
Available credit makes up about three percent of your VantageScore and generally reflects how much credit you’ve taken out.
The answer to “When do credit scores update?” is a bit complex. Credit scores are frequently updated, but there’s no preset date for these updates. It’s best to regularly check your credit scores and dispute any errors that you notice.
Vantage 3.0 credit ranges
Just like a FICO credit score, VantageScores can fall between 300 and 850. However, there are subtle differences between the credit score ranges of both models. For example, a FICO credit score of 780 would be considered “very good,” while a Vantage 3.0 credit score of 780 is simply considered “good.” Here’s a full breakdown of the VantageScore 3.0 credit score ranges.
Very poor: 300 – 600
Poor: 601 – 660
Fair: 661 – 720
Good: 721 – 780
Excellent: 781 – 850
5 ways to improve your VantageScore 3.0
Consistently practicing good financial habits can improve your VantageScore over time. The following tips can help you work on poor credit and eventually reach and maintain higher scores.
1. Don’t apply for too much new credit
Each time you apply for credit, creditors will enact a hard inquiry on your account that temporarily lowers your score. If you apply for too much new credit within a set period, your credit score may sharply decline.
2. Pay down credit card balances
Account balances compose 11 percent of your VantageScore, so paying down your debt can positively impact your credit. Lowering your account balances will also improve your credit utilization ratio, especially if you target your largest balances first.
3. Try to make your payments on time
Since payment history makes up 40 percent of your VantageScore, this step’s importance can’t be understated. Strive to make all of your payments on time. Even if you can only make the minimum payment or have to pay within the grace period, you’ll still maintain good standing with your creditors.
4. Maintain your oldest accounts
Taking positive actions on your oldest accounts will have a greater impact than activity on your newer accounts. Remember that merging your oldest accounts can drastically lower your score if you ever consider using a debt consolidation service.
5. Sign up for a credit monitoring service
A credit monitoring service can maintain watch on your credit reports and clue you into any fluctuations or inconsistencies. Lexington Law Firm offers comprehensive credit monitoring services that can help you take positive steps toward improving your credit.
How can I monitor my VantageScore?
You can monitor your VantageScore by reaching out to the three credit bureaus and requesting a free credit report. You can also capitalize on credit monitoring services like the products offered by Lexington Law Firm. Get your free credit assessment today.
Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.
Reviewed By
Paola Bergauer
Associate Attorney
Paola Bergauer was born in San Jose, California then moved with her family to Hawaii and later Arizona.
In 2012 she earned a Bachelor’s degree in both Psychology and Political Science. In 2014 she graduated from Arizona Summit Law School earning her Juris Doctor. During law school, she had the opportunity to participate in externships where she was able to assist in the representation of clients who were pleading asylum in front of Immigration Court. Paola was also a senior staff editor in her law school’s Law Review. Prior to joining Lexington Law, Paola has worked in Immigration, Criminal Defense, and Personal Injury. Paola is licensed to practice in Arizona and is an Associate Attorney in the Phoenix office.
Bear Stearns CEO James Cayne is expected to resign today amid increasing pressure from investors over record losses and the collapse of two hedge funds last summer.
He will join Citigroup’s Charles Prince and Merrill Lynch’s Stan O’Neal, who now sit on the sidelines.
Cayne will likely be replaced by current President Alan Schwartz, a 57-year-old investment banker known for his strong deal-making ability.
Punk Ziegel analyst Richard Bove believes Schwartz is the “right choice” for the job, but warned that the position wouldn’t be easy.
“The task facing Mr. Schwartz is sizable. Outsiders may now be attempting to take control of the company. He must fight this off,” Bove said.
“I believe, as I have written for about a year, that Mr. Cayne must go. He was the architect of what now appears to have been a failed business strategy,” Bove wrote in a note to clients.
The analyst, who maintained a “sell” rating on the stock, slashed his price target on Bear Stearns to $67 from $94 and again reduced his 2008 earnings estimate.
For fiscal 2008, he cut his estimate to $6.59 a share from a previous $7.96 a share, and lowered his 2009 estimate to $7.10 a share from $8.54 a share.
“Its core businesses like mortgages, credit derivatives, prime brokerage, and investment banking may all be facing contraction while the company is losing market share in these shrinking markets. This firm needs to shrink rapidly and then rebuild on a more solid base,” Bove recommended.
Bear Stearns, the fifth-largest U.S. investment bank, took a $1.9 billion write-down in the quarter ended November 30 related to the falling value of subprime mortgage-related securities, leading to its first quarterly loss ever.
And Bove believes the struggling bank and mortgage lender will likely see further writedowns and post higher loan loss reserves in coming quarters.
Shares of Bear Stearns, which have lost 52 percent of their value over the past year, closed at $76.25 Monday on the New York Stock Exchange.
This week’s Afford Anything blog post is a well-balanced diet:
Robert Kiyosaki predicts a massive crash — [philosophical]
Sobering stats about the housing market — [analytical]
Secret strategies to save on seasonal shopping — [practical]
The Robert Who Cried Wolf
Famed investor Robert Kiyosaki, author of Rich Dad, Poor Dad, recently caused an internet stir by predicting “the start of the biggest crash in history.”
Of course he did.
Kiyosaki is constantly crying wolf. It’s good for (his) business.
Bad news travels faster than good news.
People who prioritize attention over truth will use that to their advantage. Kiyosaki is a shrewd businessman. He understands the profit potential in strategic pessimism.
But that’s bad news for his followers. Per the law of large numbers, it’s reasonable that some people have kept their cash on the sidelines, rather than investing in the markets, after heeding his warnings. And that has massive lifelong ramifications on their wealth and retirement.
Lesson: Beware of anyone who peddles *negativity bias* in order to stay relevant.
These economic fear-mongerers don’t hold accountability for their track record of wrong predictions.
Their followers are the ones who suffer.
This is why it’s critical to choose your mentors carefully — and it’s precisely why you should never blindly enroll in an online class that’s taught by some random person whose ideas you haven’t vetted.
If you’re curious how often Kiyosaki has made the wrong call, note that Stanford-trained data scientist Nick Maggiulli, our guest on Episode 375 of the Afford Anything podcast, shared this illustration on X:
Pessimism has a visceral appeal. It’s evolutionarily advantageous to be hyper-aware of threats.
Our ancestors didn’t survive the jungle or savanna by appreciating the beautiful flowers. They survived by staying hyper-vigiliant of danger. This explains why negativity bias is so innate, so intrinsic. It’s a survival mechanism.
But in the modern developed world, pessimism keeps us overly conservative. We choose the “safe” major. We take the “steady” job. We tilt too heavily into conservative investments when we’re young, and we panic when our 401k’s start to decline. We avoid real estate investing and starting side businesses because these seem too risky.
Pessimism stifles innovation, entrepreneurship, and creativity. It locks us into mundane careers and middling investments as we muddle through risk-averse lives. In the end, we haven’t endured huge losses, but neither have we *embraced a shot* of winning.
As Episode 284 podcast guest Morgan Housel eloquently said:
“Pessimists get to be right. Optimists get to be rich.”
No, The Fed Lowering Interest Rates by 25 Basis Points Is Not Going to Flood the Market with New Housing Inventory 🙄
A little history lesson:
Once upon a time, in 2008, there was a Great Recession. It scared many investors and homebuilders, and they stopped making new homes.
In the decade that followed the Great Recession, new construction reached its lowest point since the 1960’s.
By 2019, the housing shortage amounted to 3.8 million units. This means there were 3.8 million more families and individuals who wanted a place to live — either to rent or buy — than there were homes available.
Then the pandemic struck. The prices of copper, lumber and other construction items shot through the roof (no pun intended). Builders had to raise home sale prices due to higher materials costs. Prices soared.
In 2020 and 2021, people across the internet cried, “Why are they charging so much more than the home is worth?!” — not realizing that “worth” is a function of the cost of labor + the cost of materials + the premium of scarcity.
And when supply is curtailed — as it was by 3.8 million units as of 2019 — there’s an ample scarcity premium.
Then inflation climbed. The Federal Reserve raised interest rates 11 times during their 2022-2023 cycle, resulting in a rapid escalation of mortgage rates.
This created a “lock-in effect” among existing homeowners. Nobody wants to trade a mortgage with a 3 percent fixed interest rate for an alternate mortgage with a 7 percent rate.
Existing homeowners with a mortgage have a huge incentive to hold.
Sellers who *need* to get rid of their property — for example, because they’re moving to another country — list their homes on the market. But homeowners who simply *want* to upsize or downsize are, for the most part, staying put.
This has created even more housing supply pressure.
Meanwhile, homebuilders — who must borrow money to finance their operations — are seeing the cost of capital skyrocket. Many have curtailed new construction, putting further pressure on the supply pipeline.
So we have a long-running confluence of factors that, piece by piece, keep exacerbating the housing supply crunch.
And this leads to today’s takeaway:
No, this problem will not magically solve itself the moment that the Fed reduces interest rates.
The Fed is meeting today and tomorrow. They’re widely expected to hold rates steady. (They’ll make an official announcement at 2 pm on Wednesday.)
There’s rampant speculation that the Fed will lower interest rates in Q1 or Q2 of next year.
— And —
There seems to be a pervasive myth that once interest rates decline, those “locked-in” homeowners will rush to list their homes for sale, flooding the market with new inventory.
The supply-demand imbalance will tilt in the buyer’s favor, home prices will plummet, and housing will become affordable once again.
Yet that is pure fantasy, disconnected from the data.
Imagine 10 people. Nine of them have mortgage rates that are less than 6 percent. The stat is 91.8 percent of mortgaged homeowners, to be precise.
Wait.
Imagine those same 9 people, the 9 out of 10 who have a sub-6 percent interest rate. Here’s how they break down:
One has an interest rate between 5 to 6 percent.
Two have an interest rate between 4 to 5 percent.
Six have an interest rate below 4 percent. The exact stat is 62 percent.
Let me say that again:
Six out of 10 mortgaged homeowners have an interest rate that’s below 4 percent.
Meanwhile:
One-half of mortgaged homeowners (49 percent) say they’d consider listing their home only if interest rates fell below 4 percent, according to a Redfin survey conducted by Qualtrics.
So this myth that if the Fed lowers interest rates, the market will get flooded with new inventory? — That scenario isn’t likely to happen for a long, long, looooong time.
As of Dec 12, 2023, the current average 30-year fixed rate for a buyer with a 740-760 credit score is 7.4 percent. Multiple reductions in interest rates won’t begin to approach the sub-4 percent rates of yesteryear.
The “lock-in effect” will last for longer than you might expect.
Lesson:Don’t wait to buy a home based on speculation about the market. If you have both the money and desire to buy a home, DO IT NOW. Homes are likely going to get more expensive in the future, not less.
How to Not Flush AS MUCH Money Down the Toilet This Holiday Season
Yeah, I know.
The holiday season is custom-built for parting with your money. Every store is promoting sales, discounts, offers. Limited time only.
It’s scarcity on steroids.
Holiday deals tap into the part of our brain that says — “this deal is only available now; I should snag it while I still can.”
Our FOMO creates jobs and drives the economy.
Since holiday spending is human nature, let’s forgo the guilting, shaming and finger-wagging that’s so endemic to the personal finance and FIRE community.
It’s counterproductive. Guilt and shame over holiday spending doesn’t change human behavior, it merely robs the joy from it.
It’s like chowing down a piece of chocolate cake while simultaneously fretting about the sugar.
You’re eating the cake regardless. You may as well enjoy it.
Instead, let’s accept that some degree of holiday spending is normal, and let’s focus on how to find the best deal possible.
Here are four pointers. (If you have more to add, please share these with the Afford Anything community) —
#1: If you’re buying an item at a mid-size company’s website (i.e., a merchant that’s bigger than a mom-and-pop shop, but not a big box retailer like Target or Amazon) — move your cursor near the “back” arrow on the browser.
This is called “exit intent,” and it often triggers pop-ups with discount codes.
#2: For online purchases: Create an account, put an item in your cart, and then leave the website.
This is called “abandoned cart,” and often triggers an automation in which the company emails you a limited-time-offer discount code.
#3: If you’re buying something expensive (over $500 – $1,000 or more), track the price for a few weeks, especially around the holidays. On sites like Wayfair, I’ve seen prices fluctuate daily.
#4: The least useful savings tip: Googling discount / promo codes or pulling these codes from mass aggregator websites.
You may get lucky, but typically 9/10 are expired or don’t work; they just yield a bunch of extra open tabs on your browser.
There’s an enormous selection of third-party websites and browser extensions that claim to help with this, with varying degrees of efficacy.
I’m not going to recommend any specific tools; recommendations are both dynamic and better crowdsourced. Please share your experience with the community.
The U.S. Department of Housing and Urban Development (HUD) Office of the Inspector General (OIG) on Tuesday released its priority open recommendations report, submitted to HUD Secretary Marcia Fudge designed to highlight as-yet unaddressed risks in the management of the department.
“The report highlights for HUD leadership 35 open recommendations from OIG reports that, if implemented, will help HUD address its most serious management challenges and enhance critical aspects of its operations,” the OIG said in an announcement.
Some of the issues outlined in the report include those related to the promotion of health and safety in HUD-assisted housing, the management of fraud risk, improving the technology posture of the department and addressing cybersecurity shortcomings, protecting whistleblowers and reducing counterparty risk.
“Of the 35 priority open recommendations, 24 recommendations were identified in FY 2023, and 11 new recommendations were added for FY2024,” the announcement said. “Each priority open recommendation is an opportunity for HUD to take specific action to increase the integrity of its operations and programs.”
Last year’s report saw HUD take substantive action to address seven outstanding issues, the OIG said.
“For example, HUD improved its oversight of public housing authority compliance with the Lead Safe Housing Rule by clarifying what is required when a public housing authority determines target housing is exempt from the rule,” the announcement explained. “In addition, HUD improved its management over the flood insurance program by developing a reporting control to detect HUD-insured loans that do not maintain required flood insurance.”
The report is designed to make recommendations that may appear incremental, but are designed to create a discernible impact if they are implemented according to HUD OIG Rae Oliver Davis.
“By focusing its efforts on these recommendations, HUD will be better positioned to protect whistleblowers, improve how Ginnie Mae handles troubled mortgage-backed security issuers, address systemic challenges with improper payments, and address recommendations that would put billions of taxpayer dollars to better use,” Davis said in a statement.
As of Jan. 2024, there are more than 800 open recommendations the HUD OIG has made to the department to improve its standing. The 35 chosen to appear in this report are organized based on those identified to be top management challenges this year.
Six recommendations fall under the top-line priority of promoting health and safety standards in HUD-assisted housing, and include resolving complaints promptly; ensuring compliance with the lead safe housing rule; and improving oversight of lead-based paint hazard remediation.
Mitigating counterparty risks is the next largest priority, encompassing recommendations including asking Ginnie Mae to improve its guidance for “troubled” mortgage-backed securities (MBS) issuers.
IT modernization is next on the list, perhaps taking on a higher level of importance due to recent cybersecurity incidents involving major private-sector players in the housing industry including loanDepot, Fidelity and Mr. Cooper.
Landlords across the country have been empowered to act as a kind of police force in the name of crime prevention for decades. How? Through local “nuisance property” laws and “crime-free housing” programs that require them to evict tenants for vaguely defined “criminal activities.”
As of Monday, California became the first state in the nation to ban so-called crime-free housing programs. More states should follow suit.
Such laws target low-income and minority renters for eviction and violate their civil rights. That’s bad enough. But they also fail to reduce crime.
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Cities across the country have been implementing these policies for about 30 years, building on the Anti-Drug Abuse Act of 1988, which stepped up evictions in federally subsidized housing. By 2019, about 2,000 American cities had a crime-free housing program, and 37 of the 40 largest U.S. cities had a nuisance property ordinance.
Even as these policies spread, their efficacy was in doubt. I led a recent analysis of California’s crime-free housing policies that found they had no effect on crime. Other researchers have found that by driving people into desperation and homelessness, nuisance property ordinances may actually increase property crime.
Crime-free housing policies backfire partly because they treat 911 calls as an indicator of criminal activity. This creates a perverse incentive: For fear of being evicted, tenants don’t call authorities when they need them.
This particularly harms victims of domestic violence, who may hesitate to seek help from police lest they lose their housing. These policies can also dissuade tenants from seeking medical aid during drug overdoses or mental health crises. Evictions also hamper crime prevention by disrupting community social networks, making it harder for residents to monitor what’s going on in their neighborhoods — a critical element of crime prevention.
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My study of California found that city blocks with apartments certified as crime-free saw 21% more evictions than blocks without such housing. Other researchers have found that nuisance property ordinances increase eviction filing rates by 16%. In the six months after the U.S. Department of Housing and Urban Development instituted a “One Strike and You’re Out” policy on criminal activity in 1996, reported evictions from public housing surged 40%.
Evictions are deeply harmful in many ways. People who are evicted struggle to find housing again, and tenants removed from public housing are prohibited from receiving housing assistance. That can lead to more homelessness and desperation. Evictions also cause disproportionate housing insecurity for children, more unemployment, additional use of emergency room resources, and accidental drug and alcohol deaths.
Legal experts have argued persuasively that punishing people with eviction instead of through criminal justice procedures also denies them due process. These policies don’t require an arrest or conviction or even an indication of crime anywhere near the property. They don’t even require a crime.
People have been evicted under crime-free housing policies over kids playing basketball or jumping on a trampoline and because of complaints about barbecues. Tenants can even face severe consequences for the behavior of their guests. One federal court case concerns an Illinois city trying to evict a family because of a burglary committed by a friend of their teenage son who had slept on their couch.
The policies tend to be selectively enforced, with low-income, multifamily properties bearing the brunt. This has led the Department of Justice to take action against cities for violations of the Fair Housing Act and other federal laws. In 2022, the San Bernardino County city of Hesperia signed a consent decree with the federal government related to selective application of its crime-free housing program. Lawsuits have been filed on similar grounds against cities in Washington, Illinois, Pennsylvania and Minnesota.
What is the point of these harmful policies if they aren’t reducing crime? Public officials have suggested their real goal is segregation.
A Hesperia official acknowledged that the purpose of the city’s crime-free housing program was to remove what he described as “those kind of people” and “improve our demographic.” The mayor of Bedford, Ohio, said the city’s nuisance property ordinance was about taking “pride in middle-class values” and curtailing “urban immigration.” The analysis I led found that cities with crime-free housing programs had larger Black populations and that the affected apartments were on lower-income blocks with larger Black and Latino populations.
HUD has issued guidance to cities on how these policies may violate the Fair Housing Act by disproportionately evicting women, victims of crime and people with disabilities. But more needs to be done.
Following California’s lead, other states should limit evictions under these policies without an arrest or conviction or based on the behavior of nonresidents. Cities should also be required to report the number of evictions resulting from crime-free housing policies and nuisance ordinances. Similar federal policies also need reconsideration, including the one-strike policy for public housing and the rules that prevent evicted tenants from obtaining future housing assistance.
These policies and the evictions they cause are at best an ineffective means of preventing crime. At worst, they’re a harmful form of discrimination that leads to more crime and homelessness. Ending them could make all our communities safer.
Max Griswold is a policy researcher at the Rand Corp.
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Home » Make Money » What is Stan Store?
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Updated: January 9, 2024
6 Min Read
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Initially, when my wife introduced me to Stan Store, I wasn’t impressed.
It seemed illogical to pay $30 a month for software that just offered a basic sales page, especially without any integrated email service provider.
This was a stark contrast to my experience with platforms like ConvertKit, where I started with a free account until my subscriber count grew large enough where I had to pay.
As I spent more time with Stan Store, my perspective began to shift. I realized that for someone completely new to online marketing, who might be overwhelmed by the complexities of building and creating a landing or sales page, Stan Store could actually make a lot of sense.
It’s tailored for beginners, offering them a straightforward entry point into the world of digital marketing.
Who is Stan Store For?
So, who’s going to love Stan Store? Pretty much anyone aiming to make a buck online through digital products or services. If you’re like me, trying to turn those ‘link in bio’ clicks into actual sales, then Stan Store is your go-to.
Let me break it down for you. Stan Store is a hit with a wide range of creators and businesses, but from my experience, it’s a total game-changer for:
Content Creators, Influencers, Micro-influencers, and UGC Creators
Instagrammers, TikTokers, YouTubers, X’rs
Online Coaches, Mentors, and Teachers
Digital Product Creators (Etsy, you’ve got competition)
Social Media Managers and Content Managers
Designers, Freelancers, and Small Digital Businesses
And hey, even if you’re in the business of selling physical goods, Stan Store can be a killer tool for growing your email list or hosting online events.
Just a heads up though – selling physical products directly through Stan Store isn’t on the table just yet.
How Does Stan Store Work?
Picture this: I’m on TikTok or Instagram Stories, chatting about my latest digital product – let’s say it’s an eBook or a PDF.
In the past, I’d direct my followers to the ‘link in my bio’, which would then send them off to another site, like my website. There, they’d have to play detective to find the product I was talking about, or sit through endless page loads.
But with Stan Store, things get a whole lot smoother. The ‘link in my bio’ is now the store itself. Followers can hit that link, buy what they want right there and then, without being shunted off to a different site.
The best part? They can hop right back to Instagram or TikTok without feeling like they ever left. It’s all about keeping it simple and seamless – and that’s what Stan Store nails perfectly.
Here’s a screenshot of my wife’s personal Stan Store:
We’re still not a big fan of their email signup process so for now our opt-in page (squeeze page) is hosted on Kajabi.
But my wife is selling our Digital Product Quickstart Guide on Stan Store. Here’s how the sales page looks:
Behind the scenes of our sales page is a payment processor and the ability to deliver the digital product with ease. That’s what makes Stan Store so attractive. You can literally start selling your very own digital product in a matter of minutes.
Why Stan Store Stands Out
What truly sets Stan Store apart is its efficiency – you can begin selling your own digital products in just a matter of minutes.
Stan Store Features Overview
Stan Store is packed with features designed to make the life of a digital creator easier and more profitable. Whether you’re a coach, influencer, or digital product creator, here’s what Stan Store brings to the table:
Mobile & Desktop Optimized Store: Your store looks great and works seamlessly on any device, ensuring a smooth shopping experience for your audience.
Calendar Invites & Bookings Product: Easily manage appointments and bookings directly through your store.
Analytics: Get insights into your store’s performance to make data-driven decisions.
Unlimited Course Products: Offer as many courses as you like, with no restrictions.
1-Tap Checkout: A streamlined checkout process that makes purchasing a breeze for your customers.
Recurring Subscription Products: Ideal for memberships and ongoing services, this feature allows for regular income.
Audience/Newsletter Builder: Grow your audience and keep them engaged with integrated newsletter tools.
Stan Store Plans: Creator vs. Creator Pro
Creator Plan
The Creator plan, priced at $29 per month (or $300 per year with a 20% discount), is an excellent starting point for anyone looking to jumpstart their online business. It includes all the essential tools you need:
Mobile & Desktop Optimized Store
Calendar Invites & Bookings Product
Analytics
Unlimited Course Products
1-Tap Checkout
Recurring Subscription Products
Audience/Newsletter Builder
This plan is perfect for creators who are just beginning to monetize their online presence and need a comprehensive, yet straightforward set of tools to get started.
Creator Pro Plan
For those ready to take their business to the next level, the Creator Pro plan is available at $99 per month (or $948 per year with a 20% discount). It includes everything in the Creator plan, plus advanced features for optimizing conversions and offering more to your customers:
Advanced Pricing & Payment Plans
Discount Codes
Limit Quantity
Payment Plans
Order Bumps & Upsells
Funnel Builder
Affiliate Share Feature
Email Marketing
The Creator Pro plan is tailored for creators who are looking to expand their offerings, optimize their sales process, and engage more deeply with their audience.
Benefits of Using Stan Store
Convenience and Accessibility
The convenience and accessibility of Stan Store are what eventually changed my initial skepticism. The platform allows anyone, regardless of their technical skill, to quickly set up a landing or sales page.
This ease of use is a crucial factor for many users, especially those who lack the time or technical expertise to navigate more complex systems.
Competitive Pricing and Deals
The initial pricing, though seemingly high, is justified by the platform’s simplicity and effectiveness, particularly for its target audience – the absolute beginner in online marketing. The recent addition of an email service provider at a higher tier adds more value, making it a more comprehensive tool.
Drawbacks of Stan Store
Limitations in Product Availability
One of the criticisms I had of Stan Store was its limited range of features. While its simplicity is its strength, it also means that users looking for more advanced features might find Stan Store lacking. This limitation can be a significant drawback for users as their businesses and marketing skills evolve.
Stan Store Alternatives
In the journey of online entrepreneurship, it’s crucial to explore various platforms to see what aligns best with your business needs. While Stan Store has been a solid choice for me, I’ve also had experiences with other platforms worth mentioning:
Shopify: Shopify is a robust platform for creating online stores. It’s feature-rich and offers a lot of flexibility for those looking to build a detailed and extensive online shop.
WooCommerce: Ideal for WordPress users, WooCommerce seamlessly integrates with your existing site, transforming it into a fully functional e-commerce platform. It’s versatile but can be a bit complex, especially for beginners.
Etsy: Etsy is the go-to marketplace for unique, handmade, or vintage items. It’s less about building your own store and more about joining a vibrant, existing marketplace.
Teachable and Thinkific: Both are excellent for creating and selling online courses. They offer a range of tools tailored for educators and coaches, focusing on course creation and student engagement.
Gumroad: Simple and straightforward, Gumroad is perfect for independent creators selling digital products like books, music, or art directly to their audience.
Kajabi: Kajabi is an all-in-one platform offering tools for online courses, marketing, and website building. It’s ideal for those offering educational content and looking for a comprehensive solution.
Comparison Table: Stan Store vs. Alternatives
Feature/Platform
Stan Store
Shopify
WooCommerce
Etsy
Teachable/Thinkific
Gumroad
Kajabi
Customization
Moderate
High
High
Low
Moderate
Low
High
Ease of Use
High
Moderate
Moderate
High
High
High
Moderate
Target Audience
Creators
General Retail
WordPress Users
Artisans
Educators
Independent Creators
Educators/Marketers
Product Type
Digital
All Types
All Types
Handmade/Vintage
Courses
Digital Products
Courses/Marketing
Pricing Model
Subscription
Subscription
Free (Plugin)
Transaction Fees
Subscription
Transaction Fees
Subscription
This table gives a quick overview of how Stan Store compares with its alternatives in terms of customization, ease of use, target audience, product type, and pricing model. Each platform has its strengths, and the best choice depends on your specific business needs and goals.
Is Stan Store Worth it?
After diving deep into Stan Store and comparing it with its alternatives, the big question remains: Is Stan Store worth it? Based on my experience and the insights I’ve gathered, my answer leans towards a yes, especially for a specific audience.
Stan Store stands out for its sheer simplicity and focus on digital content creators. If you’re just starting out or find yourself overwhelmed by the complexities of more advanced platforms, Stan Store offers a welcoming and straightforward path. The ease of setting up a sales or landing page, combined with the platform’s focus on digital products, makes it an attractive option for creators who want to monetize their content without the hassle.
The pricing, initially a point of skepticism for me, actually makes sense when you consider the target audience and the features offered. For beginners and those not ready to navigate the complexities of platforms like Shopify or WooCommerce, Stan Store’s $29 monthly fee for the Creator plan is a reasonable investment.
And for those looking to scale up, the Creator Pro plan, despite its higher price, brings in advanced features that could justify the cost as your business grows. If you’re not sure Stan Store is a good fit, the 14-day free trial might be exactly what you need.
Bottom Line – Stan Store Honest Review
In conclusion, while Stan Store might not be the one-size-fits-all solution for every online entrepreneur, it certainly has carved out its niche. It’s a platform that understands and caters to the needs of digital content creators, making it a worthwhile consideration for those in its target demographic.
As with any tool, it’s about finding the right fit for your specific needs, and for many creators, Stan Store could be just that.
To try Stan Store for free, click here for a 14-day trial.
FAQ – FAQs- Stan Store Review
Stan Store is best suited for digital content creators, including online coaches, influencers, micro-influencers, UGC creators, and digital product creators. It’s also a great fit for anyone looking to streamline their ‘link in bio’ to convert followers into customers.
Stan Store seamlessly integrates with social media platforms like Instagram and TikTok. The integration allows creators to direct their social media audience straight to their Stan Store via a ‘link in bio’, facilitating immediate purchases without leaving the social media app.
Stan Store is designed with simplicity in mind, making it extremely user-friendly for beginners. The platform’s intuitive interface allows for easy navigation and quick setup, even for those with little to no technical background.
Stan Store has two pricing plans: the Creator Plan at $29 per month or $300 annually, and the Creator Pro Plan at $99 per month or $948 annually, with each plan catering to different levels of business needs.
About the Author
Jeff Rose, CFP® is a Certified Financial Planner™, founder of Good Financial Cents, and author of the personal finance book Soldier of Finance. He was a financial planner for 16+ years having founded, Alliance Wealth Management, a SEC Registered Investment Advisory firm, before selling it to focus on his passion – educating the masses on the importance of financial freedom through this blog, his podcast, and YouTube channel.
Jeff holds a Bachelors in Science in Finance and minor in Accounting from Southern Illinois University – Carbondale. In addition to his CFP® designation, he also earned the marks of AAMS® – Accredited Asset Management Specialist – and CRPC® – Chartered Retirement Planning Counselor.
While a practicing financial advisor, Jeff was named to Investopedia’s distinguished list of Top 100 advisors (as high as #6) multiple times and CNBC’s Digital Advisory Council.
Jeff is an Iraqi combat veteran and served 9 years in the Army National Guard. His work is regularly featured in Forbes, Business Insider, Inc.com and Entrepreneur.
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