Welcome to the vibrant city of Oakland, where the rich cultural diversity and stunning natural beauty come together to create a truly unique urban experience. From the bustling waterfront to the serene redwood forests, Oakland offers a little something for everyone. So whether you’re looking for an apartment in downtown Oakland or an apartment in Rockridge, you’ve come to the right place. In this ApartmentGuide article, we’ll cut to the chase, breaking down the pros and cons of living in Oakland. Let’s get started and see what awaits in this diverse city.
Fast facts about living in Oakland
Population: Approximately 430,000 residents
Average rent: $2,355 per month for a one-bedroom apartment
Median home sale price: $895,000
Public transit: Bay Area Rapid Transit (BART), AC Transit buses, and ferries
Public parks: Over 130 parks and green spaces for recreation and relaxation
Annual tourists: Approximately 3.5 million visitors each year
Restaurants: Over 1,000, offering a variety of cuisines from around the world
1. Pro: Rich cultural scene
Oakland offers a vibrant cultural scene, with numerous museums, galleries, and theaters. The city is home to the Oakland Museum of California, which showcases the state’s art, history, and natural sciences. Additionally, the Fox Theater and the Paramount Theatre host a variety of concerts, performances, and events throughout the year. The city’s diverse population contributes to a rich tapestry of cultural festivals and events, such as Art + Soul Oakland and the Eat Real Festival, offering residents ample opportunities for artistic and cultural engagement.
2. Con: High cost of living
Housing costs in Oakland are relatively high, with the median sale price for a home in Oakland around $895,000 and the average rent for a one-bedroom apartment in Oakland about $2,355 per month. These housing costs are 87% higher than the national average, making it challenging for many people to afford living in the city.
The high cost of living extends beyond just housing. Overall, the cost of living in Oakland is about 40% higher than the national average. Utilities are 40% more expensive, groceries are 17% higher, transportation costs are 33% above average, and healthcare costs are 21% more. These increased expenses in multiple areas can significantly impact residents’ budgets, requiring careful financial planning to manage effectively.
3. Pro: Strong job market and innovation hub
Oakland has a robust and diverse job market, particularly in the technology, healthcare, and education sectors. The city’s proximity to Silicon Valley and San Francisco provides additional job opportunities, and its more affordable commercial real estate has attracted a growing number of tech companies and startups. This environment fosters a spirit of innovation and entrepreneurship, providing numerous opportunities for networking and career advancement in the tech industry.
Major employers in the area include Kaiser Permanente, Clorox, and the Port of Oakland. The presence of these companies, along with a thriving startup scene, contributes to the city’s economic stability and offers a wide range of career opportunities.
Top employers in Oakland
Blue Shield of California
Sutter Health
Pixar Animation Studios
Southwest Airlines
Alameda Health System
4. Pro: Outdoor recreational activities
Oakland offers a wide range of outdoor recreational activities, thanks to its extensive park system and proximity to natural attractions like the East Bay Hills and the San Francisco Bay. Residents can enjoy hiking, biking, kayaking, and picnicking in the numerous parks and natural areas. The city’s mild climate allows for year-round enjoyment of these activities.
Popular outdoor spots in Oakland
Lake Merritt
Joaquin Miller Park
Redwood Regional Park
Temescal Regional Recreation Area
Middle Harbor Shoreline Park
5. Con: Traffic and parking
Oakland, like many urban areas, experiences traffic congestion and limited parking options. The city’s layout and infrastructure can make driving challenging, and finding parking can be difficult and expensive, especially in popular neighborhoods and downtown. Public transportation, biking, and walking are popular alternatives, but residents who rely on cars may find the traffic and parking situation frustrating. Investing in a parking spot or using car-sharing services can help mitigate some of these challenges.
6. Pro: Culinary diversity
Oakland features a diverse culinary scene, with a wide range of restaurants offering cuisines from around the world. From high-end dining establishments and historic seafood restaurants to food trucks and ethnic eateries in neighborhoods like Chinatown and Fruitvale, the city has something to satisfy every palate. Food festivals, such as Eat Real Festival and Oakland Restaurant Week, showcase the city’s culinary creativity and provide opportunities for residents to explore new flavors.
Popular restaurants in Oakland
Commis
Brown Sugar Kitchen
Homeroom
Sobo Ramen
Drake’s Dealership
7. Con: Earthquake risk
Oakland is located near several major fault lines, making it prone to earthquakes. While the city has implemented stringent building codes and preparedness measures to mitigate the impact of seismic activity, the risk of earthquakes remains a significant concern for residents. Homeowners and renters are encouraged to have earthquake insurance and to be prepared with emergency kits and plans. This natural disaster risk is an important factor to consider when deciding to live in Oakland.
8. Pro: Public transportation
Oakland has a well-developed public transportation system, making it easy for residents to get around without a car. Bay Area Rapid Transit (BART) connects Oakland to San Francisco, Berkeley, and other parts of the Bay Area. AC Transit provides extensive bus services, and ferries offer a scenic commute across the bay. Ride-sharing services like Uber and Lyft are also widely available. Oakland has a transit score of 57, a walk score of 75, and a bike score of 65, reflecting the city’s good infrastructure for public transit, walking, and biking.
9. Pro: Strong sense of community
Oakland is known for its strong sense of community and civic engagement. Residents are often involved in neighborhood associations, community events, and local initiatives that promote a sense of belonging and collaboration. The city’s diverse neighborhoods, such as Rockridge, Montclair, and Fruitvale, each have their own unique character and charm, fostering tight-knit communities where residents support one another. This strong community spirit enhances the quality of life and makes Oakland a welcoming place to live.
10. Pro: Vibrant arts scene
Oakland features a vibrant arts scene, with numerous galleries, studios, and performance spaces. The city is home to the Oakland Art Murmur, a monthly event that showcases local artists and galleries, and the First Fridays street festival, which features live music, food vendors, and art installations. Additionally, Oakland’s cultural diversity is reflected in its many community arts programs and events, offering residents ample opportunities to engage with the arts and express their creativity.
Navigating personal finance can be tough for young adults, especially with limited education on the topic in school. Sound financial advice is crucial for making smart decisions about budgeting, credit, and investments. Learning these skills early helps avoid debt, poor money management, and financial mistakes. Here are the top 10 best financial advice tips for young adults to set you on the right path.
1. Create a Budget
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Creating a budget is key for managing your money. It helps you track your spending and ensure you’re not living beyond your means. A simple step to managing your money properly.
To learn more: How to Budget Money
2. Manage Your Debt
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Managing debt is crucial. Keeping debt low and paying it off quickly helps maintain a healthy credit score and financial stability. As a young adult, it best to stay away from the temptation to spend on credit.
To learn more: How to Get Out of Debt in 5 Easy Steps
3. Invest Your Money
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Investing is vital for a secure future. Start early and let your money grow over time. It’s all about patience and consistency. Start by investing a minimum of 10% of each paycheck.
To learn more: The Simplicity of Investing
4. Start Saving Now
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Start saving early. Even small amounts can grow over time. An emergency fund can provide a safety net for unexpected expenses. Use a money saving challenge to make saving more fun!
To learn more: Top 20 Epic Money Saving Challenges Unveiled to Save Money
5. Limit Your Expenses
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Limiting expenses helps save more money. Track all your spending, even small purchases, to understand where your money goes. This will help you to invest the rest!
To learn more: How to Budget Money on Low Income: 20+ Tips to Cut Spending
6. Build Passive Income Streams
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Building passive income streams can boost your financial stability. Find ways to earn extra money through hobbies or skills.
To learn more: Find a Side Hustle that Works for You
7. Create a Cash Reserve
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Having a cash reserve prepares you for unexpected expenses. Save three to six months’ worth of income for emergencies.
To learn more: Breaking Down the Purpose of a Rainy Day Fund
8. Learn About Taxes
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Understanding taxes is important. Know the difference between your gross and net pay to manage your finances better.
Learn More: Difference Between Earned Income, Passive Income and Investment Income
9. Consider a Term Life Insurance Policy
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A term life insurance policy is affordable for young adults and provides financial protection for your future family.
10. Take Action
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Taking action is essential. Set clear financial goals, break them into steps, and stay persistent to manage your finances effectively. Don’t delay starting your financial stability!
Learn More: 10 Smart Financial Goals That You Need
Find More Ideas for Young Adults
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These tips for young adults will help you manage money well and not make the mistakes many others were guilty of. You can build a strong foundation with money. Make your finances a priority and you can quickly reach financial independence.
To learn more: Financial Advice for Young Adults: 10 Easy to Follow Money Management Tips
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
Looking to save money fast? Here are the top 10 frugal living tips that will transform how you think about and handle money. These simple changes can help you save more, spend wisely, and enjoy financial freedom. Start your journey to better money management today with frugal living.
1. Wait 24 hours to Buy
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Before buying anything, wait 24 hours. This helps you decide if you really need or want it. Often, you’ll find you don’t, saving money in the process. This is mandatory for anything over $500 for us.
2. Make a Plan for Your Money
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Plan where to save and spend your money before you get paid. This helps you prioritize savings and manage expenses, leading to better financial health.
To learn more: Budgeting Made Simple
3. Say No To Debt
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Avoid debt by saving for big purchases and paying in cash. Debt payments can hold you back, so staying debt-free helps you move forward financially.
To learn more: 7 Simplistic Habits Needed for Debt Free Living
4. Decide Where to Spend Money
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Be mindful of where you spend money. Identify what’s important to you and avoid unnecessary expenses. This helps you manage your finances better.
Start Here: No Spend Challenge: The #1 Fastest Way To Set Spending Priorities
5. Know Your Why to be Frugal
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Understand your reason for living frugally. Everyone has different money goals, so knowing your “why” helps you stay committed to saving and smart spending.
To learn more: 10 Must Have Financial Goals to Achieve
6. Trim Grocery Budget
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Food is a basic need, but how you shop and eat affects your budget. Focus on reducing grocery spending to save money over time.
To learn more: The 60 BEST Budget Grocery List Items for Cheap Eating
7. DIY First
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Try making things yourself before hiring help. DIY projects can save you money, and there are plenty of online tutorials to guide you.
8. Find Cheaper Alternative
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Always look for cheaper alternatives. Whether it’s price matching or waiting for a sale, finding better deals is a great way to save money.
9. Choose Free First
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Opt for free options whenever possible. From activities to items, choosing free first helps you save your income for other needs.
To find ideas: 105 Fun Things To Do With No Money
10. Think Long Term
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Focus on long-term financial goals. Plan what you want your money to achieve and take steps towards those goals, ensuring future financial stability.
Which Frugal Living Tip to Implement First?
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These frugal living tips can change your financial life. Start with any tip from this list to make a big impact on your finances. Embrace these habits to save money and achieve financial independence.
To learn more: Top 10 Influential Frugal Living Tips with a Big Impact
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
Inside: These are the absolute best life hacks to saving money. This list of frugal living tips with a big impact with greatly improve your budget and finances.
There are many ways to save money. Today, we are going to focus on frugal living tips with a big impact.
Those money saving tips that will save you the most money in the shortest amount of time.
These are the big impact ones of the all of the frugal living tips out there.
If you are a frugal living beginner or desire to save money, this is what you need to start with.
For many households, you are busy and want to find the life hacks that will make the biggest impact in the shortest amount of time. Saving money is important to you. You have bigger and better aspirations in life.
For us personally, we choose to implement these frugal living tips with a big impact because we want to increase our savings percentage each and every year. We have financial independence – all thanks to the Money Bliss Steps to Financial Freedom.
You should check them out. You might be surprised how your perspective will change.
For now, we are going to stick with the frugal living tips that will save you the most money with the least amount of work. Does that sound like a good deal? You want real life hacks – not just clickbait titles. Right?
I thought so… Let’s dig in to the frugal living tips with a BIG impact!
How to Stay Frugal
The better question is why do you want to stay frugal? What are your personal reasons for being frugal?
In this particular case, we are talking about saving money.
In all honesty, staying frugal means that you are constantly wanting to save more money. You have bigger plans in your life and don’t want to be a slave to your money. You desire to make a plan for your money and that is of utmost importance for your household.
Learning how to stay frugal will turn into a frugal lifestyle. Then, for many, it will morph into a thrifty lifestyle.
It is easy to learn how to stay frugal when you have dreams and plans in your life.
In order to fund those dreams, you need to stop living paycheck to paycheck and begin to give purpose to how you spend and save your money.
If you don’t believe me, then check out this case on why being frugal leads to a millionaire’s success story.
Top 10 Frugal Living Tips with a Big Impact
Like it was stated before, there are hundreds of frugal living tips that you can implement right now to start saving money.
However, for too many people, the list is too long and they want to see immediate progress right now.
These are the TOP 10 frugal living tips that will change how you think about money, spend money, and ultimately save money.
If you want to enjoy life and money (and maybe one day reach financial freedom), this is where you want to start. With this list. Right now. Make these easy lifestyle changes and begin a new relationship with money.
1. Wait 24 Hours to Buy
This is the simplest tip to help improve your money management.
Wait at least 24 hours before you buy something.
During that time, you will figure out whether or not you actually want or need the item. If you still want it, then you can purchase it. However, many times you realize that you didn’t need it or it wasn’t exactly what you wanted. So, you end up saving some money.
Obviously, the wait 24-hour rule applies to anything outside the realms of housing, food, gas, and utilities.
One of the smallest wins is to save $50 a week using this rule because over a year, you will save $2600!
Say what!?!?
That is a big chunk of cash that you probably even didn’t realize you were spending. Now, you are one step closer to reaching financial independence.
2. Make a Plan for Your Money
How do you want to spend your money? Have you ever considered where you want to spend your money before you spend it? Don’t worry if you said no. Most people don’t make a plan for their money.
What does it look like to make a plan for your money?
Before you are paid, you decide how and where you plan to save and spend your money. Did you catch the first part? It is the biggest hint I have for you – decide where you plan to save money first. Then second, how you plan to spend the rest.
Many people call this a budget.
The key is knowing where your priorities lie before putting in all of your variable expenses. You must plan to reach your money goals first. Then, figure out how to live on the rest.
That is called making a plan for your money.
3. Say No to Debt
There is nothing frugal about taking out debt.
Around here, we call debt – the cash flow killer.
It is extremely hard to move forward when debt (specifically the debt payment) is holding you back. It is like taking two steps forward only to be taken back a step now and three steps back in the future.
How to get around not going into debt?
You save up for big purchases, and then, you can pay in cash.
Side note… For this discussion, we are not talking about mortgage debt. In many cases, mortgage debt can be considered a “better” debt because purchasing a home may have a lower mortgage payment than current rents in the area.
4. Understand Where You want to Spend Money
Spending money isn’t a bad thing… IF you are spending money in areas that are important to you.
However, too many times we are blindly spending money and not realizing where our money went at the end of the month.
Is that what you set off to do?
Probably not, but for now, you feel like you are a slave to your bills and not being able to enjoy the fruits of your labor. The time is now to figure out where your priorities lie and the area you want to spend money.
To make this process simpler, it is easier to decide where you don’t want to spend money. For us, a no spend challenge helped us visually see where we wanted to spend money and where we actually spent money. The experience was eye-opening and very valuable.
Now, we know where we want to spend money and that has made a big impact for our finances. What could it do for you?
Just to Note… There are times where you want to spend money isn’t possible because you are barely managing to pay your basic bills. This frugal living tips with a big impact is to help you understand where your goals to spend money lie and what is unnecessary spending.
5. Know Your Reason to Live Frugally
Let’s be honest… living frugally doesn’t come with a lot of materialistic perks. You are sacrificing spending money in order to save money. It is hard to watch people mismanage their money only to get bailed out again and again.
To stick with frugal living and a desire to implement saving money hacks, then you must know your reason to live frugally.
Your answer will vary from everyone else’s answer. That is okay because we all have different money goals.
Have you thought about your reason for living frugally?
Our reason to live frugally is to travel. We don’t want to wait until we retire and the kids are grown to travel. We want to travel now and explore as much as possible while we can. Over time, that has morphed into our desire to reach financial freedom and not be a slave to our jobs. (Don’t worry… I love what I do here and don’t plan to change anything.)
What is your reason to live frugally?
6. Keep your Grocery Budget Trim
This is one of the biggest frugal living areas that will have the most immense impact – how you eat food.
Food is one of the basic expenses that you need to survive. However, how you choose to fuel your body will make a difference in your budget as well as how you choose to shop.
By becoming cognizant of grocery spending, you will learn to save money on groceries, which will make a huge impact over time.
Let’s take this example… You can save $200 a month on your grocery spending. That equates to $2,400 in one year. Almost $5000 in two years. At the end of 10 years, you saved $24,000!!
That is no small chunk of change. While spending an extra $200 a month doesn’t seem like much, over time it adds up to a greater amount. That is when you realize that implementing grocery money saving tips will have a bigger impact than you realized.
Overcoming your grocery budget is a learned trait; here are the best items on your grocery budget list.
7. DIY First
I’ll be the first to admit that making something yourself can be overwhelming when you don’t have a clue where to start.
Thankfully, there are plenty of tutorials to get you started with a simple Google search.
Frugal living tips with a big impact is knowing how to do it yourself first.
Here is one that has saved us over $10,000 in the past 10 years… I learned how to cut everyone’s hair in the house. The reason we started cutting our hair was because we were looking for ways to get out of debt faster.
The worst case scenario with DIY… if it doesn’t work out how you expected then you can always call for professional help. The best case is you just saved yourself a lot of money.
Especially if you own a home, you must learn to DIY first. Many of the skills that you would hire a handyman to do used to be taught by the generation before. Too bad that this isn’t still the case. However, thanks to YouTube, you have plenty of opportunities to learn how to do it yourself.
Another option is to trade services with a friend.
8. Find a Cheaper Alternative
One of the traits of a frugal person is searching for cheaper alternatives. This is a simple money saving hack.
This could be as simple as searching for a better price online and price matching. Or even waiting for a sale or clearance.
Finding cheaper alternatives is a great way to save money. Some options include:
Buying in bulk
Buying generic
Buy less items
Finding items that have dual purposes over single use. (like instant pot / air fryer combo)
You need to open up your eyes to finding cheaper versions or figuring out how to buy what you need at a lower price.
Another alternative is to buy used. This especially holds true for new cars since they lose most of their value within the first 5 years.
Just to Note: A cheaper alternative doesn’t always mean the quality is the same. A thrifty person would want an item that will last longer than the knockoffs.
9. Choose FREE First
Oh my! This hack is one of the best frugal living tips with a big impact.
Why choose FREE first?
Then, you don’t have to spend your hard-earned income on something that is used for a short period of time.
This could be for everything you spend money on.
Find free things to do with no money.
Source items you need in Buy Nothing Facebook groups or Nextdoor.
Choose the library over buying the actual books.
Ultimately, you’re looking at how to get things and do things for free first. This doesn’t make you cheap at all. It makes you frugal. Plus it gives you the chance to spend that money on something else that aligns with your reason to be frugal.
10. Think Long Term
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Too many times, we are so focused on living paycheck to paycheck that we don’t stop to make plans on what we want the next year to be like. Or the next 3 years? 5 years? Even 20 years away?
If you are ready to make a big impact in your life today, start by dreaming and thinking long term financial goals for all of your spending and saving.
Frugal Family Tips
Really quick, we are going to spend a little time discussing frugal family tips for your household.
Why?
Well, kids are expensive and it can be hard not to want the best for your family. And it can be easy to spend money to make that happen.
But first, why should you implement frugal family tips for your household?
Hint: so you can raise financially savvy children who make smart and wise decisions with money as adults. More is caught than today.
Kids learn by example.
So, why not be the best example for your kids with money?
The above list of the top frugal living tips with a big impact is solid money management tips that will build a solid foundation of success.
There isn’t a specific list of frugal family tips. It is taking the above life hacks and talking with your family about why you are making these money decisions. Have conversations about spending money and saving money.
In the long term, teaching frugal family tips will open the door to many opportunities.
That right there, my dear friend, is the gift that will keep on giving.
Tips for Living with Very Little Money
Typically, there are two types of people who are living with very little money and they are on opposite ends of the spectrum.
First of all, don’t compare yourself to others. That slippery slope of comparison is a trap; one which will cause you great harm, stress, and financial strain.
You are looking for tips for living with very little money.
If you are struggling living paycheck to paycheck, then you are in a tough spot right now. Remember, I said right now. You can always change your financial situation. It starts with your money mindset first.
The other person is that extremely frugal person who is consciously choosing to live with very little money. That means you are prioritizing the saving percentage you save each month.
In addition to all of the tips above, you must become EXTREMELY cognizant of your plans to spend money.
You know how and where you plan to spend every single penny that you earn before the money is in your hands.
Consistently, you are finding ways to spend less money and save more money.
A no spend challenge becomes a normal way of living for you. The key is you can’t hold a grudge on your choice of extreme frugality.
Just remember, you can lead a fabulous life with very little money. Money won’t buy your happiness. Finding contentment with your life is the target.
Which Frugal Living Tips with a Big Impact will You Try First?
Okay, so in all honesty, most of these frugal living tips are great money management tips that will completely turn your life in a completely different direction.
You are here because you want to save money with simple life hacks.
This list of the top 10 frugal living tips with a big impact will flip your life upside down for the better.
You need to make a big impact on your finances. Now, you need to embrace these saving money tips and have them become natural habits.
Regardless of income, you are capable of saving your first $10k, then saving $100,000 and ultimately being a millionaire. All it takes is thinking long-term and deciding what is most important for your family and your household.
You hold the keys to a brighter financial future. Grab them and begin to open up doors to more opportunities.
In case you want more frugality in your household, in this post, we outline over 175 + of the best frugal living tips, which are great once you master the money saving tips that will have a longer lasting impact.
For now, what frugal living tips with a big impact will you try first? Comment below and let us know!
You can become the next millionaire with no money!
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
Looking for a low-stress job that pays well? This list has you covered. These 10 jobs offer good pay without the stress of a typical 9-5. Perfect for those seeking flexible hours or needing low-stress work for health reasons. Find a job that fits your lifestyle and start enjoying a better work-life balance.
Massage Therapist
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A massage therapist helps people relax by working on their soft tissues and joints. They need to know anatomy and medical procedures and often work in calm places like spas or clinics. This job is low-stress and pays well and is easy to get training..
Electrician
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An electrician is a skilled worker who only needs a few years of training. After an apprenticeship, they can work with electrical tools and circuits. This job pays well and doesn’t require many qualifications.
Librarian
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Librarians help people find information and manage collections. They work in a calm environment and often have time to read. This job is low-stress and pays well, making it a great choice for those who love books.
To learn more: 50+ Best Low Stress Jobs After Retirement
Dental Hygienist
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A dental hygienist cleans teeth and teaches patients about oral hygiene. With a two-year degree and state licensure, this low-stress job offers a good work-life balance and pays well.
Virtual Assistant
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A virtual assistant provides remote administrative, creative, or technical help. Working from home, they avoid office politics and can enjoy a flexible schedule. Very popular for stay-at-home moms.
To learn more: 14 Best Virtual Assistant Jobs with No Experience Required
Makeup Artist
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A makeup artist enhances clients’ appearances with cosmetics. They work in salons or as freelancers in the beauty, fashion, and entertainment industries. Basic communication skills are needed, but no formal education is required. Just style!
To learn more: Best Online and Side Hustles for College Students: Ideas for Fast Money
Plumber
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A plumber installs and repairs pipes and fixtures, ensuring water flows where needed. With apprenticeship training, plumbers can enjoy a well-paying job without a degree.
Photographer
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A photographer captures moments and memories. Good skills in composition, lighting, and timing are essential. Training in art and design helps, but a degree is not needed. This job has good demand and many niches to seek.
To learn more: 25 Best Jobs for Moms With No Degree: Balancing Family and Career
Solar Photovoltaic Installer
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Solar photovoltaic installers set up solar panels on buildings. They need to understand electrical wiring and troubleshooting. Due to a labor shortage, this job pays well and is low-stress if you like climbing on roofs.
To learn more: 43 Best Side Hustles for Men to Make Money
Radiologic Technologist
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Radiologic technologists use imaging techniques like X-rays and MRIs to help diagnose and treat diseases. They work closely with doctors and need good communication skills. An associate’s degree is required.
Find More Low Stress Jobs that Pay Well
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Discover more low-stress jobs that pay well without needing a degree. These jobs offer minimal stress and plenty of growth opportunities, making them great choices for a new career.
To learn more: Best 30 Low-Stress Jobs That Pay Well Without a Degree
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
As graduation season approaches, finding the perfect gift for the graduate in your life can be both exciting and challenging. Whether they’re transitioning into the workforce or furthering their education, it’s essential to commemorate this milestone with a thoughtful and practical gift that reflects their achievements and aspirations. In this guide, we’ll explore a variety of gift ideas tailored to suit every graduate’s unique interests and future endeavors.
How Much to Give a High School Graduate
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Wondering how much to give a high school graduate? Close friends or relatives typically give $30-100, while parents may give up to $100-300. For less familiar graduates, $25-40 is suitable.
To learn more: How Much to Give for High School Graduation as Money Gift
How Much to Give a College Graduate
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Doubling the high school graduation gift amount is common for college graduates, ranging from $60-600. Consider the graduate’s relationship and your budget when determining the appropriate gift.
Graduation Money Gift Ideas
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Discover creative ways to give money as a graduation gift. From themed money gift boxes to fun DIY money cakes, explore unique ideas to celebrate the graduate’s achievement.
To learn more: 25+ Clever and Creative Graduation Money Gift Ideas With Money
Teach Them to Go to College Without Loans
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Learn how to pay for college without loans through scholarships, grants, and savings strategies. This guide offers tips on securing financial aid and minimizing student loan debt. This might be the best long term gift you can give.
To learn more: How to Pay for College Without Loans and Student Debt
Use a Money Gift Box
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Make giving money fun and memorable with DIY money gift boxes. These customizable gifts are perfect for birthdays, weddings, or graduations. Get creative with themed decorations and personal touches.
To learn more: Money Gift Box: Ideas on How to Give and Dispense Money as a Gift
Gift one of the Top Rated Personal Finance Books
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Explore top-rated personal finance books to empower graduates with essential money management skills. From budgeting to investing, these books offer valuable insights for financial success. These are my top picks.
To learn more: Best Finance Books: The Top 10 Must-Read Books To Improve Your Finances
Give one of the Life-Changing Books
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Discover life-changing books across various genres, from personal development to finance. These transformative reads offer inspiration and practical advice for graduates embarking on new chapters.
To learn more: 35 Life-Changing Books That Will Change The Way You Think And Feel
Help Decorate with these First Apartment Ideas
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Prepare graduates for independent living with practical first apartment ideas. From furniture to kitchen essentials, this checklist ensures they have everything they need to furnish and decorate their new space.
To learn more: First Apartment Checklist: Everything You Need to Buy
Guide the Graduate to Learn High Income Skills
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Equip graduates with high-income skills to boost their earning potential. Explore lucrative opportunities in fields like AI, cybersecurity, and copywriting, offering alternative paths to success.
To learn more: Top High Income Skills Without a Degree to Learn
Small Gift Ideas to Give
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Find creative and budget-friendly gift ideas for graduates. From personalized mementos to practical gadgets, this guide offers thoughtful suggestions for every graduate in your life.
To learn more: The Best 50 Small Gift Ideas for Everyone In Your Life
Make a Statement with these Money Cake Ideas
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Impress with unique money cake ideas for graduations and special occasions. Whether using dollar bills or crafting edible designs, these DIY cakes make memorable gifts that stand out.
To learn: How to Make a Money Cake: A Fun and Easy Money-Pulling Cake Ideas
Don’t Forget those College Care Packages
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Show your support with thoughtful college care packages for special occasions. From holidays to birthdays, sending a care package is a meaningful way to stay connected with college students.
To learn more: 76 Best Care Packages for College Students: Ideas They’ll Love
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Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
Imagine you’re a gardener. You spend a weekend building a few raised beds, planting sunflowers and corn, etc. It’s a nice little hobby. Your first summer gardening ends up successful and fulfilling.
You come back for Year 2 with vigor! You want to expand. You spend a month preparing your beds and double the size of your garden. You plant new veggies and a few flowers, and all goes well.
You rinse and repeat for a few more years. Not only is your garden blooming, but its size is blooming. After years of doubling in size, it occupies a couple acres in your side field (we’re putting you in the countryside).
Eventually, you grow so big that an annual doubling size is no longer feasible. You don’t have the time or equipment to build twice as many new beds. You don’t have the resources to water and fertilize the full area. You don’t have the patience to weed the weeds and scare away the hungry deer and rabbits.
Growth, in other words, cannot be exponential forever.Eventually, size becomes the enemy of growth. Growth is easy when you’re small. It’s much harder when you’re big.
We see similar “rules” all over the natural world. Small children grow and learn unbelievably quickly in their early years. They “grow like a weed” – how punny. But eventually, that child becomes a “full-grown” adult who, if they’re learning at all, certainly is no longer learning at an exponential pace.
While the governing rules might differ (Mother Nature vs. something economic), a similar phenomenon applies to the business world and thus to the stock market: growth can’t be exponential forever, and growth becomes harder the bigger you are.
Forward Growth, Backward Growth
Let’s go back to the garden.
Imagine I have a bed of fully grown sunflowers —10 feet tall, giant heads, full of seeds.
Next to that, I have a bed of corn. The corn is only halfway grown—3 feet tall, barely a sign of any “ears” yet.
If I wanted to see which crop has the bestgrowing potential, how should I measure it?
The natural tact to measure backward and say, “It’s the sunflowers – look, they’re huge! They’ve grown like crazy this past month!”
But I could also measure forward and say, “The sunflowers are ‘exhausted’ – fully grown! The corn, though, still has a huge potential in front of it.”
The same idea applies to the stock market.
If we measure backward, the best-performing stocks of the past 5 years are the biggest stocks right now (kind of like our sunflowers). Ben Carlson shared this idea and data in a recent post. The right-most columns below show that today’s largest stocks are also the best performers of the past 5 years:
The biggest stocks (on the right) have also had the best recent performance.
But as investors, is it good for us to “measure the sunflowers” after they’re fully grown?!
The wise skeptic would retort, “Jesse – you don’t know if those large stocks are fully grown or not.” It’s true. For all we know, those “sunflowers” could double in size again. We’ll come back to this idea later.
Still, I think it makes more sense to measure from the beginning and ask, “Which stocks will grow most in the future?” The problem is that we don’t have crystal balls. We don’t know what the future will hold.
The middle ground, then, is to combine the past and the present. For example: what if we took the stock market’s values from 2019, ranked the size of those companies at that time, and then tracked their performance from 2019 until today?
That’s exactly what this chart shows:
If we measure forward instead of backward, we see that smaller companies have been the best performers of the past five years (not that large companies performed all that poorly).
Here’s another terrific way of visualizing that idea. I’ve been using the following chart with some clients recently, especially when they ask questions about Apple, Microsoft, or NVIDIA, etc.
The data examines companies when they reach the Top 10 largest companies in the U.S. stock market. The left side of the graphic shows companies before they reach the Top 10, and the right side shows companies after they reach the Top 10. The left shows “future world-record sunflowers as they’re growing” and the right shows “world-record sunflowers once they’ve set those records.”
The chart pulls together our various ideas today.
It’s hard to grow forever. Instead, growth has an upper limit. Once a company has become “one of the largest companies in the US, or even the world,” odds are that its growth is tapped out.
While investing in “full-grownsunflowers” might be appealing – after all, look how tall they are! – the smart money knows investors don’t make money on past growth. They make it on future growth.
I’m not guaranteeing it. The future might be different than the past. Maybe NVIDIA will continue taking over the world. But get this:
In the five years from July 2019 to July 2024, NVIDIA’s market cap grew from $100 billion to $3 trillion, a 30x increase.
If NVIDIA did the same thing from now until July 2029, its then-$90 trillion market cap would be:
as large as every other publically traded company in the world, all combined.
about 2x the rest of the entire U.S. stock market, combined.
about 3x the annual GDP of the U.S.
and roughly ~$90 trillion more than my personal net worth. Ouch.
Uncle Warren, Cousin Rubin
In 1995, Uncle Warren Buffett wrote to his investors:
The giant disadvantage we face is size: In the early years, we needed only good ideas, but now we need good bigideas. Unfortunately, the difficulty of finding these grows in direct proportion to our financial success, a problem that increasingly erodes our strengths.
When you have one garden bed, it’s easy to double in size. Just build one more bed. It’s not so easy when you’re running an entire farm.
Buffett’s company, Berkshire Hathaway, is in the business of buying other companies – great companies, ideally, at fair prices.
But Berkshire is worth $900 billion dollars. They can’t afford to buy a $1 million company that they think will double to $2 million – it’s a tiny drop compared to their $900 billion value. Instead, Berkshire is looking to acquire multi-billion dollar companies. But those companies aren’t flying under the radar. They’re well-known and accurately priced. The opportunity for large investment gains simply isn’t there.
A similar idea comes from Rubin Miller, writing about Nvidia. Rubin said:
The stock market has averaged ~ 10%/year over the last 100 years, so if that continued while NVIDIA averaged 32% (which it has since its IPO in 1999)….
In 10 years, NVIDIA would be ~ 27% of the U.S. stock market.
In 15 years, NVIDIA would be ~ 68% of the U.S. stock market.
In 25 years, NVIDIA would be ~ 420% of the U.S. stock market.
But nothing can be more than 100% of something that it’s a part of.
That’s the impossibility (meaning if anything like this remotely occurred in reality, the entire market’s return would of course be pulled higher than 10%, simply by NVIDIA’s weight and return).
But this is the rub. You cannot compound returns at high rates forever.
On an infinite timeline, anything compounding at a higher rate than something else will eventually completely subsume it.
Rubin Miller
Eventually, in other words, NVIDIA would be so big and the rest of the market so small (comparatively) that “market returns” wouldn’t tell us anything about “the market” – they would only tell us about NVIDIA!
This is not poo-poo’ing on NVIDIA. It can still be a great company. But that’s different than being a great investment. You can be a good company, but a bad stock..
Or, back to our sunflower analogy, here’s a fact: a sunflower grows 100x in height over ~70 days. Then it withers and dies. But if it didn’tdieand instead continued 100x’ing its height every 70 days, that sunflower would reach the Moon in just over 1 year.
You tell me. Maybe we’ll soon see a sunflower reach the moon.
But I’m not betting the farm on it.
Thank you for reading! If you enjoyed this article, join 8000+ subscribers who read my 2-minute weekly email, where I send you links to the smartest financial content I find online every week.
-Jesse
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Despite the industrywide drop in volume, four of the top 10 reverse mortgage lenders in the country recorded gains in June.
Finance of America (FOA) added 4.1% to its endorsement tally to finish at 534 loans, after lagging behind Mutual of Omaha Mortgage in recent months. Guild Mortgage also posted a gain of 19.1% to 56 loans, while South River Mortgage and HighTechLending also managed positive growth in June.
When asked if the decline in case numbers could lead to a more tepid summer of originations, RMI President John Lunde said it was likely.
“From a case number perspective I don’t think we’ll see dramatic growth in endorsements this summer, but more of a sideways action in the recent range,” he said.
Each type of reverse mortgage use case also declined in June. “Equity takeout” loans — reverse mortgages that are neither purchases nor refinances — dropped by 4.8% from May. Purchases fell by 10.8%, while HECM-to-HECM refinances saw a large drop of 27.5%.
“It doesn’t surprise me that refis declined since it was likely driven primarily by the lending limit increase earlier this year, which was always a very limited opportunity without rates declining significantly,” Lunde said of the data. “Purchase is one we’re watching closely with the recently implemented tweak to closing costs that we expect to open that door more fully. Equity takeout is the most stable as the largest segment so the lower volatility in May makes perfect sense.”
When asked how four of the top 10 lenders managed to avoid decreases in their endorsement totals in June, Lunde said that geography is a key predictor of how such things can play out. Individual choices that lenders make in appealing to potential clients often dictates their own performance.
“Geographic regions are usually more aligned with overall industry trends, whereas individual lenders can create significant performance gaps purely from business decisions like marketing spend increase/decreases, prioritizing or de-emphasizing endorsements from a resource perspective, or farming attractive in-house sales niches (like forward loan officer relationships or servicing portfolios),” he said.
Geographically, the region that endured the least severe drop is the industry’s most prominent one. The Pacific/Hawaii region fell by only 2.6% to 594 loans for the month.
As FOA and Mutual of Omaha continue to battle for reverse mortgage industry supremacy, Lunde and RMI will be watching closely, he said.
“I do watch with interest as these two compete for the top spot for the foreseeable future as they are very different stories,” Lunde explained. ”Mutual of Omaha has a great brand and customer base outside of reverse that provides a tailwind while FOA has led the industry for several years in wholesale and acquired the largest lender with a particular strength in retail. We’re excited to see both challenging to be the champion.”
As has been the case for a while, HMBS issuance remains at historically low levels, and is not expected to reach anywhere near the records set in 2022 by the time this year winds down, according to New View commentary that accompanied the data.
HMBS issuance fell by $29 million from May to a total of $497 million in June, but the same raw number of pools were issued in June as in May (86 pools). Among leading companies, FOA again claimed the top issuer spot with $159 million, a $2 million increase over May’s figure.
Longbridge Financial saw an $8 million month-over-month dip to $110 million, while Mutual of Omaha and PHH Mortgage Corp. — which will soon rebrand to Onity Mortgage — issued $95 million and $85 million in June, respectively.
When asked about the variance between the issuance levels of the top companies, New View partner Michael McCully said it doesn’t play much of a role.
“There is nothing to be read from any variance in issuance between the top four issuers; in the aggregate they have maintained a market share between 90% and 95% for years,” he said. “But, 11 issuers overall is over-capacity for an industry projecting to originate less than $6 billion in 2024.”
June’s original, first-participation production also saw a decline in June to $331 million, down from $361 million in May. Year over year, new loan production was substantially lower when looking at data from the same period in 2023, New View explained. Of the 86 pools issued in June, 24 were first-participation pools while 62 were tail pools with subsequent participations.
Changes on a monthly basis, McCully said, are largely immaterial.
“The industry is not in a good place with such low volume,” he said. “Let’s see how HMBS 2.0 affects the industry, and whether rates start to trend down more permanently.”
When asked about how New View is projecting issuance for the end of the year, McCully said it’s pretty simple to do.
“All else equal, doubling first half production gives a reasonable proxy for full year issuance,” he said.
New View also published updated HMBS issuer league tables for the first half of 2024, showing FOA with 31.9% of the overall market. It was followed by Longbridge (21.4%), Mutual of Omaha (18.4%), PHH (18%) and Traditional Mortgage Acceptance Corp. (3.6%).
I truly appreciate a well-designed and functional lighting design with some aesthetic value. But besides these three holy grails, it also helps if the light is compact and doesn’t occupy too much precious real estate on your desk, bedside table, or wherever we place it. Besides that, a well-designed lighting fixture should not only have the ability to illuminate any living space but also add that extra oomph factor! I mean, of course, we need them to see in the dark, but as highly functional as they should be, a lighting fixture also needs to be aesthetically pleasing, adding an attractive and visually soothing element to your home or office space. And, we’ve curated a bunch of compact and exceptional lighting designs that will make excellent additions to your home.
1. MINI Sphere
The Sphere in Las Vegas was opened to the public last year and is now one of the most visible buildings on the north end of the Vegas Strip. It has become a sort of a meme because of its massive size, and the hilarious emoji that often looks around and interacts with different objects. YouTuber Carl Bugeja created a homemade version of the Sphere by merging a number of LEDs and some clever programming.
Why is it noteworthy?
Called the MINI Sphere, this little light is a cute replica of the massive architectural wonder. The tiny sphere lights up, displaying varied graphics such as an eyeball, emojis faces, or even the planet Earth. It features a built-in accelerometer that detects when you lift the sphere off the table, and the sphere then makes a scared emoji face!
What we like
Creates a miniature and accessible version of an impressive architectural structure
Creates cute emoji faces
What we dislike
It has less than 1000 pixels, so it is difficult to perceive clear images
2. Japanese Lantern Candle
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Meet the Japanese Lantern Candle – a soft and gentle lighting design inspired by the traditional Japanese ‘chouchin’ lantern. This lighting product features a billowy pillar shape which casts a calming and ambient aura. The lighting design is created to add some peace and tranquility to your living space, while also being quite easy to move around.
Click Here to Buy Now: $69
Why is it noteworthy?
This candle design is designed to be a contemporary take on a beloved Japanese object. It features a tiny and minimalist ethos which doesn’t take up much space in your home. The lantern candle has a rather ethereal-looking glow which instantly puts onlookers at ease.
What we like
Non-melting wax which provides a surreal clarity on the candle
It is handcrafted by artisans in Kurashiki
What we dislike
Since it is a lantern candle, it is a fire hazard and must be kept away from children and pets
3. Anywhere-Use Lamp
This portable lighting design is called the Anywhere-Use Lamp, and it is a minimalist table lamp that offers gentle lighting in a world filled to the brim with large glaring screens and harsh lighting. Featuring a mushroom-inspired head, the lamp radiates an elegant and soft glow, which creates a pleasing ambiance.
Click Here to Buy Now: $149
Why is it noteworthy?
The Anywhere-Use Lamp has a modular form that offers impressive atmospheric enhancement, no matter where you place it. It is equipped with six high-color rendering LEDs, which provide a soothing luminescence, converting any living space into an oasis of calm and peace.
What we like
Equipped with 4 brightness levels
It can be easily disassembled, placed in a bag, and carried with you
What we dislike
The lighting design isn’t water-resistant
It needs four AA batteries to function
4. AwesomePre
Dubbed the AwesomePre, this reading lamp was designed for the LED technology development startup MemsLux. The reading light is designed to foster an emotional connection between the reader, and his book after the sun goes down. It is shaped like a big window that you can place on the page you are reading!
Why is it noteworthy?
The AwesomePre utilizes MemsLux’s LED tech to radiate a light wavelength which helps you to read in the dark, creating a private reading experience. It creates the experience of gazing into your favorite fictional world through a compact portal.
What we like
Portable design that lets you read in low light, anywhere
What we dislike
It isn’t very ergonomically comfortable for readers who like reading in a laid-back and comfy position
5. Harmony Flame Fireplace
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Dubbed the Harmony Flame Fireplace, this elegant brass lamp allows you to build a safe fire within your home. You can enjoy the experience of an outdoor fire in the comfort of your own home. It uses bioethanol to light up your home, spreading warmth within it. It was built using the same technique used to make musical instruments.
Click Here to Buy Now: $239
Why is it noteworthy?
The fireplace was designed to elevate and uplift the mood and ambiance of indoor space. It features reflective surfaces that work with the vivid flames to create a play of shadows and lights, forming a decorative piece that is quite aesthetically appealing as well.
What we like
You can enjoy a warm and lovely fire safely within your own home
What we dislike
Since it is powered by bioethanol, there is a risk of fuel dependency, since you need to purchase fuel again and again
6. Tomori Lantern Kit
Say hello to the Tomori Lantern Kit – a unique kit that helps you build your own little lantern. Once you’re done using the lantern, you can easily put it aside. The lantern kit cannot be utilized as a ready-made lantern, and you can collapse it once used. A conventional flashlight can be integrated into the lantern.
Click Here to Buy Now: $39
Why is it noteworthy?
The Tomori Lantern includes a foldable cardboard piece as the base of the kit, and as a flashlight holder, while providing structure to the lamp. It includes an LED flashlight which you can use separately when it isn’t fitted within the lamp. However, the base can support any other cylindrical flashlight as well.
What we like
You can fold the kit into a flat A4-sized package, and pack it away
Has a portable and easy-to-carry form
What we dislike
The Tomori Lantern Kit cannot withstand rain and other harsh weather conditions
7. Port Collection
Called the Port Collection, this ethereal-looking lighting collection is designed by Tom Fereday and Rakumba. It includes two shapes – the circular Round design, and a lozenge-shaped Stadium design. You can pick a tabletop or a wall-mounted version, and each variant is equipped with a solid glass block and a metal base.
Why is it noteworthy?
The metal base offers support to the glass block which features an intriguing conical shape, marked by an internal stepped form. This rather interesting form facilitates the refraction of light when switched on, creating a mesmerizing and alluring effect that draws attention.
What we like
The lighting designs have an otherworldly appeal to them and will make interesting additions to your home
What we dislike
Since they’re made from glass, they must be handled with care and could be easily damaged
8. Matin Lamp
Called the Matin Lamp, this rather quizzical-looking lamp was designed by Inga Hempe. The lighting design is intended to be a contemporary and refreshing interpretation of a common lighting piece that utilizes a steel wire frame to condense the form to its most basic and raw. The result is a unique lamp with a design language of its own that seems quite familiar.
Why is it noteworthy?
The Matin Lamp features a unique pleated lampshade which offers a distinctive and impressive character to the lighting product. This lampshade creates an interplay of shadows and shapes, which interestingly contrast with the plain block of color. The lamp would be a welcome addition to any home, sparking conversation and discussions.
What we like
It is designed to be a harmonious contrast of order and chaos with repeating patterns of flowers, petals, and leaves
What we dislike
The lamp may be too quirky and eclectic for some, caters to a niche audience
9. Z Lamp
Meet the Z Lamp, this unique lighting design is truly one-of-a-kind. It features a collapsible design which makes it portable and easy to carry about. It is equipped with a ridged silicone shade, which enables the lamp to expand or contract at will, allowing you to have complete control of the lamp’s overall brightness.
Why is it noteworthy?
If you expand the silicone cover, the lamp serves as a large diffuser, and light is scattered in different directions. Once the lamp is contracted, the diffuser’s size reduces and the light’s intensity is diminished.
What we like
Unique collapsible feature that converts it into an easy-to-carry design
What we dislike
You can’t have the lamp fully expanded but with low brightness
10. Current Task Light
Designed by UK-based Jones and Partners, the Current Task Light is a small and compact lighting design that perfectly merges with the brand’s collection of highly functional and simple products. The Current Task Light is peak minimalism, and it serves as a valuable lighting design that occupies minimum space.
Why is it noteworthy?
It is an award-winning task light & charging concept that serves as a multifunctional product designed to help you with your daily multitasking. The versatile and thoughtfully designed product works well in both residential and commercial spaces. It looks like an ideal addition to your workdesk!
What we like
Co-workers can plug their devices across a big desk and work together
What we dislike
Since it is a concept right now, we are unsure of how the final product will be
Top 10 reverse mortgage industry lender South River Mortgage is aiming to focus on its strengths. In addition to offering a proprietary reverse mortgage product option and transitioning last year from a broker to a direct lender, the company is focusing on its core business while staying engaged with the broader industry dynamics.
South River president Tyler Plack recently discussed the elements of business in the current market environment with HousingWire’s Reverse Mortgage Daily (RMD). Now, the conversation turns to the wider industry. Despite the well-documented challenges being faced by the industry, Plack and South River chief strategy officer Matthew Hagen said that the reverse mortgage business is pressing ahead.
Plack also discussed the ramifications of Open Mortgage’s exit from the industry late last year, and how alternative equity products add to the competitive landscape of the reverse mortgage business.
Chris Clow/RMD: In terms of the health of the industry, where we are at the midpoint of 2024, and considering some of the doom and gloom that might have been predicted at the end of last year, how do you think the industry at large is doing?
Tyler Plack: I think the industry has shown incredible resilience. At the end of last year and the beginning of this year, we were anticipating three rate cuts in 2024. As of today, it doesn’t appear that the market is pricing those in as much, meaning that the mortgage market is considerably more difficult than I would have anticipated at the beginning of the year.
With that being said, I am so impressed not just with South River, but with the industry as a whole, and how resilient the space has been and how resilient the originators in the space have been. If you look at the number of originators, we didn’t see the level of fallout in 2024 that we did in 2022 or 2023. It’s been much more stable.
Clow: What do you think is driving that kind of stability?
Plack: I think part of that stability comes from some of the Fed comments about being done raising rates, which is good. But I am really impressed with the rest of the industry and their ability to keep things moving, even though volumes are down. Everyone is still working hard, still originating loans, and a lot of people are still in business, and that’s a really good thing.
Clow: Industry consolidation has certainly been a big topic of conversation. We’ve also seen other forward lending players starting to show more interest in reverse, and I know your company was a big partner of Open Mortgage. First of all, how has their absence affected you? And what do you make of the way that consolidation has progressed in the industry?
Plack: If you look at Open Mortgage, we used to broker a lot of business to them, and they shut down in December 2023. By the time they had shut down, we had already completed our broker-to-lender transition, meaning we weren’t doing any business with them at the time they closed their doors for the reverse business. Frankly, we’ve been a net beneficiary of some of the talent we were able to pick up from Open.
” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2024/01/tylerplack_southrivermortgage.jpeg?w=261″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2024/01/tylerplack_southrivermortgage.jpeg?w=890″ src=”https://www.housingwire.com/wp-content/uploads/2024/01/tylerplack_southrivermortgage.jpeg?w=890″ alt=”Tyler Plack, president of South River Mortgage.” class=”wp-image-436075″ srcset=”https://www.housingwire.com/wp-content/uploads/2024/01/tylerplack_southrivermortgage.jpeg 890w, https://www.housingwire.com/wp-content/uploads/2024/01/tylerplack_southrivermortgage.jpeg?resize=130,150 130w, https://www.housingwire.com/wp-content/uploads/2024/01/tylerplack_southrivermortgage.jpeg?resize=261,300 261w, https://www.housingwire.com/wp-content/uploads/2024/01/tylerplack_southrivermortgage.jpeg?resize=768,884 768w” sizes=”(max-width: 890px) 100vw, 890px”>Tyler Plack
There were a lot of really good people left out of work as a result of them closing the reverse department, and we were lucky to pick up some great underwriters, a couple of closers and operations team members that would have been difficult to find otherwise. So, certainly, when one door closes, another door opens, and we’re really happy to be able to welcome them here at South River.
Matthew Hagen: The other thing I would add there is that Open Mortgage was a very good partner to us as we were building our business. We were really sad to see them leave the marketplace, not only because of the partnership we had with them but also because we were always hoping they would get to a position where they could be a closed loan purchaser of our loans.
They never quite got there, but that was our hope so we could continue to do business with them. In this environment, it’s a terrible outcome when anybody leaves the market. There’s a big available pipeline, and we don’t need fewer people in this industry — we need more. Having Open leave was a real disappointment and we were sad to see them exit.
Clow: It seems like home equity is having a larger stake in conversations, even among forward lenders. They’re more interested in traditional instruments like HELOCs, and there’s also a niche of shared equity investments and sale-leasebacks that are trying to stake a claim in the equity lending market. I’m curious whether this adds to the competitive landscape in terms of what you’re trying to do, or is that just noise that you’re tuning out?
Plack: It’s certainly not just noise that we’re tuning out. We’re working with some home equity product providers and are interested in the space. I think you run the risk of contaminating or misplacing someone who would be best suited for a reverse mortgage into a home equity product. There’s a risk there, but it’s important that the best product wins. If home equity is the product that the consumer needs, then we should give them that home equity investment product rather than a reverse mortgage.
At the same time, one of the great things about those equity products is that many of them don’t have an age restriction. If you’re 18 and can legally enter the contract and have the title to the home, you are eligible for this product. With reverse mortgages, legality varies by state, which complicates things. So, the total addressable market is significantly larger for these home equity investment products. I think any reverse originator should be looking at these products to see how they can add them as another arrow in their quiver.