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May 6, 2021

What Is Real Estate Due Diligence?

There isn’t an Easy Button for doing your due diligence. It’s really a time-consuming process, and few people have any idea what to do.

Purchasing and owning real estate is always high risk — whether it’s a single family home that you’ll occupy or a 50-unit apartment building for income. You’ll hear experts say to make sure to “do your due diligence” when buying property, but what does that actually mean? What is due diligence?

The truth is, there isn’t an “easy button” for doing your due diligence. It’s really a time-consuming process, and few people have any idea what to do. So here is what it means and some of the steps you should consider and perform.

Do your homework

Due diligence means taking caution, performing calculations, reviewing documents, procuring insurance, walking the property, etc. — essentially doing your homework for the property BEFORE you actually make the purchase. If there are too many issues with the property — and that means too much potential risk and cost — then you can cancel your purchase agreement and look for a better property.

Here are just a few of the steps that apply to both personal residences and investment properties, although some may only apply to one.

Shop the marketplace

Make sure you know what the market has to offer. Too many people look at just a few properties, put in an offer and purchase. You should spend several months looking at properties before you buy.

Mortgage financing

Make sure the mortgage deal you get is fair and in line with competitors. Probably less than 20 percent of people get two bids for their financing, so they don’t know whether they’ve received a fair deal.

Pencil out your investment

If you’re buying an investment property, it’s vital to pencil out your deal. How do you know whether it’s a good deal if you haven’t done the math and compared it to other opportunities?

Property inspection

You probably had an inspection, but did you go to it? Did you review the inspector’s remarks on all the work that needs to be done? Then did you call a contractor or go to a home repair store to see how much it will cost to put the property in the shape you desire? Renovating properties is hugely expensive and high risk, so make sure you get estimates for the work before you decide to move forward with a purchase.

Insurance

Did you check to see whether an insurance policy can be written for the property? How much will it cost? Some areas, such as fire-prone or hurricane-prone areas, might not even be able to get a policy. And even if they do, it might be prohibitively expensive. Get some bids before you’re too far along in your purchasing process.

Homeowners association

Do you know how to review the HOA documents to avoid communities that are in disastrous shape, out of money or have significant construction issues? This is actually a pretty complicated task, but you don’t want to buy into a total mess of an HOA. If you do, you will feel some discomfort as the years go by and you have to deal with the issues and special assessments that you will be required to pay.

Title insurance & plat

Did you look at the title abstract and insurance policy? This will help you see if there are some issues that should concern you. Talk to the title insurance company agent and lawyer to help you review the documents. Also look at the plat of the property, have the easements plotted by title and walk the property for encumbrances.

Those are just a few of the many items that make up due diligence when buying real estate. Remember, you have to do these before you close escrow on the property. If you fail to do the proper tasks, problems might arise that were preventable, and might make your real estate experience less than palatable, or downright life changing! Or they might cause you to lose all the money you’ve put into the property.

Leonard Baron is America’s Real Estate Professor®. His unbiased, neutral and inexpensive “Real Estate Ownership, Investment and Due Diligence 101” textbook teaches potential real estate buyers how to make smart and safe purchase decisions. He is a San Diego State University Lecturer, blogs at Zillow.com, and loves kicking the tires of a good piece of dirt! More at ProfessorBaron.com.

Note: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinion or position of Zillow.

Source: zillow.com

May 5, 2021

Capital One Savings Account | The Simple Dollar

Capital One got its start in 1994 in Richmond, VA, thanks to Richard Fairbank, who is still the acting CEO today. In the almost three decades of existence, the bank has grown tremendously, now managing over $390 billion in assets.

Savings APY

0.40%

Min. Deposit

J.D. Power Rating

2/5

SimpleScore

4 / 5.0

SimpleScore Capital One 4

Savings APY 3

Customer Satisfaction 2

Product Variety 5

The Capital One 360 savings account is an attractive option that checks many of the major boxes needed to earn the title of a great savings tool. The accounts are available with no minimum opening deposit, no monthly service fee and all from a bank that’s been in service for almost three decades. Cap that off with one of the highest APY rates in the entire industry for savings accounts, and you may have found a winner.

Capital One at a Glance

Bank	Min. Deposit	APY	Fees	Key Benefit
Capital One	$0	0.40%	$0	Industry-leading APY rate

What we like about it

There are four main reasons we love the Capital One savings account — no fees, no minimums, an incredible APY and a tech-savvy mobile app. Unlike most other banks, Capital One charges $0 for you to open and maintain a savings account. On top of that, there is no requirement for a minimum deposit to open an account or keep it open. This is welcomed news for new savers and people not interested in seeing all of their savings disappear to fees.

The Capital One savings rates are also some of the highest in the industry at 0.40%. The best part? You get that rate regardless of how much money you have in your account. The bank’s mobile app is also a great perk made available to any Capital One customer free of charge. The app offers complete flexibility across the board with all accounts, including savings accounts.

Things to consider

Consumers looking for an in-person banking touch will not be able to get that through Capital One. The bank runs all operations completely online. You will find several helpful customer service options with real people to talk to. The only difference, though, is you won’t have the luxury of walking into a branch location.

What you need to know

The APY on a Capital One 360 savings account is 0.40% regardless of your balance, making it one of the best high-interest savings accounts. You’ll also find no account fees to worry about, which really sets this account apart from many of the competitors. If you do have other accounts at Capital One, you are able to link them to your savings account for things like overdraft protection.

Opening a Capital One savings account is easy and must be done online.

1. Gather the documentation you will need. You’re going to need your name, birthdate, SSN, physical address and employer information (if you currently have one). Having all this together will make the process go much quicker.

2. Visit the Capital One website and fill out the application. Take the information from the documents you collected and input them into the Capital One savings account application. It’s an easy-to-follow and streamlined process. If you do have any trouble, there is a customer service phone number on every page that you can call for help.

3. Fund your Capital One savings account. While you don’t need any money to open your account, you won’t be earning anything extra until you fund your account. Follow the prompts on the website or through the mobile app to make your first deposit.

Fees and charges

Capital one does not charge any fees on any of its savings account products. Additionally, there are no charges if your savings account is used for overdraft protection on another Capital One account. Some banks will use your savings account to pay the overdraft amount and then charge you a fee, but not Capital One. Once you set up the protection, it works free of charge to keep you from running into declined charges and extra fees.

Mobile app platform

The Capital One mobile app scored well in both the App Store and the Google Play store with a user review rating of 4.7/5.0 in both marketplaces. The app gives users full abilities to manage their online banking accounts from anywhere. Some of the different tasks you can complete include viewing and exporting statements, sending money with Zelle, tracking your savings growth in real-time and making payments on loan accounts if you have any through Capital One.

Other products and tools

Capital One offers a host of other banking and financial products through its 100% online interface. These services include things like credit cards, checking accounts, car loans, business services and commercial accounts.

For savings, the bank offers three other types of savings accounts in addition to the standard Capital One high yield savings account. These accounts are the kid’s savings account, a Roth IRA savings account and a traditional IRA savings account.

Additionally, credit monitoring is available completely free of charge from the bank through its Credit Wise program.

How do I pick the best savings account?

When selecting where to start saving, it’s critical you look at all of the important factors that affect the quality of a savings account to find the best option. These include the account’s APY, fees, the ability to link your savings to other accounts, customer service options and if the company has a quality mobile app. By looking at the whole picture and not just the APY rate, you can get a better account for now and the future.

Compare top bank accounts

Too long, didn’t read?

Hands down, the Capital One savings account is one of the best high-yield savings accounts on the market. With no account fees, no minimum balances and an impressive APY regardless of your balance, it’s a great option for people from all walks of life. The only small drawback is there are no branch locations for Capital One. If you’re okay with online banking, though, you can cash in on some great savings perks.

We welcome your feedback on this article and would love to hear about your experience with the checking accounts we recommend. Contact us at inquiries@thesimpledollar.com with comments or questions.

Source: thesimpledollar.com

May 3, 2021

The Risks and Rewards of Naked Options

Naked options are a type of option strategy where the investor does not hold a position in the underlying asset. This options strategy can be a way to make money for nothing, or—as recent history has shown with the Gamestop frenzy of early 2021—a way to suffer incredible trading losses.

What is a Naked Option?

A naked, or “uncovered,” option is an option that is issued and sold without the seller setting aside any shares or cash to meet the obligation of the option when it reaches expiration.

When an investor buys an option, they’re buying the right to buy or sell a security at a specific price either on or before the option contract’s expiration. An option to buy is known as a “call” option, while an option to sell is known as a “put” option.

Investors who buy options pay a premium for the privilege. To collect those premiums, there are investors who write options. Some hold the stock or the cash equivalent of the stock they have to deliver at the option’s expiration. The ones who don’t are sometimes called naked writers, because their options have no cover.

Naked writers are willing to take that risk because the terms of the options factor in the expected volatility of the underlying security. This differs from options based on the price of the security at the time the option is written. As a result, the underlying security will have to not only move in the direction the holder anticipated, but do so past a certain point for the holder to make money on the option.

Recommended: A Guide to Options Trading

The Pros and Cons of Naked Options

There are risks and rewards associated with naked options. It’s important to understand both sides.

Naked Writers Often Profit

The terms of naked options have given them a track record in which the naked writer tends to come out on top, walking away with the entire premium. That’s made writing these options a popular strategy.

Those premiums vary widely, depending on the risks that the writer takes. The more likely the broader market believes the option will expire “in the money” (with the shares of the underlying stock higher than the strike price), the higher the premium the writer can demand.

But Sometimes the Options Holder Wins

When an option writer sells an option, they’re obligated to deliver the underlying securities (in the case of a call option) or cash (in the case of a put) to the option holder at expiration. But because a naked writer doesn’t hold the securities or cash, they need to buy it or find it if the option they wrote is in the money, meaning that the investor exercises the option for a profit.

In cases where the naked writer has to provide stock to the option holder at a fixed price, the strategy of writing naked call options can be disastrous. That’s because there’s no limit to how high a stock can go between when a call option is written and when it expires.

Naked Options in Recent Headlines

The high-profile trading drama surrounding the stock of video game retailer GameStop showcased some of the danger of naked options. As the stock soared to a peak of $483 per share in late January of 2021, there were naked call options in the hands of investors that entitled them to buy the stock for $87 per share.

While that sounds like great news for the options holders, it had the potential to be catastrophic for the naked writer—because they’d have to find the money to buy the stock to cover those options. And because they weren’t holding the stock during its runup, they would have to either go into their cash reserves or sell other investments to buy the stock they were required to deliver.

But during that period of wild trading in GameStop, naked writers were still at work. With the stock trading at nearly $200, naked options writers sold 33,000 put options betting the stock would close at under fifty cents in the near future. Those writers potentially stood to pocket the entire premium.

How to Use Naked Options

While there are some large institutions whose business focuses on writing options, some individual investors can also write options.

Because naked call writing comes with almost limitless risks, brokerage firms only allow high-net-worth investors with hefty account balances to do it. Some will also limit the practice to wealthy investors with a high degree of sophistication. To get a better sense of what a given brokerage allows in terms of writing options, these stipulations are usually detailed in the brokerage’s options agreement. The high risks of writing naked options are why many brokerages apply very high margin requirements for option-writing traders.

Generally, to sell a naked call option, for example, an investor would tell their broker to “sell to open” a call position. This means that the investor would write the naked call option. An investor would do this if they expected the stock to go down, or at least not go any higher than the volatility written into the option contract.

If the investor who writes a naked call is right, and the option stays “out of the money” (meaning the security’s price is below a call option’s strike price) then the investor will pocket a premium. But if they’re wrong, the losses can be profound.

This is why some investors, when they think a stock is likely to drop, are more likely to purchase a put option, and pay the premium. In that case, the worst-case scenario is that they lose the amount of the premium and no more.

How to Manage Naked Option Risk

Because writing naked options comes with potentially unlimited risk, most investors who employ the strategy will also use risk-control strategies. Perhaps the simplest way to hedge the risk of writing the option is to either buy the underlying security, or to buy an offsetting option. The other risk-mitigation strategies can involve derivative instruments and computer models, and may be too time consuming for most investors.

Another important way that options writers try to manage their risk is by being conservative in setting the strike prices of the options. Consider the sellers of fifty-cent GameStop put options when the stock was trading in the $190 range. By setting the strike prices so far from where the current market was trading, they limited their risk. That’s because the market would have to do something quite dramatic for those options to be in the money at expiration.

The Takeaway

With naked options, the investor does not hold a position in the underlying asset. Because this is a risky move, brokerage firms may allow their high-net-worth investors to write naked options.

Investors looking to take an active role in their investments might consider opening an account with SoFi Invest®. With SoFi Invest, members can trade stocks, ETFs, crypto, and may participate in upcoming IPOs.

Find out how to get started with SoFi Invest.

SoFi Invest®
The information provided is not meant to provide investment or financial advice. Investment decisions should be based on an individual’s specific financial needs, goals and risk profile. SoFi can’t guarantee future financial performance. Advisory services offered through SoFi Wealth, LLC. SoFi Securities, LLC, member FINRA / SIPC . SoFi Invest refers to the three investment and trading platforms operated by Social Finance, Inc. and its affiliates (described below). Individual customer accounts may be subject to the terms applicable to one or more of the platforms below.
1) Automated Investing—The Automated Investing platform is owned by SoFi Wealth LLC, an SEC Registered Investment Advisor (“Sofi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC, an affiliated SEC registered broker dealer and member FINRA/SIPC, (“Sofi Securities).

2) Active Investing—The Active Investing platform is owned by SoFi Securities LLC. Clearing and custody of all securities are provided by APEX Clearing Corporation.

3) Cryptocurrency is offered by SoFi Digital Assets, LLC, a FinCEN registered Money Service Business.

For additional disclosures related to the SoFi Invest platforms described above, including state licensure of Sofi Digital Assets, LLC, please visit www.sofi.com/legal.
Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform. Information related to lending products contained herein should not be construed as an offer or pre-qualification for any loan product offered by SoFi Lending Corp and/or its affiliates.
Third Party Brand Mentions: No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third party trademarks referenced herein are property of their respective owners.
Crypto: Bitcoin and other cryptocurrencies aren’t endorsed or guaranteed by any government, are volatile, and involve a high degree of risk. Consumer protection and securities laws don’t regulate cryptocurrencies to the same degree as traditional brokerage and investment products. Research and knowledge are essential prerequisites before engaging with any cryptocurrency. US regulators, including FINRA , the SEC , and the CFPB , have issued public advisories concerning digital asset risk. Cryptocurrency purchases should not be made with funds drawn from financial products including student loans, personal loans, mortgage refinancing, savings, retirement funds or traditional investments.
IPOs: Investing early in IPO stock involves substantial risk of loss. The decision to invest should always be made as part of a comprehensive financial plan taking individual circumstances and risk appetites into account.
Exchange Traded Funds (ETFs): Investors should carefully consider the information contained in the prospectus, which contains the Fund’s investment objectives, risks, charges, expenses, and other relevant information. You may obtain a prospectus from the Fund company’s website or by email customer service at [email protected] Please read the prospectus carefully prior to investing. Shares of ETFs must be bought and sold at market price, which can vary significantly from the Fund’s net asset value (NAV). Investment returns are subject to market volatility and shares may be worth more or less their original value when redeemed. The diversification of an ETF will not protect against loss. An ETF may not achieve its stated investment objective. Rebalancing and other activities within the fund may be subject to tax consequences.

SOIN21112

Source: sofi.com

April 29, 2021

The Best Places to Live in Wyoming in 2021

Wyoming became an official state in the United States in 1890. Since then, this gem of America, with its roving bison herds, gorgeous mountains and sweeping plains and plenty of rodeos, keeps the spirit of the West alive.

The best places to live in Wyoming immerse you in all the benefits of the Cowboy State.

The state of Wyoming boasts a strong academic record, an economy with a mineral and tourism focus and one of the lowest costs of living in the country. The average price of rent in Wyoming is less than the national average. Plus, Wyoming has no state income tax — so money stretches further.

When you choose to live in one of the best cities in Wyoming, you decide to begin a brand-new adventure in one of America’s natural beauties. Take your pick from the following:

Casper, WY.

Casper first appeared on the map thanks to Fort Caspar, a stop on the Oregon Trail, the Wyoming Central Railway and an oil boom. Now “Oil City” is Wyoming’s second-largest city with a thriving rental market.

Casper provides ample education opportunities, with more than 25 schools and Casper College serving the area.

Natural beauty and outdoor activities abound in Casper. The city continually appears on lists as a top place for fishing in the country; its North Platte river provides plenty of angling opportunities and gorgeous scenery for canoeing excursions.

Plus, historic downtown hosts various shops, a historic walking tour and delicious restaurants and cafes to enjoy here.

Cheyenne, WY, one of the best places to live in wyoming

Known as the “Magic City of the Plains,” Cheyenne serves as the capital of Wyoming. The Old West-inspired city is famous for producing the likes of country music legend Chris LeDoux and hosting the world’s largest outdoor rodeo, Cheyenne Frontier Days.

For a capital city, Cheyenne’s rental market is remarkably affordable, with the average three-bedroom apartment running under $1,100 a month.

The city itself has grown into a family-friendly place. The Cheyenne Botanic Gardens and Paul Smith Children’s Village, along with movie theaters, museums and city parks, provide plenty of activities year-round for little ones.

Plus, living in Cheyenne puts residents a short drive to Vedauwoo Recreation Area and Granite Springs Reservoir Campgrounds, beautiful hiking and fishing areas for those who want to escape.

evanston wy

Source: Rent.com / Classic Lodge Apartments

Standing at 6,800 feet with 300 days of sunshine a year, Evanston is an ideal spot for sun worshippers. Plus, the Bear River flows right through this spirited small town set near the Uinta Mountains, creating a beautiful backdrop.

Locals enjoy wandering the vibrant downtown district or golfing at the Purple Sage Golf Course during the summer months. Hunting, fishing and hiking flourish in the area, with Bear River State Park just a stone’s throw from the town.

Winter provides plenty of opportunities for skiing and snow-shoeing, ice-fishing, dog-sled races, parades and holiday celebrations.

Evanston’s recreation center, parks and public schools make the town an excellent choice for families who like to stay busy year-round.

Gillette, WY, one of the best places to live in wyoming

Gillette is the “Energy Capital of the Nation” due to its minerals and fuel production, but there is more to this city than mining. Adventurers and families thrive in Gillette, which serves as a base for travel to Devil’s Tower, Yellowstone and Mount Rushmore.

Campbell County Parks and Recreation provides the city with everything from team sports and an annual dodgeball tournament to swimming and rock-climbing lessons.

The community works hard to provide a rich social life for everyone. Local organizations put on year-round events like the Festival of Lights and the 4th of July celebrations.

Families arriving in Gillette will find excellent schools, a local community college and plenty of kid-friendly activities.

Adventurers and explorers will discover myriad getaway opportunities, fly fishing expeditions and unique sites to visit in this diverse and growing city.

Gillette, WY.

Jackson has become the Hollywood of Wyoming. The city is home to many celebrities, from Kanye West to Harrison Ford, and it’s no wonder why. Jackson, also known as Jackson Hole, boasts one of America’s best ski-resorts — Jackson Hole Mountain Resort — and some of the best scenery Wyoming has to offer.

Nestled in the Tetons, within the Bridger-Teton National Forest and National Elk Refuge, Jackson offers a sea of trees and mountainous views unlike any other.

The economy grows every year in Jackson, thanks to its diverse tourism market and thriving town culture.

The Snow King Mountain Resort provides adventure galore with an alpine coaster, adventure park and an ice-climbing park to satiate any fun-seeking resident. At the same time, the town itself boasts plenty of spas, cafes and delicious restaurants for a relaxing evening.

Lander, WY, one of the best places to live in wyoming

Lander brings the best of rural and city living together within the Absaroka Mountains. This little town comes with a whole lot of fun for the residents of gorgeous Wind River Country.

Renowned for the rock climbing and national parks nearby, Lander is the outdoor enthusiast’s best friend.

The Wind River Casino, Lander Brewfest and International Climbers’ Festival bring plenty of entertainment for the young adult crowd.

History and culture lovers enjoy traveling along the California and Oregon Trail, visiting ghost towns, panning for gold and attending Native American powwows while thoroughly enjoying the Lander cultural experience.

Lander, WY.

Home to the University of Wyoming, Laramie may just be the smallest state university town in America. Football, family and fun are a major part of Laramie’s community, with the whole town often closing down to watch the Border War game against Colorado State University — the University of Wyoming’s biggest rival.

But this college town isn’t just for co-eds. Albany County School District serves the younger students of Laramie, while its recreation center, Snowy Range ski area and nearby Medicine Bow National Forest provide plenty of indoor and outdoor fun for everyone.

Rock Springs, WY, one of the best places to live in wyoming

Rock Springs came about much the same way as many Wyoming towns. The railroad and coal mining made this little town, and thanks to these industries — Rock Springs grew into a melting pot of diversity.

The Eastern Shoshone and Northern Arapaho tribes live nearby on the Wind River Indian Reservation, and descendants of railroaders still reside in the city today.

Living in Rock Springs won’t break the bank. A two-bedroom apartment costs less than $800 — well below the national average. Plus, living here puts you a hop, skip and jump away from some of America’s most interesting landmarks, including Killpecker Sand Dunes and the Flaming Gorge Reservoir.

Kayakers and hikers can travel along the Wind River Canyon for outdoor fun, while the Rock Springs Historical Museum offers plenty for indoor exploring.

Saratoga, WY.

Saratoga’s name comes from the Native American word “Sarachtoue,” which translates to “place of miraculous water in the rock.” It speaks to the rich array of hot springs in the area, including Hobo Hot Springs and the Saratoga Hot Springs Resort.

Meandering down Main Street in Saratoga brings the spirit of the Old West alive. The quintessential small town has gorgeous hiking and camping grounds and miles of running river a stone’s throw from town, comfortable and historic lodgings like Hotel Wolf and plenty of good hometown cooking and shopping.

Saratoga provides its residents with a small but devoted school district, a community pool and a community center for entertainment. The city also boasts prime fishing locations, with a large population of blue-ribbon trout swimming in Saratoga Lake and the North Platte River.

Sheridan, WY, one of the best places to live in wyoming

Lovingly called “Wyoming’s Jewel” by locals, Sheridan lies nestled in the forested northern reaches of Wyoming’s Bighorn Mountains. The city was once home to Buffalo Bill Cody, whose wild west show sparked imagination and adventure across America. His Sheridan Inn still stands today for travelers to enjoy.

Sheridan’s school district provides excellent education, while Sheridan Recreation District offers sports and activities for all ages.

The city itself houses several dude ranches where horse-loving, trail-riding travelers can explore and stay. Sheridan also cultivates a unique and busy cultural atmosphere, with festivals and events filling the calendar. Locals love the legendary Don King Days rodeo and the Antelope Butte Summer Festival.

Find your own best place to live in Wyoming

The state of Wyoming offers cities and towns ideal for adventurers, nature lovers and families, alike. Affordability, natural beauty and a statewide community come together to create amazing options for renters looking to move to Wyoming. Find the perfect place for you to live in Wyoming today.

Source: rent.com

April 28, 2021

Everything You Need for Your Kitchen & Nothing More

Kitchens. They’re amazing spaces. They can be visually stunning. They must be total workhorses. They’re quite often the heart of the home. But they can also accumulate a lot of CRAP.

As I work to not only design but also fully outfit the kitchen for the Hood Canal Cottage, I’m starting completely from scratch. No hand-me-down casserole dishes, no knives I’ve carted around since college, no random herb scissors that I’ve never ever used. For once, I get to hand-select every tool and every object that comes into the space.

With that total blank slate, I find myself often thinking (ok, obsessing) about what I want this kitchen to have. As an avid cook, as we probably all are coming through Covid, I want kitchen tools that are really pretty, but also highly functional. And nothing else.

This kitchen, designed by Our Food Stories out of a refurbished old schoolhouse in the middle of the German countryside, is a total mood. Featuring deVol kitchen cupboards, tiles, shelves, light fixtures, hardware and more. This kitchen is certainly a showcase for the many of the pieces on my list of must-have kitchen tools – and of course, it does so beautifully.

This space immediately transports you to an idyllic rural retreat. I imagine walking through overgrown gardens, picking fresh roses and making multi-course Sunday lunches here.

I love how this kitchen keeps so many key kitchen tools close at hand. While I might not be doing quite as many open shelves at Hood Canal, there is a lot to be said for having key tools within arms reach.

There’s nothing that drives me crazier than a poorly outfitted kitchen. But an overcrowded kitchen can be equally crazy-making. You have to strike that balance.

For me, the key kitchen tools I turn to time and again include one good set of pots and pans, a cast iron skillet, a good set of wooden spoons and spatulas, a top notch cutting board (or several) and then all those little tools that you need when you’re in the middle of pulling together a recipe – measuring cups, knives, peelers, strainers, graters, zesters – all the speciality things that let you add the finer components of a dish.

Those speciality tools are the kinds of things that far too many kitchens lack. Or they’re the big bulky OXOX ones you get at a grocery store that feel chunky in my hand and will just clog up my limited drawer space in the new kitchen. She gonna be cute, but she’s not going to be big.

As the weeks have progressed, I’ve been slowly but surely amassing my ultimate kitchen wish-list. Each kitchen tool, appliance, or serving piece needs to have a very critical purpose and look damn good while doing it.

I thought I’d share my wishlist with you. It’s certainly not comprehensive. As I cook every evening some other thing in my San Francisco kitchen makes me think oh yes, I have to find the beautiful version of this for Hood Canal. But all the extraneous stuff I have in my SF kitchen also makes me want to pull my hair out. I’m constantly digging for my one favorite knife or pan or bowl.

I hope you find something below you’ve been searching for. If you spot a key kitchen tool that I’m still missing, please tell me in comments! I consider my ultimate quest to outfit the ideal kitchen.

I’m also regularly adding favorites for the kitchen in the Apartment 34 SHOP so be sure to check it out too!

all images by Our Food Stories

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Source: apartment34.com

April 27, 2021

10 Ways to Curb Financial Anxiety When You’re Stressed About Money

We’ve all been there before: You wake up in the middle of the night, and while you try to get back to sleep, your mind veers to the topic of money. Before you know it, you’re in a full-blown 2am panic.

What begins as a passing thought to remember to pay the bills can suddenly leave you worried about how you’d pay those bills if you lost your job, how to climb out of debt, or how to make your budget stretch for the month.

Finances are a common source of stress for Americans. In fact, the American Psychological Association found that 60% of Americans reported money was their greatest source of stress in 2019.

The good news is that you have the power to put yourself in control of your financial thoughts and actions. By taking a step back from your worst fears and making sure you control your cash — and not the other way around — it’s possible to dismiss those negative thoughts and actually get some sleep at night.

How to Manage Your Financial Anxiety and Stress

Everyone experiences anxiety from time to time. It’s your brain’s natural reaction to situations it perceives as dangerous. Unfortunately, sustained anxiety that disrupts your sleep and mental health becomes problematic and unhealthy over time.

If you feel anxious too often or for too long, it takes a toll on your brain and body. A mental health professional can help you find coping methods to help lower your anxiety and find balance in your day-to-day life.

If your anxiety stems from financial stress, however, there are steps you can take today to regain control and stop anxious thought patterns.

1. Focus on the Positive

There’s a lot to be said for focusing on the good aspects of your finances instead of the negative issues. Of course, thinking positively won’t magically pay your bills or stretch your budget, but it can help calm your fears. It can also help you recognize and appreciate your financial strengths, which could lead to solutions to some of your problems.

Grab a piece of paper and start listing the positive aspects of your money management skills. Perhaps you have a great job, are regularly socking money away in a 401(k) or an IRA, and have a nice emergency fund saved up.

Even when things are tight or money is causing you anxiety, taking a second to focus on where you’re going right can help you stay calm and clear your head.

2. Retool Your Budget

When I get the most stressed about my finances, it often means my personal budget is out of whack. Regular budget checkups are essential because life, and all of its expenses, are rarely constant. If you’re feeling anxious about money, taking stock and seeing how your finances look on paper helps you identify problem areas or calm your fears.

Check these items off your to-do list when your budget starts causing you stress:

Review. Go over your bills and expenditures and check that your numbers are accurate by ensuring your receipts and bills match up with your budget. Expenses often fluctuate from month to month because of car repairs, health emergencies, travel, and other unpredictable events. This might be the perfect time to allot a certain amount to an emergency fund for a little more peace of mind.
Increase Income. Check to make sure you’re in the black each month, because going into debt is usually one of the greatest causes of stress. If you find yourself in the red more months than not, it’s time to rethink your money-making strategy. Try taking on a second job or starting a side hustle to bring more money in. Or find ways to increase your income for the month via selling stuff you don’t need, picking up odd jobs like babysitting, dog walking, general landscaping, or using a site like Fiverr to look for freelance work or offer your services.
Reduce Expenses. Going over budget will definitely cause you and your bank account stress. While performing your budget checkup, look for areas in which you can reduce your spending. Call your service providers to discuss your options to reduce your phone bill or cut your TV package. Look for ways to get rid of small daily expenses, such as making your daily coffee at home instead of buying it every day. Reducing your expenses helps restore balance to your budget and puts you in control of your spending. If you need help cutting down some of your expenses, check out a bill negotiating service like Truebill.
Pay Off. Create a debt pay-off plan and stick to it so you have an idea of when your credit card balances, student loans, or car payments are going to be paid off — this knowledge alone can help you breathe a major sigh of relief. If debts from credit cards or student loans are making you anxious and you already have a debt pay-off plan, go over it and see if you can increase your payments and speed up your progress.

3. Banish Financial Shame

Past financial mismanagement can lead to feeling ashamed or embarrassed about your money situation.

Whether it’s a lack of money, incorrect budgeting, or simply being ignorant of proper financial practices, feeling bad about your money often snowballs into anxiety and worrying about how your past mistakes will affect your future plans. Unfortunately, that shame can perpetuate a cycle of anxiety and future mismanagement.

When you’re feeling embarrassed about money, remember that taking the time to educate yourself and organize your finances — even if the numbers make you squirm — sets you on a healthier path for the future and helps reduce financial shame.

There’s no shame in wanting to be better with money, so don’t feel awkward if you need to broach the subject with your partner, see an advisor, or ask for help. Doing so proves that you’re able to take control of your finances so your past habits don’t define your future.

4. See a Financial Planner or Advisor

Don’t make the mistake of thinking financial advisors are only for the wealthy: Making an appointment with a financial advisor helps calm your fears and ensures you’re on the right path for your financial goals.

Whether you want to save more for retirement, hope to start investing, or just need help defining your aspirations, an advisor can be of great assistance. If you don’t currently have a financial advisor, SmartAsset has a tool that lets you locate vetted advisors in your area.

Many financial advisors offer a no-obligation, low-pressure first appointment as a way to get to know each other and consider the basics of your finances. The process is much like seeing a therapist — but for your money. Just bring a list of goals and questions to the first appointment. If you feel comfortable, make it a long-term relationship.

5. Contribute to an Emergency Fund

The idea that the best-laid personal finance plans can be derailed by unknown events such as the loss of a job, illness, death, or natural disasters can be paralyzing.

If fear of the unknown has you second-guessing your financial plans, it’s a good time to evaluate your emergency fund — a nest egg of cash that remains untouched, except for emergency purposes.

A 2020 survey by Bankrate found that just 41% of Americans would be able to pay for a $1,000 unplanned expense from their own savings. The fear of not being able to pay for an emergency adds even more anxiety to the fear of an illness, accident, job loss, or car repair.

If you haven’t started an emergency fund yet, begin with a goal of saving up just $1,000 in a high-yield account from CIT Bank. Then, as you continue contributing, work your way up to at least six months’ worth of living expenses.

Knowing that you have money set aside for emergencies can help you rest much easier at night.

6. Stop Comparing Yourself — Especially Online

Social media is saturated with pictures of trips, cars, and other clear indicators of wealth. No matter how accurate your perception of your friends or social media influencers’ wealth actually is, comparing yourself and your finances to others’ adds to your overall stress level. Trying to measure up often makes you feel like you aren’t where you should be or like your efforts to save money aren’t enough.

The next time you find yourself falling into the trap of comparison, remember:

You’re Not Seeing the Full Picture. You don’t know what’s in their bank account. Although a friend might seem to enjoy plenty of success, it could be courtesy of credit card debt or at the expense of a savings account for emergencies.
You’re Not Seeing the Effort. Social media doesn’t always highlight the hard work and sacrifice that goes along with perceived financial success.
Your Financial Life is Personal and Private. Your friends’ journeys are not yours — your experiences are unique. Remember that you have personal financial goals based on your individual lifestyle, family, and past experiences.
Social Media Is a Highlight Reel. Most people post the best version of their lives on social media, so perception can be skewed. Consider the pictures of trips, cars, homes, and other big purchases part of a highlight reel without any of the financial issues most people experience.
Financial Privacy is Healthy. Resolve to keep some factors in your life private, so you don’t feel the need to promote a perceived sense of wealth to your friends. Although it’s okay to share pics from your latest vacation, boasting online is unhealthy and can leave you spending more to maintain the facade.
The Only Person You Can Change Is Yourself. Instead of gauging your success by that of others, create a measuring stick to control and track your own financial health, such as a savings account and an accurate monthly budget.

If all else fails and you still can’t stop yourself from feeling stressed and depressed because your friend just went to Hawaii, it might be time to put your social media accounts on hold until you can gain control of your feelings.

7. Consider the Worst

It might seem counterintuitive that one of the best coping techniques for financial anxiety is to consider the worst. After all, fearing “the worst” is probably a trigger for much of your money stress. Whatever it is to you, take a few minutes to actually ponder what would happen if your worst financial nightmare came true.

This year has been especially worrying, as the COVID-19 pandemic caused job loss, political uncertainty, health problems, and increased debt for hundreds of thousands of Americans. You might have seen some of your worst financial fears played out on a national level. How would you handle this situation if you had to do it over again?

After you realize and acknowledge your fears, put a contingency plan in place to diminish the power they hold over you. The truth is that bad things sometimes happen, but by predicting them and knowing how you’d react, you can find yourself firmly in control of almost any situation.

8. Educate Yourself

We tend to fear what we don’t understand. If fear of the unknown causes you to stress about money, turn those unknowns into “knowns.”

For instance, if you want to save for retirement but have no idea where to start, you may be worried about the future. Or if you think you need life insurance, but don’t understand the difference between the various types, you are likely feeling extremely confused.

Money anxiety stems from feeling uneducated and disoriented while trying to make choices about your financial future.

In the case of finances, ignorance is definitely not bliss. Calm your fears by educating yourself and performing the following tasks:

Research retirement savings options online.
Take a course through your local continuing education department on financial management and budgeting.
Sign up for a college course in accounting.
Take a massive online open course (MOOC) for beginning investors.
Talk to a financial counselor about your options.
Ask someone for advice who understands your particular financial question.

By taking matters into your own hands and educating yourself, money stops being a stressful enigma and becomes something you can understand and control.

9. Talk to Your Partner

If you’re managing money with someone else, such as a partner or spouse, shouldering too much of the burden yourself — or not shouldering enough — can cause definite stress. A clear division of financial responsibility reduces anxiety about where your money is going when someone else is involved.

Set a time to talk to your partner about your money worries. As you look over the numbers together, several things can happen.

First, your fears can subside when you realize you’re not alone in your struggles and aspirations.

Second, you can ask your partner to take on some of the burden of financial responsibility so you’re not budgeting and paying monthly expenses solo.

And third, you can come up with a new plan for spending and saving that you can agree on, allowing you both to feel at peace with your financial situation.

10. Retain Some Concern

Although constantly worrying about money is detrimental to your well-being, retaining some concern over your finances might actually protect you from making poor spending and saving decisions.

In some cases, mild financial anxiety is helpful. For example, being preoccupied with the future could inspire you to start saving more seriously. Or, extra caution about sticking to your budget may protect you from overspending each month.

Anxiety can also be helpful when it comes to investments. If your gut is telling you an opportunity is risky, you might want to talk to your financial advisor about putting your money into a lower-risk opportunity. If your spouse is pushing you to change jobs and locations and the idea makes you feel uneasy, some discussion might be required to avoid making a rash decision.

Perhaps a better word for “fear” is actually “respect.” Although being anxious about the future is a passive way to deal with finances, actively respecting money and treating it with the proper care can help you plan for the future — and control your cash.

Final Word

The bottom line is this: Staying up at night and worrying about money won’t magically make cash appear in a depleted bank account or help you decide how to save for your retirement. Instead, learning how to calm your fears and feel confident about your financial choices is a matter of education, action, and respect.

As you find proactive ways to stay on top of your finances, you just may find that the anxious feeling that comes when checking your bank balance dissipates in favor of control and confidence.

Source: moneycrashers.com

April 26, 2021

5 Ways to Save for a House While Renting | ApartmentSearch

Embracing couple looking up at a two-story home.

Photo by Kindel Media from Pexels

If you’re dreaming of becoming a homeowner soon, the first step to buying a house is saving enough money for a down payment. And while you may qualify for a low down payment, there are other costs associated with purchasing a home (inspection costs, closing costs, furnishing a house, etc.), so it’s a good idea to have a bit of a nest egg saved up. Here are tips on saving money while renting so you can achieve your homeownership goal sooner rather than later!

1. Set a realistic savings goal

First of all, you’ll need to know just how much to save for a down payment on a house. Generally, financial advisors agree that a 20 percent down payment on a home is ideal, although some lenders may allow you to qualify for a mortgage with as little as 3 to 5 percent down.

So now you’ll need to determine approximately how much house you can afford. If, according to your calculations, you can afford a home worth $250,000, then — on the low end, you would need to save 3 percent of that, or $7,500. On the high end, you might save 20 percent of $250,000, or $50,000.

2. Make a budget

The next step is to know how much money you make and where it’s going every month. As a good rule of thumb, consider the 50/30/20 budget. This method earmarks 50 percent of your income toward necessities, such as rent, groceries and utilities. The following 30 percent is reserved for things you want, but don’t need to survive. For instance, hobbies, vacations, and dining out would fall into this category. The last 20 percent should be saved for financial goals — this includes debt payments, saving for retirement, and in your case, saving for the down payment on a home.

As an example, say you bring home $3,000 a month after taxes. In this scenario, you would lay out your budget as follows:

50% needs: $1,500
30% wants: $900
20% savings: $600

3. Find ways to save

The 50/30/30 budget is, of course, just a guide. If you want to speed up your path to homeownership, you might consider finding ways to save a little extra every month for your down payment.

The big-ticket items will have the most impact on your savings journey. If your rent is eating up 50 percent or more of your income every month, consider finding a new apartment in a less expensive area. Alternatively, you might search for a roommate who could shoulder some of the cost.

Then there are the smaller daily luxuries that can seriously cut into your savings rate over time — those that fall into the “wants” category. Do you really need that $5 latté every morning? Could you cut back on the number of streaming services you subscribe to every month? Does it make more sense to cook during the week rather than dining out?

4. Open a down payment savings account

Once you’ve figured out a few ways to save every month, you want to make sure that money will be there when the time comes to buy a house. Rather than keeping this extra cash in your checking account, it’s a good idea to create an entirely separate savings account, since it makes tracking progress toward your goal much easier. As you see that number grow every month, you’re more likely to stay motivated and on track toward homeownership.

5. Make some extra cash

Finally, if you want to speed up your savings journey, think of ways to make some additional money every month. You could sell things around the apartment that you don’t need anymore (this will also make the eventual move to your very own home much easier). You might look for part-time gigs where you can work from home, or flexible jobs such as babysitting and dog walking. The possibilities are endless.

If rent and utilities leave little room in your budget for savings, moving to a more affordable apartment may be a smart move! Use ApartmentSearch’s rental lookup tool to sort and filter apartment options by size, amenities, and price!

Source: blog.apartmentsearch.com

April 24, 2021

DC Studio Apartments Offering One or Two Months Free

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If you are in the market for a new apartment, this is the absolute best time to secure a new place. Apartments and neighborhoods where you never were able to get concessions are now giving away up to two months free. This is of course due to the fact that while many people were able to work from home, they took that opportunity to leave their Washington, D.C. apartments and move out to the suburbs or home with mom and dad or become digital nomads. That left many apartment buildings with vacancies to fill and that’s where your luck begins!

Last month we highlighted apartments with move-in specials. This week, we are highlighting DC Studio Apartments offering two months free. You’ll see there is a wide range of offerings from rent control apartments in Northwest DC to brand new luxury apartments in SE neighborhoods like Capitol Riverfront.

Act quickly, as soon as the summer heats up and there are more signs of movement in the District, you will see prices start to rise and rent specials dry up.

Hilltop House

1475 Euclid Street NW Washington, DC.

844-259-7670

Studios starting at $1350

Get TWO MONTHS FREE

Hilltop House is in the Adams Morgan neighborhood in NW Washington, D.C. The building has mostly studios, but on occasion, a one or two-bedroom apartment comes available. The building is within walking distance of Safeway and Harris Teeter and many restaurants. All utilities are included in your rent price.

The Shawmut

2200 19th Street NW, Washington DC

844-300-2186

Studios starting at $1350

Get TWO MONTHS FREE on Studios

The Shawmut is a pet-friendly community in the Adams-Morgan | Kalorama Neighborhod. The building is in walking distance of many restaurants, grocery stores, and shops.

2800 Woodley

2800 Woodley NW, Washington DC

833-623-4036

Get One and a Half Months Free

Studios starting at $1495

2800 Woodley is a gorgeous building set back in a tree-lined residential neighborhood just four blocks from the Woodley Park Metro. The apartments have shining parquet floors, energy efficient appliances, and all utilities are included with your rent.

Brunswick House

1414 17th Street NW, Washington DC

844-287-1930

Get Two Months Free on Studios

Studios starting at $1395

Brunswick House is conveniently located near the Dupont Circle Metro. It is also within a few blocks of Whole Foods Market and a number of restaurants. Brunswick House Apartments have hardwood floors and all utilities are included with the rent.

Meridian Park

2445 15th Street NW, Washington DC

833-233-2513

Get Two Months Free on Studios

Studios starting at $1390

Meridian Park Apartments have a fantastic location between Adams Morgan and Columbia Heights. The apartment community is located right next to Meridian Park, walking distance to multiple metro stops and just blocks from two grocery stores.

Avec on H

901 H Street NE, Washington DC

833-715-2382

Get Two Months Free on Studios

Studios starting at $1541

Avec on H is a brand new apartment community on H Street. The building has a two-block long rooftop with a pool, grilling areas, community garden, dog park and outdoor living rooms. The community also has a fitness center and clubroom. Right now they are offering two months free on studio apartments.

That’s our round-up of studio apartments in DC offering up to two months free. Want to see more options? Do a free search at apartminty.com and sign up for the mailing list to get notified as more specials come available!

Amazon and the Amazon logo are trademarks of Amazon.com, Inc, or its affiliates.

Source: blog.apartminty.com

April 23, 2021

How to Save Money on Business Travel – 21 Ideas To Reduce Trip Costs

It doesn’t matter if you’re an executive at a large corporation or a small-business owner. It’s likely you sometimes have to travel for work.

Business travel is also becoming more common. According to Statista, worldwide business travel spending has more than doubled since 2000. While spending has recently declined due to the COVID-19 pandemic, traveling for work is still a reality for some and should eventually recover.

Business travel often involves international travel or significant domestic travel. Trade shows, conferences, networking events, and meeting new clients can require you to hop on a flight to do business in a new city or country. With airfare, hotel costs, transportation, and general travel expenses, costs rack up quickly.

If you want to save money on business travel, you’re in luck. There are numerous ways to reduce travel expenses beyond just booking economy.

Saving Money on Business Airfare

Of all business travel expenses, airfare is often the costliest. Booking flights in advance and sticking with economy are the two most straightforward ways to cut travel costs. But there are other ways to find cheap flights and reduce airfare costs.

1. Book Cheap & Discounted Flights

If you’re trying to save on business travel, booking flights early is the best way to find deals. Last-minute flights are usually expensive, and the more time you have to shop around, the better.

But that’s not the only trick you can use to find cheap flight options.

Book flights with layovers, provided the savings are worth the extra travel time.
Use airline search engines like Expedia, Travelocity, and CheapOair to find low-cost airfare.
Try alternate airports to your closest airport if they have lower prices.
Book directly through an airline carrier since some airlines don’t appear on airline search engines.
Take a red-eye (overnight) flight.

You can also take travel planning a step further and possibly score free flights or serious discounts. One popular strategy is to buy airline miles during a promotion, which is essentially buying a future flight at a discount. You can also earn airline miles without a credit card by opening a Bask Bank account or even participating in focus groups.

As long as you browse travel sites for deals and remain flexible, there’s no reason your next business flight should be full price.

2. Avoid Airline Fees

Finding cheap airline tickets is an effective way to reduce travel costs. However, if you aren’t careful, unnecessary airline fees can turn an otherwise frugal trip into a significant business expense.

The best way to avoid airline fees is to read the fine print carefully and stick with the right carrier. Some airlines, like Southwest and United, are generally lenient with checked bag fees and carry-on luggage, and you can sometimes avoid paying for these conveniences altogether.

If your airline charges for checked baggage, consider traveling light and just bringing a carry-on. If you need a suitcase to pack business attire, use a luggage scale to weigh your bag at home to avoid paying for overweight baggage.

Finally, resist paying for airline fees like early boarding or picking your seat if you aren’t picky about getting the aisle or window seat. These sound like luxuries, but these expenses add up quickly and don’t necessarily improve the quality of your flight.

3. Skip Airport Parking

Another common airport travel expense is parking. If you’re traveling for a week or longer, the daily cost of airport parking adds up. For example, at John F. Kennedy International Airport in New York, 24 hours of parking is $18 in the economy lot, meaning seven days of parking is an additional $126.

Thankfully, you can avoid parking fees entirely. One method is to take an Uber or Lyft to the airport. Alternatively, having a co-worker or family member drop you off is your next best bet. Public transportation is also worth the extra time if it saves you from expensive daily parking fees.

4. Book Through Rewards Websites

Booking your flight and hotel through a rewards website helps you save money on vacation and personal trips. But the right website can also cut business travel expenses.

Rakuten lets you earn cash back for shopping at thousands of partners. Creating an account is free, and once you shop at an eligible partner, you earn cash back in your account. You get paid quarterly as long as your account has $5, which is easy to do if you score cash back on a flight or hotel stay.

Rakuten has numerous travel partners, including:

Travelocity
CheapOair
OneTravel
Cheapair
Orbitz
Priceline
Holiday Inn
Extended Stay America
Hotels.com

Rakuten also has non-travel partners you can use to save even more money. For example, it lets you earn up to 5% cash back at thousands of restaurants, which helps you save if you eat out or take clients out for meals. Additionally, Rakuten partners with office supply companies, print shops, and electronics retailers, so you can save on a variety of business-related expenses.

It might seem strange to use a rewards website for business expenses. But if you’re trying to cut costs, every bit of savings counts.

Read our Rakuten review for more information.

5. Always Use a Travel Rewards Credit Card

If you’re a frequent business traveler, you need a travel rewards credit card. Typically, these cards let you earn points for travel-related expenses like flights and in-flight purchases alongside everyday spending.

You can often redeem points for discounted flights and even free airfare if you stack enough points. Plus, many travel rewards credit cards offer additional perks like hotel discounts, priority boarding, and airport lounge access.

Popular travel rewards credit cards include:

Chase Sapphire Reserve Card: Earn a $750 travel bonus for spending $4,000 in your first three months; $300 annual travel credit; triple points on travel and dining; perks like lost luggage and trip cancellation coverage; $550 annual fee
American Express Platinum Card: Earn a $750 bonus for spending $5,000 in your first three months; $200 annual airline fee credit; quintuple points on flights and prepaid hotels; $200 annual savings on Uber rides and food delivery; various hotel upgrades and discounts; $550 annual fee
Chase Sapphire Preferred Card: Earn a $750 travel bonus for spending $4,000 in your first three months; double points on travel and dining; quintuple points on Lyft rides; perks like lost luggage and trip cancellation coverage; $95 annual fee

There are other travel credit card options, including lucrative cash-back credit cards. If you’re a business owner, you can also look at small-business credit cards like the Chase Ink Business Preferred credit card. This card has numerous travel perks and an impressive $1,250 account opening bonus if you spend at least $15,000 within the first three months of becoming a cardholder.

Ideally, your credit card should offer enough travel perks and other rewards to help you save money even with the annual fee.

Saving Money on Accommodations

Finding a pleasant hotel or rental can help foster a successful business trip. Ideally, the location is close to clients or any event you need to attend and has ample access to restaurants for client meetings. Ultimately, you want to strike a balance among comfort, convenience, and affordability.

That can be difficult to get right. The worst-case scenario is that employee performance suffers because of location or simply being too cheap when booking. On the flip side, always sticking with 5-star luxury suites isn’t cost-effective.

As with airfare, there are several tips you can use to reduce how much you spend on accommodations.

6. Negotiate With Hotels

As an independent traveler, calling a hotel and negotiating room prices isn’t always feasible. But business travelers have a slight advantage, especially when traveling in larger groups.

Hotel chains want to incentivize visits from business travelers because it’s reliable, repeat business. If you’re heading out of town for a conference or meeting, take time to call nearby hotels to see what they can offer.

If it’s a frequent trip and you plan to return regularly, let the hotel know. You might find the manager is willing to drop your room price or at least give a free upgrade to keep you happy.

7. Try Dosh Travel

Dosh is a popular cash-back reward app that pays you for shopping at hundreds of partners. Once you link a credit or debit card to Dosh, you automatically earn for shopping at eligible retailers. That’s different from apps like Ibotta that require you to preselect offers before shopping.

Dosh works with dozens of companies, including:

Walmart
Pizza Hut
Sephora
Macy’s
Uber
Old Navy

Currently, you can earn with Dosh at over 100,000 stores across the United States. However, Dosh is also a way to save money on your next business trip.

With Dosh Travel, you can earn up to 40% cash back for booking a hotel through the app. Dosh works with more than 600,000 hotels globally, so there’s no shortage of choice.

You need at least $25 to withdraw your balance, but a single hotel stay can easily earn this amount. Additionally, Dosh partners with local restaurants and Uber Eats, so you can save money taking clients out and feeding your employees. With partners like Walmart and Office Depot, you can also earn cash back for buying office supplies, which can help you reach $25 faster.

Read our Dosh app review to learn more.

8. Consider Airbnb

If your company is traveling with multiple employees, it’s likely everyone needs their own room. Ultimately, that means a substantial hotel bill, even if you negotiate prices or find a deal.

Before you spend thousands of dollars on multiple hotel rooms, search Airbnb’s business accommodations. The platform has grown beyond vacation rentals, and you can find top-rated homes and boutique hotels that also have collaborative workspaces. Plus, Airbnb listings also mention nearby activities and attractions you can use for team building.

Airbnb isn’t always cheaper than hotels, but large groups are likely to save money. Even when you factor in cleaning charges and service fees, Airbnb has some remarkably low nightly prices. Plus, you can negotiate with hosts to get a lower price, and your amenities are likely better than a single hotel room.

If you want to save money and increase your comfort, using Airbnb for your next business trip is certainly worth it.

Saving Money on Food

It’s standard practice for employers to pay for employee meals during business trips. And taking clients and potential customers out for food and drinks is common during business travel. But expenses like client dinners and catering for your team add up quickly unless you implement some money-saving tips for food costs.

9. Schedule Breakfast & Lunchtime Meetings

The practice of wining and dining exists for good reason. For existing relationships, taking clients out shows them you appreciate their business. Similarly, taking a prospect out for food and drinks helps establish a more personal relationship and lets you discuss business in a less formal environment.

However, dinner is almost always more expensive than breakfast or lunch. If you treat a client to a nice dinner with a main course and drinks, you could easily spend $100 or more for the meal, depending on where you go and how many diners you have.

For example, at Scarpetta, a popular Italian restaurant in New York City, most dinner entrees range from $30 to $45. If you add two drinks and an appetizer, that’s another $50 or so for your bill. With an 18% tip, you’re paying around $140 for dinner for just you and one client. When you multiply that by several dinners over a business trip, expenses rack up quickly.

To save money on client meals, schedule breakfast or lunch meetings instead. The brunch menu at Scarpetta, which runs until 3pm, is noticeably cheaper than the dinner menu, with most entrees costing $18. Even with drinks, brunch or lunchtime dining likely brings your bill down to around $80, saving you over 40% on your meal with a client.

For breakfast, you can also find trendy restaurants and cafes suitable for client meetings, like La Parisienne, where a breakfast meeting for two costs around $40 to $50.

You don’t have to go to fast-food restaurants to save money on taking clients out. Instead, research several restaurants with affordable lunch and breakfast menus in the city you’re traveling to so you have some options.

10. Use Corporate Meal-Delivery Services

You may also need to feed your team on business trips. For that, you can save even more using corporate food-delivery services instead of catering companies, time-consuming reimbursement, or cash per-diem allowances.

For example, if you’re running a team event, try using DoorDash for Work to order everyone’s food. Perks of DoorDash for Work include:

No delivery fees
Lower service fees
Easy-to-create group orders
Spending limits and reimbursement options to let employees expense their meals

Uber Eats also has a corporate option that lets team members place group orders. As an employer, you can create rules like stipends and hours during which you cover employees’ expenses.

11. Scout Ahead for Cheap Food Joints

Often, if you book accommodations in a city’s downtown business district, you’ll find yourself surrounded by expensive restaurants and bars. But if you’re a mile or more out of downtown, you can probably find cheaper restaurants that are still suitable for client meetings and employee dining.

When booking accommodations, scout the area for affordable restaurants and nearby grocery stores. You should also search for quick and cheap restaurants or even food trucks that are nearby. That’s especially handy if you’re attending trade shows or events and only have time for a quick bite during a lull in the day.

12. Book Cooking-Friendly Accommodations

You don’t need a hotel with a complete kitchen for business travel. But having a microwave and small stovetop means you and your employees can cook some meals rather than relying on hotel food services and eating out constantly (a boon for those on special diets or with food allergies or restrictions).

The savings can add up quickly. For example, if you book a room with a stovetop, you can make a quick breakfast of eggs and toast rather than eating out each morning. That means you’re spending $1 to $2 at most for breakfast instead of $10 to $20 going out. However, if the cost of the room is significantly more expensive than a room without a kitchen, the savings likely aren’t worth it, so consider how impactful potential food savings is when booking accommodations.

For long business trips, companies like Extended Stay America have rooms with a full kitchen and let you save up to 31% on nightly rates if you book for 30 nights or longer. Booking an Airbnb is also ideal for saving on food since you typically have access to a full kitchen.

Saving Money on Transportation

While transportation usually doesn’t cost as much as airfare or accommodations, getting around a new city can still be a significant business travel expense. If you want to cut costs, there are several tricks you can try.

13. Use Rideshare Apps

As a business traveler, your first instinct might be to use an airport car rental service or even a higher-end rental company like Silvercar. However, when you consider car rental upsells and various hidden fees, it can be challenging to find a cheap car rental option.

Plus, if your trip consists of meetings and conferences, you won’t spend much time behind the wheel, making your rental car a near waste. In that case, you’re better off using rideshare apps like Uber and Lyft to travel.

Uber and Lyft also simplify corporate travel budgeting. For example, companies can set travel stipends and track ride history to ensure employees are only expensing business rides rather than personal.

If you’re responsible for approving reimbursement requests, you can quickly check the time, pickup, and drop-off location of every ride an employee expenses. If a ride seems like it wasn’t for business purposes, ask for clarification so your company doesn’t accidentally pay or attempt to take a tax deduction for personal employee expenses.

14. Book Accommodations in the Right Location

In an ideal world, you can skip renting a car or using rideshare apps altogether by booking accommodations within walking distance to wherever you need to go for your business trip.

If you’re attending a trade show or conference, check to see if they have arrangements with nearby hotels to offer special prices for attendees. Alternatively, book your own accommodations within walking distance. Even if you pay slightly more per night, the savings on a rental car or rideshare apps is probably worth it.

15. Save Money on Gas

For some business trips, renting a car or driving your own vehicle is more economical than taking a flight or using rideshare apps. But if you’re driving, anything you can do to save money on gas helps make your trip cheaper.

For starters, use a gas credit card to earn rewards for refueling. Popular gas credit cards include:

CitiBusiness AAdvantage Platinum Select Mastercard: Earn 65,000 bonus miles for spending $4,000 within your first four months; earn 2 AAdvantage miles for every $1 you spend at gas stations and car rental companies; earn unlimited 1 mile per $1 you spend on other categories; $99 annual fee that’s waived for your first year
Costco Anywhere Visa Card by Citi: Earn 4% cash back on gas for the first $7,000 per year and then 1% thereafter; 3% cash back on restaurants and travel purchases; 2% cash back on Costco and Costco.com purchases; 1 cash back everywhere else; no annual fee
Wells Fargo Propel American Express Card: Earn a $200 bonus for spending $1,000 in your first three months; earn unlimited 3% cash back on gas, restaurants, rideshares, transit, flights, hotels, and car rentals; earn 1% cash back everywhere else; no annual fee

To complement your gas credit card, use apps that help you find cheap gas stations, like GasBuddy. With GasBuddy, you can also get up to $0.25 off per gallon by signing up for Pay With GasBuddy, a free fuel rewards card you use like a debit card to pay at the pump and save.

Finally, when driving, use an app like Waze to avoid traffic and find the most efficient route possible. That’s especially important in an unfamiliar city where you don’t know your way around very well. Driving more efficiently helps reduce fuel consumption, ultimately saving more money.

It’s essential to conduct a cost-benefit analysis of driving versus flying and using rideshare apps or a rental car. But if the savings point toward driving, there’s no reason to pay full price at the pump.

Other Tips to Save on Business Travel

If you can cut down on airfare, accommodation, and transportation costs, you’re already on track to keep business travel more affordable. But there are other tips you can use to save money and keep trip planning simple.

16. Have a Trip-Approval Process

If you want to cut business costs, you need to understand your annual expenses to identify areas of wasteful spending. Therefore, every business budget should have a designated portion for business travel expenses and an approval process for trips.

You don’t need an extensive corporate travel policy to take a client out for lunch or drive across town for a meeting. But for out-of-town trips, it’s worth getting management involved. Ideally, employees should submit a trip summary that includes:

The purpose and length of a trip
The employees who are attending
A rough estimate of cost

The summary should then pass to human resources or management for approval.

While this might seem redundant, this process is useful for tracking costs and whether trips result in business development. Plus, as a business owner, you might find that you can skip certain trips or involve fewer employees after reviewing the details more closely.

17. Create a Travel Stipend

A trip approval process helps an organization budget for business travel expenses and forces teams to put more thought into deciding to travel in the first place.

But your business travel policy should also outline a daily employee stipend.

Creating a travel stipend for business travel benefits everyone. For employers, a travel stipend makes budgeting simpler. For employees, a stipend helps clarify limits and ensures there aren’t any awkward post-trip conversations about expensive restaurant or bar tabs.

You should also decide on a reimbursement method. One option is to open a business credit card for traveling employees. For example, Ramp lets you create unlimited virtual and physical cards for employees and pays 1.5% cash back. Plus, there’s no annual fee, and Ramp also collects and stores receipts automatically to help track spending.

Alternatively, you can let your employees spend with their own cards and submit expenses for reimbursement. However, ensure your employees know they need to provide receipts.

But weigh the pros and cons of leaving it in your employees’ hands. Making employees pay for expenses means they have to front significant costs like hotels and flights. That could put employees having financial issues in a tight spot they’d rather not discuss with their employer. And it also means they get to leverage their own credit card rewards that otherwise would have gone to the business.

18. Look for a Corporate Travel Agency

If you’re booking a simple business trip, working with a travel agency probably isn’t worth it. Travel agents used to be incredibly helpful because they could find exclusive deals and would book your trip for you. These days, booking travel plans online is straightforward, and you can find travel deals with a few searches.

But if you’re planning a complicated business trip with multiple employees and hotel bookings, a corporate travel agency could be worth it. Agencies charge a fee to ensure a smooth journey, but it could pay for itself if it prevents one of your employees from taking time out of their day to plan an entire trip.

19. Always Keep Receipts

Another simple way to save on business travel is to keep receipts for tax season. There are numerous tax deductions for self-employed individuals and small-business owners, but you need to track expenses to claim them accurately.

Business travel expenses are also deductible. Examples of deductible expenses include:

Travel by train, airplane, bus, or car between your home and business destination
Shipping baggage or business products to other work locations
Using your car for business purposes
Accommodations and business-related meals
Tolls, parking fees, and rental car usage for business purposes
Dry cleaning
Taxis and shuttle services

Keeping paper receipts is one way to track your spending. Alternatively, personal finance apps like MoneyPatrol let you save receipts on your smartphone to ensure you’re ready for tax season.

20. Plan Ahead

If you leave trip planning until the last minute, it’s almost impossible to find low prices or deals. That means paying more for flights, hotels, and transportation. Plus, feeling rushed is a surefire way to have a worse trip and potentially forget a critical part of planning.

Give your organization more time to plan trips whenever possible. Ideally, your company should have a calendar of upcoming trips throughout the year to help budget and plan business travel.

That responsibility can fall to department heads or relevant employees, but it needs to be prioritized if employees regularly travel for work.

21. Prioritize Impactful Savings

One of the worst ways to reduce business travel spending is to save money in a way that hurts your business’s image. For example, if you take a client out for lunch, choose a decent restaurant instead of a fast-food joint and cover the bill.

Similarly, there’s little point in nickel-and-diming your way toward a cheaper travel budget. If you spend hours agonizing over rental car prices to save $15, that’s hardly worth your time as an employee.

Ultimately, you should focus on efficient trip planning and tackling major expenses. Find cheap airfare and accommodations, consider sending fewer employees on trips, and always maximize rewards with the right business credit card.

Final Word

Business travel can be a significant expense. But as long as you plan and budget accordingly, there’s no reason for business trips to hurt your bottom line. In fact, business trips are an excellent way to increase business revenue if they create new opportunities.

Just remember to factor upcoming trips into your annual budget and create a trip-approval process and travel stipend. You can also conduct a yearly business checkup to review whether business travel costs have paid for themselves with new opportunities.

Source: moneycrashers.com

April 21, 2021

The Best Places to Live in Nevada in 2021

Nevada is typically thought of as a hot, dry desert with Las Vegas being the main reason people visit or choose to live there. But the state offers so much more!

The best places to live in Nevada include many family-friendly cities, some of which are close to beautiful lakes and stunning mountains. There are places for boating, hiking and even winter sports, like skiing and snowboarding.

On the financial side of things, it’s one of the few states that doesn’t have personal income tax! So take a look and explore the best places to live in Nevada.

Boulder City, NV, one of the best places to live in nevada

Boulder City is small, family-friendly and pretty safe—which is very different from the larger, more famous city of Las Vegas that lies only 30 minutes away.

It has small-town vibes and a very tight-knit community, making it an attractive place for young families wanting the fun and excitement of Las Vegas without living in such a vast, bustling city.

Plus, you’ve got Lake Mead and the Hoover Dam nearby for outdoor recreation.

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Carson City, NV.

Nevada’s state capital, Carson City, is fairly unique to most other cities in Nevada, with it being close to anything you might enjoy, be it outdoor recreation or big city lights.

Because it lies much further north than Las Vegas, its weather isn’t always hot and dry. You can enjoy all four unique seasons, including some snow in winter.

You’re also less than an hour away from the beautiful shores and mountains of Lake Tahoe, where summer swimming and boating are popular and winter skiing is available.

Plus, there’s Reno nearby in case you want to explore a Vegas-like city that’s not quite so large.

Carson City itself still has great restaurants in its downtown area and is family-friendly. Even with all of this great stuff, it’s still one of the least-crowded cities in America.

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Fallon, NV, one of the best places to live in nevada

Because it’s fairly quiet and mellow, Fallon draws in both young families and retirees who are looking to live life at a slower pace. This has given the town the nickname of the “Oasis of Nevada.” There are also many military families due to the naval base nearby.

It’s a great place for those that are adventurous and enjoy exploring since it’s within two hours of Lake Tahoe, the Nevada state capital of Carson City and Reno’s bright lights.

Plus, there are plenty of community events and festivals throughout the year for locals (and visitors) to attend.

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Henderson, NV.

As part of the greater Las Vegas city, Henderson is big city living, but in the suburbs. It’s less than a 30-minute drive to get to the strip, with many of Las Vegas’ great restaurants and shopping spots located even closer.

Henderson is very focused on building a safe community and bringing people together, so there are lots of great events and activities going on. One of the most popular is a downtown art festival, where many local artists and art-lovers gather each month to support each other.

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Las Vegas, NV, one of the best places to live in nevada

One of the most well-known cities in the world, Las Vegas draws in a diverse crowd of tourists and residents alike.

There’s never a dull moment and something for everyone is easily found at every corner. Restaurants, shows, shopping and even major league sports are all part of Vegas.

Because it’s a large city, it’s divided up into neighborhoods, some of which give residents a “big city” feel and others that are a little bit quieter and calm.

Plus, the location is ideal —in just a few hours, you can find yourself at the beaches near Los Angeles or the mountains of Utah.

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Laughlin, NV.

You’ll find Laughlin nestled right on the Nevada-Arizona border, near the banks of the Colorado River.

It offers adventurous desert living, where off-roading is a favorite pastime and it’s warm and sunny, making it perfect for anyone that enjoys swimming frequently in the Colorado River.

You’ll always meet new people in Laughlin as its economy thrives on tourism — it’s full of casinos and resorts that bring in new crowds every day of the year.

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North Vegas, NV, one of the best places to live in nevada

North Las Vegas is the happy medium for anyone wanting to feel like they live in the hustle and bustle of Vegas, but without feeling like they’re in the overcrowded streets of downtown and the Strip.

It’s been experiencing a revitalization and the city has been recently focusing on improving safety, entertainment and diversity in the area.

You’ve still got the Strip and main city nearby, plus endless restaurants and shopping, but at the end of the day, you don’t have to deal with constant traffic and tourists walking everywhere. It’s not too close, yet not too far away!

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Reno, NV.

The “biggest little city in the world” is one that’s full of surprises. Reno is typically known for gambling and casinos, but it actually has many great ski resorts for winter sports. But it’s not just winter that makes it exciting—it’s less than an hour to Lake Tahoe, so expect exciting and fun summers.

Reno has one of the best bar scenes, most of which are open 24-hours. And because it has so much room to grow, many large businesses are building offices in the area, further stabilizing the already-stable economy.

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Sparks, NV, one of the best places to live in nevada

If you’re a fan of Reno, then you’ll probably also like Sparks, which is a small town that’s basically a suburb of Reno. It’s close to all of the excitement that the bigger city offers with a relaxed vibe.

And with the growth of Reno’s business sector, Sparks is seeing a lot more development to accommodate the increasing number of jobs and residents in the area.

There’s a pretty diverse age group, with everyone from college students, young professionals, families and retirees mingling throughout the city.

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Sun Valley, NV.

As yet another town near Reno, Sun Valley is also seeing much growth but is still more rural than the main city center and Sparks. Many of its residents actually like that there are very few stores and restaurants in the area, as it keeps it quiet and not many random tourists end up wandering through.

Because of its lack of city recreation, there are many community events that provide opportunities to get to know your neighbors and interact with the other locals. It’s full of humble, eccentric people that are always welcoming to newcomers and outsiders.

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Find your own best place to live in Nevada

Las Vegas isn’t the only place to live in Nevada, especially if you’re looking for a little less of the “big city.”

There are plenty of other cities and suburbs that give you everything you could imagine. From community events to all-year outdoor recreation — you only need to open your mind up to the possibilities of Nevada.

Source: rent.com

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Capital One at a Glance

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Source: Rent.com / Classic Lodge Apartments

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How to Manage Your Financial Anxiety and Stress

1. Focus on the Positive

2. Retool Your Budget

3. Banish Financial Shame

4. See a Financial Planner or Advisor

5. Contribute to an Emergency Fund

6. Stop Comparing Yourself — Especially Online

7. Consider the Worst

8. Educate Yourself

9. Talk to Your Partner

10. Retain Some Concern

Final Word

1. Set a realistic savings goal

2. Make a budget

3. Find ways to save

4. Open a down payment savings account

5. Make some extra cash

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Saving Money on Business Airfare

1. Book Cheap & Discounted Flights

2. Avoid Airline Fees

3. Skip Airport Parking

4. Book Through Rewards Websites

5. Always Use a Travel Rewards Credit Card

Saving Money on Accommodations

6. Negotiate With Hotels

7. Try Dosh Travel

8. Consider Airbnb

Saving Money on Food

9. Schedule Breakfast & Lunchtime Meetings

10. Use Corporate Meal-Delivery Services

11. Scout Ahead for Cheap Food Joints

12. Book Cooking-Friendly Accommodations

Saving Money on Transportation

13. Use Rideshare Apps

14. Book Accommodations in the Right Location

15. Save Money on Gas

Other Tips to Save on Business Travel

16. Have a Trip-Approval Process

17. Create a Travel Stipend

18. Look for a Corporate Travel Agency

19. Always Keep Receipts

20. Plan Ahead