Oklahoma is a state that beautifully blends Native American heritage, cowboy culture, and modern urban attractions. From the bustling streets of Oklahoma City to the tranquil beauty of the Wichita Mountains, Oklahoma offers a unique mix of experiences. But what else is Oklahoma known for? Whether you’re considering renting a home in Tulsa, looking to settle into an apartment in Norman, or just planning a visit, you’ll soon find that Oklahoma has much more to offer than meets the eye. In this article, we’ll explore what makes Oklahoma special and why so many are proud to call it home. Let’s dive in.
1. The Oklahoma State Fair
The Oklahoma State Fair, held annually in Oklahoma City every September, is a cherished event in the state. The fair spans over eleven days and attracts thousands of visitors with its array of attractions and activities. The fairgrounds provide attendees with thrilling amusement rides, from classic Ferris wheels to high-adrenaline roller coasters. Additionally, food is a major highlight, from corn dogs and funnel cakes to unique creations such as deep-fried Oreos and bacon-wrapped turkey legs. Beyond that, the fair has an impressive lineup of live entertainment including live concerts, stunt performances, and magic acts.
2. National Cowboy & Western Heritage Museum
The National Cowboy & Western Heritage Museum in Oklahoma City is a must-visit for anyone interested in the American West. The museum boasts an extensive collection of Western art, artifacts, and exhibits that celebrate cowboy culture. Visitors can see impressive sculptures, paintings, and even life-sized dioramas depicting scenes from the Old West. This museum offers a fun and educational experience, making it a top attraction in the state.
3. Chicken fried steak
Oklahoma’s culinary scene is highlighted by the beloved dish, chicken fried steak. This comfort food classic consists of a breaded and fried beef steak, typically served with creamy gravy and mashed potatoes. It’s a staple at many local diners and restaurants, such as Kendall’s Restaurant in Noble. Praised for its hearty portions and delicious flavor, chicken fried steak represents Oklahoma’s tradition of Southern cooking.
4. Lake Texoma
Lake Texoma is one of the largest reservoirs in the United States. Straddling the Oklahoma-Texas border, this lake offers a wide range of activities such as boating, fishing, and camping. Additionally, Lake Texoma is known for its excellent striper fishing, making it a prime spot for anglers looking to catch trophy-sized fish. The scenic beauty and recreational opportunities make it a favorite spot for locals and adventure seekers alike.
5. Philbrook Museum of Art
The Philbrook Museum of Art in Tulsa showcases an impressive collection of art from around the world. Housed in a stunning Italian Renaissance-style villa, the museum features works by renowned artists such as Pablo Picasso and Georgia O’Keeffe. Also, the beautiful gardens surrounding the museum provide a serene setting for visitors to enjoy.
6. Woody Guthrie Center
If you enjoy folk music, you should visit the Woody Guthrie Center in Tulsa. The museum is dedicated to the life and legacy of folk music legend Woody Guthrie. The center features interactive exhibits, rare recordings, and personal artifacts that tell the story of Guthrie’s impact on American music and culture. Patrons can learn about his famous songs, such as “This Land is Your Land,” and explore his contributions to the folk music movement. The center also hosts live performances and educational events, keeping Guthrie’s spirit alive.
7. Route 66
Often referred to as the “Main Street of America,” Route 66 runs through Oklahoma, making it a key landmark in the state. Travelers can explore charming small towns, quirky roadside attractions, and historic sites along this iconic highway. If you plan on driving Route 66, be sure to check out notable stops including the Round Barn in Arcadia and the Blue Whale in Catoosa. This historic route attracts road trip enthusiasts from around the world, eager to experience a piece of Americana.
Fun facts Oklahoma is famous for
Birthplace of the shopping cart: The states holds the achievement of being the birthplace of the shopping cart. Sylvan Goldman introduced it in 1937 at his Humpty Dumpty supermarket chain in Oklahoma City.
The Sooner State: Oklahoma is known as “The Sooner State” because of the early settlers who entered the territory before the official start of the Land Rush of 1889.
Man-made lakes: With over 200 man-made lakes, this state has more of these lakes than other state in the U.S.
8. Tahlequah and Cherokee Heritage
Tahlequah, the capital of the Cherokee Nation, is rich with Native American history and culture. Visitors can explore the Cherokee Heritage Center, which offers exhibits on the Trail of Tears and traditional Cherokee life. The center also hosts events and demonstrations of traditional crafts, such as pottery and basket weaving. Tahlequah provides a unique opportunity to learn about the Cherokee people’s past and present, making it a culturally significant destination in Oklahoma.
College football is a major part of Oklahoma’s identity, with the University of Oklahoma Sooners and Oklahoma State University Cowboys boasting passionate fan bases. The Bedlam Series, the annual rivalry game between these two teams, is a highly anticipated event that highlights the state’s deep-rooted love for the sport. Both programs have produced numerous NFL stars and Heisman Trophy winners, cementing Oklahoma’s reputation as a powerhouse in college football.
10. Pioneer Woman Mercantile
Owned by celebrity chef Ree Drummond, the Pioneer Woman Mercantile in Pawhuska has become a culinary and shopping hotspot. The mercantile features a bakery, deli, and retail store offering Drummond’s signature recipes and products. Visitors can savor hearty meals, delicious pastries, and browse through a variety of kitchenware and home goods. Because of the charming ambiance and friendly service, the mercantile is a popular destination for fans of Drummond’s cooking show and blog.
11. Beavers Bend State Park
Beavers Bend State Park, located in the southeastern part of the state, is a top destination for nature lovers. This scenic park offers hiking trails, fishing spots, and opportunities for kayaking on the Mountain Fork River. The park is also home to cozy cabins and campsites, providing a perfect getaway for social gatherings and outdoor enthusiasts. With its stunning landscapes and variety of recreational activities, Beavers Bend State Park is a great way to experience the natural beauty of Oklahoma.
12. Oil and energy industry
Oklahoma is widely recognized for its significant contributions to the oil and energy industry. The state is home to major energy companies like Devon Energy and Chesapeake Energy, which play a crucial role in the national economy. Oklahoma’s landscape is dotted with oil rigs and natural gas wells, reflecting its deep history in fossil fuel production. The annual Oklahoma Oil & Gas Expo in Oklahoma City highlights the latest advancements and innovations in the field, attracting professionals and industry leaders from across the country.
Jenna is a Midwest native who enjoys writing about home improvement projects and local insights. When she’s not working, you can find her cooking, crocheting, or backpacking with her fiancé.
Set on the rocky southern tip of Aquidneck Island off Rhode Island, the summer resort town of Newport is also known as the last bastion of America’s Gilded Age.
The wealthy seaside town was once the preferred summer destination of the richest families in the United States, with the Vanderbilts, the Morgans, and the Astors all owning larger-than-life “summer cottages” here.
And while they’ve all started selling off (or downright abandoning) their Newport mansions in the early 20th Century, in the wake of the Great Depression, the New England town’s cliffs are still lined with ostentatious, marble-clad residences that tell the story of a time long gone.
Chief among them is the property at 596 Bellevue Avenue — best known as the Marble House — a neoclassical mansion built as a birthday present for Alva Vanderbilt back in 1888.
Second only to the Vanderbilts’ iconic The Breakers residence, the Marble House was the one to kickstart Newport’s transformation from a quiet summer colony of wooden houses to the legendary resort of opulent Gilded Age mansions. And since it carries such a long-lasting legacy, today we thought we’d take a closer look at the Newport mansion that started it all.
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It was built between 1888 and 1892 as a birthday present
Photo credit: Jeff Schultes | Dreamstime
William Kissam Vanderbilt, the grandson of Commodore Cornelius Vanderbilt, built Marble House as a 39th birthday present for his wife, Alva. Meant to serve as the couple’s summer “cottage”, the sprawling Newport mansion was built between 1888 and 1892.
Marble House was among the first Gilded Age mansions in Newport
Photo credit: Jiawangkun | Dreamstime
Predating most of the other palatial residences that line Newport’s wealthy streets, Vanderbilt’s Marble House is credited with sparking the town’s transformation from a relatively relaxed summer colony of wooden houses to its current image as a resort of opulent stone palaces.
Building costs were the equivalent of over $370M in today’s money
The Marble House in 1895. Photo credit: Frank H. Child, photographer / Public Domain / Wikimedia Commons
596 Bellevue Avenue was quite a feat of construction, with Vanderbilt having to invest a fortune to build his summer “cottage”. The cost of the house was reported in contemporary press accounts to be $11 million, which amounted to about $373 million in 2023.
It required 500,000 cubic feet of marble
Photo credit: Faina Gurevich | Dreamstime
A big chunk of change was spent on securing the marble needed for the construction. In total, Vanderbilt spent $7 million to acquire 500,000 cubic feet of marble (the equivalent of 14,000 square meters).
A prime example of Beaux-Arts architecture
Photo credit: Demerzel21 | Dreamstime
But the investment paid off, as the stately structure became one of the earliest examples of Beaux-Arts architecture in the United States. It’s also one of the most recognizable.
Drawing inspiration from le Petit Trianon at the Palace of Versailles, the Marble House was designed by architect Richard Morris Hunt — the same one who worked on the Statue of Liberty, and built the most famous Vanderbilt mansions like The Breakers, and the Biltmore, among others.
It may not look it, but the mansion has four levels
Photo credit: Jiawangkun | Dreamstime.com
While seeing it from outside might make you think it only has two floors, the Marble House actually has four levels, with the kitchen and other service areas located in the basement, and a third floor concealing the servant quarters.
And a whopping total of 50 rooms
Photo credit: Yingna Cai / Shutterstock
Visitors who pass through the stately mansion’s grand entry doors are led into a world of opulence and grandeur that’s unlike anything we might see today (outside of museums, that is).
With walls, floors, and staircases draped in marble, intricate murals, gilt bronze detailing throughout, and lavishly decorated interiors that bear the signature of Jules Allard & Sons — one of the most notable interior decorating houses of the turn of the twentieth century — each room is a display of incomparable wealth.
Standout rooms include a Grand Salon that doubled as a Ballroom, and a Stair Hall
Photo credit: Tempestz | Dreamstime.com
While I might not have time to go over all 50 rooms inside this palatial abode, I’ve picked a few standout rooms to highlight that you simply can’t find in other houses.
This includes a two-story Stair Hall that features a grand staircase of yellow Siena marble — modeled after the palace at Versailles with a wrought iron and gilt bronze staircase railing and featuring an 18th-century Venetian ceiling painting — and the imposing Allard and Sons-designed Grand Room, which served as both ballroom and reception room.
A Gothic Room with a stone fireplace
Photo credit: By Renata3 / CC BY-SA 4.0 / Wikimedia Commons
Another unique space is the Gothic Revival-style room where Alva Vanderbilt once displayed her Medieval and Renaissance collection, featuring a stone fireplace that’s a replica of the one in Palais Jacques Coeur in Bourges, France.
The dining room draped in pink marble
Photo credit: xiquinhosilva / CC BY 2.0 / Wikimedia Commons
The rich, pink Numidian Marble dining room is dripping in gilt bronze ornamentation on the moldings, fireplace, and ceiling.
See also: Winfield Hall, the Historic Woolworth Mansion in Glen Cove
Mrs. Vanderbilt’s former bedroom has a circular painting of Athena
Photo credit: By Renata3 / CC BY-SA 4.0 / Wikimedia Commons
Set on the second floor, Alva Vanderbilt’s former bedroom is one of the most visited rooms in the house, drawing tourists with its lavish Louis XIV-style interiors (also known as French classicism) and its circular ceiling painting of Athena, painted by Giovanni Antonio Pellegrini circa 1721.
Alva retained ownership in the divorce
Photo credit: lilyputin lilyputins / Public domain / Wikimedia Commons
After Alva divorced William Kissam Vanderbilt in 1895, she retained ownership of the Marble House, which was gifted to her on her 39th birthday. She soon remarried another wealthy socialite/politician by the name of Oliver Hazard Perry Belmont, who owned another Richard Morris Hunt-designed residence down the street from the Marble House, called Belcourt.
After her new husband passed away, she opened the Marble House to suffragettes
Woman suffrage gathering at the Newport Marble House of Alva Belmont on September 12, 1909. Photo credit: New York Times / Public domain
During her second marriage, Alva only used 596 Bellevue Ave as an extension of her closet, with the house being mostly maintained by servants. But that all changed once the former socialite’s new husband passed away in 1908.
After Oliver Belmont died of appendicitis at the tender age of 49, Alva turned her attention to a cause worthy of her status and influence and joined the Women’s suffrage movement.
She added a Chinese Tea House
Photo credit: Lei Xu | Dreamstime.com
Alva Belmont reopened the Marble House in 1909, and added the Chinese Tea House on the seaside cliff. The Tea House, modeled after 12th-century Song dynasty temples, became a gathering place where she hosted rallies for women’s suffrage.
Sold to the Prince family
Photo credit: Felix Lipov / Shutterstock.com
A decade later, Alva decided to completely close the Marble House and move to France to be closer to her daughter, Consuelo Balsan. By 1932, she sold the Newport mansion to American stockbroker, investment banker, and financier Frederick H. Prince, whose family used it as a summer house for the next 30 years.
Added to the National Register of Historic Places in 1971
Photo credit: Felix Lipov / Shutterstock.com
After three decades of ownership, in which the Prince family used the stately residence for its intended purposes, hosting balls and events attended by New York’s elite, the Marble House was acquired by the Preservation Society of Newport County in 1963.
Eight years later, it was added to the National Register of Historic Places and designated as a National Historic Landmark on February 17, 2006.
It’s now a popular tourist destination
Photo credit: Darryl Brooks | Dreamstime.com
Nowadays, the former Vanderbilt summer “cottage” is one of Newport, Rhode Island’s top tourist destinations, with visitors from all over the world flocking here to see how the Vanderbilts once lived. It offers guided and non-guided tours, with events, parties, and even weddings held on the grounds of the estate.
Marble House in the movies
Photo credit: Dan Hanscom / Shutterstock.com
The mansion is also quite a popular filming location, with productions like 1974’s The Great Gatsby (starring Robert Redford and Mia Farrow), the 1995 miniseries The Buccaneers, Steven Spielberg’s celebrated 1997 film Amistad, and the 2008 rom-com 27 Dresses all being filmed at the Marble House in Newport.
A living memory of what Newport, Rhode Island once was
Photo credit: Jiawangkun | Dreamstime.com
“The rich, famous and fashionable came to Newport to see and be seen, acting out their social pageant against the backdrop of great Bellevue Avenue houses,” reads the plaque outside Marble House. Fittingly, the palatial residence’s imposing structure and lavish interiors live on as reminders of what the Gilded Age elite wanted people to see: unabridged wealth.
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Today’s advanced smart air purifiers ensure clean air. Photo: Shutterstock
“The pandemic significantly increased the time people spent at home, heightening their awareness of health and wellness,” says Jessica Smith, a brand strategist who co-authored the “Home as Highest-tech Health Hub” section of the report.
Brand strategist Jessica Smith says self-care is now a cornerstone of modern living spaces. Photo: LinkedIn
More than two-thirds of Americans now say they spend more time at home compared to two years ago, she says. The convenience and necessity of managing health from home have sped up the adoption of health-centric technologies, “making self-care a cornerstone of modern living spaces”.
These innovations range from circadian rhythm lighting systems – that are set to a lower intensity in the early morning, transition to a higher intensity as the day progresses, and dip in the evening – that improve sleep quality, to smart air purifiers that ensure clean air.
“Unlike traditional medical healthcare, these technologies focus on prevention and maintaining well-being, offering tools that help individuals lead healthier, more balanced lives,” says Smith.
Examples mentioned in the report include DeRucci’s AIoT (Artificial Intelligence of Things) smart mattress, which uses 23 flexible sleep/health AI sensors that track subtle changes in position, body temperature, heart rate, and health and has 18 support airbags that instantly respond and support the user’s position and body movements.
“Such innovations will create healthier living environments and facilitate early detection of health issues, bridging the gap between wellness and medical care,” Smith says.
By using biometric data and adaptive technologies, these environments can adjust lighting, temperature, and even decor in real time to suit individual moods and activities
Jessica Smith
In the US, gadgets are not permitted by law to “diagnose” medical conditions – they can only suggest that something may be wrong and that the user see a doctor for a professional diagnosis. This form of health monitoring is becoming more common, the report says.
Trends indicate a growing adoption of remote health monitoring and virtual consultations, powered by AI. They are enabling more comprehensive healthcare management from the comfort of home.
Nanotechnology works by manipulating atoms the size of one-millionth of a millimetre, or less. And it promises to revolutionise wellness at home by providing advanced materials and devices, says Smith.
“For instance, self-cleaning surfaces using TiO2 [titanium dioxide] nanoparticles can significantly enhance hygiene, while nanotech-based wearables enable continuous health monitoring.”
De Rucci’s smart mattress uses 23 AI sensors to adapt the mattress to the sleeper’s position. It also checks body temperature and heart rate. Photo: De Rucci
At the other end of the scale, “empathetic architecture” creates living spaces that respond to inhabitants’ emotional and physical needs.
“By using biometric data and adaptive technologies, these environments can adjust lighting, temperature, and even decor in real time to suit individual moods and activities,” says Smith.
Ari Peralta, a neuroscientist specialising in sensory design and wellness and founder of Arigami, a studio at the forefront of multisensory integration and sensory profiling, has expanded the idea to include the effects of fine art on the inside environment.
He contributed a section of the report called “A New Multi-sensory Art for Health and Wellness”. Peralta’s focus is on how immersive, sometimes interactive, art created by generative AI – the same technology that powers ChatGPT – can create environments that are conducive to well-being.
Research shows art can benefit our mental, physical and social wellness dimensions, Peralta says.
Imagine art that can transform you based on your movement, heartbeat or mood, inviting you to disconnect from the acceleration of life and fully immerse yourself in that moment
Ari Peralta
“Movement, touch, sound, temperature, all play a role in shaping our sensory experiences. Our nervous system and our sensory system are intertwined,” he says. The sensory system can be used to calm our “flight or fight” responses.
Immersive art uses images and sound to provide the sensation that the viewer is part of the artwork. It often employs light as a visual medium, it can be 3D, it is often created at a large scale, and is interactive in some way, responding to input from the participant or the environment.
Sometimes the imagery and sound can be synched to the participant’s biorhythms, like a heartbeat.
“Imagine art that can transform you based on your movement, heartbeat or mood, inviting you to disconnect from the acceleration of life and fully immerse yourself in that moment,” he says.
“Thanks to new AI technology, art is becoming more participatory, interactive and holistic.”
Ari Peralta is a neuroscientist specialising in sensory design and wellness who founded the company Arigami. Photo: Arigami
Science supports the value in art therapy.
“Extensive research coming out of healthcare facilities indicates that art can reduce patient and personnel stress, curb depression and even reduce pain, therefore promoting a healing environment,” he writes.
“Neuroscience studies confirm that immersive and multisensory art can stimulate the higher-level areas of the brain responsible for creativity and imagination,” he adds. This frees the brain from anxiety and allows space “for inspiration”.
Peralta highlights a recent study that used qEEG (quantitative electroencephalogram) tests that measure electrical activity in the form of brain wave patterns to learn more about the effects of abstract art.
It confirmed an increase in the test subject’s brain voltage, and noted the activation of more regions of the brain when they were viewing abstract art and the brain was challenged to create its own interpretation of it, he says.
A woman wears a VR headset while waving her hands in front of an art display, part of an immersive art experience. Photo: Shutterstock
Everything is coming together to make wellness a priority in the design world, he says.
“Working at the dawn of the next technological revolution offered by generative AI, art-as-wellness and its potential positive impact on human well-being are among the most exciting new fields to explore.”
Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions. In this episode:
Learn why estate planning is important even if you don’t own a lot of assets, along with when to ask for professional help.
Why is estate planning important? What happens to your assets when you die without an estate plan? Hosts Sean Pyles and Dalia Ramirez discuss the essential aspects of estate planning and the common misconceptions that often deter people from creating an estate plan. They begin with a discussion of the critical importance of having a will, with tips and tricks on keeping updated records, managing assets, and understanding the role of a will in preventing lengthy probate processes.
Then, RK Law PC Managing Attorney Regina Kiperman joins Dalia to discuss various tools and strategies available for effective estate planning. They discuss the importance of clearly identifying witnesses in a will, the scenarios where hiring an attorney is essential, and the necessity of advance directives, power of attorney and healthcare proxies. The conversation features actionable advice on managing your will and advance directives, highlights the emotional and financial relief that estate planning can offer surviving family members, and encourages proactive steps to ensure peace of mind for loved ones.
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Episode transcript
This transcript was generated from podcast audio by an AI tool.
Sean Pyles:
Nobody wants to think about the worst case scenario. To put it more bluntly, nobody wants to think about dying, but if you don’t think about it at all and don’t plan for it, your entire financial life could end up in someone else’s hands, from a distant family member to your state’s court making decisions about your money. Today, what to do to keep that from happening.
Welcome to NerdWallet’s Smart Money Podcast. I’m Sean Pyles.
Dalia Ramirez:
And I’m Dalia Ramirez.
Sean Pyles:
Dalia Ramirez:
Doesn’t get more exciting than this, Sean.
Sean Pyles:
Well, Dalia, welcome to the host chair here at Smart Money.
Dalia Ramirez:
Thanks. I’m really glad we’re tackling this topic.
Sean Pyles:
Yeah, it’s something we talk about every so often on the show, sometimes in response to listener questions, but in this episode we’re going to go through why it’s so important to have an estate plan, who needs one and what happens if you don’t have one.
Dalia Ramirez:
Yeah, that’s really the key here. I think a lot of people don’t realize what happens to their money and belongings, their estate, if they don’t have a plan. And there are a lot of misconceptions about estate planning, that it only matters if you’re rich, that you don’t need one if you don’t have kids, that it’s expensive and takes a lot of time to do this kind of planning, and that’s not all true.
Sean Pyles:
And when we take a look at the numbers we definitely see some concerning trends. Caring.com does an annual wills and estate planning survey, and in 2024 they found that only 32% of Americans even have a will, and that’s down 6% from 2023.
Dalia Ramirez:
Yeah, for the first time since 2020, the number of Americans with a will declined. And this is despite the fact that 64% say having a will is important. So we kind of know that this is something we should do, but then we don’t do it.
Sean Pyles:
And I think some of what we’ve already cited makes sense. People are worried about cost, they think it’s just for rich people, and I would imagine that in some cases folks just don’t want to think about their own death.
Dalia Ramirez:
But here’s the thing, the consequences of not doing any planning will fall on your surviving family members. If you don’t have a plan, your family can end up having to deal with a long, expensive probate and all kinds of other legal issues all while they’re mourning your death, which is hard enough on its own.
Sean Pyles:
Yeah. Dalia, this is not fun to talk about.
Dalia Ramirez:
No, it’s not. But we’re going to forge through anyway.
Sean Pyles:
Okay, so is there a specific reason that you wanted to come on and do an episode with us about this?
Dalia Ramirez:
I think in a weird way it’s comforting to make peace with things like death. It’s a part of life, it happens to everyone, and there are some surprisingly simple ways to make it easier on your loved ones when it does happen. A document or two, which you can make inexpensively or even for free, can really spare your family from having to make painful decisions during an already difficult time.
Sean Pyles:
Well, I’m glad to know that I’m not the only person with somewhat morbid proclivities at NerdWallet. While thinking about death can be scary and grim, there is something about planning for the inevitable that makes this part of our lives a little easier to grapple with. Well, we want to hear what you think too, listeners. Do you have an estate plan in place? If not, why not? If so, what prompted you to do it? Share your stories with us by leaving us a voicemail or texting the Nerd hotline at 901-730-6373. That’s 901-730-NERD. Or email a voice memo to [email protected]. So Dalia, who are we hearing from today?
Dalia Ramirez:
Today we’re talking with Regina Kiperman. Regina is a managing attorney with the estate planning firm RK Law PC in New York.
Sean Pyles:
All right, we’ll hear from Dalia and Regina in just a moment. Stay with us.
Dalia Ramirez:
Regina Kiperman, nice to have you on Smart Money. Let’s start with what might seem like an obvious question, but we’re going to ask it anyway. Why is it important to have a will?
Regina Kiperman:
It’s important to have a will because a will acts as an instruction manual to set forth your wishes in the event that you pass away. All states have typically provisions for what happens to your assets if you pass away. For example, New Jersey says if you pass away married, everything goes to your spouse, and if there’s no spouse, then to your kids. New York, on the other hand, says if you pass away and you have a spouse and kids, $50,000 plus the first one half goes to your spouse and the rest goes to your kids. Some people want to deviate from the basic rules that are put forth by these different states and they might want to create a will so that they can have their proposed and desired way of distributing the estate assets. Sometimes you need to do it for tax planning, sometimes you want to do it because you want to give to a friend or a charity or a different person than you would have to give if you just followed the strict laws of the state.
Dalia Ramirez:
So what are some of the things that can happen if you don’t have an estate plan? Where could your estate end up?
Regina Kiperman:
If your next of kin are your parents and they are on government benefits, not having a will could lead to those parents inheriting the estate assets and being kicked off their benefits. Actually, I have a case in point. One of my clients, his dad, is his next of kin, and his dad is a Russian immigrant, and his dad is on all sorts of government benefits, but because the person who passed away didn’t have a will, now all the assets passed to dad and now dad is in danger of losing all of his benefits because he’s now going to inherit this amount of money. And had the person who passed away actually had a will, then the dad could have had the benefits and been able to use the money to supplement his care, which could have benefited him more.
I have another client whose aunt passed away, and at the time she passed away, she had nine siblings, and some of the siblings had died before her. And because it took so long to administer the estate, some have now died after her. And when someone dies after and they have children or even the ones that died before, they also had children, so now the court will require jurisdiction over all these different people, making the administration process a complete nightmare. And in that case, the person has a house, that house has tax liens and other problems associated with it. And so if there was a will, even though there’s all this different family over whom we have to get jurisdiction, it’s easier to get something called preliminary letters to at least temporarily administer the estate, and it’s easier to get that than temporary letters.
Dalia Ramirez:
What are the other tools that might be needed for these circumstances?
Regina Kiperman:
Okay, so a will is fine. You can have trusts inside of wills. Trusts by themselves, they’re just contracts. And a revocable trust is often perceived of as a will substitute. And for basic estate planning purposes, a will is perfectly fine, and even sometimes for tax planning a will is perfectly fine. The creation of the sub trust could be done under the will, which is just another trust that’s formed under the will with the spouse who had no will. Even if he had just said “everything to my spouse,” that is not the best tax planning, but that’s something, because that then defers all of the tax until the death of the second spouse and creates more flexibility and does not cause difficulty for the family, who now has to raise money to pay the estate tax.
Dalia Ramirez:
Is it fair to say that in most circumstances or even all that something is better than nothing? Or are there any types of people who really need something specific or nothing is better? How do you know which tools are necessary?
Regina Kiperman:
So typically when a family calls and they say, oh, we’re newlyweds, we want to make sure everything goes to each other. If that’s their only thinking, I’ll say, well, you don’t really need a will, because if you die, everything will go to the survivor anyway. So that’s an example where you don’t necessarily need one. Although if they think three steps ahead and they say, well, what happens if we both die and we want to give everything to, again, a charity or our cousin or our friend, then you would need a will. So anytime you want to override the default state law, you need a will. Anytime you’re just thinking, I just want it to go to my spouse, you don’t necessarily need a will. Anytime you have two children or one child and that’s your only child and you don’t have a spouse, you don’t need a will because everything’s going to go to that person anyway.
If you want to build in more foresight and more planning… So for example, I have only one child, but they’re not super trustworthy. I have only one child, but they have creditors. I have only one child, but I don’t trust their spouse. Then you want to do planning. But if it’s like, I have one child, they get everything and I don’t care what happens when I pass away, you don’t really need a will in that situation.
Dalia Ramirez:
Okay. That helps. I mean, people have a lot of different circumstances, so there would be different tools that fit. Could you, again for us, name the most common estate planning tools? We don’t have to go into far detail, but maybe the top five.
Regina Kiperman:
Okay, so estate planning, there’s only a finite number of permutations, right? There’s a will, which basically overrides state law of what happens upon your death. And then there’s a trust. And then a trust is a contract between “parties” and sometimes if it’s a revocable trust, it could be a contract between yourself and yourself because in a revocable trust typically you’re the one that creates the trust and you’re the manager of the trust, also known as the trustee. There’s various types of irrevocable trusts which are trusts that you set up with a different type of purpose. Like for a revocable trust, you usually set it up for privacy or because your heirs are unknown or because you want to treat people differently or because your assets are volatile, it’s a different type of planning. It’s like probate avoidance planning. That’s a revocable trust.
An irrevocable trust, which is another estate planning tool, is where you’re starting to think more about not just probate avoidance but specific purpose. So there’s a qualified personal residence trust where you’re gifting your property away, but being able to take advantage of the present value of it. There is a Medicaid trust where you are giving away your assets in order to qualify for Medicaid. There’s a credit shelter trust where you’re essentially trying to figure out what goes into the trust to reduce your taxable estate. So the irrevocable trusts get broken down into a number of different trusts that depend on what your purposes are and what your facts and circumstances are.
And then another estate planning tool is advanced directives, which is power of attorney, healthcare proxy, living will, HIPAA, appointment of agent to control remains, and that is, in my opinion, everybody needs those documents. Those are the most basic documents you can get and everybody needs them because everybody is going to go through a process where they become sick and where they need help and where they need someone to make decisions for them. And in the absence of these types of documents, which are very simple and easy to get, people find themselves in guardianship or more complex processes that then require a lot of time to have someone appointed to make the right decision for you on a medical or a financial level.
Dalia Ramirez:
So these medical estate planning tools are fairly straightforward, right?
Regina Kiperman:
They’re extremely straightforward. For the most part, you can get them online. Like a healthcare proxy, you can just download it online, every state has its own form. A HIPAA, download it online, every state, it has its own form and also federal has its own form. A power of attorney can be more complex, but the most basic version is typically available online. An appointment of agent to control remains, also available online. A living will, and most people think a living will is a will, it’s actually not. A living will is the document that says we authorize our agent to pull the plug and it’s not a will. And that living will is not really available online, it’s not just a statutory formula. But you could have somebody create for you or if you go to I think CaringKind or one of these kind of organizations, they usually have some version of a living will.
Dalia Ramirez:
So most people can pretty easily get the medical estate planning together. The financial stuff could be a little more complicated, right? Do you have to change the name on your accounts? Your bank accounts become accounts under the trust? Do you need new checks? What are the steps after you create something like a trust on the financial side?
Regina Kiperman:
Okay, so for a will, obviously you don’t have to retitle anything. For a trust, after you create the trust, you have to fund the trust. I have countless examples of people who created the trust, not me, not me, we fund all of our trusts. But they’ve come to me because they’ve created a trust and I say, “Okay, what’s in it?” And they blank stare at me, like “What do you mean what’s in it? I have a trust.” And I’m like, “That’s great. What’d you put inside?” And then there’s silence, just absolute silence.
For a trust to have any… I don’t want to use the word legitimacy, that’s not right. For a trust to have value and make any sense, you should fund it. Here’s how you fund the trust. The statute requires you to fund the trust by re-registering assets into the trust. If you have a deed, you need to do a new deed to transfer ownership of the property into the trust. If you have retirement accounts, you can either transfer ownership, just get the forms to either transfer ownership or transfer the beneficiary designation. For a retirement account, you don’t have to necessarily say, oh, the trust is the owner. In fact, because it’s a retirement account, you may not even be able to do that. But you can designate the trust potentially as a beneficiary. If you have stocks, you might want to re-register those stocks. If you have life insurance, you might, depending on the type of trust, either transfer ownership of the life insurance or change beneficiaries on the life insurance to be the trust. And there’s always forms that every financial institution has to help you re-register the asset into the trust.
And I always tell people, you should have the spreadsheet and then you should continue to update it as you get new assets because everything you put into the trust you should have a record of. I actually have stories where people have put almost everything into the trust and then they left out an account. Otherwise, if you have everything in the trust and you’ve left an asset out, when you pass away, now you have to probate your will, which might not have been your goal in the first place. If you were trying to avoid probate, you just failed.
Dalia Ramirez:
Right. And some of this sounds like it’s for people with a lot of money, a lot of assets, and I think a lot of people assume that you need to be really wealthy to need an estate plan. Is that true?
Regina Kiperman:
It’s more about tax planning if you have a lot of assets. Estate planning is just an orderly way to distribute what you do have. So some people just have maybe a house and maybe some cash in the bank and maybe some retirement accounts. You just want to make sure that when something happens to you, those assets are distributed in the way that you want them to be.
Here, I have a great example. A woman recently came to my office with her niece and she actually does not have a lot of assets. She has a co-op in New York City and one bank account. And really she was older and needed care and she was struggling with how to finance that care. And she has a son. When I asked about the son, she said, “I don’t have a relationship with my son.”
So in her case, she wanted to make sure that she gave everything that’s left to her niece, and also they wanted to make sure that there was a way to finance her cost of care. So we talked about setting up maybe a reverse mortgage, which by the way is also an estate planning technique. We talked about transferring the co-op into a Medicaid trust. And then we talked about just doing a will, leaving her whole asset to her niece, because that was the one person who took care of her during her lifetime and that’s the one person she wanted to make sure everything went to. So she doesn’t have a lot of assets, but she just wants to make sure it doesn’t go to her son, who she hadn’t seen in like 20 years.
Dalia Ramirez:
I have a sort of separate question now on a different note. What kind of life events should trigger people to think about their estate plan? Anything that could happen in someone’s life where you would say, now is the time?
Regina Kiperman:
People call us for the following. We just had a baby, and if they just had a baby, they want to make sure that there’s a guardian who could be charged with taking care of the baby in the event something happens to them. People call us because they want to potentially shift their assets because they are afraid of creditors. People call us because they want to pass their businesses down to their children and they’re ready to retire. People call for retirement planning. People call because they’ve bought property in multiple states and they want to avoid probate in multiple states. And then people call because a family member has fallen or the spouse has fallen and they’re in rehab and they need to figure out what to do to shift assets for government benefits.
Dalia Ramirez:
Gotcha. Once you get married, would you want to create estate planning documents together? A joint will, a trust together?
Regina Kiperman:
That one’s a little different because if you’re just married, you don’t necessarily need the type of basic estate planning because everything goes to that spouse anyway. But if you are married and have a lot of assets or if you’re married and have disparate assets and you want tax planning or you want to deviate, again, you don’t want everything to go to the spouse, then you would want estate planning. So it really depends on the facts and circumstances. But just being married by itself isn’t necessarily enough reason.
Dalia Ramirez:
I was wondering how people can make sure their wills, trusts, any estate planning document is valid. Because having a will is one thing, but having a will that actually passes through probate court successfully and quickly is another thing. And I know this might vary by state, but what can we tell people to make sure they know what they need to do to get their will certified?
Regina Kiperman:
In most places, to have a will, you need a person, two witnesses and a document, and the person can say, this is my will, this is what I wanted. Will you guys be my witnesses? Yes. Yes. Okay. Everyone sign. And for the most part, most wills are not contested. There are nuances and some specific requirements that people need to meet in order for their will to be admitted to probate. So the names of the witnesses should be really clearly spelled out. I have now a case where I cannot for the life of me figure out the name of the second witness and the law firm where the person had the will done is now closed. It’s literally a squiggle. The signature is a squiggle. It could be like John Doe and I don’t know what to write. And so I actually called the court and I’m trying to figure it out. But that’s a really very small thing that could turn into a big thing. Just legibly write very neatly the names of the witnesses.
Dalia Ramirez:
I’m wondering on that note when is it necessary to hire an attorney for estate planning? Who is in a position to DIY it and who really needs the professional help?
Regina Kiperman:
Again, this is personal. Because the law is some part art, part science. And so I think that if you have a house, a couple of bucks, a retirement account and you’ve got a wife and a couple of kids and there’s nothing, you’re not setting up any trust, it’s just a will that says to my spouse, and if not, to my children, you can DIY it. You don’t need a fancy lawyer. You don’t even need a lawyer at all. You can go on LegalZoom, Rocket Lawyer, Trust.com, whatever site you want. And if that’s your specific situation, you do not need a lawyer.
If your situation is more substantive and it’s not necessarily that you have more assets, it’s more substantive. So for example, your wife is sick, you don’t trust one of your children, you’re going to treat your children unequally. You need to create a sub-trust. You want to do Medicaid planning. You want to do tax planning. You want to do business succession planning. If you want something more substantive, you want to give to a charity because there’s different rules on charity, then you might want to speak with an attorney because they can help guide you on the nuances.
If you believe your will will be contested, you should go see an attorney. Not only that, you should do 10 versions of your will. Not 10 of the same, you might strategically want to execute multiple wills saying the same thing, because if you set aside one, you haven’t set aside the other. Those are probably some times where you DIY versus not.
Some more examples. You should staple your will. And once you’ve stapled your will, if you want probate to go simple, don’t unstaple the will. You should not keep your will in a safe deposit box because if you do, then someone’s got to go search the box, because the bank will seal the box. So don’t keep your will in the box, don’t unstaple your will. And even by the way, staple it. Don’t leave it unbound because then the court wants to know why is it unbound? Make your witnesses really clear. Have a self-proving affidavit. A lot of wills from these other like online DIY, the thing is they don’t always have a proper self-proving affidavit. And if they don’t have a proper self-proving affidavit, you have to hunt down the witnesses, which sometimes is a problem.
Dalia Ramirez:
I’m sure for some people cost is a factor here, they’re going the DIY route because it might be cheaper. Could you ballpark estimate how much an estate plan would cost people with an attorney?
Regina Kiperman:
People ask me all the time when right before they hire me, how much I’m going to charge them. And it’s hard to quantify. It really depends on your facts and circumstances. It could be anywhere from $2,500 to $25,000, depending on the complexity. If it’s a basic will with some trusts for the minors and some powers of attorney, all that stuff, it might be $2,500. If you’re getting into trusts, trust funding, deeds, transfers of assets, re-registration of assets or transferring your co-op into a trust, that becomes a pricier venture.
Dalia Ramirez:
So cost can be a factor depending on your circumstances. I also read a survey by Caring.com that found that only 32% of Americans have an estate plan. So what do you think are the other factors that keep people from doing estate planning?
Regina Kiperman:
The fact that people think, “Okay, well I don’t have a lot of money, therefore I don’t need it.” That people say, “Okay, I’ll do it, I’ll do it.” And then they don’t get around to doing it because it’s just not a priority. Some people are superstitious about doing it. They think that if they’re going to do it, that means they’re going to die. For some people, they can’t even talk about it, again because it’s superstition. And some people start the process and don’t finish it. And then there’s the people who don’t have anyone to leave it to and they say, “Well, whatever, the state will figure it out.”
Dalia Ramirez:
Are there any warnings that you would say to encourage someone who you think really could benefit from estate planning but is hesitant for any number of reasons?
Regina Kiperman:
So again, in my opinion, the most important thing that you absolutely 100% need to do is advance directives. Everyone hears me say this, power of attorney, healthcare proxy, the most, most, most important thing, because I am telling you, these documents are extremely cheap to do, and if you don’t do them and if something happens to you, there’s going to be 100 times more dollars spent on reacting to the consequences of not having a simple power of attorney.
As for a will, I personally think that it’s important to do it to set forth your wishes, but the will is just one piece. The thing that I think is the most important is to have a conversation about what do I want to happen if I’m sick or if I pass away. Where do I want my stuff to go? That conversation is the most important one to have. Even if you’re superstitious, you have to face it. You have to face that conversation. And if you don’t, unfortunately you’ll wind up with a mess, and it’ll be a bigger mess if it happens while you’re alive. Because if you’ve passed away, the mess is on your kids. But if you haven’t taken care of estate planning while you’re alive, then the mess is on you.
And I’ve got countless examples of that where the person’s alive, got sick, is incapacitated, can’t sign a power of attorney, and their kids are both grieving, dealing with the mental difficulties and anxiety of their sick parent and scrambling to try to figure out where everything is and properly structure a plan where their parents can be taken care of. I have those and I have countless examples of the same set of facts, but the parent has now passed away and the kids have property, but no way to pay the estate tax. That’s a big problem as well, and that leads to fighting. And the thing that most parents don’t want is they don’t want their kids to fight. Or, here’s a great one, a person passes away, they have three kids, they have a house, they didn’t do a plan. One kid lives in the house. What’s going to happen now? The parent should have been more proactive to think about, what will I really do with my house? Who do I really want it to go to so that my children don’t fight? Which by the way, as a parent, I hate when my children fight. I will do anything for them not to fight.
Dalia Ramirez:
And that should be motivation enough to call up a lawyer. Those are such great examples. Thank you and thank you for helping us out today with all of these questions. I really appreciate it.
Regina Kiperman:
No problem.
Sean Pyles:
Anyone who knows me knows that estate planning is my favorite morbid hobbyhorse. People really don’t want to think about or engage with this stuff, and I get it, it can be scary. But I think about it a little bit differently. I see estate planning as an act of love and generosity. Spending a few hours sorting out how you want to be cared for when you get sick or injured, and what you want done with your stuff after you die, can bring tremendous peace of mind and solace to your family in the middle of a very stressful time. So please give this gift to your loved ones.
Dalia Ramirez:
Absolutely, Sean. And I think it’s important to remember that no one can read your mind about what you want the end of your life to look like. Taking the time in advance to reflect on what matters to you and get it into writing makes it a lot more likely that your wishes will be respected and that your family might even have the pleasure of fulfilling them instead of the burden of guessing.
Sean Pyles:
Well, I hope our listeners have a better feel now for why it’s important to do this even if you don’t think you want to or you don’t want to think about your own demise. If you’re having trouble with that, just remember the aftermath is hardest on the people that you leave behind. So if nothing else, think about them.
Dalia Ramirez:
And I really hope listeners come away with the knowledge that this doesn’t have to be complicated or complex and it doesn’t have to cost much money. In fact, you can DIY it if you want to. But if you don’t want people who aren’t you to decide where all of your money and belongings end up, it’s really important to get this done. Do you have one, Sean?
Sean Pyles:
I do. My partner and I both have our estate plans and advance directive sorted. We did this a few years back after we got engaged because we knew it would be a number of years until we got married, but we wanted to ensure that we were taking care of each other now before we were legally bound together. What about you, Dalia?
Dalia Ramirez:
Well, it feels silly because I don’t have a spouse or kids or much in the way of property, but I spend a lot of time reviewing estate planning software, so I’ve helped my whole family draft wills and I did mine for good measure. Hopefully at some point I’ll have some more things to put on there.
Sean Pyles:
I like that. You are practicing what you preach. Well, Dalia, thanks for coming on Smart Money and doing this episode with us.
Dalia Ramirez:
Thank you, Sean.
Sean Pyles:
For now, that’s all we have for this episode. Do you have a money question of your own? Turn to the Nerds and call or text us your questions at 901-730-6373. That’s 901-730-NERD. You can also email us at [email protected]. Visit Nerdwallet.com for more info on this episode. And remember to follow, rate and review us wherever you’re getting this podcast.
Dalia Ramirez:
This episode was produced by Tess Vigeland. Sean helped with editing. Claire Tsosie helped with fact checking. Sara Brink mixed our audio. And a big thank you to NerdWallet’s editors for all their help.
Sean Pyles:
Here’s our brief disclaimer. We are not financial or investment advisors. This nerdy info is provided for general educational and entertainment purposes and may not apply to your specific circumstances.
Dalia Ramirez:
And with that said, until next time, turn to the Nerds.
Maryland family closes on dream home with a 3.4% mortgage rate — paying $1K a month less than the market rate
With house prices and mortgage rates hovering at painful highs, many Americans have tossed aside their dreams of homeownership — but are they missing a trick?
The Sutton family in Northeast Maryland recently secured their dream home with a mortgage rate of around 3.4% — which was roughly half the average 30-year fixed mortgage rate at the time of purchase.
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How did they beat the home buying odds? They used something called an assumable mortgage — a special type of home loan where the buyer essentially takes over the seller’s mortgage.
The young family shared their story with NBC News. By going down the assumable mortgage route, the Suttons not only managed to avoid the stress and fees associated with qualifying for a conventional mortgage, but they also saved themselves about $1,000 to $1,500 a month by taking on the low interest rate.
Here’s how assumable mortgages work and how to determine if one might be right for you.
What is an assumable mortgage?
An assumable mortgage is a type of home loan where a qualified buyer can take over (or assume) a seller’s mortgage terms, including the existing balance, repayment period and interest rate.
These loans can be appealing for both buyers and sellers, particularly those, like the Suttons, looking to capitalize on lower mortgage rates of the past. But they do also have their limitations and are bound by strict regulations.
Christopher Sutton admitting he’d “never heard of” assumable mortgages before his realtor suggested one is unsurprising.
Assumable mortgages are a relatively niche product today, but they were immensely popular back in the 1980s, when mortgage rates lingered in double-digit territory for years and many lenders (including conventional banks) accepted the practice.
Since then, the majority of lenders have restructured their loan terms (in line with regulatory and market developments) to prohibit the practice. Today, conventional loans are no longer eligible for assumption. They must be paid in full — and a new one issued — whenever a property is sold or transferred to a new owner.
There are three exceptions, where home loans are assumable:
FHA loans: These loans are backed by the Federal Housing Administration and are popular with first-time buyers and those with lower incomes who may not qualify for a conventional loan. Like conventional loans, borrowers still have to qualify under all FHA terms, including credit and employment standards.
USDA loans: These loans are intended for low-income borrowers in rural areas. They’re backed by the U.S. Department of Agriculture and don’t require any down payment.
VA loans: These loans are offered to active or retired members of the U.S. military.
The Suttons assumed an FHA loan in order to secure their dream home in Maryland.
Read more: ‘You didn’t want to risk it’: 80-year-old woman from South Carolina is looking for the safest place for her family’s $250,000 savings. Dave Ramsey responds
Things to be wary of
To successfully assume someone else’s mortgage, you need to cover all of the equity already built up in the house. So, if the seller bought the home for $200,000 and paid off $50,000 in principal, the buyer would have to bring $50,000 to the table (a bit like a down payment) and qualify to assume the remaining mortgage.
This worked out for the Suttons because the previous owner of the house had only made about 18 months of mortgage payments before relocating to Florida for work, meaning they had not built up a ton of equity that the Suttons would have to match.
“It was just one more of those stars that had to align for this to work,” the family’s realtor, John Gatsoulas from REMAX, told NBC News.
It’s also important to consider the property value before assuming a mortgage. If the home has appreciated significantly since the seller first bought it, the original home loan that you assume may not cover your costs.
So, if you assume a mortgage for $350,000, but the house is now worth $500,000, you’ll need to pay the $150,000 difference out of pocket. You may be able to secure financing to cover that cost, but second mortgages are typically expensive, hard to qualify for and not really suitable for families, like the Suttons, seeking assumable mortgages for their affordability.
What to read next
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Victor Ciardelli beamed as his mortgage company, Chicago-based Guaranteed Rate, launched a “financial wellness” and “personal well-being” app last fall before a live audience in Times Square with wellness celebrity Deepak Chopra.
“Something we are passionate about at Guaranteed Rate is caring about people and their overall well-being,” Ciardelli said in a video of the event posted online. “We wanted to make sure that we did something to help people in their general stress and alleviate pain.”
But in the days following the launch of the app, which offers home loan applications and other financial services alongside yoga classes and nutrition advice, Ciardelli wasn’t happy. Yelling at executive leadership on company calls, he referred to his employees as “failures,” complained that the team did not show him from a particular camera angle and said “Marketing is a f−−−ing disaster,” according to two executives who were on the calls.
Despite Ciardelli’s public remarks on the importance of personal well-being, many former employees told the Tribune they experienced or witnessed persistent verbal abuse and a misogynistic environment while working at Guaranteed Rate. As part of a Tribune investigation, reporters interviewed nearly 80 former employees and reviewed court records, internal company emails, written exit interviews and text messages.
Many of the former staff members who spoke with the Tribune described Ciardelli, the company’s president, CEO and founder, as a boss who was quick to berate, swear at and demean employees.
“Every person that works directly under Mr. Ciardelli is terrified of his potential anger outbursts,” one former assistant wrote to human resources after she was let go from the company a couple of years ago, according to an email reviewed by the Tribune.
Some former employees who spoke with the Tribune said they were driven to seek mental health care because of the work environment at the company; one former worker said she contacted a suicide hotline last year.
Multiple women who used to work at Guaranteed Rate, meanwhile, described working in a sexualized atmosphere where some male loan officers and managers made sexually explicit remarks to female employees, hit on them in the office or at work events, and commented inappropriately on their appearance — even, in one case, encouraging a woman to use her looks to help close a loan.
In February, a woman who used to work as a loan officer at Guaranteed Rate filed a lawsuit against two high-producing loan officers at the company, alleging sexual harassment and gender discrimination. Her complaint alleges one of the male loan officers sexually harassed her at a corporate event, that the other loan officer pressured her not to report the incident to human resources, and that for the remainder of her employment the man who made the remark used “gender-based and demeaning slurs to refer to” her and other women at the company.
Other former employees said they did not bring their complaints to human resources because they thought Ciardelli or other executives and managers meddled in the department’s business and might retaliate, with at least two former employees saying they’d observed how company leaders protected certain staff members. Others said they did complain but felt the department didn’t take the information seriously.
In response to a detailed list of questions from the Tribune, Ciardelli and Guaranteed Rate vehemently denied all of these allegations, describing the company as a positive workplace environment where women in particular are supported. The firm went to remarkable lengths to dispute the allegations, including sending the results of a worker satisfaction survey it conducted and forwarding more than 80 testimonials from current and former employees. Among them were five of Ciardelli’s current or former assistants, as well as numerous male and female executives praising his leadership and support.
The company also retained an outside law firm that, even before receiving the reporters’ list of questions, threatened to sue the newspaper for defamation.
Guaranteed Rate, whose corporate headquarters is in Chicago’s North Center neighborhood, has grown tremendously since its founding in 2000 to become one of the largest mortgage lenders in the country based on loan volume, according to industry news and data provider Inside Mortgage Finance. Its name has adorned the White Sox stadium since 2016, and as recently as 2018, Guaranteed Rate was named a Chicago Tribune Top Workplace — a distinction based on surveys conducted by an outside company, with no input from editorial staff on the selection.
Guaranteed Rate CEO Victor Ciardelli prepares to throw out the ceremonial first pitch at a White Sox home game in August 2016. The ballpark would be renamed after his company later that year. (Chris Sweda/Chicago Tribune)
Jason Scott, a former top-producing loan officer and director of VA lending, which provides home loans to military veterans and active-duty service members, at Guaranteed Rate said his earlier years at the company — when lower mortgage rates fueled industry growth — were positive. But Ciardelli’s outbursts and verbal abuse of employees grew more noticeable, he said, when rising interest rates started to erode those gains, especially after the boom years of the COVID-19 pandemic.
“I think crazy success just brings out who the real people are,” said Scott, who reported to Ciardelli in his director role and now works for CrossCountry Mortgage, a competitor of Guaranteed Rate. “What did you sacrifice to get there? Did you sacrifice your soul or your core values?”
Many other former employees who spoke with the Tribune did so on the condition they would not be named in this story, saying they feared Guaranteed Rate would sue them. Guaranteed Rate has filed lawsuits against former employees to claw back signing bonuses; it also has sued competitor New American Funding and former employees who have hired former Guaranteed Rate workers, accusing them of unlawful poaching.
Ciardelli declined to be interviewed without his attorney for this story. In response to written questions provided by the Tribune, he and the company suggested the criticism of Guaranteed Rate came from disgruntled employees who could not succeed in a demanding work environment within a challenging industry, or from people who now work for a competitor and therefore would benefit from disparaging the company.
“We hold ourselves and our team members to an incredibly high standard and are not apologetic about that,” Ciardelli said in his written responses, sent through the outside law firm retained to handle communications with the Tribune. “We also recognize … that to achieve great success, one must embrace a full ownership for their actions, both successful and otherwise to achieve growth and most important optimally serve our customers. We promote a transparent culture that supports all our team members toward that goal and welcome constructive criticism. As a result, we are not for everyone.”
Ciardelli specifically denied berating staff, yelling at executives after the app launch or ever calling employees “stupid” or “failures.” He quoted the company’s chief operating officer, Nik Athanasiou, as saying: “I have worked with Victor for 15 years. No one is in more meetings with him than me. I do not ever recall an instance where Victor was abusive toward another employee.”
Ciardelli also pointed to the company’s anti-discrimination and anti-harassment policies and said neither he nor any other executive interfered with human resources.
In response to questions from the Tribune about women’s complaints, including being subjected to sexually explicit comments and working in a “boys club” atmosphere, Ciardelli wrote that such allegations are “simply not true.” The company “has not, does not, and would not objectify women or put them in uncomfortable personal or professional situations,” he wrote.
Ciardelli also highlighted the large number of female loan officers working at the company, their professional success and the testimonials from female employees. When the Tribune asked to speak with four of those women, only one — Rola Gurrieri, the company’s New Jersey-based chief fulfillment officer — agreed to be interviewed without outside counsel or management present.
Regarding the lawsuit filed by former Guaranteed Rate loan officer Megan McDermott, the company told the Tribune it had “found no evidence supporting Ms. McDermott’s allegations of sexual harassment or gender discrimination” after conducting a “comprehensive investigation.”
Guaranteed Rate also sent a general statement detailing the company’s business philosophy, which includes a “fierce commitment to excellence.” Employees who do not “meet our core values or our quality standards” find it challenging to maintain job satisfaction at the company, it said.
“Many of these employees walk away not feeling good about the company which is a natural emotion when faced with a reality that their standards and the company standards are not aligned,” the statement said.
But many of the former employees who spoke with the Tribune described a cutthroat work culture they said could be frightening and upsetting, with several attributing that culture to Ciardelli’s laser focus on making money and growing Guaranteed Rate.
A sign is installed at the White Sox stadium in October 2016 to proclaim its new name: Guaranteed Rate Field. (Zbigniew Bzdak/Chicago Tribune)
The former assistant who emailed human resources asked not to be identified in this story, fearing it might jeopardize her current job or trigger retaliation from Ciardelli. In that email, the woman wrote that she was “constantly on edge and terrified to have an interaction with Mr. Ciardelli” and that she had “consoled each assistant on his team that endured the wrath of Mr. Ciardelli’s behavior.”
“I hope that my experience will open your eyes,” she wrote.
Flying too close to the sun
In an interview with the Tribune in 2014, Ciardelli made plain his ambition to grow the company.
“If you can’t handle it, you shouldn’t be here,” Ciardelli said. “Instead of feeling like, oh, we care about people’s feelings and all that, it’s all about results.”
In the same article, Ciardelli said he worked constructively with his employees when issues arose at work. “There’s no drama involved; there’s no yelling,” he said. “Let’s fix the issue and move on.”
But multiple former executives and employees told the Tribune Ciardelli regularly yelled at and verbally attacked executives and other employees in person and on company calls, sometimes in front of hundreds of people, with the calls following the app launch just one example.
Some former and current employees told the Tribune they tried to avoid Ciardelli because they were scared of his temper.
Scott, the former director of VA lending who worked at Guaranteed Rate from 2017 until he resigned in 2022, splitting his time between offices in Hawaii and Colorado, called Ciardelli a “bully.”
Scott told the Tribune that, during one call, Ciardelli took an executive “to the woodshed and just eviscerated him verbally,” saying things such as “I can’t believe you are this stupid.”
“(Victor) throws the grenade and then he leaves the room,” not giving people a chance to explain or talk through the issue, Scott said.
At the time of Ciardelli’s 2014 Tribune interview, Guaranteed Rate had 2,500 employees nationally, 1,050 of whom were based in Chicago, according to Tribune archives.
The company grew to employ 9,708 people nationwide at its peak in 2021, Guaranteed Rate told the Tribune in May. Part of the company’s growth stemmed from its acquisitions of other mortgage companies: Manhattan Mortgage and Superior Mortgage in 2012 and Stearns Lending in 2021.
Victor Ciardelli, shown in 2014 at Guaranteed Rate’s headquarters, told the Tribune that year that he had ambitious plans for the company and “if you can’t handle it, you shouldn’t be here.” (Abel Uribe/Chicago Tribune)
Guaranteed Rate also partners on mortgage services with some of the largest real estate companies in the country. Including the people working in those partnerships, Guaranteed Rate had 14,264 employees at its height in 2021.
Like other mortgage companies, Guaranteed Rate has suffered a significant decline in business over the last two years, stemming from mortgage rates that have more than doubled from their record lows during the pandemic.
As mortgage rates soared in 2022 and 2023, the firm implemented thousands of layoffs, with only 3,871 workers remaining as of April, or 5,756 among all its companies, excluding contractors, as of May, according to the company.
Yet Ciardelli’s volatile behavior predated the stressful times in the housing market, according to some people who worked for Guaranteed Rate. Many people who “fly too close to the sun” — a metaphor some employees used to describe working directly with Ciardelli — eventually leave, they said.
People who work in personal and executive assistant roles for Ciardelli rarely last long in their jobs, with many leaving after less than a year, former employees said. Some referred to Ciardelli’s assistant position as a “revolving door,” and the LinkedIn profiles of multiple former assistants show short stints with the company.
More than two dozen executives and senior loan officers have left the company over the last decade, with a significant exodus occurring in the past two years. Multiple former executives and loan officers — including Scott — told the Tribune they left because of Ciardelli’s verbal outbursts and what many described as a workplace where they felt bullying and misogyny were tolerated. Most now work for competitors.
Ciardelli and other executives sometimes would disparage people who left the company, according to Scott.
“I would be like ‘Guys, did anybody ever think about reaching out to them before they left and having an exit interview with them?’” Scott said. “You are talking about a person that was a top producer here that you loved them as long as they produced, and now that they leave, they are an enemy? … They are leaving for a reason.”
In Ciardelli’s written responses to Tribune questions, he said allegations of a toxic work environment or bullying on his part are “not aligned with Guaranteed Rate or my leadership.” He said neither he nor other executives have disparaged former employees when they left the company.
In response to a question about assistant turnover, Ciardelli wrote that he has worked closely with five “primary” assistants since 2000. “As is the case with any demanding support roles, there has been some turnover with secondary and tertiary assistants, but nothing that is abnormal or unexpected,” he wrote.
One testimonial sent to the Tribune was from Melissa Czaszwicz, who said she worked for Ciardelli as an executive assistant in the early 2000s. She wrote that she had a positive experience working closely with Ciardelli, who she said was especially supportive when she had children.
“Never did I witness anything inappropriate or out of line,” said Czaszwicz, who still works at Guaranteed Rate.
‘Mental health has suffered’
Some former employees who spoke with the Tribune said they were driven to seek mental health support during and after their time at the company because of the negative work environment they experienced at Guaranteed Rate.
Most of those who shared their experiences worked for an executive who has a close working relationship with Ciardelli. Former workers said this executive also verbally abused staff and was prone to volatile mood swings.
One told the Tribune she texted and called a suicide hotline last year while working at the company because of verbal abuse from the executive; she shared the texts she sent with the Tribune.
In her resignation email, sent to the executive and to the human resources department last year, she wrote: “My mental health has rapidly declined due to the way I have been treated and spoken to in the last couple of months.”
Another employee from the same team wrote in a 2019 resignation letter sent to the executive, human resources, Ciardelli and others that his “mental health has suffered.”
Founded in 2000, Guaranteed Rate grew to become one of the largest mortgage lenders in the country but has suffered a decline in business as mortgage rates have soared in the last two years. (Brian Cassella/Chicago Tribune)
In the resignation email and in an interview with the Tribune, the former employee said his boss gave him the runaround when he asked for time off to attend his mother’s chemotherapy appointments and complained to other employees about his requests.
Other employees discouraged him from requesting leave directly from human resources, warning him he would be fired if he went around the executive, according to the email.
Alyssa Ortiz, another former employee, said working with this executive was like being in an “abusive” relationship, being yelled at one minute and being invited for drinks the next.
“Everyone has gotten … chewed out and left crying,” said Ortiz, who worked for Guaranteed Rate from 2017 to 2019.
Ortiz told the Tribune that human resources and Ciardelli had been notified of this executive’s verbal mistreatment of employees but did nothing. She and about a dozen other former employees told the Tribune they felt Ciardelli protected this executive because of their working relationship.
In a written exit interview from 2020, one employee from the same department described how the executive would discuss former employees’ exit interviews with current employees.
“This created a fear for us to go to HR for anything moving forward,” the employee wrote.
Ciardelli said the company was not aware of any incident in which an executive read former employees’ exit interviews aloud; he said Guaranteed Rate “would never support this practice.”
Dozens of employees have left the executive’s department since 2017, according to interviews with former workers and LinkedIn profiles. The executive has since been promoted, the executive’s LinkedIn profile and the company’s website show.
In 2018, the head of human resources at the time took away the HR representative working with the executive’s department because of “risks” the executive posed to the company, according to an email reviewed by the Tribune.
“I can’t in good conscience keep allowing (the executive) to drag other employee (sic) into … schemes,” the former HR head wrote. “And by schemes I mean risky bull−−−−.” The department would have no assigned human resources representative after that, according to the email.
In correspondence with the Tribune, Guaranteed Rate described the company as a positive workplace where abuse and harassment are not tolerated and where complaints to human resources are taken seriously.
“We are not perfect by any means, but we do work hard to listen to our employees and make sure they feel supported,” a company spokesperson wrote in an email to the Tribune in April. “Most of all, we have no tolerance for any form of bullying, harassment or mistreatment. It is not who we are or who we want to be.”
Some of the employee testimonials provided by Guaranteed Rate expressed similar sentiments. For example, Mohamed Tawy, a branch manager and senior loan officer who has been with Guaranteed Rate for three years, wrote that the culture at the company is the best he has experienced in his 15-year career.
In an interview with the Tribune, Tawy said: “As a top producer … and I’m also a minority myself, I haven’t felt anything or seen anything that makes this company in any way negative for anybody that’s different. … I’ve seen here all that matters is that you do a good job, your production is good and that you follow the protocols and the rules, and I’ve seen people succeed with that more than any company I’ve been with.”
The Guaranteed Rate spokesperson also shared the results of an employee experience survey conducted in February. According to the company, the average rating for the culture at Guaranteed Rate was 8.49 out of 10, with nearly 75% of 3,745 employees responding. Those ratings were based on employees’ stated level of comfort providing feedback and/or concerns, how much they felt supported by the company in maintaining a healthy work-life balance and their sense of Guaranteed Rate’s commitment to promoting diversity and inclusion.
The email from the spokesperson said the company received “a countless number of positive comments and appreciation for their leaders, teams and our overall culture.”
In response to Tribune questions, Guaranteed Rate said in May that the survey was anonymous and it was analyzed by its “employee experience team.” The company did not provide the Tribune with a complete set of responses from the survey, but it volunteered that employees used the word “toxic” to make a negative comment about Guaranteed Rate in only 14 of the more than 5,000 written responses provided to three open-ended survey questions.
‘Mortified and disgusted’
Megan McDermott, a single mother of three, met her supervisor at Guaranteed Rate, Jon Lamkin, in person for the first time at a corporate event in December 2015, according to the lawsuit she filed in February.
When Lamkin heard the age of her oldest child, the suit alleges, he said: “You should have known better than to let some guy’s d−−− c−−− inside you.”
According to her lawsuit, McDermott reported the comment to Joseph Moschella, a regional manager and senior loan officer at Guaranteed Rate who was responsible for McDermott’s region while she worked at the company. Moschella, the suit alleges, “pressured” her not to make a formal complaint of sexual harassment to human resources.
McDermott told the Tribune she was “mortified and disgusted” after Lamkin made the comment.
“The irony here is that Jon should have known better than to treat an employee the way he did rather than telling me I should have known better to become a single mother at 20 years old,” McDermott said, “which is vile. … He set the tone the first day I met him of the power Joe and Jon had over my career.”
Megan McDermott, shown in March in New Jersey, has filed a lawsuit alleging she was “subjected to a sexual and gender-based hostile work environment” at Guaranteed Rate and did not receive the same opportunities, treatment and pay as male loan officers. (Brian Cassella/Chicago Tribune)
As McDermott went on to become a top-producing loan officer for Guaranteed Rate in New Jersey, her suit alleges Lamkin subjected her to abuse by “regularly screaming at her and using gender-based and demeaning slurs to refer to” her and other women at the company.
Her lawsuit alleges she was “subjected to a sexual and gender-based hostile work environment” by Guaranteed Rate, Lamkin and Moschella. Her suit also alleges McDermott did not receive the same opportunities, treatment and pay as male loan officers, which some other female loan officers told the Tribune reflected their own experiences as well.
McDermott did not lodge a complaint after Lamkin’s comment because she “believed she would be retaliated against” if she did so, the suit states. When she did report to HR around 2019 that Lamkin had engaged in “abusive behavior,” the department “failed to do anything to investigate or curtail Defendant Lamkin’s behavior,” the complaint alleges.
“Joe encouraged me not to go to HR because of the damage it would do to Jon’s career,” McDermott said. “Ultimately, all that they were worried about was Jon, his reputation and his career versus reporting inappropriate behavior.”
Guaranteed Rate told the Tribune in its May response that Lamkin’s comment was “nothing more than a single off-color joke,” that McDermott accepted an apology from Lamkin and that Moschella “encouraged” McDermott to contact human resources if she was “still upset.”
The company said it “could not find any record of Ms. McDermott making any form of complaint to the company’s human resources department in 2019, either verbally or in writing.”
McDermott told the Tribune she helped build Guaranteed Rate’s business in north Jersey from the ground up and said she loved the work until she found out she was not being treated equally as a woman.
“I believe management did not want to see me succeed, didn’t take me seriously and made decisions that negatively affected me and my children financially,” said McDermott, who now works for CrossCountry Mortgage, a competitor. “I ultimately left GR because I could no longer work in an environment where I was not valued and leadership felt that they could exploit me.”
Moschella and Lamkin are still employed at Guaranteed Rate. They did not respond to a Tribune request for comment. Guaranteed Rate told the Tribune in May that it had investigated McDermott’s allegations of sexual harassment and gender discrimination and found that “there is no evidence that Mr. Lamkin or anyone else at Guaranteed Rate ever created a hostile work environment for women.”
Guaranteed Rate also said in a statement that it complies with state and federal equal pay laws. The company said an “outside law firm” had reviewed its 2023 pay data and found it compliant with state equal pay laws.
In his written responses, Ciardelli highlighted the high percentage of female loan officers at the company in comparison to its competitors and said “our women originators thrive more than at any mortgage company in the industry.”
Employee statements provided through Guaranteed Rate’s attorneys included testimonials from dozens of women. Some noted the existence of the company’s employee resource group for women, GROW, while others cited the presence of women in leadership roles throughout the company.
“In addition to my professional growth I’ve experienced, I am equally grateful for the respect and dignity with which I have been treated as a woman in the workplace,” Jaime Kinman, a senior loan officer, said in her statement. “In an industry where gender biases still exist, I have never once felt marginalized or overlooked because of my gender.”
Gurrieri, the company’s chief fulfillment officer, said in an interview with the Tribune that she “never one time” experienced misogyny at the company.
“I got promoted when I’m six months pregnant,” she said. “That’s unheard of.”
Gurrieri, who has worked for Guaranteed Rate for more than six years, described Ciardelli’s leadership style as “extremely passionate.”
“There’s never been a day where I ever felt disrespected or not appreciated,” she said.
According to a former top executive who reported to Ciardelli for many years and a former human resources employee, a handful of loan officers at Guaranteed Rate were known sexual harassers, making women feel uncomfortable with inappropriate touching and unwanted advances in work settings.
But that behavior was rarely addressed, the former workers believed, because the men were friends with Ciardelli or were high-producing loan officers — each responsible for bringing in tens of millions of dollars in loan volume. Some of these loan officers still work at Guaranteed Rate.
Ciardelli called these allegations “simply not true” and said they were contradicted by the employee testimonials provided through the company’s attorney.
“They are also inconsistent with the recollections and experiences of multiple former HR professionals,” Ciardelli wrote.
A ‘sex-driven’ culture
In interviews with the Tribune, multiple former employees described a “boys club” atmosphere at Guaranteed Rate; Scott, the former director of VA lending, said there was “a lot of misogyny.”
Jessica Moreno, a former Chicago employee who started at Guaranteed Rate at age 23, said she was the first in her family to get a corporate job. Within a year of starting her job, she said, she was paying the mortgage on her family home.
But in her department, Moreno said she experienced a “sex-driven” culture.
“All the guys were just like, tongues on the floor,” said Moreno, who worked for the company for about four years starting in 2014. Her workplace was “like a men’s locker room, and women were in it,” she said.
Jessica Moreno, shown in April in Arizona, worked for Guaranteed Rate for about four years starting in 2014. She said male co-workers and managers hit on her and made comments on her appearance. It was “like a men’s locker room, and women were in it,” she said. (Brian Cassella/Chicago Tribune)
Male co-workers and managers would hit on her and make comments on her appearance, calling her pretty, Moreno said. Comments made at Christmas parties or happy hours could be crasser, she said.
“You’ll get, ‘Oh, I’ve always wanted to f−−− you,’” she said.
Moreno said she once overheard a male manager describe a woman who had interviewed for a job as a “fox.” Another time, she said, a manager invited a female massage therapist to the office; Moreno remembers male co-workers commenting on the therapist’s body, too.
Soon after she’d started at Guaranteed Rate, Moreno said, she met with HR to make a complaint about a manager who swore at and belittled her. The HR representative brushed off her concerns in that meeting, she said.
“After that, I felt so discouraged to never even speak up again,” Moreno said.
Moreno ended up leaving her position before taking a job working for a Guaranteed Rate loan officer; she said she was terminated after clashing with the loan officer’s assistant.
Some female former employees of Guaranteed Rate said they understood looks to be a currency within the company.
One former Chicago employee said a manager encouraged her to text a selfie to a client after hearing the client flirt with her over the phone and say he’d be inclined to speed up the loan process if he knew what she looked like.
The employee said she sent the selfie, and the manager then pushed her to go along with the client’s harassment until the loan closed, she said.
After receiving the photo, the client responded, “As pretty as you are I can’t believe some man hasn’t run off with you just howling away,” in a text reviewed by the Tribune. Later on, after sending her forms, the client texted her: “You said I would get another pic when I sent you the forms so?”
The employee said another manager in her division would frequently flirt with her and comment on her appearance. He once texted her to “stop losing weight damn it” and another time texted her that she “broke (his) concentration,” according to texts reviewed by the Tribune.
Another former Chicago employee remembered a manager telling her, while she was pregnant with her first child, “Whatever you do, don’t get a C-section — you’ll never wear a bikini again.” The employee went out on maternity leave days later. She said she did end up needing a C-section and remembers the manager’s comment echoing in her head as she was wheeled back for surgery. Two people the woman told about the incident at the time corroborated her account in interviews with the Tribune.
Several former employees in the marketing department, including two men, told the Tribune Ciardelli made comments about workers’ ages. One employee got Botox and fillers after Ciardelli told employees they were “too old” and likened the marketing department to his “grandmother’s mortgage company,” according to former marketing department employees.
In his written responses, Ciardelli said “Guaranteed Rate is committed to fostering an environment that promotes diversity, equity, inclusion, and accessibility. We maintain a comprehensive set of employment policies aimed at providing a work environment free of unlawful harassment and discrimination, where all employees treat one another with dignity and respect.”
Guaranteed Rate’s corporate headquarters is in Chicago’s North Center neighborhood in a building with a rooftop gathering space. (Brian Cassella/Chicago Tribune)
A spokesperson said in the April 1 email sharing the employee survey results that the company had launched “even more initiatives to ensure we have a positive work environment,” including anti-harassment training, training for the human resources team “to take proper and appropriate steps and best practices for investigating and responding to employee complaints” and reminders to employees on how to report harassment or abuse.
“Our executive team has emphasized to Human Resources that all complaints should be investigated, and any form of harassment and misconduct should be dealt with swiftly – and all managers and employees who are not acting in accordance with our values be rooted out of our organization,” the spokesperson wrote.
In the company’s May responses, it said these initiatives were launched in 2023 and were to “expand and enhance” the existing training program.
All Guaranteed Rate employees must complete “harassment and discrimination prevention training” upon being hired and on an annual basis thereafter, according to the company’s May response. The company said Guaranteed Rate has an “anti-retaliation” policy that prohibits retaliation against employees who report alleged harassment or discrimination or participate in an investigation into the conduct. The company also noted it has an ethics hotline through which employees can make anonymous complaints.
“We respect and treat all employees equally no matter their sex, color, or creed,” Ciardelli wrote.
In the last 10 years, Guaranteed Rate has not settled any lawsuits involving claims of a hostile work environment, according to the company. Guaranteed Rate’s response stated that within that time frame, the company settled six claims involving allegations of a hostile work environment, including arbitration cases as well as claims filed with the Equal Employment Opportunity Commission and state and local agencies. The majority of those claims were brought by male employees, and one was resolved in Guaranteed Rate’s favor, the company said.
Guaranteed Rate employees are asked to sign mandatory arbitration agreements when they are hired, but sexual harassment claims and claims filed with the EEOC and similar state agencies are not subject to arbitration, according to Guaranteed Rate’s May responses.
‘Positive thinking’
Publicly, Ciardelli presents himself as a champion of a positive work environment — an image the company has encouraged employees to promote.
In an email sent in February by a company executive and obtained by the Tribune, employees were encouraged to share a Forbes article featuring Ciardelli; the email provided step-by-step instructions for posting it on social media.
The story, published Feb. 7, was titled “Guaranteed Rate Founder Is All In On ‘Positive Thinking’ This 2024” and described his leadership style as “Chicken Soup for the Mortgage Industry.”
“I communicate the power of positivity and gratitude to everybody around me: employees, friends, family members, everyone,” Ciardelli was quoted as saying.
Less than 24 hours after it went live, the article disappeared from the Forbes website. The site provided no explanation, but one former Guaranteed Rate employee told the Tribune former workers had written to the author about factual inaccuracies.
On Feb. 8, a Guaranteed Rate executive sent another email encouraging employees — again with step-by-step instructions — to delete any social media posts linking to the article.
“We are working with Forbes to resolve and will let you know when it will be reinstated,” the email said. “We apologize for the inconvenience, and we will send out a new link as soon as it’s available.”
The Forbes contributor declined to comment for this story. Forbes told the Tribune the article was taken down because it did not adhere to the company’s “editorial guidelines” and did not respond to further questions.
The article has yet to be republished, but Guaranteed Rate still wants people to read it. The company shared it in a PDF on its LinkedIn page.
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Many people experience regret when they receive gifts they don’t like.
It is important to avoid this by giving and receiving the right type of gift for someone. Some items that make for great gifts are subscriptions to magazines, concert or theater tickets, video games, movies, and books.
Other ideas include checking off bucket list adventures!
Experience gifts are the best gifts.
Many times after gifts are opened, you might be feeling a little disappointed in what you bought for others. You spent time and money, but now they are just left with a mountain of gifts that won’t be put to use. Don’t worry—we’ve got your back and plenty of ideas!
How can you avoid gift regret? Well, there are many different options to explore to find the perfect present.
In this post, we will cover unique experience gift ideas for her, families, kids, and everyone in between.
What are Experience Gift Ideas?
Experience gifts are a type of gift that gives the recipient an experience as opposed to tangible goods.
For example, you could buy someone tickets for their favorite band or sports team and they will get to go to an event and have a great time.
This type of gift will not expire, so if the person does not want it or use it right away they can still enjoy it later on!
Honestly, these are gift ideas that would love to do yourself!
Give the gift of experience by giving a membership to an activity, a day pass for activities like yoga or rock climbing. You can also give someone a voucher to take a class like cooking or painting.
There are so many options! We will go further in detail below.
Why Buying Experiences is Better than Physical Gifts?
If you still have gift cards on the table, it might be time to think about what your loved one really wants. “What is important for people are experiences that create memories,” says Harvard business professor Michael Norton.
A study by the Journal of Consumer Research found that for experiences, people felt more satisfied and happy with what they had received than material gifts like clothes or jewelry.
One way to make a gift even more special is to take the recipient with you when you go shopping.
Some people might feel bad when they get a gift they don’t like, but it is ok. For your next gift to someone you love, try getting them something different – like an experience gift!
Many people looking for a no gift Christmas look for experiences instead.
Ultimate List of Life Experience Gift Ideas
A lot of people experience gift regret when they receive a gift that is not their style or something that has no use. This can be frustrating because the person who gave you the present did their best to find what they thought you would enjoy.
That is why we have the best experience gift ideas all in one place!
There are many experience gift ideas on this list of the best experience gift ideas.
-A trip to your favorite theme park.
-An evening of bowling and dinner with friends.
-A night at a sleepover party for girls only.
– The list goes on and on with so many fabulous ideas!
Many of these on the list are outdoor experience gift ideas!
The best gift ideas are the ones that they will love and cherish for years. With these many great experience gift ideas, you will be sure to find the perfect gift for any occasion.
Who says a birthday is just another day? It’s a special time, and it deserves something extra-special as a present.
These types of gifts are perfect for the frugal green person who cares about saving money and being eco-friendly.
Experience Gifts for Everyone
If you are looking for a gift that will be remembered, look no further.
We have rounded up the best gifts to give someone who is hard to buy for or just wants something different than a gift card.
This may seem like it’s too good of a present, but if you know the person well, it’s a gift that will not go to waste.
Weekend Getaway: If you are looking to gift someone with a gift that is guaranteed to not go unused, give them an unforgettable experience. Find the perfect hotel today.
Language Courses: Learning a new language is always a great idea! This is something that can be done in your own time and space. Start your journey to bi-lingual.
Bowling: Has it been a while since you went bowling? Time to lace up those bowling shoes for a night out at the lanes. Can you roll a strike?
Dinner Out (or Dinner In): Everyone loves a break from cooking. Find the local trendy restaurant or pick of their favorites. Either or, it is the company that makes the difference!
Night Out with Friends: This is always a great gift idea! There are so many different things you can do for a night out.
Monthly Subscriptions: Monthly subscriptions are a fun gift that can either be an ongoing thing like Netflix or HBO, or something for the month that includes their hobbies.
Fitness Classes: At home or on the go! There are plenty of options for a healthier lifestyle. You can find new, exciting fitness workouts anywhere!
Groupon Deal of the Day: Let the popular app find all of the ideas that are hot in their area. Plus save a buck or two for the saver in you! Find Groupon Deals.
White Water Rafting Expedition: If you are looking for an adventure, white water rafting is the perfect gift. With the best company and scenery, it will be a day that they’ll never forget!
Ziplining Tour: SOme of my best memories are from a ziplining tour. Make sure to zipline in a breath-taking place to soak in the scenery around you. For a bigger adrenaline rush, zipline through a cliff.
Hotel Gift Card: Don’t have the perfect gift idea? Give them a night out on you! Buy them a hotel gift card to spend when they are ready.
Book Club: Books make great gifts because there’s never anything like it in someone else’s collection, and you can find one that’s appropriate for their reading level. Double bonus: when you meet for drinks to re-hash the books.
Baked Goods: Give a friend or family member something to bake, like cookies or bread. It’ll make them feel happy and proud of themselves, and you’ll get to enjoy the results. Even better… pass along the recipe and ingredients for them to recreate themselves.
Gift Cards: For the person who has everything, give them an experience they can buy with their gift card. Give someone $30 to spend at a local art store and they’ll be grateful for the experience.
Cash: Cash is king. Let the people who love buy their own presents. This is especially a great gift for a frugal person.
A Donation: Don’t want to spend any money? Consider donating in someone’s name; they’ll appreciate it more than anything else.
It’s the time of year to celebrate with family, friends, and loved ones.
Hopefully one of these life experience gift ideas is appealing to yoU!
Experience Gift Ideas for Kids
Kids and families will appreciate a wide array of gifts!
It is hard to shop for gifts for kids who have everything, so hopefully, this list gave you some ideas.
This gift list includes out-of-the-box ideas to help minimize the clutter most families deal with as well as much-loved gifts.
Art Class: Art supplies and a session with an instructor, designed to create your own masterpieces. Plus the best part is you do not have to clean up the mess!
Archery: This sport is always on the list of “coolest things to do.” Learn archery, improve your technique and have a chance to participate in competitions.
Sports Lessons: Get some new skills and have a ton of fun while improving their athletic ability.
Backpacks & Sports Bags: Kids need to keep their stuff organized! This could be a camelpak for their next hike or just a travel bag for their next trip. Find ideas!
Subscription Boxes: Looking for something to come in the mail? Get a monthly box of goodies that you will be excited to open. Find the perfect subscription box.
Music Lessons: Become the next pop star with lessons in piano, guitar, or violin.
Tool Kit: This includes everything you need to fix things around your house and will teach skills that last a lifetime. This is great for the teenager or young adult.
Sleepover Party – Time for giggles and fun! Find sleepover party supplies here!
Art Supplies: Every craft station needs to be refilled for hours more of fun!
Ice Cream: You scream, we scream, we all scream for ice cream! Always a sweet treat and there are so many places that make your experience a delicious time!
Any of these kids experience gift ideas are winners for them! Check out this post for the best kids gifts under $10. Made by kids for kids.
Experience Gift Ideas for Family
A family’s experience with a gift is more important than the amount of money spent on it. If you’re looking for some new ideas, try any of these ideas.
Plus you buy one gift for the whole family!
Try any of these experience gift ideas for families!
Family Dinner Night Out: For many families, it is too costly to take the whole family out to dinner. Find a restaurant that is known for creating an experience the family will never forget.
Family Game Night: Stock the game closet! These are great gifts when the kids grow up because their interest changes and ability level improves. Drop ship a gift basket for family game night.
Family Green Space Improvement Projects: Such as a backyard garden or a small vegetable plot or even flower pots. Provide the seed money and let the family flourish together.
Paintball Package: For those who love to participate in outdoor activities, a paintball package is a lot of fun and a big adrenaline rush.
Helicopter Tour: This is a great gift for kids who love to learn about the world! This is an experience they will never forget.
Trip to Local Theme Park: What better way to have fun than to visit your favorite theme park with friends or family?
Family Movie Night: Purchase a gift subscription to the popular streaming services. Disney+ is perfect for kids. Put together a snack bucket with popcorn and everyone’s favorite beverages.
Sporting Event: Buy a t-shirt or jersey of their favorite team and surprise the little sports fan with an evening at the live game!
Camping Trip: Glamping is allowed, too! It is about disconnecting from the devices and having in-person interactions. Plus the wild will always surprise you!
Age Specific Weekend Getaway: When your child (or grandchild) is a certain age, take them on a trip. During this one-on-one time, you can have plenty of experiences and memories to share. Popular ages to do this would be nine years old, twelve years old, and fifteen years old.
Experience Gift Ideas for Couples
This section provides ideas for gifts that are best suited for couples.
Cooking Class: Couples who enjoy cooking together will enjoy a cooking class. Even if they need to learn to cook, this will be an extremely useful gift!
Online Course: Pick a topic; any topic! There are thousands of online classes to explore together to learn a new skill, find a new hobby, or enhance your skills. This is a course I did with my husband.
Adventure Ticket: Think like a tourist! This gift idea can be local to your area. What is the one thing this couple hasn’t experienced in their area?
Hot Air Ballooning: Don’t worry if you are afraid of heights, being in a hot air balloon is like floating across the water. It is a romantic and unforgettable experience to share.
Rent a Boat: Yeah, a boat. If you have the time and money to rent a boat for what will be an extended period of time, this is going to make one heck of a memorable gift.
Tickets to a Comedy Show: Laughing is the best medicine, and what better way to get a laugh than at a comedy show.
Adventure Ticket: Think like a kid- get them a ticket to go do something adventurous.
Couples Therapy: You could be treading a very fine line here. However, learning how to be a better spouse is always a great idea. Just make sure you have solid referrals.
Date Night: Who doesn’t enjoy a date night? Cover the cost of a babysitter and give them money for the restaurant.
A Day at the Movies and Lunch: Sounds picture-perfect, right?
Encourage their Passion: If you know what the couple’s passions are, give them money to go and pursue it. For example, if they’re musicians or artists then buy a guitar for them or a sketchbook.
Golf Lessons: These are an experienced-based gift that will allow them to enjoy a hobby together.
Music Lessons: Music is a universal love and they can learn how to play the guitar, harmonica or drums. Time spent together is harmony.
Plan for the future: Get them a certificate to receive daycare in case they need it at some point in their lives. Or get them a gift card from Costco to help with all the baby items they will need.
Experience Gift Ideas for Her:
Some experience-based gifts you can give a woman on her birthday or Christmas. Ladies love to be pampered (hint, hint)!
Spa Treatments: These include manicures, pedicures, and facials. They are a relatively inexpensive gift that she is sure to love!
Massages: A massage will make her feel like a new woman and she will love the way it feels.
A Day at the Spa: This is the most luxurious of them all. Instead of just one or two spa treatments. Add in foot soaks and of course, the more intense ones like a mud treatment or body wrap can really clean you up. The lady of your life gets pampered for a half-day or full day.
Time for Herself: Quiet zen time away from the needs in her life. This could be an hour of quiet or a full day.
Luxury Hotel Stay: Sometimes, you need a luxurious night of sleep without children waking you up.
Tickets to an Event: This could be for the theater, concert, or art grand opening. If you know your lady well, you will know what her passion is and can find the perfect ticket to match.
Night Out on the Town: This date includes dinner and a show.
Surprise Dinner from Her Favorite Restaurant: Sometimes, it is the little things in life that make the best gifts.
Yoga or Pilates Classes: Some people find that these classes relieve their stress. Plus improve your flexibility at the same time.
These are some of my favorite gift ideas.
Experience Gift Ideas for Him:
I think most guys prefer experiences over being lavished with gifts.
Also, let’s be honest… Men are 95% more likely to go out and buy exactly what they need and not wait for a holiday to come around.
Give him an experience day and he will be talking about it for years to come.
These are gift ideas for men who have everything!
Skydiving: Can you imagine? The adrenaline rush of jumping out of a plane and free-falling at 120 miles per hour. It’s an experience that he won’t soon forget.
Rock Climbing: He’ll get to experience the adrenaline rush of climbing up a cliff, navigating over obstacles, and getting to the top.
Horseback Riding: It’s not just for girls! Horseback riding is a great outdoor activity that he can do with his friends.
Throwing 1st Pitch at Baseball Game: It doesn’t matter their age. This is a dream for all ages!! The trickier part is how to make this experience gift idea happen.
Snowboarding: He’ll get to experience the adrenaline rush of snowboarding and enjoy learning a new skill set. Just hope he make it down the mountain in one piece.
A Day at the Spa: A man may not think this is a gift, but if he needs to be reminded of how good it feels to take care of himself then I say go for it.
Renting a Sports Car: This is a rite of passage for every man to drive a sports car.
Day at the Race Track: Specifically to be able to drive the cars; not just watch the professionals drive. Many of the race tracks offer amateurs a chance to feel the exhilaration of 100 mph.
Charter Fishing Trip: The best way to spend a weekend. Ask any guy and the story will be bigger than the fish they caught!
More than anything that is considered living on the edge is the perfect experience for him!
Best Experiences Gift Guide
This guide will help you come up with gift ideas for loved ones.
It won’t help with cleaning baseboards, but it will help you find gift ideas that they will appreciate. It is always good to say I appreciate you!
When it comes to buying a gift for someone who is a bit harder to buy for, consider giving them an experience that they would not otherwise be able to do.
Art & Entertainment-themed:
If you are looking for an experience gift, look no further than the arts.
Tickets to a Play: If you are looking to give a gift that will last for an extended period of time, consider gifting someone with the experience of attending one event at their favorite venue.
Tickets to a Concert: These will not go to waste and can be used anytime within their validity period. Time to jam away to the tunes.
Museum Membership: Consider gifting someone with a membership to an art gallery or museum. Also, many museums have reciprocal benefits and can be used in other cities when traveling.
Food & Drink Themed:
A great gift idea for any occasion is to give food or drinks. Whether it’s a holiday, birthday, anniversary, or just because you want to show someone how much they mean to you, food themed gifts are a great way to show you care.
Cooking Classes: This is a great idea for the foodie or non-foodie! Everything tastes better and is more fun when you do not have to clean up afterward.
Wine Tour: This gift is perfect for the wine enthusiast. Wine tasting, learning about viticulture, and enjoying tastings of different wines are all part of this gift.
Brewery/distillery tours: For the craft beer or liquor enthusiast, this is a great gift. Learn how different beers and liquors are made while enjoying tastings of them.
Culinary school: This is for the foodie and non-foodie alike. Whether you love to cook or never touch the stove, culinary school is a great gift for anyone who wants to learn more about their craft.
Things to Do Themed:
Experiences are perfect for friends and family. They make the recipient feel like they got to do something fun or interesting (even if it’s just sitting in a room with snacks).
It’s also a great way to make someone feel like they’re worth more than the value of whatever you spent on them.
Time to get moving with these things to do gift idea list!
Zoo Membership: A membership to your local zoo is a great way to enjoy (and learn about) the animals that live in our world.
Movie Tickets: Movie tickets are always a good idea, and it’s a great way to enjoy something together.
Pool Membership: Pool memberships are a great way to enjoy the summer. It’s also good for people who don’t like hot weather since they can cool off in the water.
Waterpark Passes: Water parks are a great way to have fun in the sun.
Membership at a Museum: Memberships to museums are an opportunity for people who love art, history, or science.
National Park Pass: Passes to national parks are a great way to enjoy nature.
Botanical Gardens: Botanical gardens are a great way to enjoy the beauty of nature indoors and outdoors.
Professional Photography Shoot: Professional photography shoots are a great way to have professional pictures. Get dressed up and smile!
Art Class: Art classes are a fun way to learn about art and express your creativity. Even better, when you do them as a group!
Related Posts:
Learn Something New Themed:
If you are looking for a gift idea that will not go to waste, consider learning something new.
There is an abundance of courses and workshops available in all sorts of subjects!
Find a new hobby or hone your skills.
Crafting Classes: Have you been to your local craft store? There are hundreds of types of crafts to choose from. Some ideas include: knitting, sewing, painting, beadwork, jewelry making, woodworking, etc. Find crafting ideas here.
Language Classes: It is best to learn a new language through immersion. But, the recipient may be hesitant and want to know a few words in the new language before setting out on that experience. Start your journey to bi-lingual.
Subscription Boxes: THere are hundreds of subscription box ideas. Just pick one to match their personality. Plus a new box comes on a recurring basis.
Tennis Lessons: This gift idea was well received in our house. We bought new tennis rackets and a backpack along with a package of lessons. Plus it is a lifelong skill to be able to play.
Photography Workshops: Happy; excited; nervous! Time to learn photography from a new lens. You will proud of your new skills.
Instrument Lessons: Time to get in tune with your inner self. Every had a dream to play a musical instrument? I have; it is the drums. What would your gift recipient want?
Horseback Riding: Buckle up and get ready to ride. This could be a one-time adventure or a package for riding lessons.
Dance Lessons: You will not regret it. Well, you might later. This is a must for any engaged couple. That couple’s dance is waiting for your dance skills!
Equipment Needed for Passions:
Regardless of your hobby or passion, it comes with some type of cost. It is difficult if you do not have the equipment needed to enjoy time doing something you enjoy.
This is one of the greatest gifts you can give!
The equipment will fund the experiences that this person craves to have. Or replace worn out items.
More than likely, you won’t know what exactly to get. So, ask for a wish list or their favorite place to buy equipment. Cash or gift cards are extremely beneficial.
Camping Gear: Once you own the equipment, this is a cheap activity to participate in. However, there are upfront costs of collecting all of the gear.
Sewing Machine: If you know someone who sews or is interested in sewing, this gift will go a long way. Sewing machines range from $200-500 and it’s usually worth the purchase if they enjoy sewing. My mother-in-law purchased mine!
Climbing Gear: If they are an avid climber, this is a great gift. Like camping gear, it has upfront costs of investing in the equipment to get started.
Photography Equipment: Photography equipment is expensive upfront, but it can be used for years to come. This is a great idea for someone who enjoys taking pictures.
Telescope: Telescopes are expensive, but it’s a lifetime investment. This is perfect for a starry-eye person who enjoys looking at the stars.
Fly Fishing Equipment: Fly fishing equipment is expensive but lasts a long time. This can be used by an avid fly fisher for years to come.
Road Cycling or Mountain Biking: Road cycling or Mountain biking equipment is expensive but lasts a lifetime. This can be used by avid cyclists for years to come.
Sports Gear: This could be for golf, tennis, soccer, or any sport! What is the equipment needed, so they can enjoy time playing.
Scuba / Snorkeling Gear: Scuba or snorkeling gear is expensive, but it’s worth the investment. This could be used by an avid scuba diver for years to come.
It can be hard to find a good gift for someone that has everything. When you find yourself in this position, there are many things to think about when purchasing a present. One thing you’ll want to do is consider the hobbies of the person you are buying for.
At Home or Virtual Experience Gift Ideas:
A virtual experience can be an eye-opening experience. It is like you are there, but not really there. Instead of going to a museum or getting info about whales from a book; you can get the same information from a virtual experience.
Online Cooking Classes: Cooking is a great way to get out of the kitchen. You can learn techniques or just try new recipes. Find classes today.
Online Wine Tasting: Yes, all of the wine is delivered to your door. Lead by a wine sommelier on the varieties and what to expect during each skip.
Workout Experiences: Start your fitness journey in the comfort of your own home. There are many options available for workouts that can be done from just about anywhere with the equipment you already have at home!
Airbnb Online Experiences: If you miss traveling, then you are able to travel to some of your favorite locations. While it may not be the same, you can start planning your trip for another time!
Online Classes: This is an idea for anyone who has a passion they want to explore. There are thousands of courses on almost any topic you can think of. With this, there is no need to go to school to find your passion, you can do it right from home.
Board Games: Brush off the games or pick out a new board game. No one will get tired of playing their favorite.
Themed Experiences: If you are looking for a unique experience for someone, then think about planning it around their favorite thing.
How do I Give an Experience as a Gift?
Gifting an experience is a great way to give someone an unforgettable gift.
With experiences, you can choose the location, the type of experience, and what your budget can afford.
You can also choose whether you want the experience to be for someone specific or publicly available. The fun part is you can get creative on how to wrap it like money gift ideas!
How to Wrap up the Experience as a Gift:
Buy something that represents part of the gift.
Create a gift certificate.
Handwrite a lovely letter explaining the gift experience.
Wrap up a huge box with a tiny note.
There are plenty of ways to wrap up a gift experience. Just follow your personality to choose the best way to gift wrap it!
Which Experience Gift Ideas Will You Use?
Many people who are not satisfied with their gifts during the holidays end up feeling regretful. This holiday season, there are plenty of options to choose from that will be used for years to come
The idea of giving someone a gift can be overwhelming.
We are bombarded with deals and deals, but in the end, it is just another thing that will eventually clutter up our homes.
There is a better way.
Gifts that encourage experiences over material things do not go to waste and can create memories for a lifetime. They also require less thought, which these days are a good thing.
You can find plenty of life gift experiences for:
Father’s Day
Mother’s Day
Mother-Daughter
Grandparents
Parents
Girlfriend / Boyfriend
Wedding
Husband / Wife
Birthday
Graduation
Christmas
It’s time to think outside the box and give someone an experience they won’t soon forget!
If I do buy something, I focus on purchasing consumable gifts that will be used up.
Seriously, think about what do I want for Christmas or any other occasion…
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.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
Are you struggling to build your wealth so that you can live the life you want?
The problem may not be what you think it is.
If you are just working hard to earn more money, that is not enough.
You must also take the time to work on clearing money blocks within your brain.
The problem may not be what you think it is.
It is no secret that money blocks are abundance blocks.
How many times have you thought about how much cash you would need to get rid of your current financial situation?
If not, then it’s time to explore the fastest way out of this dilemma: removing all financial blocks.
Money blocks are on my mind today because–as any woman who wants to have a baby will tell you–the amount of time, money, and energy required to conceive, raise a child or even just get pregnant usually ends up being more than what one would typically invest in creative endeavors.
It’s important that we understand the blocks within us so that we can clear them out before they manifest into physical manifestations in our bodies.
There are infinite possibilities for new experiences–and with these opportunities come new ways to express ourselves creatively, spiritually, emotionally, or materially through whatever medium we choose.
The blocks for abundance are the most insidious because they are completely invisible, making them tough to spot.
You must learn how these blocks manifest in our lives and what can be done about them. Today, you will find some practical steps you could take to remove these blockages from your life if you find yourself struggling with this issue!
Enough of dealing with these painful and frustrating obstacles, let’s take simple steps on how to remove money blocks with ease.
What are Money Blocks?
Money blocks are negative subconscious beliefs about money that limit one from achieving conscious desires.
Money blocks are the result of years of subtle and sometimes not so subtle messages we’ve received about how to be “successful” in life.
They can play a role in limiting our personal abundance as well as others’. For example, if you believe that money is bad or that it will cause you problems, then you may find yourself reacting negatively whenever your income increases.
What are money beliefs?
A person with money blocks may experience feelings of guilt about spending cash, or they may think that money is the source of their problems. When someone has a lot of these beliefs, it can be difficult for them to become independently wealthy because they are so limited by their subconscious thoughts and behaviors.
The concept of money blocks is fairly new. The term was coined in the early 2000’s, and describes a mindset that people have when managing their finances.
Money blocks are usually caused by fear or anxiety stemming from negative thoughts about money and how much we need to invest for our future needs.
Your money blocks hold up your abundance and ability to become financially free.
The good news is the more you work on changing the behaviors, the easier it will be to remove them.
Money is 80% behavior and 20% knowledge.
It’s important for people to understand how they can change their behavior because there is a lot of power in making better choices with regards to what we spend our time and energy on each day – especially when it comes down to money!
How do Know if you have a Money Block?
If you are wondering, what are some limiting beliefs about finances. Then, you probably struggle from a money block.
It may be something like “I won’t let myself do anything unless I have enough money,” or “I won’t allow myself to be vulnerable.” Such blocks can cause you to take on debt or make the wrong decisions, which is not beneficial.
If you have a money block, it is because you are holding onto an idea that does not serve your purpose.
There is an energy around money that often causes blockages within the body. It can be difficult to determine if you have a money block because there are so many different types of blocks. The most common type of money block is the abundance block, which occurs when too much energy and focus is placed on one area of life instead of others.
The best way to know if you have a money block is by taking time to meditate or do yoga for five minutes daily with your eyes closed.
If you feel uncomfortable or notice that the energy around money keeps changing, then it is a good sign that you have an abundance block.
There are many things that can manifest as a money block. Therefore, it is important to know what your personal money blocks might be so you can release them and move forward with financial abundance.
How do you break through money blocks?
One way to break through the money blocks is by identifying problems with your current thought process.
There is a wide variety of ways to break through money blocks. One way is to start your own business and work hard until you make enough money that the blocks are no longer an issue. Another way is to focus on a different area of your life. You could try being part of a community where there are more opportunities for you to make money.
You have to follow through on the process.
What Happens if I Don’t Clear Money Blocks?
You cannot make more income without having abundance blocks.
Until you shift your relationship with money, you will continue to create the same outcomes. This is because you conditioned yourself to believe the limits on the possibility of making or receiving income.
It is important that you recognize these financial blockages! Then, you can understand what they are doing in order to break them down and release the energy tied up in them.
Abundance blocks happen when we believe certain things and our reality reflects those beliefs. If you have a money block, your relationship with abundance is out of balance.
In order to get rid of the blocks in the system, it’s important to identify them and understand why they exist.
Money Block Quiz
Many of us have obstructions around money that prevent them from reaching their goals, but there is one easy way to see if you have a money block.
Quickly reveal whether or not your energy is blocked by this area of your life. Then, you can come back and figure out removing money jams from your life.
Simply takethe Money Blocks quiz.
The best way to identify if there’s a specific thing in your life or mindset that’s causing stress around finances would be to ask yourself these questions:
Section 1 – Your Desires in Life
Create a list of all the things you want.
List 5-10 specific things on this list.
Look at how much time or effort these items require.
Look at how much money you need to achieve these items.
Put a dollar amount next to each item.
Answer Key – If the time or effort required is more than what you make in one year, then there’s your issue. You have a money block.
Section 2 – Spending your Time
What am I not spending enough time doing?
Did something happen recently where my emotions were particularly high?
Do I desire time freedom?
Answer Key – If the answer is yes, then you probably have a subconscious money block.
Section 3 – Triggers around Money
What are your financial failures?
What are your emotional triggers for spending cash without realizing it?
How did your parents relate to money?
How does society teach you about money and status?
Answer Key – Everyone’s answers will be personal to your background, upbringing, thoughts, and experiences. The key is to recognize money obstructions and breakthroughs can slowly happen.
The problem with being broke (or feeling broke) is that it leaves you feeling like there’s never enough of what you need to get ahead, but the good news is – if you want to break through your money barricades, it’s actually pretty easy.
Top 10 List of Money Blocks
Money mindset jams are different for everyone, but there are some common types.
For example, if you find yourself feeling anxious or stressed when thinking about financial-related topics like paying off debt, it could be because you’re subconsciously avoiding something that will help your personal finance situation in the long run.
Let’s learn how to identify 10 common money blocks.
1. Fear:
This is one of the most common stonewalls that you can experience and it can affect how you make decisions about your future.
Fear is a natural emotion, which is caused by the concept that money will cause you to act in certain ways. Thus, not allowing you to take risks and put yourself in danger.
Fear is often an emotion that comes with money, but this does not have to be the case. There is a lot of wisdom in being able to separate one’s emotions from financial decision-making.
For example, if you feel fear when you’re in a position to make an investment, then that could be because of your limiting beliefs.
2. Money Avoidance
Money avoidance happens in one of two ways.
The first way of money avoidance refers to the practice of intentionally decreasing the amount of money one spends. Money avoidance is achieved through various methods, such as not spending any money for a set period of time, using alternative currencies, or just living without money.
The second way of money avoidance is looking the other direction for anything that has to do with money. Money avoiders are people who have less money and a lower net worth than non-avoiders.
Money thoughts are so bad, so they sabotage themselves in an unconscious effort to have as little of it as possible.
You want to enjoy living life with intention.
3. Regret:
A money block of regret is guilt that is inflicted on oneself in the form of an arbitrary amount of money.
If you find yourself feeling regretful or sad about something that happened in the past, then that may be a sign that you’re letting the past define your future.
Some examples include:
The regret individuals may feel after spending cash on things they later find were not worth the cost.
A person who has accumulated a debt that they cannot afford to repay.
Regretting the potential opportunities you missed to make more money.
It is often difficult to admit this feeling because it often involves acknowledging that one is not living up to their own standards.
4. Money is Evil:
Money is a symbol of power and control. It gives people the ability to dictate what they need or want, but it also limits individual freedom and diversity by instilling fear in others about being unable to meet their basic needs.
Money is an important tool to be used for good or evil depending on how it is handled.
There are many ways to express your individuality without the use of money.
5. Earning Money is Hard:
Another money chokepoint is the perception of the difficulty one has in earning income. All because of puritanical values about how to earn or spend money.
In order to earn money, we need to move away from the idea of earning and deserving. One way is through creative endeavors such as finding something you enjoy while you make extra income.
Earning money is harder than expected, but it’s not impossible. You can make a lot of cash- both online and offline- with the right skill set and a bit of hard work.
6. Laziness:
Many people despite knowing what is necessary for their financial well-being are stuck because they will not do what is necessary to move to the next level.
When our subconscious mind allows us to create a specific mindset and belief around money, it can have a detrimental effect on our relationships with other people and ourselves.
If you find yourself feeling lazy or unmotivated about doing anything related to money, it might be because you feel like there’s not enough time or you are too afraid to try.
7. Money Status
Money status is the state of a person’s bank account balance, and specifically their net worth. Many people relate their money status to how they feel about their financial situation rather than the reality.
People with money status scripts believe their net worth determines their self-worth.
People may overspend in an attempt to convince others they’re financially successful.
This is often seen with those who are unemployed and trying not to look like it. On the flip side is those who have gained some wealth but want their friends and family members to think it’s even greater than what the reality is.
Is money everything?
8. Debt:
If you find yourself feeling anxious or stressed when thinking about money-related topics like paying off debt, it could be because you’re subconsciously avoiding something that will help you to prosper.
Paying off debt is a huge financial milestone most everyone will experience in their money journey.
You have to determine why you are stopping yourself from the possibility of getting out of out debt.
9. Money Worship
Money worship is a type of idolatry, which can become addictive and destructive for many people.
Any type of money worship can have negative effects on the lives of those who practice it, as well as those around them. Common signs of money worship include hoarding, guilt about spending money, and anxiety over not having enough money.
Money worshippers believe that money will solve all their problems and bring happiness, which often leads them into financial ruin.
In short, money worship is the belief that you need more and more money to live a happy life. They also believe that they cannot have enough because they will never be able to afford all the things in their list of wants.
10. I’m Always Broke
This is always questioned by people who are struggling financially.
Since everyone can be rich, many people mistakenly believe those money impediments are the only type of abundance block that exists. They actually think they are incapable of breaking the I’m broke cycle and will never find contentment.
Meanwhile, scarcity blocks can dictate how much money they make no matter how hard they try. You are stuck in the mindset of being constantly poor.
How to Remove a Money Block
Money blocks are a common obstacle for anyone trying to make progress in their life.
In order to learn how to overcome these blocks, you need to identify what is stopping you from making progress.Then, take immediate action to overcome these blocks.
Money mindset will thwart your progress and are common problems that many people encounter.
They happen when you feel stuck in a situation because of your feelings about money, or your past experiences with money.
This is how do I stop money hindrances…
Step #1 – Uncover the Subconscious Mind
The subconscious is the part of the mind responsible for processing information and memories that are not currently being processed by conscious awareness. Also, it is the memories that remain after the conscious mind has processed the information.
The subconscious mind is the part of your brain that stores patterns and programs. These thoughts are created by society, from parental programming, and societal perceptions of what you can or cannot do.
You are unconsciously creating your own self-fulfilling prophecy.
This means you will continue to create the same outcomes until you shift your relationship with money.
There are different ways for shifting this relationship, such as through meditation or asking yourself what you want instead of what you don’t want.
Action Step: Write a list of the money blocks you struggle the most with and the factors that drive them. Before you make a financial decision, see if your money blocks are driving your thinking.
Step # 2 – Become Aware
Awareness is one of the biggest challenges that we face. You are probably not aware of what’s happening and so they don’t do anything about it.
Awareness is crucial to long term financial success.
The most difficult part of finding your limiting beliefs is simply noticing they are there.
You need to be really honest with yourself.
When you are aware of what is happening, the root of the problem will become clearer and easier to address.
In order to create a reality that is in line with what you expect, awareness is key.
Action Step: Before you make a purchase, think about the real reason you are acting in this way. Keep a notebook of blocks you come across and how you dealt with them.
Step #3 – Reframe Your Beliefs
Money blocks are beliefs that prevent you from having the things that you want. In order to change this, you must reframe your thoughts.
Reframing means rethinking an idea, concept, or belief.
It is a cognitive process that changes the way you view something so that it fits better with your current beliefs. This allows for a more holistic perspective that is not bound by your subconscious mind or whatever you have been taught.
Reframe your beliefs by looking at them objectively and seeing where they come from.
When you have a money block, it can be difficult to see yourself as deserving of certain things because your limiting belief may say otherwise. Reframing your beliefs is key to accepting abundance.
Beliefs are just ideas in your head that aren’t true.
Action Step: You can choose to believe something or not; it’s up to you! Belief is only a thought, so you can use this power of belief to clear away money blocks.
Why Release your Money Blocks
Releasing your money blocks is a process that many people don’t think about.
It is not just releasing the blocks in one specific area, but releasing them throughout your entire being. It’s about releasing the blocks that are holding you back from your full potential and taking all of the money blocks out of your life.
It is very important to learn how to remove your money blocks. Then, you can actually move on with the game.
To remove a money block, close your eyes and focus on your breath for five minutes. Then, visualize all of the excess energy being removed from your body with your breath.
Money blocks are common in our lives, but can be removed with active awareness.
Write down your money blocks on tiny little pieces of paper to act as reminders that there is more abundance than we realize and will encourage us to take action towards achieving financial freedom.
The Abundance View of Money
Money is a means to an end. It should not give you meaning in life. In fact, it is a tool of motivation for achieving your goals and dreams.
Money can a good thing.
Money can buy comfort and security. However, some people have the wrong mindset of worshiping which derives from their desire for material wealth.
Throughout our lives, we are all taught to fear abundance.
Here are the most common ways in which this is taught:
Parents tell their children not to talk about money.
Never mentioning how much they make or spend.
Teachers who avoid talking about success.
Not allowing failures because it is not fair for students today.
People who thrive say they are broke.
These thoughts are often subconsciously triggered by our society and the messages that we have been taught throughout our lives.
This is why talking about money can be so difficult for some people!
You are afraid of the word “abundance.”
By understanding this concept, you will begin to better identify when your mind has an abundance block being triggered in relation to your personal finances or business plans.
In order to remove abundance blocks, it is important to understand what and where they stem from.
Learn the 10 secrets to gaining personal and financial freedom for you and your family, from two top marketing experts and entrepreneurs. Start to redefine what is possible in your life!
This book will help you build confidence, shift your mindset, and learn the tools to take control of your life and start on a path toward your own definition of freedom.
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www.amazon.com
This is the #1 personal finance book I recommend all the time.
It is simple enough for anyone to comprehend. Plus, life changing for anyone’s personal finance situation.
Photo Credit:
www.amazon.com
This book is life changing. You can accomplish things in a much shorter time if you put your mind to it. Works for me, so I know it will help you.
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www.amazon.com
This is an old classic personal finance book. While, yes, some of it is outdated. There are some sections that are timeless. If you are trying to break out of living paycheck to paycheck, getting out of debt, and changing your family’s history with money, then you need to read this book for a change in money mindset.
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www.amazon.com
Be prepared for what it takes to become set for life. There is more to life than money and you need to learn your dream. But, it all starts with your mindset.
Ready for Releasing Money Blocks?
Money blocks are negative beliefs about money.
Sometimes, these beliefs cause you to feel like you don’t have enough or that what’s happening in your life is not good enough because of the financial situation you’re in.
There are plenty of causes financial blockages.
It doesn’t matter how much money someone has; they can always choose something new and get it if they make a conscious effort to see things differently.
Money is a topic that can be difficult to talk about.
Sometimes, people get embarrassed by the fact that they don’t know how much money they have, or they’re worried about not being respectful by the amount of money they have.
Remember…When you have money blocks, it is time to reframe your beliefs. You can use the power of positive money affirmations and meditation to clear these blocks.
Today, we offered tips on what you can do in order to move forward with your financial goals, including breaking the myths that surround money-related topics.
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 a single woman in my early 40s, I’m drawn to tiny homes for several reasons. Sure, I yearn for the “soft life” free of stress and hustle, but the biggest selling point is affordability.
Since I’m starting to think about retirement, the looming question is whether I’ll ever be a homeowner. I currently live in Los Angeles, where the median price for a home is over 1 million. With home prices so expensive and mortgage interest rates so high, conventional homeownership feels out of reach.
A tiny home fits a tiny budget. Aside from being better for my finances, a tiny house would be more in step with my minimalist lifestyle and would allow me to potentially uproot and relocate as needed.
As my interest in tiny homes grows, it turns out I’m in good company. A recent survey revealed that 73% of Americans would be open to living in a tiny home, in large part because the current housing market is so unaffordable.
I wanted to find out how perceptions of tiny homes are changing, why they’re becoming more popular, and if it’s a good fit for someone like me. Here’s what I discovered.
Tiny homes are for a lot of different folks
The tiny house movement began in the late 1990s as somewhat fringe, but by the early 2000s it started to capture the mainstream as it spread to social media platforms, reality TV shows and documentary films.
Tiny homes are known for attracting people who want to live a simple life and reduce their environmental footprint. But they’re also gaining popularity among unpartnered dwellers in search of temporary housing or those undergoing some sort of transition. According to Abby Shank, a Tiny Home Industry Association board member, the most common tiny home buyer is a 55-year-old single woman.
Shank is the CEO of Tiny Estates, which runs tiny home communities in Pennsylvania and Florida. She says tiny homes are catching on with an array of people of all ages: younger college graduates who are just starting to be independent; retirees who want to downsize or be closer to family; traveling military personnel or nurses; and caregivers who live in the backyard of the person they’re taking care of.
Nonetheless, tiny home living isn’t ideal for families. “A couple can handle a tiny home without too much challenge, but it requires the right mindset,” said Zack Giffin, co-host of the Tiny House Tales podcast. “When you add families to the picture, it becomes more challenging.”
Tiny homes advantages: Affordability and lifestyle
Tiny homes are defined as properties under a maximum of 500 square feet. Technically speaking, that means I’ve been a “tiny home dweller” for the last few years. When I was forced to relocate from my little bungalow in West LA a few years back, I opted to rent a small 300-square-foot cabin nestled in the San Gabriel Mountains.
The price tag for purchasing a tiny home depends on its size, materials, layout, design, features and amenities, but the average cost generally ranges from $30,000 to $70,000. What you’ll pay also depends on location, whether it’s a prefab or manufactured home or built from scratch, and how much customization you require.
Because tiny homes can either be set up on foundations or on wheels, they give homeowners flexibility. A tiny house on a trailer gives you the option of experiencing new places or moving whenever you want, though you might be legally limited to parking in certain tiny home communities, RV parks or campgrounds. A tiny house secured to the ground offers more safety and a higher chance of building equity, though you’ll need to buy the lot of land, or set it up as an accessory dwelling unit (ADU) or backyard cottage.
Another advantage of tiny home dwellings is that they can usually be set up in areas that already have police services, fire services, roads, water and sewage services.
“With a tiny home, you get to enjoy the pride of having a house,” said Shank. “You get to customize and make your dream home.”
Overall, you’ll be spending way less money to own a tiny home, not just on the purchase price but also on maintenance and utilities. Less upkeep means more time to pursue other things.
“Many tiny home dwellers may have originally got into it because it’s more affordable or to downsize,” said Dan Fitzpatrick, president of the Tiny Home Industry Association. “But they’re also so happy to have more time to spend skiing, surfing, spending time on their hobbies or with their families.”
Is a tiny house for you?
Depending on where you want to live, you’ll have to review specific regulations, permits and zoning laws that allow for the building and placement of tiny homes. Tiny homes are often legally categorized into two main camps: tiny houses on foundations and tiny houses on wheels. You’ll want to be familiar with permanent structure rules, temporary structure rules and transitional structure rules.
Consider financing
If you already own a home and want a tiny home on your property as an ADU, you can take out a home equity loan or a home equity line of credit (HELOC) to pay for your new living space. With this kind of financing, you’ll be borrowing against your home equity, so you must offer your home as collateral.
If you want to purchase a mobile tiny home that can be pulled on a trailer, you might be able to get a chattel mortgage, which is a mortgage for movable personal property like an RV.
You’ll need to determine if you’re going with a HUD Code manufactured home or one that’s going to be on wheels. “That’s really going to determine what type of loan you’re going to be looking for,” he said. Make sure to be specific with your lender if you’ll need a chattel mortgage or a regular mortgage to pay for your tiny home.
Look into zoning, land use and building codes
It’s easy to get excited about the features of your kitchenette and how to optimize storage in your new home, but think about zoning, building codes and permitting in the area before you move forward, said Shank. For example, tiny houses on wheels have to follow strict regulations if they’re parked for extended periods of time. Review local zoning and land use regulations to determine if a tiny house is lawful on your lot.
Depending on the size of your tiny house and your jurisdiction, you might have to pay a hefty fee if you break the law. “There’s a local municipality in my hometown that’s a $5,000 a month fine if you have a tiny home, and they will back-fine you,” said Shank.
Work with an experienced builder
If you decide to build your tiny house, you’ll want to work with a seasoned builder with at least four to six years of experience. Tiny home elements like stairways and shelves often have dual use, and there are other nuances when it comes to constructing facilities and cabinetry.
“Every inch means something,” said Fitzpatrick.
There are also practical issues that need to be handled delicately, such as humidity levels. “Make sure you have the air handling systems and proper wall coverings,” Fitzpatrick said.
You might also want to find someone who specializes in homes where you plan to live. A veteran tiny home builder can provide guidance on special considerations and environmental concerns.
A tiny home is perfect for my tiny budget
After halting my efforts to buy a home in pricey Southern California several years ago, I recently started my “house savings fund” again. My aim is to reach semi-retirement in my 50s and to save enough to pay for a tiny home in full by then. After all, it’ll be 20 times cheaper than the average house.
While I still have to research zoning, building codes, rules and regulations, I’m leaning toward tiny home living. Local laws differ, but tiny dwellings are allowed in several Californian cities. Los Angeles, for example, currently allows movable tiny houses as secondary residences in backyards, provided they meet certain requirements.
I’ll always weigh the pros and cons before I make the final decision. But right now, tiny home living is looking like the best and most affordable scenario for me.