Middle Smithfield Township plans to sell golf course

Middle Smithfield supervisors last month took action on the future of its municipal golf course, with the approval of a $5,000 appraisal.The township has owned the course at Country Club of the Poconos for six years.With an appraisal underway, the township plans to sell in the foreseeable future.“It has always been the goal of this administration to sell the course to a qualified buyer,” said Annette Atkinson, chairperson of Middle Smithfield Township [...]

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Fundrise Review: How to Invest in Corporate Real Estate With a Small Investment

If you love real estate, property-themed reality shows can be both fun to watch and educational.

Watching as old, dreary houses get a brand new look on HGTV’s Fixer Upper might even inspire you to redecorate your own place.

Meanwhile, shows like Million Dollar Listing may leave you wondering if you should add real estate to your own portfolio.

But, let’s face it; most of us will never add shiplap to half of our walls or buy income-producing property.

For the bulk of Americans, “flipping a home” one day or buying real estate as an investment are simple pipe dreams – either due to time constraints or even our own personal abilities.

Still, I have always thought that adding real estate to your portfolio can be a really smart idea – not only because real estate has proven itself as a solid investment choice, but also because diversity is absolutely crucial for each of us.

To truly get ahead in life – and to build a nest egg that can stand the test of time – we can’t put all of our eggs in one basket, right?

Introducing Fundrise

The good news is, you don’t have to buy actual property to invest in real estate. Thanks to new firms like Fundrise that work similarly to Lending Club and Prosper but focus specifically on real estate, you can invest in commercial property without dealing with the hands-on aspects of owning physical property.

Think about how much easier this could be. If you “flip houses,” you’ll have a ton to worry about. You might have to come up with a huge cash payment just to buy a property to begin with, plus hire contractors, oversee construction and workers, then work tirelessly to make sure you sell the home for a profit.

As a residential or commercial landlord, on the other hand, you might have an entirely different set of tasks. For example, you would likely need to spend time finding tenants, planning repairs and maintenance, and collecting rent. And each time a tenant moved out, you would need to start the process over – taking the time to find a new tenant, work up a lease and financial agreement, then manage any issues that arise.

As someone who invests in Fundrise, however, you can take a completely hands-off approach to your investments.

After all, you’re buying notes that list real estate as the underlying investment – not the real estate itself. For a lot of people, this the best (and only) way to invest in real-estate for the long haul. Because not everyone wants to rehab dirty houses or be a landlord, right?

Investing in Real Estate through Fundrise

If you’re looking for a hands-off approach to investing in real estate, Fundrise is a firm you might want to consider. Through their real estate investment products, investors earned an average of 12 – 14 percent on their money last year, and all without painting a wall or dealing with unruly tenants.

Here’s the part that I think is really smart. Thanks to the new technology that Fundrise offers, they are able to locate and capitalize on real estate investments that hit somewhat of a “sweet spot.”

According to Fundrise founders, large institutional real estate investments tend to be highly competitive, and that push for competition drives down returns over time. Yet, the small “fix and flip” assets you see on shows like Fixer Upper are typically riddled with problems and risk. Not only are these projects comparatively expensive to operate, but there are simply too many things that can go wrong.

As a result, Fundrise focuses its efforts on that “sweet spot” I was talking about – mid-size sub-institutional assets that have less competition and the potential for higher returns.

So, with Fundrise, your dollars won’t be invested in any real estate investment that comes along; instead, Fundrise focuses on investments that fit within certain parameters and offer superior potential for low risks and high returns.

According to the Fundrise team, their stringent vetting process means that only 1 percent of submitted projects get approved for funding.

Everything You Need to Know About Fundrise

Since I’m highlighting Fundrise and its products in this post, I wanted to include all of the nitty gritty details about how it works and who can invest.

Let’s get started, shall we?

About Fundrise from Fundrise on Vimeo.

First of all, the minimum investment required by Fundrise is just $1,000 for investors who invest in their eREIT™ products, but around $5,000 for those who invest in their other placements. This relatively low barrier for entry makes this type of investment a really good option for people who want to dip their toes into real estate without going full throttle at first.

As of now, any U.S. resident can invest in Fundrise provided they can meet the minimum investment amount and their investment does not exceed the greater of 10 percent of their gross annual income or net worth.

In addition to individual placements, Fundrise offers both an Income eREIT™ and a Growth eREIT™ for beginners, both of which have similar goals but a slightly different set-up.

• The Fundrise Income eREIT™ was created to provide investors with a low-volatility income stream of “consistent, attractive cash distributions generated from commercial real estate investments.” The Income eREIT™ focuses mostly on debt as an investment and pays returns throughout its investment term, and that’s what sets it apart.
• The Fundrise Growth eREIT™, on the other hand, focuses primarily on assuming equity ownership of commercial real estate assets. By focusing on equity instead of debt, the Growth eREIT™ has a greater potential to accrue more value over time. While a dividend is paid quarterly, most of the returns for this investment are paid out toward the end of the investment period.

Also keep in mind that additional investments may be available to you if you are an accredited investor – a term coined by the Securities and Exchange Commission (SEC) to describe financially sophisticated investors who have high net worth and need little protection.

Benefits of Investing in Fundrise

While no type of investment is perfect, Fundrise does offer some benefits that help it stand out. The best features offered by Fundrise, in my opinion, are summed up below.

• Fundrise charges low fees for their services. On average, Fundrise charges investors 0.30 to 0.50 of their invested capital to manage their investments each year. If you’re looking for an investment option with fees that won’t eat away at your earnings too much, Fundrise might be it.
• You can potentially invest in Fundrise through an IRA. If you open a self-directed IRA, you can invest your funds into Fundrise notes.
• Fundrise lets you search through and filter offers to find the most interesting– and potentially profitable – deals. Just like Lending Club lets you sort notes based on risk level and earning potential, you can browse the Fundrise site for investments that meet your individual criteria. If you like to have some control over your investments, this is a huge deal.
• Fundrise accounts are free. Opening your account is absolutely free, and you won’t be charged for browsing investments, either. If you want to dig around their website before you commit, you absolutely can. And actually, I would suggest doing that anyway before you get started.
• Fundrise income is as passive as it gets. While investing in real estate the old-fashioned way requires a lot of intensive planning and plenty of hands-on work, Fundrise requires nothing of the sort. Once you choose your investments, nearly everything else is taken care of for you.
• Most Fundrise investments offer rolling maturity dates. While not always the case, most of their investment options let you cash out part or all of your investment every few years. So while they are not liquid in a general sense, you will have access to your money periodically.
• Fundrise lets you invest from the comfort of your home on their 100 percent secure website. Opening an account and choosing your investments is easy. Plus, you can add funds via electronic check and even sign documents online.

Fundrise Disadvantages

No investment option is perfect, and Fundrise is no exception. While investing in Fundrise can offer high returns and truly passive income, there are some disadvantages to consider as well.

• Many Fundrise investments outside of their new REIT products are not available to unaccredited investors. To become an accredited investor, you must meet certain criteria decided by the SEC. One way to qualify as an accredited investor is earning an income of at least $200,000 per year or a joint spousal income of at least $300,000 per year for at least two years. Also, having a net worth of at least $1 million dollars will do, regardless of your income. There are other ways to meet the requirements to become an accredited investor, of course, but those are the two easiest.
• Fundrise investments are not liquid until they reach maturity. While Lending Club offers a secondary market where you can sell notes if you need to cash out, Fundrise does not offer this option yet. As a result, your investments are not liquid until they reach maturity. If you feel you might need to access your money at any time, this is a huge disadvantage.
• Fundrise offers limited investment options at this point. Even for accredited investors, investment options are somewhat limited. This will likely change as Fundrise grows their platform, but it’s still worth noting that your choices are not plentiful yet.
• Fundrise is relatively new, so we don’t have a lot of data to work with yet. While Fundrise investors earned an average of 13 percent on their investments in 2015, the company wasn’t founded until 2012. It will be interesting to see what kind of earnings investors report in 2016, 2017, and beyond.

Final Thoughts

There is so much more to know about Fundrise, and if you want to dig a little deeper, I highly suggest you look over their website, and specifically their FAQs. If you have questions about Fundrise investments or almost anything else, you’ll likely find the answers you’re looking for there.

The best part about investing in Fundrise is the fact that it is a truly hands-off and passive investment – as in, you won’t have to get your hands dirty or do any of the heavy lifting.

Like any other investment, however, there are risks involved. Since investing in real estate in this fashion is a relatively new concept, make sure you know what you’re getting into before you put real money on the table.

Have you ever heard of Fundrise?  You can find out more information on them here.

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How to Get Rich: Ten Ways in Which Wealth Is Created

How do people get “rich”?

It’s a question that I see almost constantly asked in popular culture, both directly and indirectly. It’s a constant theme on networks like CNBC and Fox Business News. It’s a big part of countless television commercials, news programs, magazine and newspaper articles, and even entertainment programming. It’s the subject of endless classes, books, and conversations, too.

Many seem to assume that it’s impossible for the average person to get rich without an obscene amount of luck (which isn’t true at all). Others seem to believe that it requires wealth to become wealthier (which is sort of true, but not entirely). Still others attribute it to hard work, more than the average person is willing to produce, and to smart work (which is absolutely true). Another common idea is that it’s all about maximizing investment secrets and insider knowledge (not really true).

The truth is that the elements of building significant wealth – enough to live out the rest of your life – are in the hands of every person, but they require a number of ingredients. You need hard work. You need smart work. You need self control. You need patience and time. You need to be responsible for your own choices, good or bad. You need to accept your own faults and the challenges of your current situation and try to make the best of the hand that you’re dealt.

Those ingredients form the bedrock for almost every method used to create wealth. Here’s exactly how wealth is created by almost everyone who doesn’t inherit it.

#1 – Cut Personal Spending and Control Lifestyle Inflation

Right here, right off the bat, is the step that causes 76% of Americans to fail. It’s true – 76% of Americans are living paycheck to paycheck, which means that they’re spending every dime they bring in. All that a person has to do from that point is to simply cut back on their spending so that they’re spending less than they earn and have some left over with which to build wealth, but 76% of America chooses not to do this.

Spend less than you earn. It’s the absolute key to every financial success a person will have in life. As long as you’re spending less than you’re bringing in, your finances are going to head in the right direction. The lower your spending is compared to your earnings, the faster it’s going to happen.

Here’s the reality of things. Let’s say you choose to save 10% of your income. What that means is that you’re just cutting out the bottom 10% of your spending – the 10% that’s the least important and the most wasteful of all of the ways you spend your money. Things like shopping at the convenience store or buying a book you won’t read anytime soon. However, that 10% turns into money you have every single paycheck with which to get rid of debts, to start investing, and to build wealth.

What do you do if you can’t possibly cut spending, though? (You probably can, but you’re unwilling to make the cuts.) Another key is to keep your spending level even as your income goes up. If you get a 10% raise at work, just keep your spending level and you suddenly have that 10% to pay off debts and to invest for the future. Allowing your spending to rise with your income is called lifestyle inflation and it’s something that literally three out of four Americans fall prey to. It’s also why 3 out of 4 Americans immediately remove themselves from the equation when it comes to building wealth.

#2 – Work Hard to Maximize Personal Income

So, as I noted above, one sure way to have money to save and invest for the future is to keep your spending level while your income goes up. Thus, it’s unsurprising that the second strategy is to increase your income.

This is the other half of “spend less than you earn” – increasing income. The more you earn, the more resources you have not only to live on but upon which to build wealth and become rich.

So, how do you do that? You can focus on your current career, for starters. Make it a personal goal to become a top performer at your job and move up the career ladder. Don’t just look at your job as “hours for money” unless your current job is not your primary focus for earning income. If it is – give it your focus and give it your all.

At the same time, dabbling in entrepreneurship in your spare hours can end up paying some incredible dividends, too. A side business can earn a lot of money and can, on occasion, wind up supplanting your main job and earn you more than you ever dreamed.

The goal of both of those things is the same: improve your personal income. If you pair that along with a commitment to not increase your spending as your income goes up, you’re going to have leftover money. It’s that leftover money that will open the door to building wealth, which is what the remaining principles in this article focus on.

#3 – Eliminate High Interest Debt

The absolute first thing anyone should do with their leftover money (see the first two points if you’re unsure about this idea) is to use it to eliminate their high interest debt. I define high interest debt as anything with an annual interest rate of 8% or higher. No investment can routinely beat the “return” you can get from paying down these debts.

Credit cards fall into this category. Payday loans definitely fall into this category. Some student loans and, occasionally, car loans fall into this category.

Debts with a high interest rate devour your money. You’re essentially handing money to them for virtually nothing in return except for the “benefit” of buying things a bit sooner than you could actually afford them.

How do you do this? I usually suggest that people follow what I call the “debt fireball” – make minimum payments on all of your debts, then throw the biggest possible extra payment you can at whatever debt has the highest interest rate. Soon, that one will be toast, and you can move on to the next debt down the list. Keep repeating this until you’ve toasted all of your debts.

When you’ve done that, you’ll suddenly have a ton of money available to invest each month. That’s the very point where you need to remember the first principle of becoming rich – avoid lifestyle inflation. If you suddenly decide at this point that it’s okay to spend more and inch your spending up to most or all of your income, you’re going to quickly find yourself unable to build wealth because you have nothing to use to make it happen.

It’s true: you need money to make money, and the first three steps get you to the point where you have that money to invest. It just takes willpower not to escalate your spending to devour all of it.

#4 – Use Tax-Advantaged Accounts for Investing

One of the first strategies for becoming rich is to use tax-advantaged accounts for investing, like a 401(k) or a Roth IRA. The goal here is to minimize the amount of taxes you pay by simply doing things with your money that the government encourages and which benefit you personally.

There are a lot of ways to do this.

Your 401(k) at work, for example, allows you to avoid paying taxes this year on all of the money you contribute. Your overall taxes go down for the year, which means that for every dollar you contribute to that account, your annual income tax bill will go down by $0.20 or $0.30 (depending on your exact tax rate), which means that you’ll be able to put that money in your pocket. You’ll have to pay income taxes when you take the money out when you’re retired, but at that point you’ll likely be in a lower tax bracket so you won’t have to pay as much.

A Roth IRA works the opposite way. You put money in that account that you’ve already paid taxes on, but when you take the money out in retirement – and all of the money you’ve earned in that account over the years – you don’t owe a dime in income taxes on any of it, not even the money you gained along the way.

A 529 college savings account is very similar to a Roth IRA, but the money you take out is tax free if you use it for educational expenses – say, your children’s education.

A HSA is similar, except you use the money for healthcare purposes.

All of these accounts serve the same exact principle – they lower your taxes by taking advantage of areas in which you want to use your money and the government wants you to use your money. They provide tax incentives for you to do so and, for you, that means tax savings, which means free money in your pocket, either now or later on.

#5 – Take Advantage of Free Money

Some employers take this concept even further and offer what amounts to free money to their employees for making smart choices. Some employers offer matching contributions into their 401(k) and a few even do this with HSA accounts.

You need to be grabbing every free contribution you can from your employers. If they offer matching contributions, contribute enough so that you can gobble up every dime they’re offering. If they just give you contributions into an account, make sure you’re signed up to get every dime of it.

This is essentially a free boost to your salary. It’s a very easy way to increase your income without any effort at all, so you need to be taking advantage of these kinds of offers from your employer.

If you’re not sure whether your employer offers anything like this, contact your human resources department and ask! Simply ask whether your employer offers any contribution matching for retirement or healthcare savings. If they do, then do whatever you need to do to get every dime of it.

#6 – Reinvest Dividends (and Other Investment Income)

If you’ve followed the first five steps, you’re likely debt free and spend substantially less than you earn. That’s the exact position that you need to be in in order to start building real wealth. It’s also a position that most Americans can attain. Unfortunately, it’s a position that most Americans will never attain because they ignore the first five steps.

If you’ve reached this point, it means that you have a significant amount of money to invest each month. How do you invest it?

Well, you’re going to get a lot of ideas here, and different ideas are going to appeal to different people in different situations. Maybe you want to consider buying rental properties. Maybe buying stocks makes sense to you. Maybe you want to invest in yourself and get a better education to earn even more money.

No matter what you choose to do, eventually that investment is going to return some money to you. Your rental property will start producing income in the form of rent payments (after you’ve paid for insurance and property taxes and so on). Your stock investments will start paying dividends. Even your better education will start paying out in the form of a higher salary.

Take that income that you’re earning thanks to your investments and reinvest it. Rather than pocketing that rent check or those dividends, roll that money right back into stocks or into buying your next rental property. Don’t spend it. Don’t even think of it as real income. Just reinvest it, every dime of it.

This turns into an investment snowball over time. Not only are you continuing to contribute out of your personal income, you’re also contributing to your investments out of your investment income. That means the growth of your income will accelerate. Your investment income will grow and grow, which means that your contributions will grow and grow, which means that your investment balance will grow wildly.

#7 – Hold Investments for a While

Let’s talk about taxes again.

You’ve probably heard about capital gains tax. It’s a political football that we won’t talk about in detail, but it is an important piece in understanding how people build wealth.

Capital gains tax is the taxes you pay when you sell something you own for a profit. Maybe you’re selling some stock that went up in value. Maybe you’re selling a rental property. Whatever it is, you sold something for more than you bought it for and you have to pay taxes on the money you gained. You bought a property for $200,000 and are selling it for $250,000, so you have to pay capital gains tax on $50,000. That eats into your gains.

Now, there are two types of capital gains tax – short term capital gains tax and long term capital gains tax. The exact tax rate on each varies, but the long term rate is virtually always lower than the short term rate. You become eligible to pay the long term rate when you hold onto your investment for a while – longer than six months most of the time, but we won’t worry about the nuance here.

Simply holding onto your investments for a while means that when you do sell them to collect the profits from the increase in value, you’ll get to pay a lower tax rate on that money. In fact, most of the income that wealthy people earn comes from selling things and paying only long term capital gains tax on the sale. That means that even though they might be making a boatload of money, they’re only paying a rather low tax rate on all of that money – far less than if it was normal income.

This is how the government encourages people to invest and hold onto their investments, which is how the economy grows over time. It’s completely legal – and it’s an incredibly powerful way to build wealth since you’re not paying very much in taxes.

#8 – Hold Investments Forever

The other option, of course, is to never sell your investments at all. You buy things solely for the purpose of owning them forever because they pay out a healthy amount along the way.

For example, a person might identify a company that pays a great dividend on their stock and is really stable – say, Coca Cola, for instance – and they buy shares in that company with the intent of never selling those shares. They plan on sitting on those shares for life and just collecting the dividends. A person might do the same thing with a rental property, too – they buy it because it will earn a lot of rental income for the price of the property, so they intend to just sit on it for the rest of their life and collect the income.

If you do it this way, you never have to face any sort of taxes on the sale. Instead, you just collect passive income from here on out. You can keep reinvesting that income and you can add more to the pool from your own professional work, and then invest all of that to earn even more passive income.

This is how many people reach financial independence. They have enough sources of passive income – investments that they’ve bought that pay out money and they never really intend to sell them – that they can live off of that passive income.

Usually, at that point, people do keep working, but they switch careers into something that brings them personal joy since the income isn’t nearly as important any more.

#9 – Invest in Yourself

Another option for investing that I briefly touched on earlier is the idea of investing in yourself. If you’re spending less than you earn, you can take some of that money and improve yourself in various ways, particularly ways that have the potential to increase income in the future.

You can use that money to earn a better college degree or better certifications. You can use that money to pay for coaching or lessons to help you master a new skill or shore up an area in your life in which you’re weak. You can use it to fix cosmetic concerns with orthodontic equipment or Lasik surgery, giving you more confidence.

The goal of all of these things is not only to improve your personal confidence and skills, but to use those newfound elements to improve your professional income, which you can then use to build your wealth even faster.

#10 – Invest Your Windfalls

Sometimes, life will dump some money in your lap. An older relative dies. You win a prize of some kind. You find an opportunity to flip an item quickly for a big unexpected profit.

Whatever it is, you suddenly find yourself with a nice amount of unexpected money on your hands… and it can be very tempting to spend it on something fun.

Don’t. Treat it just like you would any other income that’s above and beyond your spending level.

Use it for your debt fireball. Use it to invest. Use it to accelerate your journey toward owning a rental property. Use it as a way to take a bunch of steps at once toward your long journey to wealth.

Windfalls are a great thing, but they can easily be wasted. Don’t let that happen. If a windfall comes along, use it smartly.

Final Thoughts

And, lo and behold, we’re right back at the beginning of this article – and we’re back at the one point that really, really matters when it comes to building wealth.

Spend less than you earn – and avoid lifestyle inflation even as your income goes up.

If you manage to do that one thing – and it’s the one thing that the vast majority of Americans fail at – then you’re going to be all right when it comes to your financial future. When it comes to starting from scratch and building wealth when you start out with nothing, there’s nothing more important than that one rule. Everything else follos from it.

Good luck!

The post How to Get Rich: Ten Ways in Which Wealth Is Created appeared first on The Simple Dollar.

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7 Open Clinical Trials That Will Pay You Up to $6,000

You’re between jobs, but getting tired of the “unemployed” part of funemployment.

You have a job that’s so flexible, people are always asking you for rides to the airport.

You work for yourself, with total control over your income.

Does one of the above apply to you? You might be a candidate for a clinical trial.

We scoured the web to find clinical trials in need of participants this summer. That means when you’re not lounging by the pool, you could be testing your way toward a payout of $1,000 or more.

Before You Expect to Make Thousands from Clinical Trials…

Getting involved in a clinical trial is way harder than late-night infomercials or newspaper ads make it seem.

First, you need to meet any location requirements so you’ll be near the researchers who need to poke at you.

Next, you’ll need to satisfy every health requirement — some of which seem totally wacky until you’re like, “Oh, I have all those conditions.”

And the big money comes from big sacrifice.

“Clinical trial payouts vary depending on the duration and invasiveness of the procedures — the ‘ouch factor’ plays a big part in your earnings,” frequent trial participant Halina Zakowicz previously explained for The Penny Hoarder.

Here’s Where to Find the Clinical-Trial Cash

Want to find out if you can participate in a clinical trial this summer? These seven studies are starting soon.

1. Oral Medication Trial in Atlanta, Georgia

The Atlanta Center for Medical Research (ACMR) seeks healthy volunteers who are unable to conceive due to age, behavior or surgical sterilization.

Smokers are excluded, and participants must be willing to abstain from alcohol, caffeine and grapefruit products for two weeks.

This study requires taking daily oral medication for 10 days as an inpatient, with five clinic follow-up visits. After receiving $50 for a screening visit, participants receive $200 for each day in hospital and $75 for follow-up clinic visits. That’s a total of $2,425!

To apply, visit ACMR online to submit preliminary information.

2. Inpatient Trial in Dallas, Texas

Men and women ages 18-55 in the Dallas area can earn up to $6,050. You’ll receive inpatient treatment for five days, followed by 14 outpatient visits.

Screenings are taking place now, with hospital check-in scheduled for June 29. Outpatient visits are pre-scheduled for selected dates, so you’ll need to have a pretty flexible schedule.

To view more details and apply, visit Covance.

3. Injection Device Trial in Baltimore, Maryland

Non-smokers between 18 and 55 years old can apply for this study, which will test a new injection device to administer Cimzia, a drug that relieves symptoms of rheumatoid arthritis, Crohn’s disease and other conditions. You should weigh at least 110 pounds and have a BMI between 18 and 28.

Participation requires two screening visits, one eight-day hospital stay and seven follow-up visits. If you complete the study, you can receive up to $5,100.

4. Young, Postmenopausal Women Sought in Madison, Wisconsin

Postmenopausal or surgically sterile women ages 18-50 in Madison, Wisconsin, can participate in a 17-night study worth $5,000.

Screening takes place on June 23, 27 and 28, so apply quickly.

5. Medical Device Trial in Evansville, Indiana

Adult men and women (no joke, the age range is 18-100) can test a medical device to earn $1,000. No drugs are involved.

The study takes place between July 5 and July 12 in Evansville, Indiana, with an initial screening on June 24. No inpatient time is required.

To apply, visit Covance.

6. Depression Medication Trial in Boston, Massachusetts

Boston-area adults who have tried depression medication but still have symptoms may be eligible for a Boston Clinical Trials trial to earn up to $1,000.

Transportation, meals and babysitting during the study may be available.

7. Dietary Supplement Trial in Dallas, Texas

Adults age 40 or older who suffer from frequent leg cramps can apply for this dietary supplement trial.

Only seven outpatient visits in the Dallas area are required, along with phone calls to check on participant progress. Once you complete the study, you’ll receive $2,800.

Visit Covance to apply and view outpatient visit dates.

Your Turn: Have you ever participated in a clinical trial? Did you get paid?

Lisa Rowan is a writer, editor and podcaster living in Washington, DC. Editorial intern Kelly Smith also contributed to this piece.

The post 7 Open Clinical Trials That Will Pay You Up to $6,000 appeared first on The Penny Hoarder.

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Looking for Cheap Gas? We Found the Best Prices in Each State

Ever wonder if it’d be worth driving a few extra blocks to find better gas prices?

We know the price of gas has hit record lows and should stay down for the foreseeable future.

But where can you really get the best deal on a gallon of gas?

GasBuddy, an app that helps users find the cheapest gas nearby, reveals the best place to buy gas in the U.S. each year — including the most competitive brands in each state.

Where Is the Cheapest Gas?

In 12 states, Costco came out ahead, with gas prices more than 19 cents per gallon lower than its competitors!

Any Costco members or customers with a Costco Cash Card can purchase low-priced fuel at a Costco pump.

Only members can buy the Costco Cash Card directly from Costco. But you could always save money by purchasing yours from eBay, a gift card exchange site or a friend with a membership.

But before you rush to your nearest Costco, check the map!

Sam’s Club came out ahead in seven states — and BJ’s had the lowest price in six states.

At some Sam’s Club locations, you can pump gas without a membership, but you won’t receive the discounted price. BJ’s Gas Stations require a membership.

If you don’t have a membership or one of these warehouse stores nearby, look for an Arco gas station. Its gas was an average 17 cents lower than competitors, the overall third best price.

Arco is also number one in its size category (brand with over 1,000 stores) — so it may be your best bet for balancing price and convenience.

See the full map below for the best gas prices in your state!

Source: GasBuddy

Your Turn: Which state do you live in? Will this change where you go to buy gas?

Dana Sitar (@danasitar) is a staff writer at The Penny Hoarder. She’s written for Huffington Post, Entrepreneur.com, Writer’s Digest and more.

The post Looking for Cheap Gas? We Found the Best Prices in Each State appeared first on The Penny Hoarder.

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American Express is Hiring People to Work From Home for $15+ per Hour

Looking for part-time work?

That you can do remotely?

With a well-known company?

Check, check and check: American Express is hiring part-time virtual customer care professionals.

Pay starts at $15.73 per hour — and the job doesn’t require a college degree!

Here’s how to apply.

Get a Remote Customer Service Job With American Express

In this position, you’ll work from home for 20-29 hours per week, responding to “incoming calls in a fast-paced environment.”

Your duties will include answering questions, solving problems creatively and providing “extraordinary” customer service.

To be eligible, you must live in any state but Alaska, California or Hawaii, and have a distraction-free home office and experience “successfully interacting with customers.”

You’ll start out earning $15.73 per hour, with the opportunity to earn “monthly performance-based incentives.”

Not only is training paid, the company will also cover the connection cost and monthly fees for “dedicated telephone and Internet service from an American Express approved provider in your area.”

Woohoo!

The listing says “flexible, non-traditional schedules are available” — which means it could be a great fit for those of you with other work or familial obligations.

Plus, after 90 days of employment, you’ll be eligible for benefits like health insurance, retirement plans and tuition assistance!

Sounds like a pretty good gig, right? Click here to learn more and apply.

Your Turn: Will you apply for this job?

Susan Shain, senior writer for The Penny Hoarder, is always seeking adventure on a budget. Visit her blog at susanshain.com, or say hi on Twitter @susan_shain.

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Could You Walk Away From Your Debt?

Some time back, noted former investment banker and entrepreneur James Altucher suggested millennials deal with their debt woes using one simple and elegant solution: Just don’t pay them.

His suggestion that young people simply walk away from their debts was greeted by a chorus of boos. The peanut gallery seemed to think abandoning debt was the absolute worst thing a person could do — even putting aside questions of right and wrong and personal responsibility.

But is the truth somewhere in the middle? Could walking away from debt be the right decision for some people?

What Happens If You Stop Paying Your Debts?

What would happen if you did what Altucher suggested and just walked away from your debts?

Well, for starters, your credit score will take a big hit, probably to the tune of 100 points or more.

Your credit score is a function of a number of factors, but the two biggest are timely payments and the amount of available debt that you’re actively using. When you stop paying your credit card bills, you’re most definitely not making payments on time. So your credit score will suffer accordingly, depending on how many credit cards or loan accounts you’re not paying.

The other part of your credit score that’s important here is credit utilization — or the percentage of your available credit line that you’re using. If you’re carrying enough debt that you’d consider walking away from it, you’ve probably got a pretty high utilization ratio already — and if you stop paying on that debt, it’s certainly not going down. In fact, between late fees and interest, it will keep edging upward, which is not going to help your credit score.

These are the two immediate effects on your credit. However, there are other problems you might run into that will affect your credit report, your credit score, and your day-to-day life.

After a certain period of time, usually around 90 days, your credit card companies will do what is called a “charge off.” This is when they sell the debt to another, third-party company. In short, the debt is sold to a debt collector for pennies on the dollar.

Now you’re going to have a delinquent account appear on your credit report, and that’s going to be another big hit on your credit score. The good news is, by this point, most of the damage is done.

Probably. The other thing you might or might not have on your credit score and life is a lawsuit. Your creditors might haul you into court to try and claim their money. Your debt then moves from one category (probably an open account) to another (a judgment). That new category usually sticks around haunting your credit report for a lot longer than the old one, so that’s something to consider when you walk away from debt.

But here’s the thing: Notice how many times the word “might” was used in the last paragraph? That’s because collection agencies aren’t going to sue over every single debt. They wouldn’t make any money that way. Often times, it costs more to collect a debt than the debt is actually worth. Even though collection agencies pay pennies on the dollar for their debts, they still need to turn a profit on that. The amount that a collection agency will sue for varies from one company to another, but is generally at least a few thousand dollars.

Even if you do get sued, if you show up in court to challenge the debt, you might win. The collection agency has to prove they legally own the debt, that the debt is in the amount they say that it’s in, and that the debt is still legally collectible. Even if all of these facts are on the debt collector’s side, they have to prove it — and many times, they cannot.

Of course, during the time period when the debt is legally collectible — and often times long afterward — you’ll have to deal with phone calls to your home and place of business, as well as letters and other harassing attempts to collect the debt. For many people, that’s enough to keep them paying their bills on time.

And to be clear, we generally recommend people buckle down and create a disciplined debt repayment plan – not just walk away from their balances. If you don’t address the spending issues that got you into debt in the first place, it won’t be a permanent solution. And beyond the personal responsibility aspect, there are simply too many huge benefits to having a good credit rating.

A bad credit score can make it harder or even impossible to finance a car, get a mortgage, or rent an apartment — it can even cost you your dream job. You don’t want to throw that away for a few nights out at a restaurant or a new leather jacket.

However, if you’re in over your head and looking at bankruptcy, walking away from your debts could make sense if you’re not morally opposed to it. It’s certainly not going to be any worse than bankruptcy.

Related Articles:

• Expose a Fake Debt Collector by Asking These Three Questions
• What Is a Good Credit Score?
• Seven Things to Know When Filing for Bankruptcy
• How to Get Out of Debt Without Credit Counseling

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HSBC launches UK's first sub-1% fixed-rate mortgage

Tom Wilson

HSBC2.jpg

Property buyers can now lock in a sub-1% mortgage for two years, as HSBC has launched the UK’s lowest ever fixed-rate mortgage at 0.99%.

Property buyers can now lock in a sub-1% mortgage for two years, as HSBC has launched the UK’s lowest ever fixed-rate mortgage at 0.99%.

The deal is available to both buyers and those looking to remortgage, though you can only get it if you borrow up to £500,000 and have an up to 35% deposit (65% maximum loan-to-value). 

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Is Your Home an Investment? It Can Be, If You Try These Strategies

You’ve probably used the phrase “investing in a home,” but is your home an investment?

Some financial writers have challenged that idea.

For example, James Altucher says owning a house is “financial suicide.”

Robert Kiyosaki says investment assets produce income, unlike your home. A house only produces expenses, and any potential gain in value is typically locked up or simply rolled into the next home you buy.

And even the appreciation in value is iffy at best. Home prices fell for years after 2006, and according to Robert Schiller, when you adjust for inflation “over the 100 years ending in 1990 — before the recent housing boom — real home prices rose only 0.2 percent a year, on average.”

On the other hand, you can make your house into an investment in several ways.

It helps to buy the right home. But even if you already own a house, you can make it a better investment. Here are some examples.

A Home as a Save-Money Investment

There are make-money investments, but there are also “save-money investments.” With the latter, you invest to cut expenses.

A house can be a great way to invest to save money, but only if you buy it properly.

Suppose you’re renting an apartment for $950 per month and you have the opportunity to buy a house with mortgage payments of just $650 per month. You’ll probably lower your housing costs by buying.

But do the math carefully.

Compare all costs, including taxes, insurance, maintenance and anything else related to owning a home (maybe even commuting costs if you have to live farther away from work).

Look at your down payment and closing costs, too. Let’s say those add up to $15,000 and you figure all ongoing expenses will be $50 less per month versus renting.

That $600 per year represents a “savings return” of only 4% on your investment — so you might be better off renting and putting your money in mutual funds.

The easiest way to maximize your “savings return-on-investment” is to buy a cheaper and smaller home.

Not only will it require a lower investment or down payment, but the ongoing expenses are likely to be lower, meaning you’ll save even more money versus renting. Taxes and insurance are based on value, for example, and a smaller home usually costs less to heat and cool and maintain.

Another option is to buy a true investment property to live in…

A Home as a Make-Money Investment

My wife and I recently bought a duplex as our home. After fixing and cleaning the side we don’t occupy, we raised the rent by $100 per month. That made it an even better investment than we anticipated.

And you don’t have to stop at two units. The FHA finances four-unit properties with only 3.5% down, making this investment scenario a realistic option for many homebuyers.

By the way, the income gets the attention when people consider buying a rental property as a home, but they also make great save-money investments.

For example, to get the amount of space in a single-family home that we have in our half of our duplex, we would have paid over $100,000. Our entire duplex cost us $123,000 with closing costs and repairs, meaning we only paid $61,500 for the half we live in.

As a result, we save on taxes and insurance, and have more money left over for other investments.

Another way to make money from your home is to rent out rooms. In my first home, room rent paid for the entire house twice over.

A Home as a Speculative Investment

If you buy and sell at the right times, you can make a good profit on your home.

Of course, if you buy another home that costs even more, what have you really gained? And if you spend too much on your home, you may not recover those so-called “investments.”

Buying a home with the hope of reaping a big gain is a speculative investment. To make it more likely to pay off, use these strategies:

Buy at the Low End of the Market for Safety

You may bag a bigger profit with a bigger home, but a small and inexpensive home is a safer investment.

For example, we bought a one-bedroom house for $65,000 in June of 2006, widely considered to be the peak of the real estate bubble. Three years later, deep into the “crash,” we sold the house for $72,000.

My explanation: People have to live somewhere, so the cheapest homes are never going to drop in price as much as expensive ones — and they may even go up in value while others go down.

Stay for at Least Two Years

Stay for at least two years and you can sell your home for a tax-free profit. We did that with a condo in Florida.

Make the Right Improvements

A Realtor.com report on home renovations found only one that increased the resale value of a home more than what the project costs. Basic maintenance may be more valuable if you’re thinking like an investor.

My wife and I have managed to make decent profits on several homes without major renovations — we just clean like crazy and keep them maintained.

If you do renovate, think like a house-flipper: Look for ways to increase value at the lowest cost.

Downsize to Cash In Your Profits

What have you really gained if you sell your home for more than you paid, but then put it all into another home? Consider downsizing your home to truly cash in.

My wife and I did that a few years ago when we sold our condo for $112,000 (for a profit of $16,000) and then moved into a home for which we paid $65,000. Our monthly expenses were also reduced, making our new home a good make-money and save-money investment.

Your Turn: Do you think of your home as an investment?

Steve Gillman is the author of “101 Weird Ways to Make Money” and creator of EveryWayToMakeMoney.com. He’s been a repo-man, walking stick carver, search engine evaluator, house flipper, tram driver, process server, mock juror, and roulette croupier, but of more than 100 ways he has made money, writing is his favorite (so far).

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Three Easy Ways To Market Your Home-Based Business

By Deborah Sweeney Starting your own home-based business is a unique challenge in itself. After doing all the hard work and getting everything off the ground, the next big challenge is marketing your business. If no one knows you have a business, all the hard work will be for not. So how do you get […]

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Are you spending enough on property maintenance?

Tom Wilson

overgrown-garden.jpg

Most UK homeowners spend less than £250 maintaining the outside of their property each year, running the risk of their homes falling into disrepair, according to new a new survey.

Most UK homeowners spend less than £250 maintaining the outside of their property each year, running the risk of their homes falling into disrepair, according to new a new survey. 

Despite the average household spending £714 on their property exterior each year, 57% of households spend less than £250, claims Lloyds Bank Insurance.

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