Ruffino Real Estate names top agentWeichert, Realtors — Ruffino Real Estate in Milford has announced that Realtor Angela Williams has been named the top agent in the office for May.Williams was named the Top Agent of the Month after generating the most sales production in May – including six buyer transactions, one new listing agreement and a successful open house event.Weichert, Realtors — Ruffino Real Estate is an [...]
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الجمعة، 28 يونيو 2019
The Ten Year Old Test
A few years ago, when my oldest had freshly turned ten years old, he began to ask a lot of questions about our family’s financial state. He wanted to know if we saved money, how much we saved, and where we saved it. He wanted to know how we spent our money and where it went and how we kept track of that.
For a two or three month period, he kept asking these questions until, I guess, his curiosity was sated and he moved onto something else.
Unsurprisingly, those conversations gave rise to a lot of articles on The Simple Dollar. I’d start talking about something with him and realize before long that there was something in this conversation that could easily grow into an article for the site. Many articles that I wrote two to three years ago were outgrowths of those conversations.
One thing I found very interesting during those conversations with him is that there were at least a few areas he’d delve into where I would get upset or frustrated with having to talk about that issue. I kept my cool – I didn’t blow up at him or get angry or angsty or anything – but inside, I felt annoyed or frustrated or I simply wanted to avoid talking about that subject.
It took me a while to really put together what was happening, but after some reflection, it became clear: anything that I was doing financially that I couldn’t or didn’t want to explain to a ten year old was probably a bad move.
In short, if I couldn’t justify it to my ten year old son, then it probably didn’t deserve to be justified.
Similarly, if I couldn’t explain it to my ten year old son, then I didn’t understand it myself and shouldn’t be financially involved with it.
As I began to realize this, I also began to realize that the “ten year old test” was actually a pretty simple way to quickly figure out if something was an acceptable move or not. If it was something I could reasonably justify or could easily explain, that idea at least passed a basic sniff test. If I couldn’t justify it or explain it, that idea was almost certainly bad.
Over the last few years, without really thinking about it, I’ve adopted that “ten year old test” to a lot of my financial moves and to a lot of my choices in other areas of life.
It’s actually really easy to use. I just try to imagine, as accurately as possible, how my ten year old would respond if I suggest a course of action. I’d try to explain it to my ten year old as clearly as I could and then, to the best of my ability, try to imagine how he’d respond (I usually visualize my oldest son when doing this, as he was the ten year old that originated the idea).
One of four things typically happens.
One, I have trouble explaining it at all. This either means I’m trying to pitch something that I don’t even really understand myself (because of the complexity) or because I’m considering a course of action that’s really hard to justify.
For example, I’ve often thought about trying out more complex investment arrangements for our retirement, but whenever I sit down and try to explain them in simple terms, it sounds like a mishmashed mess.
Two, I can explain it simply, but it rings hollow as I’m explaining it. This happens quite often when I’m trying to justify unnecessary spending or some kind of unhealthy choice.
For example, if I try to explain why I really need to spend $40 on this game, the explanation usually rings hollow pretty quickly, so I put it back on the shelf. If I try to justify stopping at a drive-thru, the explanation usually sounds comically shortsighted, so I drive on by.
Three, I can explain it simply, but it leads to a really obvious question that I can’t easily answer – either I can’t actually explain the answer to that obvious question or else it rings hollow. In this case, again, it’s a bad idea, but there’s usually a better idea buried somewhere nearby. If I can explain the core idea well but a simple question makes it much less clear or justifiable, the core idea is probably okay, but I just need to think about the implementation of it.
For example, I might suggest that it’s a good idea to stop at a drive-thru because it’s dinner time and everyone in the car is hungry. The obvious question in response would be, “Don’t we have a bunch of good leftovers in the fridge that we could eat as soon as we get home?” The core idea of eating soon because we’re hungry is good, but the course of action is flawed – there’s a cheaper alternative that’s obvious at just a glance.
A similar thing pops up at the grocery store. I know I need some laundry detergent and I’m looking at the options, but that ten year old voice asks, “Why buy that expensive one when that store brand will do the job you want?” If I can’t really answer that sensible follow-up with a good reason, the store brand goes in the cart.
Finally, I can explain it simply and answer any follow-up questions simply. If this happens, then I know the plan is pretty good and at least somewhat sensible, and when I need a quick plan or decision, the first thing that works here is usually what I do.
This usually happens when I’m making good spending choices and focusing on actual needs and keeping costs low. It happens when I’m making good long term choices.
In fact, almost every “bad” decision I might make in any area of my life is silenced by the ten year old test.
It’s pretty hard to justify eating a bunch of junk food when there are grapes in the fridge or an apple in the fruit bowl.
It’s pretty hard to convince myself that wasting time doing something unfulfilling is ever a great idea.
It’s pretty hard to see why I would say bad things about someone else or let a friendship wither or let a friend down.
The question you’re probably asking yourself is, “Great, but I don’t have a ten year old asking these questions!”
Here’s the thing: the ten year old test works just as well when you cultivate that voice of a questioning ten year old in your head rather than relying on an actual curious ten year old. Let it be your conscience. Run your plans through that voice and see whether or not it passes muster.
What you’re really doing here is cultivating a better sense of what makes for a good financial move. If your internal ten year old is balking at a purchase, then you likely shouldn’t be making that purchase. If your internal ten year old doesn’t understand your financial plan, then you don’t understand it, either, and you shouldn’t be doing it.
That ten year old voice can keep you away from unnecessary purchases, network marketing schemes, and bad investment choices. That ten year old voice can nudge you toward saving for retirement, building an emergency fund, and making sensible buying choices.
Listen to it. Use it.
If you can’t explain what you’re about to do with your money to a ten year old, or you can’t do so without feeling angry or ashamed, you probably shouldn’t be doing it. It’s that simple.
As I write this, my nine year old is just starting to ask questions along those same lines. Why are you buying that? What are you doing with the money you make? Why are you saving for retirement? What happens if our house gets hit by a tornado?
Can I answer those questions truthfully in a way he can understand? If so, I’m probably on the right path. If I can’t, maybe I need to rethink things.
When he gets past that phase, I’ll have to go back to relying on my internal ten year old test. It might not be as loud, but it’s certainly good at separating out good ideas and truth from bad ideas and nonsense.
Cultivate your own ten year old voice. You’ll be glad you did.
The post The Ten Year Old Test appeared first on The Simple Dollar.
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The 11 Top WordPress Landing Page Templates in 2019
Anyone can create a website. Just because you own or manage a website, it doesn’t automatically mean that you’re a natural born designer.
But the design and layout of your website will have a huge impact on its success.
In fact, 48% of people say that the design of a website is the top factor they use when it comes to determining how credible a business is. 38% of people will stop using websites with unattractive layouts.
So if you want to create unique and beautiful landing pages without having to design them from scratch, you’re going to want to use pre-designed templates. WordPress is the best place to find these.
That’s because WordPress is the most popular CMS platform in the world, and has been for the past seven years in a row.
It controls nearly 60% of the entire CMS market across the globe. With more than 500 new sites launching on WordPress each day, it’s also the fastest growing CMS worldwide. 34% of the whole internet is run via WordPress.
So if you were on the fence about using WordPress to manage your site, hopefully now you’re convinced.
For those of you who are already using WordPress, you’re ahead of the game. Now it’s time to design the best landing pages for your WordPress site.
With so many options to choose from, I’ve narrowed down the top 11 WordPress landing page templates to make the decision much easier for you.
1. Landkit
Landkit is extremely easy to use, yet it’s designed for high performance. The hybrid composer page builder makes it possible for you to design your website without having to write any code.
It doesn’t use many server resources, which makes it perfect for websites with high volumes of traffic. You can use the Landkit template to functionally present information in a way that’s attractive to your website visitors.
Another reason why I recommend Landkit is because the landing page templates are so versatile. They can be used for pages related to things like:
- Lead generation
- Ebook downloads
- Webinar registrations
- Online services
- Free trial page
- Mobile app showcase
- Contest details
- Crowdfunding
- New product launch
- Coupons
The list goes on and on. Landkit makes it easy for you to change the colors to match your website color schemes. It’s also compatible with the WooCommerce plugin, for those of you who are using WordPress for your ecommerce site.
Landkit has more than 70 page elements for complete customization. You can choose from 12 header styles, and add use the built-in WordPress mega menu. This landing page theme can be purchased for $49.
2. Landing
The Landing template from Themify is another versatile option for you to consider. It comes with a drag and drop page builder, making it easier than ever before to customize all of the page elements to your liking.
Landing has more than 25 builder layouts for you to choose from, based on the type of page that you want to create.
There are options specifically created for products, portfolios, marketers, events, ebooks, weddings, agencies, restaurants, mobile apps, personal pages, and more.
I like this template because it has a responsive design on all devices, and it’s retina ready as well. Landing has cool header options such as:
- Default header
- Transparent with text
- Transparent
- Transparent with no logo
- No header
These choices are ideal for those of you who want to draw more attention to background images and CTAs on your landing page. Another benefit of Landing is the fact that it has MailChimp integration, so you can use this landing page to collect email addresses.
The standard Landing WordPress template costs $59. Developers can buy it for $69.
3. BeOnePage Lite
BeOnePage Lite is meant to portray a futuristic and interactive design. This template can be customized to be colorful as well. It comes with a full-screen layout and slider that can be used to display things like images, videos, icons, and other graphics.
Another benefit of this template is that it can support several different media files. The parallax effect of BeOnePage Lite ensures that all scrolling will be very smooth on the user’s end.
It has a responsive design, with lots of customizable options for you to consider. BeOnePage Lite is a retina ready template that can be used as a landing page for virtually any website.
So if you’re looking for a modern WordPress template that’s free to install, BeOnePage Lite should be taken into consideration.
4. Foton
Foton was developed with software and mobile app promotion in mind. So for those of you who are creating a landing page to drive mobile app downloads or sell software, this template should be at the top of your list.
You can import this template into WordPress with just one click. To customize your page settings, you can take advantage of the drag and drop page builder, which is extremely easy for anyone to use.
No coding is required to use Foton. It has WooCommerce integration, slider revolution, and excellent support. It’s also fully responsive and easy to change color themes.
Foton comes with free plugins and is optimized for SEO purposes. It has shortcodes designed for portfolios as well, such as lists, projects, sliders, galleries, masonry, and hover layouts.
Transitions from page to page are very smooth. The font sets and icons are attractive and easy to change as well. Shortcodes for videos and call-to-actions are definitely ones that you’ll want to take advantage of.
The Foton WordPress landing page template is priced at $59.
5. Jevelin
Jevelin is another multi-purpose WordPress landing page template. Some of the top features of this theme include:
- WooCommerce integration
- Mobile ready
- Contact Form 7
- One click installation
- SEO friendly
- RTL optimized
- 40+ customizable shortcodes
There is a great video installation guide, making it possible for anyone to install Jevelin, even if you don’t have experience adding landing page templates to your WordPress site. The fact that it has built-in capabilities with one of the best WordPress form plugins is another added bonus.
Jevelin has great reviews from website owners who are using this template on their sites.
The drag and drop builder paired with mega menus, custom widgets, social sharing functionality, and ecommerce support make it a popular option. This WordPress landing page template can be bought for just $59.
6. Launchkit
Launchkit is definitely a one size fits all landing page template, which I’m not saying in a negative way by any stretch. I like Launchkit because it can be used for virtually any landing page for any business type.
They offer versatile headers with all different types of media in mind. You can customize headers, CTAs, and forms in a way that positions them for high conversions.
Launchkit has simple colors, so your website always looks good, regardless of the screen size or type that it’s being viewed on.
Top features of Launchkit include:
- Three header layouts
- Seven footer layouts
- Custom logos
- One click data installer
- Multilingual support
- Gravity Forms
- Contact Form 7
This template comes with more than 600 Google Fonts as well. With that in mind, you should check out my guide on the best Google Fonts that go together on your website.
For the reasonable price of $59, Launchkit is definitely one of the best landing page templates you can find for your WordPress site.
7. The Gem
If you’re looking for a multi-purpose landing page that is optimized for high performance, look no further than The Gem. This template offers a creative design that’s modern and suitable for all different types of websites.
There are more than 70 built-in concepts. So you can find a landing page that fits your needs.
- Agencies
- Business and finance
- Ecommerce shops
- Portfolios
- Blogs
- Mobile apps
- Cryptocurrencies
- Real estate
- Restaurants
- Gyms
- Beauty salons
- Law firms
- Hotels
- Nonprofit organizations
These are just some of the many options that showcase the versatility of this WordPress landing page template. It’s fully responsive and looks great on both desktop devices and mobile screens.
The Gem is compatible with WooCommerce, making it a top choice for those of you who have an ecommerce shop.
With the visual composer, you can easily change elements on your landing pages with the drag and drop builder. The template is compatible with plugins and also comes with premium sliders.
You can buy this landing page template for $59.
8. Kallyas
More than 35,000 websites are using Kallyas for landing page templates. They have more than 65 live demos, with new ones coming out each month.
I always like it when landing page templates offer lots of live demos because it makes it easier to give you inspiration for designing your own website. Top benefits of Kallyas include:
- Fast loading times
- Quick setup
- Video tutorials
- Written tutorials
- Reliable customer support
- Visual page builder
- Free updates for life
The one-click installation makes it easy for you to start editing your website in minutes. They have demos for things like weddings, makeup artists, bloggers, kids websites, membership sites, news, medical, sports, and dozens more.
Kallyas has more than 100 pre-built elements into the template. This gives you seemingly unlimited options when it comes to customizing your landing pages. Kallyas is priced at $69.
9. Softbox
Softbox is perfect for those of you who want a clean and professional design for landing pages on your website. It’s easy to choose your layout and customize the elements with some of their pre-built options.
It works on all major web browsers, screens, and devices. Softbox is retina ready and fully responsive. They have templates designed specifically for home pages, blogs, and interior landing pages as well.
In a word, Softbox can be described as simple. But when it comes to your website, simple designs have higher conversion rates.
Compared to some of the other WordPress landing pages on our list, Softbox is offered at a lower price point. This template can be yours for just $39.
10. Fusion
The Fusion WordPress template is designed with mobile app landing pages and portfolio landing pages in mind. So if you’re looking to showcase one or both of these things on your website, you should take a closer look at this option.
It’s an ideal solution for agencies and developers. The pages can be set up so that creatives can showcase their products. This holds true for both firms or individuals as well.
The typography is super clean. All of the design elements and whitespace is managed perfectly with this template, so the eyes of your website visitors are always drawn to the right spot on the page.
Fusion has a simple shortcode builder and easy customization. Everything integrates seamlessly into WordPress for you to manage.
This template has more than 1,500 retina icons, a revolution slider, and the ability to create a gallery with captions. It comes with over 500 Google Fonts, Contact Form 7, and an Ajax loading gallery as well.
Fusion costs $49 to install.
11. Leadinjection
Last, but certainly not least, on our list is Leadinjection. As the name implies, this template is designed especially for generating leads.
They have pre-built layouts for things like:
- Online courses
- Mobile apps
- eBooks
- Services
- Medical websites
- Insurance companies
- Landscaping businesses
- Diets and health
- Cryptocurrencies
As you can see, these lead generation templates are extremely versatile and can fit the needs of nearly any website.
The template comes with a Lead Modal plugin, that’s basically a popup on your site that can be used to generate leads. This can be based on timing, exit intent, or other trigger options.
Leadinjection has all different types of opt-in forms for your landing pages as well. You can fully customize your CTA, and even add a click to call button for your mobile site. If this sounds like the landing page template that you want, it can be purchased for $39.
Conclusion
If you need help designing a landing page for your WordPress website, I’m confident that you can find what you’re looking for somewhere in these options that I’ve listed above.
I tried to include something for everyone on here. Some of these templates are made for multiple purposes, while others are made specifically for things like mobile apps, ecommerce, or lead generation.
Price is another factor that you can take into consideration when making this decision. While there are some free WordPress landing page templates, the rest tend to be priced between the $39 and $69 range.
So keep this list in mind when you’re on the search for the perfect WordPress landing page template.
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Dear Penny: I’m 54 With No Retirement Savings. How Do I Get Started?
Dear E.,
Investment firms produce fancy charts that claim to tell you how much you should have saved at any given age. According to the charts, a person in their mid-50s should have anywhere from five to eight times their annual earnings in a retirement account.
But chartland is a perfect world. It’s one where we all start saving for retirement at age 22, where our wages and the stock market keep growing, and where we always have access to a 401(k) with an employer match.
Then, there’s the real world.
A 2016 report from the Government Accountability Office found that 29% of households headed by someone over 55 had no retirement savings and no defined-benefit retirement plan, such as a pension.
So your predicament is common, unfortunately. But you still have options that can make your retirement years a lot more comfortable.
Let’s start with the obvious: If you have access to a 401(k), enrolling in your employer’s plan and taking advantage of any match is a must. You can contribute up to $25,000 in 2019 since you’re over 50; for workers under 50, the limit is $19,000.
But let’s be real: A lot of people aren’t saving for retirement because they don’t have access to an employer-sponsored plan.
Since you have $30,000 in your savings account, I suggest opening a Roth IRA stat. (Seriously, like as soon as you finish this column.)
You can open and fund a Roth IRA to the max if you have taxable income that doesn’t exceed $122,000 a year, or $193,000 if you’re married. You can easily open one online. Since it sounds like you’re new to investing, consider using a robo-adviser, which will select investments for you based on your goals.
Start by investing $7,000 in your account, which is the 2019 maximum amount someone over 50 can contribute to an IRA. Then make it a priority to fund it to the max every year.
If you contribute $7,000 now and then continue to invest $7,000 until you reach age 70, you’d have nearly $200,000 saved, assuming a 6% average annual rate of return. It certainly won’t buy you a cushy retirement, but it will make things easier.
The great thing about a Roth IRA is that it’s funded using money you’ve already paid taxes on, so you won’t owe taxes when you withdraw it later on.
So now that leaves you with $23,000. You should leave about three months’ living expenses set aside in savings for emergencies.
If you have money left over beyond that, using it to pay off debt is one of the best investments you can make. Your retirement will be a lot more comfortable without a mortgage or consumer debt.
But if you’re debt-free, you could open a taxable investment account to accrue more retirement savings.
You should also plan to wait as long as possible to take Social Security. If you take Social Security at 62, your benefit will be 30% lower than if you can wait until you’re 67.
Ultimately, when you delay saving for retirement, you should plan to work longer and live on less. But you do have options for building a nest egg, even when you get a late start.
Robin Hartill is a senior editor at The Penny Hoarder and the voice behind Dear Penny. Send your questions about saving for retirement to AskPenny@thepennyhoarder.com.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
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Moneywise First 50 Funds interview: Neil Hermon, Henderson Smaller Companies
Neil Hermon is manager of Henderson Smaller Companies. Edmund Greaves talks to him about exciting acquisitions, the upside of Brexit, and his top tips for experienced and new investors
What is Henderson Smaller Companies?
It’s a 130-year-old investment trust, which focuses on investing in UK mid-size and small companies. That is, companies in the bottom 10% of the UK market by market capitalisation [total value of a company’s listed shares], and ones valued below around £1.5billion.
For us it’s all about finding quality companies to invest in over the longer term.
What’s your top holding?
A company called Bellway, a UK housebuilder. It’s not your typical growth investor story, but I think it fits well with the Growth at a Reasonable Price (GARP) idea.
Bellway has had several very good years. It’s a very successful builder, certainly helped by the robust nature of the UK housing market. Help to Buy is a key driver as well as the government’s push to increase the housing supply.
We like Bellway because it has seen good growth in the past, and it’s building and expanding across the UK. It has a good management team, very consistent, very steady. The strategy is very well defined and worked out. The balance sheet is strong and has typically met and beat expectations on momentum.
What have you recently bought?
The most recent is Savills, a well-known property business. We’ve taken advantage of weakness in the share price around Brexit. As you look closer beneath the bonnet it’s quite a diverse business. People think of it very much as UK domestic-centric stock, but it’s got good diversification. It’s a business we’ve admired for a long time.
How has Brexit affected the UK stock market?
Brexit has been front and centre for the past three years now. But the UK stock market is very international by nature. Over 70% of the earnings of FTSE companies come from overseas. Even in our portfolio around half of the sales of our companies come from overseas.
We’ve got some balance in the portfolio regarding international versus UK domestic exposure. Even if the UK economy isn’t growing particularly quickly, there are some great UK businesses to invest in.
What’s your best investment decision?
The poster child of the portfolio in the last few years has been NMC Health. We invested in 2012 when it IPO’d [offered shares to the public for the first time in an Initial Public Offering] around £2 per share. We sold it last year at £36, an 18-fold return over the course of six years.
NMC is a Middle Eastern healthcare operation, but it’s listed in the UK. We liked the market, it was fast growing in an undeveloped area with the lack of government healthcare, and a growing and ageing population.
And the worst?
I’ve never had a company go bust on me (Neil taps the wooden table at this point). But we’ve had several companies that have fallen substantially.
One example would be London Mining. This is kind of a case in point of not straying too far from areas you understand. It was essentially a greenfield/brownfield start-up of an iron ore mine in Sierra Leone.
I mean, why did I do that? I don’t really know. The management team had done very well with a similar project in Brazil, so there was a degree of credibility there.
But it was too far away from our comfort zone. We didn’t really understand the dynamics of the market it was operating in. Mining ventures tend to cost twice as much [as projected] three years too late.
We haven’t invested in any greenfield start-up mining companies since that happened.
Did you go to Sierra Leone?
No, but it would have been a good idea wouldn’t it? On paper, it looked like an attractive investment, but with hindsight you reflect on that and think: “Actually that was a mistake I made, let’s not repeat those mistakes.”
Since then we’ve never invested in any other mining small-cap company. Frankly it’s a verboten for me going forward because the risks are too high for the reward you might get.
What’s the first thing you ever invested in?
What got me interested in this job was that I inherited a couple of shares from my grandmother when I was in my mid-teens, a long time ago.
That really piqued my interest in the stock market and fund management and I got addicted to reading the business section of the paper and looking at Teletext.
Quite sad, really – I should have been out dating girls! It gave me a real interest and from that I realised it’s what I wanted to do for a career.
What’s your top tip for a beginner investor?
First: if it’s too good to be true, it usually is. If the returns allegedly on offer are exceptional they usually carry excessive risk. Those stocks or investments that look like they’re going to make you 10 times your money usually lose you 90%.
Second: run your winners. Good companies tend to remain good companies. Always reflect on your investments – but taking a long-term approach to investing and trying to find buy-and-hold-forever stocks is the best thing you can do.
Henderson Smaller Companies key stats:
Launched: 1887
Fund size: £683 million
Ongoing charge (OCF): Yield: 2.38%
Source: Janus Henderson Investors, March 31 2019
The manager behind the fund
Neil Hermon is director of UK Equities and a fund manager at Janus Henderson Investors, a position he has held since 2013. He joined Henderson in 2002 as head of UK smaller companies. Prior to this, he served as head of UK smaller companies for General Accident Investment Management (later to become CGU plc). He began his career at Ernst & Young as a chartered accountant. Neil received an MA (Hons) in mathematics from Cambridge University. He is an associate member of the Society of Investment Professionals (ASIP) and has 30 years of financial industry experience.
Five-year discrete performance of Henderson Smaller Companies investment trust plc (HSL)
| Year | 0-12 months | 12-24 months | 24-36 months | 36-48 months | 48-60 months |
|---|---|---|---|---|---|
| HSL share price (total return %) | 1.8 | 25.11 | 22.96 | 3.9 | 11.19 |
| Benchmark: Numis Smaller Cos Ex Invmt Cos (total return %) | -3.42 | 7.14 | 22 | 1.82 | 6 |
Source: Janus Henderson Investors, 30 April 2019
Watch Moneywise editor Rachel Rickard Straus interview Neil Hermon at Moneywise.co.uk/Neil-Hermon-interview
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الخميس، 27 يونيو 2019
How to Get Free Amazon Gift Cards for Playing Words With Friends
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If you’re anything like us, you’ve probably logged an insane amount of hours playing Words with Friends. After being stuck with all those impossible letters (Xanthum is a word, right?), you deserve something for your troubles — besides the joy of playing a dirty word.
While you’re at it, why not earn some free gift cards, too? When you play games through Mistplay, a free Android app, you get rewarded to do what you already do.
Mistplay offers new games for you to discover, plus the ones you love to play. Think games like Words With Friends 2, Yahtzee, Clash Royale, Star Wars games and more.
You can find what you want to play on the “Games” page, then you’ll be redirected to the Google Play Store for downloading. While you play games, Mistplay runs in the background and notifies you when you earn in-app currency that you can use to redeem rewards. (To give you an idea, 300 units = $1, and 1,800 units = $5.)
The amount of units you earn varies, but keep in mind that you receive units only when you play the games you add to your Mixlist, or via bonuses from leveling up. Everyone gets 200 units for signing up — and you’ll get another 100 bonus units when you enter the code PENNY100 after sign up. (I think that’s a double word bonus!)
When you’re ready to splurge, redeem your units for gift cards from brands including Amazon (our personal fave), Starbucks, Cineplex, PlayStation and more. So basically, you get to play games to earn gift cards that can… buy you more games. And more. But, more games.
Ready to get in on the game-ception? Get started here.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
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The Path to Financial Independence in Detail
Gary writes in:
What exactly do you mean when you talk about financial independence? Can you break it down a little?
In simplest terms, when I talk about financial independence, I’m referring to a situation in which your living expenses are fully covered by your investments for the rest of your life. In other words, you no longer have to work for a living because you have enough in the bank to allow you to live your current lifestyle year in and year out for forever (or close to it).
Depending on which financial advice you read, that means you need to have somewhere between 25 times and 35 times your annual income in investments. That number changes depending on the aggressiveness of the investments and how many years of financial independence are being assumed. In general, I aim for the middle of that of that range and usually use a 30x multiplier (about a 3.3% withdrawal rate).
So, let’s say for example that you can live a life you like on $20,000 a year. That means you need to have somewhere between $500,000 (25 times that amount) and $700,000 (35 times that amount) invested. My target number would be $600,000 (30 times that amount).
Once you’ve reached that point, you simply withdraw $20,000 a year from your accounts and live on that amount (about $1,667 a month). You’ll be able to slightly increase this amount each year to account for inflation, so we won’t muddy the numbers with inflation.
If you need more than that, you can do the math pretty easily. Figure out how much you need per month to live a comfortable, simple life. Let’s say you decide it’s $3,000 a month. To hit that amount, you multiply it by 12, giving you $36,000 a year. You then multiply that number by 30, giving you $1,080,000. That’s how much you would need to have socked away in order to have financial independence while living on $30,000 a year.
Your Target Number and Your Lifestyle
Obviously, the big challenge is getting there, and it’s a multifaceted challenge.
In general, the journey to financial independence can be expressed with a very simple equation.
Your total income = your living expenses + money you can put aside for the future
In order to achieve financial independence, you need to be putting a lot aside for the future. That means maximizing the first number (total income) and minimizing the second number (living expenses) so that the third number can be as large as possible. The bigger that number is (and the smaller your living expenses are), the faster you can get there.
The first thing to consider is what kind of lifestyle you want to establish. Obviously, you’re going to need to be living on less than your income, but what portion of your income are you going to live on?
Let’s say you make $60,000 a year, which is pretty close to the American average household income. Can you live on half of what you make, $30,000 a year? Can you live on two thirds of what you make, or $40,000 a year?
It really depends on the kinds of lifestyle choices you want to make. Do you need to have a large house? Do you need to have a shiny car? Do you need to have a constant stream of “goodies” in your life? It’s all about the lifestyle choices. The more expensive things you choose to have in your life, the more you need to spend each year, and thus the larger your target number is going to be.
Even worse than that, the more you need to spend each year, the less you have available to save each year to reach your target number. Your expenses really do hit you both ways.
So, the absolute most important thing you can do if you want to achieve financial independence is figure out the minimal expense lifestyle that makes you happy. This isn’t worth doing if your life makes you miserable. On the other hand, this is impossible if you spend every dime you make. There’s a balance somewhere in the middle, where you’ve cut expenses that don’t make you happy and downgraded the big things in your life to the point where you’re maximally happy considering their cost and upkeep time and personal benefits.
For example, right now, I have a fully paid for house that I’m happy with, but I actually would like to live in a smaller one once my three children move out. Without kids, we don’t need this much space; arguably, we don’t need this much space right now. What does your minimal house look like, the one that minimizes expense but still leaves you with a comfortable pleasant life? Is it smaller than what you have now? If so, downsizing might be good for your financial state.
Another example: we have two cars for our family, one with more than 100,000 miles on it and another with more than 200,000 miles on it. We could definitely replace either one with something much newer… but why? What do we gain out of this that matters to us? Very little. There are others, with different lifestyles and different interests, who might get a lot of value out of a newer car, but for us, the primary use of a car is to get from point A to point B and these automobiles do the job well. What does your minimal transportation cost look like? Do you need the number of cars you have? Do you need to replace them before they utterly wear out? If you’re replacing cars before you’ve extracted the full value from them, then stop that cycle.
Do you get enough value out of cable to be spending $100 a month on it? That $100 a month becomes $1,200 a year, which adds $36,000 to your target number, and that $100 a month is $1,200 a year that you’re unable to save to get you to that target number. Is it really giving you that much joy? Are there other cheaper options that give you the good life? Consider cutting the cord (and here’s my guide for it).
Every single expense in your life needs to be considered that way. You need to find the minimal expense lifestyle that’s still comfortable and happy and joyous for you and actually live that lifestyle. The cost of that lifestyle sets your target number, and it also sets how much you need to get there.
Don’t Forget Your Career
As I just explained, your income breaks down into two parts.
Your total income = your living expenses + money you can put aside for the future
There are two variables here you can change based on your own actions. You can change your total income (ideally increasing it) by working smarter and harder and also by investing. You can also change your living expenses (ideally minimizing them) by finding ways to cut your expenses that don’t hurt the joy of your lifestyle.
Those two numbers really determine the “gap,” which is what I use to refer to that third number, the money you can put aside for the future. That’s the money that you actually use to get to financial independence.
Often, the living expenses are the more directly actionable part of the equation, as explained earlier, but you can definitely work to increase your income as well. The thing to remember is that efforts you take to increase your income don’t have to have immediate effects; if you can start doing something that improves your income a few years from now, it’s going to significantly improve the amount of money you can save each year as long as you don’t alter your spending along the way.
So, if you make $60,000 a year and spend $40,000 a year, you have $20,000 to save each year.
If you make $60,000 a year and cut your spending down to $30,000 a year, you have $30,000 to save each year.
If you get a raise to $80,000 a year and keep your spending at $30,000 a year, you have $50,000 to save each year.
The more you have to save each year, the better, obviously, so career improvements play a big role, even if they’re career choices that won’t directly pay off immediately.
Thus, if you’re serious about financial independence, you should take a strong career-focused approach to your job with an aim to improve your income as much as possible over the next decade or two.
That means doing things like getting certifications, getting a better degree, building lots of professional relationships, positioning yourself so that you’re known positively to lots of people in the high-paying places you want to work, completing projects, taking on leadership roles, and so on. I’m not going to write out an omnibus of career advice here, but I am clearly saying that part of the path to financial independence involves maximizing your career beyond just what your responsibilities are at work today. You need to be aiming for better career positions that pay a better income, and you need to not increase your living expenses along the way.
Getting From Here To There
So, let’s look at that equation again.
Your total income = your living expenses + money you can put aside for the future
Once you’ve done what you can to maximize your total income and minimize your living expenses, what exactly do you do with that money left over that you’re putting aside for the future?
The first thing you need to do is pay off debts. Almost everyone agrees that the first step is eliminating your high interest debts – everything with an interest rate of about 8% or so. You’ll find a lot of debate about what to do with lower interest debts, whether you should pay them off rapidly before starting to save so you don’t have those minimum payments around your neck and can save even more or whether you should start saving for the future now and make minimum payments on those debts. A lot of that has to do with personal philosophy and personal risk assessment – I don’t think either path is strictly right or wrong. Whatever you decide, though, get rid of higher interest debt and do everything in your power to keep from acquiring any more of it.
The second thing you need to do is build an emergency fund and start saving for irregular expenses. An emergency fund is a pool of cash, usually in your savings account, that you can use to deal with major unexpected events. Avoid using a credit card for this, as many emergencies will deny you the use of that card. Cash is king. Irregular expenses are things like car repairs, home repairs, appliance replacements, car replacements, and so on; it can also include infrequent bills like property taxes. Start saving so that those things are covered when they come around rather than having to take on debt to cover them. The best way to do this is to start automatically transferring a healthy amount of cash each month to your savings account and then using that account for genuine emergencies and for any irregular bills you can’t handle out of pocket.
Once those things are covered, start putting money aside for the future. My general recommendation is to follow these steps in order, using your “put aside money” on each step until you’re out. Any further money you begin to earn from an increase in income should be handled the same way – just go through the steps and put the money in the first step where it fits.
First, contribute to your workplace’s retirement savings plan up to whatever amount you need to get every drop of matching funds from your employer. If your employer doesn’t offer a plan or doesn’t offer any matching, skip this step.
Second, if your income is low enough, open up a Roth IRA and fully fund it. If it’s too high for that, open a Traditional IRA and fully fund it. Here’s some good advice on opening a Roth IRA that almost entirely applies to Traditional IRAs as well.
Third, go back to your workplace’s retirement savings plan and contribute up to their limit. There’s almost always some cap on contributions, so keep adding to this until you hit that cap.
Fourth, open up an account with an investment firm of your choice and start investing in a broad-based index fund like the Vanguard Total Stock Market Index. If you’re at this point, it probably makes sense to start learning more about investing, so pick up a book like The Bogleheads’ Guide to Investing or The Simple Path to Wealth.
All of these contributions should be automatic ones. Your workplace should be able to handle automatic contributions to your workplace retirement accounts and your investment firm of choice should be able to handle automatic contributions to those investments.
The trick, of course, is living on what’s left.
Part of what you’re actually doing with aggressive automated investing, where you never actually touch the money at all, is learning how to live on what’s left behind once those investments are covered. You’re paying yourself first, but doing so with gusto.
This will require some adjusting as time goes on. You might learn that you’re being too aggressive, so you need to dial something back. You might decide you can be a little more aggressive, so you increase a contribution. Aside from that, this entire system should move you automatically toward financial independence.
What Happens When I Get There?
People have somewhat different exact definitions of what it means to be financially independent, but my view is that if you can meet your living expenses for the year solely by withdrawing 3.5% or less of your investments, then you’re financially independent.
So, what happens then?
At that point, you have a lot of freedom to decide what to do with your life. In short, you no longer have to work to earn an income, so your sole motivations for continuing to work are either because the work fulfills you in some way, you want to slowly increase your standard of living now and when you’re no longer earning an income, or you want to do something else with that income (like make charitable gifts). If none of those are present for you, then walk away from work and fill your day with whatever you like.
For some, work might be deeply fulfilling and they choose to continue to do it. In that situation, salary really doesn’t matter too much unless it’s being used for one of the other purposes listed here. My feeling is that, if you’re financially independent, you shouldn’t be spending your time doing work that isn’t fulfilling – otherwise, what is the point of becoming financially independent? I’m all in favor of doing fulfilling work, but if work isn’t providing deep meaning in your life and you don’t have to work for income… find something else to do.
Some others may want to continue to increase their savings for the future, either so that they can slowly start ticking up their lifestyle or so that they can have even more security when they do choose to walk away from work. Many people may be theoretically financially independent but don’t want to do it quite yet because their standard of living would be thinner than they would like, so they keep working. Others may want even more security.
I know of at least two people who continue to work at jobs they’re content with even thought they’re financially independent and could live on their savings. In both cases, they give significant amounts to specific charities they care about – in at least one case, this person is sustaining a pretty important charity just out of their pocket.
The point is this: once you reach the point where you no longer have to work for money, you have a lot more freedom to decide what to do with your time, but that doesn’t mean you have to retire and sit at home and do nothing going forward. There are countless options for you.
What Happens If I Change My Mind Along the Way?
Many people start down this path and, after several years, realize it’s not what they want. They may decide that they want to raise their living expenses. They may get married and have children, which requires at least some raise in living expenses. They may want a less intense career or a more meaningful one. There are lots of reasons why people might choose to stop working toward financial independence.
What happens then?
Usually, people who make that decision after years of saving heavily for retirement have a very, very nice retirement nest egg built up, so even if they dial back their retirement savings significantly, they’re still going to have a very nice retirement when they reach typical retirement age, and that’s something they’ll always appreciate and have in their back pocket. I can’t imagine anyone seriously saying “I wish I had less money saved for retirement.”
In other words, chasing financial independence is a goal that, even if you decide to switch to another goal, you’re not going to regret the progress you made along that path. That cash will be there for you no matter what you decide between today and full financial independence.
Final Thoughts
Financial independence is a wonderful financial goal, but achieving it early in life (say, well before typical retirement age and Social Security benefits) is a stiff financial challenge. For some people, the personal freedom that it offers makes it an intoxicating target, particularly if they’re willing to take a radical approach to their spending habits and live on a relatively small percentage of their income. Thus, financial independence is often very appealing to individuals who are interested in living a minimal lifestyle while chasing a high-paying career.
Sarah and I have financial independence as a long term goal in our lives, but because we started down the path relatively late and chose to have three children (like it or not, children are expensive and delay large financial goals), we won’t be retiring incredibly early in life. We do aim to retire somewhat early, likely right in time with our youngest child leaving the nest.
Financial independence might not be the right goal for you, but it is a sensible financial goal for people who are driven for personal freedom and opportunity above all else.
Good luck!
The post The Path to Financial Independence in Detail appeared first on The Simple Dollar.
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الأربعاء، 26 يونيو 2019
Amazon expands Prime Day to 2 days this year, July 15-16
Amazon is expanding Prime Day, when it offers some of the lowest prices of the year, into a two-day affair.This year's event is set for July 15-16, with the online giant promising more than 1 million deals to shoppers in 18 countries.Many of the discounts are on Amazon's own products, CNET reports, such as Blink Cameras and Echo smart speakers. [...]
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US National Debt Escalating to the Danger Zone, the Dollar Gets Weaker
The US national debt is projected to reach "unprecedented" levels in the decades ahead. This is according to the non-partisan Congressional Budget Office (CBO), under what it calls its "most likely" outlook.
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Bethpage Federal Mortgage Rates Review
Originally an employee credit union formed in Long Island in 1941, Bethpage Federal Credit Union has expanded considerably over the last 75 years, now providing mortgages in every state except the Lone Star State.
Headquartered today in Bethpage, Long Island, the federally-chartered credit union provides a wide range of conventional, FHA, and jumbo loans, as well as HELOCs and fixed-rate home equity loans.
In this review, we will discuss the various mortgage products offered by Bethpage and see how they compare to the nation’s top mortgage lenders.
Bethpage Federal Mortgage Highlights
- Established in 1941, Bethpage Federal Credit Union is now the 16th largest credit union in the United States
- Services 49 states, though in-person service at a branch is only available in the Long Island, New York area
- To apply for a loan, you must become a credit union member by opening a savings account with a $5 minimum deposit
- Loan products include conventional, FHA, and jumbo purchase and refinance mortgages
- HELOCs available for up to $1 million and fixed-rate home equity loans carry terms up to 30 years
- Does not offer VA or USDA loans
History of Bethpage Federal Credit Union
Bethpage Federal Credit Union began its life in 1941, when employees of the aeronautical engineering company Grumman Corporation joined together in Farmingdale, Long Island to form the Grumman Plant Federal Credit Union. The enterprise eventually became Bethpage Aircraft Federal Credit Union in 1948 before adopting its current title in 1974.
In 2003, Bethpage was approved for the largest federal community charter in the United States, accelerating the institution’s growth and helping it become the 16th-largest credit union in the U.S. In 2016, Bethpage began serving customers in every state except the Lone Star State, though the credit union’s three dozen branches are all still located in the Long Island area.
With government-backed 15- and 30-year FHA loans that require borrowers put as little as 3.5 percent down, to jumbo loans that cover up to $5,000,000, Bethpage services a wide range of customers, including both first-time homebuyers and those making expensive property purchases. Becoming a borrower requires a credit union membership, which can be achieved by opening a savings account with as little as a $5 deposit.
Bethpage Federal Loan Specifics
Bethpage offers a relatively comprehensive portfolio of mortgage products, including fixed- and adjustable-rate loans and jumbo loans. A wide range of loan terms are available within those options, with borrowers able to choose between 10-, 15-, 20- and 30-year fixed rate loans, or 3/1, 3/3, 5/1, 5/5, 7/1 or 10/1 adjustable-rate mortgages. The credit union also provides government-backed FHA loans, though not USDA or VA loans.
Fixed Rate Loans
A fixed-rate mortgage comes with an interest rate that remains the same over the entire loan term, rather than increasing or decreasing with national interest rates. Bethpage allows borrowers a wide range of choices when it comes to this loan type, including a 10-year fixed rate mortgage with a 3.625 percent rate and 3.856 annual percentage rate, a 15-year fixed rate mortgage with a 4 percent rate and 4.161 APR, a 20-year fixed rate mortgage with a 4.375 percent rate and 4.502 APR, and a 30-year fixed rate mortgage with a 4.5 percent rate and a 4.593 APR. The shorter the term, the lower the interest rates, but the less time borrowers have to pay off the loan.
Adjustable Rate Loans
As opposed to fixed-rate mortgages that stay the same for the life of the loan, adjustable-rate mortgages (ARMs) begin with a lower interest rate that remains the same for a predetermined amount of time, after which it increases or decreases with national rates. Bethpage offers a 3/1 ARM, in which the interest remains the same for the first three years and then adjusts yearly with national rates for the remaining life of the loan. Bethpage also offers 5/1, 7/1, and 10/1 ARM loans, which keep rates fixed for the first five, seven, and ten years, respectively. The credit union also provides a 3/3 ARM, in which the rate changes every three years, and a 5/5 ARM, in which the rate changes every five.
FHA loans
Federal Housing Administration-insured loans are government-backed mortgages designed to help Americans who would otherwise struggle to qualify for a traditional home loan. Bethpage offers 15- and 30-year FHA loans that allow borrowers to purchase a new home with as little as 3.5 percent down.
Jumbo Loans
As of 2018, the limit on the maximum value assigned to a conventional loan is $453,100. A jumbo mortgage covers loans which exceed that maximum. Bethpage jumbo loans cover up to $5,000,000, through both ARM programs and 10-year fixed rate mortgages. The credit union also offers 15-year and 30-year fixed rate programs to cover loans of up to $2,500,000.
Bethpage Federal Mortgage Customer Experience
Bethpage Federal Credit Union allows borrowers to start their mortgage or home-equity loan application online, by visiting a branch, or by calling a loan officer. The credit union’s website contains many helpful resources that explain mortgage lending and provide financial counseling. Bethpage also offers an online first-time homebuyer center, which guides borrowers through the lending process and includes a closing costs estimator.
Bethpage does not appear in J.D. Power’s 2017 U.S. Primary Mortgage Origination Satisfaction Study, nor is the credit union listed among the lenders found in the CFPB’s Monthly Complaint Report.
Bethpage Federal Lender Reputation
Despite its nearly national home loan program, Bethpage Federal remains primarily a regional credit union with deep ties to the Long Island community it serves, including sponsorship of the Bethpage Ballpark, home of the independent baseball league team the Long Island Ducks.
Bethpage Federal Credit Union’s Long Island headquarters has received an A+ rating by the Better Business Bureau, though the company itself is not a BBB-accredited business. Bethpage has also received a customer rating of roughly two and a half out of five stars, though that is based on just three customer reviews. There have been 18 customer complaints closed in the last three years, eight of which were handled in the past 12 months. It should be noted, however, that many of these complaints are related to the credit union’s other services, rather than the company’s mortgage products.
*Information collected on December 12, 2018
Mortgage Qualifications
Bethpage Federal Credit Union does not publicize its minimum credit score requirements. However, Bethpage does provide FHA loans, which typically require a minimum FICO score of 580 to qualify for the low down payment advantage of just 3.5 percent down.
Additionally, to qualify for the lowest rates possible on all of Bethpage’s mortgage loan products, a minimum credit score of 740 is needed.
It is standard in the industry to require a credit score of at least 620. Anything below that number is generally considered to be poor, though it is possible to obtain loans with bad credit from certain lenders.
|
Credit Score |
Quality |
Ease of approval |
|
760+ |
Excellent |
Easy |
|
700-759 |
Good |
Somewhat easy |
|
621-699 |
Fair |
Moderate |
|
620 and below |
Poor |
Somewhat difficult |
|
N/A |
No credit score |
Difficult |
While FHA loans can be obtained for as little as 3.5 percent down, most loans require a down payment that is closer to the industry standard of 20 percent.
Bethpage Phone Number & Additional Details
- Homepage URL: https://www.bethpagefcu.com/
- Company Phone: 1-800-628-7070
- Headquarters Address: 899 S. Oyster Bay Road, Bethpage, NY 11714
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Chemical Bank Mortgage Rates Review
Founded 132 years ago in Grand Rapids, Michigan, Chemical Financial Corporation is the largest financial institution headquartered in its state.
Its subsidiary banking arm, Chemical Bank, has been in operation since 1917. Alongside personal and corporate banking, as well as wealth management, the bank offers a variety of loan products for individuals hoping to become homeowners or refinance their properties.
In this review, we will discuss the various home loan products offered by Chemical Bank and see how they compare to other top mortgage lenders in the U.S.
Chemical Bank Mortgage Highlights
- Offers home loans and banking services in Michigan and Ohio
- Participates in FHA, USDA, and VA programs
- Has specialized products such as the Heart and Home loan
- Oversees financial literacy programs and free mortgage consultations
- Enables online pre-qualification and loan applications for registered users
- Allows borrowing for new construction, cash-out refinancing, and more
History of Chemical Bank
Founded in 1917, Chemical Bank is a subsidiary of Chemical Financial Corporation. The bank serves borrowers in Michigan and Ohio and offers a number of personal and commercial banking products alongside its loans. The lender has many government-backed mortgages, such as USDA, FHA, and VA offerings, in addition to specialized programs such as Detroit’s Heart and Home.
The bank has an A+ rating from the Michigan BBB but is not accredited and has no user reviews.
Chemical Bank Loan Specifics
Chemical Banks offers the following types of loans to its customers:
Fixed-Rate Loans
A conventional fixed-rate loan is great for borrowers who want to pay the same rate throughout the life of the loan. These are available at different term lengths, with differing interest rates based on what the borrowers have chosen. Chemical Bank offers multiple repayment options for its fixed-rate mortgages.
Adjustable-Rate Loans
As a contrast to fixed-rate loans, lenders (including Chemical Bank) offer adjustable-rate mortgages. These ARMs act like fixed-rate counterparts for an initial term, and then the rates adjust every year. The initial rates are usually lower than those available for fixed-rate products, but when they begin readjusting, can get considerably more expensive. Chemical Bank suggests ARMs for borrowers who intend to spend five or fewer years in their new homes, want to make extra principal payments, or are interested in lower payments to begin with while anticipating increased income later.
Construction Loans
There are specialized loan products available for borrowers who want to purchase land and build on it, rather than buying a home that already exists. These mortgages from Chemical Bank are designed to simplify the construction process, with only one closing instead of separate meetings to fund each step of building the home. While the primary offerings are ARMs, Chemical Bank does note that fixed rates may be offered.
Jumbo Loans
Jumbo loans are a category of loan larger than the maximum amount backed by federal lending agencies. These are necessary products when lenders want to purchase homes and property with higher market values. Chemical Bank’s jumbo offerings include construction loan programs, to help buyers turn a plot of land into a comfortable new home.
USDA Loans
The U.S. Department of Agriculture offers a category of loan especially for individuals who are interested in buying homes in small towns and rural communities. Getting a rural development loan from Chemical Bank is an option for borrowers seeking to move into less populated areas in Michigan and Ohio. These loans’ advantages relative to more standard ones include simpler qualification terms, and potentially, 100 percent financing.
VA Loans
Current and former members of the military, as well as members of their immediate families, may qualify for VA loans backed by the Department of Veterans Affairs. Chemical Bank is one of the financial institutions that offer these products. There is no FICO credit score minimum to receive a VA loan from Chemical Bank, and borrowers don’t have to pay for mortgage insurance on these loans.
FHA Loans
The Federal Housing Authority backs loan programs that are intended for borrowers who don’t necessarily have the readily available funds to make a down payment. Receiving a loan to purchase a first home is a goal for many individuals whose income may not support a conventional loan, and Chemical Bank’s FHA offerings can suit these borrowers.
Cash-out Refinancing
When homeowners refinance a home, taking out a new loan at a higher value and receiving the difference in equity, this is known as cashing out. It is an excellent way to pay off a large debt immediately with the money received or to pay for another large-scale and current expense. This is because interest rates on home loans are typically lower than for credit cards or other types of debt. Chemical Bank offers cash-out refinancing as a feature of some of its specialized loan products, such as VA loans.
Chemical Bank Customer Experience
Chemical Bank offers an online qualification form for mortgages, whether they are seeking the loan with or without a mortgage loan offer. The bank also has financial literacy programs available. Some of the special loans offered through the bank have online APR rates listed while acknowledging that the actual rates offered will be based on the credit scores of the borrower in question.
The bank does offer free pre-qualification processes to determine how much a person is eligible to borrow, as well as free mortgage consultations. There is information about all of the many loan types offered by the bank, including specialized programs such as the Heart and Home Program, which is aimed at individuals in the city of Detroit and provides assistance with closing costs. As the bank does not list its average closing time, it’s unclear how it compares to Ellie Mae’s national average of 44 days.
Unlike some other financial institutions, the online features offered by Chemical Bank don’t include loan rate calculators for its mortgage products, though consumer and auto loans are explained in greater detail. Speaking with loan officers directly appears to be the primary way to receive comprehensive information.
Chemical Bank Lender Reputation
The Better Business Bureau in Michigan, reviewing the headquarters location of Chemical Bank, has not registered any consumer reviews for the institution. Therefore, there is no average user score available for the bank. While Chemical Bank has a BBB rating of A+ based on its responses to consumers, it should be noted that the organization does not accredit the bank.
There have been four registered consumer complaints against the bank, with three answered and one resolved. These are mainly related to Chemical Bank’s consumer checking products instead of its mortgages and home loans. It is difficult to ascertain the general customer attitude toward the institution with such a small group of reviews, many fewer than are typically available for larger banks.
Mortgage Qualifications
Qualifying for a loan from Chemical Bank depends on the kind of product in question. The bank offers a variety of financial products, including multiple versions specifically designed for individuals who do not meet the standard mortgage qualification requirements like credit score. Due to the lack of information publicly available on the loan products, it’s clear that potential borrowers will have to speak directly to representatives for more details.
|
Income and debt-to-income requirements |
Down payment requirement |
Gift funds available? |
Minimum FICO credit score |
|
None specified |
None specified |
Unspecified |
Depends on loan type (none for VA loans) |
Chemical Bank Phone Number & Additional Details
- Homepage URL: https://www.chemicalbank.com/
- Company Phone: (800) 867-9757
- Headquarters Address: 2185 3 Mile Rd NW, Grand Rapids, MI, 49544
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Failure
I fail all the time.
I spend money on things I shouldn’t. I’ll see something at Target or on Amazon and buy it without giving it any sort of reflection. I’ll forget my grocery list, go to the store anyway, manage to get most of what was on the list, but buy a bunch of unintended stuff, too.
I’m not as organized as I’d like to be. I have lots of bins and boxes with random things in them. I can usually find something that I need when I need it, but it looks chaotic and no one else can make heads or tails of it.
I don’t exercise as much as I aim to. I actually don’t mind exercise when I get going, but I often fail to motivate myself to get started.
I don’t eat perfectly. I can resist sweets, but not savory snacks. I often eat more than I should when I like the taste of a meal.
I don’t stick to my goals. I usually set too many of them and find myself falling short of a lot of them.
I spend time on things I shouldn’t and don’t spend enough time on things I should. I manage to follow my own to-do list pretty well, but I flounder without some sort of directive to follow.
I’m often extremely hard on myself and prone to driving myself into melancholy for things that really aren’t a big deal.
I’m often awkward in social situations. I get nervous and either stop speaking or stumble all over my words.
I fail. I failed at several things today and I’m likely to fail at several things tomorrow.
Even given all of that, I am not a failure.
A failure is someone who accepts those mistakes and little failures and decides that those define who they are. A failure would look at that list and decide: I am those failures, they are who I am, and that’s who I will always be.
A failure is a person who decides that they can’t be any better than they already are. A failure decides that their little mistakes are fine because that’s who they are. A failure accepts bad results because they don’t believe they can do any better or deserve any better.
I am not a failure. I am merely a person who fails and makes mistakes. Yet those failures and mistakes don’t define me. Rather, they tell me where I can improve. That sense of failure isn’t a reminder that I’m broken, but where I need to work.
When I spend money on things I shouldn’t, that doesn’t mean I’m a failure with money. It means I need to take a look at my spending habits. Why did I buy that game I didn’t really need that exceeded my hobby budget? Why did I even want it to begin with? Why didn’t I have a better grip on my hobby spending? It’s time to rethink my hobbies a little bit and get a better system in place for my hobby spending.
Why did I go shopping without a grocery list? Something’s off with my routines for grocery shopping, so what can I do better next time?
When I notice my chaotic bins and baskets, that doesn’t mean I’m a failure at organization. It means that I need to reflect on my methods of storage and whether I can do it better. Do I really need all of these things? Is there a better way to arrange them? Is there a better system so that I can keep the stuff I need and find it easily without having it look like a chaotic looking mess? Again, it’s time to look at how I do these things and find some better routines.
When I’m unhappy with my fitness, that doesn’t mean I’m a failure at my personal health. It means that I need to figure out some new approaches to fitness. What exercises do I actually enjoy? How can I motivate myself better when it comes time to actually choose to exercise? How can I build a good routine so that it all comes naturally?
Those kinds of questions are my response to something I’m unhappy with in my life or some area of my life in which I failed.
I am not a failure. I am a person who failed at something, and failing is okay as long as it is not paired with giving up and no longer trying to be better. Failure is okay as long as it is followed with picking myself up, asking what I did wrong, and genuinely trying to go back and do it better the next time.
No matter how badly I fail at something, it’s not the end of the story. No matter how badly I flopped, there’s always tomorrow.
Tomorrow is another opportunity to succeed. Another opportunity to do it right.
Each day is a blank slate upon which I can be the best person I can possibly be. I will fall short of that, without a doubt, but I aim for it every day.
I try to make each day my masterpiece, to make it my Picasso. Of course, many days often turns out looking like an abstract attempt at a Bob Ross painting, but it’s something, and hopefully it’s a little better than my average day.
And then the next day, I get up and try to make that day my masterpiece once again.
The thing is, I will always fall short of that perfect day. I know this. I will always mess something up in some aspect of my life because I am not a perfect person.
Instead, what matters most is the journey and the effort along the way. Did I put in genuine effort toward improving in the areas I want to improve in? That matters more than anything else. With that genuine effort comes slow and steady improvement, even if it doesn’t mean immediate and endless success.
Am I putting forth genuine effort every single day to be better at the things that matter to me, and am I learning from what fails and what succeeds? If so, I’m not a failure. I don’t need to be the best. I just need to work at it consistently, day in and day out. It’s only when I stop working and accept my shortcomings that I truly become a failure.
Furthermore, not being the best at something doesn’t mean failure. I don’t need to be the fourth degree black belt at my taekwondo school who can break three boards back to back with a single jump kick, but what I need to be is a little crisper on my forms than I was a month ago. I don’t need to be absolutely perfect in how I spend every dime of my money and every moment of my time, but what I need to be is a little less wasteful than I was a year ago.
Every day, I try to do better. Every day, I try to put forth the effort. Every day, I try to paint my masterpiece.
I fail. I fail often.
But I am not a failure.
Are you going to fail at something today? Sure. Every person alive is probably going to fail at something today. They’re going to spend money in a wasteful way. They’re going to not respond appropriately in a social situation. They’re going to eat something really unhealthy for supper. They’re going to yell at their kid because they couldn’t control their emotions. They’re going to leave a friend in the lurch. They’re going to fail, they’re going to regret it, and they’re going to feel bad.
Are you going to be a failure? That’s up to you. Are you going to recognize that failure? Are you going to figure out what went wrong? Are you going to go back and try again, utilizing what you learned? Are you going to put in the effort to be a little better each day?
Then you’re not a failure, either.
Failure isn’t about results. Often, those are out of your control. It’s about continued effort, even when the results aren’t what you hoped for. It’s that continued effort that gradually produces better and better results and fewer and fewer failures over time.
You choose.
Good luck.
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