Money Management

If a home offer includes a sales contingency, it may be best to pass it up because too many things could potentially go wrong. Find out why. [[{“value”:”

Getting an offer for someone to buy your house is exciting — but it has to be a good offer. Otherwise, you could end up regretting moving forward with your home sale since the bad offer could have a negative impact on your personal finances.

When it comes to reviewing an offer, obviously you want to take a look at the price being offered. But you’ll also need to pay attention to contingencies, which are pre-conditions that must be met before the home buyer is required to go through with the purchase.

Some contingencies can be a pain, but are common and expected in real estate contracts — like inspection and appraisal clauses, which give buyers the right to walk away (or renegotiate the deal) if something goes wrong. But there are other contingencies that aren’t necessarily found in every contract and that could cause a lot of hassle while also reducing the chances of the deal going through.

One term, in particular, could be especially problematic for sellers. If you receive an offer with a sale contingency in it, you may want to pass it up. Here’s why it can be bad news.

Watch out for a sale contingency

One big red flag to watch out for when you get an offer is a sale contingency. Basically, this contract term specifies that the buyers want your house — but won’t be obligated to purchase it unless their own home sells.

There’s a simple reason why sales contingencies could sometimes be included in real estate deals. In 2023, around 50% of home buyers were people who already owned properties, rather than first-time buyers. And this can make things tricky.

Someone who owns a home has a choice between selling it first and then scrambling to find a place to live after they’ve done so, or finding a new house first and then praying their home sells so they don’t get stuck making two mortgage payments for months or even years.

Some home buyers don’t like those choices, so they try to buy a new property conditioned on their old one selling. Usually, there’s a specific timeframe. For example, they might specify that if their home sells by a certain date in the future — often several months away — then they will buy your home at the agreed-upon price. But if their home doesn’t sell, they won’t be obligated to move forward with a mortgage lender to buy your property.

Unfortunately, when this clause is included, it may set you up for failure.

What could go wrong?

Typically, when you accept an offer with a sale contingency, you have to list your house as “Pending,” rather than “For Sale.” People don’t go look at pending houses for the most part, so it’s likely you’ll lose your chance at any other potential buyers seeing your property. You’ll be stuck waiting and hoping that the current buyers are able to sell their property and move forward.

The problem is, that may not happen. You won’t really know what price your buyers are trying to get for their current home, how aggressively they are marketing it, how they’re maintaining it, or whether there’s even a realistic chance of them selling on schedule. And you’ll just have to sit there hoping they find a qualified buyer, because if not, you’ll lose your sale and all the time you spent waiting for it.

There’s simply too much uncertainty when your sale relies on someone else doing a business deal. It might not be worth taking the risk of having your house sit there for months, only to end up back on the market if something falls through.

Unless you’re OK with needing to start the selling process over again after potentially months of waiting for your buyers to close the deal, you should not agree to an offer with a sale contingency. Instead, wait for a buyer who is ready, willing, and able to move forward on a schedule that makes sense so you can forge ahead with moving out of your home.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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Home charging of electric vehicles can be slower and less convenient than you might think. See if charging your EV at home will work for your commute. [[{“value”:”

Electric vehicles might be the future, but they’re suffering from a sales downturn in 2024. In the past few years, some early adopters of EVs wanted to be the first in their neighborhood to buy an electric car. But other more mainstream car buyers have concerns about EVs — from higher auto insurance prices to “range anxiety.”

Every new technology has its growing pains. But one of the biggest EV downsides that not enough people are paying attention to is: Can you actually charge an electric vehicle at your home?

Let’s look at a few of the challenges of home charging of electric vehicles — and whether an EV could be the right fit for your daily driving.

Home charging of EVs: Slower than you might think

One advantage of electric vehicles is that their batteries can be charged with a standard 110-volt household power outlet. That’s right — the same outlet that you’d use to plug in a laptop or charge your smartphone can also be used to charge your electric vehicle. If you have a garage, carport, or driveway with an exterior power outlet, you can plug in your EV and charge it at home.

But here’s the problem: Charging an EV at home takes awhile. Official data from the U.S. Department of Energy shows that home charging with a standard 110-volt outlet (known as “Level 1” charging) only adds about four or five miles of battery range per hour. (Tesla says that a standard outlet will only recharge its car batteries by about three miles per hour.)

Say you get home from work at 6 p.m. and leave your car plugged in overnight until departing for your commute the next morning at 8 a.m. In those 14 hours, you could recharge your battery by about 56 to 70 miles of range.

Depending on your driving habits, that might be enough range for your everyday needs. U.S. Department of Transportation survey data shows that the average American drives about 37 miles each day. But if you have a longer commute, or just want to have a fully charged battery every day, you might need to raise the game on your home EV charging.

How to charge your EV at home faster: Level 2 charging

If you’re willing to pay a bit extra, you can get a more powerful charger for refueling your EV at home. This is known as a “Level 2” charger, and it involves a 240-volt outlet; the same kind that is used for connecting power to larger appliances like an oven, washer, or dryer.

To install a 240-volt Level 2 charger for your EV, you will need to hire a professional electrician. For an example of the costs to install a faster EV charger at home, Tesla sells a Wall Connector home charger that has a sale price of $475, and an estimated installation cost of $750 to $1,500. Tesla’s Wall Connector adds about 44 miles of battery range per hour — making it easier to completely recharge your EV battery overnight.

Some states and local utilities might offer rebates or tax benefits to help you cover the costs of installing a Level 2 EV charger at your home.

What if you can’t charge your EV at home?

If you live in an apartment, park on the street, or otherwise don’t have access to reliable power outlets to charge your EV at home, it’s time to take your EV charging to the next level: DC fast charging.

This is a super-fast type of EV battery charging that uses direct current (DC) and can deliver 100 to 200 miles of range (or more) in about 30 minutes. Some EV drivers might even see an 80% battery recharge after just 20 minutes of DC fast charging.

In the same way that owners of gas-powered cars have to go to the gas station to refuel, some EV owners might need to use public EV charging stations. The U.S. Department of Energy’s website offers a searchable map of fast EV charging locations near you.

Is EV charging a dealbreaker? Here’s another car to buy

If you don’t have the ability to charge an EV at home and you don’t trust the reliability of nearby public charging stations, you might want to consider a hybrid car. Plug-in hybrid vehicles (PHEVs) can give you lots of the same money-saving benefits as EVs, but they also run on gasoline.

I own a plug-in hybrid Toyota Prius Prime, and it’s one of my all-time favorite cars. My auto insurance only costs $89 per month, and it feels like driving a zippy little eco-friendly spaceship. And it can run on battery (“plug-in”) OR on gas (hybrid). I don’t have to worry about range anxiety, but I can still save big bucks on gas. And some plug-in hybrid electric vehicles (PHEVs) also qualify for the EV tax credits — up to $7,500 for eligible new cars, or up to $4,000 for pre-owned plug-in hybrids.

Bottom line

If you want to buy an EV, first crunch the numbers to make sure you can get enough battery range from home charging. Many everyday commuters should be able to recharge their EV batteries just with home outlets.

If you need more battery range, consider installing a Level 2 charger at home. Public charging stations are still being built and might not be 100% reliable, but ideally their quality and accessibility will improve in the near future as more EVs hit the road and more stations are built.

And if EV charging is a dealbreaker, you might want to consider a fuel-efficient hybrid vehicle or plug-in hybrid electric vehicle. These cars can save you money on gas without range anxiety.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has positions in and recommends Tesla and Walmart. The Motley Fool has a disclosure policy.

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Tax help may be difficult to come by in 2024. Read on to see why. [[{“value”:”

If you haven’t begun to think about your taxes this year, it’s time to get started. At this point, there’s about a month and a half left until the April 15 filing deadline. And the more you put things off, the greater your chances of having to rush through your filing and making a mistake.

Now, if your tax situation is fairly straightforward — you’re reporting wages from a salaried job, bank account interest, and dividend payments in your brokerage account only — then you may be able to file your taxes on your own. But if you’re self-employed, work and live in different states, or own a small business, then it may be a good idea to seek out tax help.

Unfortunately, though, that may be a problem if you haven’t lined someone up at this stage of the game. There’s a shortage of accountants in the U.S., and it’s a problem that may come back to bite you this season.

Why are there so few accountants?

The American Institute of Certified Public Accountants reports that the share of college students with accounting degrees has been declining by about 3% per year since 2015. And while that may be surprising, consider the facts.

Accounting is a stressful profession, and those who work in the tax realm in particular tend to clock in long hours and experience a lot of stress from late January through mid-April in particular. Also, while it’s more than possible to earn a good wage as an accountant, self-proclaimed “numbers people” can look for jobs in finance or marketing that potentially pay just as well but don’t come with the stress of dealing with tax season.

What to do if you can’t find an accountant this year

You may be gearing up to hire an accountant to file your taxes in early March. At that point, you still have plenty of time to complete your return ahead of the April 15 deadline.

But don’t be surprised if you can’t find an accountant to take you on. Many tax professionals are already booked for the season and can’t accept new clients.

If that happens to you, don’t panic. First, if you can’t find an accountant, you can use this tool to find an enrolled agent to work with instead. An enrolled agent is a tax professional who’s not a CPA but has the knowledge to complete a tax return accurately nonetheless.

Another option? Request a tax extension, which gives you an extra six months to submit your return. The tax preparers who come recommended in your area may be booked solid through mid-April. But they might have availability to help you complete your return over the summer.

That said, keep in mind that a tax extension will only give you more time to submit your return to the IRS. It won’t give you extra time to pay your tax bill. If you typically have to write the IRS a check during tax season, do your best to estimate what you owe for 2023 and send in that payment by April 15 to avoid being charged interest and penalties.

It’s unfortunate that some people might struggle to get their taxes done this year due to an accountant shortage. If that happens to you, make a point to line up tax help early in the season next year. You may even want to arrange for that help at some point in 2024, just in case.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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Experiencing a layoff is painful. Read on to find out three industries that are growing quickly. [[{“value”:”

The unemployment rate is just 3.7% right now, but that doesn’t mean all job sectors are doing well. Many large companies announced significant staff reductions recently, and in 2023, there was a 98% increase in layoffs compared to the previous year.

The hiring boom that began during the COVID-19 pandemic is clearly over in many industries, and if you’ve lost your job recently, you may be looking for an entirely new career. The good news is that there are lots of growing industries that will add 4.7 million new jobs over the next decade.

Here are a few that may be worth considering if you want to pivot in an entirely new direction.

1. Healthcare support

10-year job growth: 15.4%

The Bureau of Labor Statistics (BLS) says healthcare jobs will multiply over the next decade because of America’s aging population and the prevalence of chronic conditions. This will cause a projected 15.4% spike in demand for healthcare support jobs between now and 2032.

Healthcare support jobs include everything from nursing assistants to occupational therapy aides, as well as medical and dental assistants. Pivoting to some of these careers may take less time than you’d expect.

For example, according to Indeed, many dental assistant programs can be completed within one to two years and require only a GED or high school diploma. BLS says the national average dental assistant salary is $44,710, and you can find accredited programs through the Commission on Dental Accreditation website.

2. Computer science

10-year job growth: 15.2%

Computer science is, admittedly, a broad category, but the BLS data drills down to some specific areas of growth in the “computer and mathematical” segment that includes web and software developers, computer programmers, and data scientists.

Jobs in this category are projected to grow by 15.2% by 2032, which may seem odd considering that many recent layoffs have come from tech companies. But the recent pullback in tech jobs does not indicate the broader industry is slowing down. The BLS notes that demand for these jobs will grow thanks to an increase in demand created by artificial intelligence, robotics, and machine learning.

One potential way to pivot to a job in this field is to go through a coding boot camp. Some camps last several weeks to months and teach you a specific computer coding language. The average computer programmer’s salary is $89,190, and some coding boot camps even help you find a job once you complete the program.

3. Community and social services

10-year job growth: 7.8%

Another category that’s expected to see above-average job growth over the next 10 years is community and social services jobs. Examples of these positions include counselors, therapists, and social workers.

Some jobs, like therapists, will likely require a significant time and financial commitment to achieve. For example, marriage and family therapists often require a Master’s degree. But other jobs in this category, like a social and human services assistant, have on-the-job training, according to the BLS.

The social work assistant jobs require only a high school diploma or GED and earn an average salary of $38,520 annually. While the pay isn’t high, helping others in the community can provide significant personal satisfaction.

A few tips when making a career change

Knowing how to make a career change after a layoff can be challenging. But finding a mentor could make the process a lot easier. Search your existing network for people already working in the field you want to get a job in. Hiring a career coach may also help you create a concrete plan for switching careers.

Additionally, it’s probably a good idea to assess your personal finance situation before making a switch. Some jobs may require a financial investment to pay for a degree or certification, but depending on their cost and your debt situation, it may not be a good idea.

Finally, consider talking to a financial advisor if you’re serious about switching careers. They can help you navigate your current financial situation and guide you on how to save and invest your money to meet your career goals.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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You can find CDs with terms of six, seven, or even 10 years — but are they right for you? Keep reading to find out. [[{“value”:”

Most banks on our radar offer certificates of deposit (CDs) in a variety of standard term lengths, and they generally max out with 5-year CDs. But what if you want to set up a stream of predictable interest income for even longer than five years? Do longer-term CDs exist?

The short answer is yes — you can find a CD with a longer maturity term than five years. But there’s a lot more to the story, so here’s what’s available and what to think about before you decide to deposit your money.

Some banks offer longer CDs

While the 5-year CD is the industry standard for a long-term CD, there are some banks that offer CDs that have even longer maturity terms. Just to name a few that exist as of this writing (Feb. 20, 2024):

Marcus by Goldman Sachs offers a 6-year high-yield CD with a $500 minimum deposit and a 4% APY.Discover® Bank offers a 7-year CD that has a $2,500 minimum deposit and a 3.80% APY. There’s also a 10-year CD available with the same 3.80% APY.Vio Bank offers CDs with terms of seven and 10 years, but both have relatively low 2.75% APYs as of this writing. These have $500 minimum deposits.

The point is that banks can, and sometimes do, offer CDs with maturity terms longer than five years.

Are long-term CDs a good idea?

Long-term CDs can be a smart way to set yourself up with years of predictable interest income. They can be an especially smart retirement income tool, especially while CD rates are relatively high. But long-term CDs aren’t the best idea in every case.

For one thing, while longer-term CDs exist, they might not be the best place to put your money for risk-free income if you want to lock in an interest rate for a long time. For example, the 10-year Treasury bond yield is about 4.28% as I’m writing this, and you can buy Treasuries with maturities as long as 30 years that pay risk-free income.

Plus, Treasury securities are relatively easy to buy through a brokerage that offers bond investing, or directly from the government at TreasuryDirect.gov if you’re looking to lock in income for a decade or more. For shorter-term CDs, rates are often slightly higher than those offered by Treasuries, but for long-term fixed-income purposes, Treasuries often have higher yields.

In addition, Treasuries have some key advantages over CDs if you want a long-term income stream. For example, while CDs are subject to the $250,000 FDIC insurance limit, Treasuries are backed in their entirety by the U.S. government. Plus, income from Treasury securities is exempt from state income taxes, while CD income is taxable at the federal and state level.

Also, while it’s no secret that there’s typically a penalty for withdrawing from a CD early, you might not be aware that many banks have harsher penalties for longer-term CDs. Plus, when rates are relatively high like they are now, it’s not uncommon to find significantly higher interest rates from short-term CDs.

The bottom line

The bottom line is that depending on your circumstances, long-term CDs like those discussed here could be right for you. But there could be better long-term income options, and if you aren’t sure you want your money tied up, it could be worth looking into creating a CD ladder of different maturities so you’ll have access to some of your money every so often.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. Matt Frankel has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Goldman Sachs Group. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.

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If you need more money, a side gig can help you reach your goals faster. Learn about five side hustles that don’t require lots of time or money to get started. [[{“value”:”

Saving $1,000 can take a long time when you’re on a tight budget. Taking on a side hustle can help you make quicker progress toward your financial goals.

But not all side hustles are created equal, particularly when you’re trying to make money fast. When time is of the essence, you want gig work that doesn’t require major upfront costs or extensive training. To make $1,000 fast, consider these five side hustles.

1. Delivering groceries for Instacart

Full-service Instacart drivers are 1099 contractors who do both the shopping and delivery for orders. As with many app-based side gigs, income on Instacart can be unpredictable since it depends on a host of factors, like how quickly you shop, demand, tips, and whether Instacart is offering incentives to entice more shoppers. But according to Glassdoor, drivers have median hourly earnings of $17 to $24 per hour between base pay and tips.

Top-earning drivers say they choose high-volume locations in a close radius and focus on busy times, like weekends and evening hours. Many shoppers save on gas and time by delivering multiple orders at once. Getting top-notch customer service ratings also helps shoppers score better gigs and tips.

2. Ride-hailing driver

As with Instacart, how much you make driving for Uber or Lyft depends on fares — which, of course, can vary widely — along with tips and incentives. Glassdoor estimates that Uber drivers earn about $25 an hour, while Lyft drivers make roughly $24 per hour.

If you want to boost your earnings, consider driving at times when people tend to drink more (think: holidays and Friday and Saturday nights) in busy downtown areas to earn more from surge pricing. Also, consider signing up for both Uber and Lyft, since they may offer incentives at different times.

3. Doing odd jobs on TaskRabbit

If you’re handy, you have a knack for cleaning and organization, or you’re good at yard work, you could make extra money on the TaskRabbit app helping people with various chores. TaskRabbit contractors, aka “Taskers,” set their own hourly fee and create a profile, then get to keep 100% of their earnings. Clients pay a service fee on top of the Tasker’s hourly rate.

TaskRabbit hourly rates vary widely, depending on the type of work and location, but here are a few examples of what an contractor in the Cincinnati area earns on average, according to TaskRabbit:

Cleaning: $33/hourHeavy lifting and loading: $42/hourIKEA assembly: $15/hour (Note: IKEA acquired TaskRabbit in 2017)Minor home repairs: $39/hourSnow removal: $38/hourYard work: $32/hour

You could also look for odd jobs by posting about your small business and the services you offer in local Facebook groups and NextDoor.

4. Search engine evaluator

If you want a side hustle that you can easily do from home, consider becoming a search engine evaluator. In this role, you provide feedback on how relevant and helpful search results are to help search engines improve their algorithms. The average search engine evaluator pay is $24 per hour, according to ZipRecruiter.

Many people like the flexibility of this gig. You can usually set your own hours, though you may have a minimum and maximum number of hours you can work in a week.

Some companies that frequently hire search engine evaluators include:

AppenOneFormaTeemwork.aiTELUS International AIWelocalize

5. Binge-watching House Hunters

If you’re obsessed with HGTV, this job may sound too good to be true. Tool review site DIY Gear Reviews is hiring someone to binge-watch House Hunters for $1,000. The chosen applicant will be tasked with watching all 13 episodes in season 244 on FuboTV. You’ll answer a few questions about each episode — like the job titles of the prospective buyers, the final purchase price, and how they’re financing it if that’s discussed — and write a one- or two-paragraph summary of each episode.

The project is part of a study DIY Gear Reviews is conducting about home affordability. If you’re hired, you’ll get a $75 subsidy to cover the cost of a FuboTV subscription on top of the $1,000 you’ll earn.

Don’t forget about these side hustle costs

Sometimes you need to spend money to make money, so if you’re taking on a side hustle, don’t forget about these extra costs:

Ride-hailing insurance: You may need to add ride-hailing to your car insurance if you’re driving for Uber or Lyft. Depending on the insurance company, ride-hailing insurance may also cover you if you make deliveries in your vehicle.Fuel: If driving is your side hustle, your gas costs will increase. A gas credit card can lessen the pain at the pump by letting you earn rewards for fueling up. You would also qualify for a business credit card, some of which come with excellent welcome bonuses and rewards for all of your work spending, not just gas.Equipment: If you’re doing odd jobs for your side gig, you may need to shell out for equipment to help you get jobs done efficiently.Self-employment taxes: When you’re a 1099 contractor, you have to pay both the employee and employer’s share of Social Security and Medicare taxes. For most people, that translates to 15.3% off the bat for payroll taxes.

Getting a side gig can go a long way toward building financial security. If you’re looking to make money fast, look for an opportunity that doesn’t require you to spend a lot of time or cash upfront to get started.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Robin Hartill, CFP® has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Uber Technologies. The Motley Fool has a disclosure policy.

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