Money Management

If you’re selling your house, simple updates could help — such as changing out cabinet hardware or mulching. Read on for more ways to update your home. 

Selling your home can be a frustrating process. You will need to find someone who wants to buy a house and who is interested in your specific property out of all of the homes available. You’ll also need to make sure you get a fair price and sell your house for enough money to pay off your mortgage.

If your home feels outdated, it can be harder to find a buyer. But at the same time, you don’t necessarily want to sink a bunch of money into upgrades that buyers won’t be interested in.

The good news is, there are simple ways to change the look of your space that could cost you less than $100 on your credit card and make a big impact in how buyers perceive your property. Here are a few ideas.

1. Upgrade your cabinet hardware

Cabinet hardware can make your kitchens and bathrooms look seriously dated if you have old-fashioned pulls.

The good news is, you don’t have to spend a fortune to change this out. You can get more up-to-date knobs for a few bucks at your local hardware store, and usually need no DIY knowledge to unscrew your old ones and put new ones on instead.

2. Add some plants and mulch

The first thing buyers see when they come to your house is the exterior — and curb appeal can make a huge difference in whether they have a positive impression.

That’s why adding a few colorful plants and putting down some mulch can have such a powerful impact. Plants can add color and interest, while nothing catches the eye like some fresh mulch. You can pick up a few bags priced at about $4 each, and some nice colorful plants for well under $20.

3. Paint your garage door, front door, or shutters

Your garage door, front door, and shutters also play a big role in the curb appeal of your home. And updating them can be a quick, easy fix. Exterior paint can be purchased for about $20 a quart, so a few gallons of paint and a little sweat equity can make a big difference in how welcoming your home looks.

4. Change out a light fixture

Light fixtures can also date a house — especially if you have old-fashioned chandeliers in main rooms like your dining room or living room area. There are some options for really neat fixtures for under $100, although hiring a professional electrician to make the switch could push you a bit over budget. If you’re not moving the light and you have some basic electrical knowledge, this could be a pretty easy DIY job.

5. Stain your deck

Finally, staining your deck could make a big difference in how your home’s exterior comes across — especially if your boards are starting to fade or peel. A can of stain can be had for about $50 or less, and it could make an old deck look new again.

Any of these fixes could be just the thing to help you find a home buyer, so consider which ones would make the biggest difference in your home.

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Losing track of a cashier’s check can be a big deal indeed. Read on to learn about cashier’s checks and what to do if yours is stolen or goes missing. 

For most situations in life, you can pay for a purchase with cash, a debit or credit card, a payments app, or a personal check. However, if you’re covering closing costs and a down payment on a home purchase or making another very large outlay of money, you might not be allowed to pay with a card, app, or check written by you on your checking account. And you likely don’t want to withdraw a bunch of cash. In this instance, you might turn to a cashier’s check instead.

What’s a cashier’s check, anyway?

Unlike the payment options mentioned above, a cashier’s check isn’t free. At the big national bank I have some accounts with, for example, a cashier’s check will cost me $15. But in addition to making it easier to pay for large expenses, a cashier’s check will also clear a lot faster than a personal check, because it’s written on your bank’s funds, rather than your own. This means the bank is guaranteeing the check (note: you must actually have that money in your own account for the bank to draw on to replace its funds).

How do you get one?

To get a cashier’s check, you’ll need to go to your bank (or initiate the check online). You’ll need your identification and account information, as well as the amount for the check and the recipient’s name. Once you pay the fee, your bank will create the check (if you’re doing this online, it’ll be mailed to you) and you’ll be issued a receipt. Now you’ve got your means to pay a big expense and can go on your way. But what if something goes wrong?

What happens if you lose your cashier’s check?

If you lose the cashier’s check or it’s stolen before you can give it to the intended payee, your first move should be to get in touch with the bank that issued it. You’ll need to report the loss and request a stop payment on the check. That way, if someone finds it, they won’t be able to cash it. You may have to make a declaration of loss statement, which is you affirming the check is gone and you will not find it.

You might be required to purchase an indemnity bond to get a replacement cashier’s check. This is an insurance policy that ensures you’ll reimburse the bank for its losses if the original check is found and cashed along with the replacement. It might be hard to get an indemnity bond, and you might need the help of an insurance broker.

Unfortunately, even after jumping through all these hoops, it could still be 30 to 90 days before your bank agrees to issue you a replacement cashier’s check. And in the meantime, you’ll be out the money for the original check (since your money was transferred to your bank to replace the money it shelled out on the check originally), as well as the fee you paid to get it (this won’t be refunded to you). It’s not an ideal situation, so keep a tight hold on that cashier’s check until you can deliver it to its intended recipient.

If you need a cashier’s check to make a big purchase, it’s best to treat it like cash: Easy to lose, and potentially extremely difficult to replace.

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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 spend a third of your life working, so it’s worth evaluating your career options from time to time. Read on for a few signs that it’s time to change careers. 

It’s surprisingly hard to find data about how often people change careers. The Bureau of Labor Statistics, which tracks so many aspects of American life, admits defeat, noting that it has in fact never attempted to estimate how many times Americans have changed careers, because there is no consensus on what constitutes a career change. This actually makes a great deal of sense, because different people define career change differently.

Speaking purely for myself, I went down the career change road in 2021. My old industry (museums) was badly impacted by the COVID-19 pandemic, and I took one last job in the field toward the end of 2020, when I was facing a pandemic-related pay cut in a role I’d had for several years. Accepting that last position was a mistake, but it came with a silver lining. It showed me that I needed a more substantial change, both for my mental health as well as for my personal finances.

I’m now two years into my current career and thriving. Here are a few ways to know that your current career isn’t working for you, and it’s time for a change.

1. You’re not growing as a professional

Do you feel as if you’re just spinning your wheels at work and going through the motions, without having the opportunity to learn new skills and information? Just about every career field has ways to build on knowledge, be it through formal classes, online learning opportunities, conferences, or workshops. If you’re not quite ready to give up on your current field, consider looking into one of these. Alternatively, if there is no path forward for you in that career, these opportunities can also help you transition to something new.

2. You want to earn more money

Some fields pay better than others — this is just a fact. But life is expensive regardless, and if you’re not getting enough money directly deposited into your checking account on payday, it could be time for a change. A desire to earn more figured into my own career change, and if you want to earn a higher salary, that’s absolutely a valid reason to make a change.

If your particular job doesn’t pay enough for you to really thrive, but you’re reasonably happy with the work, consider pursuing some of the education opportunities I mentioned above, and use your new qualifications to make a jump to a higher-paying role. Alternatively, education of any kind can be a real asset if you decide you want a new career altogether. To paraphrase Warren Buffett, investing in yourself is the best investment.

3. You actively dislike the work you do

Ultimately, you work to make money — your job is a means to an end. So while it’s not strictly necessary for you to love or even really like your job, it certainly makes it easier to commit so much of your life to it. We all have the occasional bad day, but you should be concerned if it seems as if you have nothing but bad days at work.

If you’re struggling to enjoy the tasks specific to your current role, but taking on a different position in your career field would give you different work that you might like better, it’s worth trying to just change jobs. But if you’re over the field as a whole, consider switching careers.

4. You want to work remotely — and can’t in your current field

Just as there’s a pay disparity between career fields, some jobs can easily be performed remotely, while others can’t. In my days of museum exhibits and collections care, there was no way to work from home on any kind of permanent basis (and the three months I spent as a remote worker during the early days of COVID-19 were rather untenable based on the needs of my job). Having a location-based career had me moving house many, many times — and never truly feeling as if I had a real home.

Switching to a career that supported remote work meant that I could move anywhere I wanted to, and now I’m even saving to buy a house, since I don’t have to worry about needing to move for a job. If you’re interested in remote work but currently working in a field where that’s not possible, changing careers could be worth it. After all, remote work requires certain strengths and skills, but it could lead to a better work-life balance and greater happiness for you.

Ultimately, no one but you can answer the question of whether it’s time for a career change. But the above signs are certainly worth paying attention to and acting upon if they apply to you.

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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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Retirement account funds should be saved for retirement, but sometimes life has other plans. Read on to see what to expect if you tap your 401(k) early. 

The best retirement accounts are the kind where it’s easy to put money in, but a lot more difficult to take money out. If you have access to a workplace 401(k) account, you make contributions with no effort at all — your company’s human resources department likely set it up for you, and you elected to have a certain amount of your pre-tax income from every paycheck sent to it. Easy peasy.

But you also have the option to take money out of a 401(k), and depending on the circumstances, it could cost you quite a bit. And in any case, leaving yourself with less money for retirement will have a definite impact on your future. Let’s take a look at the consequences of making an early 401(k) withdrawal.

You’ll pay taxes

Remember, you contribute to a traditional 401(k) with pre-tax dollars, and pay taxes on the money when you take withdrawals in retirement. Well, pulling money out early means paying taxes on it early, too. So get ready to pay your regular income tax rate on the money you take out. And depending on your tax bracket, that could be quite a chunk of change to pay. The reason many people like traditional 401(k)s and IRAs (as opposed to those of the Roth variety) is that if you expect your tax bracket to be lower in retirement, it’ll save you money.

You’ll pay an additional penalty

In addition, if you’re under age 59 1/2, the IRS will likely assess a 10% penalty on the amount you withdraw from your 401(k). This means that if you take out $15,000, you’ll lose $1,500 of it to this penalty. There are a few exceptions, though. If you’re 55 or older and are leaving your job, you won’t be charged for taking money out of the 401(k) you have through that job. If you suffer a permanent disability, have a large amount of medical expenses, or are impacted by a natural disaster, you may also be exempt from the 10% penalty due to hardship.

You’ll miss out on future growth

This last consequence of an early 401(k) withdrawal is one for your future self. Ideally, that money is for your retirement years, and by saving and investing it now, you’re giving it the chance to grow to a larger sum. If you take money out, that cash won’t grow, and you could end up short on funds in retirement. So be sure to consider the big picture before making an early withdrawal.

What about a 401(k) loan?

Making an early 401(k) withdrawal should be a last resort due to the costs involved and of course, that lost growth potential and the chance of leaving yourself short on money in retirement. But if you have no other options (such as an emergency fund), you might consider a 401(k) loan instead. A loan will still see you missing out on growth on the money you take out, but if you pay it back within five years (with interest), you won’t owe taxes or a penalty. A 401(k) loan could also be fraught with complications, as if you leave your job during the repayment period, you still have to repay the loan, or default on it and owe aforementioned taxes and a penalty.

Whether you take an early withdrawal or a 401(k) loan, it’s not ideal to break into that money before retirement, due to the consequences involved.

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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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