Even the perfect retirement plan is likely to run into one of these obstacles. Perfect Wave / Shutterstock.com
It is wise to plan for retirement. But it’s also a mistake to think things will go exactly as you forecast. A large majority of retirees — 69% of men and 81% of women — say they have experienced a major “curveball or cannonball” during their retirement, according to a recent survey of thousands of retirees by Age Wave and Edward Jones. We all hope to avoid such unpleasant shocks…
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In an era of rising prices — and a possible looming recession — staying on top of your finances is as important as it’s ever been. Recently, the Transamerica Center for Retirement Studies published its 23rd annual retirement survey of workers, which this year was titled “Stepping Into the Future: Employers, Workers, and the Multigenerational Workforce.” Transamerica asked more than 10,000…
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As everyone can attest, the COVID-19 pandemic turned the world upside down. Many of those changes were unpleasant, but a few good things came out of that awful period. For example, millions of people now can choose from a range of alternative work arrangements that were not commonly offered prior to the pandemic. Recently, Transamerica released its 23rd annual retirement survey of more than 5,700…
Are you planning to rent a new apartment or house? If so, you might want to know about broker fees. Read on to learn more.
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Moving to a new place is an exciting and nerve-wracking experience. You finally found the perfect apartment, signed the lease agreement, and can’t wait to move in. However, once you receive your first rent bill, you might notice an extra fee tacked onto your monthly payment. This hefty fee, known as the broker fee, can add up to 15% of your annual rent.
A broker fee is a fee that you pay to a broker in exchange for finding a house or apartment to rent. The fee can range from one month’s rent to 15% of your yearly rent. Several states, including New York, New Jersey, and Massachusetts, sometimes have broker fees for rental apartments.
In most cases, the landlord pays the broker fee, but in certain states, it’s the tenant who has to pay. For example, the average monthly rent for an apartment in Manhattan is $4,614, which means the broker fee can be as high as $8,300.
This amount is added on top of the first month’s rent, a security deposit equal to one month’s rent, and various other fees. These expenses can quickly add up to thousands of dollars. However, with proper planning and budgeting, renters can ensure a smooth and stress-free move-in process without breaking the bank.
For those searching for a place to rent, the idea of paying a broker fee can seem daunting. Why spend extra money on a fee when you could just find a rental on your own? However, depending on where you live, utilizing a broker can actually be helpful.
Brokers have access to a variety of rental options that may not be publicly advertised, meaning that they can help you find the perfect place that fits your individual needs and budget. They can also handle the paperwork and negotiations with landlords, saving you time and hassle.
Additionally, paying a broker fee often means that the broker is invested in finding you the right rental, as their commission relies on your satisfaction. Overall, while it may seem counterintuitive to pay a fee to find a rental (much like you’d find a real estate agent if you were getting a mortgage loan to buy a home), using the expertise of a broker can lead to a more stress-free and successful rental experience.
In most places, renters can easily communicate with property owners through various platforms such as Craigslist, other online platforms, or yard signs. However, the process is different in New York City. Brokers are typically heavily involved.
In areas that have a broker fee, market-based rentals can be divided into two categories: “fee” or “no-fee” apartments. Although fees are present in both cases, the difference lies in who pays the commission.
For a no-fee apartment, the landlord is responsible for paying the broker’s fee for their services in listing the property. This expense, however, is often passed on to the renter through a higher monthly rent.
In addition, even if you go online and search for an apartment yourself, you might still be required to pay the same broker fee as someone who utilized a broker’s services from the beginning.
When looking for a new apartment, it’s crucial to ask your real estate agent if there are any additional fees you need to be aware of. Transparency is crucial, and if your agent is hesitant to disclose any fees, it might raise a red flag.
It’s also critical to evaluate your personal finances and see if you can afford the broker fee. If you can’t, you might have to consider alternative housing options, such as subletting or living with roommates.
Another option is to negotiate the broker fee with the broker. Some brokers might be willing to lower their fee in exchange for you signing a longer lease or paying more rent upfront. However, this strategy might not always be successful, so make sure you’re comfortable with paying the broker fee if all else fails.
Broker fees can add a significant amount to your rent and might be an unexpected expense for some renters. It’s essential to know what fees you may have to pay and explore different options for renting a new apartment or house. It’s crucial to budget for the extra expense and either negotiate with the broker or directly contact landlords to avoid the fee, if possible. Remember, there may be more affordable housing options available, and with a little research and patience, you will find the perfect place to call home.
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The stock market can be a great way to grow your wealth, but it isn’t the only option out there. Check out some other options to consider.
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Investing in the stock market can seem intimidating, especially when there are over 6,000 individual stocks on the NYSE and NASDAQ to choose from. With so many options available, it’s easy to feel overwhelmed by the sheer amount of data. However, there are other ways to invest that give you exposure to the stock market with less risk. Here’s how you can get started with investing today!
Target date funds are designed to automatically adjust your investment portfolio based on your target retirement date. They typically hold a mix of stocks, bonds, and cash investments that are appropriate for an investor with a specific investment horizon.
As you get closer to retirement, the fund will automatically shift to a more conservative investment strategy, reducing the amount of risk in your portfolio. This is a good option for those who want a hands-off approach to long-term investing.
A mutual fund is an investment vehicle that pools money from a large number of investors to purchase a diverse range of stocks, bonds, and other securities. Mutual funds are typically managed by professional investors who make investment decisions on behalf of the fund’s investors.
Mutual funds can be actively managed or passively managed, with the latter being index funds that simply track a specific market index. This is a good option for those who want a diversified portfolio without having to manage it themselves.
An index fund is a type of mutual fund or exchange-traded fund (ETF) that tracks a specific market index such as the S&P 500 or the Dow Jones Industrial Average. Index funds are passively managed investment vehicles that simply aim to match the performance of the underlying index.
Because they don’t require active management, index funds generally have lower fees than actively managed funds. This is a good option for those who want a low-cost option that follows general market trends.
Bonds are a debt investment in which an investor loans money to an entity that borrows the funds for a defined period at a fixed interest rate. When you buy a bond, you’re essentially lending money to the issuer (which could be a corporation or government entity).
In return, the borrower agrees to pay you interest on a regular basis and return your initial investment at the end of the bond’s maturity period. This is a good option for those who want a fixed return on their investment and want less volatility in their investment portfolio.
Investing in real estate can provide investors with a stable source of income through rent and potential long-term appreciation in property values. There are several ways to invest in real estate, including direct ownership of rental properties, real estate investment trusts (REITs), and real estate crowdfunding platforms.
This is a good option for those who want a tangible asset that can provide both cash flow and appreciation over time.
Peer-to-peer lending platforms allow individuals to lend money directly to other individuals or businesses in exchange for a return on their investment. This is a good option for those who want to bypass traditional banks and earn a higher return on their investment.
If you are still unsure of the stock market, a high-yield savings account can provide reliable returns even in a downturn.
These accounts typically offer much better interest rates than traditional savings accounts, and your money is FDIC insured for up to $250,000 per eligible bank account, per person. Best of all, you can withdraw your money whenever you need it without penalty.
Investing can seem intimidating, but it doesn’t have to be. By exploring different investment options, such as target date funds, mutual funds, and other options, you can find an option that fits your financial goals and risk tolerance. Remember, the key to successful investing is to diversify your portfolio and stay disciplined with your investment strategy.
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Now is the best time to start setting and achieving your financial goals while avoiding costly missteps. fizkes / Shutterstock.com
Editor’s Note: This story comes from Wealthramp. What if I told you the world of providing financial advice has greatly evolved in the last decade? Do you know how it has changed and whether you’re still taking an “old-school” approach to planning your finances? It used to be that financial planning was an “add-on” service for wealthier clients with enough assets to be professionally managed.
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