Money Management

You might be able to remodel your home using a home equity line of credit (HELOC). Keep reading to learn why Suze Orman said that’s a bad idea now, though. 

If you own your home, and it’s been looking a little dated lately, you might be in the market for some renovations. And you have options when it comes to paying for the costs involved. You might put the expenses on a credit card, or apply for a personal loan. Or, you could tap your home equity via a home equity line of credit, or HELOC.

What’s a HELOC?

A HELOC is a loan you take out against the money you’ve already paid into your home (also known as home equity). The lender will give you a line of credit of a set amount that you can tap over a certain period of time (say, 20 years). You would then make payments to repay the amount borrowed. Once that period of time is up, you’ll no longer have access to the credit line.

This all sounds pretty convenient, right? And unlike a home equity loan (which also has you borrowing against your home, except for a set amount all at once), HELOCs are flexible. Just because you get access to a line of credit totaling, say, $50,000, it doesn’t mean you have to use that full amount at once, or ever. However, as financial guru Suze Orman pointed out on a recent episode of her podcast Women & Money, right now isn’t the best time to get a HELOC — and it’s also not a great time for home renovations.

Suze Orman on how to pay for a home remodel

Orman addressed the topic of HELOCs because one of her callers asked about using one to remodel her home at a cost of $15,000-$20,000. The caller disclosed that she also had other sources of money (including a savings account, a few Roth retirement accounts, and holdings in mutual funds), but was also paying off credit card debt. Orman ultimately advised waiting to remodel because of the outstanding debt, but noted that if the caller was going to do it, she should use money in savings or a Roth account.

Regarding a HELOC specifically, Orman said, “The last thing you would ever want to do is a home equity line of credit.” This is for a few reasons. First of all, Orman pointed out that an estimated cost of $15,000-$20,000 is likely too low; the prices on everything, including construction materials and labor, are up across the board right now. And regarding HELOCs specifically, they have one potential problem.

The trouble with HELOCs

Unlike a home equity loan or a personal loan, which come with fixed interest rates and fixed payment timetables, a HELOC has a variable interest rate, like a credit card. This means the rate you’re paying has the potential to rise over time. And we are in a higher interest rate environment right now, thanks to ongoing problems with inflation and the Federal Reserve’s rate hikes in response to it.

Those rate hikes will impact HELOC borrowers by making debt more expensive to carry due to those higher interest rates. And if you’re struggling to make payments on your HELOC and fall behind, you could be at risk of losing your house, which acts as collateral for the loan.

Should you even pursue home renovations at all?

Ultimately, right now is likely not a good time to undertake an expensive home remodeling project if it’s not absolutely necessary and if you have to borrow money to make it happen. Economists are still warning about a potential recession later this year, and if you’re laid off, the last thing you’ll want is to be struggling to manage HELOC or other loan payments alongside your regular bills.

It’s certainly disappointing, but maybe there are some lower-cost moves you can make to improve your home in the meantime. This way, you can give yourself the chance to save up some money for that new kitchen or bathroom, and avoid the financial stress of paying off a HELOC balance with an interest rate that keeps rising.

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Dave Ramsey has identified some key signs that the housing market is slowing down, including slower growth in home prices. Here’s what you need to know. 

If you’ve tried to buy a home in the last few years, you’ve faced some challenges. During the pandemic, mortgage rates were low — but the prices of homes skyrocketed. Now mortgage rates are up, which is making borrowing for a property costlier.

There is some potential good news, though. Finance expert Dave Ramsey believes the housing market is finally cooling down, which means you may be able to get a better deal on properties you’re interested in.

Here are five reasons why Ramsey believes the market is becoming more favorable for borrowers, along with some tips on what this means for you.

1. Home prices are growing more slowly

Ramsey’s first reason for asserting the housing market is cooling down is slower growth in home prices.

At the start of 2023, for example, Ramsey explained that the median list-price of a home in the U.S. was 8% higher than the median list price at the same time in 2022. But between the start of 2021 and the start of 2022, there was a larger 10% increase. And between April 2020 and April 2021, there was a 17% rise.

Data from the Federal Reserve backs up Ramsey’s point. In the first quarter of 2022, the median price of homes sold in the U.S. was $433,100, according to the St. Louis Fed. This was up 17.7% from $369,800 during the first quarter of 2021. But in the first quarter of 2023, the median price was $436,800 — just a 0.85% year-over-year increase.

When prices go up quickly, it’s a sign of a hot market. But when prices barely trickle up, the reverse is true — it likely means the market is turning in favor of buyers. This is an important factor to pay attention to because, ultimately, the price of a home is what determines if it is affordable for you or not.

When prices are skyrocketing, you’ll need a larger down payment, have higher mortgage payments, and face a bigger risk of your property value. But when they’re increasing slowly-but-steadily year over year, you’re more likely to get a better deal.

2. There’s more inventory on the market

Ramsey also said there is more inventory of homes for sale on the market this year compared with the past several years. In fact, at the start of 2023, there was a 65.5% increase in total listings year over year.

An April 2023 monthly housing report trend also confirms that there’s been a huge increase in the number of houses for sale, again affirming Ramsey’s assertion. As of April 2023, there was a 48.3% increase in the number of homes actively for sale this year compared to last year. There was also a 6.3% year-over-year increase in unsold homes, including those under contract.

More inventory — or a higher supply of houses — means that prices will likely go down thanks to the laws of supply and demand. During the pandemic when few people were selling, the limited pool of available houses was a leading reason prices went up so much.

3. Homes aren’t selling as fast

Slower home sales is a third reason Ramsey believes the housing market is cooling. At the start of 2023, the average home was spending 75 days on the market — 13 days more than the prior year.

April’s housing data also shows homes are spending 17 days longer on the market in April than they did last year. This report shows that in April 2023, houses were averaging 49 days on the market. Although this is less time on the market than during the pre-pandemic days, it is still considerably longer than the average time on the market during the COVID-19 pandemic when houses sold with near-record speed — especially in hot markets.

If homes aren’t selling as fast, that’s a great sign all around. It’s further evidence of reduced demand, and it means buyers no longer need to jump at the first sign of a property they are interested in (or get into a bidding war for fear of losing a home when houses are selling so quickly).

When homes are selling more slowly, you can take your time to evaluate whether a deal is a good one or not. You can also wait a little bit after a property is listed to see if the seller is willing to negotiate more on price. Sellers are more likely to negotiate when a house has been sitting on the market for a while, but generally won’t budge when properties are being snapped up in days.

4. Fewer people are looking for houses

Ramsey explained that fewer people are applying for mortgages this year, which suggests less “home-seeking” activity. After all, most people borrow money to buy homes, so the fact people aren’t applying for loans is a clear indicator of reduced demand.

Recent data again backs up what Ramsey has claimed. Demand to purchase a home was down 32% year over year, according to Mortgage Bankers Association data.

As a buyer, the fact that there are fewer people in the market now is also a good sign because you won’t have as much competition for properties. The law of supply and demand again really works in your favor here if you’re a home buyer, as there’s both increased supply these days and slower home sales, and there’s also reduced demand resulting from today’s higher mortgage rates.

Of course, it’s not surprising that fewer people are looking for home loans now when mortgage rates are up considerably compared to prices during the pandemic. People are also getting less stimulus money, which means they may not have that extra financial help that enabled them to more easily save up a down payment. Still, this is good news if you can qualify for a mortgage at today’s rates and you have your down payment funds ready to go.

5. Sellers are dropping their prices

Finally, Ramsey said that sellers are a lot more likely to reduce prices this year than last. A total of 15.3% of sellers had to drop their home’s price at the start of this year, which is 9.3% more than last year. When it’s a seller’s market, it’s much less likely you’ll see these kinds of price drops.

More recent data also shows a big increase in the number of sellers slashing prices. In April of this year, 12.2% of homes had price reductions compared to just 6.8% from the prior April. Obviously, if sellers are dropping prices, this is a good sign for buyers that there are more potential bargains out there to be had.

In fact, all of these five signs of a slowing housing market are good news for buyers. With homes selling for lower prices, more price decreases happening, houses sitting around for longer, and fewer buyers, many people will inevitably be able to get a better deal on a home in today’s market.

Although there are these positive signs, remember that market conditions can vary from place to place. And it’s still really important to make sure you aren’t overpaying for a property and you’re in a good position to buy. Even if the housing market is shifting to a buyer’s market, you still shouldn’t jump in unless you’re financially ready for a purchase — which means having a down payment, emergency savings, and good enough credit to qualify for a home loan at a competitive rate.

If you have made certain you’re in a good place financially to move forward, though, then this market may be a much better one for you to make your purchase in than in recent years.

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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.Christy Bieber has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Affirm. The Motley Fool has a disclosure policy.

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Hoping to become a millionaire in your lifetime? Read on to see how. 

A good 5.3 million Americans are millionaires, according to research from The Ascent. And while you might assume that the majority of those millionaires were born into wealth, that’s not necessarily true.

Many people reach millionaire status by embarking on successful careers or bringing innovative business ideas to life. And if your goal is to eventually become a millionaire, here are some important habits worth upholding.

1. Sticking to a budget

The idea of following a budget may not exactly thrill you. But if your goal is to build a lot of wealth over time, then it’s important to know exactly where your money is going month after month. And sticking to a budget could make that possible.

Just as importantly, by following a budget, you might lessen your chances of overspending. That, in turn, could free up cash you can put to work.

If you’ve never really budgeted before, you should know that it’s not rocket science. You can keep things simple by creating a spreadsheet on your laptop that accounts for your various expenses. All you then need to do is make sure you’re not spending your entire paycheck every month. There are also budgeting apps you can use to make the process easier.

2. Avoiding high-interest debt

You might assume that carrying the occasional credit card balance forward is no big deal. But actually, unless you happen to have a 0% interest rate credit card, carrying a balance for even a short period of time could result in losing a lot of money.

That’s money you can’t grow into more money via investments to become a millionaire. And so it’s really best to do what you can to avoid racking up credit card debt. (Hint: Budgeting can help with that.)

3. Investing money you don’t need for near-term needs or goals

If you have money earmarked for things like emergency expenses, that cash belongs in a savings account. The same holds true for funds you might need within a few years, like the cash you’ve been stashing away for a home purchase. But if you have money beyond that, investing it could be your ticket to becoming a millionaire.

The stock market has delivered an average annual 10% return over the past 50 years (before inflation), as measured by the S&P 500 index’s performance. So, let’s say you budget carefully, avoid debt, and manage to invest $200 a month over a 40-year period of time. If your portfolio generates an average annual 10% return during that time, you’ll end up with just over $1 million to your name. Make it $500 a month, and you’ll be looking at over $2.6 million.

And if you’re worried you won’t manage to find investments that lead to a $1 million portfolio, here’s a tip: Consider putting your money into a low-cost S&P 500 ETF. It’s a simple way to effectively invest in the broad market, which also means you get to maintain a nice, diversified portfolio without doing a ton of legwork.

You don’t need to grow up in a mansion or invent the next Tesla to become a millionaire. You just need to uphold a few solid habits that, over time, can allow you to meet your financial 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.Maurie Backman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Tesla. The Motley Fool has a disclosure policy.

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There are several paths you can take to become a millionaire. Check out the best and most common options so you can start building your net worth. 

While there are quite a few personal finance milestones, becoming a millionaire is one of the biggest. It’s also one that’s getting more important as the cost of living gets higher and higher. A $1 million net worth is no longer a sign of extreme wealth. In fact, it will likely eventually be a necessity for a comfortable retirement.

So, how can you get there yourself? Let’s look at the most common and effective ways to become a millionaire. Most of these are things that anyone can do, but we’ll start with the obvious exception.

1. Have rich parents

There’s no denying that the easiest way to become a millionaire is to come from a rich family. Lots of millionaires get their money by inheriting it or by receiving a “small loan” of a few million to launch their business. Most of us aren’t in this group, but on the bright side, there’s more than one way to get rich.

2. Be aggressive about increasing your income

Income isn’t everything, but it is important. The path to $1 million is a whole lot faster when you make $120,000 per year compared to $40,000. A 2020 study by Pew Research shows just how much high income correlates with high levels of wealth.

People who have the most financial success tend to aggressively look for opportunities to earn more money. This attitude makes a huge difference in maximizing your earning potential. Here are a few of the key steps that high earners take:

Focus on being a top performer. It’s much easier to negotiate a raise or get a big salary offer while job hunting if you’re good at what you do.Leverage your most valuable skills. Think about what you’re better at than the average person, and then figure out which of those things other people will pay you to do for them. You could look for jobs based around those high-value skills or offer freelance services.Regularly look for ways to make more. This could mean seeking out promotions, looking for new jobs, or finding ways to expand your business. High earners don’t get complacent. They do these things on a regular basis.

3. Get an early start with saving and investing

Saving and investing are two of the most important financial habits to cultivate if you want to become a millionaire. A good goal is to put 10% of your income toward savings and another 10% towards investments every month, but you can adjust those numbers as needed. The sooner you get started with these habits, the easier it is to build your net worth.

That’s especially true with investing, because when your investments have more time to grow, it can significantly increase your returns. Case in point: Let’s say you want to retire at 65 with $1 million. If you get a 10% annual return, here’s how much you need to save per month depending on your age when you start investing:

At 20, you need to save $116 per month.At 30, you need to save $307 per monthAt 40, you need to save $847 per month.At 50, you need to save $2,623 per month.

If you’re not investing yet, that’s something to start doing right away. You can do so with online stock brokers or a retirement plan, such as a 401(k) at work.

4. Choose proven investments with strong growth potential

To maximize your returns, you need to choose the right investments. This is something that people with a high net worth do very well. Less successful investors, on the other hand, often make some common mistakes that cost them quite a bit of money in the long run.

Some are too conservative by keeping too much money in cash or bonds, limiting their portfolio’s growth. Others go in the opposite direction and put lots of money in unproven, high-risk investments, such as cryptocurrency.

The best investments have a long track record of success with strong average returns. In particular, there are two that have stood the test of time:

Stocks: Although performance varies considerably from year to year, the average stock market return has been about 10% per year before inflation. A simple way to invest in stocks is with exchange-traded funds (ETFs), which contain a large number of stocks and have low fees.Real estate: Many millionaires have made their money by investing in real estate, an asset that doesn’t have as much volatility as stocks. While buying property is a time-consuming and expensive process, there is a simpler option in the form of real estate investment trusts (REITs), which are bought and sold like stocks.

It’s a challenging goal, but becoming a millionaire is achievable when you make a plan and stick to it. If you increase your income as much as possible, get into a saving and investing routine, and invest well, you’ll be on your way.

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Using a wire transfer lessens the time it takes to do business. Read on to learn the ramifications of sending a large amount of money. 

When you wire money from your savings or checking account, it is transmitted electronically, and no physical money is exchanged. The transfer may be facilitated by a bank or nonbank money transfer provider. Most people transfer money when they need funds processed quickly or when moving a large amount of money.

Large wire transfers do not go unnoticed, whether it’s to buy property, pay tuition, make an investment, or support a family member. Under the Bank Secrecy Act (BSA) of 1970, certain transactions must be reported to the Internal Revenue Service (IRS). Here, we take a closer look at how it works.

Currency and Foreign Transactions Reporting Act

Because of the Bank Secrecy Act, all banks and other financial institutions must file a Currency Transaction Report (CTR) for any wire transfer over $10,000. The CTR includes the following information:

The name and account number of the person or party initiating the transfer.The name of the person or party receiving the transfer, their account number, and the amount transferred.The nature of the transaction. For example, if the money is being transferred to close on a house, that will be noted.

Penalties for failure to report

If a money transfer provider fails to report a wire transfer over $10,000, they can expect to be penalized. A single violation ranges from $25,000 to $100,000, depending on the severity of the offense. An individual who is found responsible for failure to report wire transfers over $10,000 can face their own penalties. These include:

A civil penalty of up to $25,000A criminal penalty of up to five years in prison and a fine of up to $250,000

Exceptions to the $10,000 reporting requirement

There are some exceptions to the reporting requirement, including:

Transactions conducted by financial institutions on behalf of the U.S. governmentTransactions conducted between financial institutionsTransactions conducted with exempt organizations, such as charities and political campaigns.

Protecting your interests

Here are four other things you should know about wire transfers:

It’s up to you as the consumer to work only with credible financial institutions. Once a wire transfer is made, it is final and cannot be canceled. There is also no way to get your money back if you are scammed.You have rights as a consumer. For example, before wiring money, the financial institution must reveal the cost of its services, including fees, taxes, and exchange rates if you’re transferring money internationally.Some financial institutions have a daily transaction limit, while others do not. Find out in advance what those limits are.Domestic transfers are generally completed on the same day, while international transfers are typically processed within a few days, depending on the country.

The goal

The goal is to prevent money laundering, terrorist activity, and other criminal pursuits. The IRS is focused on finding patterns that may indicate illegal activity, and as long as everything you’re doing is above board, there’s no reason to fear that your transaction will be flagged.

While the ability to wire money from one place to another within seconds is impressive, it also presents criminal opportunities. The Currency and Foreign Transactions Reporting Act exists solely to protect everyday citizens from those who would cause them harm.

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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.Citigroup is an advertising partner of The Ascent, a Motley Fool company. Dana George has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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Costco is a top retailer in the U.S. for good reason — plentiful selection and low prices. Read on for five things you should not miss before they’re gone. 

There’s no way I can suggest the “best” products to buy at Costco without acknowledging that the list will differ for each of us. Still, as someone who recently switched from Sam’s Club to Costco after years away from the latter, I’m still in that honeymoon phase. I’m excited all over again by the things I can pick up at a discount.

I don’t need another TV, washer, or refrigerator, but there are plenty of other deals to be found and plenty of other ways to save money. In no particular order, here are five of the best products (I believe) you can buy at your local Costco.

1. Coffee

It’s shocking that I’ve been married for so long because I have a dangerously low threshold for boredom. It may not apply to human company, but I do grow weary of drinking the same coffee every day. Luckily, Costco makes it easy for me to switch things up.

I can try all different types of pods in my Keurig machine, from Kirkland Signature to Peet’s and Tim Horton’s. When I first got into pour-over coffee, I could experiment with Cuban, Rwandan, and American blends. And recently, when I began making all different types of fancy espresso-based coffee drinks to entertain myself, I could afford to do it because Costco’s coffee prices are fair.

For example, our neighborhood Walmart sells a 10.5-ounce bag of Peet’s Coffee for $9.98. At Costco, I can pick up six 10.5-ounce bags for $42.99. That’s a little more than 28% less per ounce. If I can enjoy my morning cup of coffee without draining my checking account, I feel pretty good about my decisions.

2. Plants

My husband and I visited Costco last weekend for a few things and were surprised by the number of truly gorgeous rhododendron bushes that were on sale for less than $28. I made the mistake of thinking about it instead of making the purchase, and by the time I went back to buy a few yesterday, they were sold out.

I initially didn’t pick them up because I was afraid we were in for one more frost. I also wanted to make sure that I couldn’t find a better price elsewhere. While I did find comparable prices around town, none of the other plants looked as healthy.

Tomorrow, I’m heading back for the hibiscus tree I should have picked up yesterday. Wish me luck.

3. Dessert

It’s funny; after all these years, I still feel a thrill when I find a dessert I haven’t tried. For example, the Death by Chocolate dessert jars were life-altering. Okay, maybe not life-altering, but they were so decadent that I made six jars last for weeks.

Sometimes it’s Pain Au Chocolat (croissants stuffed with rich chocolate), and sometimes it’s crème brulee or chocolate mousse cake. Occasionally, I don’t find anything that speaks to me. But it’s the hunt that makes it special.

4. Salad kits

Given the affection with which I described Costco desserts, it may come as a shock to you, but I have to force myself to be an adult and get enough vegetables into my diet. The problem with vegetables (at least in my kitchen) is that I run out of ways to make them exciting. I’ll get on a spinach or roasted cauliflower kick for a while until one day, the idea of preparing it again for dinner sounds revolting.

If that’s an issue you deal with, give the Costco salad kits a shot. Like most desserts, I find that they don’t always carry the same salad kits, but that’s okay. It’s forced me to try different combinations that have been surprisingly good. It was by trying salad kits that I realized how much I enjoy spinach and also started fooling myself into eating more vegetables.

5. Frozen berries

I’ve never been much of a breakfast eater, but have found that a fruit smoothie in the morning accomplishes two things: It gives me energy (who knew?) and meets my daily requirement of fruit.

And you want to know a trick? If you (or your kids) don’t absolutely adore vegetables, you can slip them into a fruit smoothie and never even taste them. A few years ago, I read about how fruits mask the flavor of vegetables and gave it a try. It works surprisingly well. As an added bonus, it cuts down on the amount of food I throw away.

For example, bananas and strawberries mask the taste of beets, and fresh spinach and kale are virtually tasteless when I’ve added pineapple or grapefruit. And let’s face it, blueberries just make everything taste better.

Tip: Using the top speed on your blender will help break down everything, including the vegetables. And once it’s all blended together, the fruit overpowers the vegetables by a mile.

I’m sure if you were to share your list of Costco favorites, it would be different from mine, and maybe that’s what makes warehouse stores so cool. Costco warehouses carry “only” about 4,000 different products. When you compare that to the 30,000 or so carried by your average grocery store, it doesn’t seem like many. Having fewer items to choose from allows us to better concentrate on what we’re seeing and, perhaps, to try things we would not normally notice.

Like yours, my list of favorites may change over time, but for today, these are the five things I can’t imagine leaving the store without.

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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.Dana George has positions in Walmart. The Motley Fool has positions in and recommends Costco Wholesale and Walmart. The Motley Fool has a disclosure policy.

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