How many of these gross bathroom habits do you engage in? MDV Edwards / Shutterstock.com
The bathroom might be the one area of the house where we most fear germs. Even those who are not neat freaks get a little squeamish about the bacteria that lurk there. And yet, many of us engage in bad practices that only make the growth of germs and other unsanitary conditions worse. So, if you want to keep your bathroom as clean as possible, make sure to avoid these nasty — and all too common…
Dave Ramsey said millionaires are avid readers who understand delayed gratification. Check out these and other habits of millionaires, and see how many you follow.
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Are millionaires different from average people?
Finance expert Dave Ramsey believes that wealthy people tend to share some common habits or traits — and that adopting some of them might be able to help you grow your own wealth.
Here are the five habits Ramsey says millionaires embrace — and some tips about whether you should adopt them and how to do it.
According to Ramsey, “one of the reasons millionaires become millionaires is because of their constant desire to learn.” And, Ramsey believes this learning comes in the form of reading new information often. “When they have free time, they use it wisely — by reading,” he said.
There’s nothing wrong with following this advice and taking the time to learn new things. For example, reading books about investing and taking the time to understand how to allocate investments and manage risk could be a good use of your efforts.
But, if you don’t find reading finance books to be fun, this doesn’t mean you can’t be destined for millionaire status. You actually can become a millionaire without knowing much about money or investing at all if you simply spend less than you earn and invest a good portion of your income in index funds.
So, don’t let a lack of fascination with learning about money scare you away from taking the simple steps you need to get rich.
Ramsey also believes millionaires don’t rush into spending, but instead focus on the big picture.
“Millionaires spend most of their lives sacrificing temporary pleasures for long-term success,” Ramsey said. “They have no problem buying an older used car, living in a modest neighborhood and wearing inexpensive clothes. They don’t care about keeping up with the Joneses.”
Delaying gratification is good advice to some extent. You don’t want to spend more than you make or buy things you can’t afford. But, you also can’t nickel-and-dime yourself on your path to riches. If you try to cut everything you enjoy from your life, it’s going to be really hard to stick with that over the long-term. Plus, you could spend years scrimping and saving to be rich someday while not enjoying your life in the present.
Rather than delaying gratification, focus on how best to use your money to give you the most pleasure now while also making smart choices for later. Be sure you’re hitting the savings targets you need to grow rich and putting plenty of money in a brokerage account. Then make a plan to spend on the things you truly enjoy.
Ramsey said it’s a common myth that “average millionaires see debt as a tool.” And he claims that this is, “Not true. If they want something they can’t afford, they save and pay cash for it later.”
In reality, this is simply not true. While millionaires may not struggle to pay off credit card debt, they definitely borrow to buy homes because they understand the interest rate on a mortgage loan is tax deductible. Plus, the rate of interest on a mortgage is often low, so they’re better off borrowing and investing to earn a better return.
Millionaires may also invest on margin or take out loans to start or buy businesses. When debt improves your net worth over the long term, it is an extremely effective tool wealthy people definitely use wisely.
Ramsey also says the typical millionaire makes a budget so they have a plan for how they spend their money.
“Average millionaires have made a habit of budgeting every month,” he claims. “They know what’s coming in and what’s leaving their bank accounts.”
This may very well be true and this advice is likely worth following. If you have a plan for what to do with your money, you are inevitably more likely to use it wisely.
Finally, Ramsey says many rich people give money to charity. And, this is likely true, as well as something most people should aspire to. Those who are lucky enough to be blessed with having plenty may get a lot of gratification from supporting causes they care about.
Ultimately, it’s up to you whether you follow these habits Ramsey says millionaires identify with. But the reality is, you can take your own path to becoming wealthy — and as long as you are saving and investing while living within your means, you should be able to get there.
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Not all jobs can be performed remotely. Keep reading for the questions to ask yourself before accepting a job that requires you to move.
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While remote work is becoming more and more prevalent thanks to technology and workplace changes wrought by COVID-19, it is not yet available to everyone or in all career fields. The U.S. Bureau of Labor Statistics reported last month that in August and September 2022, just 27.5% of private-sector employers had staff working remotely some or all of the time.
It stands to reason that you might someday receive a job offer requiring you to move locations. I’m a reluctant expert at this, having changed from a location-based career to a remote one just two years ago. It can be an overwhelming situation and it has a huge impact on your life and your personal finances, so here are some questions to ask yourself to decide if it’s worth accepting that job offer.
First of all, it’s important to decide if accepting the job is good for your career. Maybe you’ve been working in a beginning role and are hoping for more responsibilities and a higher title (and perhaps more money) in a new position. If that’s the case, it may not make sense to accept a job that is just a lateral move for you. That said, if this similar position will give you the opportunity to grow your skill set and take on more interesting work, it might be worth accepting.
To put it another way, will the offered salary be enough to live well in your new location? Note that I said live well, because it’s easy to think you’ll be fine with a new job if it definitely pays enough to satisfy your budget. But ideally, you’re growing your earning power over time, and if the salary offered for the new position isn’t as much of a bump as you’re hoping for, or worse, won’t go far based on the cost of living in a new city, you might want to decline the offer.
You can check out cost of living data (and compare it to where you live now) at Best Places. Think about your own personal finance goals, such as buying a home or saving for retirement. Will the new salary be enough to save for that down payment or max out your IRA account?
Depending on your field, jobs might be thin on the ground, meaning if you don’t accept this role, it could be difficult to find another one in a place better suited to you. But it’s still important to make an educated guess as to whether you’ll be happy in the area. If you’re used to city life and the new job is in an extremely rural part of the country, it’s going to be a hard adjustment (and the same is true in reverse, too).
If you’re capable of visiting the area a few times to get a feel for the place, do so. This may not be possible. I’ve moved to new places after spending minimal time there, and in one case, I didn’t even visit for an in-person interview before showing up to move into an apartment a week before starting my job. In a situation like that, dig into local news coverage and social media groups to get some intel. Don’t forget to check out the climate and typical weather in the new area, too. You may think you know what 120″ of snow per year will mean if you’ve never experienced it before — but prepare to be surprised that first winter.
If you’re moving with others (such as a partner, kids, or both), you also have to consider their needs and wants in deciding whether to accept. How are the schools in the new area? Are there jobs for your spouse or partner? This may be a difficult prospect if your spouse is in a niche field; in my experience with moving for jobs, I was the one in the specialized career, and thankfully my former partners were more easily employable. Consider the culture and climate fit for your family as well. If your kids love sledding and skiing, the desert Southwest is likely to be a difficult adjustment for them.
Unfortunately, despite carefully weighing your options and considering all of the above, you might end up unhappy with the change. It’s an unpleasant experience to regret taking a job that you had to move cities for, and it might be harder to come back from.
I had this experience with my last position in my old career, and it turned out to be a blessing in disguise. Being miserable in the job and in the area I moved to was the motivation I needed to change careers and find work that is fully remote, freeing me from having to relocate for jobs. This has been quite a change after moving nearly 5,000 miles for school and jobs over the years.
Ultimately, it’ll be better for you and all involved (including the employer you’re considering working for) if you do some soul searching and cost/lifestyle research before accepting a job offer that requires relocating.
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Taxes are due on April 18 this year. Read on to see what happens if you’re a month late with your return.
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Taxes are due this year on April 18, which is three days past the typical filing deadline. But you may be running into a time crunch for various reasons.
Maybe some of your tax forms were delayed this year. Or maybe you’re experiencing a family emergency right now, and it’s impeding your ability to finish your taxes by mid-April.
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You might assume that being a month late with your tax return isn’t such a big deal. But actually, the consequences of filing a month late could be pretty severe, depending on your situation.
The IRS will not penalize you for being late with a tax return if you’re owed a refund. The logic there is that the longer it takes you to file your tax return, the longer the IRS gets to hang onto your money, as opposed to depositing it into your checking account. So the agency isn’t going to further penalize you for taking more time.
It’s when you owe the IRS money that penalties can come into play for being late with a tax return. First off, if you’re late with that return, you’ll face a failure to file penalty equal to 5% of your unpaid tax bill for each month or partial month you’re past the April 18 deadline, up to 25% in total.
So, let’s say you owe the IRS $5,000 from 2022. And let’s also assume you’re exactly one month late submitting your tax return. That means you’ll be penalized 5% of $5,000, or $250. That’s a lot of money to give up.
What’s more, if you’re late paying your tax bill, you’ll face a late payment penalty. That penalty is only 0.5% of the sum you owe per month or partial month you’re late, up to 25% of your unpaid tax bill. So in this example, you’d be looking at a $25 penalty for paying your $5,000 tax bill a month late (as well as interest on that sum).
Now, that $25 by itself may not be such a big deal. But when you add it to $250, it’s a lot of money lost.
If you have reason to believe you underpaid your taxes in 2022 and you don’t think you’ll be done filing your return by April 18, request an extension. The IRS won’t require you to come up with a good reason for needing more time. Rather, you’ll get six extra months automatically if you get your extension request filed by April 18.
Keep in mind, though, that an extension will only give you more time to file your tax return without being penalized. It will not give you more time to pay your tax bill. So in this situation, what you may want to do is estimate your tax payment and send that money to the IRS by April 18. Doing so might help minimize unwanted late payment penalties — even if those penalties aren’t so severe to begin with.
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Buying a home often requires a down payment, but your costs don’t end there. Read on for more reasons you’ll have to open your wallet to buy a house.
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There may be no bigger blow to your personal finances than buying a home. This isn’t to say it isn’t worth it, because for many people, it is. The Zebra notes that around two-thirds of Americans own their home, so despite the costs, an awful lot of people have taken the plunge on homeownership.
You’re likely familiar with the down payment aspect of buying a home. And you might be intending to put down 20% (not a requirement, but a recommendation, so you can avoid paying for mortgage insurance). So you may already be wincing at the prospect of pulling so much cash out of your savings account. Unfortunately, your costs don’t end with that down payment. Let’s take a look at some other home-buying costs you may not have considered.
The odds are, your mortgage lender will be getting some money from you in the course of your home-buying experience, even before you start paying on your mortgage. This will come in the form of lender fees, which could include a mortgage loan application fee, origination fee, processing fee, and underwriting fee. These are what you’ll pay for the lender to consider your mortgage application, run your credit, dig into your personal finances, and otherwise set you up for borrowing success. These fees can come to 1% to 2% of your loan amount.
Ready to make an offer on a home? You may have to make an earnest money deposit to prove to the seller that you’re serious about buying their home. Ideally, if the deal goes through, your earnest money will be rolled into your down payment, so you’ll be paying that money eventually. But for first-time home buyers, it may be a surprise that they need to shell out a percentage of the home’s value in the course of making an offer.
Realtor.com notes that earnest money is usually 1% to 2% of the home’s purchase price, but it’s also negotiable between buyers and sellers. In a hot seller’s market, you may have to put in more to get your offer considered.
It’s time to get that home appraised to ensure it’s worth at least as much as the mortgage lender is willing to give you to buy it. So that means an appraisal fee. HomeAdvisor reports that this generally costs an average of $353, but depending on the condition and size of the home and whether it’s had significant upgrades, it could cost more.
Want a lower mortgage rate than your lender offered you? You might consider paying for mortgage points. This is a way to reduce or “buy down” your mortgage interest rate by way of an upfront fee. This is an optional cost, but you may want to consider it, especially if you’re planning to stay in the home for a long time and the upfront cost will pay for itself by allowing you to make smaller payments over time.
Often, one point equals a rate reduction of 0.25%, and one point will cost 1% of the total loan amount. So on a $300,000 home, you can pay $3,000 for one point, and reduce your interest rate from, say, 4.75% to 4.50%.
While you will have the chance to save on your down payment by opting for a government-backed mortgage, you’ll have to pay in other ways that you may not be expecting.
FHA mortgage loans: FHA mortgages require as little as 3.5% down (if your credit score is at least 580), but you’ll have to pay for mortgage insurance premiums in the form of an upfront payment as well as ongoing monthly payments.USDA mortgage loans: If you live in a qualifying rural area and have an income below a certain threshold, you could opt for a USDA home loan. You may be able to get into a home with this loan for little or no down payment, but must pay an upfront and then annual guarantee fee.VA mortgage loans: VA home loans are a perk for veterans or active-duty service members. These loans don’t require a down payment, but they have an upfront funding fee.
Once you have an accepted offer, you’ll be ready to get your prospective home inspected, and yes, this will cost money, too. Realtor.com reports that the average cost is between $300 and $500, but just like the appraisal fee, this could cost more depending on the size and intricacies of the home. Don’t skip this, as it’s also for your protection. And if your original inspector notices specialized problems, you may need to pay for more than one.
Standard homeowners insurance doesn’t cover flooding, so depending on where the home is, you may need to purchase a separate flood insurance policy. So your lender may require you to shell out money for a flood determination, which will assess your home’s risk of flooding based on FEMA flood maps.
This one may not apply to you, if the previous owners are leaving all their large appliances, like the washer and dryer, stove, and refrigerator. But if they’re not, and you don’t already have your own that you’ll be moving in with, you’ll have to purchase these items. You could consider buying them at Costco or another big-box store to save money.
Moving from your old home to your new one won’t be free. You may not have considered the costs involved in moving, but it pays to plan ahead and set aside some cash to pay for a van or truck, boxes and other supplies, and potentially even movers, if you can afford to. Moving is stressful enough emotionally and mentally without adding in the physical stress involved.
I have moved many, many, MANY times in my life (35 times, at last count). And I can confidently say that you absolutely will need to purchase items for your new home pretty much immediately. You’ll move in and realize that the showerhead is in terrible shape and you need a new one. Or you won’t have the right size/type of window coverings for your new home and have to run over to your local big-box hardware store for venetian blinds so the neighbors can’t see into your bedroom. I recommend using a cash back credit card for these expenses.
It doesn’t seem fair to have to shell out so much money along the way to becoming a homeowner, but once you’re all moved into your new home and building equity, it’ll all be worth it. In the meantime, make sure you consider all these sneaky expenses when attempting to calculate how much it’ll cost to buy a home.
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Airline miles are an amazing tool for getting free flights, but you don’t need to be a frequent flyer to put them to use. Read on to learn about some other ways.
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Whenever we talk about travel rewards cards, we’re quick to mention how you can use your rewards for flights and hotel stays. But free travel isn’t the only way you can put your rewards to good use.
For example, airline miles aren’t relegated to free flights alone. There are tons of other ways you can redeem your miles, many of which can improve your travel experience. Let’s take a look.
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One scenario I’ve encountered fairly often is that you can find dirt-cheap cash seats — but they’re often in the tiniest seats on the plane. Well, if you have some miles to spare, you could take that affordable seat and upgrade it to a more luxurious one simply by using miles. While you won’t always get the best per-mile value this way, can you really put a price on having enough legroom to, you know, have legs?
Alright, so this one may not be as important as it was pre-pandemic, as many airlines are still allowing free changes. But if you’re using an airline with antiquated change policies, using your miles could help you avoid forking over cash for a fee just to change your flight.
If you fly often, the best way to avoid checked bag fees may be a cobranded airline credit card. But for everyone else, consider putting your miles where your bags are. That is, you can often use your frequent flyer miles to pay your checked bag fee, giving you leeway to pack as much as you need to have a good trip.
Know you won’t be able to make use of your miles anytime soon? Why not gift them to a friend or family member who can make the most of them? Most programs let you gift your miles, though the cost of this service varies from program to program.
While the best travel rewards cards come with lounge access, they often don’t give you access to the airline-branded lounges. Most major airlines have at least a few of their own branded lounges (and the big three — American Airlines, United, and Delta — have a ton). But while your cards may not get you in, your miles can. Some programs let you purchase day passes with your miles. Most will also let you use miles to purchase an annual membership. If you fly the same airline regularly — and have some spare miles — this could be extremely beneficial.
Sure, it’s great to get your flights taken care of with miles. But what about the rest of your trip? Turns out, your miles may be able to help you here, too. Many programs allow you to redeem airline miles for hotels, rental cars, and even cruises. Some offer complete vacation packages, while others have different portals for each type of travel. Explore your options to see how much of your trip your miles can cover.
More and more travel loyalty programs are partnering with online retailers to let you pay with points or miles. This may mean you have the option to choose your airline miles as the payment method at checkout. Or, it means going through the airline’s merchandise portal to shop a curated selection of products using miles. How much value you get from your miles is going to vary significantly, but you may occasionally find some deals.
Many of us like to give back. However, it can be hard to make donations when our bank accounts are already feeling the strain of, you know, life. If you want to give back and have some idle miles, consider donating your miles instead. Some frequent flyer programs have their own partnerships for donations, or you can donate directly to a charitable organization that accepts miles.
Ever wanted to hit a hot food and wine festival? What about sitting in the front row at a once-in-a-lifetime concert? Maybe you just want tickets to a can’t-miss sporting event. All of these — and more — can be purchased with airline miles. Most big programs offer an “experiences” portal where they let you use miles to purchase event and experience packages using your airline miles.
Alright, so this one isn’t quite as glamorous as some of the other options on the list, but it could be a good way to use up a few hundred spare miles. A couple of airlines offer this option — Delta and United, in particular — though the available titles and miles cost varies between airlines.
Free flights are absolutely the best way to use your airline miles. But they’re most definitely not the only way. You can use miles to enhance many aspects of your travel — or even if you don’t travel at all.
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