Gold’s reputation as a stable asset resonates with these folks. Jacob Boomsma / Shutterstock.com
Gold has long been valued as a safe-haven asset, particularly during times of economic instability and inflation. Today, gold remains a key part of consumer portfolios because it holds its purchasing power even when other assets, such as stocks or real estate, may falter. In recent years, interest in gold has seen significant growth, largely driven by uncertain global economic conditions.
Costco’s Executive membership costs double than a basic one. But read on to see why it makes sense for almost anyone. [[{“value”:”
Image source: Getty Images
Joining Costco could help you save money on everything from groceries to cleaning supplies to apparel. And many members find that they can make back their Costco fees in the form of savings throughout the year.
There are two Costco membership tiers you can choose from. A Gold Star (basic) membership at Costco will run you $65 per year, while an Executive membership will cost you double at $130.
The Executive membership comes with a giant perk, though. You get to earn 2% cash back on your Costco purchases. And if you shop at Costco pretty often, you may find that you can earn enough cash back from an Executive membership to more than make up for the $65 extra it costs.
But even if you’re not such a frequent Costco shopper and you’re not sure you’ll make back the $65 upgrade fee, getting an Executive membership still makes sense. Here’s why.
It takes $3,250 in annual Costco spending to make back the $65 extra an Executive membership costs. If you’ve been a Costco member for 20 years and your annual spending has never once exceeded $1,000, then in your situation, it could pay to stick with a basic membership since it costs a lot less. But for most people, it makes sense to try the Executive membership.
See, the so-called risk of upgrading to an Executive membership is not making back your $65 from the 2% cash back. But here’s a lesser-known rule: If you don’t make back your Executive membership upgrade fee, you can downgrade your membership to a Gold Star one after a year. And at that point, Costco will refund you the difference between the cash back you did rack up and the $65 upgrade cost.
So, let’s say you decide to buy the Executive membership but only spend enough to earn $50 back. If you downgrade, Costco will refund you $15. So either way, you’re guaranteed your $65 upgrade fee back. And you might earn a lot more than that if you shop at Costco regularly or buy a few big-ticket items.
For example, vacation packages booked through Costco Travel are eligible for cash back when you have an Executive membership. And you might easily spend more than $3,250 on a family trip, depending on your destination. In that situation, a single purchase could put more than $65 cash back in your pocket.
Similarly, you may decide to buy a major appliance or furniture from Costco. These items, too, could bring your spending to $3,250 or a lot more.
There’s a reason Costco’s Executive membership is more popular than its basic one. The option to rack up cash back on purchases is one most shoppers don’t want to give up. If you have a Gold Star membership, it makes sense to upgrade to the Executive membership and see how things go, given that there’s no actual financial risk 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.Maurie Backman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale. The Motley Fool has a disclosure policy.
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CDs can help you grow your money nicely. But is a $100,000 CD going overboard? Read on to find out. [[{“value”:”
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Although certificate of deposit (CD) rates are starting to fall now that the Federal Reserve is cutting interest rates, there are still good deals to be had. So you may be interested in opening a CD sooner rather than later.
You should know that some CDs have a minimum deposit requirement. That could be $500, $1,000, or $5,000, depending on the bank.
You generally do not need $100,000 to open a CD. The minimum deposit requirement is usually much lower. But if you have $100,000 to your name, you may be wondering if that’s too much money to put into a CD. And the answer is, it depends.
There aren’t many situations where it makes sense to put $100,000 into a CD. With a sum that large, you’re usually better off investing your money. The stock market has a long history of outperforming CDs.
Over the past 50 years, the S&P 500’s average annual return has been 10%. We all know that CDs don’t offer nearly the same return, even when CD rates are high. But if you put $100,000 into a stock portfolio that gives you a 10% annual return, in 25 years, it’ll be worth almost $1.1 million.
Even if you manage to get 4% out of a CD portfolio during that time, your $100,000 will only be worth about $267,000. That’s a huge difference.
However, to do well in the stock market, you need to be willing to invest on a long-term basis — ideally, 10 years or longer. That’s because you need to give yourself time to ride out market downturns. So if you have $100,000 earmarked for a near-term goal, then a CD could be a good choice.
Let’s say you’re buying a home in an expensive part of the country, and you need a $150,000 down payment but you only have $100,000 so far. If you think it’ll take you 18 to 24 months to save the remaining $50,000, then it’s not a bad idea to park your $100,000 in a 12-month CD to score a nice return on it. In this situation, stocks are a poor choice, because if the market does poorly in the short term, you risk ending up with less than your original $100,000.
But for the most part, there is a limit to how much you should put into a CD. You’ll need to think about what you plan to use your money for when making your choice.
If you come to the conclusion that it’s best to keep $100,000 in a CD, you may not want to open just one. That’s because $100,000 is a lot of money. And putting it into a single CD means cutting off access to a large sum until it matures. (You could tap your CD early, but then you’ll face a costly early withdrawal penalty.)
A better bet with $100,000 is to split that money up and create a CD ladder. You might, for example, open four CDs worth $25,000 apiece and have them mature at three months, six months, nine months, and 12 months. Or play around with different intervals. With a sum that large, it’s good to have options.
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Earning $100 a day through a side hustle is possible. These three jobs will give you an idea of the types of gigs available. [[{“value”:”
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What kind of job would you be willing to do even if you weren’t getting paid? Despite all the lists of potential side hustles floating around the internet, I’m convinced that the recipe for success is taking on a side hustle you would be happy to do for free. You get one life; you might as well choose a job that makes your heart sing — at least a little.
Although I suggest finding a side hustle you would do for free, I certainly don’t believe you should. The idea of a side hustle is to improve your savings account balance, among other perks. If you’re hoping to earn $100 per day, you might want to find a well-paying job that you would enjoy. Here are three ideas for inspiration.
If you’re wild about pets, why not earn money while spending time with them? There are two ways to accomplish this goal.
ZipRecruiter reports that the average hourly rate for dog walkers is $17, although it can be much higher in some areas. For example, our incredibly reliable dog walker in Illinois charges $20 per half-hour walk.
What’s more, our dog walker schedules back-to-back appointments, meaning she walks several dogs a day. Pet walking involves at least two special skills:
Dependability: Dogs know when it’s time to be walked, which means showing up at the scheduled time.Fierceness: Dogs don’t typically care if it’s cold or rainy out. Within reason, a dog walker has to be willing to face less-than-perfect weather conditions.
Another way our walker brings in money to meet her monthly budget is by pet sitting. Pet sitting involves staying at a pet’s home while their owners are away. The stay may only last a few hours or may require you to be there overnight.
Nationwide, the average pet sitter earns $16 per hour. If they stay overnight, their rate is typically per night. For example, we pay $60 per night for our pet sitter to stay with our two dogs while we’re away. Because she’s moving soon, we’ve been looking for a new sitter. So far, the best we’ve found charges $115 per night.
Advertise your availability on a site like Nextdoor.com or work through a pet-sitting service that takes a cut of each job you land.
Can you see through clutter, imagine ways to get rid of things that are no longer needed, and neatly organize the rest? Becoming a home and office organizer may be the perfect side hustle for you.
It’s clear that you have a ready-made customer base. A poll commissioned by mDesign found that 63% of people said they have so much junk in their homes, they have trouble figuring out where to store it.
Advertise your availability to organize both home and office spaces. Before you do, though, create a portfolio of your work. Reorganize a room or area of your home, and ask friends and family members to let you organize part of their homes or offices. Take before and after photos to show prospective clients what you can do.
Becoming an organizer requires more than the ability to create a usable space. You should also be able to:
Be diplomatic: Some people are emotionally attached to old junk they no longer use. You’ll need to help them imagine what their space could be like and come up with ways to find a middle ground. For example, years ago I interviewed an organizer who talked a client into donating dozens of old concert T-shirts by taking a photo of each one (front and back) and creating a scrapbook for them.Communicate clearly: If you walk into the home or office of a person with a hoarding problem, you’ll need to ask them how far they’re willing to let you go. Are they going to fight you when you want to throw away their collection of bent paper clips? As long as you clearly communicate your organizational plan, you’ll be able to gauge how cooperative a client is likely to be. And if it doesn’t look like it’s going to work, you can walk away.
ZipRecruiter indicates that professional home organizers earn an average of $21 per hour, with some earning as much as $41.
If you’re wondering who would hire a proofreader, the answer is “just about anyone.” So, if your superpower is noticing typos and grammatical errors, proofreading could be the perfect side hustle for you. Potential clients include freelance writers, small business owners, college students, academics, and bloggers.
According to the Bureau of Labor Statistics BLS, the mean hourly wage for proofreaders is nearly $25, making it a well-paying side hustle you can do from home.
Proofreading might not be for everyone, but if you enjoy the idea of helping others polish their writing, you may enjoy this gig. Here are two skill a great proofreader should possess:
Eye for detail: The ability to find mistakes while helping a writer maintain the message they hope to convey is a gift.Natural curiosity: Proofreaders typically get to read all sorts of things, from scientific documents to blogs and advertisements. Possessing natural curiosity will make this job infinitely more interesting for you.
Whether you’re trying to pay down debt or saving for something special, taking on a side hustle won’t feel like a hassle as long as the job is one you enjoy.
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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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Mortgage rates have dropped by over 1% since May 2024, and even lower rates could come in 2025. See who could get the best deals in the housing market. [[{“value”:”
Image source: Getty Images.
The Fed’s recent 0.50% rate cut might not move the needle much for mortgage rates. The national average 30-year fixed-rate mortgage had already decreased by 1.13% since May 2, 2024. The bond market had already “priced in” some Fed rate cuts, so when the Fed actually announced its 0.50% rate cut on Sept. 18, 2024, it wasn’t a big surprise.
However, the Fed is probably not done cutting the federal funds rate — it’s just getting started. The Fed’s own forecast says that it expects to reduce its benchmark rate by another 0.50%-1.50% by the end of 2025. If these additional rate cuts happen as expected, and other economic data is favorable, mortgage rates could be lower in 2025.
Lower mortgage rates are generally good news for home buyers. The housing market has largely been “frozen” for the past two years, with limited inventory, high prices, and high mortgage rates. But at the current moment when national average 30-year fixed rate mortgages are 6.09% (as of Sept. 19, 2024), there’s one group of people who could be the biggest winners: current homeowners.
If you already own your home, see why now could be a good time to refinance your mortgage — and why you might gain the most from lower interest rates in 2025.
If you bought your home in 2022 or 2023 and got a mortgage rate of 7% or higher, right now could be a good time to refinance at a lower rate. That’s because a general rule of thumb is that it’s a good deal to refinance if you can get a new mortgage with an interest rate that’s at least 1% lower than your current mortgage.
For example, let’s say you bought a $400,000 home (with a 20% down payment) in August 2023 with a mortgage rate of 7.09%. Let’s say you could refinance today in September 2024 at 6.09%, lowering your interest rate by 1%. By refinancing, your mortgage payment would go down by about $210 per month.
America might be at the beginning of a mortgage refinance boom. CNBC says that in the week after the Fed’s 0.50% rate cut, mortgage refinance applications increased by 20%. Current homeowners could be big winners from lower mortgage rates if they can use these rates as an opportunity to free up more money into their monthly budgets.
But keep in mind that refinancing a mortgage is not the right choice for everyone. Before you refinance, make sure that it’s actually a good deal for your situation. Ideally, your lower monthly payment or other savings from the refinance should more than make up for the costs of refinancing the loan, such as origination costs, closing costs, and other fees.
Calculate your breakeven point — how many months you need to stay in the house at the lower payment to recoup your refinance closing costs. If you don’t expect to keep living in the home long enough to recoup the costs, refinancing isn’t worth it.
Another group of existing homeowners who could be big winners from low mortgage rates are people with equity who want to move to a new home. Many current homeowners bought their homes (or refinanced) during a time of historically low mortgage rates in 2020-2021 — like 2.65%-3.50% mortgages. This was a unique situation in the housing market.
Then in 2022, mortgage rates skyrocketed, going up by as much as 4% compared to the end of 2021. Higher mortgage rates during 2022-2024 kept many homeowners in place, even if their families had grown or their lifestyles had changed and they wanted a new house or new location. Instead of putting their homes on the market, many homeowners opted to keep their low mortgage rates.
Good news: If you’re a current homeowner with a home that has gone up in value during the last few years, lower mortgage rates could finally make moving to a new home a good deal for you. This could be a perfect opportunity for existing homeowners to cash out of their equity by selling their home, and move to a new rung on the property ladder.
Mortgage rates might not get low enough anytime soon to make life much easier for first-time home buyers. But if you’re an existing homeowner who wants to refinance your mortgage, or a longtime homeowner who has built up equity in a higher-priced home, lower mortgage rates could help you get a better deal on your monthly payment or trade up to the home of your dreams.
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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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Not having a credit score could cause issues beyond being denied a loan. Read on to learn more. [[{“value”:”
Image source: Upsplash/The Motley Fool
Your credit score is an important number for borrowing money, whether in the form of a mortgage, auto loan, or spending limit a credit card issuer gives you. That number tells lenders how risky — or trustworthy — a borrower you are. The higher it is, the more likely you are to get approved.
Now, as you might imagine, having poor credit could result in being denied a loan or credit card. But the same thing might happen if you have no credit score at all.
As of 2022, an estimated 45 million Americans didn’t have a credit score, according to the U.S. Government Accountability Office. And usually, the reason for not having a credit score is that you don’t have enough of a credit history for one to be established. This could be the case if you never took out a loan or credit card before, and therefore have no documented history of making payments to a lender.
But while an absent credit score might hurt your chances of getting a loan or credit card, the consequences go beyond that point. Here are some surprising problems with not having a credit score.
Most people today need a cellphone to function. But if you don’t have a credit score, you may not be allowed to pay off a new phone over time. And if you can’t afford the full cost of a phone outright, that’s a problem.
You may also have trouble getting a cellphone contract for service. However, you generally won’t have an issue getting a prepaid plan since, well, you’re paying upfront.
The last thing a landlord wants is to rent to a tenant with a history of falling behind on payments. That’s why landlords commonly run a credit check when vetting tenants who apply to live in their homes.
If you don’t have a credit score, you may have trouble getting approved to rent a home — even if you have great references from former landlords. You may have to agree to make a larger security deposit, or pay a few months of rent upfront, to be allowed to sign a lease in that situation.
Buying life insurance is a great way to protect your loved ones financially. But without a credit score, you might have a harder time qualifying for an affordable rate.
It’s common for life insurance companies to run credit checks as part of the application process. On the one hand, you’d think a credit score wouldn’t matter in the context of life insurance, since it’s not as if you’re borrowing money, but rather, paying for a product. But many insurers use credit score information to help establish premium rates.
Establishing a credit history is sort of a catch-22. You can’t get approved for a loan or credit card without a credit score. But you can’t get a credit score if you have no loans or credit cards in your name and therefore can’t prove you’re capable of paying on time. It’s frustrating, right?
The good news is that there are some steps you can take to build a credit history so a score can be established for you. And one of the easiest is to get a secured credit card.
With a secured credit card, you put down a deposit that serves as your credit limit. Then, as you make timely payments on that account, it gets recorded as positive payment activity on your record.
Another option may be to get added as an authorized user to a family member’s long-standing credit card account. That way, the payment history on that card is associated with your credit file.
If you happen to be renting a home despite not having a credit score, another option is to ask your landlord to report your timely payments. It’s not standard practice for rent payments to be reported to the credit bureaus the same way mortgage payments are. But there are third-party products, like RentRedi, that make this possible.
If you don’t like to borrow money, you might assume that it’s no big deal not to have a credit score. But clearly, that can become a problem in more ways than one. It pays to do what you can to build a credit history.
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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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