May
01
2023
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Are You Ready to Buy a House? — Take The Quiz

By | Financial Independence, Home Ownership, Life & Career, mortgage | No Comments

Buying a house can be the single largest financial move you’ll ever make. What’s more, once purchased, your home is likely to be your biggest asset and possibly a path to building wealth.

So this rite of passage probably isn’t something to be done without a lot of preparation. For instance, you usually have to focus on such factors as:

•   Saving for a down payment

•   Optimizing your credit score

•   Understanding what your monthly expenses will be

•   Considering the dynamics of the real-estate market

•   Researching where you want to live

•   Making sure you’re ready for the responsibilities of homeownership.

You’ll learn more about these factors in a minute, but first, take this quiz to get a read on just how ready you are to dive into house-buying. While it won’t answer the question, “Am I ready to buy a house?” definitively, it can help you gauge where you stand.

Then, read on to learn more about how to make snagging your dream house become a reality.

Now that you’ve taken the quiz, here’s more intel on how to get ready to buy a house.

Recommended: First-Time Home Buyer Guide

Financial Factors

Home ownership can be quite expensive, especially recently. As you may know, housing prices soared during the pandemic, rising over 40% in some areas. In an effort to stem that, as well as other aspects of inflation, the Fed has been raising interest rates, so it’s become more expensive to borrow money, too, further squeezing potential homebuyers.

But don’t let that discourage you: Homeownership is still a goal you can realize, especially if you prepare for the following:

•   Down payment: Ideally, lenders like to see a 20% down payment (although SoFi offers flexible down payment options). Plus, you’ll need to have enough money left over for closing costs, moving costs, and any renovation costs involved.

•   Private mortgage insurance: If you are putting down less than 20% on your home purchase, you may have to pay private mortgage insurance (PMI). This helps protect your lender as you may look like a less well-qualified home purchaser. This cost is typically charged along with your monthly interest payment by the lender. It’s wise to include this amount in your calculations, if necessary, as you move toward buying a house.

•   Income: Knowing the answer to “When can I buy a house?” doesn’t depend on a particular salary. However, mortgage lenders do like to see two years of steady income, because both job continuity and consistent income are important.

•   Debt-to-income (DTI) ratio: You’ll need to see if your monthly income allows you to afford the mortgage payment you’d be taking on. This typically involves calculating your debt-to-income ratio or DTI.

Here’s an example: Say you make $6,000 a month, before taxes. You’re paying $1,500 a month in rent and, when you add in car payments, credit card debt, and student loan payments, that equals another $700. You’ve got monthly expenses, then, of $2,200; when you divide that by your monthly income ($2,200/$6,000), then your debt-to-income ratio is 36.7%, which is in the range of what many lenders like to see.

•   Credit score: It’s helpful to know your credit score before you go home shopping and, if it’s under 700 (meaning either at the low end of a good score or a fair credit score), work to build it. That can open you up to more mortgage offers and lower interest rates.

•   Mortgage options: Speaking of mortgages, connecting with lenders or mortgage brokers can help you gain a better understanding of how much house you can afford, what kinds of mortgages are available, and whether you can get prequalified or even preapproved before you shop in earnest. This can give you an edge in or possibly even be necessary in today’s tight housing market.

•   Homeownership costs: In addition to the mortgage payment and any PMI, you’ll need to budget for property taxes, heating costs, and other regular expenses. Make sure to factor those in as you develop a budget for your life as a homeowner.

Recommended: How to Qualify for a Mortgage

Housing Market Conditions

When determining if you’re ready to buy a house, also consider housing market conditions. Among the key factors:

•   Location: Of course, you’ll want your home to be in a desirable location, however you define “desirable.” It could mean being in the heart of a busy city — or in a peaceful place along a river. If you have or plan to have a family, quality schools are likely important, and so forth.

It’s likely going to make your house hunt more manageable and productive if you narrow down where you want to live to a few towns or neighborhoods. Otherwise, you might spend a lot of time and effort driving all over and not being able to whittle down the choices.

•   Real-estate dynamics: In desirable locations, competition is fierce today, with homes often selling quickly after being put up for sale and bidding wars occurring. And, as demand has increased, available housing (especially for first-time homebuyers looking to purchase in affordable price ranges) has therefore decreased.

So, you’ll have to be prepared to compete in the current housing market conditions, which means having your financial situation in order so you can make a timely offer on a house of choice.

Check out local real estate
market trends to help with
your home-buying journey.

Lifestyle Considerations

Let’s say you’re confident that you have the financial resources to purchase a home in your neighborhood of choice. Before you move forward, here are a couple of lifestyle issues to consider:

•   Home maintenance: If you’re used to renting, your landlord has played a key role in home repairs and so forth. If you buy a home, you would now be your own landlord. That means dealing with broken boilers, leaky roofs, yard maintenance, and more. Be sure you budget for that financially and are also prepared for the responsibility.

•   Community: Think about whether you are ready to settle down in a particular community for at least a few years. If not, you may not break even when you sell the house you bought. Here’s why: It can take time to recoup closing costs and other expenses you covered when purchasing the home.

The Takeaway

Homeownership can be the foundation of the American dream for many people. It’s also a potential avenue to build wealth. But when you should buy a house depends on a variety of factors. Before you dive in, do your research, save for your down payment, and optimize your finances so you are ready to handle the responsibility.

When you decide it’s time to buy, SoFi can help. Compare mortgage options from SoFi: We offer competitive rates and features, such as qualifying first-time homebuyers putting down as little as 3%.

When you’ve scrolled through the perks, find your rate in a few clicks.

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

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May
01
2023

22 Money Moves To Make This Month

By | Budgeting & Goals, Financial Independence, money | Comments Off on 22 Money Moves To Make This Month

Getting more from your money doesn’t have to be a long-term project. Making some simple and strategic money moves over the next 30 days can help you reduce spending and increase savings, and take some of the stress out of dealing with finances.

The methods below can put you on track to achieving your financial goals.

Steps to Manage Your Personal Finances

As you put these personal finance moves into practice, remember that you’re aiming for progress, not perfection. You may want to do a bunch of them at once, or choose just a few to focus on.

1. Set Financial Goals

If you haven’t done so already, set some important long-term goals, like saving for retirement or your child’s child’s education. This can help you figure out how much money you need to dedicate to these milestones.

Setting short-term goals can be helpful, too. Maybe you’re saving for a special vacation next year. Or perhaps you’re planning to buy a new car in five years. Mapping out your game plan could help get you there.

2. Create a Budget

Start by adding up your necessary expenses, such as housing costs, utilities, insurance, car payments, and groceries, and subtract that amount from your monthly take-home income. Put what’s left toward paying down debt, and then make deposits into a high-yield bank account where your money can grow.

3. Set Up Direct Deposit

Are you still trekking to the bank to deposit your paycheck? Sign up for direct deposit so your money can go directly to your bank account.

While you’re at it, set up an automatic transfer so that a portion of your paycheck goes into savings every month.

4. Increase Retirement Contributions

If you’re eligible to participate in your company’s 401(k) plan, make sure your contributions are enough to take advantage of your employer’s matching funds, if they offer a matching contribution.

Each matching contribution varies by company. Many companies match 50 cents for every dollar you contribute, up to 6%.

5. Make $10 or $25 in Spending Cuts

Look for small expenses you can cut, and then direct the extra cash to savings or paying down debt, such as credit card debt. For instance, bring lunch to work a couple of days a week instead of eating out.

6. Look for Helpful Apps

A good app can help you monitor your spending and savings, keep you on budget, and set financial goals. Check out SoFi where you can track all of your money in one place.

7. Negotiate Your Bills

Call your Internet and cell phone providers to ask about lowering your monthly bills. There may be discounts or cheaper plans you can take advantage of.

When you call, be firm but courteous. Check out competitors’ rates, and if they’re lower, use those prices as a bargaining chip in your conversation.

8. Review Insurance Policies

Do you have enough car and home insurance to cover your needs? Do you have too much? Review your policies and add or subtract coverage as necessary. And shop around for providers that offer good coverage for less money.

Get up to $300 when you bank with SoFi.

No account or overdraft fees. No minimum balance.

Up to 4.20% APY on savings balances.

Up to 2-day-early paycheck.

Up to $2M of additional
FDIC insurance.


9. Check Your Credit Score

Your credit score is a number that represents your creditworthiness. Lenders use it to determine whether to let you borrow money and at what interest rate. Check your credit score. If it needs some work, try it by doing such things as reducing debt and paying your bills on time.

10. Review Your Credit Report for Potential Mistakes

You can request a free credit report from the major credit reporting bureaus — Experian, Transunion, and Equifax — at Annual CreditReport.com. Review your report for mistakes that could be negatively affecting your credit score, and contact the credit bureaus about any errors you find.

11. Look for Credit Cards that Offer the Best Rewards

Earn on your spending with credit cards that offer rewards. Look for those that match your interests. For instance, if you love to travel, find a card that offers travel rewards. But watch out for cards with high interest rates. If you’re not someone who pays their card off every month, it may be worth steering clear of these.

12. Use Credit Card Points

Your credit card rewards aren’t doing you any good if you don’t redeem them. So have some fun and plan a trip or a new purchase with the rewards you’ve accumulated.

13. Consider Refinancing Your Loans

If you have outstanding loans, such as a mortgage or student loan debt, explore refinancing at a lower interest rate.

A lower rate could help you save money in the long run. You may even be able to accelerate your repayment, depending on the terms you select when you refinance.

14. Sell Some Stuff to Make Money

If you’ve done some decluttering of the extra items around your house, think about selling the things you no longer need. They’ll go to a new home, and you’ll get some extra cash in your pocket.

15. Consider Cutting Costly Habits

The cost of certain habits can really add up. If you’ve been meaning to quit smoking or stop impulse shopping, for instance, use financial planning as an incentive to do so. You’ll save money and potentially get on the road to a happier, even healthier, you.

16. Talk about Money with Your Partner

Set aside some time to discuss finances with your significant other. Discuss goals for your money, spending habits, repaying debts, and so on. Conversations like this help make sure you’re both on the same page, and can help prevent money conflicts in the future.

17. Figure Out Your Market Value

Has it been a while since you’ve had a pay raise? Do some research to determine what you’re worth and how much you should be making. Then, use that information to ask your boss for a salary increase, or to find a job that pays you more.

18. Negotiate Credit Card APR

If your credit cards carry a high-interest rate, ask the credit card company to lower your APR to help you manage your debt. If you have a low credit score, they may say no. But you won’t know unless you ask.

Even if they turn you down, speaking to the credit card company may be helpful. For instance, they should be able to tell you what you can do to make lowering your interest rate more likely.

19. Use Your FSA Funds

If flexible spending accounts (FSAs) are part of your employee benefits package, be sure to use them for doctors appointments or qualified purchases. Money in these accounts may not carry over year to year, so if you don’t use it, you lose it.

20. Cancel Unused Subscriptions and Memberships

Did you subscribe to a music service or for a gym membership you rarely use? A 2022 survey found that 42% of people pay for a subscription they don’t use and have forgotten about. Score extra savings by canceling unused subscriptions.

21. Talk to a Financial Planner

When it comes to making money moves, you don’t have to go it alone. A financial planner can help you develop your goals and suggest strategies to help you reach them. You can look for a qualified planner with an hourly fee you can afford. It may be worth it if it can help you save more overall.

22. Consider a New Bank Account

As you take steps to improve your financial health, it makes sense to evaluate your bank account. There may be options that offer you more, such as a minimum balance or higher interest. Explore what’s out there to see what’s most beneficial for you.

The Takeaway

If you’re ready to switch to a new bank account, a SoFi Checking and Savings account could help you reach your money goals. You’ll earn a competitive APY and pay no account fees.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.20% APY on SoFi Checking and Savings.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2024 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with direct deposit activity can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.20% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

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May
01
2023
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Guide to Choosing Where to Retire

By | Growing Wealth, invest, Investing, Preparing for Retirement | Comments Off on Guide to Choosing Where to Retire

Perhaps retirement is years or even decades away or something you are planning right this very moment. Regardless of your timeline, your dream lifestyle is likely to be something very specific to your lifestyle and dreams. Maybe you imagine living by the shore and walking on the sand every morning. Or perhaps you see yourself in a college town, spending afternoons at bookstores and cafes. Or you might think of moving within an hour of your grandkids for frequent multigenerational gatherings.

There’s a good chance that your vision of retirement isn’t just about location. Some people may think of downsizing to a smaller home in a low-cost area so they can free up funds to travel the world. Others might want, after decades of hard work, revel in their dream home with a view of a lake or mountains.

Where to live in retirement depends on several factors but is a uniquely personal choice. If you could use some help deciding where to spend that chapter of your life, read on. You can take a quiz to help you zero in on good options, and after that, you’ll learn more about such topics as:

•   What factors can help you decide where to retire?

•   What are some great places to retire?

•   What are some affordable ideas for retirement?

•   When should you start saving for retirement?

Where to Retire Quiz

First, here is a “where to retire quiz” to help you to create your plans.

Factors to Consider When Choosing Where to Retire

Next, here are four factors to keep in mind while choosing where to live in retirement years.

Climate and Topography

When you picture yourself in your ideal location, what is the weather like? Are you the type who wants to live the “70-plus degrees and sunny” lifestyle year-round? Or do you want to experience the full array of season, with fall leaf-peeping and some wintertime snow to delight in?

As you think about your surroundings, it can be smart to daydream a bit and envision where you’d like your retirement to be. One person might want to be in the mountains, another in a small city with loads of easy walking trails but no hills, thank you.

As you contemplate these options, it can be worthwhile to delve into climate reports for each of the states in the United States and check out the “past weather” tabs to see what patterns you may observe. Which sounds most appealing to you? And, here’s a U.S. geographic website that allows you to explore the counties and rivers in a state, elevation, topography, and more.

Friends and Family

When thinking about retirement, don’t overlook the value of having loved ones and their social support nearby. Your dream may be to live where your children or your grandchildren do. If that sounds like you, consider whether these family members are rooted in their communities or if they frequently move (say, for work).

If the first is true, then the situation is probably simpler than if there’s a good chance that your family would move, leaving you in a community that you chose because they were living there.

Do you have close friends that have decided where they want to retire? If so, you might want to consider the area they have in mind. Having the continuity of their friendship could add to your quality of life and help you transition into retirement.

Peace and Quiet? Or Action?

You might love the peace and quiet of small towns, rural areas, and the like, where you can fish, stroll through the woods, and otherwise appreciate the beauty of nature. Or you may want to retire right where the most action is, living in a big city with everything you need within a block or two of your place, plus an array of restaurants, shows, museums, and other attractions to keep you busy. Or you might prefer a suburb that offers the best of both worlds.

Also worth thinking about: Do you want to be in a place where there’s always something going on that you can join? For some people, a 55+ community with ongoing planned activities can be most appealing.

Career Plans

Do you envision saying a permanent goodbye to the workplace in the future, or do you plan to keep working after retirement — perhaps part-time or as a consultant — through your 60s and 70s, and maybe beyond? Or maybe you’re looking forward to having a second act in a field of great interest.

You may have pursued your original career because you needed to earn a certain income, but now you can work in an area that brings you joy, perhaps in animal rescue. Or maybe you want to volunteer for an organization you feel passionate about. There are lots of buzzwords describing the new ways people may work as they reach retirement age, such as semi-retirement and unretirement. Regardless of what you call it, some retirement locations may offer more opportunity than others, depending on the path you envision.

Taxes

There’s no ignoring the impact of finances on where you choose to retire. Some states are more tax-friendly than others. There can be income tax, property tax, sales tax, and other taxes in the mix, so it can be wise to consider the best places to retire for tax purposes before you commit. For some people, where they choose to live in retirement can wind up making a difference of tens of thousands of dollars in taxes.

As you think about your options of where to live when retired, it can be wise to research the potential tax burden of a move (you can find information via some online searching) or meet with a professional who can advise you.

On the subject of taxes and affordability, another facet to keep in mind when thinking about retirement is cost of living. If you imagine retiring to, say, Austin, Texas, you are likely going to need to spend more for that in-demand city life than to live in a small town a couple of hours away from it.

Great Places to Retire

USNews.com provides in-depth information about the best places to retire in 2022-2023. U.S. News & World Report surveys people in pre-retirement and those of retirement age to determine what’s most important to them, and then they use the following formula to come up with their conclusions:

•   Quality of Life Index, 32.5%, which includes such variables as healthcare affordability, air quality, and crime rates, among others.

•   Value Index, 25%, which incorporates factors like housing costs and median household income.

•   Job Market Index, 20%, which reflects the area’s average salary and unemployment rate.

•   Desirability Index, at 17.5%, which reports on the results of a survey of 3,500 people about which metro areas are most appealing to them.

•   Net Migration, 5%, which determines if people are actually moving into or out of the area.

Top 5 Place to Retire

Here are the top five results for 2022-2023:

•   Lancaster, Pennsylvania, which can offer the best of a small city, suburbs, and rolling farmland in one location.

•   Harrisburg, Pennsylvania, a state capital where one can walk, run, or bike along the Susquehanna River.

•   Pensacola, Florida, which offers beaches, boating, and fishing in a warm climate and career opportunities as well.

•   Tampa, Florida, combines the best of city life (concerts, major-league sports) with beautiful weather and access to the water.

•   York, Pennsylvania, has loads of history to explore as well as a lively downtown area with an arts community, shopping, and more.

What’s best for you, of course, depends upon what’s most important to you, so it makes sense to visit places of interest, ideally for enough time that you get a sense of what it would be like to live there, rather than just visit.

For example, before you decide whether to rent or buy a home for retirement in a particular area, you might test-drive living there for a number of months to see what you really think of the climate, activities in the area, cost of living, and so forth.

And, at least in some cases, after people getting ready to retire visit locations that once seemed like the ideal place to live, they find that they’re really happier right where they are. If that’s the case, good for you.

You’ll be retiring in a place you already know well, able to maintain your circle of friends.

Helpful Resources

Beyond the U.S. News resource mentioned above, there is an array of information online, whether you want to research housing prices in a given area on a real-estate listing site or read a blog about what it’s like to retire in a foreign country. Certainly, there are books on these and additional topics as well. AARP magazine is also full of information about retirement locations.

Don’t forget about the value of word-of-mouth. Talking to friends, neighbors, colleagues, and family members about their plans and those of members of their circle can help you learn about what like-minded people are thinking.

Affordable Places to Retire

According to U.S. News, the five most affordable places to retire for 2022-2023 are:

1.    Fort Wayne, Indiana

2.    Ocala, Florida

3.    Scranton, Pennsylvania

4.    Pittsburgh, Pennsylvania

5.    Youngstown, Ohio.

And, no matter where you want to live, funding your retirement in the style you want is crucial.

When to Start Saving

As far as when to start saving for retirement, the answer is likely to be ASAP. In terms of how to save, you may have such options as:

•   401(k) Retirement Plans: These are employer-sponsored plans and can be a convenient way to start saving for retirement.

•   IRAs (Individual Retirement Accounts): Whether or not your employer offers a retirement plan, you can open this type of retirement account yourself. There are two types — traditional and Roth — which are treated differently, tax-wise.

•   Self-Employment Retirement Plans: Contribution limits are higher, because you’re both the employer and the employee. There are several types, the most common being SEP IRAs, Simple IRAs and a Solo 401(k).

•   Pension Plans: If you work for the government or military (or possibly for a large company), you may also benefit from a pension plan. These are less common than they used to be, but still exist.

And, besides asking yourself “Where should I retire?” you’re probably also wondering about choosing a retirement date. To cut to the chase, if you’re looking to live on $40,000 a year in your retirement, you need to save $1 million. Double that if you’re hoping to live on $80,000.

As you save, it can be wise to frequently check in on how your savings are performing. This can help you monitor whether you’re on track, regardless of which of the different types of retirement plans you are utilizing, and make any necessary adjustments.

If you aren’t heading towards your targets at a good rate, you may want to rebalance your portfolio to help meet your goals.

Recommended: Understanding Portfolio Diversification

What If I Want to Retire Early?

Some people want to retire before they reach 65 or 70. If you are among that group, consider the Rule of 25, which says that someone should save 25 times their annual expenses to retire — not annual earnings, but annual retirement expenses.

So if you are calculating how to retire early with annual expenses of $75,000, that means that someone would need to save $1,875,000 to stop working (at a minimum).

Important note: As you do the math, remember that this figure can’t include Social Security benefits because those aren’t available until the designated time (meaning, not during early retirement).

It can also make sense to spend less and save more now to maximize what you’ll have saved for retirement. This can have a doubly good impact. First, spending less can lower the amount needed to save for early retirement, because you’ll have fewer expenses. In addition, the money not being spent today can be invested.

Here’s another way to calculate what may be needed. Take a look at the current budget, cut out what you reasonably can, and then figure out how this budget may change in retirement years. What may require more funds (healthcare, for instance)? Less (like money spent on one’s kids)? This can help you forecast what your line item budget may look like in the years ahead.

Open a Retirement Account With SoFi

When you open a retirement account at SoFi, we can help put your money to work. We first provide you with the educational tools to help you with goal planning, with a focus on mapping out a plan to help you achieve your goals more quickly, and to also help you stick with that plan. We can help diversify your portfolio, aiming to reduce some of your risk. In fact, we invest in hundreds of assets.

And it’s simple to get started: Setting up an investment account with SoFi can take just minutes.

Easily manage your retirement savings with a SoFi IRA.

FAQ

What are the safest places to retire?

Different sources list different locations, but according to U.S. News, the safest places to live in the U.S. are Naples, FL; Port St. Lucie, FL; Fort Myers, FL; Portland, ME; and Lakeland, FL. Once you have an approximate idea of where you want to retire, you can then research crime rates in that zone.

What are the best places to retire financially?

According to one recent report, the best places to retire financially and enjoy an affordable lifestyle are Fort Wayne, IN; Ocala, FL; Scranton, PA; Pittsburgh, PA; and Youngstown, OH.

What are the warmest places to retire?

Among the places where one can retire with good weather year-round are Florida, California, and North Carolina.

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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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May
01
2023

How Much Is My House Worth?

By | Home Ownership, mortgage, relay | Comments Off on How Much Is My House Worth?

Your house is much more than a home — it’s likely one of the biggest purchases you’ll ever make, with a value that makes up a significant proportion of most people’s net worth. As such, you’ve probably wondered from time to time what your home is worth.

Determining the answer is not as simple as referring back to your sales agreement or mortgage papers. What you paid for your house when you purchased it merely reflects what your house was worth to you — and the real estate market — at a specific point in time.

In reality, housing values are dynamic, and they fluctuate based on a number of factors. Some things, such as keeping your house in good repair, are within your control. Other external influences, such as the market, mortgage rates, and other considerations, can also affect the value of your home.

Here, we’ll take a close look at how this works, and answer questions like:

•   How much is my house worth?

•   What factors determine my home’s value?

•   How can I increase my home’s value?

First, take our “how much is my house worth” quiz to get an overview of what value your home holds.

Next, delve into the topic more deeply with these insights.

Estimating the Value of Your House

Knowing how much your house is worth can improve your money mindset by helping you understand where you are financially. There are a number of ways you can determine the estimated value of your house.

•   Online calculators. The easiest and fastest way to answer the question, “How much is my house worth?” is probably to use an online home valuation calculator. These tools provide a ballpark estimate of the value of your home based on your address. Such estimates typically use publicly available information, including average home sale prices in your area, property tax assessment information, market trends, and other data.

•   Market dynamics. Once you have a rough estimate of your property’s worth, you can use other cues about the housing market in your area to gain more insight. This might include such factors as sales and mortgage trends, which can give you a sense of whether your property value is likely to increase, decrease, or remain stable. For instance, during times of rising mortgage interest rates, consumer demand might wane as it becomes more expensive to borrow money.

•   Professional opinions. A professional appraiser or real estate agent can also help you get a more precise estimate of what your house is worth. An appraiser will consider both the local housing market and the unique characteristics of your property when creating your home appraisal.

Real estate agents, meanwhile, will typically conduct a comparative market analysis (also called a comp or CMA). This is an estimate based on actual data from recently sold homes that are most similar to yours.

If you are looking to sell, you may want to consider getting a comparative market analysis from several different real estate agents to help you assess their knowledge of and viewpoint on the local market before you commit to one. Understanding the various criteria real estate agents use to determine listing prices can also help you to get an accurate picture of what your house is worth.

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Recommended: What Hurts a Home Appraisal?

A Home’s Worth: 3 Factors to Consider

Every house is unique — but the factors used to determine property value are fairly consistent.

  1. Neighborhood: There’s a good reason why “location, location, location” is one of the most popular mantras in real estate. The same home, in the exact same condition, will fetch different prices depending on where it is. Proximity to desirable schools, shopping, public transportation, and other resources and infrastructure can increase the desirability of a neighborhood and thus the value of the home. Safety considerations, such as crime rates, sidewalks, and traffic signals, can also impact house values.
  2. House specifications: Attributes such as the size of your lot, square footage, age of your home, number of bedrooms and bathrooms, parking space, and updated mechanical systems are among the criteria buyers will typically consider. Agents may factor these in while developing a comparative marketing analysis.

    3. Also, the style of your house and the amenities can matter. Does it have a fabulous family room, a spa-style bathroom, skylights, or a pool? That can lift the value.

  3. House condition: Well-maintained houses with high curb appeal can typically fetch better prices than run-down fixer-uppers. As such, your home’s condition is probably the most easily controlled aspect of its value.

    4. To evaluate the condition of your home, take stock of any repairs, both major and superficial; any upgrades such as premium kitchen appliances; and any renovations you may have performed.

There are additional factors outside of your control that will affect the value of your home — though these may be less significant if you are not imminently considering selling.

For example, the state of the economy and mortgage rates may dictate others’ appetite for real estate purchases, as well as how much they are willing to spend. At press time, mortgage interest rates were rising in an effort to offset inflation’s impact on consumers. This can cause a softening of the housing market, or a lowering of prices, since it’s more expensive to borrow money.

Seasonal fluctuations such as holidays and weather can also affect home purchasing patterns. In addition, spring has often been looked at as the prime selling season, when families hope to find a new home and get settled before the start of the next school year.

Recommended: Should I Sell My House Now or Wait?

Increasing the Value of Your Home

Though there are some factors that may be out of your control (such as inflation and its impact), there are things you can do to increase the value of your home. If you are considering selling soon, staging your house or making small improvements, such as tidying your garden, can go a long way towards appealing to buyers — without a big financial investment.

But if you are considering investing in renovations and upgrades, it is helpful to know which will deliver the greatest returns. An online calculator can compare different projects to determine how various home improvements impact your home’s value. You might be able to finance such improvements with a home equity line of credit (or HELOC).

Recommended: Does Net Worth Include Home Equity?

Why Your Home Value Matters

If you are considering selling your house, “How much is my home worth?” is likely one of the first things you’ll wonder about. But even if a move isn’t something you are considering right now, there are other reasons why it might be important to know the actual value of your home.

•   Relocation plans. For those considering relocating, getting a reliable estimate of how much your house is worth will inform the amount you can afford to spend on your next home. As taxes, real estate agent commissions, and some other fees will be based on the actual sale price of your house, this valuation will also help you to estimate some of your moving costs.

•   Financial planning. Even if you aren’t planning to move, it can be wise to know your house’s value for another reason. As one of the greatest assets in many people’s financial portfolios, your home’s worth can play a helpful role in guiding long-term money planning, including retirement and estate planning.

If these things seem a long way off, there are immediate benefits to being informed about your home’s worth, too.

•   Property taxes. Your property tax bill is based on the market value of your house and may change from year to year, based on your municipality’s estimate of its worth as determined by a government assessor. A reliable estimate of how much your house is worth can help you to identify discrepancies in the assessed value. If you believe there is an error, you can file an appeal in an attempt to get your property tax bill reduced.

•   Homeowners insurance. Having an accurate estimate of the value of your home is also important for obtaining appropriate insurance coverage. If your estimate is too low relative to the actual value of your home, you run the risk of being underinsured in the event of a claim. Too high, and you’re paying for coverage you don’t need.

•   Equity considerations. Your home’s value can also help you to access money to pay for home improvements, a financial emergency, or other needs that may arise. If the current value of your home is more than it was at the time you purchased it, you may be able to tap into that increased value with, say, a HELOC or cash-out mortgage refinance.

Home Improvements and Your Mortgage

Even if you’re not looking to sell, adding value to your home may result in savings in the near term. This can be especially true for those who are paying private mortgage insurance (PMI).

•   Typically, buyers who purchase a home with less than 20% down are required to pay for PMI — a fee that is based on a percentage of your total mortgage.

•   The amount of equity in your home can be determined by subtracting what you owe on your house (or your mortgage principal) from the current total value of your home. If your property value has increased, you have more equity than when you purchased your home.

•   If the increase in your property value brings your equity over the 20% threshold, you can ask your mortgage loan servicer to cancel the PMI. That, in turn, will save your money every month.

The Takeaway

Understanding how much your house is worth is an important fact. Your house is a major investment, and knowing its current value can help you in a variety of ways, whether or not you are planning on selling it. Even if you are staying put, knowing its worth could help you make sure your insurance is keeping pace with its price, open the door to a home equity loan, or perhaps lower an assessment.

If you’re ready to find out your property’s value, SoFi’s money tracker app can help. Our property tracking tool can help you learn your home’s worth. It can help you know when more insurance is needed, how much renovations would cost and financing options, and what you might be able to save by refinancing your loan.

Stay on top of your home’s value with SoFi.

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Apr
28
2023
Visiting National Parks on a Budget

Traveling the National Parks on a Budget

By | Budgeting & Goals, events, money | Comments Off on Traveling the National Parks on a Budget

America’s national parks are legendary: You can probably conjure up images of Old Faithful at Yellowstone, El Capitan at Yosemite, and the Great Smoky Mountains without too much trouble. But what you may not realize is that our country’s network of over 400 national parks can also be a terrific, budget-friendly vacation destination.

Planning a road trip to a national park with the family or your BFFs can be an amazing way to see the natural beauty of the U.S. And it’s a popular idea: In 2022, the parks welcomed 312 million visitors, up 5% from the previous year.

By doing some prep work, you can be among those travelers who revel in the iconic landscapes of the parks while having an environmentally friendly, low-cost adventure. Here, you’ll learn the ropes, from advice on destinations to ideas for keeping expenses down.

Cheap National Parks to Visit

Unlike other standard vacation destinations (theme parks, etc.), most national parks don’t charge an entrance fee. Over two-thirds of these sites, including the Great Smoky Mountains National Park on the border of Tennessee and North Carolina, are free to enter. So the vast majority of these destinations are indeed cheap national parks to visit!

Even if you choose one that does charge, you’ll most likely pay by the carload, like the 7-day pass for your group at Rocky Mountain National Park in Colorado for $35. The ever-popular Yosemite and Acadia National Parks charge the same fee.

If you want to see which parks charge a fee, check out the National Park Service’s website .

Here’s an important warning, however: During peak times, you may need a reservation simply to drive into a park. You may gain admission if you have another kind of reservation (hotel room, say, or campsite), but double-check. Keep this top of mind if you are thinking you can just cruise on over and take selfies at, say, Half Dome for a day in August. Probably not going to happen without advance planning.

You can also take advantage of fee-free days. The National Park Service selects certain holidays and special occasions each year to offer admission-free entrance to everyone. So, you can visit over 400 sites at no cost in 2023, like on Great American Outdoors Day on August 4.

To find parks conveniently located near you, use the National Park Service’s “Find a Park ” tool online. Then you can compare options and see what type of landscape you’d most like to visit.

Setting a Budget for Visiting National Parks

If you have a vacation in mind, you might have already started budgeting for it. Saving money for a trip is an important step and allows you to explore the world guilt-free. But to make the most out of your visit to a national park, you need to know exactly what type of costs to expect. That way, you never have to worry about not having enough money on hand to enjoy yourself.

Here are some expenses you should account for in your national parks budget.

Food & Drink

Saving money on a road trip is often challenging since you don’t have all your basic necessities ready at your disposal. That includes food and drink, whether your style is more drive-through or sit-down dining or “I’m happy to cook for myself.” You’ll need to factor the cost of meals into your travel budget.

One budget-smart option is to rent a cabin with a kitchen. With that, you can pick up groceries once you arrive and cook your meals instead of ordering out. That’s a big savings right there!

You may not be the type to cook on vacation, though. If not, you can look for affordable options near you for meals. But keep in mind: You’ll need to budget for your three meals a day, plus you’ll probably want some water and a snack here and there, lots of liquids to fuel you on hikes, and perhaps to go out for a beer or two one evening. There will likely be taxes and possibly tips involved. See how it all adds up and what you can afford.

One very dollar-smart move to stay well-fed and not blow your budget: Use a backpack cooler. If you want to spend your days hiking and walking, you’re going to get thirsty and hungry pretty quickly. You can load a cooler up with protein bars, nuts, apples, and granola, preventing you from buying potentially pricey food throughout the day.

Gas & Travel

When it comes to the expense of traveling to national parks, the nice news is that a destination might be closer than you think. Many of us hear the phrase “national park” and think of large, sweeping spots in the West, like the Grand Canyon. But that’s just one iconic site. There are actually hundreds of places in the U.S. under the National Park Service’s care, from historic sites to scenic trails. So you may not have to plan out a cross-country trip to enjoy what this country has to offer.

However, if you have to travel a significant distance, why not whittle your transportation costs? For example, if you need to fly, it can pay to be flexible with your dates and look for the lowest possible fare. Sites like Expedia and Kayak can notify you when prices drop on flights you are interested in. Another smart move is to pack light so you won’t pay those ouch-inducing baggage fees.

Perhaps you’re driving to your destination, though. If you want to improve gas mileage and get the most out of your trip, try to choose a park that isn’t isolated. For example, there are multiple national parks near Las Vegas, such as Death Valley National Park and Zion National Park, which are about two and a quarter hours apart. Once you’re at Zion, you might decide to hop over to Bryce Canyon National Park, barely an hour and a half away, and see the incredible rock formations known as hoodoos.

You’ll be able to visit multiple parks without too much drive time, save money on gas, and see all the more spectacular sights. It may be the best way to travel around America on a budget.

Recommended: Guide to Renting a Car

Lodging

You know the law of supply and demand: When demand is high, supply gets scarce — and potentially pricey. With that in mind, note that the peak season for visiting national parks is summer. Kids are off from school, temperatures are warmer, and international travelers may visit our lovely landscapes. So that means bigger crowds, which impacts local lodging. It will be harder to find accommodations, and their prices will be higher, too.

Because of this, it’s best to book your lodging in advance so you don’t get shut out of affordable rooms. National Parks have a wide range of accommodations; during spring 2023 at Yosemite, for instance, rooms ranged from $101 to $500+ a night. A location farther out from the park will be cheaper as well. Those who accumulate points on a travel credit card or cash back rewards credit card may find lodging nearby at a discount.

Of course, that’s not your only option. You can also rent an RV or stay at a campground. If you choose to camp, check to see if you need a reservation. At national parks, the average price is around $20 per night, though prices can range from $5 to $30 or so. These sites usually offer electricity hookups, water, camp stores, and fire rings. Research what your campground offers to help plan out your packing needs. If you snag one of these spots at a free-admission park and already have tents and other gear on hand, congrats! You may have scored one of the cheapest national park visits to be found.

Activities and Entertainment

If you have never visited a national park before, you might not know what they offer. While part of their appeal is just being in the great outdoors and soaking in the views, you also have activities available to you. There may be anything from guided walks and museums to talks and films, and they all typically come at no extra cost. It can be a great way to learn about local wildlife, fossils, history, and more.

In addition to that, you might seek other activities. For instance, if you are visiting Florida’s Everglades National Park, perhaps you want to go on a kayak adventure with a guide. It can be a terrific way to see the mangroves and sawgrass marshes the area is famous for. That will be an additional cost to keep in mind.

There’s also every chance that you may pass all kinds of mini-golf, waterparks, multiplexes, and other attractions as you explore the area near a national park. If a vacation isn’t a vacation without indulging in these offerings, factor that into your budget, too.

Permits & Passes

Again, most parks are available to the public for free. But if you want to visit multiple national parks, consider opting for a National Park Annual Pass. It typically costs $80 ($20 for seniors) and gives you unlimited entrance to over 2,000 federal recreation areas, such as national parks.

Recommended: How Credit Card Travel Insurance Works

Saving for Your Travel

Saving up for your trip can be pretty straightforward. One way is to set up a dedicated travel fund. Separating your vacation money from your regular savings account will make your progress that much easier to track. You can also maximize your savings by setting up automatic contributions to your travel fund. That way, you never forget to put in a few dollars on payday.

If that sounds appealing, you need to pick the correct type of account. Some options, like a high yield bank account, promise higher interest rates than your standard version. However, your choice will depend on your timeline. For example, someone taking a trip in a year has more time to accrue interest than someone taking a trip within a few months.

Let’s say you don’t have much time, though. Even if you can’t build much in the way of interest, you can still find extra cash in your life. You might need to budget a bit differently. For example, if you have a streaming service membership, you can cancel that for a while. Or perhaps you can pick up a side hustle on the weekends, whether that means driving for a rideshare service or walking dogs.

The Takeaway

Vacations are a time to relax, enjoy yourself, and make memories with your loved ones. The last thing you need is for that time away to leave you deeply in debt and saddled with stress. That’s why a trip to a national park can be such a terrific destination: You’ll explore the great outdoors but can do so without breaking the bank, thanks to low fees, free activities, and the smart saving advice you learned here.

SoFi Travel has teamed up with Expedia to bring even more to your one-stop finance app, helping you book reservations — for flights, hotels, car rentals, and more — all in one place. SoFi Members also have exclusive access to premium savings, with 10% or more off on select hotels. Plus, earn unlimited 3%** cash back rewards when you book with your SoFi Unlimited 2% Credit Card through SoFi Travel.

SoFi, your one-stop shop for travel.

FAQ

Is it expensive to visit national parks?

In many cases, it’s a more affordable vacation than other options. Over two-thirds of national parks offer free admission year-round. Plus, there are many throughout the country, meaning you can pick one that’s close and may not have to spend much on travel costs. The main expenses will come from your lodging, food, and additional activities.

How many days should you spend at a national park?

The length of your stay should depend on the type of itinerary you want to build and the size of the park you are visiting. There are many itineraries for Yosemite online that involve staying three to five days, but you could certainly spend much longer or shorter periods of time. Worth noting: Some smaller parks and historic sites may not be open every day. Larger parks may close due to weather events. Always check in with a park (either online or by calling) beforehand.

How much does it cost on average to visit a national park?

Most national parks are free. The National Park Service allows you to see the entrance rates for each fee-charging national park. Use their listings to see if the park you want to visit charges an entrance fee. The per-vehicle prices are often between $20 to $35 for seven days.

Photo credit: iStock/MargaretW
**Terms, and conditions apply: The SoFi Travel Portal is operated by Expedia. To learn more about Expedia, click https://www.expediagroup.com/home/default.aspx.

When you use your SoFi Credit Card to make a purchase on the SoFi Travel Portal, you will earn a number of SoFi Member Rewards points equal to 3% of the total amount you spend on the SoFi Travel Portal. Members can save up to 10% or more on eligible bookings.


Eligibility: You must be a SoFi registered user.
You must agree to SoFi’s privacy consent agreement.
You must book the travel on SoFi’s Travel Portal reached directly through a link on the SoFi website or mobile application. Travel booked directly on Expedia's website or app, or any other site operated or powered by Expedia is not eligible.
You must pay using your SoFi Credit Card.

SoFi Member Rewards: All terms applicable to the use of SoFi Member Rewards apply. To learn more please see: https://www.sofi.com/rewards/ and Terms applicable to Member Rewards.


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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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