Financial Topics Archives | Page 644 of 808

May

2023

Why Index Fund Returns Vary from Fund to Fund

By Rebecca Lake | Growing Wealth, invest, Investing | Comments Off

The performance of index funds can vary based on which index the fund tracks and how the stock market performs as a whole. Index funds can offer a simplified approach to portfolio building when the primary goal is to meet, rather than beat, the market’s performance.

In simple terms, these mutual funds or exchange-traded funds (ETFs) seek to track the performance of a particular stock market index or benchmark. While these funds can offer some insulation against volatility, it’s important to understand which factors drive index funds returns.

What are Index Funds, Exactly?

An index fund is a type of mutual fund that’s designed to track the performance of a stock market index, by investing in some or all of the securities tracked by that particular index.

An index represents a collection of securities, which may include stocks, bonds, and other assets. Stock indexes can cover one particular sector of the market or a select grouping of companies. Examples of well-known stock indices include the S&P 500 Index and the Russell 2000 Index.

What Determines Index Fund Returns?

Even though they tend to have a similar purpose and function inside a portfolio, the return on index funds isn’t identical from one fund to the next. Some index funds can lose money, too. Factors that can influence index funds’ returns include:

• Which specific index they track

• Whether that index is:

◦ Cap-weighted, in which each security is weighted by the total market value of their shares.

◦ Price-weighted, in which the per share price of each security in the index determines its value.

◦ Equal-weighted, in which all of the securities being tracked are assigned an equal weight for determining value.

• Number of securities held by the fund

• Geographic classification of fund securities

• Expense ratio and fees

• Overall market conditions

• Tracking error

Together, these factors can influence how well one index fund performs versus another.

Index Tracking

First, consider which benchmark an index fund tracks. There can be significant differences in the makeup of various indexes. For instance, the S&P 500 covers the 500 largest publicly traded companies while the Russell 2000 Index includes 2000 small-cap U.S. companies.

Large-cap stocks can perform very differently from small-cap stocks, which translates to differences in index fund returns. Between the two, large-cap companies tend to be viewed as more stable while smaller-cap companies are seen as riskier. Large-cap companies may fare better during periods of increased market volatility but in an extended downturn, small-cap companies may outperform their larger counterparts.

Index Weighting

Cap-weighted, price-weighted, and equal-weighted indexes all have the potential to perform differently, because each company’s stock may have different weight in each of these types of funds. For example, if a stock in an equal-weighted index filled with 500 stocks performs poorly, those shares represent 1/500th of performance. On the other hand, if the same stock performs poorly in a cap-weighted fund and it happens to have a very high market cap, it may represent a larger percentage of performance.

For these reasons, it’s also important to know how many securities are held by the fund. The more financial securities in a given fund, the greater the likelihood that a poorly performing one will be balanced by others.

Geographic Classification

Even when two index funds both follow the same formula with regard to market capitalization, returns can still differ if each fund offers a different geographic exposure. For example, a fund that tracks a global market index and includes a mix of international and domestic stocks may not yield the same results as an index fund that focuses exclusively on U.S. companies.

Funds that track global indexes can also differ when it comes to how they characterize certain markets. For instance, what one fund considers to be a developed country may be another index fund’s emerging market. That in turn can influence index fund returns.

Expense Ratio and Fees

Index funds are generally passive, rather than active, since the turnover of assets inside the fund is typically low. This allows for lower expense ratios, which represent the annual cost of owning a mutual fund or ETF each year, expressed as a percentage of fund assets. Generally, index funds carry lower expense ratios compared to actively managed funds but they aren’t all the same in terms of where they land on the pricing spectrum.

The industry average expense ratio for index funds tends to be a bit more than 0.5%, though it’s possible to find index funds with expense ratios well below that mark. The higher the expense ratio, the more you’ll hand back in various fees to own that index fund each year, reducing your overall returns.

In terms of fees, some of the costs you might pay include:

• Sales loads

• Redemption fees

• Exchange fees

• Account fees

• Purchase fees

When comparing index fund costs, it’s important to keep the expense ratio, fees, and historical performance in mind. Finding an index fund with an exceptionally low expense ratio, for instance, may not be that much of a bargain if it comes with high sales load fees. But a fund that charges a higher expense ratio may be justifiable if it’s consistently outperformed similar index funds year over year.

Tracking Error

Tracking errors can significantly impact your return on index funds. This occurs when an index fund doesn’t accurately track the performance of its underlying index or benchmark.

Tracking errors are often tied to issues with the fund, rather than its index. For example, if a fund’s composition doesn’t accurately reflect the composition of the index it tracks then performance results are more likely to be skewed. Excessive fees or a too-high expense ratio can also throw a fund’s tracking off.

What Are Good Index Fund Returns?

What is a good return on investment for an index fund? Given that the return on index funds can vary, the simplest answer may be to look at the stock market’s historical performance as a whole.

The S&P 500 Index is often used as a primary market benchmark for measuring returns year over year. The average annualized return for the S&P 500 Index since its inception — including dividends and adjusted for inflation — is 8.7%. Following that logic, a good return on investment for an index fund would be around the same.

You could also use the fund’s individual index as a means of measuring its performance. Comparing the fund’s performance to the index’s performance month to month or year over year can give you an idea of whether it’s living up to its expected return potential.

Are Index Funds a Good Investment?

Index funds may appeal to one type of investor more than another, which is why it’s always important to do your research before determining what will be a good fit for your portfolio.

Investors who prefer a low-cost, passive approach may lean toward index investing for growing potential for wealth long-term. Index funds can offer several advantages, including simplified diversification and consistent returns over time.

For example, if your investment goals include keeping costs low while producing consistent returns with lower fees, then index investing maybe a good choice. You may also appreciate how easy it is to buy index funds or ETFs and use them to create a diversified portfolio.

Index funds can help with pursuing a goals-based investing approach, which focuses on investing to meet specific goals rather than attempting to beat the market. When comparing index funds, pay attention to the fund makeup, its costs, historical performance, turnover ratio and the potential for tracking errors.

The Takeaway

A number of factors helps explain why different index funds have different returns — including, but not limited to, which index they track and how it’s weighted, the geographic classification of the fund securities, expense ratios, and overall market conditions.

But keep in mind: Unless you have a crystal ball, there’s no way to predict exactly how an index fund will perform. But getting to know what differentiates one index fund or ETF from the next can help with making more informed decisions about which ones to buy.

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May

2023

7 Ways to Save Money on Commuting to Work

By Matthew Zeitlin | Budgeting & Goals, Building Your Career, Life & Career, money | Comments Off

Many people are back into the full-time commuting groove again and finding that it can be a major cost. And by cost, it can mean the impact it has on both money and mood.

Some people spend 30 minutes commuting each way; others two or three times that. Some get on an express train while others drive their own car and deal with traffic woes and gas prices.

One way to lessen the burden of commuting (beyond listening to terrific podcasts while en route) is to lower the cost. Here, learn smart ways to do just that.

How Much Does It Cost To Commute?

First, there’s the per-mile cost of gasoline. Commuting to work is a major portion of all driving in the United States. But a hidden cost of driving is depreciation, a car’s loss in value over time. It’s the largest annual cost of car ownership, according to AAA, accounting for more than a third of the average annual cost. Add increased maintenance and repair costs of cars as they age and are driven more frequently.

AAA pegged maintenance and repair costs at almost 9.68 cents per mile and fuel costs at 17.99 cents per mile, meaning that beyond fixed costs of car ownership, a 15-mile one-way commute would cost about $8.30 a day and, at around 250 days of work a year, $2,075.25 annually, before expenses like auto depreciation, tolls, and insurance.

The easiest way to reduce these costs is to minimize or eliminate a commute to work.

💡 Quick Tip: Tired of paying pointless bank fees? When you open a bank account online you often avoid excess charges.

1. Aiming for a ‘Remote First’ Culture

Working remotely part- or full-time is a surefire way to cut commuting time and costs. The easiest way to maximize working from home is to find a job at a company where it’s standard. This option has become popular since the pandemic.

If your work makes it possible to work from home sometimes, you may want to try to make it a regular occurrence. That way you can more easily optimize your time spent in the office and save tasks best for home for the day you regularly work from home.

If you work from home regularly, it also means you can get better at it, from setting up a home office that truly works to figuring out how working at home can make you more productive than working in the office, not merely save you the time and money of a long commute — although that’s important, too. There are also possible home office tax deductions.

Of course, the easiest way to save money commuting to work is not to do it at all. This not only spares the cost of gas, maintenance, subway tickets, or bus fare, but it also saves precious time.

The money that would have been spent on a commute to work can be put in a savings account to hit other savings goals.

Recommended: Making Working From Home Actually Work

2. Living Closer to the Job

One of the most obvious ways to reduce commute time is to make it so your car is less expensive.

There are roughly two ways to do this: Drive less or drive less expensively.

The easiest way to drive less is to live closer to work. While that may save money on gas and maintenance, it could end up being more expensive to live closer to work, especially in a large city.

One of the main amenities people seek when deciding where to live is distance from their job. If you work near where a lot of other people work, trying to live near that job is likely to be pricey as the cost of living may be higher.

So how to make driving less expensive if you can’t reduce the amount of driving necessary to get work? Get someone else to drive, at least some of the time, or drive cheaply.

💡 Quick Tip: If you’re creating a budget, try the 50/30/20 budget rule. Allocate 50% of your after-tax income to the “needs” of life, like living expenses and debt. Spend 30% on wants, and then save the remaining 20% towards saving for your long-term goals.

3. Giving Carpooling a Spin

Carpooling means a shared ride to and from work, typically with someone who works in the same area or nearby.

Carpooling doesn’t magically get rid of the costs of commuting to work, but it can distribute them among riders or reduce them. Gas costs can be split, and maintenance costs can be reduced as the car is operated less frequently.

Even if you’re the one driving, you can often get access to high-occupancy-vehicle lanes, which means less time on the road and less time stalled in traffic.

4. Getting a Cheaper Car

Let’s say you have no choice about how far you have to drive and how frequently you have to do it. That may be a bummer, but it doesn’t mean you’re out of options for saving money. Some cars are cheaper to operate than others, and there are wide variations between them. Basically, smaller is better.

For new cars, according to AAA, a small sedan is the cheapest to own, costing $54.56 per mile, even less than hybrids (64.61 cents) and electric (60.32 cents) vehicles.

More numbers to know: the costs for small SUVs (62.17 cents per mile) and medium sedans (69.01 cents).

There are, of course, other ways to get around besides a car.

Recommended: Do You Have Sound Money Values?

5. Taking Public Transportation

About 5% of commuters are straphangers, bus riders, and other transit users, according to U.S. Census data. While a mass-transit commute to work is not costless, it can certainly save money on a per-trip basis.

Even if you own a car, using mass transit (or driving to a transit stop) won’t spare you from insurance, the cost of a new car, or depreciation, but the costs of car ownership associated with actual driving (gas, maintenance, etc.) will go down.

The only downside is that the ability to commute to work by public transit is often largely determined by locale. Someone who works in an area with a public transit system that serves the office can choose to live somewhere with efficient access to that system.

This will likely be in or near a large city, where the share of commuters who use public transit is far higher than the 5% national average.

If you work in a city like New York, Chicago, Washington, Boston, Philadelphia, San Francisco, Seattle, or Baltimore, public transit might be an efficient commuting option.

And although public transit may not entirely remove the need for a car, it could make it so a household with two adults only needs a single car, vastly reducing the cost of car ownership.

Finally, some companies offer commuter benefits, such as pretax income to be spent on costs related to the commute.

💡 Quick Tip: If you’re faced with debt and wondering which kind to pay off first, it can be smart to prioritize high-interest debt first. For many people, this means their credit card debt; rates have recently been climbing into the double-digit range, so try to eliminate that ASAP.

6. Doing the Legwork

Often the most affordable way to get to work is without a car; that means by foot, bicycle, or some other non-internal-combustion vehicle. Biking may be impractical or stressful in many parts of the country.

Still, some commuters are up for the challenge. Cycling provides an aerobic workout and triggers the release of endorphins, builds muscle, and increases bone density.

Rolling road warriors may want to invest in a variety of gear (safety and comfort can be enhanced), whose price tags are mitigated by a lack of car-related bills.

Recommended: Reasons to Switch Bank Accounts

7. Tracking Expenses

To reduce costs, commuters have to first get a handle on their spending, whether for gas, maintenance, or mass transit — or even coffees, snacks, and lunches on the job. Creating a budget and accounting for where your money goes is an important step.

This can help you see where your money is spent and make adjustments to maximize your buying and saving power. For instance, you might decide it’s worthwhile to buy your gas from a lower-priced gas station or apply for a gas credit card.

The Takeaway

By better understanding the cost of commuting, you can make wise decisions about lowering your costs and saving money on this often-daily expense. From working from home when possible to carpooling and beyond, there are ways to keep your costs down.

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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.

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May

2023

How to Save Big with Senior Discounts

By Pam O’Brien | Budgeting & Goals, money | Comments Off

Did you know that you can start taking advantage of what are known as senior discounts well before retirement age? In fact, you can often save money when you are as young as 55 and in some cases even 50.

In fact many “senior” discounts can be accessed through membership in the AARP (the American Association of Retired Persons). Anyone age 50 or older can join (membership runs $16 a year, though discounts may be offered).

And, the sooner you start working those senior discounts, the more you could potentially put into retirement savings, which could lead to a more significant nest egg when you really do reach retirement age.

Read on to learn about some smart ways you might start saving as a senior or soon-to-be senior.

Travel Senior Discounts

Many major airlines, hotel chains, cruise lines, and rental car companies offer senior discounts, sometimes as much as 30 percent off, which can help bring down vacation costs.

These deals aren’t always obvious, however. You may have to track them down on company websites or simply call directly and ask.

💡 Quick Tip: Typically, checking accounts don’t earn interest. However, some accounts do, and online banks are more likely than brick-and-mortar banks to offer you the best rates.

Here are some different ways you may be able to score senior deals on travel.

Airline Senior Discounts

You may not always find a code or a drop-down menu when booking online, but you can often get good discounts on air travel if you call the airline directly.

Some airline discounts to look for:

• Delta offers senior discounts in certain markets, but not online.

• United Airlines may offer senior fares to selected travel destinations for customers who are 65 and older (when booking online or over the phone).

• British Airways offers exclusive AARP Member offers, including up to $200 off.

Car Rentals

AARP membership can get you some significant discounts on car rentals and there are some companies that offer independent discounts. Some to look for:

• Alamo provides deals through its Senior Circle program.

• Avis gives AARP Members up to 30% off Avis base rates.

• Budget offers AARP members up to 30% off, and sometimes also a free upgrade and other exclusive benefits.

• Hertz offers travelers 50 and up to 20% off base rates, and they can also take advantage of additional program benefits.

Cruises

Cruise lines, such as Carnival, Norwegian Cruise Line, Celebrity Cruises, and Royal Caribbean, commonly offer discounts to those travelers that are 55 and older.

It’s best to call the cruise line before booking to see what is currently available, as some won’t advertise specific deals on their websites, yet may have special senior offers.

Another savvy savings tip is to wait to get the best deal available to you, and then ask to apply your senior discount on top.

Hotels

Senior discounts are available at many hotel chains, but are not always advertised.

Again, many of the programs are aligned with AARP membership, but there are plenty of others that offer their own independent discount.

A few deals to keep an eye out for:

• Cambria Suites offers up to 10% off with advance reservations to those 60 or older, as well as to AARP members (50+).

• Travel Lodge gives guests age 60 and older special savings off the best available room rate when booking online or over the phone (ask for the “senior rate”).

• Choice Hotels gives those who are 60+, or an AARP member, up to 10 percent with advance reservations.

• Motel 6 offers adults 60+ a discount of 8% off of their best available nightly rates at each of their 1,400+ locations across the United States and Canada.

• Hilton Hotels & Resorts gives adults 50+ 10 to 25 percent when booking online through Hilton’s AARP page .

National Parks

For just $80, those age 62 or over can get a lifetime pass to the National Parks , which also includes access to more than 2,000 other federal sites.

An annual pass to all of these parks is just $20.

Applicants must provide documentation of age and United States residency or citizenship.

💡 Quick Tip: When you feel the urge to buy something that isn’t in your budget, try the 30-day rule. Make a note of the item in your calendar for 30 days into the future. When the date rolls around, there’s a good chance the “gotta have it” feeling will have subsided.

Amtrak

If you like the idea of traveling by train, then you may want to look up the Amtrak senior discount–travelers 65 years of age and older are eligible to receive a 10% discount on most rail fares on most Amtrak trains.

Retail Discounts for Seniors

As a senior, you can often save big with many retailers. Some stores provide a senior discount on a specific day, such as every Wednesday or the first Tuesday of the month.

One of the best (and best known) is Kohl’s, which typically offers 15% off every single Wednesday for those 60 and older. The money you save could help build your retirement savings.

According to The Senior List, other major retailers that may offer discounts to those 55+ include:

• TJMaxx

• Belk

• Ross Stores

• Lenscrafters

• Michael’s

Restaurant Deals for Seniors

This is probably one of the richest sources of discounts available to seniors.

Whether it’s on a certain day or during a specific block of time, many restaurants offer something, so it’s a good idea to ask around at your favorite places and to also check restaurant websites.

Many eateries also have senior menus that offer discounts to diners over a certain age.

Promotions vary according to location, but here are a few deals you may keep an eye out for.

• Arby’s: 10% off purchases for seniors and a free drink at participating locations.

• Denny’s: a 55-plus menu, which offers discounted prices for seniors.

• McDonald’s: discounts on beverages and coffee at some locations.

• IHOP: a 55-plus menu, which offers deals for seniors.

• Outback Steakhouse: AARP cardholders can score 10% off.

• Bubba Gump Shrimp Co:. 10% off for AARP cardholders.

Senior Discounts on Groceries

Many major grocery stores offer senior discounts on certain days. Some local independent grocery stores will offer small discounts too, so it never hurts to ask your go-to market about senior deals.

You may also want to look for these commonly offered discounts to save money on food:

• Fred Meyer: 10% off on select items on the first Tuesday of every month for those 55 and older.

• New Seasons: 10% off for seniors on Wednesdays on select items.

• Hy-Vee: 5% off on Wednesdays for seniors at participating locations.

Senior Deals on Movie Tickets

Major movie chains often offer great discounts on tickets for seniors. Some deals are all day every day, while others require going on a specified day and/or block of time.

Regal, for instance, offers 20% off for AARP members purchasing tickets online, plus discounts on popcorn and other snacks.

Another example is Showcase Cinemas, which usually offers lower-priced tickets to adults 60 and over (as well as deals on popcorn and drinks) on Wednesdays.

Local, independent theaters also commonly offer discounted tickets to seniors, so it’s always worthwhile asking.

Senior Discounts at Drug Stores

Almost every pharmacy out there is interested in getting your business, and offers some sort of senior discount program.

Rite Aid, Costco, CVS, and Walgreens all commonly offer types of membership programs (and sometimes also special monthly discount days) for older adults with savings that can really add up.

It can also be wise to check for discounts with local, independent pharmacies for senior deals as well — they’re not always advertised.

Recommended: Ways to Cut Back on Spending

Senior Cell Phone Savings

T-Mobile, AT&T, and Verizon all typically offer cell phone plans with senior discounts.

If you’re 55 or older, you can very likely get a good deal on a plan.

Some smaller carriers also provide special services and more ways to save. For instance, Consumer Cellular, which already offers affordable, customizable, no-contract plans, has an established relationship with AARP, so there’s a discount on monthly service for any existing member.

The Takeaway

You might not even think to look for, let alone ask for, a “senior discount” if you’re under age 65. But if you’re 50 or older, you may be missing out on a great way to cut back on spending.

Senior discounts are offered by many retailers, movie theaters, airlines, rental cars, cell phone carriers, restaurants and more.

Some are tied to AARP membership (available to those 50+ for a small annual fee), while others are offered independently, with varying age limitations. Whatever you save could help build your savings or help you make special purchases for less.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.00% APY on SoFi Checking and Savings.

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 4.00% 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 4.00% 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 4.00% 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 12/3/24. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

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.

SOBK0523041U

May

2023

Adult Children Living at Home: How to Set Rules and Expectations

By Anna Davies | Growing Wealth, Investing, money | Comments Off

Today, it’s not uncommon for adult children to return home or never leave the nest to start with. About one in three 18- to 34-year-olds live with their parents according to recent survey data.

Moving back home can be a wise move for grown kids who may be dealing with job uncertainty, earning a low income, and/or be facing a mountain of student loan debt.

And it can wind up being a good deal for parents as well.

Some of the benefits: opportunities for companionship, the possibility of sharing household expenses, and the ability for adult children to pay down student debt and save money for longer-term financial goals (for instance, buying a house).

But living in the same household again can also bring opportunities for tension and misunderstandings.

That’s why parents who welcome their kids back may want to set a few guidelines. Here are some rules both parents and grown children might want to wrangle before moving back in under one roof.

What Is the Timeframe?

When adult children move back home, it’s helpful for both parties to have a timeframe in place, rather than the ’’foreseeable future.”

This may mean talking about why the move is happening. Is it to save money? If so, what is the money being saved for, and at what point should the child move out?

Some parents might find it helpful to set up a trial period, after which they can have a frank conversation about what is and is not working in the arrangement.

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Going Over the Financials

Many misunderstandings from adult children living at home stem from confusion over how much money, if any, they are expected to contribute.

It can be helpful for both parties to consider their expectations before coming together and talking through them. Some issues you may want to think about and then discuss:

• Will adult children be expected to pay rent? And if so, how much will rent cost? When will it be due? Some parents might want to set a flat rate, while others might consider a percentage of the child’s income, if that income is currently low but expected to rise.

• Will the child be responsible for a portion of bills, groceries, or other household costs (recurring and/or discretionary expenses, as you decide)?

• How will resources be allocated? Is the fridge open for anyone? Can the child use the family car if they need it?

• How much will bills go up with additional usage? Parents might decide they want their child to pay for any overages, or they might be okay with handling the increase themselves.

Recommended: How to Manage Money Better

Going Over House Rules and Behavior Expectations

Some parents have a “my house, my rules” expectation. But it can sometimes be mutually beneficial if both parties talk about behavior expectations with an attitude of give and take.

Often “unspoken expectations” don’t come up until a problem occurs. Talking through them proactively can make sure that everyone is on the same page.

Some issues parents and adult kids may want to go over:

• What are expectations for guests? Is it okay for romantic partners to sleep over? Do parents need a heads up before guests come by?

• What are communication expectations? Should a child inform their parents if they won’t be home by a certain time?

• What chores are expected? It’s wise to go over whether or not you expect that your child to do some of the supermarket shopping and/or clean any areas of the house beyond their living spaces. It’s perfectly acceptable to have your adult child pitch in on dinner duty, take on cleaning, or otherwise contribute to the house as an adult. Perhaps they pay for their own monthly supermarket costs.

• What do daily schedules look like? Maybe one family member needs quiet for work meetings. Maybe another needs access to family exercise equipment or the shower in the morning? Talking through routines — from breakfast to bedtime — will set expectations and avoid misunderstandings.

• What does privacy mean when you’re under the same roof?

Both parties may be concerned about how the new arrangement will affect their lives, and talking through those concerns can help people find solutions that work for everyone.

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Helping Adult Children Achieve Financial Independence

There’s nothing like living together to get financial habits out in the open. This applies to adult children and their parents.

By keeping an open dialogue about money, however, you can help your adult children get on the right financial track (and perhaps move out sooner, rather than later).

Here are some ways you may be able to help adult children work towards financial security.

Talking through financial and savings goals

Instead of asking your adult child how much they have saved, or how much consumer credit card debt they have, consider asking them to talk through their short-term financial goals and long-term ones too.

Putting rent to work

Some parents who are in a position to do so may want to charge their children rent and then use that money to gift to their child for a down payment, help with tuition, or hit another financial goal.

Or, in lieu of rent, you might request that your child set up an automatic deposit into a savings account that could eventually become a security deposit on a rental or an emergency fund.

Teaching by Example

One way to encourage disclosure about your adult child’s financial picture is to talk through your own.

Talk broadly through your retirement plan, any long-term care plans, or how you hit your own financial goals (such as buying a house). This can help your child start good financial habits and build a positive money mindset.

After all, personal finance is not typically taught formally, and giving your adult child — no matter how old — some insight into the tools and strategies you use can give them ideas for how they can manage their money and cut back on expenses.

Trying Not to Nitpick

While it’s helpful to talk through your own strategies, it may not be helpful if your child feels like you’re critical of the way they are spending money.

Let’s say your adult child buys a latte every day. Sure, you can point out how much they would potentially save if they invested that money, but for the sake of the relationship, it may be easier to let certain habits go and focus on what your child is doing to work toward financial goals, such as investing in their company’s 401(k) plan or doing their taxes well in advance of tax day.

The Takeaway

Living under one roof may not always be easy for adult children or parents, but it comes with an opportunity for growth for everyone, as well as a closer relationship as equals.

Part of forging that relationship may involve setting some parameters early on about what is expected from grown children while they are living at home, from how much they may be expected to contribute financially to how often they can use the car.

Letting kids move back home (where they can live more affordably), and having open discussions about money, can help them not only save, but also develop good financial habits.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.00% APY on SoFi Checking and Savings.

May

2023

5 Smart Steps to Get Out of a Timeshare

By Pam O’Brien | Financial Independence, Life & Career, money | Comments Off

Timeshares may be a fun vacation option for a while, but sometimes people want to end the arrangement. Those time share contracts, however, can seem pretty ironclad.

Whether you want out due to buyer’s remorse, a shift in your financial situation or health, or any other reason, here’s some good news: You’re not necessarily stuck.

If you change your mind soon after the purchase, for instance, you might be able to opt out during the “rescission period.”

Those who have had their timeshare for years can have alternatives, including having the resort take it back or perhaps re-selling it.

There are also what are known as “exit” companies that help timeshare owners get released from their agreements (though it’s important to vet those companies before signing an agreement).

If you’re ready to say goodbye to your vacation place, read on to learn steps for legally getting out of a timeshare contract.

5 Steps to Escaping a Timeshare

If you’re thinking about getting out of a timeshare or know you’re ready to make a change, here are five options to consider.

1. Checking the Rescission Period

If your second thoughts occur within several days of your purchase, you may be able to rescind the transaction if you’re still within the “rescission period.”

If you are, you should be able to get your money back and go on your merry way.

Keep in mind, however, that the rules vary from one state to the next.

Depending on the state where the timeshare is located, rescission periods can be anywhere from three days (the minimum required by the Federal Trade Commission) to two weeks.

In some cases, the rescission period may kick in as soon as you buy the timeshare. In others, it might start when you receive the public offering statement that includes general information about the timeshare.

For a timeshare on an exotic isle somewhere outside the U.S., you’ll need to find out what the laws are there.

If you’re eligible for rescission, you’ll want to follow the instructions in the documents you received when you purchased your timeshare.

Most likely you’ll need to send the resort a letter telling them you want out via rescission for a full refund.

It’s a good idea to send this letter using certified or registered mail.

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2. Contacting the Timeshare Resort

If rescission isn’t possible because too much time has passed, another option you may be able to take advantage of is a “deed back” program.

Also known as “take-back” and “surrender” programs, these programs allow distressed owners to give their timeshares back to the resort developer, often for a fee of a couple of hundred dollars or so.

To find out if your developer offers this type of program, you may want to contact them directly and ask to speak with someone who handles “deed-backs” or “surrenders.”

You can also check online resources like ResponsibleExit.com for information about return programs.

Generally, developers will only go for this if the timeshare is fully paid for, and you’re up to date on your maintenance fees.

Some developers that accept returns may require owners to pay annual fees for a year or two while the resort finds another buyer.

In some cases, you may have to prove financial or medical hardship in order to qualify for a take-back program.

Even if your resort doesn’t have an official take-back program, you have nothing to lose by asking. Who knows; they might go for it.

Recommended: How to Automate Your Finances

3. Reselling The Timeshare Yourself

If you’re considering reselling your timeshare, it’s probably best if you don’t go into it with hopes of making a killing.

There are typically many people looking to unload their timeshares and demand isn’t generally high, unless your property is in a hot destination.

As a result, reselling can often be a losing proposition.

The best approach might be to think of reselling as someone taking the timeshare off your hands and becoming responsible for the fees moving forward, rather than making a profit.

You can list your timeshare on a general resale marketplace site, such as eBay and Craigslist. There are also sites just for timeshares, such as TUG (the website for the Timeshare Users Group) and RedWeek .

4. Reselling the Timeshare Through a Broker

If you opt to resell your timeshare, another option is to hire a real estate broker or agent who specializes in reselling timeshares.

If you choose this route, however, you’ll want to pick your broker carefully, cautions the Federal Trade Commission (FTC) .

Some real estate brokers and agents who specialize in reselling timeshares may falsely claim the market in your area is hot and that they’re overwhelmed with buyer requests.

They may even tell you that they already have buyers ready to purchase your timeshare, or promise to sell your timeshare within a specific time.

It’s wise to be skeptical of all such claims, says the FTC, and also to vet the reseller before agreeing to anything on the phone or in writing.

A good safeguard is to contact the state Attorney General and local consumer protection agencies in the state where the reseller is located, and ask if any complaints are on file. You also can search online for complaints.

You may also want to ask the reselling agency if their agents are licensed to sell real estate where your timeshare is located. If they say they are, you may want to verify it with the state’s Real Estate Commission.

Recommended: How to Manage Your Money Better

Other questions you may want to ask before hiring a reselling agent:

• How do you plan to advertise and promote the timeshare unit?

• Will I get progress reports and, if so, how often?

• What fees do you charge, and when do they have to be paid?

It’s generally preferable to do business with a reseller that takes its fee (or commission) only after the timeshare is sold.

If you must pay a fee in advance, however, it’s wise to ask about refunds, and to get all refund policies and promises in writing.

5. Hiring a Timeshare Exit Company

The concept is good. With a timeshare exit company you often get a small army to handle your business.

A good one knows the inner workings of the timeshare industry, which could be advantageous to you.

One major caveat is that these services generally don’t come cheap–prices vary considerably, but can be as high as $4,500.

It’s also important to be aware that there are many bad apples out there. There have been numerous lawsuits against timeshare exit companies that backed out of their payment agreements with customers.

To help ensure that an exit company you’re thinking about hiring is reputable, you may want to check with the Better Business Bureau, and also search online, to see if there have been complaints about the company and (most importantly) how they have handled those complaints.

You can also protect yourself by refusing to make any payments before a contract has been signed by both parties.

Recommended: 5 Reasons to Switch Banks

The Takeaway

Unloading a timeshare property isn’t always easy, but some of your exit options include: backing out during the “rescission period,” reselling it yourself, hiring a broker to resell it for you, and hiring a timeshare exit company to take care of the whole separation process.

It’s important to understand all of your options (and the potential pitfalls of each) in order to choose the best solution for your situation.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.00% APY on SoFi Checking and Savings.

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 4.00% 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 4.00% 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 4.00% 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 12/3/24. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

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.

This article is not intended to be legal advice. Please consult an attorney for advice.

SOBK0523039U

Why Index Fund Returns Vary from Fund to Fund

What are Index Funds, Exactly?

What Determines Index Fund Returns?

Index Tracking

Index Weighting

Geographic Classification

Expense Ratio and Fees

Tracking Error

What Are Good Index Fund Returns?

Are Index Funds a Good Investment?

The Takeaway

7 Ways to Save Money on Commuting to Work

How Much Does It Cost To Commute?

Get up to $300 when you bank with SoFi.

1. Aiming for a ‘Remote First’ Culture

2. Living Closer to the Job

3. Giving Carpooling a Spin

4. Getting a Cheaper Car

5. Taking Public Transportation

6. Doing the Legwork

7. Tracking Expenses

The Takeaway

How to Save Big with Senior Discounts

Travel Senior Discounts

Airline Senior Discounts

Car Rentals

Cruises

Hotels

National Parks

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Senior Cell Phone Savings

Get up to $300 when you bank with SoFi.

The Takeaway

Adult Children Living at Home: How to Set Rules and Expectations

What Is the Timeframe?

Going Over the Financials

Going Over House Rules and Behavior Expectations

Helping Adult Children Achieve Financial Independence

Get up to $300 when you bank with SoFi.

Talking through financial and savings goals

Putting rent to work

Teaching by Example

Trying Not to Nitpick

The Takeaway

5 Smart Steps to Get Out of a Timeshare

5 Steps to Escaping a Timeshare

1. Checking the Rescission Period

2. Contacting the Timeshare Resort

3. Reselling The Timeshare Yourself

4. Reselling the Timeshare Through a Broker

5. Hiring a Timeshare Exit Company

The Takeaway

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