Rents are skyrocketing, and incomes are not. One in five millennials are living in poverty, and are either stuck with parents, couch surfing, or on the street. And it's not for lack of effort. Even $15 an hour, in major cities like New York and San Francisco, is just enough on a single income to cover expenses and have maybe have some social life until the next check. God forbid an incident or major expense come up. Tack on having no or poor credit - it's hard to get credit with no credit, and we never learn about this sort of thing in school - and finding an apartment becomes quite the challenge. Add on a security deposit and you see why many young folk are crashing couches or wherever they can. You work hard, you deserve a nice place to rest your head. Here's 3 hacks to rent a nice place with poor credit and no security deposit.
Often times you make enough to cover the rent, but the added expenses of moving, application fees, deposits, and paying extra months rent upfront can be a hassle. Lease takeovers are great because they present a win-win for everyone involved. Someone just got a new job in another city, or has a new baby on the way and needs more space - or whatever other reason causing people to need to leave their homes before their lease expires. That's where you step in. If all parties are hip, then you agree to takeover the remainder of the lease term, and will arrange to either pay the landlord or them directly. This gives you time to build towards another place, or build a relationship with the landlord or staff so that you can easily stay in the apartment longer if you like. The tenant is happy because they get to keep their deposit and not pay any early termination fees, and the landlord keeps a steady flow of rental income without having to advertise a vacant apartment, and you get a nice place, minimum hassle.
Start by booking a short term stay at an AirBnb and expressing to the host your interest in a longer term stay and offer to negotiate a price for a longer term stay if everything goes well. Many digital nomads are taking this approach. Instead of conventional apartment living, they travel the world staying in different cities for a month or so at a time, needing only their laptops and light luggage. Depending on the relationship you develop with your host you can make it a more permanent home or you can continue to try new places until your ready for a perfect fit
Long Term Hotel Stay
Another awesome alternative is to find hotels that offer long term stays. They usually offer them at a discounted rate and it helps them keep rooms filled that would otherwise remain vacant. The cool thing for you is that you get cable and wifi (warning: hotel wifi tends to be crappy), breakfast, a pool, fresh clean towels and linens on the regular. If you can find the right situation it's actually a pretty sweet set up, and a relaxing way to have roof over your head as you get your affairs in order.
What is Robinhood?
The Robinhood app debuted in 2013 as a first-of-its-kind revolutionizing free investment platform. Much like the 700-year-old story of the hero to the people, Robin Hood, FinTech entrepreneurs Vladimir Tenev and Baiju Bhatt created the platform in order to make stock trading easily accessible to the general public and not just the wealthy.
The National Financial Educators Council (NFEC) surveyed young adults in 2017 and asked them what high school level course would benefit their lives the most.
The majority responded that money management was the course that would be most beneficial.
With personal debt is at its highest record and COVID-19 threatening to have the hardest economic effects on youth, understanding money and finances is an important life lesson that should be taught to children at a young age.
The following is a list of the best financial literacy lessons and tips to teach children throughout different life stages.
I thought I had a pretty good handle on my finances out of school. I worked several jobs while attending university and had little to no problem managing my income. However, once I graduated, I realized how much more complicated personal accounting could really be.
There were so many variables I needed to keep track of. Biweekly bills, monthly charges, and general necessities amounted to a heap of confusing numbers that were often impossible to decipher. The funniest part was that I was actually trying to do this by hand (I don't know what I was trying to prove to myself, either).
After messing up for the 17th time, I decided to give Microsoft Excel a shot. I used Excel a bit in school and I knew all the big-wig finance people used it, so what could I possibly have to lose? The answer is about six hours of my precious time. Excel isn't much of an improvement over handwriting and it's still dependent on the user to manually input all of the information. It's like doing everything by hand with the slightest help, meaning that it still required a tremendous amount of time and concentration. Well that was all for nothing, I guess.
It's sort of funny. I was certain that I could manage my personal finances with ease, when it's practically a full-time job. I was already stressed out enough with my first job and I knew I didn't have enough time to give my finances the attention it deserved.
That's why I decided to try out a budgeting app. My best friend told me that he uses an app called Truebill to manage his finances. "What does it even mean to manage your finances?" I asked him. He told me that Truebill was the personal financial assistant I wished I could have. It could aggregate all of my account information into one place and give me specific insights and actions.
I loved the idea of having full control over my finances, especially during a time of financial uncertainty, and I realized that Truebill would be the easiest way to accomplish this. The user interface is incredibly simple and intuitive, so it doesn't even feel like a finance app! Truebill offers a multitude of features, with their most popular being the ability to cancel subscriptions with the press of a button.
Okay, I had no idea how many subscriptions I was still subscribed to. In fact, I wasn't even using a quarter of the subscription services I was signed up for. Subscription boxes, streaming services, my old gym, and even an old subscription to my favorite magazine--it was all there and I was livid. How could I let myself waste all of this money and how did I never catch this? Thank goodness for Truebill.
Truebill also offers bill negotiations. There is a 40% fee based on how much you save and Truebill even claims that there is an 85% chance that they'll be able to lower your bill once a negotiation is requested. Why wouldn't I take them up on this? There was zero risk and I would only have to pay once my bill was lowered (which means that I would be saving money regardless).
More standard features of Truebill include the ability to generate a credit report on-demand and even request a pay advance. I only used the pay advance feature once when I wanted to buy a gift for my mom, but didn't have enough cash in hand and Truebill automatically reimbursed itself when I got my next paycheck.
The credit report is another fantastic feature and practically taught me what good credit meant. Truebill's credit report basically shows you which financial decisions have the most significant impact on your credit score and ways that you can improve your credit month-over-month. I've never had such control over my credit and it feels good.
I'll be the first to admit that I was extremely naive coming out of school. I figured that as long as I was attentive, I could manage my finances with ease. We manage money to some extent throughout our entire lives, but once you're thrown out on your own, it's a completely different story. With Truebill, I've finally been able to take control over my finances and stay on top of all of my responsibilities.