A smart home — with lights you could turn on and off with a button, remote locks, music piped into every room — used to be out of the average homeowner's reach.
"When you used to think about these systems, it was very much high-end," Mark Spates, a senior product manager for Nest and Google Home told the New York Times. "It was a luxury."
Not so anymore. Prices have come down, DIY installation is indeed doable, and if you're thinking of resale value, homebuyers expect it.
According to Coldwell Banker's smart-home survey, most potential homebuyers want some smart home technology. Seventy-seven percent want smart thermostats, 75 percent want smart smoke detectors, and 63 percent want smart locks.
All you need is a weekend and a couple hundred dollars to bring your humble abode into the 21st century — and it won't cost a mint.
Wouldn't it be so much easier to be able to turn your lights on and off when you're away on vacation, rather than crossing your fingers and hoping for best? Or what about coming home late at night alone. With a touch of a button, you could walk into a house that's warm and welcoming.
There are two ways to add this functionality: with smart bulbs or smart dimmers. Smart bulbs like Philips Hue (from about $70 for a starter kit) and LIFX (from about $20 a bulb) are the easiest to install — just screw them into an existing socket — and offer dimming and optional color changes. Smart dimmers are a little more complicated and will require some simple eletrical work. Lutron Caséta (about $100 for a starter kit) and Leviton Decora Smart (from $45 a switch) replace existing wall dimmers and switches.
Both smart bulbs and smart dimmers can be scheduled to turn lights on and off automatically, and they both have lighting-level presets. With a touch of a button, you'll can hit the sweet spot for cocktail hour or a sewing project.
It seems like something the Jetsen's would have used. If used correctly, with remote control over wifi and smart scheduling, a smart thermostat can save you hundreds of dollars.
The Honeywell Lyric T5 smart thermostat ($130) is Consumer Report's pick that features an easy-to-use manual control and plenty of smart features like voice control and what's called "geofencing" — a feature that allows the thermostat to automatically adjust the temperature as you leave and return home.
Remember when multiroom audio that spilled fluidly from the kitchen to the living room out onto the pool deck seemed like the height of glamour? You don't need to win Powerball to live this sonic version of the high life.
Sonos makes speakers (from $149 each) that can be plugged in to any electrical outlet. With wifi and an app, Sonos speakers can play the same music across all rooms or different music in different rooms, with independent volume controls for each.
"We use Sonos a lot, even at the super high-end," Michael K. Chen, an architect in New York, told the New York Times. "Anywhere you have power, you can have music, and I think that's great. Suddenly, there's no need for complex additional equipment to properly zone your apartment or house into different areas. It's just set up to do that well."
Smart Smoke Detector
If only I had the ability to lower my smoke detector's sensitivity when I'm roasting a chicken or when the broiler's on. With a smart smoke detector, I can silence an alarm with a tap rather than waving a tea towel like a white flag. Consumer Reports recommends the Nest Protect smoke and carbon monoxide detector ($100). It will send a text alert to your phone when it detects smoke or when the batter is running low — which will keep it from making that oh-so-annoying beeping sound when you're trying to get some much needed shut eye.
Your house will feel more like Fort Knox and less like a low-hanging fruit to the lazy burglar when you install smart locks. They're also a godsend for the forgetful type. Did I lock the front door? Now there's no need to double back on your journey or say a prayer. Just tap your phone and you're good.
Consumer Reports recommends the August Smart Lock Pro + Connect ($250) There's the auto-lock and unlock function when you leave and return home that you'd expect, but it can also make electronic keys for your weekend guests and housecleaner.
- The Internet of Things is slowly taking over the Earth - PayPath ›
- Small ways to save big money in your home - PayPath ›
While it's possible to be frugal with many aspects of your lifestyle, there are certain events and possessions that will require you to spend a substantial amount of money. Thus, a wise course of action is to begin saving well ahead of time while thinking about your goals for the future. This way, you'll be able to maintain a stable financial state even when faced with those large expenses. The following are a few major life purchases that you should plan for.
Marriage is a joyous occasion that many people look forward to. However, a wedding can be quite expensive, often costing thousands of dollars. Your family and your future spouse's family will often contribute to covering this, but you should still prepare to spend a good deal of your own money on the ceremony. If you're in a serious relationship and are considering marriage, you should plan where the funds for the wedding will come from and take the necessary actions to accumulate them. It's also crucial to discuss financial matters with your partner, since your property will merge once you get married.
A New Car
Automobiles remain one of the top modes of transportation. As a result, you may want to purchase a new car at some point in your life. Although you may be fine with an old or used vehicle at present, you may one day be motivated by a desire to acquire something nice for yourself or by the practical needs that arise as you raise children. Whatever the case, obtaining a new car is a major life purchase that you should plan for.
In addition to setting aside funds to eventually put towards a vehicle, you should also aim to build you credit score. This is because your credit score will determine your available car loan options. The higher your credit score, the more you may be able to lower your interest rates on your car.
Owning your own residential property is a worthy objective that you may hope to make a reality one day. Ideally, you should save about 20 percent of the total cost of a house before you buy it. This will allow you to make a larger down payment and thereafter face less interest on your mortgage.
As with acquiring a car, the mortgage options that you'll have can change based on how strong your credit score is. You'll want to increase your score as much as possible in the years leading up to buying a house so that you can get more favorable interest rates. In addition to contemplating down payments and mortgages, you must also remember that you'll need to deal with property taxes, insurance, maintenance and repair fees, and sometimes homeowners' association charges.
It's also necessary to hire a real estate agent to help you with the buying process. There are different types of real estate professionals. You should know how to distinguish between buyer's agents and seller's agents so that you can obtain favorable prices on homes as well.
Many people live together before getting married and have begun the process of combining accounts and sharing responsibilities. However, some people wait to do this only after marriage, and others wait until they're married to live together. Whichever path you've chosen, it's still crucial to know a few tips to manage money together as newlyweds to determine where you should begin and how you can remain on the same page.
Discussing Money Motivations
As we begin to share money with our significant other, we soon find out what one person may rank as a priority regarding money and the other may not. As such, sitting down and discussing money motivations is important. Two people who cannot agree on how to handle money may cause serious issues. This should include:
- How to deal with money following payday. Is a percentage put into savings? Is that the day to splurge on dinner, drinks, and more?
- The frequency and size of payments made to debts. Some people like to pay minimums, whereas others pay in full or make double payments.
- What do you each consider money well spent? Is it a new 70" 4K television? Is it an investment? Is it paying as much debt off as possible?
- How do you go about consulting each other before making purchases over a certain amount?
Establishing Financial Goals
After you evaluate the motivations behind your money and how it should be spent, you'll need to spend time together hashing out financial goals. As newlyweds, there are certain things on your list that you're going to want to save for. How do you go about that? How much of each paycheck will you dedicate to a particular fund?
Some things in the future worth making a financial plan for include savings and paying down debts. This is the time to be honest about your current financial standing. If you're looking to buy a home, you'll want to assemble a first-time homeowner financial checklist to begin to develop topics of conversation. Some of the things to consider setting goals for are:
- Student loans
- Car loans
- Future children
- A house
- Medical bills
- Delinquencies on credit reports
- Vacation and rainy-day funds
- Emergency funds
The more honest and open you can be with each other about the money you have and now the debts you share, the better. Implementing plans for the best ways to have the things that you both desire while still taking care of existing demands is important. These can be uncomfortable things to talk about; however, these conversations are necessary.
Following these tips to manage money together as newlyweds will allow you to have a starting point for conversations that can be tough to start. The sooner you and your partner get on the same page with finances and the responsibilities that come with them, the easier the transition will be and the sooner you'll find success.
It's the dream: money you can count on to keep rolling in, even while you sleep.
Passive income isn't entirely passive, of course. You'll put in work up-front to get the profits rolling, so don't relax in your recliner just yet. But with so many potential sources of passive income available to you, picking one or several will mean that the day you can finally kick back will draw steadily closer.
Real estate is a tried-and-true wealth builder for a simple reason: people will always need somewhere to live. Research the market in a growing community until you know a good deal when you see it. You can maximize rent by fixing up a deteriorating property or upgrading a mediocre one. The key is to hire a property manager to do all the day-to-day landlord duties for you—and you'll need a good one. Smart investors put their profits in another property and repeat the process until they have a diverse portfolio.
A YouTube Channel
You can start a blog if you're more comfortable hiding behind a computer, but consumers are more likely to prefer video content. Post a series of “how-to" videos to answer questions about whatever you're an expert in.
You can put up any content you want, but if you don't want to commit to regularly updating it, focus on “evergreen" topics that will draw clicks for eternity. Ads will create your income, especially if your channel grows in popularity. Better yet, sign up for affiliate marketing. If you recommend a product and provide a link to buy it, you'll get a small percentage of those transactions.
If you don't mind vinyl-wrapping your car with an ad for a company, you can get cash just driving around and running your errands. Make sure you contact a reputable company that doesn't ask for any money from you; if they're the real deal, they'll evaluate your car, your driving habits, your area, and more. Bonus: the brighter the ad, the easier it'll be to find your vehicle in the parking lot.
What's something that people will pay for but doesn't require shipping on your part? Finding that item is what can supplement your income indefinitely. Write an e-book, charge for your cross-stitching patterns, design prints that people can digitally download, invent an app, record a “masterclass," or whatever else you want. Every time someone new discovers it, the cash register rings. With a little more effort, this is a potential source of passive income for you that can continue to grow. Once you build up a customer base, they might want more products. The good part is that it's up to you whether you wish to give it to them.