This post may contain affiliate links; please see our disclaimer for details.
If you’re in the market for a new car, you may wonder how to go about it. Don’t sweat it; we’re here to help.
Of course, we recommend buying a reliable car with cash if possible, but we also understand that buying a car is a big purchase. So following the 20/4/10 rule can help you in many ways.
What is the 20/4/10 rule?
The 20/4/10 rule for buying a car means putting 20% towards the down payment, financing the vehicle for no more than four years, and keeping your monthly car payment and all car-related expenses at 10% or less of your gross monthly income.
So not too complicated, right? Still, I want to explain it further and provide some examples.
The 20% Down Payment
Ideally, you should put down at least 20% of the car’s purchase price as a down payment.
However, if you can’t swing that, don’t worry! – you can still follow the 20/4/10 rule.
You’ll have to finance the car for longer (more on that in a minute).
The reason it’s best to put down 20% is twofold:
It will help you get a lower interest rate on your loan.
You won’t be upside down on your loan – you won’t owe more than the car is worth.
If you put down less than 20%, you may be required to purchase gap insurance. This insurance covers the difference between what you owe on your loan and the car’s actual cash value if it’s totaled in an accident.
The 4-Year Loan Term
Once you’ve figured out how much you can put down, it’s time to look at the loan itself. The 20/4/10 rule says you should finance your car for no more than four years if possible.
You may be thinking why four years? For one thing, the longer your loan term, the more interest you’ll pay. So the money that would have gone to extra payments could stay safely into your pocket, not the banks.
Credit Karma says the average loan length is 72 months or 6 years for those with high credit scores. Having a 20% down payment and great credit will go a long way to help you obtain a 4-year loan.
Remember that a shorter loan term will help you pay off your car sooner. And that’s a good thing because once your car is paid off, you’ll have one less monthly payment to worry about – woohoo!
Monthly payment of 10% or less than your gross monthly income
Let’s break down the 10% part of the 20/4/10 rule: keeping your monthly car loan payment and all car-related expenses 10% or less than your gross monthly income.
This part takes some basic math, but it’s essential to get it right.
The goal is not to have the car payment consume more than 10% of your gross monthly income. So let’s say you make $3,000 per month; you shouldn’t spend more than $300 per month on your car payment and related expenses such as gas, oil changes, and repairs.
Make sure you take into account any other debt accounts you may have. If you already have a significant monthly debt payment, you may want to go even lower than 10%.
Just a side note, life can be difficult when you get into too much debt. So I wrote this article that can hopefully help those trying to get out of debt: 11 Strategies to Get Out of Debt Fast!
If you are struggling with debt, remember the hardest part is starting, but you can definitely become debt free with time and effort.
Why the 20/4/10 Rule of Thumb Generally Works
The 20/4/10 rule is a great guideline to follow when buying a car. But why does it work so well?
For one thing, it compels you to be realistic about your budget.
Many people get in over their heads when buying a car because they’re not mindful of how much they can afford. The 20/4/10 rule takes the guesswork out of the equation.
Another reason the 20/4/10 rule is effective is that it helps you avoid being upside down on your loan.
As mentioned earlier, being upside down on your loan means you owe more than the car is worth.
This can happen if you put very little money down or finance the car for a longer period. It’s a situation you want to avoid because if you total your car, you could be stuck paying off a loan for a car that no longer exists.
The 20/4/10 rule is also an excellent way to keep your monthly car payments in check.
By capping your car payment at 10% of your monthly income, you’ll ensure that it doesn’t become a financial burden.
Of course, the 20/4/10 rule is just a guideline. You may be able to put down more than 20% or finance your car for a shorter term and still stay within your budget.
But if you’re not sure where to start, the 20/4/10 rule is a great place. It’ll help you stay financially responsible and avoid getting in over your head.
As with anything in life, there are pros and cons to the 20/4/10 rule.
Pros Of The 20/4/10 Rule
It Forces You To Be Realistic
The first and most obvious pro is that it forces you to be realistic about what you can afford.
It’s easy to think you can afford a luxury car when all you can afford is a beater, but the 20/4/10 rule doesn’t allow that thinking.
It gets You Out Of Debt Quicker
Another pro is that it gets you out of debt quicker. By capping your loan at four years, you’ll be debt-free sooner than if you had a longer loan.
Nothing is better than being debt-free, so this is a pro.
Avoids Negative Equity
The 20/4/10 rule also helps you avoid negative equity. As mentioned earlier, negative equity is when you owe more on your loan than the car is worth.
This can happen if you put very little money down or finance the car for the long term. And it’s a situation you want to avoid because owing more than something is worth just plain stinks!
Keeps Monthly Payments In Check
Finally, the 20/4/10 rule keeps your monthly payments in check. By capping your car payment at 10% of your monthly income, you’ll ensure that it doesn’t become a financial burden.
This is a big deal because a lot of people get in over their heads by financing a car they can’t really afford.
Cons Of The 20/4/10 Rule
It’s Only A Rule Of Thumb
The first and most obvious con is that it’s only a rule of thumb. There’s nothing magical about the 20/4/10 rule that makes it the perfect car-buying strategy.
It’s just a guideline that works well for most people and is a great starting point.
It Doesn’t Take Into Consideration Other Debt
Another con is that the 20/4/10 rule doesn’t consider other debt accounts.
This rule will be difficult to follow if 50% of your monthly payments are tied up in debt payments. It’s important to have enough cash flow and reduce overall debt.
It May Not Be Feasible
The final con is that the 20/4/10 rule may not be feasible for everyone.
For example, if you have a low income or poor credit, you may not be able to get a loan with such favorable terms.
Not everyone has great or good credit, so this is a con.
Why You Need a Budget Before Buying a New Vehicle
Some may wonder why you need a budget before shopping for a new vehicle. After all, can’t you shop around and buy whatever car you think will look cool?
Well, everyone wants to look cool, but the problem is that many people can’t afford the cars they want. And that’s why having a budget is so important.
For my wife and me, having a car is a need. Anything extra that is fancy or above average is what we consider a want and unnecessary right now.
Having a budget allows you to be realistic about what you can afford. It takes all of the emotions out of car buying and helps you think with your head instead of your heart.
And that’s a good thing because, as we all know, emotions can lead to bad decision-making. You see, many people get in over their heads when they finance a car they can’t afford.
Creating a budget may not be the most pleasant thing if you’re unhappy with your finances, but it’s a necessary evil.
Think of it this way, would you rather be unhappy with your finances for a while or be unhappy with your finances for a long time?
The answer is obvious, so get to work on creating a budget! You’ve got this!
Conclusion
Owning a car is a big financial responsibility, so make sure you’re prepared before you sign on the dotted line.
The 20/4/10 rule can be an excellent rule of thumb when buying a car. It’s simple, and it works for many people.
Just remember to think of the 20/4/10 rule as a guideline, not a hard and fast rule. It’s okay to be flexible.
By taking a good hard look at the 20/4/10 rule, you’re well on your way to being a smart and responsible car buyer.
Disclaimer:
We hope the information in this article provides valuable insights to every reader but we, the Biesingers, are not financial advisors. When making your personal finance decisions, research multiple sources and/or receive advice from a licensed professional. As always, we wish you the best in your pursuit of financial independence!
This post may contain affiliate links; please see our disclaimer for details.
There are many reasons why you may want to learn Mandarin Chinese. Maybe you have always been interested in the language or need to learn it for business or personal reasons.
Whatever your reasons, you can do a few things to make learning Mandarin Chinese easier and more fun. My wife is from China and shared with me these tips for learning Chinese!
As a student, you will be bombarded with new information daily. To learn effectively, it is essential to be aware of your own learning style and tailor your study methods accordingly.
Some students retain information best when they visualize it, while others prefer to write down key points to create a permanent record.
Still, others find that combining both methods works best for them.
The vital thing is to experiment with different techniques and find the ones that work best for you.
By developing effective learning strategies, you will be setting yourself up for success in the classroom and beyond.
2. Focus on phrases and not words
It’s common for people just learning a language to focus mainly on vocabulary.
While it’s true that vocabulary is essential, it’s also necessary to learn about the context in which words are used.
If you don’t have context, you’ll be just as confused as when you started.
One way to offer context for the words you’re learning is to use them in various expressions and sentences.
This will help you become familiar with how they’re used in conversation. Once you’re familiar with the words, you’ll be able to use them more easily in relevant conversations.
3. Immerse yourself in the language
While many language acquisition methods exist, immersion is widely considered the most effective.
Immersion involves surrounding yourself with the language you are trying to learn and letting it become a part of your everyday life.
This can be a challenge if you don’t live in a country where the language is spoken, but there are still many ways to immerse yourself in Chinese.
For example, you can watch Chinese movies and TV shows, listen to Chinese music and podcasts, and read Chinese news and literature.
Immersing yourself in the language, you will quickly understand how it is used in real-world situations.
Additionally, you will have the opportunity to learn about the culture and customs of Chinese-speaking people.
If you’re looking to acquire Chinese quickly and effectively, immersion is the way to go.
4. Find a language partner
One of the best ways to practice your Chinese skills is to find a native speaker who is also interested in learning your language. This way, you can help each other out, and both of you will make progress.
While finding someone who meets these criteria can be challenging, many online resources can connect you with potential language partners.
Once you find a partner, you can practice speaking and writing Chinese together and exchange tips on the best resources for learning the language.
The internet is an excellent resource for finding materials and people to help you learn Mandarin Chinese.
With a little effort, you can find the resources you need to progress in your studies. Look for social media sites that Westerners and Chinese people use and websites that focus on teaching Mandarin Chinese.
You can also try looking for online forums where people discuss language learning.
5. Don’t worry about grammar in the beginning
Many Chinese students eventually become intimidated by the language’s grammar rules and complexities.
However, it is essential to remember that Chinese grammar comes with practice. Instead of getting bogged down by the details of grammar, focus on learning the tones, pinyin, and essential vocabulary first.
Once you have a solid foundation, you can gradually start incorporating grammar into your studies. With time and practice, you will be able to master the intricacies of Chinese grammar.
6. Use technology to your advantage
Language learning has come a long way in recent years thanks to technological advances. There are now many language-learning apps and websites that can be used to supplement your studies.
These tools can be extremely helpful in helping you to review and practice the material you’ve learned.
In addition, many of these apps and websites offer games and other activities that make learning Mandarin Chinese fun and engaging.
There are many different apps and websites that you can use to learn Mandarin Chinese.
Put them on your smartphone and use them when you have a few minutes to kill, such as when you’re waiting in line or taking a break at work.
Every minute you can devote to studying will help you to make progress.
7. Have realistic expectations
It is necessary to have realistic expectations when learning Mandarin Chinese. While it is possible to make significant progress quickly, it is crucial to remember that Chinese is a complex language with many different characters.
It will take time and practice to master all of the material. Don’t get frustrated if you don’t see results immediately, and be sure to celebrate your successes, no matter how small they may be.
You may want to learn Mandarin Chinese in days or weeks, but it is essential to have realistic expectations. It will take time and practice to master the language.
8. Practicing daily is a must
It’s no secret that practice makes perfect, and this is especially true when it comes to learning a new language.
When you first start learning Chinese, it can seem impossible.
However, if you are willing to put in the effort and practice daily, you will be surprised at how quickly you begin progressing.
Repetition is vital when it comes to memorizing new vocabulary and grammar rules.
By listening to audio clips or reading texts daily, you will slowly but surely start to internalize the structure of the language.
In addition, regular practice will also help you to develop a feel for the rhythm and intonation of Chinese speech.
9. Set goals and celebrate your achievements
One of the best ways to stay motivated when learning Mandarin Chinese is to set goals for yourself and celebrate your achievements.
Every time you reach a new milestone, no matter how small, take a moment to celebrate your success. This will help to keep you motivated and on track.
Some goals you may want to set for yourself include:
Learn 1,000 new vocabulary words
Read a Chinese newspaper for 10 minutes every day
Have a conversation in Mandarin for 15 minutes
10. Combine skills to challenge yourself further
To become fluent in a language, you must master the four abilities of reading, writing, speaking, and listening.
One way to become proficient in all four at once is to find exercises that use several different skills.
For example, to improve your reading and speaking skills, try reading aloud. If you want to blend your listening and writing skills, make notes about the podcast or movie you’re watching.
You can also practice reading and writing by reading a sentence and then rewriting it on a different piece of paper.
And if you want to improve your speaking and listening skills, have a conversation with someone.
Of course, there are many other ways to mix these four skills—so experiment until you find a study method that works best for you!
11. Master the basics of pinyin
Pinyin is often seen as a stepping stone to reading Chinese characters, and for a good reason.
The romanization of Mandarin Chinese can make learning the language much easier, especially for beginners.
In addition, with pinyin, you will be able to familiarize yourself with common sounds and tones, two essential aspects of the language.
Once you have mastered pinyin, you will find it much simpler to type in Chinese. This is because most computer keyboards are designed for Latin languages.
As a result, learning pinyin can save you a great deal of time and effort in the long run.
A strong understanding of pinyin will give you a solid foundation to build your Chinese language skills.
By starting with pinyin, you will be able to learn other facets of the language more quickly and effectively.
Conclusion
Learning Mandarin Chinese at first might seem impossible if you’re new to the language.
It will take you some time and practice to get used to the sounds and tones of the language. However, it’s not impossible to achieve if you’re willing to put in the effort.
By following the tips above, you can make strides in your journey to mastering Mandarin Chinese.
Remember to be patient, set goals for yourself, and, most importantly, have fun! With enough time and practice, you’ll be speaking Mandarin fluently before you know it.
This post may contain affiliate links; please see our disclaimer for details.
Jocko Willink and Leif Babin, former United States Navy SEALs, wrote the book Extreme Ownership: How U.S.
Navy SEALs Lead and Win to share their leadership secrets with a broader audience.
In addition, they explain how the lessons they learned during their time in the military can be applied to other walks of life, including the business world.
One of the main ideas they emphasize is the importance of taking ownership of one’s actions and decisions. They argue that successful leaders must be willing to take responsibility for their team’s successes and failures rather than placing blame on others.
This message is delivered clearly and concisely, making it easy for readers to understand and apply it to their lives.
As a result, Extreme Ownership is an essential read for anyone looking to improve their leadership skills.
Here are some of the lessons that can be learned from Extreme Ownership: How U.S. Navy SEALs Lead and Win:
There Are Only Bad Leaders, Not Bad Teams
The book “Extreme Ownership” argues that to be a successful leader, one must take complete responsibility for their team.
The book describes an incident during SEAL basic training, in which two teams – one performing well and one not – became equals by simply exchanging commanders.
This principle eliminates any justifications for a leader not taking complete responsibility for their team.
In other words, the leader must be willing to accept blame when things go wrong and give credit to their team when things go right.
This philosophy can be applied to any organization, from businesses to the military. By adopting an extreme ownership mentality, leaders can create a culture of accountability and success.
Keep Your Ego in Check
To practice Extreme Ownership, you must first put your ego in check.
This means being confident in your abilities but not letting your ego get in the way of making decisions or taking action.
It also means being modest and humble, recognizing that you are not always the best or most qualified person for the task.
It is important to never become complacent in your role or position. Even when things are going well, it is important to remember that there are always people willing and able to take advantage of any flaws or weaknesses you may have.
By keeping these things in mind, you can ensure that you are always practicing Extreme Ownership.
Make Your Mission Simple
Plans and goals are the foundation of any successful team, but they can also be the source of conflict and frustration.
When team members don’t understand the mission or goals, it can lead to disagreements and resentment.
The key is to keep your plans and goals as simple as possible so everyone on the team can comprehend them.
If your team doesn’t understand, you failed because the situation was not maintained straightforwardly.
Keeping things simple opens the door for communication and collaboration, which are essential for a successful team.
Believe in the Mission
A strong leader always starts with clearly understanding their group or organization’s mission, vision, or objective.
Without this foundation, it would be impossible to gain the trust and respect of the team.
The frontline troops are the ones who carry out the day-to-day work of advancing the mission, so they must believe in what they are doing.
Leaders must communicate this belief convincingly, or the team will quickly lose confidence. If a leader’s conviction ever wavers, the team will notice and may lose faith in their ability to achieve the goal.
To be successful, leaders must always maintain a clear and unshakeable understanding of why their work matters.
Own Your Successes and Failures
Being a leader is not easy. You are responsible for the success or failure of your team, and excellent leaders recognize their own errors and faults.
They put the mission and the team ahead of any one person. As a leader, you should always start by concentrating on what you will do differently rather than what others need to do.
You should also take responsibility for mistakes made by your team but give credit where credit is due.
Following these principles can set you up for success as a leader.
Cooperation is a Must
The theory is that in a SEAL unit, half of the members advance in a mission while the other half pushes forward. This is said to be essential teamwork because, without it, the effectiveness of the entire organization is jeopardized.
The key is to cooperate, communicate, and provide one another with mutual assistance. By working together, they can accomplish more than they could work alone.
Each member has a role to play; when everyone does their part, they can achieve great things.
This theory can be applied to any organization where teamwork is essential for success.
Cooperation and communication are key to accomplishing goals, whether it’s a sports team, a business, or even a family.
Stay Calm and Execute Your Plan
A leader’s job is to maintain composure and make the best choices possible, even under extreme pressure. This can be a difficult task, but it is essential for success.
The SEALs have a saying that encapsulates this idea: “Relax, look around, and make a call.” In other words, leaders must take a step back, assess the situation, and make the best decision possible. This may seem simple, but it is often easier said than done.
Trying to do everything at once can be tempting when faced with multiple priorities and deadlines. However, this is usually not possible, and it can lead to mistakes being made.
So instead, leaders must focus on the highest priority task and complete it. Only by remaining calm and focused can leaders hope to make the best decisions for their team.
Simplify Your Command Structure
In general, humans are unable to manage more than 6 to 10 individuals effectively. This is why teams must be divided into manageable units of four to five operators under the direction of a recognized leader.
The organizational structure must be clear so that each team knows who is in charge and who they can contact with any queries about the mission or goals.
All levels of leadership must be familiar with the mission to enable swift judgments when seeking approval from those above is impossible.
This way, every team knows what they need to do and can act quickly and efficiently when necessary.
Dividing into manageable units also allows for better communication and coordination between team members.
Everyone knows their role and responsibility, and working together towards a common goal makes it easier.
Conclusion
Leadership is not easy, but it is essential for entrepreneurs who want to build a successful business.
By following the principles of extreme ownership, leaders can set themselves up for success.
These principles include taking responsibility for your actions, cooperating with others, remaining calm under pressure, and simplifying your command structure.
By following these guidelines, entrepreneurs can build a strong foundation for their businesses and achieve their goals.
We hope the information in this article provides valuable insights to every reader but we, the Biesingers, are not financial advisors. When making your personal finance decisions, research multiple sources and/or receive advice from a licensed professional. As always, we wish you the best in your pursuit of financial independence!
This post may contain affiliate links; please see our disclaimer for details.
NYC Trip with my family 🙂
So, your family wants to take a trip to New York City, huh? Great choice! As one of the most popular tourist destinations in the world, there’s a lot to see and do in NYC.
My wife and I visited NYC earlier this year with our two kids; both are under two years old. We found many ways to save money in NYC as a family!
So let’s jump into the 22 money-saving tips we’ve prepared when traveling to NYC with kids!
YouTube Video about our NYC trip, if you prefer to watch instead 🙂
Countless sites are fighting to sell you your plane tickets, so take advantage of the competition and search for the best deal.
Kids under two years old can sit on your lap for free, so you don’t have to pay for another seat! We did this for our two kids, saving us a lot of money.
You could use a site like Skyscanner or Kayak, which allows you to compare prices across multiple airlines.
It’s a huge mistake even to consider booking through a travel agency. You’ll almost always save a ton of money by booking your flights directly with the airline.
In addition, these travel sites are highly competitive, and they’ll do whatever it takes to get your business, so take advantage of it.
2. Ask the hotel for free pack-n-plays/cribs
One of the first things we considered when traveling to NYC was where our kids would sleep at night. If your kids are old enough to sleep in a bed, that’s great! If not, don’t forget to call your hotel in advance to secure a pack-n-play or crib.
Our hotel was able to provide us with a pack-n-play and a crib free of charge! Just make sure to call in advance to ensure availability and that it is free.
We did this at the very beginning of the booking hotel ticket process so we would not have to cancel tickets or pay for one.
3. Find local parks or splash pads
Splash Pad in NYC
One of our best activities was visiting local parks and splash pads. For example, there is an excellent park with water features next to Chinatown! Our son had a blast hanging out with other kids and playing with the water.
We also found other splash pads and parks essentially everywhere we went. Having that break time makes vacation time very relaxing and is no burden at all to your wallet.
4. Call the airline in advance to secure a free bassinet
We took a redeye flight to help the kids sleep on the way to New York but made the mistake of not calling the airline early enough to secure an in-flight bassinet.
This amenity for families traveling with babies is fantastic and was free with the airline we were taking! Unfortunately, we did not call enough in advance, but this is an excellent tip for those traveling with babies.
Make sure to call sooner than later to check with your airline for availability.
5. Travel during the right time of year
This tip will save you a lot of money on your trip to NYC. If possible, avoid traveling to NYC during peak tourist season (from June through August).
Not only will you have to deal with larger crowds, but prices for everything from hotels to Broadway tickets will be at their highest.
Instead, aim for a more shoulder season like May or September. You’ll still be able to enjoy all the best that NYC offers, but without the crowds and high prices.
Also, remember that NYC is a great destination year-round, so don’t be afraid to travel during the winter months!
Christmas time in NYC is especially magical, with the Rockefeller Center Christmas tree and all the holiday window displays. Just be sure to pack your warmest clothes!
6. Stay in a hotel outside of Manhattan
Manhattan is the most popular borough for tourists and the most expensive. If you want to save some money on your hotel, consider staying in one of the other boroughs like Brooklyn or Queens.
You’ll still be close enough to all the action, but you’ll find better hotel deals.
The price difference can be up to a hundred or hundreds of dollars per night, so it’s worth considering if you’re on a budget.
Plus, staying in a less touristy borough will give you a more authentic NYC experience.
7. Consider getting the NYC CityPASS
The NYC CityPASS is a great way to save money on some of the city’s most popular attractions. For one low price, you’ll get admission to attractions like the Empire State Building, the American Museum of Natural History, and the Statue of Liberty.
If you’re planning sightseeing, the CityPASS can save you over $100. It’s worth considering if you want to save money on your trip.
You can have so much fun by purchasing the NYC CityPASS and getting access to some of the most famous attractions in the city.
8. Use public transportation
Taxis are definitely the most convenient way to get around NYC, but they’re also the most expensive.
If you’re looking to save money, we recommend using the city’s extensive public transportation system.
The NYC subway is the cheapest way to get around and is much easier to use than you might think. Just be sure to buy a Metrocard in advance, which you can do at any subway station.
We also found it challenging to find a subway entrance with a wheelchair or stroller access (without taking it down).
So if you’re traveling with a stroller, try going to larger subway stations or running down the stairs first to see if there is access.
Kiddos sleeping in the double stroller
9. Eat like a local
One of the best things about NYC is the food, but it can also be one of the most expensive parts of your trip.
So if you want to save money, we recommend avoiding tourist traps and eating like a local instead.
There are countless great restaurants around the city, so research in advance and find some promising places.
You can also ask your hotel concierge for recommendations.
Use sites like Yelp or Zagat to find restaurants that fit your budget and taste.
And don’t forget to take advantage of the many food carts around the city! They’re a great way to get a quick and cheap bite.
NYC has so many great food options, and it only takes a little to get away from the touristy areas to find them.
10. Buy Broadway tickets in advance
Buying your tickets in advance is best if you plan to see a show while in NYC. You can often find GREAT deals on sites like Broadway Box or Playbill.
If you wait until you’re in NYC to buy tickets, you’ll likely have to pay full price. And if you really want to see a popular show, you might not even be able to get tickets at all!
Depending on the age of your kids, they might also be eligible for discounted or even free tickets. Check out the TKTS booth in Times Square for more information.
11. Skip the taxi and take the train from the airport
It’s tempting to take a taxi from the airport to your hotel, but it’s actually much cheaper to take the train. The AirTrain is a quick and easy way to get from JFK or Newark airport into the city, and it only costs a few dollars. When we landed at JFK airport, we used the AirTrain and Subway to get to our hotel.
Taking the train is incredibly convenient if you’re staying in Brooklyn or Queens since you can avoid Manhattan’s high prices and traffic.
12. Use coupons and discounts
Many great coupons and discounts are available for NYC attractions, restaurants, and more.
You can often find these in the visitor’s guide at your hotel or in the various tourist brochures around the city.
You can also find many of these discounts online, so be sure to do some research in advance.
In addition, sites like Groupon and LivingSocial often have great deals on NYC attractions and activities.
13. Consider eating at least one meal per day as a picnic
If the weather is nice, you can buy food at a local grocery store or deli and picnic in one of the city’s many parks. This is a great way to save money on food and have a lot of fun.
Plus, it’s an excellent opportunity to slow down and enjoy the city more leisurely.
Some picnic food ideas include sandwiches, salads, fruit, snacks, and drinks. Just be sure to pack some napkins and utensils, and you’re good to go. Even a loaf of bread and some peanut butter will work in a pinch. Throw in some fruit, and you’ve got an enjoyable meal.
Eating sandwiches in the park might not seem glamorous, but it’s a great way to save money and still have a good time with your kids. You’re here to make memories, not eat caviar.
14. Use your hotel’s amenities
Your hotel likely has many great amenities you can take advantage of, so be sure to use them. Many hotels have pools, gyms, laundry facilities, and more that you can use for free or a small fee.
Let’s say that your hotel has a pool or gym. Please take advantage of it! It can be a great way to have some fun, get some exercise, and save money all at the same time. There’s no need to spend money on a separate activity when you’ve access to one at your hotel.
If you’re unsure what your hotel offers, ask the front desk. They’ll be happy to tell you about all the great amenities available.
15. Eat the complimentary breakfast if your hotel offers it
Nowadays, it’s hard to find a hotel that gives you three square meals a day at a reasonable price, but some hotels offer a complimentary breakfast. If your hotel offers this, take advantage of it!
Depending on your family size, you could save $50 per day just by eating breakfast at your hotel. That’s a significant amount of money that you can put toward other activities or attractions.
It doesn’t sound like much, but if you can save a few hundred dollars during your vacation, you might be able to stay a day longer. That’s a whole day of enjoying everything that NYC has to offer.
16. Plan your days in advance
You don’t want to plan your day when you wake up because you’ll likely end up wasting time and money. Instead, plan your days to make the most of your time.
Many great resources are available online to help you plan your days. Time Out New York is a great site with tons of information on things to do in the city.
You can also find a lot of great information in the various visitor guides that are available. These guides often have coupons and discounts you can also take advantage of.
17. Buy refillable water bottles and fill them up
Everyone needs to drink, and we all know how expensive water can be, especially in the city. A bottle of water at a convenience store can easily cost $3 or more.
Instead of buying water every time you’re thirsty, buy a reusable water bottle and fill it up at one of the city’s many water fountains. You can also fill up your hotel water bottle before heading out for the day.
This is a great way to save money and stay hydrated at the same time. Plus, it’s much better for the environment.
18. Get your souvenirs in China Town
You can’t leave New York City without plenty of souvenirs for your friends and family back home. While there are plenty of places to get souvenirs, China Town is the best place to go.
You’ll find everything from t-shirts to keychains to traditional Chinese goods. The prices are also unbeatable. You can easily find souvenirs for a fraction of the price you would pay elsewhere in the city.
You can also grab a quick bite to eat while in China Town. The food is delicious, and it’s very reasonably priced as well.
19. See the Statue of Liberty for free
Yes, you read that correctly. You can see the Statue of Liberty for free if you take the Staten Island Ferry. The ferry ride is completely free and takes you right past the Statue of Liberty.
You can’t get any closer than that without paying for a tour, so this is the next best thing. The ferry ride is about 25 minutes each way, so you’ll have plenty of time to take in the sights.
Also, be sure to bring your camera so that you can snap some great photos. You’ll want to cherish this memory for years to come.
20. Be an audience member at a live television show
If you have small kids, this is out of the question. However, if you have older kids or teens, this can be a great activity.
Being an audience member at a live television show is a great way to see some of your favorite celebrities up close and personal. Plus, it’s a lot of fun.
There are many great shows that tape in NYC, so you’re sure to find one that your kids will enjoy. Just be sure to check the age requirements before you go.
21. Spend a day in Central Park
Central Park, NYC
Central Park is one of the most popular tourist attractions in NYC, and for a good reason. It’s enormous, and there’s so much to see and do.
You could easily spend an entire day in Central Park and still not see everything. There are playgrounds, ponds, gardens, and so much more.
Plus, it’s a great place to people watch. You never know who you’ll see walking through Central Park. So it’s a must-see when you’re in NYC.
22. Cash is King
Having cash on hand when traveling in NYC is beneficial for many reasons. You will be more conscious of how much money you are spending. There will be opportunities to bargain and talk people down when buying souvenirs or other items.
Make sure to budget the amount of money you will be spending on the trip, and bargain for the best deals using cash!
Conclusion
If you’re a family on a tight budget, don’t despair. There are plenty of great things that you can do in New York City without spending a lot of money. For many families, going to New York City is a once-in-a-lifetime experience.
You want to make the most of it and create lasting memories. You don’t need to spend an arm and a leg to have a great time in NYC. Use some of these tips, and you’ll have a great time without breaking the bank.
The most important thing is to enjoy your time together as a family. There’s so much to see and do in New York City. Just savor every moment and make great memories that will last a lifetime.
Disclaimer:
We hope the information in this article provides valuable insights to every reader but we, the Biesingers, are not financial advisors. When making your personal finance decisions, research multiple sources and/or receive advice from a licensed professional. As always, we wish you the best in your pursuit of financial independence!
If you’re looking for a sound investment, you should consider investing in real estate in Utah. The market here is booming, thanks to a strong economy and a growing population. And with relatively affordable prices, now is the perfect time to buy.
In this article, I’m excited to share 11 reasons why investing in real estate in Utah is smart.
This post may contain affiliate links; please see our disclaimer for details.
Delicate Arch from Arches National Park, Utah
1. The economy is strong and growing
Utah’s economy is one of the strongest in the nation, with a job growth rate that outpaces the national average. And as more people move to the state, that growth is expected to continue. That means there will be more demand for housing, which is good news for investors.
The economy has grown steadily since the Great Recession and is now one of the strongest in the nation. The job market has recovered, and the state is seeing population growth thanks to in-migration. All of this is good news for the real estate market.
2. Prices are still relatively affordable
Although prices have been rising recently, they’re still relatively affordable compared to other countries markets. That means there’s still room for appreciation, making now a great time to invest in Utah real estate.
If you invest now, you’ll be able to buy low and sell high as prices continue to rise. There’s little doubt that prices will continue to go up in the coming years, so now is the time to get in on the action.
3. The market is diversified
The Utah real estate market is quite diversified, with various property types. Whether you’re looking for single-family homes, condos, apartments, or even commercial real estate, you’ll be able to find it here.
This diversity allows investors to diversify their portfolios and hedge against risk. You can invest in different property types to spread out your risk and maximize your chances for success.
4. There’s a strong rental market
The rental market in Utah is quite strong, thanks to the state’s growing population. More people are moving to Utah than ever, and many are looking for rental properties.
Investing in rental property is a great option if you’re looking for a steady income stream. You can charge market rent and enjoy a healthy return on your investment.
We currently have one rental property in Utah, which has provided us with nice cash flow each month. The rental market is indeed solid here. I wrote a separate article you can check out about How We Became First Time Landlords In Our 20’s. We have loved the opportunity to invest in the Utah real estate market.
5. The market is primed for growth
Thanks to the strong economy and growing population, the Utah real estate market is primed for growth. Prices are still relatively affordable, and there’s a strong demand for housing.
Utah is definitely worth considering if you’re looking for a potential market. Now is the perfect time to invest in this booming market.
6. You can get in with a small investment
If you compare Utah with, let’s say, California, you’ll see that the entry point to investing here is much lower. In California, you’ll need millions of dollars to get started in the market. But in Utah, you can get started with a small investment.
It only takes a couple hundred thousand dollars to get started here. And with relatively affordable prices, you can buy a lot more property for your money. That gives you the potential for a higher return on your investment.
7. There are plenty of financing options
If you’re worried about financing, don’t be. Whether you’re looking for a conventional loan or a more creative financing solution, many options are available.
You can get started in the Utah real estate market with as little as 3% down. And if you have good credit, you can qualify for even better terms.
Financing is such a big issue for investors because it can make or break a deal. If the financing falls through, the whole deal can collapse. But with so many options available, you’re sure to find a solution that works for you.
8. The market is accessible
The Utah real estate market is quite accessible, especially if you’re from out of state. There are direct flights from all over the country, and the state is well-connected by roads and highways.
You can easily get to Utah no matter where you’re in the USA. And once you’re here, getting around is a breeze. That makes it easy to check out properties and meet with potential tenants.
9. You can find turnkey properties
You can always find turnkey properties if you don’t want the hassle of fixing a property yourself. These properties are already in good condition and ready to be rented out.
You can find turnkey properties in a variety of price ranges. And with the strong demand for housing, you’re sure to find tenants quickly.
10. Utah has lots of undeveloped lands
Maybe you want to build the next suburban enclave that houses many families. If that’s the case, you’ll be happy to know that Utah has lots of undeveloped lands.
Building permits are easy to come by, and you can find plenty of contractors to do the work. With a little planning, you can build the development of your dreams.
11. Utah is a peaceful place you’ll love calling home
Lastly, it’s worth mentioning that Utah is a great place to live. It’s safe and clean, and the people are friendly. Utah is worth considering if you’re looking for a place to raise a family or retire.
The reason is simple: Utahians aren’t like anyone else in the country. They’re hardworking, honest, and down-to-earth. You won’t find a more friendly or welcoming group anywhere else.
The people here have values that are the foundation of the state. And that’s something you can’t put a price on.
Final thoughts
Summing up, there are plenty of reasons to invest in the Utah real estate market. Prices are still affordable, and there’s a strong demand for housing. The market is accessible, and you can find turnkey properties.
Utah is worth considering if you’re looking for a safe, peaceful place to live or invest. The people here are hardworking and down-to-earth, and they have values that are the foundation of the state. You won’t find a more friendly or welcoming group anywhere else.
Don’t wait – investing in Utah real estate is now. With relatively low prices, you can potentially make a great return on your investment. So get in while you can and reap the rewards for years.
Disclaimer:
We hope the information in this article provides valuable insights to every reader but we, the Biesingers, are not financial advisors. When making your personal finance decisions, research multiple sources and/or receive advice from a licensed professional. As always, we wish you the best in your pursuit of financial independence!
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