Financial
Tips to build a stable financial future for your family
Accumulate, preserve, and protect
(StatePoint) ā Building wealth is not as easy as it sounds. It can take time, discipline and a plan to keep those dollars protected. However, if done correctly, it can provide security for your family for years to come.
No matter where you are in your personal financial journey, there are steps you can take to help build a financially secure future. Although your approach should be personalized to your specific situation, Freddie Mac suggests building your plan on three main pillars: accumulate, preserve and protect what youāve built.
Accumulate
The first, and one of the most challenging steps, is saving for your future while covering basic expenses. Establishing and working toward defined financial goals in the short-, medium- and long-term is a good place to start. Also, understanding your money mindset can help you identify opportunities to create healthier spending and saving habits.
Over time, itās important for you to position yourself to take advantage of opportunities to raise your income. Consider discussing a raise with your current employer, taking a job opportunity with higher pay or starting a side business to supplement your income. You should also begin to build an emergency fund, which will better position you to weather unexpected financial emergencies. In general, you should save enough in this fund to cover three to six months of your typical monthly expenses.
In addition, if you are financially prepared for it, purchasing a home can help you build wealth in ways that renting cannot.
Preserve
Once youāve begun to accumulate wealth, the next step is preserving it. You can accomplish this by protecting and growing your money over time.
Managing your debts and expenses is paramount. Pay down debts in high-interest accounts and prioritize other expenses that require immediate attention.
Your credit score is a critical part of this equation, and the time to improve it is right now. A strong credit score can help you receive a better interest rate and loan terms when working with lenders, as well as provide a host of other long-term benefits.
Protect
Lastly, you should have a plan in place to eventually transfer the wealth youāve built to family and loved ones.
CNBC reports that an estimated $68 trillion will be passed down from the baby boomer generation between 2019 and 2044. Having an estate plan can give you peace of mind that your assets will be allocated according to your wishes when the time comes.
In the meantime, you should also protect your assets from the unexpected. In addition to taking steps to safeguard your property from natural disasters, you should invest in a comprehensive renter or homeowner insurance policy. And always be mindful of the wide variety of scammers and hackers looking to access your resources.
Education has power. As you begin your journey, you can build your financial savviness with Freddie Mac CreditSmart Essentials, a suite of free education tools and information covering topics like how to buy a home or car, how to improve credit and how to build wealth. To learn more, visit creditsmart.freddiemac.com.
Building wealth doesnāt happen overnight. With consistency and commitment, and the right knowledge and mindset, you can create a stable future for you and your loved ones.
Real Estate
Spooky Pride: Thrifty LGBTQ Halloween decor tips for your rental
Halloween is the perfect time to show off your creativity and embrace both the spooky and fabulous. For LGBTQ renters, itās an opportunity to infuse your space with festive flair that reflects both pride and personality ā without breaking the bank. Whether you’re hosting friends for a ghoulish gathering or simply decking out your apartment for some solo seasonal fun, we’ve got you covered with budget-friendly, LGBTQ-inspired decorating tips that bring glam, style, and inclusivity to your haunted home.
1. LGBTQ Symbols and Colors. Rainbow-Inspired Decorations: Incorporate rainbow-colored string lights, garlands, and flags into the Halloween decor. This can be paired with classic black and orange Halloween colors to create a unique, inclusive aesthetic.
Pride Pumpkins: Paint pumpkins in rainbow or trans Pride flag colors or carve designs like hearts or symbols of equality to mix Halloween with LGBTQ pride.
2. Drag Queen-Inspired Glam. Glitter and Glam: Draw inspiration from drag queens by adding glamor to Halloween decor. Use metallic streamers, sparkling skulls, and shimmery fabrics for a fabulous touch.
DIY Drag Masks: Create or purchase affordable masks with feathers, sequins, and bold colors for a decorative wall or window display, which can also double as party favors.
3. Inclusive Horror Icons. Iconic Figures: Use LGBTQ-friendly horror icons like Elvira, Divine (from āPink Flamingosā), or characters from āRocky Horror Picture Showā in posters or costumes. They add a campy, queer edge to Halloween dĆ©cor.
DIY Posters or Cutouts: Print out photos or posters of these characters and frame them inexpensively to give your apartment a bold statement piece.
4. Thrifty Decorating Tips. Up-cycled Decor: Thrift stores are a great resource for inexpensive Halloween props ā like old frames, candle holders, and vasesāspray paint them black or gold for a spooky and chic feel.
DIY Spooky Lanterns: Repurpose mason jars or old glass containers by placing battery-operated LED lights or tea lights inside. Decorate the outside with stickers or painted-on spooky designs like bats, pumpkins, or cobwebs.
Black Lace on a Budget: Drape black lace or fishnet fabric (found cheaply at fabric stores) over tables or lampshades for an eerie, gothic vibe.
5. Queer-Friendly, Sustainable Alternatives. Eco-Friendly LED Lighting: Encourage the use of LED lights in purple, orange, or green. Not only are they energy-efficient, but theyāre safer for apartments that may have limitations on open flames or outlets.
Plant-Based, Vegan Candles: For a spooky, cozy vibe, suggest plant-based, cruelty-free candles. Opt for scents like pumpkin spice or cinnamon for a seasonal touch without compromising on values.
6. Community Engagement. Collaborative Building Decor: Suggest organizing a building-wide LGBTQ-friendly Halloween decorating contest where neighbors can share resources and collaborate. This fosters community spirit and makes decorating more fun and budget friendly.
Host a Pumpkin-Carving Party: Recommend throwing a pumpkin-carving event, allowing friends and neighbors to come together for a fun, budget-friendly activity.
Halloween is a time to unleash your creativity, and with these thrifty LGBTQ decorating tips, you can transform your rental apartment into a spooky, Pride-filled haven. From rainbow pumpkins to drag queen glam and up-cycled decor, these ideas prove that you donāt need a huge budget to make a big impact.
So, whether youāre hosting a Halloween party or just want to embrace the spooky season with a queer twist, these decorating tips will help you celebrate with flair and Pride. And remember, Halloween is about having fun, being unapologetically yourself, and expressing your unique identityābecause in the end, thereās nothing scarier than not being true to who you are.
Scott Bloom is owner and Senior Property Manager, Columbia Property Management. For more information and resources, visit ColumbiaPM.com.
Real Estate
Avoiding the basement blahs
Renovating a lower level can add significant value to your home
Sadly, we have waved goodbye to summer and are now slowly shifting from enjoying outdoor activities to things we can do indoors. If you are lucky enough to have a basement, renovating it into livable space can be a great winter project to dramatically increase the functionality and value of your home.
Basements come with unique challenges due to their location below ground level, and overlooking critical aspects can lead to long-term problems. They are particularly vulnerable to dampness. Failure to address moisture can lead to mold growth, structural damage, and health hazards.
To tackle moisture control, start by checking for water leaks or seepage through the walls and floor. If moisture is present, you may need to apply waterproofing solutions to the exterior or interior walls of your home. Installing a vapor barrier is advisable to prevent condensation from damaging insulation and walls.
Make sure the basement has proper drainage systems, such as a sump pump and foundation drainage. The sump pump can remove water that collects around the foundation, while an effective drainage system redirects water away from the home. Installing a dehumidifier can also help.
Basements also tend to be colder than the rest of the house. Proper insulation in the walls and floor helps regulate temperature, reducing heating costs in winter and maintaining a cool, comfortable, and energy efficient environment in summer. Insulating the ceiling can reduce noise transfer between the basement and the upper floors, making the space quieter and more private.
Before any significant work begins, it’s crucial to assess the basement’s structural integrity. This includes checking the foundation for cracks or signs of shifting, which could indicate a bigger problem, particular with the plethora of old houses in the area.
If you notice any large cracks or signs of movement, consult a structural engineer or foundation expert to determine whether repairs are needed. Small cracks can be sealed, but larger ones may require reinforcement or more extensive foundation work.
Depending on local building codes, you may need to install egress windows if you are adding bedrooms or turning the basement into a rental unit. Egress windows provide an escape route in case of emergencies and allow more natural light to enter the space, making it feel more welcoming.
When adding a bathroom or kitchen, youāll find that installing plumbing in a basement can be more challenging because of the need to pump wastewater upwards. You may need a macerating toilet system or a sewage ejector pump to manage this. I learned this the first time I found that, contrary to what we have been told, water can indeed travel up.
Adding more outlets, lighting, appliances, and ventilation systems may necessitate electrical upgrades. Since basements are often unfinished, you may have exposed wiring, which should be properly enclosed or rerouted to meet code. Depending on the scope of the renovation, you might need to upgrade your homeās electrical panel to handle the increased demand.
Proper ventilation is often overlooked in basement renovations but is essential for maintaining air quality and preventing the buildup of stale air or harmful gases. Installing mechanical ventilation, such as an HRV (Heat Recovery Ventilator) or an ERV (Energy Recovery Ventilator), can help ensure a consistent flow of fresh air in the basement.
Radon, a naturally occurring radioactive gas, can enter homes through cracks in the foundation. Since radon exposure is a leading cause of lung cancer, itās wise to test for it before beginning the renovation. If elevated levels are detected, you may need to install a mitigation system.
Once the technical aspects are addressed, focus on creating a functional and aesthetically pleasing layout. The design of your basement will depend on how you plan to use the space, whether itās a guest room, home theater, office, workout area, or game room.
Since natural light is limited in basements, it is important to plan your lighting carefully. Recessed lighting is a popular choice because it doesnāt take up ceiling space, but you should also consider adding floor lamps and sconces to make the space feel brighter and more inviting.
Choose flooring that can withstand moisture, such as vinyl planks, tile, or sealed concrete. Since basements can double as storage areas, consider incorporating built-in shelving, closets, or under-stair storage to maximize the available space.
Whether doing it yourself or hiring professionals, renovating a basement is a rewarding project that can add significant value to your home, but it comes with challenges. From moisture control and insulation to plumbing and air quality, careful planning is crucial to ensure a comfortable, functional, and safe space to enjoy indoor hobbies and emerge from winter free from the Basement Blahs.
Valerie M. Blake is a licensed Associate Broker in DC, MD & VA with RLAH Real Estate / @properties. Call or text her at (202) 246-8602, email her at DCHomeQuest.com, or follow her on Facebook at TheRealst8ofAffairs.Ā
As interest rates begin to cool off for the first time in a few years, prospective āfirst time homebuyersā may have their wheels spinning again about whether itās a good idea to buy a home. Still, the idea of home ownership may feel out of reach for some; historically, the prevalence of homeowners has been low in certain subsets of the population. It wasnāt until the 1900ās that laws were enacted to grant women and people of color equal access to property ownership:
1968: The Fair Housing Act prohibited discrimination in home buying, homeownership, and rental real estate based on sex, race, religion, and other protected classes.
1974: The Equal Credit Opportunity Act (ECOA) prohibited discrimination in consumer credit practices based on sex, marital status, and other factors. This made it easier for women to buy homes by allowing them to apply for loans and credit without a male co-signer.
Even with these laws in place, socioeconomic disparities and lack of access to generational wealth have slowed progress in this area. Generational wealth occurs when resources are passed on to family members when the family homeowner or the head of household passes away. In areas like D.C. this type of asset can be worth hundreds of thousands of dollars, and can be used to pay off student loans, help younger members of the family purchase their first or second homes wherever they live, or be invested in other ways.
While this may have been the key to buying property in the past, people today are pursuing homeownership for themselves and their own means ā especially women. Many real estate agents in the D.C. metro area can testify that they are working with individuals who are the first in their family ā and often the first woman in their family ā to buy a home. The days of waiting until marriage to invest in property are slipping away; these days people marry later, may not stay married, or may choose not to marry at all. āI didnāt consider buying a home at first, because I didnāt really see myself as a ātypicalā homeowner; I was single and wasnāt sitting on a stockpile of cash,ā says Jordyn White, a D.C. resident who bought her first home at 29. āA trusted friend encouraged me to explore first-time homebuyer programs, and Iām glad I did. My monthly mortgage payment is similar to what I would likely pay to rent in the same area, and now I have created a path to generational wealth for my children.ā
The rates of homeownership for people of color and women are steadily rising. A 2023 Pew Research Center survey using 2022 census data found that single women owned 58 percent of the nearly 35.2 million homes owned by unmarried Americans, while single men owned 42 percent. Single homeowners have peace of mind in knowing that they own assets by themselves.
Compass real estate agent Katri Hunter has helped many of her clients buy their first home. She reports, āI find more and more that I have single clients that approach me in their early/mid-30’s and say that they thought they would be buying their first property with a significant other and then decided to take things into their own hands ā¦ I tell people all the time to consult an estate planner when and if they do decide to get married to discuss pre-marital assets and keeping those in their own name. I think people really take more pride and ownership buying property on their own rather than something they dread.ā
Katri Hunter can be reached at [email protected]. JosephĀ Hudson is a referral agent with Metro Referrals.Ā He can be reached at 703-587-0597 orĀ [email protected]
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