Tag: How To

How to Make Better Financial Decisions

Woman learning how to make better financial decisions

A key financial decision people struggle to make is how to allocate savings for multiple financial goals. Do you save for several goals at the same time or fund them one-by-one in a series of steps? Basically, there are two ways to approach financial goal-setting:

Concurrently: Saving for two or more financial goals at the same time.

Sequentially: Saving for one financial goal at a time in a series of steps.

Each method has its pros and cons. Here’s how to decide which method is best for you.

Sequential goal-setting

Pros

You can focus intensely on one goal at a time and feel a sense of completion when each goal is achieved. It’s also simpler to set up and manage single-goal savings than plans for multiple goals. You only need to set up and manage one account.

Cons

Compound interest is not retroactive. If it takes up to a decade to get around to long-term savings goals (e.g., funding a retirement savings plan), that’s time that interest is not earned.

Concurrent goal-setting

Pros

Compound interest is not delayed on savings for goals that come later in life. The earlier money is set aside, the longer it can grow. Based on the Rule of 72, you can double a sum of money in nine years with an 8 percent average return. The earliest years of savings toward long-term goals are the most powerful ones.

Cons

Funding multiple financial goals is more complex than single-tasking. Income needs to be earmarked separately for each goal and often placed in different accounts. In addition, it will probably take longer to complete any one goal because savings is being placed in multiple locations.

Research findings

Working with Wise Bread to recruit respondents, I conducted a study of financial goal-setting decisions with four colleagues that was recently published in the Journal of Personal Finance. The target audience was young adults with 69 percent of the sample under age 45. Four key financial decisions were explored: financial goals, homeownership, retirement planning, and student loans.

Results indicated that many respondents were sequencing financial priorities, instead of funding them simultaneously, and delaying homeownership and retirement savings. Three-word phrases like “once I have…,", “after I [action],” and “as soon as…,” were noted frequently, indicating a hesitancy to fund certain financial goals until achieving others.

The top three financial goals reported by 1,538 respondents were saving for something, buying something, and reducing debt. About a third (32 percent) of the sample had outstanding student loan balances at the time of data collection and student loan debt had a major impact on respondents’ financial decisions. About three-quarters of the sample said loan debt affected both housing choices and retirement savings.

Actionable steps

Based on the findings from the study mentioned above, here are five ways to make better financial decisions.

1. Consider concurrent financial planning

Rethink the practice of completing financial goals one at a time. Concurrent goal-setting will maximize the awesome power of compound interest and prevent the frequently-reported survey result of having the completion date for one goal determine the start date to save for others.

2. Increase positive financial actions

Do more of anything positive that you’re already doing to better your personal finances. For example, if you’re saving 3 percent of your income in a SEP-IRA (if self-employed) or 401(k) or 403(b) employer retirement savings plan, decide to increase savings to 4 percent or 5 percent.

3. Decrease negative financial habits

Decide to stop (or at least reduce) costly actions that are counterproductive to building financial security. Everyone has their own culprits. Key criteria for consideration are potential cost savings, health impacts, and personal enjoyment.

4. Save something for retirement

Almost 40 percent of the respondents were saving nothing for retirement, which is sobering. The actions that people take (or do not take) today affect their future selves. Any savings is better than no savings and even modest amounts like $100 a month add up over time.

5. Run some financial calculations

Use an online calculator to set financial goals and make plans to achieve them. Planning increases people’s sense of control over their finances and motivation to save. Useful tools are available from FINRA and Practical Money Skills.

What’s the best way to save money for financial goals? It depends. In the end, the most important thing is that you’re taking positive action. Weigh the pros and cons of concurrent and sequential goal-setting strategies and personal preferences, and follow a regular savings strategy that works for you. Every small step matters!

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Want to know how to allocate savings for your financial goals? We’ve got the tips on how to make financial decisions so you can be confident in your personal finance! | #moneymatters #personalfinance #moneytips


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How to Budget Groceries: 11 Easy Tips

Have you ever sat down to go over your budget only to find out that you’ve outrageously overspent on food? Local, organic, artisan goods and trendy new restaurant outings with friends make it easy to do. With food being the second highest household expense behind mortgage or rent, our food choices have a huge impact on our budget. Using this monthly budget calculator can also help guide how to budget for food. 

You may be surprised to find out that the most nutrient-dense foods are often the most budget-friendly. It’s not only possible, but fun and easy to eat nourishing, delicious food while still sticking to your budget. Here are 11 ways to help you learn how to budget groceries.

1. Track Current Spending

Before you figure out what you should be spending on food, it’s important to figure out what you are spending on food. Keep grocery store receipts to get a realistic picture of your current spending habits. If you feel inclined, create a spreadsheet to break down your spending by category, including beverages, produce, etc. Once you’ve done this, you can get an idea of where to trim down spending.

2. Allocate a Percentage of Your Income

How much each household spends on food varies based on income level and how many people need to be fed. Consider using a grocery calculator if you’re not sure where to start. While people spent about 30 percent of their income on food in 1950, this percentage has dropped to 9–12 today. Consider allocating 10 percent of your income to food as a starting point, and increase from there if necessary.

3. Avoid Eating Out

This is the least fun tip, we promise. Eating out is a quick and easy way to ruin your food budget. If you’re actively dating or enjoy going out to eat with friends, be sure to factor restaurants into your food budget — and strictly adhere to your limit. Coffee drinkers, consider making your favorite concoctions at home.

4. Plan Your Meals

It’s much easier to stick to a budget when you have a plan. Plus, having a purpose for each grocery item you buy will ensure nothing goes to waste or just sits in your pantry unused. Don’t be afraid of simple salads or meatless Mondays. Not every meal has to be a gourmet, grandiose experience.

5. Keep a Fridge Grocery List

Keep a magnetized grocery list on your fridge so that you can replace items as needed. This ensures you’re buying food you know you’ll eat because you’re already used to buying it. Sticking to a list in the grocery store is an effective way to keep yourself accountable and not spend money on processed or pricey items — there’s no need to take a stroll down the candy aisle if it’s not on the list.

6. Eat Before You Go to the Store

If your mother gave you this advice growing up, she was onto something: according to a survey, shoppers spend an average of 64 percent more when hungry. Sticking to a budget is all about eliminating temptations, so plan to eat beforehand to eliminate tantalizing foods that will cause you to go over-budget.

7. Be Careful with Coupons

50 percent off ketchup is a great deal — unless you don’t need ketchup. Beware of coupons that claim you’ll “save” money. If the item isn’t on your list, you’re not saving at all, but rather spending on something you don’t truly need. This discretion is key to saving money at the grocery store.

8. Embrace the Bulk Section

Not only is the bulk section of your grocery store great for cheap, filling staples, but it’s also the perfect way to discover new foods and bring variety into your diet. Take the time to compare the price of buying pre-packaged goods versus bulk — it’s almost always cheaper to buy in bulk, plus eliminating unnecessary packaging is good for the planet.

Bonus: a diet rich in unprocessed, whole plant foods provides virtually every nutrient, ensuring optimal health and keeping you from spending an excess amount on healthcare costs.

9. Bring Lunch to Work

Picture this: you’re trying to stick to a strict food budget, and one day at work you realize it’s lunchtime and you’re hungry. But alas, you forgot to pack a lunch. All the meal planning and smart shopping in the world won’t solve the work-lunch-dilemma. Brown-bagging your lunch is key to ensuring your food budget is successful. Plus, it can be fun! Think mason jar salads and Thai curry bowls.

10. Love Your Leftovers

Would you ever consider throwing $640 cash into the trash? This is what the average American household does every year — only instead of cash, it’s $640 worth of food that’s wasted. With millions of undernourished people around the globe, throwing away food not only hurts our budget but is a waste of the world’s resources. Tossing food is no joke. Eat your leftovers.

11. Freeze Foods That Are Going Bad

To avoid wasting food, freeze things that look like they’re about to go bad. Fruit that’s past its prime can be frozen and used in smoothies. Make double batches of soups, sauces, and baked goods so you’ll always have an alternative to ordering takeout when you don’t feel like cooking.

Sticking to a food budget takes planning and discipline. While it may not seem fun at first, you’ll likely find that you enjoy cooking and trying a variety of new foods you wouldn’t have thought to use before. Being resourceful and cooking healthfully is a skill that will benefit your wallet and waistline for years to come.

 

Sources: Turbo | Fool | Forbes | Medical Daily | GO Banking Rates | Value Penguin

The post How to Budget Groceries: 11 Easy Tips appeared first on MintLife Blog.

Source: mint.intuit.com

How to Make $30,000 a Month Flipping Houses

I have flipped more than 200 houses in my career and while I love flipping, it is not easy! We have flipped 26 houses per year multiple times, and I can truly say that the more houses you flip, the more problems you have. Now, when I say house flipping, I am talking about buying … Read more

Source: investfourmore.com

How to Buy a Home in Denver, Colorado

As one of the top five fastest-growing cities in the US, Denver is quickly becoming the place to be. The vibrant city life, the outdoor culture, and the growing economy are attracting numerous people looking to become Denver homeowners.

If you, like many others, have noticed how much this Colorado city has to offer, you might be wondering how home-buying works in Denver. We’ve got you covered. Here’s what every Denverite or potential Denverite needs to know about becoming a homeowner.

Start With a Budget

Before the hunt for your dream home can begin, you’ll need to determine how much you can afford. Get in touch with a lender to talk this through. Your lender will help you determine how much of a down payment you’ll need, as well as what kind of monthly payment you can expect.

Once you speak with a lender, you’ll know what kind of loan you qualify for, and you can narrow down your search to homes within your budget. Now you’re ready to really get serious about finding your future home.

When looking for a lender, many people start with their bank. Your bank isn’t a bad place to start, but don’t forget to shop around for the best rate. If you don’t check out all the options, you might miss out on deals from companies like Homie Loans. Homie Loans guarantees they can get you the best rate possible. In fact, if you find any lender with a better rate, they’ll give you $500 cash*.

Find the Right Agent

Most people work with an agent while buying a home, but not everyone knows how essential it is to find the right agent to work with. The right agent will be experienced and knowledgeable about the highly competitive Denver market.

Your agent should also understand your goals and interests as a prospective buyer. They’ll use their knowledge of your goals with their knowledge of different neighborhood vibes to help you find the perfect fit for you. If easy access to the mountains is one of your priorities, your agent will tell you which cities to look at. If downtown living is your thing, your agent can help you find a good deal in a vibrant, Denver neighborhood.

When you have an expert agent on your side throughout the whole home buying experience, you’ll never have to stress about missing out on important information or getting the bad end of a deal. There are a lot of pieces to the puzzle when it comes to real estate, but agents are there to make each step along the way easy on you. That’s why the sooner you bring an agent in to help, the better.

Check Out the Options

Now it’s time to start looking at homes. For many people, this is the fun part of buying a home. Your agent will help you find homes in the areas you’re interested in. It can be a lot of fun to visit potential neighborhoods and imagine yourself as a resident. If a home really catches your eye, don’t be afraid to visit more than once. You want to be sure that it’s the right one for you.

Be sure to be thorough when checking out your options. You don’t need to settle for something you’re not happy with. If you’re not looking for the extra work that comes with a fixer-upper, don’t skip the home inspection. Some homes have issues that you wouldn’t have noticed without an inspection. You want to find a home that’s in great condition.

When you’ve found the perfect home, your agent will help you determine if it’s listed at a fair price. A home could check every box on your wishlist, but if the price isn’t right, it may not be the right one for you. One of your agent’s main jobs is to help you negotiate to get a price that works for you. On the other hand, if the price is where you’d like it, your agent will help jump on that home faster than any of the other potential buyers.

Streamline the Process With Homie

Whether you’re a home-buying veteran or this is your first rodeo, Homie will make your experience the best it can be. Searching for your dream home is a breeze when you have our easy-to-use app.

When you work with Homie, you don’t only get access to the app, though. You’ll also have your very own, top-ranked licensed agent who will help you every step of the way. Our buyers’ agents are dedicated only to their buyers, so you’ll get the best quality service throughout the process.

To get access to amazing homebuying tools and some of the best agents in the state, you might think you’d have to pay top double, but not with Homie. We want to make homeownership accessible to everyone, which is why working with Homie is more affordable than working with any traditional realtor. We offer buyers a refund of up to $2,500 at closing. With those savings and those benefits, buying with Homie is a no-brainer. Click here to start the process.

*Subject to terms and conditions.

Get more tips on buying your Denver home!

5 Tips to Help You Afford Your First Home
Common Home Buying Fears and How To Overcome Them
Can You Buy and Sell a Home at the Same Time?

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The post How to Buy a Home in Denver, Colorado appeared first on Homie Blog.

Source: homie.com

The 5 Best Financial New Year’s Resolutions

Change has to start somewhere, and for many people that change is easier to make if the starting point has some meaning. It can be a birthday, an anniversary, or any other date with some symbolic weight. Most commonly, people choose the beginning of the new year.

If you’re looking for some New Year’s resolutions that will truly change your life, consider adjusting your financial strategy. Here are five things you can do in 2021 to take your money game to the next level.

Refinance Loans

Interest rates are at near-historic lows, which makes this the perfect time to refinance your debt. Refinancing means switching your loans from your current lender to a new lender in order to take advantage of a lower interest rate. Refinancing can save you thousands of dollars, depending on the original interest rate and total balance.

 For example, let’s say you have a $200,000 30-year mortgage with a 5% interest rate, and you refinance to a 3% interest rate. Your monthly payment will be $244 lower, and you’ll save $31,173 in total interest over the life of the loan. 

You can refinance auto loans, personal loans, and even student loans. However, if you have federal student loans, you may want to hold off on refinancing. Refinancing a federal student loan converts it into a private student loan. This means you’ll give up extra perks and benefits like income-driven repayment plans and deferment and forbearance options.

Transfer Credit Card Debt

If you have credit card debt, you can pay less interest by transferring the balance to a new card with 0% APR on balance transfers. These special discounts usually last between 12 to 18 months, during which time you won’t be charged interest on the credit card balance.

For instance, let’s say you have a $5,000 balance on a card with a 17% APR. If you only make the minimum payments, you’ll pay $1,223.61 in total interest. If you transfer that balance to a card with 0% APR for 12 months and repay the balance in that time, you won’t pay any interest.

There is often a small fee associated with balance transfers, around 3% of balance transfers. For example, if you transfer $5,000, you’ll pay a $150 fee. That still leaves a net savings of $1,073.61 in the scenario outlined above.

Decrease Your Fixed Expenses

One of the best things to do for your budget in 2021 is to decrease fixed expenses like your car insurance, internet, cable, and cell phone. Call those providers and try to negotiate a lower rate.

 Go through your transactions for the past few months and write down all the recurring subscriptions like Netflix, Amazon Prime, and DoorDash. Then, group them into categories like “frequently use,” “sporadically use” and “rarely use”. Consider canceling anything you rarely use.

 See if you can get a better deal on your most popular subscriptions. For example, if you and your significant other both pay for Spotify Premium, get a Spotify Duo account instead, and save yourself $83.88 a year.

Open a Better Bank Account

Most people are missing out on an easy way to earn money through your bank account. You could be leaving hundreds of dollars on the table if you still have a traditional savings account.

According to the FDIC, the current average interest rate on a savings account is 0.05%. Many high-yield savings accounts offer rates between .40% and .60%. 

Let’s say you have $10,000 in a savings account with .05% interest. After one year, you’ll have earned $5.04 in interest. If you moved that amount to a high-yield savings account with .5% interest, you would earn $49.92 in interest over that same time period.

Start Investing

If you’re not investing for retirement yet, this might be the most important financial resolution you can make. Thanks to the power of compound interest, you can start investing now and see huge growth by the time you’re ready to retire.

IRAs and 401(k)s are the two main retirement accounts. Anyone can open an IRA, while only those who have access to an employer-sponsored 401(k) can open one.

 If you’re not sure how to invest in your retirement account, consider hiring a qualified financial planner through the National Association of Personal Financial Advisors (NAPFA).

If you’re not ready to work with a financial planner, you can use a robo advisor like Betterment or Wealthfront, which will create a portfolio based on your age, income, and expected retirement age. Robo advisors have low fees and are designed to help beginner investors.

How to Keep Financial Resolutions

First, start small. Pick one habit to change at a time. If you try to accomplish five goals at once, you’ll burn out quickly and give up. 

When you decide on a resolution, break it up into smaller, more manageable tasks. For example, if your goal is to talk to a financial planner about investing, break it down into the following steps:

1) Research financial planners through NAPFA

2) Send introductory emails to three financial planners

3) Choose the one that seems like the best fit

4) Schedule a consultation

Give yourself a deadline to accomplish each of these tasks, and ask a friend to hold you accountable.

Another tip is to tie your resolutions to a bigger goal. Like dieting or starting a new exercise plan, changing your financial habits is hard. If you’re used to grabbing lunch with your co-workers every day, bringing leftovers from home instead will seem like a huge change.

The key is to imagine the future version of yourself who will benefit from the changes you make today. If your goal is to open and contribute to a retirement account, imagine yourself as a senior citizen living comfortably.

When you’re tempted to skip this month’s retirement contribution to buy concert tickets, think about your future self, what you’d want for them and how they would appreciate your sacrifice. It can also help to remember some of the financial mistakes you’ve made in the past, and how much easier your life would be right now if you had made a different choice.

The post The 5 Best Financial New Year’s Resolutions appeared first on MintLife Blog.

Source: mint.intuit.com

How To Retire At 50: 10 Easy Steps To Consider

Can you retire at 50? On average, people usually retire at 65. But what if you want to retire 15 years earlier than that like  at 50? Is it doable? Below are 10 easy steps to take to retire at 50.  Retiring early can be challenging. Therefore, SmartAsset’s free tool can match you with  a financial advisor who can help to work out and implement a retirement income strategy for you to maximize your money.

10 Easy & Simple Steps to Retire at 50:

1. How much you will need in retirement.

The first thing to consider is to determine how much you will need to retire at 50. This will vary depending on the lifestyle you want to have during retirement. If you desire a lavish one, you will certainly need a lot.

But according to a study by SmartAsset, 500k was found to be enough money to retire comfortably. But again that will depends on several factor.

For example, you will need to take into account where you want to live, the cost of living, how long you expect to live, etc.

Read: Can I Retire at 60 With 500k? Is It Enough?

A good way to know if 500k is possible to retire on is to consider the 4% rule. This rule is used to figure out how much a retiree should withdraw from his or her retirement account.

The 4% rule states that the money in your retirement savings account should last you through 30 years of retirement if you take out 4% of your retirement portfolio annually and then adjust each year thereafter for inflation.

So, if you plan on retiring at 50 with 500k for 30 years, using the 4% rule you will need to live on $20,000 a year. 

Again, this is just an estimation out there. You may need less or more depending on the factors mentioned above. For example, if you’re in good health and expect to live 40+ years after retiring at 50, $500,000 may not be enough to retire on. That’s why it’s crucial to work with a financial advisor.

Get Matched With 3 Fiduciary Financial Advisors
Managing your finances can be overwhelming. We recommend speaking with a financial advisor. The SmartAsset’s free matching tool will pair you with up to 3 financial advisors in your area.

Here’s how it works:

1. Answer these few easy questions about your current financial situation

2. In just under one minute, the tool will match you with up to three financial advisors based on your need.

3. Review the financial advisors profiles, interview them either by phone or in person, and choose the one that suits your’ needs.

Get Started Now>>>

2. Maximize your tax-advantaged retirement accounts.

Once you have an idea of how much you need in order to retire at 50, your next step is to save as much as possible at a faster rate. If you are employed and you have a 401k plan available to you, you should definitely participate in it. Nothing can grow your retirement savings account faster than a 401k account.

See: How to Become a 401k Millionaire.

That means, you will need to maximize your 401k contributions, for example. In 2020, and for people under 50, the 401k contribution limit is $19,500.  Also, take advantage of your company match if your employee offers a match.

In addition to the maximum contribution of $19,500, your employer also contributes. Sometimes, they match dollar for dollar or 50 cents for each dollar the worker pays in.

In addition to a 401k plan, open or maximize your Roth or traditional IRA. For an IRA, it is $6,000. So, by maximizing your retirement accounts every year, your money will grow faster.

3. Invest in mutual or index funds. Apart from your retirement accounts (401k, Roth or Traditional IRA, SEP IRA, etc), you should invest in individual stocks or preferably in mutual funds. 

4. Cut out unnecessary expenses.

Someone with the goal of retiring at 50 needs to keep an eye on their spending and keep them as low as possible. We all know the phrase, “the best way to save money is to spend less.”

Well, this is true when it comes to retiring 15 years early than the average.  So, if you don’t watch TV, cancel Netflix or cable TV. If your cell phone bill is high, change plans or switch to another carrier. Don’t go to lavish vacations.

5. Keep an eye on taxes.

Taxes can eat away your profit. The more you can save from taxes, the more money you will have. Retirement accounts are a good way to save on taxes. Besides your company 401k plan, open a Roth or Traditional IRA.

6. Make more money.

Spending less is a great way to save money. But increasing your income is even better. If you need to retire at 50, you’ll need to be more aggressive. And the more money you earn, the more you will be able to save. And the faster you can reach your early retirement goal.

7. Speak with a financial advisor

Consulting with a financial advisor can help you create a plan to. More specifically, a financial advisor specializing in retirement planning can help you achieve your goals of retiring at 50. They can help put in a place an investment strategy to put you in the right track to retire at 50. You can easily find one in your local area by using SmartAsset’s free tool. It matches users with financial advisors in just under 5 minutes.  

8. Decide how you will spend your time in retirement.

If you will spend a lot of time travelling during retirement, then make sure you do research. Some countries like the Dominican Republic, Mexico, Panama, the Philippines, and so many others are good places to travel to in retirement because the cost of living is relatively cheap.

While other countries in Europe can be very expensive to travel to, which can eat away your retirement money.  If you decide to downsize or sell your home, you can free up more money to spend.

9. Financing the first 10 years.

There is a penalty of 10% if you cash out your retirement accounts before you reach the age of 59 1/2. Therefore, if you retire at 50, you’ll need to use money in other accounts like traditional savings or brokerage accounts. 

10. Put your Bonus, Raise, & Tax Refunds towards your retirement savings. 

If retiring at 50 years old is really your goal, then you should put all extra money towards your retirement savings. That means, if you receive a raise at work, put some of it towards your savings account.

If you get a tax refund or a bonus, use some of that money towards your retirement savings account. They can add up quickly and make retiring at 50 more of a reality than a dream.

Retiring at 50: The Bottom Line: 

So can I retire at 50? Retiring at 50 is possible. However, it’s not easy. After all, you’re trying to grow more money in less time. So, it will be challenging and will involve years of sacrifices, years living below your means and making tough financial decisions. However, it will be worth it in the long run. 

Read More:

  • How Much Is Enough For Retirement
  • How to Grow Your 401k Account
  • People Who Retire Comfortably Avoid These Financial Advisor Mistakes
  • 5 Simple Warning Signs You’re Definitely Not Ready for Retirement

Speak with the Right Financial Advisor

You can talk to a financial advisor who can review your finances and help you reach your goals (whether it is making more money, paying off debt, investing, buying a house, planning to retire at 50, saving, etc). Find one who meets your needs with SmartAsset’s free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.

The post How To Retire At 50: 10 Easy Steps To Consider appeared first on GrowthRapidly.

Source: growthrapidly.com

80+ Best Side Job Ideas To Make Extra Money in 2021

Do you want to know, “What can I do as a side job?” 

Today, I have a list of over 80 possible side hustle ideas for 2021. With these side jobs, you can make extra money in 2021.

So, what is a side job? I say side job meaning something that you do on the side of your regular job.side job ideas for 2021

Side jobs are sometimes called side hustles, and the idea is that you put some of your extra time towards making more money. 

You can find side jobs online, side jobs from home, side jobs outside your home, and pretty much wherever else. There are many different options when it comes to finding side jobs for extra money.

Over the years, I have spent a lot of time making extra money through side hustle jobs.

In fact, I paid off my $38,000 student loan debt in just 7 months by side hustling. I did several of the things on the list that you are about to read through.

Learning how to find a side job changed my life in a crazy way — it helped me to stop living paycheck to paycheck, pay off my debt, and leave my day job to pursue my job as a full-time blogger.

And, this is why I talk about making extra money through a side job so much — because I believe that it can change your life for the better.

What I like so much about the ideas on this list is that there is something for everyone. There are really so many different options. While I have included over 80 different side job ideas, there are many, many more out there. You can find something to fit your lifestyle, interests, and the amount of time you have to dedicate towards earning more money.

Whether your goal is to pay off your debt, stop living paycheck to paycheck, start saving for retirement, plan an amazing vacation, or something else, finding a side hustle idea in 2021 can make that a reality.

Making extra money through a side job can help you:

  • Save up for a big purchase, such as for a down payment on a house
  • Pay off your student loan debt, credit card debt, or medical debt
  • Save for retirement and even retire early
  • Leave a job you don’t love to pursue something else
  • Diversify your income sources
  • Save for emergencies
  • And more!

What some people don’t realize about making extra money is that it doesn’t have to take all of your time. You can dedicate as much or as little time to it as you want. I started this blog on the side of my full-time job. It took a lot of work, but I was in control of when I worked. 

That’s one of the reasons I love blogging and many of these other side jobs. Many of them are very flexible and let you pick your schedule. Below you’ll find great options if you work full time, are a parent, are in school, etc.

Besides starting a successful side hustle, there are some great small ways to earn extra money. The point is, there are so many ways to make money on the side with a full-time job that there is no reason not to start now.

Related content on how to make extra money:

  • How To Start and Launch A Successful Money Making Blog FREE Course
  • 12 Work From Home Jobs That Can Earn You $1,000+ Each Month

Below are over 80 different side job ideas.

 

Find an online side job.

There are so many side jobs that can be found online these days. The internet has introduced more possibilities, many of which have extremely flexible schedules.

Working an online side job allows you to create your own business in your spare time or work remotely for a company. These are some of the flexible options for 2021.

For me, I love being able to work online as it allows me to have a flexible schedule, there is no commute, and I simply enjoy working from home more than working in an office.

Below are ways to work an online side job:

  • Create a money making blog – This is the first thing I recommend to anyone interested in learning how to make money with an online side job, and this is because it’s exactly what I did! I have a Free How To Start and Launch A Money-Making Blog Course that you can join, and it will help you start and launch a successful blog! 
  • Answer questions online – Course Hero is a website that helps high school and college students with course-specific questions. Please read How To Make $300+ Weekly Answering Questions With Course Hero to learn more.
  • Get paid to answer surveys – Answering surveys online won’t make you rich, but it is one of the easiest ways to earn extra money online. Even though it’s a small amount of money, you can put it towards your debt payoff or savings goals. Survey companies I recommend include American Consumer Opinion, Swagbucks, Survey Junkie, Branded Surveys, and Pinecone Research. These survey companies are free to join and free to use! You get paid to answer surveys and to test products. To receive the most survey opportunities, it’s best to sign up for as many survey sites as you can.
  • Join a focus group – You can get paid $50 to $100 per hour by joining a focus group with User Interviews.
  • Write an ebook – Writing your own eBook is a great way to earn extra money online, and there is probably something super helpful that you could write about (even if you think otherwise!). In fact, my friend Alyssa self-published her first book and has sold more than 13,000 copies. She is now earning a great passive income of over $200 a day from her book ($6,500 in one month alone!). Learn more at How Alyssa is making $200 a DAY in book sales passively.
  • Run Facebook advertising for local businesses – Bobby Hoyt, a former band teacher who now runs the successful website Millennial Money Man, started running Facebook ads for local businesses to help him pay off $40,000 in student loan debt in only 18 months. In our interview you can learn about how Bobby got started, why businesses want to run Facebook ads, and how easy it is to start this flexible side job.  Also, Bobby has free training on this too. His free email course (you can sign up here) will teach you how to start this business even if you’re brand new, how to find paying clients, and more. Read the full interview at How To Make $1,000 Extra In Your Spare Time With Facebook.
  • Edit content for others – Websites, books, courses, and more all need editors to help them improve the quality of their content. No matter how many times a person reads a piece of content, something will usually slip through. If you’re a grammar-nut, then this can be one of the best side jobs from home ideas.
  • Sell printables online – Creating printables on Etsy can be a great side hustle. Because you are creating PDF files, you can create and sell them an unlimited number of times. You can learn more at How I Make Money Selling Printables On Etsy.
  • Manage social media accounts for businesses – Being a social media manager can be a fun job for the right person. If you have social media skills and don’t mind spending more time on social media sites, then it might be something to look into. Learn more about How I Started a Pinterest Consulting Side Hustle and why it’s more than just sharing random content online.
  • Get paid to search onlineSwagbucks allows me to earn Amazon gift cards with very little work. Swagbucks is just like using Google to do your online searches, except you get rewarded with points called SB for the things you do through their website. Then, when you have enough points called SB, you can redeem them for cash, gift cards, and more. You’ll receive a free $5 bonus just for signing up through my link!
  • Proofread for a living – In just one year, Caitlin made slightly over $43,000 as a freelance proofreader, while also going on several fun vacations. If you are looking for a new job, or just a new way to earn extra money on the side, this may be something to look into. Learn more at Make Money Proofreading By Becoming A Freelance Proofreader.
  • Help job seekers improve their resume – A few years ago, I interviewed a reader who ran a resume business. She showed me how others can earn money by helping people create the kind of resumes they need to land their next job. Because having a good resume is an important part of getting the job you want, this is an in-demand option. If you are constantly reviewing resumes for your friends because you’re so good at creating them, then you may want to turn your skills into a paying job!
  • Post on social media – If you have social media accounts, even just a personal Facebook account, it’s possible to earn extra money by posting small ads on your account. One popular company that I recommend is Izea.
  • Become a freelance writer – A freelance writer is someone who writes for a number of different clients, such as websites, blogs, magazines, and more. These writers don’t work for one specific company, rather they work for themselves and contract out their writing. Learn more at How I Earn $200,000+ Writing Online Content.
  • Moderate forums – Some online forums will pay you to moderate their message boards. If there is a forum you visit often, you might want to see if they are hiring.
  • Become a transcriptionist – Do you know what a transcriptionist does? They take audio files and turn them into a text format. You can learn more about what this side job takes and how it’s possible to earn extra money on the side as a transcriptionist at Make Money At Home By Becoming A Transcriptionist.
  • Become a scopist – A scopist is someone who works from home and edits legal documents. Yes, this is a skill that you can learn. You can find a free course to learn more about how to become a scopist by clicking here.
  • Become a virtual assistant – Virtual assistant tasks may include social media management, formatting and editing blog posts, scheduling appointments or travel, email management, and more. Basically, you get paid to do any task that needs to be done for someone’s business but doesn’t need to be done by them. You can read more about how Kayla is earning $10K per month working from home as a virtual assistant
  • Become a bookkeeper – Ben, founder of Bookkeeper Business Academy, explains how becoming a bookkeeper may be a possibility for you. Ben helps people start and grow their own online bookkeeping business with his online bookkeeping course. And, guess what? You don’t have to be an accountant or have any previous experience! You can read more about how becoming a bookkeeper at Make Money At Home By Becoming A Bookkeeper.
  • Create an online store – Did you know that you can create your own online store to earn extra money? Jenn, a reader of mine, started her online business a little over four years ago and since then she has developed and grown three successful online ecommerce stores earning an average of $19,000 per month. Learn more at How Jenn Makes Over $10,000 A Month With Her Online Store In Less Than 10 Hours Per Week.
  • Become a Google Rater This is when you help Google improve the quality of their search engine results. You can learn more about this at Help Google Better The Internet And Make $1,000+ A Month From Home.
  • Build a course and teach others what you know – Before you think that you have nothing to teach, I want to tell you that you most likely do! Online courses are extremely popular right now, and you don’t need to have a blog in order to be successful with an online course. I use Teachable for my online course platform, and I highly recommend it. Here’s How I’ve Made Over $1,000,000 From My First Course Without a Big Launch.
  • Podcast editing – Podcasting has grown a lot in the past few years, and it’s estimated that there are now over 850,000 podcasts. Podcasters need help editing their audio and adding music, so if you have audio editing skills, this could be a fun side job. Listing your service on Fiverr could be a great way to find clients who need your service. Learn more at How I Make $1,500 A Month As A Podcast Virtual Assistant.
  • Teach English online to kids – Did you know that you may be able to make money from home by teaching English online to children? VIPKID is a company that allows you to work from home, create your own schedule, and earn $18-21 per hour (many teachers are earning over $1,000 per month) all while teaching English online. You don’t need a teaching degree, but you do need to have a four year degree in something. This is a great option for anyone who has a passion for teaching and looking for ways to earn extra money online. I recommend VIPKID and Education First.

 

What can I do as a side job?

Build a side business (or even a full-time business!).

If you’re looking for a side job, one possibility is to create a side business for yourself.

The ones you just read about above are online side jobs, but many of the ones in this section require in-person work. Not everyone wants to work online, and these side jobs will get you outside of the house and earning money. 

For me, my side business of creating a blog actually turned into a full-time business for myself. And, I am so happy that I made that choice!

Here are some side business ideas:

  • Pick up garbage – This might not be the most exciting way to make extra income, but did you know that you can get paid $30- $50 an hour to pick up trash in your local area? Please read Get Paid $30 – $50 Per Hour To Pick Up Trash to hear more about this side hustle idea.
  • Sell on Amazon – If you want to learn one of the many real ways to make money from home, then you may want to start an Amazon FBA business! Jessica Larrew, of The Selling Family, explains how selling on Amazon may be a possibility for you. She is a friend of mine, and I am blown away by her success! In the first year that Jessica’s family ran their Amazon FBA business together, working less than 20 hours a week total, they made over six figures profit! If you are looking for a new job, or even just a side hustle, this may be something that you want to look into. Learn more at How To Work From Home Selling On Amazon FBA.
  • Maintain and clean yards – You can make money by mowing lawns, killing/removing weeds, cleaning gutters, raking leaves, and so on. Because every season offers the opportunity for some type of yard maintenance, this can turn into a year round job.
  • House sit for others – House sitting is becoming more and more popular these days, and there are many websites out there for house sitting. You may be paid to watch someone’s house, take in the mail, water plants, and so on. House sitting doesn’t just have to be in your own town either. It can be something you do while taking amazing vacations. You can read more about it at How We Became Professional House Sitters In Europe & Saved Over $5,000.
  • Rent out your RV – Many RVs sit unused in storage lots, driveways, and backyards, so why not try to make a little extra money while you’re not using your RV? Learn more at How To Make Extra Money By Renting Out Your RV.
  • Share your car – Did you know that you can share your car with travelers on a daily, weekly, or even on a long-term basis and make extra money? I’m talking about listing your car and making money on Turo, which is like Airbnb for cars. It takes as little as 10 minutes to list your car, and you can earn up to 90% of the trip price.
  • Walk dogs and/or pet sit for extra money – If you love animals, then this is one of the best ways to make money on the side! Walking dogs and pet sitting can be a lot of fun because who doesn’t love animals!? With this side hustle, you may be going over to your client’s home to check in a few times a day, you may be staying at their house, or the animals may be staying with you. Rover is a great company to sign up for if you’re interested in becoming a dog walker and pet sitter. 
  • Groom pets – This is yet another animal related side business, and it could be a good one for you. With a mobile pet grooming business you will go directly to the pets rather than needing to find and set up a permanent business location. 
  • Become a local tour guide – Do you love showing off your city to friends and out-of-town guests? If so, you can earn extra money as a tour guide in your city. You can create any kind of tour you like — touring restaurants or bars, historical tours, bike tours, and more. Tours By Locals is a great site to connect with if you’re interested in learning more.
  • Become a landlord – Whether you rent out a room in your home or start buying up properties to invest in and then rent out, this could be one of the more lucrative ways to earn extra money on the side. Check out my blog post to learn more: How This 34 Year Old Owns 7 Rental Homes.
  • Shovel snow – We no longer need to have our snow shoveled, but it was definitely something we didn’t enjoy doing while we were living in St. Louis. If you get snow where you live, then you may be able to knock on your neighbors’ doors to see if they would like their driveways and sidewalks shoveled. If you want to go a little further, you could even invest in a plow and market your services.
  • Become a TaskerTaskRabbit is an online platform where people list odd jobs that they need done, like assembling furniture, running errands, or cleaning. You can find one-off jobs in your area using TaskRabbit to earn extra money.
  • Babysit and/or nanny children – When I was just 14, I was making $10 an hour babysitting for a neighbor. I babysat 40 hours a week and it was a great way to make extra money! If you have any special skills or can provide extra work, such as cleaning up around the house, teaching the child how to speak another language, picking up the child after activities, and so on, you will most likely be able to charge more than $10 an hour.
  • Become an Uber or Lyft driver – Spending your spare time driving others around can be a great money maker, and many rideshare drivers earn $15-$20/hour. Read more about this in my post How To Become An Uber Or Lyft Driver.
  • Help people fix things around their home – If you are a handy person, this could be a great option for you. Word of mouth is big when it comes to finding clients, but you can also post your services on Craigslist, post flyers to bulletin boards around your town, and more.
  • Clean homes – Cleaning is something that many people dread. If you are good at cleaning and enjoy it, then you may be able to find clients who want you to come to their home to clean. This can pay around $20 an hour or more in some areas. Because cleaning for others is such a personal job, you will often find loyal customers who want you to come back over and over again.
  • Help people move – Moving is another task that many people dislike. Movers can earn a broad range when it comes to hourly pay, but it’s usually somewhere around $25-$50 an hour if you run your own business.
  • Become a photographer – Do you love photography? Then this is a great way to earn extra money while doing something you love to do. Learn more at How To Make $25,000 – $45,000 A Year As A New Photographer.
  • Write and self-publish romance novels – This definitely isn’t something that most people will think about, but it is a growing and profitable industry. You can learn how Yuwanda Black, a freelance writer, started writing and self-publishing short romance novels in this interview. She earned over $3,000 in one month alone!

 

Find a part-time job.

Online side jobs are becoming more and more popular, but you can still make good money with more traditional part-time jobs.

I know many people who have part-time side jobs, and they love that they are low-commitment ways to make extra money. 

You can find a part-time side job on sites such as Snagajob, Craigslist (yes, I’ve found a legitimate job through there before), and so on.

  • Deliver items through Postmate – Postmates is a service that lets people use their phones to order food, drinks, and groceries. Delivering those items is where you come in! Because the holidays are a busy time, many people are looking to make their life easier with delivery services like Postmates. And, you can deliver for Postmates with your car, scooter, motorcycle, or bicycle. How much can you make with Postmates? Postmates says that you can earn up to $25 an hour with their platform. Click here to check out Postmates and sign up.
  • Deliver RVs to dealerships – RVs are huge, and the majority of the time they can’t be transported by semi-trucks because of their size. Due to that, someone has to drive them from the manufacturer to the RV dealership. We met a couple who did this for a living, and they both loved what they did. They were able to travel a lot, earn a living, and got to see new RVs all the time. To make extra income doing this, you can contact transport companies in your area, RV manufacturers, RV dealerships, and more.
  • Find a part-time seasonal job – If you have a job that gives you the summers off (or whatever season), then finding a part-time seasonal job could be a good way to earn extra money during your time off. Employers like Starbucks, REI, and Costco even offer part-time jobs with benefits, which adds even more value to these side jobs. 
  • Bartend – With bartending experience, you may be able to find a bartending job at a bar, restaurant, catering company, and more. Since the hours for this are usually later at night and on the weekends, it could easily fit with your regular 9-5 job schedule.
  • Work at a restaurant – You could be a host, wait tables, bus tables, and so on. You may even get to eat delicious food and receive a discount when dining out at the restaurant you work for.
  • Substitute teach – I know quite a few people who substitute teach both part-time and full-time and love it. Sometimes the schedule can be tricky as you may be called at the last moment, but other times you may secure a long-term position. In some places, substitute teaching can pay around $100 per day.
  • Teach during summer school – If you are a teacher, then spending part of your summer teaching summer school is a great way to make extra money. My brother-in-law is a teacher and he earns around $3,000 for three 4-day weeks of work, and they aren’t even full days. He and his wife use that money to fund their summer vacations.  
  • Work at a hotel, motel, hostel, resort, etc. – There are many jobs in the hospitality industry. If you love meeting new people who are visiting your area, this can be a great way to earn extra money. When we were RVing, we met several RVers who make money at RV parks and campgrounds while they are full-time RVers.
  • Work at a retail storeI worked in retail for over five years and made lifelong friends in the process. The income is okay, but you usually receive a good discount when working in retail.
  • Deliver pizza – Pizza delivery drivers make $15/hour or more delivering pizza in their spare time. It might not be the most glamorous side job, but it’s a good way to make extra money.
  • Lifeguard – You could be a lifeguard at a community pool, a private pool, a water park, and so on. You don’t have to be a teenager to be a lifeguard either!
  • Work as a referee – Did you know that soccer refs for local community centers can make around $25/hour or more? You’ll have to know the rules to work as a referee, and you can learn more by contacting the community or sports center in your area.
  • Deliver newspapers – Delivering newspapers can be a good way to make some side money. You may have to wake up early, but maybe those are the hours you are looking for.
  • Run errands for others – Being someone’s assistant can be an interesting way to earn extra money. You may get paid to do someone else’s laundry, clean their home, pick up their food, answer phone calls, and more.

 

Sell items to make extra money.

There are so many different types of items that you can sell to make extra money.

You may be able to find things around your home that you can sell, or you may even search for items online or in-person to buy and resell for a profit.

  • Flip items – Melissa’s family was able to make $42,875 in one year through buying and flipping items for sale, and they were only working about 10-20 hours per week. Learn more in How Melissa Made $40,000 In One Year Flipping Items.
  • Sell/donate eggs and sperm – Yup, both of these can be sold for a price, and you can definitely earn extra money by doing so. Depending on your characteristics, women can earn anywhere from a few thousand dollars to $10,000 or more for their eggs. Egg donors are typically under the age of 30 and healthy. African American women and Asian American women usually make the most money as there is a larger need for their eggs. This is not easy money, though. There are a number of doctor visits, and extracting the eggs requires a medical procedure. For sperm, the average donation pays anywhere from $50 to $100, and some men donate as often as 2-3 times each week.
  • Sell items on eBay – Whether it’s clothes, a car, electronics, and so on, eBay is a great place to sell all sorts of things online. eBay also has a worldwide reach, which can be great if the market in your area isn’t large enough for what you specialize in. I know many people who earn extra money selling on eBay, and it’s very easy to get started.
  • Sell items on Craigslist – Craigslist has gotten a bad rap in the past, but I have always had great success when I have bought or sold things through this platform. Craigslist can be a great way to sell your items, while often earning a higher value for them too. However, be safe, because you will have to meet with strangers to complete the transactions.
  • Sell things on Facebook Marketplace – Facebook is a great place to sell your items to earn extra money. You can find buyers in your area, but for larger items, like cars and furniture, buyers are often willing to travel. Plus, because you are probably already on Facebook, this is one of the easiest ways to sell your stuff, and it’s free.
  • Sell on Poshmark – Poshmark is one of the most popular places online for people to buy and sell gently used clothing, shoes, and more. You should always be honest in your listings, take great photos, and ship items out as soon as they sell.
  • Sell to second hand stores – There are many second hand stores out there that will take your clothing and shoes. Stores like Plato’s Closet, Hut No. 8, and Buffalo Exchange will pay you upfront for on-trend young adult clothing, and they take all of the legwork out of selling items, which is really helpful. There are also second hand stores for designer items, women’s clothing, children’s items, and more. Some pay upfront, whereas others may not pay you until after the item has sold.
  • Sell your gently used sports gear – Play It Again Sports is one of several second hand stores that buys and resells sports equipment and workout gear. These kinds of items also sell well on eBay, Craigslist, and Facebook Marketplace.
  • Sell on Etsy – Etsy is a great place to sell handmade items, vintage finds, and craft supplies. If you are a crafty person, definitely check out this website if you are looking for ways to earn extra money.
  • Sell your gift cards – If you have gift cards that you aren’t going to use, why not sell them to earn extra money? There are many, many websites out there that will pay you cash for your gift cards. Gift Card Granny, Cardpool, and Raise are just a few. 
  • Sell items through a garage sale – A garage sale can be an easy way to make extra money because people come straight to your house. The only downside is that you usually don’t make as much for your items as you would if you were to sell them on sites such as eBay, Craigslist, or Facebook Marketplace.
  • Sell your old books – Back when I was in college, I sold my textbooks as soon as the class was over. This helped me regain the amount that I originally paid for the book. You can sell your books online, and most university bookstores have a buyback option.
  • Flip cars, mopeds, or scooters – In addition to teaching summer school, one of the ways my brother-in-law makes extra money is from buying vintage moped and scooters, fixing them up, and selling them for a profit on online marketplaces, like Facebook or Craigslist. In one flip, he made more than $900 profit. This is a very specific skill, but worth looking into if you know what you’re doing. 

 

 

Make extra income at the day job you already have.

If you’re already employed and not interested in starting a side hustle, by starting an online business, or taking on a part-time job, you can still learn how to earn more at your current job.

  • Work overtime – One way to earn extra money at your job is to see if your company will allow you to work overtime. In many cases, overtime is welcomed, and you can earn a decent amount of money by doing so. Plus, what’s an extra hour or two when you’re already there?
  • Ask for a raise – Asking for a raise may be the best way to earn extra money at your current job, as the work is the same and you most likely won’t be adding additional hours to your work week. Many people never ask for a raise, which means you might be leaving money on the table. Over numerous years, this can add up to a significant amount of income! If you’ve just successfully completed a big project or taken on new responsibilities, then it might be time to ask for a raise.
  • Get a promotion – If a raise is not possible, then you may want to try for a promotion that comes with a pay bump. Sometimes companies can only pay you so much for the job you currently have, but perhaps a promotion with different and/or additional job duties, a possible move, etc. may result in an increase in pay.
  • Earn bonuses – Depending on the industry and the company you work at, you may be able to earn bonuses. Bonuses often come in large chunks which makes them ideal for paying off large amounts of credit card or student loan debt. Or, you could even invest your bonus to earn even more in the long run. 

 

Miscellaneous ways to make extra money in 2021.

Of course, I can’t include every single side job in this blog post, as there are way too many options to list in one place. But, here are some more that didn’t fit one of the categories above.

  • Cuddle with strangers – Did you know that you can get paid to cuddle with people that you don’t even know? Surprisingly, there are many cuddling companies out there, and this option seems to be growing more and more each year. Some people even make a few hundred dollars a day by cuddling with others. 
  • Scoop poop – Okay, like picking up trash, this isn’t going to be the most glamorous job, but someone has to do it. 
  • Place advertisements on your car, home, or even on your body – Yes, there are companies out there that will pay you to place an advertisement on your car, home, or even your body (such as a tattoo on your forehead). If there’s space on your car or fence that you don’t mind placing an ad on, then look into this! Carvertise is one company I recommend checking out if you’re interested in advertising on your car — they pay around $100/month.
  • Help crew a sailboat delivery – Because you need sailing experience to do this, this won’t be for everyone. But, if you know your way around a boat, then you may be able to earn extra money delivering sailboats. Wes actually helped out on a couple of sailboat deliveries in the past few years, and he traveled to many amazing places along the way, such as visiting several European countries. 
  • Be an extra in a movie or TV show – If there’s a movie or TV show that is being filmed near you, you can apply to be an extra to make some money on the side. You won’t have to do much, and it could be a lot of fun, especially if you are able to meet someone famous!
  • Start investing with spare change Investing through platforms like Acorns makes investing even more approachable. You simply link your bank or credit cards and Acorns rounds every transaction up to the next dollar. Read more at How To Start Investing With Little Money.
  • Sell breast milk – Only recently did I realize that some women do this as a side job. If you are breastfeeding, then you may be able to sell your breast milk to make extra money. Breast milk often goes for $1 to $2.50 per ounce, and sometimes it sells for as much as $4 per ounce. There are many people who are looking to buy breast milk, not just mothers. 
  • Receive bonuses and rewards for using a credit card – There are many credit cards out there that will give you cash back just for using them. If you are good with credit cards (please skip this if you are not), this is something to look into as you can make money without having to do much. Read more at How To Take A 10 Day Trip To Hawaii For $22.40 – Flights & Accommodations Included.
  • Take part in medical research studies – Medical studies allow you to help with the research and study of diseases, medicines, treatments, and more. To find paid medical research studies, I recommend checking out your local Craigslist, contacting universities in your area, and seeing if there are any medical testing companies around you. Most cities have these options, and you just have to look for them.
  • Enter contests and giveaways – There’s no guarantee that you will win anything when entering contests, but if you get lucky, this would be a really fun way to earn extra money. You may win cash, gift cards, vacations, electronics, and more. The key here is to enter as many as you can. And, many stores and restaurants post drawings and giveaways at the bottom of your receipt.
  • Mystery shop – Yes, you can actually get paid to shop at stores and eat at restaurants. A few years ago, I mystery shopped a lot to earn extra money. I made anywhere from $150 to $200 a month mystery shopping and received free meals, makeup, and more as a mystery shopper. I used Bestmark for mystery shopping, so I know that they are a 100% legitimate company. Learn more at Want To Make An Extra $100 A Month? Learn How To Become A Mystery Shopper.
  • Use InboxDollars – InboxDollars is an online rewards website I recommend if you want to find ways to earn extra money on the side. You can earn cash by taking surveys, playing games, shopping online, searching the web, redeeming grocery coupons, and more. Also, by signing up through my link, you will receive $5.00 for free!
  • Travel the world and be an au pair – In 2016, my sister was an au pair in Italy. It was an interesting experience, and she shares how you can become an au pair and travel the world in her blog post How To Become An Au Pair And Travel The World.
  • Open a high yield savings account. Savings accounts at brick and mortar banks are known for having really low interest rates. That’s because they have a much higher overhead — paying for the building, paying the tellers, etc. Betterment Everyday is an online option, which means they have lower costs, then passing the savings on to you. Simply click here and sign up.

 

How do I make an extra $1000 a month?

How do I make an extra $1000 a month?

If earning $1,000 a month or more is your financial goal, there are lots of different approaches. 

You can run Facebook ads for small businesses, deliver food for Postmates, start a freelancing side job, and more. Or, you can combine several smaller side jobs.

If you are willing to put in the work, starting a blog is something that can help you earn $1,000 a month or more. It takes time to grow your blog, but with time and effort, you can well exceed $1,000/month in blogging income.

 

How can I make money on the side?

There are so many different ways to make money on the side in 2021, and I just gave over 80 different ideas. 

Look through the options above and make a list of the ones that interest you. Think about what skills you have, how much time you want to dedicate to your side job, and how to get started with each option.

There are honestly options for anyone, no matter how much time you have to spare. And remember, even just a $100 extra a month can begin to make a dent in your debt, can be invested for your future, or help you stop living paycheck to paycheck.

 

Have questions about finding a side job?

If you have any questions about finding a side job, I recommend heading to 10 Of The Most Common Questions About Having A Side Job.

Some of the questions I answer in that blog post include:

  • How do you find a side hustle?
  • How much money can I make from a side job?
  • How do you get paid with a side job?
  • How can I find time for my side job idea?
  • How can I balance my day job, side job, and life?!
  • How can I grow my side income? How can I find clients?
  • What is a good side job?
  • Should I tell my boss about my side hustle?
  • Do I have to pay taxes on a side job?
  • How do I avoid side job scams?

Out of the side jobs listed above, which one interests you the most? Which side job would you like to learn more about?

The post 80+ Best Side Job Ideas To Make Extra Money in 2021 appeared first on Making Sense Of Cents.

Source: makingsenseofcents.com

Who Can and Cannot Witness a Will?

A will is notarized

A will is an important part of your financial plan. When you create a will and testament, you’re creating a legal document that determines how your assets will be distributed once you pass away. You can also use a will to name legal guardians for minor children. When making a will and testament, it’s important to follow the rules in your state to ensure the will is valid. One of those rules centers on the requirements for witnesses. For more guidance on the intricacies of wills and estate planning, consider enlisting the services of an expert financial advisor.

Why Wills Need to Be Witnessed

A will is a legal document but in order for it to be binding, there are certain requirements that need to be met. For instance, although state laws regarding wills vary, states generally require you to be of legal adult age to make a will. You must also have testamentary capacity, meaning you:

  • Must understand the extent and value of the property you’re including in the will
  • Are aware that you’re making a will to decide who will inherit your assets
  • Aren’t acting under duress in making the will

Having someone witness your will matters in case questions are raised over its validity later or there is a will contest. For example, if one of your heirs challenges the terms of your will a witness may be called upon in court to attest that they watched you sign the will and that you appeared to be of sound mind when you did so.

In other words, witnesses add another layer of validity to a will. If all the people who witnessed the signing of a will are in agreement about your intent and mental state when you made it, then it becomes harder for someone else to dispute its legality.

Who Can Witness a Will?

When drafting a will, it’s important to understand several requirements, including who can serve as a witness. Generally, anyone can witness a will as long as they meet two requirements:

  • They’re of legal adult age (i.e. 18 or 19 in certain states)
  • They don’t have a direct interest in the will

The kinds of people who could witness a will for you include:

  • Friends who are not set to receive anything from your estate
  • Neighbors
  • Coworkers
  • Relatives who are not included in your will, such as cousins, aunts, uncles, etc.
  • Your doctor

If you’ve hired an attorney to help you draft your will, they could also act as a witness as long as they’re not named as a beneficiary. An attorney who’s also acting as the executor of the will, meaning the person who oversees the process of distributing your assets and paying off any outstanding debts owed by your estate, can witness a will.

Who Cannot Witness a Will?

Two minors looking out a windowStates generally prohibit you from choosing people who stand to benefit from your will as witnesses. So for example, if you’re drafting a will that leaves assets to your spouse, children, siblings or parents, none of them would be able to witness the will’s signing since they all have an interest in the will’s terms. Will-making rules can also exclude relatives or spouses of any of your beneficiaries. For instance, say you plan to leave money in your will to your sister and her husband with the sister being the executor. Your sister can’t be a witness to the will since she’s a direct beneficiary. And since her husband has an indirect interest in the terms of the will through her, he wouldn’t qualify as a witness either.

But married couples can witness a will together, as long as they don’t have an interest in it. So, you could ask the couple that lives next door to you or a couple you know at work to act as witnesses to your will.

You may also run into challenges if you’re asking someone who has a mental impairment or a visual impairment to witness your will. State will laws generally require that the persons witnessing a will be able to see the document clearly and have the mental capacity to understand what their responsibilities are as a witness.

Note that the witnesses don’t need to read the entire will document to sign it. But they do need to be able to verify that the document exists, that you’ve signed it in their presence and that they’ve signed it in front of you.

How to Choose Witnesses for a Will

If you’re in the process of drafting a will, it’s important to give some thought to who you’ll ask to witness it. It may help to make two lists: one of the potential candidates who can witness a will and another of the people who cannot act as witnesses because they have an interest in the will.

You should have at least two people who are willing to witness your will signing. This is the minimum number of witnesses required by state will-making laws. Generally, the people you choose should be:

  • Responsible and trustworthy
  • Age 18 or older
  • Younger than you (to avoid challenges presented if a witness passes away)
  • Free of any interest in the will, either directly or indirectly
  • Willing to testify to the will’s validity if it’s ever challenged

When it’s time to sign the will, you’ll need to bring both of your witnesses together at the same time. You’ll need to sign, initial and date the will in ink, then have your witnesses do the same. You may also choose to attach a self-proving affidavit or have the will notarized in front of the witnesses.

A self-proving affidavit is a statement that attests to the validity of the will. If you include this statement, then you and your witnesses must sign and date it as well. Once the will is signed and deemed valid, store it in a secure place, such as a safe deposit box. You may also want to make a copy for your attorney to keep in case the original will is damaged or destroyed.

The Bottom Line

A last will and testamentMaking a will can be a fairly simple task if you don’t have a complicated estate; it can even be done online in some situations. If you have significant assets to distribute to your beneficiaries or you need to make arrangements for the care of minor children, talking with an estate planning attorney can help you shape your will accordingly. Choosing witnesses to your will is the final piece of the puzzle in ensuring that it’s signed and legally valid.

Tips for Estate Planning

  • Consider talking to a financial advisor about will-making, trusts and how to create a financial legacy for your loved ones. If you don’t have a financial advisor, finding one doesn’t have to be difficult. SmartAsset’s financial advisor matching tool can help you connect with professional advisors in your local area in just a few minutes. If you’re ready, get started now.
  • A will is just one document you can include in your estate plan. You may also opt to establish a living trust to manage assets on behalf of your beneficiaries, set up a durable power of attorney and create an advance healthcare directive. A trust can help you avoid probate while potentially minimizing estate taxes.

Photo credit: ©iStock.com/djedzura, ©iStock.com/SanyaSM, ©iStock.com/Spanic

The post Who Can and Cannot Witness a Will? appeared first on SmartAsset Blog.

Source: smartasset.com

The Workplace of the Future: How to Prepare and Preserve Your Career

Workplaces have always evolved with technology, trends, and research. The changing environment of our global economy and advances in technology mean organizations have to adapt to stay competitive. This also means employees should keep their eyes forward and focus on the skills that will keep them employed and open new career opportunities. 

Looking into our immediate future, we’re seeing offices embrace telecommuting tools and implement flexible schedules to retain qualified employees and maintain social responsibility for the health and wellness of their teams. 

With increasing reliance on technology, we’re also seeing a large shift towards prioritizing soft skills. Early adopters of artificial intelligence technology are reporting a 16 percent increase in the need for business leadership roles as the need for researchers drops and advanced technology fills the gap. 

The best way to prepare for the office of the future is to set career goals and develop new skills, like how to run a productive meeting and collaborate within a team to increase productivity. Taking ownership of your skills and output can impress your manager and set you up for success when you negotiate your salary at your next performance review. 

Read more about workplace trends and how to invest in your future below:

Sources: Global Workplace Analytics | NPR | CareerBuilder | SHRM | Gartner | Gensler | Lifesize | KFF | Cengage | Deloitte | IWG | World Economic Forum | Journal of Experimental Social Psychology

The post The Workplace of the Future: How to Prepare and Preserve Your Career appeared first on MintLife Blog.

Source: mint.intuit.com