All About Stocks and Bonds: What You Need to Know
Investing is the single most crucial thing you can do to ensure your financial future — and the sooner you start, the easier it is to get rich. There is more than 100 years of evidence in the stock market that suggests this. Stocks and bonds are a great place to start, so we’re going to dig into that in this post. But first, let’s talk about the typical perceptions of investing. People still don’t understand what investing is exactly. Folks seem to think there is some magical way to make a fortune with stocks and bonds. From what I’ve seen, the two things people get most wrong about investing are thinking:
And, frankly, you have every reason to believe this. Thanks to Hollywood and the (annoying) talking heads on cable news, we’ve come to think of investment as a maniacal creature that’s not suited for the average person… and many of us just don’t understand exactly how investing works. That’s why we want to dispel some of those myths and notions surrounding investing by focusing on some of the most common topics you’ll hear when it comes to investments: How do stocks and bonds work? How can you balance them in your portfolio? What’s the difference between stocks and bonds? This article isn’t going to be about which stocks are hot right now or what sort of investment strategy is going to make you into a zillionaire today. If you’re looking for something like that, I suggest you go back to watching the pundits on cable news. SPOILER ALERT: Cramer has done much worse than the S&P 500 since 2008. Instead, stick around for a no-BS lesson all about stocks and bonds, what they are and what part they can play in your investment future. How do stocks work?When you own a company’s stock, you own part of that company. Stocks are also called equity for that reason — you own a tiny piece of the company.
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Stock basicsIf the company does well, your stock will do well. So, ideally, you want to invest in strong-performing companies. You can buy and sell whenever you want through your broker or self-serve sites like E*Trade or TD Ameritrade. Inevitably, whenever I’m teaching someone about the basics of stocks, someone will pipe up with a myriad of questions like these:
First thing’s first: SLOW DOWN. Before you make an investment in any sort of stock, you’re going to want to stop and ensure you understand how to go about deciding what stocks to buy. Understanding stocks is the first step before you start piling your money on whatever looks good on the day. Choosing the right stockThe simplest way to narrow down the universe of stock options is to think of companies you like and use. Take some time right now to write down 15 companies you use and return to time after time. Think of everything. For example:
Instead of 5,000 stock options to choose from, you now have 15 companies you could possibly invest in. Remember: A good company isn’t necessarily a good stock! For any stock, you’re going to need a deeper analysis than “I think khakis from Gap are awesome, so I’ll buy stock from them!” Instead, you’re going to want to look at 5 different areas:
You can get all of this information online for free — and you’d be wise to do as much research as you possibly can. If you see a reason to doubt a company based on any of the areas above, avoid that stock. Bonus: Want to know how to make as much money as you want and live life on your terms? Download my FREE Ultimate Guide to Making Money Stock research resourcesHere are some great websites to help you start out:
At first, all of the charts, earnings, and balance sheets will be incredibly confusing — but the more you look into them the more you’ll start to get a good sense of what’s going on. It just takes practice. Advantages of investing in stocks
Disadvantages of investing in stocks
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What are bonds?Bonds are like IOUs that you get from banks. You are lending them money in exchange for a fixed amount of interest. Bond basicsIf you buy a 1-year bond, the bank says, “Hey, if you lend me $100, we’ll give you $102 back in a year.” The approximate current rate of return for a 2-year bond is about 2%. (Check here for the up-to-the-second number.) Overall, bonds are:
With these qualities, what kind of person would invest in bonds? Well, anyone who wants to know exactly how much they’re getting next month should invest in bonds. It doesn’t matter if you’re in your twenties or if you’re in your seventies. If you want a stable investment — despite the lower returns — then bonds are for you. After all, some people just don’t want the kind of volatility the stock market offers. And that’s fine. Advantages of bonds
Disadvantages of bonds
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What’s the difference between stocks and bonds?Now we’ve covered the basics of what stocks and bonds are, let’s take a closer look at the main differences between them. The main ways stocks and bonds differ are in three ways:
Type of returnThe first way that stocks and bonds differ is in how the owner gets a return on their investment. With stocks, because you own a piece of a company, you can receive dividends. These are company profits handed out to shareholders. With bonds, you receive a return through interest gained, because what you’ve bought is basically a debt. Another way to make money with either stocks or bonds is to sell them for a higher price than you bought them, but this depends on a lot of different factors. Return guaranteeThe one thing that pretty much everyone knows about the stock market is that it’s risky. There are zero guarantees that you will make your money back, never mind more on top of that. That’s the main thing that puts people off from investing in the stock market. Those who are especially risk-averse might have a happier time with bonds though. As bonds are debt investments, the company or government you buy the bond from has to pay you back. There’s no way around it, so this is good news for you. You get a guaranteed return on your investment in the form of interest. The downside is that the returns are usually much lower than stocks. BenefitsThe third way stocks and bonds differ is with benefits. The good thing about stocks is that you’re a shareholder, which means you could have voting rights within that company. This does depend on the shareholder setup, however. So, don’t expect to waltz through the doors at Apple HQ and make big changes because you bought one share. With bonds, on the other hand, the main benefit you can get is preferential treatment when that bond matures. What is equity vs. debt?The two types of investment you need to know about are the equity and debt markets. These refer to two different ways investments are bought and sold. In the debt market aka the bond market, investments in loans are bought and sold. In the equity market or stock market, it’s equity in a company that’s bought and sold. Generally, the equity market is deemed a higher risk than the debt market. How does the bond market work?The bond market or debt market works by a company taking a loan out. Instead of heading over to the bank, they’ll get that funding from investors who buy bonds. The company then pays an “interest coupon” which is the annual interest rate paid on a bond. Bonds fall into either short-term, medium-term, and long-term. Short-term bonds “mature” or are paid off essentially within one to three years. Medium-term bonds last around ten years and long-term bonds mature over much longer periods of time. Do you earn capital gains on bonds?Capital gains are what you earn after you sell an asset for more than you bought it for. For example, if you purchase a house and it shoots up in value by the time you sell it, you just made a capital gain. In the stock market, if you sell a stock for a higher price than you bought it, congratulations, you just made a capital gain. But what about bonds? Bonds are a little trickier because they’re typically a bit harder to sell than stocks. With bonds, your source of income is related to interest rather than equity income. Bonds are often not held until they hit maturity and are sold before then. If you do this, you might earn a capital gain (or loss) depending on what has happened to the company that sold you the bond. If you manage to sell your bond for higher than you bought it, this is a capital gain. How does the stock market work?The stock market or equity market is a market where the share of ownership in a company is bought and sold. There are two main ways to make money from stocks--dividends and selling. Owners of stocks can profit from dividends, a percentage of company profits that shareholders receive. It might be a bit weird to think of yourself as a shareholder… but that’s exactly what you are if you own a stock. Depending on a myriad of factors, whoever owns stock can also profit when they sell it. But this only works if the market price has increased since you bought it. The stock market is a bit more volatile than bonds. Stocks can shoot up in value or plummet for a whole range of reasons. Stocks can be affected by social changes, politics, economic events, or even the CEO tweeting (eye roll emoji). This makes them a riskier investment, but that’s why you need to educate yourself on them. And if you’re still here congratulations! How should you balance stocks and bonds in your portfolio?So now we’ve covered the basics of stocks and bonds, the question is: What do you invest in? You can do either stocks or bonds but a mix of the two is a popular choice. It spreads your risk and diversifies your portfolio--something you should always aim for. But which should you invest more in? The safer, guaranteed but low returns of bonds or the higher risk, higher reward stocks? Well, there’s no clear-cut answer here. It all depends on…
Investment portfolios all fall somewhere on a scale of super aggressive to conservative. A super aggressive investment strategy would be to put 100% of your money into stocks. A conservative portfolio would have no more than 50% in stocks. For moderate growth, you’ll want to look at more of a 60/40 split of stocks and bonds. How does that relate to retirement? If your portfolio is a key part of your retirement strategy, then the amount of risk you should take depends on how close you are to retirement. In other words, if you’re nearing retirement, you don’t want to dump all your money on high-risk stocks. You’ll want to rebalance your portfolio to be a bit safer and predictable. In this case, you’d probably opt for the more conservative split. Those who are younger have a bit more flexibility because generally, the more time in the market, the more time your portfolio has to recover if it takes a dip.
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How do you start investing in stocks or bonds?So now you’re all filled in on what stocks and bonds are, how do you start investing in them? As the taste for investing grows, so do the options available to us. Now it’s easier and more accessible than ever. Here are a few popular options to get started: Use an online brokeragePossibly the most popular method of investing is to use an online brokerage. This works much in the same way as a traditional in-person broker does but the fees are lower and you can do it all through your smartphone. Online brokerages let you buy all types of investments including individual stocks, funds, and bonds through a website or app. Mutual fundsAnother popular way to invest is to use a mutual fund instead of investing in individual stocks. Mutual funds are made up of several different companies so the risk of investment is spread rather than targeted and risky. Unlike many online brokerages, mutual funds typically have a dedicated fund manager who picks the best investments for you. This means they come with much higher fees as a result. Index fundsIndex funds are made up of a group of companies so the risk is spread. The main difference between index and mutual funds is that index funds are passively managed. This means they’re the cheaper option and they’re also the less volatile option. Rather than trying to beat the market, index funds watch it and make sensible investments. Robo-advisorsIt might sound a bit sci-fi, but it’s pretty simple. A robo-advisor is a digital platform that invests your money through automation and algorithms. There’s little or no human contact involved (great for introverts) so it’s a very hands-off type of investing. Investment managersFinally, if you have the cash to splash and want to make some serious investments, hiring a dedicated investment manager is another option. This is the most expensive option as you’ll be getting advice and tailored service. So it’s not ideal for those who want to save money on fees. IWT’s investment philosophyWhen it comes to what you want to invest in, stocks and bonds are both solid investments — as long as you do your research. What I think EVERYBODY should be doing when it comes to their investments is simple: low-cost, diversified index funds. Let’s look at a real-world example. Say you’re 25 years old and you decide to invest $500/month in a low-cost, diversified index fund. If you do that until you’re 60, how much money do you think you’d have? Take a look: [insert graph from original article] $1,116,612.89. That’s right. You’d be a millionaire after only investing a few thousand dollars per year. Smart investments are about consistency more than chasing hot stocks or anything else: The two essential ways to invest your money are straightforward:
Note: If $500/month sounds like a lot, read all the ways you can free up that money with just a few phone calls. If you are just starting out, it’s so awesome that you’re here. For financial security, it’s more important than anything else to start early. And don’t worry if you think you’re a little late to the game. After all, the best time to plant a tree was 20 years ago…the second-best time is NOW. Man, I’m starting to sound like a fortune cookie. Get started on your personal finance journeyIf you’re looking into investment, congratulations! You’re making an important step in securing your financial future. Investment isn’t the only thing to think about though. Nor are stocks and bonds. For a full-picture approach to personal finance, be sure to check out The Ultimate Guide to Personal Finance. In it, you’ll learn not only how to understand stocks and bonds, but also how to:
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How To Dispute Credit Card Charges The Easy Way (just 3 steps)
Getting charged for something we didn’t pay for sucks. As Ramit, our founder and ultimate money man points out, your credit card can either be one of the coolest parts of your personal finances or the absolute worst. One of the best things about using a credit card is your ability to dispute charges. This is because credit card companies want to keep you as a customer, and they will do whatever they can to keep you charging. Let’s have a closer look at disputing credit card charges and what rights you have as a consumer. What does it mean to dispute a credit card charge?Disputing a credit card charge means that you want to question a charge on your bill. Let’s face it: We’re online more and more, which also means that we’re most likely shopping more, which means we’re using our credit cards more than we ever thought. These charges can quickly add up, and it’s never a bad idea to consider the ammunition we have in the event we need to question a charge that just doesn’t look right. When we knowingly buy a certain product or service, we may skip the Terms of Services — and unknowingly agree to certain stipulations (think early termination fees, the requirement to give 60 days notice to cancel, and the like). The more we become accustomed to shopping and buying online, the stronger we think we get. But, here and there, companies get sneaky — and you have tools to fight back when needed. What types of charges can you dispute?There are generally three types of charges that you can dispute on a credit card: 1. Fraudulent chargesYou would obviously want to dispute this immediately (go right to Step #3 below under Exact Scripts: How to dispute your credit card charge). The faster you act, the sooner you will avoid even bigger credit issues. For example, if the fraudster maxed out your credit card, you will be blocked from making additional purchases using that card. Further, your higher credit usage or what they call “credit utilization” might be reported to the credit bureaus, affecting your credit score. (Yes, another potential dispute you might need to make.) Remember that credit card companies take fraud very seriously. When you call to report the fraudulent charge, they will most likely cancel your card immediately and send you a new one with a different number. This might sound extreme, and for sure, it’s inconvenient, especially if you have recurring charges set up with a particular merchant, or if you use the credit card for daily purchases. 2. Billing errorsBilling errors come in all shapes and sizes. Here are some examples of billing errors that you might be able to dispute on your credit card:
When you begin the dispute process for a billing error, make sure to double or even triple-check why the amount is in error. There could have been a discrepancy in price or an extra fee that the merchant did not make you aware of. Taxes are always confusing, too. They might not be calculated when we check out, but suddenly appear later after the transaction has been completed. After having undergone various billing disputes, buying online always gets our worst instincts going. Make sure that tiny checkboxes are unticked for, “Yes, please subscribe me for monthly shipments of [Product X]!”
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3. Quality of goods and servicesThis one’s a bit tougher to dispute because it does not fall under the regular Fair Credit Billing Act dispute process. Generally, if you were charged for something that you just don’t feel right paying for, you can dispute the credit card charge based on quality. This could mean a product or service for which you are aware that the purchase was made but it is simply not up to par or not delivering for you what it is supposed to deliver. Obviously, if you ordered a pair of shoes online and they arrived but in the wrong size or wrong color, you wouldn’t just call up your credit card company to dispute the transaction. You’d want to call up the merchant first to try and get the right shoes sent to you. But what about a monthly subscription for a class that just isn’t doing it for you? You did what you could to cancel, but they’re just being jerks about it, telling you that they’re sorry, but there simply isn’t anything they can do for you? This is where disputing the charge with your credit card company comes in handy. This type of credit card dispute requires a little bit more work, but Ramit has you covered. You will need to go through with all three steps below in order to get the charge removed from your account. What types of charges can you not dispute?We all have buyer’s remorse: after leaving the store, you regret buying that 55″ Smart TV. Or maybe you bought the 55″ Smart TV at Best Buy, then later realized you could have gotten it cheaper at Walmart. Either way, you cannot get a refund by disputing this charge on your credit card. Instead, you would need to return the item to the merchant and adhere to that merchant’s particular policies and procedures. In fact, before you dispute a charge — whether a strange-looking merchant name or a strange amount you see on your credit card statement — do a bit of homework first. It’s quite possible that you did knowingly make a purchase for an item or service at an agreed-upon amount, but it renders differently on your statement. Sometimes a Google search of the unrecognizable merchant name will reveal the true name of the company. Then, you’ll have that facepalm moment, “OH YES! Now I remember.” You can also do a search of your email inbox, as oftentimes a copy of a receipt is emailed to you as a way to double-check the charge. You might also want to check with the other folks who you’ve authorized to use your credit card to see whether they’ve made any recent purchases that you’re not aware of. It’s never a bad idea to do a little bit of homework first on a particular charge before disputing it with the merchant or the credit card company. How long do you have to dispute a charge on your credit card?According to the Fair Credit Billing Act, you must send your letter within 60 days of receiving the first bill showing the error you wish to dispute was mailed to you. Ramit suggests doing it sooner — which isn’t impossible, since most credit card companies these days allow you to view your account balances and activity either online or via the mobile apps of their issuing banks. While some credit card companies allow you to submit a claim online or via email, it’s never a bad idea to still send your dispute letter by snail mail. To be double sure, send it by certified mail with a return receipt, so you have even more proof that your letter was sent and received. The creditor must acknowledge your complaint in writing within 30 days of receiving your dispute letter — unless, of course, the problem has already been resolved within that time frame. The creditor has two billing cycles — but not more than 90 days — to investigate your claim and resolve the issue. When the investigation is complete, the credit card company must send you the results in writing. If the company confirms your dispute and agrees that the charge was in error, the amount must be credited back to you, known as a chargeback, along with any related finance charges. However, if the credit card company concluded that the charge was indeed accurate, you are on the hook for paying the disputed amount, along with any accrued finance charges during the investigation period. Don’t agree with this decision? You can appeal. You have 10 days from receiving the explanation to write to the creditor and let them know that you’re not going to pay. Of course, if you choose not to pay, the creditor has the right to start collection proceedings. And that’s when things could get ugly. You don’t want things to get ugly. These credit billing laws have been in place since the early 1970s to protect consumers and are curiously relevant even today. People should get their money back if they feel that they have been charged incorrectly. To put credit, billing, and disputes in perspective, are there any Bitcoin or cryptocurrency aficionados reading this? Well, for all of the hype surrounding the blockchain and decentralized finance, there is one downside to paying for goods and services with Bitcoin: there are no chargebacks. That means that ALL SALES ARE FINAL. If you buy with Bitcoin and want your money back, you are SOL, as they say. This is probably one reason why there are no credit cards denominated in cryptocurrency. (We here at IWT are not making judgment calls about investing in Bitcoin or cryptocurrency, but keep this in mind when using it as a method of payment.)
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Exact scripts: how to dispute your credit card chargeStep 1: Dispute the charge at the sourceRamit advises that this step is optional because you can get your money back without having to interact with the merchant. However, in the spirit of providing all options possible, you can get your money back from the source. In many cases, such as billing or math/calculation errors, merchants do want to do the right thing because they do want repeat business — and they want you to leave them 5-star reviews online. Further, you might have a relationship with the merchant and you don’t want to ruin it due to an error on their part. Here’s an email script Ramit suggests that you can use to begin the process of disputing a charge: SUBJ: Erroneous charge on statement Greetings, I went over my credit card statement today and discovered that I have been charged an extra month for my gym membership. Could you refund my money back as soon as possible? If not, I plan on disputing this charge with my credit card company. I look forward to this situation being fixed promptly. Best, Ramit Notice something about this email? it’s simple and to the point, but it leverages your credit card company as an ever-so-slight threat. Businesses HATE fighting credit card companies in disputes. So you’ll often be able to get your money back based on that alone. To help consumers with this process, the Federal Trade Commission provides a handy sample email you can use to file a complaint with your merchant. However, no matter which letter you choose, Ramit suggests you include the threat of disputing with your credit card company into the message. After you’ve sent the email, expect the merchant to get back to you soon. You might be thinking: What merchant WOULDN’T respond to a dispute like this? You’d be surprised. Smaller Amazon or eBay sellers might not get back to in a week (or at all), as they have a small staff (they literally are Mom and Pop), or are located in far-flung locations over the globe. For digital subscriptions, the staff might be even smaller: one person, responsible for creating the course, selling it, and handling customer service. Sometimes messages get lost. If they haven’t contacted you and given you a full refund within a week of sending the email, move on to the next step. It’s not worth waiting for them if they’re going to treat you like that. Step 2: Gather all relevant information to dispute the credit card chargeAside from your credit card company, your most powerful ally in the fight against the merchant is you and information. So before you even think of calling your credit card company, gather any and all information you might have that is related to the charge you want to dispute. This includes things like:
If you want to take your game to the next level, create a recordkeeping system that can be your best weapon against businesses trying to take advantage of you. After all, things can get really heated when you’re disputing charges. Instead of getting mad, open a spreadsheet that details the last time you called, whom you spoke with, and what was resolved. Here’s a great template you can work from. Call date Time Name of rep Rep’s ID #Comments You can download the tracker here. You wouldn’t believe how powerful it is to refer back to the last time you called, citing a rep’s name, date, and call notes. You can even ask for an email address to which you would happily send this spreadsheet displaying your history of doing business with this merchant. Most businesses will fold like a lawn chair if they know you’re not here to mess around. This information is going to be vital in the next step of the process. Step 3: Contact your credit card companyAfter you’ve completed steps 1 and 2 above, now it’s time to get down to brass tacks and call your credit card company. To make things convenient for IWT readers, we’ve provided a list of phone numbers from the major credit card issuers you can use to dispute the charge:
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Most of these companies will send you to an automated voice menu when you call. There you’ll have the option to dispute a charge. (Note: if it’s fraud, you’ll be immediately transferred to a separate department, and during that call, your credit card will be canceled and you will be issued a new card.) You’ll then be put into contact with a representative. Simply tell them, “I want to dispute a charge on my credit card statement,” and describe the situation using the information you’ve gathered in step two. Your credit card company will then open an investigation into the matter and issue you a temporary credit until their case is resolved. Once they’ve (hopefully) found that you were in the right, they’ll issue something called a chargeback that will refund you the credit and charge the merchant what you originally paid. If you want to email your credit card company, here’s a great script you can use to contact them straight from the Federal Trade Commission. Dear Sir or Madam: I am writing to dispute a billing error in the amount of [ $______] on my account. The amount is inaccurate because [describe the problem]. I am requesting that the error be corrected, that any finance and other charges related to the disputed amount be credited as well, and that I receive an accurate statement. Enclosed are copies of [use this sentence to describe any information you are enclosing, like sales slips or payment records] supporting my position. Please investigate this matter and correct the billing error as soon as possible. Sincerely, [Your name] REMEMBER: You need to do this within 60 days of the charge appearing on your bill. Once they receive the complaint, they’re legally required to respond to you within 30 days. The process will be roughly the same as when you talk to them on the phone — they’ll open up an investigation, issue you temporary credit, and either facilitate a chargeback or deny your complaint. No matter what happens… congratulations! You now know how to dispute your credit card charges. Final WordsLove ’em, hate ’em, credit cards are here to stay. Understanding how credit cards work, building and maintaining good credit, and how you can make them work for you — such as disputing charges — will help you live your Rich Life. 100% privacy. No games, no B.S., no spam. When you sign up, we’ll keep you posted How To Dispute Credit Card Charges The Easy Way (just 3 steps) is a post from: I Will Teach You To Be Rich. Via Finance http://www.rssmix.com/via Blogger http://andrewburtonb.blogspot.com/2021/09/how-to-dispute-credit-card-charges-easy.html September 03, 2021 at 02:34PM
3 common buyer’s remorse purchases (and how to avoid them)
So you spent a small pile of money on something you THOUGHT you wanted — only to realize later you could have gone without it. Congrats! You have buyer’s remorse. It’s not fun BUT there are ways to prevent it. We’ll show you how. What does buyer’s remorse mean?Buyer’s remorse is regretting spending money on something. It’s important to know that buyer’s remorse is not just limited to those extra pairs of Jimmy Choos piling up in your walk-in. The big buyer’s remorse items are the ones that keep you up at night with worries of payments. Those ones that follow you for years and years. Buyer’s regret is also a form of cognitive dissonance, where your mind doesn’t agree with your actions. This causes all those uncomfortable emotions when the rush of the purchase wears off and cancellation clauses suddenly become a serious study in your house.
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What causes buyer’s remorse?There are a number of reasons you might have buyer’s remorse. These include:
The three big purchases that could lead to regretWe’ve all been through the drill: You work your tail off in high school to get accepted to a good college. Then, you work your tail off again to get that job that affords you the house and car. All your boxes are ticked. Right? But it doesn’t go quite that way. If you’re anything like the typical American, you’ll have your share of the $1.7 trillion student loan debt bill. Combine this with a mortgage and a car payment, and you’re most certainly setting yourself up for a toxic trio. Before you sell your house and give the bank a call to come and take the car, you need to do the math. If you can manage your payments, save, invest, and still have fun money, then good for you! You may need to simply make a few tweaks to free up some cash. But if you’re saying a quick prayer before checking your bank statement or going into a tizzy over those Star Wars purchases, it’s time to figure out why your finances aren’t working for you. Now, our leader and founder of this website, Ramit Sethi, is a big believer in starting with the big-ticket items first. Forget the $3 questions and start asking those $30,000 ones. Buying a houseLet’s just put this out there: You absolutely do not HAVE to buy a house. You can rent. For the rest of your life if you so desire. As long as it makes financial sense to do so. If and when you buy, it needs to be on your terms, even though there’s often societal pressures that lead people to buy. There are a few things you need to have in place before you make this decision.
Buying a house only makes sense if it gets you closer to living your Rich Life, not further away. Buying a carA car should be a means of transport that gets you from A to B with as little hassle or expenses as possible. If not, it’s not a good buy. New car anxiety comes when you buy a car for your daily commute that leaves a hole in your pocket. Suddenly that 640 horsepower and big block engine don’t mean a thing. One of the best ways to avoid that new car regret is by buying a car that you can keep for at least 10 years. Look for a car that does more than turn heads as you rev in your driveway. While it feels great to have a car that can be admired, rather be admired for your financial prowess. A new car should have the following attributes:
Getting a degreeThere’s no denying that there are certain benefits to getting a degree. Access to great jobs, higher salary bands, and opportunities that may never cross your path if it’s not for that Yale or Stanford Alumni gatherings. While jobless graduates might feel like they’ve just thrown money down the drain, it’s worth knowing that graduates account for about 4.2% of the unemployment market. Those with only a high school degree, however, account for 7.8%. But let’s face it, after spending between $26,820 to $54,880 per year on that degree, it hardly seems fair that there are any unemployed graduates at all. Amiright? So while it’s still worth pursuing further education, you need to have a game plan for the student loan debt. Work your tail off for a scholarship too, even if it’s only a partial scholarship. Some funds towards your education are better than none at all. If possible, get started on those repayments as soon as you can. Whether it’s picking up Uber Eats delivery shifts or working part-time as a sales consultant at the Apple store, the quicker you start paying off the debt, the better. If you’re already done studying and have a stable job, but still find the student loan debt to be longer than 2001: A Space Odyssey, rework those finances. Student loans respond well to the snowball technique and avalanche technique for paying off debt. Let’s do the math. If you have student loan debt of $50,000 and pay $500 a month at a rate of 5%, you’ll pay the loan off in 130 months. That’s almost 11 years! Plus, you’ll pay interest of $15,000. Now, add $50 to your repayments per month. You drop your repayments to 114 months and you save $2,300 in interest. Imagine what you could do if you threw an extra $100 or $500 at your student loans? Now that won’t ease up the degree resentment, but at least the burden aspect will be gone.
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How to prevent buyer’s remorseThe simplified, short answer on how to avoid buyer’s remorse, is to stay away from ever buying or paying for anything ever again. Seems doable… Or not. Instead of going cold turkey on every financial decision, become an expert on your purchases instead. Become a conscious spender. Buy the thing you actually wantWhy spend $10 on five pairs of shoes that don’t last past the first rainy season, when you can spend $40 on a decent pair that will last you a decade? When the item you really want seems a little out of reach financially, it’s time to create space for it in your budget. Forego those things that you don’t actually want in order to afford the things you do. Ramit refers to this as conscious spending. When you’re constantly splashing on things that don’t really have an effect on your happiness or contentment at all, you’ll soon find yourself resentful and filled with purchase anxiety. Work it into your conscious spending planNetflix drops a new season of your favorite show and while you don’t really have time for chill, you make a plan and it’s in your after-dinner schedule. The whole season in one day. So why is it so hard to do the same with your finances? Items that you want to focus on deserve to be part of your conscious spending plan. This means that if you’re having a hard time justifying a purchase of something you want, make room for it without compromising your finances. The limited-edition baby Yoda figurine that’s worth a car installment doesn’t have to leave you feeling out of pocket and out of touch. Make a conscious decision to stop spending on throw pillows from Pottery Barn just because your mother-in-law said it looks good, and spend on the things you want instead.
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Sleep on your decision“Rash decisions are the best!” Said no one, ever. If you have to make a decision on a big-ticket item in the spur of the moment, then the answer should be no. Sure, it might be a good deal, but if you go in unprepared you’ll never really know. Sleeping on your decision will give you some space to think without the instant gratification monster lurking in the background. That extra day just to mull the deal over creates an inner dialogue where you can measure up the pros and cons. This is exactly what you need. If it still seems like a good idea in the morning, then go for it. Do your research (especially for large purchases)The only way you’re going to be satisfied that you have the best deal in hand is by doing research. Now, this helps if you’re in the market for a new smartphone or tablet. However, it becomes essential when you’re splashing out on a house or car. You know what you want, and more importantly, you know what you need most. No one knows your financial standing as well as you do. When you do research, it’s about more than just comparing the features.
What if you have buyer’s regret right now?If you’re sitting there wondering how you got yourself into this mess or stuck with that home or car, it’s time to crunch the numbers, weigh up your options, and get back on track to your best life. Knowing how to get over buyer’s remorse when it hits will help you get back on track in no time. The cooling-off lawIf you’re thinking of applying the FTC’s cooling law or buyer’s remorse law, you won’t have any luck with property or cars. However, it will help you when you buy the Avon representative’s entire inventory on a whim. But the rules are very specific and the purchase needs to meet certain requirements. For starters, the sale can’t be under $25 for sales at home or $130 for sales at temporary locations. Certain sales and products are excluded, which means you will need to read up before making a claim. And, there’s a 3-day period in which you have to return the item. Credit card protectionCredit card protection may just be that knight on white plastic charging in to save the day. While there are stores that may have a no-return policy, there is some fine print in the merchant agreement that binds them to a returns policy. That’s if you use your credit card for the purchase. Be ready for a tedious process, however, as you will need to jump through a few hoops to get the credit card company to oblige the return. Practice self-compassionLet’s face it. There are moments where you buy something and even if you’ve researched it more than a new love interest’s social media, you might end up with a dud anyway. Especially if this is something you were looking forward to, like a place of your own or your dream car. But even when you pick a car that’s simply too powerful to drive or you’re stuck with a fixer-upper on the good side of town, it’s not a given that you will always like your purchase. In fact, the longer you have it, the more you notice the kinks and creaks. Hold back on the self-resentment. Instead, use the purchase as a learning curve for future big purchases. Give it backThis is not always that easy, especially in the case of a car or house. But if the purchase is leaving you in a financial black hole then it’s worth doing the math to see whether you can afford to sell. Bear in mind that a sale soon after a purchase is expensive and you might not be able to recoup the costs. In the case of a property, conveyancing costs can run into thousands or tens of thousands of dollars which would leave you out of pocket. The bottom lineYou’re not always going to get it right. But to get those odds a little more in your camp, you simply have to apply some basic rules. Research, take your time and know when to spend and what to spend on. If you’re ready to give your finances a reboot, why not sign up for our Wealth Triggers course? 3 common buyer’s remorse purchases (and how to avoid them) is a post from: I Will Teach You To Be Rich. Via Finance http://www.rssmix.com/via Blogger http://andrewburtonb.blogspot.com/2021/08/3-common-buyers-remorse-purchases-and.html August 25, 2021 at 09:34AM
How to Make Expensive Purchases: Spending Money on Yourself (Minus the Guilt)
If there’s one money tip that’s repeated time and again, it’s the importance of sticking to a frugal budget. This money rule says your bills and necessities come first, and every other penny should be put away in savings or investments. But, what this advice doesn’t account for is the need to treat yourself every once in a while. No one tells you that you can be smart about your money without sticking to the sale or clearance rack. In fact, it’s OK to shell out the money for a lavish dinner with friends, or that you should feel free to dole out the dough for an expensive handbag or new pair of shoes. You work hard, and you should feel amazing about spending money on things you love. The problem is, that can be easier said than done. It’s pretty normal to feel bad when buying expensive things — especially for yourself. Luckily, there are ways to conquer this issue. If you feel stressed, anxious, or guilty when making big purchases, here’s why it happens, and what you can do to spend money on yourself without any guilt. Why do people struggle with expensive purchases?So, why do people spend the way they do, and why do they struggle, feel guilty, or feel judged when they make expensive or luxury purchases? Well, the answers aren’t always cut and dry. Your childhood experiences with money may cause you to struggle with financial matters. In fact, you may not even know how to spend money on yourself because of what you learned when you were young. Let’s say you grew up in a household where money was tight and you watched your parents struggle to make ends meet. There may not have been enough money in the budget for groceries for food every month, or your family may have had to move from one house to the next because it was tough to pay rent. Your parents’ stress over money matters would have had a huge impact on how you view spending. It may feel wrong to buy things that aren’t “necessary,” and spending on the things you want might leave you feeling insecure or guilty. Or, perhaps you’re on a limited budget now and you’re concerned about running out of money for the necessities, like food or rent. You may have overdrawn your account recently, or had your card declined while in line to pay for a coffee or groceries. The fear of running out of money can lead you to keep an eye on every dime that leaves your account, and you may try to stretch every penny.
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That can also make it tough to spend money on yourself, especially on anything that’s a brand name or comes with a full retail price. Or, it could just be that you feel like the money you’d spend on an expensive subscription, a weekly delivery, or some other splurge could be going to something more useful or important instead. For example, you may think that the money you want to spend on an expensive purchase should be diverted to your savings instead. Or, you may think it’s smarter to make an extra rent or car payment with your extra cash. The feeling that you’re using your money the “wrong” way can also cause guilt to creep in. But, using your money for things that make you happy isn’t wrong. It’s just unfamiliar. Our past experiences with money have a big impact on our spending habits today and can get in the way of making the purchases we want to make, no matter what the payoff would be. It doesn’t have to be this way. There are ways to make yourself feel good about spending on yourself, with no guilty feelings attached. That doesn’t mean spending without abandon, though. You still have to make good choices for your money. After all, there’s a pretty significant difference between spending your money on things you love — even if they cost more than you’d normally spend — and simply buying whatever you want and dealing with the consequences after the fact. The first step in the process is to learn how to decide whether or not to buy something expensive. If you know whether or not you should buy something expensive, it will cut those guilty feelings down immediately, and make it much easier to spend on the things you love. How to decide whether to buy something expensiveThere are a few easy ways you can decide whether it’s a good idea to spend on something expensive, and it starts with being conscious about your spending. For starters, you should make sure to: Use moreIf you want to buy something new, it may be smart to use more of what you have first. Once you’ve used up what you already have, you’ll feel less guilty about indulging in something new. Let’s say you want to buy an expensive gym membership at the top-of-the-line gym that just opened down the street. It offers all of the classes you want, including that spin class your current gym doesn’t offer, but there’s just one problem: your old gym membership doesn’t expire for another two months. You’ve already got a perfectly useful gym membership, so why do you need to double-dip for the next two months? If you want to avoid the guilt from the big purchase, you should use the one you have until it runs out. Once it’s time to renew, go for it! Feel free to splurge on that more expensive membership. There’s nothing wrong with working out — in fact, you should; it helps with stress levels and helps keep you healthy — but you can’t be at both gyms at once, so you don’t need two memberships. If you use what you’ve got before spending, you’ll feel a lot better about the choice you made for your money. Earn moreYou may also want to find ways to earn more — and that doesn’t mean waiting for your next big raise or promotion or figuring out how to save up for something expensive. If you take on a side gig, a part-time job, or find another way to earn a side income, you’ll find it much easier to justify the splurges you make. Let’s say you’re hesitant to buy the new pair of Jordans you’ve had your eye on because money is tight. You’re earning enough to cover all the necessities, but Jordans aren’t a necessity right now. Well, it doesn’t take long to find a secondary income stream to fund your purchase. And, it doesn’t have to be a long-term thing, either. If you have a skill that you can use on a freelance or contract basis, you can take on a couple of short-term projects on the side to fund your expensive purchase. Or, you can purge some of the things you own that you don’t use and sell them to cover the costs of your new kicks. By working to earn more money to fund your extra purchases, you aren’t risking damage to your budget or your savings, and you’re doing what makes you happy. There’s nothing wrong with that.
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Dedicate moreDedication can pay off in multiple ways, but one of the best ways it pays off? It helps to remove the guilt from expensive purchases. Let’s say you really want to spend a couple of hundred dollars on some new running shoes, but you feel bad even thinking about spending that on shoes. Well, it becomes a lot easier to justify the costs of those super high-tech running shoes if you dedicate more of your time to running. Or, let’s say you want to finally take the plunge and buy an expensive kitchen gadget that you’ve had your eye on. You can justify the purchase by making a promise to yourself to dedicate more time to cooking at home rather than eating out. These small changes to your habits can make it a lot easier to stomach the idea of splurging on yourself and your wants. The purchase becomes purposeful, and if you stick to the dedication you’ve promised in return for the purchase, you’ll get payoffs in other ways, too. You’ll become a better cook, or maybe save more money on your food bill each month, or find yourself in better shape from the new running schedule. And, all of these positives will make it less stressful to indulge the next time, too. Consider the personal valueIf you want to nix guilt from the equation, you should also consider the personal value of your purchase. We’re not talking about the resale value of the item, though. That can be helpful, but what’s even more helpful is to weigh what the purchase means to you instead. Think about what this purchase means to your everyday life. Does it fill a need? A void? Can you grow from it? Does it help with your productivity, like a fully-loaded laptop or tablet would? Consider what the purchase will help you with, and decide whether that value will continue past the initial excitement of the purchase. That can help you decide whether or not it’s a purchase worth making. Take, for example, a big purchase like a dream trip overseas. You may not need that trip for anything. It won’t help with your productivity, it won’t add value to your work or home, nor will it fill any other day-to-day necessity. But wait! That doesn’t mean there’s no value to the purchase, though. You can still find value in the trip. Perhaps it will allow you to immerse yourself in a foreign language, the one you’ve been trying but failing at grasping for the last two years. Being bilingual or trilingual (or more) can be an extremely useful skill — one that can pay off in many ways. Or, perhaps it allows you to learn about your heritage, or meet distant relatives for the first time, or it will bring some other connection to your life. That’s all value that can’t be quantified — but it’s valuable to you, so there’s justification right there for your purchase. The same goes for anything else that enhances your life in a useful, meaningful way. That could be an expensive information product or a class that teaches you a new skill, or new training, or a new degree. Decide ahead of time what metrics the purchase is going to move the needle for. If you can find a concrete payoff for yourself via a new opportunity or a new skill, you’ll have a concrete reason to pay for something, even if the price tag is extremely high. Determine whether it adds value in other waysPersonal value is useful, but it’s not the only factor at play. If you’re making a big purchase but are having trouble justifying the price, you may want to consider whether the value is there in other ways. Let’s say you’re struggling to decide whether to spend the money on a beautiful, top grain leather laptop bag. You love the bag, but you don’t love the price tag — and there’s a cheaper one on another website that would probably work, too. Don’t just immediately jump on the budget bag because it’s not as costly. Think about the value of each of the bags. Does the more expensive bag offer more useful features? Is it going to make it easier to travel for work? Is it going to last longer? Does the warranty offer lifetime coverage? There’s value in all of those factors, too. A budget purchase may not be the right move just because it makes you feel less guilty. You may have to replace that budget buy in a few months or a year because it’s worn and torn or falling apart at the seams. That other bag, though — the one with the higher price tag — will be something you can use for years on end. If it falls apart or fails, the warranty covers the replacement or cost. Or, think about whether the purchase will save you money in the long term. Let’s say you have an older but perfectly fine SUV with a massive V8 engine. You want to upgrade your vehicle, but you’re having a hard time with the idea. It feels unnecessary and irresponsible to buy a new car when your old one works just fine. But, you haven’t considered that you commute to work, which is expensive when gas prices are high. And, the regular upkeep on the engine is getting more costly every year, too. In this case, the value you’ll gain from having a new car with a solid warranty and a flex-fuel engine outweighs the value of keeping your old car. It’s actually a smart money purchase, despite the big price tag. Your gas costs will be lower, and the repairs won’t cost you a dime, at least for the next several years. This type of value is just as valid as personal value when it comes to expensive purchases, so don’t overlook it. Weigh whether these types of factors justify your purchase and you’ll cut out the guilt in no time flat. How to make expensive purchases less stressfulThe bottom line is this: we all feel guilty at some point or another about spending money on ourselves, but we shouldn’t. It’s OK to spend money on the things you love and the things you want if you make your spending decisions consciously. Use what you already have before buying, find ways to fund your big purchases, and dedicate more time to using what you buy or pay for to make the money worth it. That alone will help rid you of the anxiety and guilt that comes with spending lots of money on a purchase for yourself. And, be sure to weigh whether what you’re buying has value. That value can come in many different forms, whether it’s adding a new skill set to the mix, meeting a personal need, or just being worth more in the long run. If you take the time to incorporate the tips above, you’ll feel free to spend on what you need or love without the negative emotions bogging you down. That makes all of the work you do before swiping your card worth it. Download a FREE copy of the Ultimate Guide today by entering your name and email below — and start earning more money today. 100% privacy. No games, no B.S., no spam. When you sign up, we’ll keep you posted How to Make Expensive Purchases: Spending Money on Yourself (Minus the Guilt) is a post from: I Will Teach You To Be Rich. Via Finance http://www.rssmix.com/via Blogger http://andrewburtonb.blogspot.com/2021/08/how-to-make-expensive-purchases.html August 25, 2021 at 09:34AM
How to Make Money as an Artist
Money should not rule our lives but be a tool to help us reach our long-term goals. Wouldn’t you agree? Many artists would. They’d rather spend their time honing their skills instead of wondering how to make money as an artist. But cash is king. It’s popular to assume that making money with art doesn’t always assure financial stability. But if you’ve heard of artists making more than millions, then you know there is enough money for everyone out there. Making money as an artist would require you to go beyond just selling your art. At this point, you should be branching out and creating multiple streams of income for yourself. And the following ideas will help you do just that. Adopt a success mindset (You don’t have to be a starving artist!)It’s time you start considering yourself a business owner. Act like one. Bill Gates, the billionaire, recommends a book called Mindset: The New Psychology of Succes, basically re-iterating the idea, ‘When you look at things differently, the things you look at change.’ It’ll be in your best interest to research and come up with the best business ideas to run yours. Discard the notion that marketing or selling your art isn’t appropriate for artists. At the end of the day, every artist needs exposure to get recognized. And it won’t happen unless you put yourself out there. Making money as an artist could be a struggle unless you have someone experienced to advise you. That’s why we called up Antrese Wood for some advice. She’s the host of The Savvy Painter and has worked both as an art director for a major video game company and as a professional artist who has sold hundreds of paintings. She sheds some light on the struggles artists face and ways one can make money as an artist. “Starving artist syndrome is a very ingrained thing in the art world,” Wood explains. “Some artists think it’s sleazy if someone even considers marketing themselves or trying to sell their art.” This screams hypocrisy! Wood further adds, “Artists are very conflicted by it. We’re being told through the artistic community and culture that selling your art is dirty. And yet, at the same time, what artists want most is to be recognized. They want people to see their work and ‘get it.’ The only way that happens though is when people are able to buy it. It’s frustrating to hear sometimes. You spend all of your time complaining about how nobody wants to buy your work and yet at the same time you’re talking about selling your work as if it’s the most debasing, horrible thing in the world.”
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You need to understand you’re building a business. And like any other business, a lot of the work you put into it won’t be sexy and it won’t be romantic. She continues, “That includes marketing yourself, putting yourself out there, and generally doing all the boring stuff that doesn’t happen magically. It’s not dirty. And it’s not beneath you.” So how does one market their art? First, figure out what is it that you can offer. Find your artistic nicheWhat are you the best at? And what else can you offer besides making good art? An individual can possess multiple talents. If you are a painter, you are most likely capable of creating wall art. Perhaps, you could be a good photographer or a master of Adobe illustrator. Let’s touch on a few areas you can pursue: Fine artFine art includes art pieces that hold profound meaning and aesthetic beauty. Fine art includes:
Wood says, “The fine artists are artists who are more in the luxury business, so to speak. They set out to create paintings, sculptures, and other works of art for patrons, and typically work with galleries and aspire to be in museums.” If you want to go into fine art, you should already have an idea of what your medium is, whether it’s painting, sculpting, or photography. No matter which you choose only good work will get good jobs, good opportunities, and good money. “It might seem obvious but people sometimes forget this when they jump into a creative pursuit.“It seems so obvious but you have to spend time developing your craft and creating work that you’re proud of,” she says. “You need to be super proud of it. You can’t just put crap out into the world and expect people to like it.” “It’s great for the mindset too,” she says. “If you’re doing work you’re excited about, you’re going to be motivated to keep on doing it.” Commercial artIt’s an art that’s specifically created for media, advertisements, or entertainment. Commercial art is used for promoting and selling products, services, and entertainment. Basically, it’s art sold for commercial purposes. “A commercial artist is someone who works for hire,” Wood explains. “That can mean anybody from people who provide storyboards for the entertainment industry to people who do illustrations for magazines or books, to people who design t-shirts for example.” Check out what all you can do as a commercial artist: Advertisement artThis type of art is used for the purpose of marketing and promotion of products and services. Paintings, posters, billboards, designs, illustrations, sketches, or memes can be used in various advertisements. Your art can be used to promote movies, shows, albums, plays, musicals as well. Decorative artDecorative designs are painted on ceramics, glassware, furniture. Floral prints are used in the production of rugs and carpets, tapestry. Jewelry art and decorative pieces can also be included under decorative art. If you are an artist that is good with floral or exotic designs, you can excel in decorative art. Fashion artFashion art includes designing clothes and fabrics to making trendy visual art for T-shirts, jeans, and sneakers. If fashion interests you, this is something you should look into. Animation and illustrationsAnimation companies are always in need of good artists. Possess the talent of a cartoonist? Take this up. Game artSimilar to animations, the gaming industry thrives on artists and animators. Character designs, scenery, and creating other elements for a game could be your next gig. Wall art or grafittiThere is a high demand for interior wall designs or graffiti in hip places or restaurants and cafes with a modern touch and even homes. There are high chances of making a good income with such gigs.
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Graphic designBy creating logos, choosing fonts, selecting specific colors that represent everything a brand stands for. Graphic designs are used for creating:
You can help brands create their visual identity. Graphic designing is surely one of the best ways an artist can start making good money in a small amount of time. Find paying customersEveryone you come across can be a potential buyer or know someone looking for artists just like you. Word spreads faster than you think. And people tend to remember frequent faces. Finding clients can be overwhelming if you don’t know where to look. “Go to the shows,” she says. “Show your face. Be memorable. Leverage the social skills you need in any business to help you network. Find ways to stand out and be helpful.” “[Something] you don’t do is that you never EVER go to an art opening and try to approach the gallery with your own work,” she says. “You’ll just look like the biggest jerk on the face of the planet.” Another important tip is: Make use of social media to connect with people in the creative field. Don’t just send them a friend request or a follow. Make sure to strike up a conversation and compliment them on their art. Keep the conversations going. To find some clients, you can always check Craigslist. Or head on over to industry-specific job boards online. These will definitely help you find clients that are looking for your services.
For freelancers, here are a few with an arts and media focus that can help you get started:
Decide your rateWhen it comes to deciding your prices, it may get confusing. You might want to listen to what Wood has to say: “I think artists who are just starting out and aren’t familiar with the market yet tend to either price their pieces too low or too high,” she says. “The simplest way to do it is to be brutally honest with yourself and evaluate your own work,” she says. “For me, I know who paints like I do, who has a similar skill set, where they’re showing, what kind of galleries they’re in, and then you go and look where they’re showing their work and how much they’re selling it for.” “If your skillset is close to that person but they’re in the top gallery in New York and they’ve had six solo shows and you haven’t, you can’t price your work the same as theirs,” she explains.
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Work for art galleries and magazinesTry to get an art job at the galleries or marketplaces. Enquire if they are looking for people to curate, sell or promote their art. Apply! Volunteer for internships or traineeships. The Museums Association (MA) website offers information on volunteering and internships. There are contact details of over Two-thousand institutions in their museums and galleries yearbook. Working at galleries you not only gain experience but also, money. You get to meet new people in the industry and expand your market knowledge, attracting new opportunities at the same time. If you happen to be good at writing or photography, working for an art magazine would be a good side hustle. Working at such places will be a good way to familiarize yourself with people in the industry and also promote yourself to the right crowd. Start submitting your art to various art magazines and send cold pitches to their editors. Do not quit your day job (just yet)As an artist, working a desk job would be the most soul-sucking experience. It’s tempting to hand in your resignation. But are you sure you’d want to do that just yet? “When they start selling their work, it is tempting to quit. They think ‘If I can sell X with a full-time job, I could 10X that if I just had more time to paint. I need to quit my job.’ Makes sense? What they don’t understand is what happens in their heads when they no longer have a steady paycheck. Even if they were smart and put cushion money aside, the mindset inevitably shifts from ‘I’ll create the best painting I can, if it doesn’t sell right away, it doesn’t really matter’ to ‘I worked hard for that savings and every day I don’t sell, I’m a day closer to losing it all. This painting HAS to sell.’ “Keep your job,” she says. “Take a ‘pay cut’ and live only off the profits from your art. Can you pay all your bills? Are you comfortable? In the meantime, set your regular paycheck to automatic deposit into a savings account. 100% of it. When you can live off the sales of your art for three months without dipping into that savings account, you can quit your job. And congratulations, you have an extra three months of savings!” How to make money as an artist without selling artworkCreate an online course or an EbookMight take you a while and a lot of dedication to create a whole course or even write an Ebook. But it’s a great source of generating passive income. Promoting courses and Ebooks online is easier and the right people will find your work. You can use platforms like Skillshare or How Now to publish your course. Make a youtube channel
Making videos describing your art or even sharing your creative process while working on a piece can result in a huge fan following. Aesthetic videos online get all the hype. By making creative and alluring videos you create a fan base, you make money and you get the perfect exposure. You could also start teaching your viewers everything you know about art. Making video courses, tutorials and publishing them on online platforms also is a great way to generate huge amounts of passive income. Create a blog and a portfolioCreating a portfolio and a blog takes your credibility higher. It makes you look more professional and makes it easier for people to find you and your artwork across search engines. It’s a great way of letting clients find you, check out your work, and remember you for further business. Use social mediaNever underestimate the power of social media. Because once your art gains even a bit of traction online, you start getting sponsorships and work from various brands and companies. There are various artists that gained success using social media platforms. Some pointers:
Email marketingAnother great way to make money online is to reach out to potential clients yourself. Research and make a list of all prospects. Find out their email id, and send an introductory email their way:
This is a GREAT introductory email script because it’s simple, direct, and sells the clients on the benefits of working with you. Of course, you’re going to want to mold it for your specific hustle. And for a more comprehensive summary of how you can start a successful freelance hustle, be sure to check out these two articles on the topic: How to make extra money on the side 6 ways to get your first client How to make a living as an artistIt’s not a walk in the park to make a living as an artist, you know that by now. But what you are is a business owner, so you need to embody that. No businesses start out great, the profits come in after months and months of hard work and patience. And when they finally arrive you’ll be thanking yourself forever. To summarize, you can make good money by taking up art jobs, working at galleries, and art magazines. Also by networking efficiently and working hard to find clients. You own a business so learn how to run your business. Adding to all that, the online world offers numerous opportunities for artists to thrive. It’s safe to say it has never been easier for artists to get a following, get clients, build a fanbase, attain fame and make money. With the strategic use of online platforms, earning and sustaining wealth becomes a reality. Of course, all of this only comes with effort and patience. And if you’re ready to put in the work into becoming a successful artist and earning more money, we have something for you that will change your perspective towards money. Our Ultimate Guide to Making Money includes some of the best strategies to:
100% privacy. No games, no B.S., no spam. When you sign up, we’ll keep you posted How to Make Money as an Artist is a post from: I Will Teach You To Be Rich. Via Finance http://www.rssmix.com/via Blogger http://andrewburtonb.blogspot.com/2021/08/how-to-make-money-as-artist.html August 25, 2021 at 09:34AM
17 Jobs That Make a Lot of Money
In high school, my best friend and I looked through a giant book of jobs and their salaries. We wanted to know which jobs make a lot of money. We immediately flipped to the end to find out. It was an investment banker. Without a second thought, we both declared we were going to be investment bankers. Did we have any clue what an investment bank actually did? Nope! We just wanted the highest pay. I wish I had known how many options I really had. I could have focused on a path that would have been a better fit right from the beginning. Turns out, there’s a lot of jobs that pay a lot of money. Whether you’re still in high school or making a career change, you have a lot of options. The Top 17 Jobs That Make a lot of Money:
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AccountantAn accountant will perform financial calculations for individuals, small businesses, and large corporations. Accountants must know how to examine and prepare a variety of financial reporting forms, helping customers or businesses remain in compliance with accounting rules and laws. Accountants may need to work long hours at certain times of the year, such as during tax calculation time.
Business ExecutiveA business executive could hold a multitude of jobs at a company, including CEO, CFO, or COO. A founder of a business could end up being a CEO, because he or she knows the industry and the business. On the other hand, someone with a formal business degree and business training could move into an executive role to help any business run more efficiently and profitably. With bonuses included, business executives can earn huge annual salaries.
Computer System and IT ManagerA computer system manager or IT manager will oversee all computer related systems and processes in a company or organization. This can include things like planning out hardware purchases, installing computing software, managing a network, and performing troubleshooting. IT managers need quite a bit of education, including ongoing education, to stay up to date on new techniques and tech products.
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EngineerEngineers can design things like aircraft, cars, boats, spacecraft, satellites, large buildings, bridges, computers, and infrastructure. Chemical engineers will work with fuel and drugs to solve problems in the use of these substances. Other types of engineers may try to solve environmental problems or help people perform jobs more efficiently and safely. Engineers rely on math, physics, biology, and chemistry to perform their work.
ChiropractorA chiropractor cares for patients with health problems related to the neuromusculoskeletal system, including the spine. Chiropractors provide specialized therapy that does not include medication or surgery, but still rely on medical-based tests in order to devise and administer the right set of therapies.
Clinical PsychologistClinical psychologists provide psychological evaluations and assessments, consultation, therapy, and follow-up. While they cannot prescribe medication, clinical psychologists still provide valuable guidance. Clinical psychologists can work independently in their own private practice or they can work for medical clinics, hospitals, non-profit organizations, or government entities (such as the VA). Clinical psychologists can even be employed by corporations as the in-house psychologist helping employees (perhaps with stress management) or as an organizational psychologist identifying ways to increase both efficiency and satisfaction in the workplace.
Construction ManagerA construction manager oversees facility design, scheduling, vendor management, and building construction to ensure that the project will be completed on time and under budget and will meet the needs of the client, corporation, or investor. The larger and more complex the construction project, the larger the responsibility and therefore, the higher the salary. Construction has become more complex over the years. Buildings need to incorporate the latest technologies in order to become more intelligent and efficient, oftentimes by industry regulation or municipal ordinance. This has only added to the knowledge base required of construction managers as they often need to select and juggle hundreds of vendors at once while retaining the highest standards of compliance.
GeophysicistPresident Biden recently signed an executive order aimed at making half of all new vehicles sold in 2030 electric. That’s a lot of electric batteries needed — probably around 7 million if current trends continue. Electric batteries need cobalt, lithium, nickel, and other rare-earth metals, and who are the professionals who source them so that all of us can enjoy a clean energy future? Geophysicists, of course. These scientists design, plan and execute the extraction of these minerals from the earth. Without geophysicists, we wouldn’t have electric batteries. (We wouldn’t have oil either, as geophysicists have been employed by the oil and gas industry for decades in the exploration and extraction of petroleum and natural gas as well.)
Instructional DesignerAn instructional designer develops course content and training curriculum for learners within corporations, governments, and universities (and not just brick and mortar universities — think of all of those online programs, too). An instructional designer often consults with subject matter experts to interpret complex material and create compelling (i.e., not boring) learning experiences from which individuals can acquire knowledge and skills, meeting the budgets, timeframes, and requirements of the organization. Instructional designers also develop and conduct assessments to analyze and identify new development needs and recommend training methods accordingly. There is also often an HR component, in which the instructional designer must track employee performance and measure training outcomes. Instructional designers are an in-demand job because employees need training —and lots of it. According to LinkedIn Learning’s 2021 Workplace Learning report, the top area of focus for learning and development cited was upskilling and reskilling. This means that someone — in this case, the instructional designer — is going to have to develop those courses and get them out the door to learners.
Entertainment ProfessionalJobs like actor, musician, TV or radio show host, producer, and writer can all fit in the entertainment industry. For the most successful professionals in these areas, this job can be extremely lucrative. However, a job in the entertainment industry rarely has a lot of stability. You’re often on your own, working from contract to contract. You’ll also have to hire an agent to negotiate contracts and help you find work. It can also be extremely difficult to break into the industry.
Investment BankerIt may not be the most exciting job, and it may not be all that well understood, but an investment banker can make a lot of money each year. In general terms, an investment banker is someone who brokers deals, such as company mergers and acquisitions. Those who broker the largest financial deals receive the largest compensation amounts.
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LawyerIf your idea of a lawyer is someone who is dramatically arguing cases in a courtroom, as happens on TV, this is only a small part of the work. Most of it is spent in research, document review, filing motions, and editing contracts. Lawyers can work in criminal, tax, patent, corporate, or other types of law, so a lot of specialties exist. Lawyers do have an easier time becoming politicians than other professions, if that appeals to you.
PharmacistA pharmacist works in a hospital, a medical facility, or a retail store, dispensing prescription medication for customers. A pharmacist needs quite a bit of training in how different medications work, including understanding side effects and interactions with other medications. Pharmacists require formal education and licensing to be able to legally dispense prescription medication.
Physician and SurgeonDoctors in the American medical system have the ability to make huge salaries, but it can take a while to hit that level. A physician or a surgeon needs tons of education and on-the-job training. The learning never ends for doctors. When starting out, doctors can work some long, strange hours. But once they reach a certain level of expertise, this job is rewarding financially. Physicians and Surgeon’s have the highest average annual salary of all the jobs that make a lot of money featured.
Professional AthleteThis is one job that kids dream about having that actually also makes a lot of money. Unfortunately, it’s probably the job they have the least chance of achieving. People need some natural talent to succeed in almost any job, but pro athletes may rely the most on natural talent. Beyond receiving millions to play the game, the most well-known pro athletes may receive just as much money for endorsements.
Real Estate DeveloperA real estate developer will purchase property and develop it with lucrative commercial and residential projects. These purchases are a bit of a gamble, as a mistake can lead to huge financial losses. You may start as a real estate agent, learning how the markets work, before making your own investments or investing on behalf of others.
Software DeveloperA software developer will write software, or code, that controls computers and other personal electronics devices. App developers also can be software developers. In fact, someone who develops a highly popular app could make millions off one app. This is another fast growing profession that will need employees in the future. High demand makes this a great option if you’re looking for jobs that make a lot of money.
Of all the jobs that make a lot of money: Which is right for you?Having a list is one thing, picking the right job is a lot harder. If I was giving “highschool me” some advice, I’d tell him to find a high paying job that’s the best fit. Some jobs are extremely stressful like an investment banker. Others are more routine like an accountant. There’s dozens of different criteria that make up a true dream job. The best way to figure out which job is the best fit is to develop friendships with people in that field. If you genuinely enjoy spending time with them, that’s a promising sign. Also look for entry-level roles in those fields to try them yourself. Most of these jobs can be started later on if you discover that a particular path won’t work out. Do you know your earning potential?Take my earning potential quiz and get a custom report based on your unique strengths, and discover how to start making extra money — in as little as an hour. 17 Jobs That Make a Lot of Money is a post from: I Will Teach You To Be Rich. Via Finance http://www.rssmix.com/via Blogger http://andrewburtonb.blogspot.com/2021/08/17-jobs-that-make-lot-of-money.html August 25, 2021 at 09:34AM
The Best Checking Accounts of 2021
It seems that every time you check your mail these days you find, yet another, offer to receive $500 if you set up a checking account with XXX bank, right? You may be completely satisfied with your current banking situation but that $500 is really appealing. Depending on your unique financial situation, it might not be a bad idea to change banks, but it also might cost you more in the long run than that $500 spot you receive three months after signing up. We have analyzed all the checking accounts out there and found our favorites based on recommendations from our founder, Ramit Sethi. Finding the right checking account for your circumstances should not add stress to your life. We are here to help and do not have any affiliation with the following banks. The Top 10 Checking Accounts of 2021Charles SchwabCharles Schwab ranks among the most reliable checking accounts and rightly so. It comes with the most benefits recommended by Ramit, and is the account he personally uses. The benefits include:
If you regularly travel to different countries or need a checking account with the best advantages, you should look no further than the Charles Schwab checking account. However, you need to get a Charles Schwab brokerage account when opening a checking account with them. The brokerage account is entirely free, so you do not have to worry about any fees or minimum balance requirements. All you have to do is create the account. After that, you do not have to use it. The only disadvantage that comes with the Charles Schwab checking account is the low number of physical branches. While this is fine for most people, it can be a significant inconvenience for people that deal with foreign currencies regularly. However, a Charles Schwab checking account should prioritize anyone that does most of their banking online or is lucky to have a branch near them.
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ChimeIf you’re looking for a checking account that does more than the ordinary, Chime is a great option. You get a mobile checking account that offers a number of benefits such as:
Additionally, you can receive your paycheck earlier by as much as two days and automate savings so that the account automatically pulls a specific amount from the deposits and allocates it to a separate savings account. AxiosAxios offers three different checking accounts, with each one coming with various benefits. The essential checking account has various benefits such as:
You will however pay a 1% transaction fee for all foreign transactions. The only difference between the Essential and Rewards checking accounts is that the latter offers an APY of up to 1.25%. The Cashback checking account is similar to the Essential checking account, only that it requires an average balance of $1500 to get 1% cashback up to $2000 per month. However, the 1% cashback only applies to signature-based transactions meaning that you have to run the debit card as credit. HSBCHSBC offers a few checking accounts that you can choose from, including the Basic Banking checking account, the Choice Checking account, the Advance checking account, and the Premier checking account. Although HSBC does not offer any great propositions, it is an excellent option for those looking for a truly global bank as they have physical branches across the world. However, there are some significant drawbacks to using HSBC. The downsides include:
If you do not have an international lifestyle, own homes in multiple countries, or do business internationally, the availability of branches all over may not be worth the extra cost.
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AllyAlly is one of the online-only banks that’s growing in popularity lately. Some of the pros that come with the Ally checking account include:
The cons are listed below:
Although Ally has a reliable checking account, it is not comparable to Charles Schwab. Capital One 360Capital One 360 checking accounts come with various benefits. They include:
The major disadvantages of the Capital One 360 checking account include:
Ideally, the APY should not contribute to your decision to get a Capital One checking account. If you already have a Capital One credit card, nothing should stop you from getting a Capital One 360 checking account. Not only does it closely compare to the Charles Schwab checking account, but you also benefit from the possibility of having all your accounts consolidated. DiscoverSome of the most significant advantages for those with Discover checking accounts include:
The Discover checking account has a few disadvantages including:
Although there is nothing terrible about the Discover checking account, it also has no standout positive aspect. Although they offer a 1% cashback on credit card purchases, you have to skip the credit card rewards program to use the debit card. Unless you already use Discover credit cards, you may not want to switch to the Discover checking account. On the other hand, it may also offer an excellent proposition for people that want to get rid of credit cards and need a debit card that offers a cashback program. ChaseChase has three checking accounts. The Chase Total Checking account comes with:
The Chase Premier Plus Checking account offers:
Like the Chase Premier Plus Checking account, the Chase Sapphire Checking account:
The most significant disadvantage with any of the Chase checking accounts is the requirements you need to fulfill to have the monthly fee waived. However, it offers an excellent option for those planning on getting a Chase savings account and can quickly meet the balance requirements to have the monthly fee waived. If you can get the monthly fee waived, The Chase checking accounts are a great option since you benefit from mobile deposits and mobile banking, 0 foreign transaction fees, and ATM reimbursements. You also benefit from the convenience of walking into any Chase branch as they have branches in almost every major city. USAASome of the perks of USAA checking accounts include:
They unfortunately do charge a 1% foreign transaction fee. USAA has physical branches in West Point, Colorado Springs, San Antonio, and Annapolis. Generally, you can easily find checking accounts where you are better than USAA. However, it may be an appealing option to people already doing a lot of business with USAA and need to keep all their accounts in one place. For instance, they have one of the best car insurances. SimpleWith a Simple checking account, you get:
However, they have a number of disadvantages:
Instead of splitting the balances between the savings and checking account, Simple uses the “Goals” and “Save to Spend” sections. It is more like a combined savings and checking account with an excellent user interface that allows customers to control their spending.
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What is a checking account?A checking account refers to a specific bank account that allows you to withdraw quickly and deposit the money required for your daily transactions. The transactions may include depositing a received check, taking out money using your debit card, or setting up direct deposits for your paychecks. They are among the most liquid bank accounts meaning that they allow you to access your money quickly. Although they allow for unlimited withdrawals and deposits, some have daily maximum limits, depending on the bank you use. The primary purpose of checking accounts is to hold money in a safe place in the short term so you can easily access it when you need to cover different expenses. Do you need a checking account?Various studies indicate that millions of people do not have checking accounts. Many people have developed general distrust for banking institutions after the 2008 financial crisis. But having a checking account makes life a lot easier. Here are some of the reasons why you should have a checking account.
Are online checking accounts safe?Banks and credit unions have a big responsibility to keep your accounts safe, with no doubts about the safety of your online checking account. All banks and credit unions use state-of-the-art complex security software and encryption methods to protect all accounts. You can quickly contact the bank you have an online checking account with for more information on how they protect your online checking account. Some banks also have insurance policies to safeguard balances above a specified amount so that you will have your money refunded in case of any losses. You can improve the safety of your online checking account by protecting your cell phone and any devices used to access the account. Also, create strong passwords that no one can guess. Additionally, you should avoid using public computers to access online checking accounts since you may leave behind a trail of data that someone can use to access it. Factors to consider when selecting a checking accountUser experienceWhen choosing a checking account, always consider the user experience. The ideal checking account should be accessible to anyone. You should avoid any credit unions and localized options since most of them have geographic restrictions, although they come in several benefits. If you have a credit union in your area of residence, find out if they offer free checking accounts. Most people bank online, but you may have to visit a physical branch in some cases. Only online options may not meet your needs in such cases. Also, scrutinize the interface of the online banking portal to ensure that it makes it easy for you to complete your transactions without any complications. FeesAlthough you may come across some checking accounts that charge overdraft fees, the ideal checking account should not have any fees. Some of the standard fees you need to avoid when treating a checking account include minimum balance, ATM fees, and maintenance costs. While most of the checking accounts listed above come with cashback and APY offers, you are likely to get you better cashback offers and higher APYs with your rewards cards and savings account, respectively. In addition, the ideal checking account should not have any transaction fees or monthly fees. ConvenienceIdeally, try as much as possible to avoid checking accounts from banks and credit unions that only cover a specific region. Credit unions offer a lot of benefits, but they only serve specific professions or areas. In addition, you may have a preference for banking and a physical branch instead of doing all the banking online. Choosing a checking account from a bank with multiple physical locations allows you to do this. ReputationRight off the bat, we excluded several checking accounts from our list. Mostly from major banks like Bank of America and Wells Fargo. While not every major bank is horrible, a few of them definitely are. Wells Fargo committed one of the largest banking scandals of all time. And the list of horror stories from Bank of America is seemingly endless. Some big banks are decent (like Chase), but we didn’t even consider offers from Wells Fargo or Bank of America. These are terrible banks. No matter how good their accounts, we recommend staying away. Help with saving and budgetingLet’s say that you’re earlier in your financial journey and still developing habits around saving and budgeting. In that case, we recommend giving Simple a try. It’s a combined savings and checking account with an interface built around helping you save. It’ll also figure out all your bills for you, telling you exactly what you can spend at any given moment, completely guilt-free. Yes, Simple’s APY on its savings account isn’t as high as other savings accounts. And the perks on its checking account aren’t as valuable as Charles Schwab. But the extra support you get with saving and spending is well worth it in our opinion. Special circumstances (cash and foreign currency use)As much as we love doing everything online, there are two good reasons to choose a checking account that has fewer perks in order to have a bank with a physical branch nearby. 1. Large cash withdrawals or deposits If, for whatever reason, you deal with large amounts of cash regularly, you really need a physical branch. If you need to withdraw more cash than a typical ATM can handle even once or twice a year, it’s worth getting a checking account at a local bank. 2. Foreign currency If you deal with foreign currency regularly, we’ve found it immensely helpful to have a physical branch nearby. For example, if you are a freelancer and get paid from foreign banks, you may need to go to a physical bank location to cash that check. Another perk of having a local branch: exchanging foreign currency back into U.S. dollars. Having a local branch completely solves any leftover foreign currency problems you may have after taking an international trip. You can simply walk in, give them whatever you have left, and they deposit it into your account at a decent exchange rate. No need to deal with getting ripped off at the airport. So if you’re dealing with foreign currency or large amounts of cash even a few times a year, it’s worth getting a checking account with a local branch, even if the perks aren’t as good. Hopefully, one of the banks in our list has a local branch near you. If you’re not sure, start with Chase, since they have branches all over the U.S. Common checking account feesRegardless of the option you choose, it would help if you always prioritized finding a free checking account. In addition, there are some standard checking account fees you need to look out for. There is a monthly service fee that customers pay to maintain the checking account open every month. Some institutions, however, waive the fees upon meeting specific requirements. To ensure that you choose the correct checking account, always consider the user experience, fees payable, convenience, and bank reputation. As Ramit emphasizes in his guide to personal finance, checking accounts are a great way to put your financial life in order. 100% privacy. No games, no B.S., no spam. When you sign up, we’ll keep you posted The Best Checking Accounts of 2021 is a post from: I Will Teach You To Be Rich. Via Finance http://www.rssmix.com/via Blogger http://andrewburtonb.blogspot.com/2021/08/the-best-checking-accounts-of-2021.html August 25, 2021 at 09:34AM
How to Trade Stocks (and find out if trading is right for you)
Contrary to what Hollywood would have you believe, trading stocks isn’t a matter of putting on your favorite power suit, picking up a phone, and screaming “SELL! SELL! SELL!” Instead of trying to buy and sell hot stocks in the hopes of striking it rich, I suggest you reframe: Investing is a long-term strategy to help ensure your financial future. In fact, it’s the single most crucial thing you can do today to make sure you’re ready for retirement and other savings goals. The sooner you start, the easier it is to make long-term goals. But I get it. We’ve been led to believe a lot of different things about stocks. Some of them are positive (“you can get rich by trading stocks!”), some of them not so much (“stocks are risky, ESPECIALLY with the recession/depression/financial-crisis-of-the-week just around the corner!”). Luckily, most of that noise is just that. There are more than 100 years of evidence that suggests that by investing in the stock market, you’ll be able to grow your wealth consistently over time. To do that, though, you need to understand the basics of how to trade stocks. Keep reading for a beginner’s guide on everything you need to know about trading stocks.
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What is a stock?Stocks are investments in a business. When you own a stock, you own part of the company that stock came from. For that reason, stocks are also referred to as “equity,” since you own a small part of the company. The stock price fluctuates depending on how the company is doing. For example, if Company A just released an amazing new product that is selling like crazy, the prices for Company A stocks are going to rise. Alternately, if Company A experiences falling sales, their stocks are likely going to fall as well. Advantages to buying stocksIf your stock is good and the company is flourishing, you can really make a lot of money. The money is also liquid. This means that you can get it at any time by selling your stock. Disadvantages to buying stocksIf a company does poorly, so does your stock. Because a stock isn’t diversified, that can mean disaster for you (although you can easily reduce your risk by picking bigger, solid companies). Also, it’s important to note it’s nearly impossible to game the market — so it’s not worth trying for the lay investor. Those are the basics of what stocks are. Now let’s take a look at how you can actually trade stocks. NOTE: You should only be trading stocks once you have the rest of your financial house in order. That means automating your personal finance system, maxing out your 401k and Roth IRA, and building an emergency fund. Once you’ve done that, it’s totally fine to invest up to around 5% of your income into stocks. You may also want to consider the option to invest in mutual funds, or ETFs (exchange-traded funds), which are baskets filled with different types of investments (usually stocks) that help decrease your overall risk.
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What is stock trading?“Trading” stock is a bit of a misnomer. All it really refers to is the buying and selling of stock for money. So whenever you buy or sell your equity, that’s considered trading. And there are two ways you can trade stocks:
For our intents and purposes, we’re going to be focused on electronic trading. That’s how Ramit Sethi, our founder and personal finance wizard, trades stocks and that’s how the vast majority of individual investors should be doing it as well. An online stock broker is simple, intuitive, and you can get started in a few easy steps — which brings us to… How to trade stocksReady to get started? But wait … how do you actually invest in stocks? Trading stocks can sound complicated, but here are some simple steps to get started. Open a brokerage accountThe best way to trade stocks as a beginner is often to open an online brokerage account. This type of account has boomed in the past few years, which has made buying and selling stocks much more accessible. An online brokerage account is going to be where you’ll do your trading and investing — and there are a LOT to choose from. Our suggestion: Get a self-serve site such as E*Trade or TD Ameritrade. They’ll offer you an intuitive platform to get you started trading stocks. Signing up is easy too. Follow the steps below to open one up today. That’s right. It’s steps within steps! STEPCEPTION. NOTE: Make sure you have your social security number, employer address, and bank info (account number and routing number) available when you sign up, as they’ll come in handy during the application process.
The application process can be as quick as 15 minutes and will put you on your path to a Rich Life. But the work isn’t over yet. There are still a few more things you need to get clear on and decide before you put your money down on a stock. Set your trading budgetOne thing you should start trading with is a clear idea of your budget. How much are you willing to invest as a lump sum vs. per month? The first thing to remember is that you should only invest the money you can afford to lose. Remember, trading in stocks is not like gambling (or at least it shouldn’t be). You need to be really careful that you don’t get ahead of yourself and throw down more money than you can afford to lose. Aside from this, you’ll want to decide on your budget for stocks, other investments, and savings. Ramit recommends any of the more “fun” investments like individual stock trading, should be kept to around 10% of your portfolio. This helps to balance risk so you don’t have most of your portfolio in volatile investments. Trading, in general, should only really be a small part of your portfolio. A lot of your investment should be into your retirement accounts. If you’re not already contributing to your retirement accounts, that should be your priority before you start scrambling to buy Apple stocks. Yes, your 401k isn’t quite as exciting as investing in the Next Big Thing in the tech world, but this is your future you’re playing with. Don’t make a choice you’ll regret in a couple of decades!
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Research which stocks to buyWe’ve covered the how now let’s move onto the what? What are you going to put your money on? Because there’s a degree of risk, the worst thing you can do is toss a coin and pick any random stock with a fancy name. Do some thorough research on the stock, fund, and company to get a better idea of where your money is going. Some things to research include:
These are just the baseline of things to look out for. You’ll also want to research the company’s history and where they appear to be heading in the future. Do they have any new developments or investment plans on the horizon? While you’ll never be able to be 100% secure even after loads of research, you’re in a much better place to decide. Learn about the different types of tradesTrading isn’t as simple as buying or selling. There are lots of different types of trades that you need to know about. There’s a good chance you won’t have to use all the different types of trades, but you should have an idea of the different options and order types. The main ones you need to know about are market orders, limit orders, and stop orders. These orders determine how your trade is put through. Market ordersA market order means that you buy or sell the stock immediately at the best available price. It’s the simplest type of trade and ideal for those who want to buy or sell without delay. One thing to know about this is that the last traded price isn’t necessarily going to be the same price the market order will go through. Stocks, especially in volatile markets, can fluctuate quickly. Limit ordersA limit order buys or sells a stock only at a specific price (or better) than the price you set. A buy order will limit the price you’re willing to pay and the order will only go through if the stock’s price falls below that limit. Stop ordersThere are two types of stop orders -- a stop-loss order and a stop-limit order. This type of trade is used to lock in profits and protect your investments. In other words, they ensure that you don’t go overboard with your investments! A stop-loss order automatically converts into a market order when the stock reaches the “stop price.” After this, it operates like a typical market order. A stop-limit order, on the other hand, converts to a limit order when the stop price is reached. This then operates as a limit order as usual. All or none (AON)Another type of order ensures you get either the entire quantity of stock you ask for or none at all. It’s important for those who trade with penny stocks. Good ‘til canceled (GTC)This type of trade order means there’s a time restriction on the order. A good ‘til canceled order remains active until you decide to cancel it. Most brokers will limit the maximum time a GTC can remain in place, which is usually 90 days. DayIn some cases, a GTC order will operate as a day order. This just means that the order will expire at the end of the trading day. Take profit / profit target orderThis type of order will close the trading once you reach a certain level of profit. There are a few other types of trading types, so it’s worth spending some time familiarizing yourself with them all. Many of them may not apply to you, but it can’t hurt to know your terminology. Understand the costs of stock tradingStock trading generally comes with a fee. Many brokers will charge fees for trading, annual management fees, and more. There are some free trading accounts out there as well, but be wary of any hidden fees, for example, when trading in a foreign currency. Aside from the fees, there’s another type of cost to think about. We’ll go ahead and address the big elephant in the room…what happens if you lose all your money? This is the number one thing that stops people from investing. Understandably, the idea of losing your money isn’t much fun. So, it becomes too scary to put your money into the stock market. Sadly, there’s no way to guarantee that you won’t lose your money. But the best thing you can do is prepare, research, and try to pick smart investments. While investing is great, there are a few things you should have covered before you jump headfirst into the world of Wall Street trading. First, you need an emergency fund. This should be one of your priorities. Just picture it, you invest in some stocks, feel great about it but then have a medical emergency or your car picks just that moment to die. If you don’t have an emergency fund to fall back on and no other savings, you’ll have to raid your investment account. While it’s better than getting into debt, you can’t just withdraw your money like a regular savings account. You need to sell your stocks to get the money, which could mean selling them at a loss. Our best advice is to cover your emergency fund first before you start investing in the stock market. How to invest the smart wayRemember, trading individual stocks is fine ONLY IF you have the rest of your financial house in order. That means:
Only when you’ve done all those things is it fine to invest 5% to 10% of your income into individual stocks. That’s because you don’t get rich by investing in individual stocks. Instead, the best way to build a Rich Life is through low-cost, diversified index funds. Index funds spread your risk over multiple businesses, so you’re never putting all your eggs in one basket. A diversified portfolio is the number one way to reduce risk and build a healthy, steady return for your future. Let’s look at a real-world example. Say you’re 25 years old and you decide to invest $500/month in a low-cost, diversified index fund. If you do that until you’re 60, how much money do you think you’d have? Take a look:
$1,116,612.89 That’s right. You’d be a millionaire after investing $6K per year. Smart investments are about consistency more than chasing hot stocks or anything else: If you are just starting out, it’s so awesome that you’re here. For financial security, it’s more important than anything else to start early. That’s why the IWT team created The Ultimate Guide to Personal Finance.
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It’s a comprehensive guide that’ll introduce you to basic investing concepts that’ll best position you for a Rich Life. From mastering your 401k to automating your expenses, you’ll learn exactly what you need to do today to get the biggest financial wins. Put your name and email below and I’ll send the guide straight to your inbox. 100% privacy. No games, no B.S., no spam. When you sign up, we’ll keep you posted How to Trade Stocks (and find out if trading is right for you) is a post from: I Will Teach You To Be Rich. Via Finance http://www.rssmix.com/via Blogger http://andrewburtonb.blogspot.com/2021/08/how-to-trade-stocks-and-find-out-if.html August 25, 2021 at 07:37AM
Best IRA Accounts to Open in 2021
An individual retirement account (IRA) is an investment account that gives you amazing tax advantages for retirement savings. The two common types:
Currently, there’s a yearly maximum investment of $6,000 to both accounts ($7,000 if you’re more than 50 years old). A Roth IRA currently has an income limit of $135,000 for single tax filers and $199,000 for joint-filing married couples. A traditional IRA has no such limits. However, these limits change often, so be sure to check out the IRS contribution limits page to keep updated. Though there are advantages to both IRAs, we highly recommend you get a Roth IRA. It’s one of the best investments you can make as a young person. It’s simply the best deal we’ve found for long-term investing. If Roth IRAs had been around in 1970 and you’d invested $10,000 in Southwest Airlines, you’d only have had to pay taxes on the principal amount. When you withdrew the money 30 years later, you wouldn’t have to pay any taxes on it… …which is good because that $10,000 would have turned into $10 MILLION. Overall, time is your best friend when it comes to your Roth IRA. And over many, many years, that’s an amazing deal.
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The Top 5 Roth IRAsIdentifying the best IRA presents several challenges, so we have done the legwork to help you see the big picture. We have also provided some questions that can help you make the best choices in the future. You need to start investing in your retirement as early as possible, but you should also ensure that you choose the correct account to invest in. That is why we will help you find the ideal brokerage and recommend some of the best options you should consider. Here, we’ve researched and listed some of the best IRA accounts of 2021. Charles SchwabCharles Schwab is one of the most reputable brokerage firms that allows you to create a Roth IRA account online. You do not have to worry about minimum account deposits or annual account maintenance fees since they are all free. Some of the most significant benefits of a Charles Schwab Roth IRA account include:
You can also use the Robo-Advisor Schwab Intelligent Portfolios as an automated service option at no extra cost. On the downside, you have to pay a commission fee for some transactions. The premium version of the Robo-Advisor Schwab Intelligent Portfolios have a one-time $300 planning fee and a monthly $30 fee for advisory services. Fidelity Investments IRAWith a Fidelity Investments IRA account, you get an option that does not trade annual account fees or a minimum balance. You also access a wide selection of investment options. As a bonus, you get 500 free trades and several educational resources, including calculators and tools that indicate the progress of your retirement goals. It allows you to invest in mutual funds, stocks, ETFs, CDs, and bonds. Some of the benefits of the Fidelity Investments IRA account include:
On the downside, customers have to pay a 0.50% annual fee to talk to human advisors for accounts with less than $2M. Some Fidelity mutual funds also require accounts to reach specific thresholds. On heavy trading days, users get multiple reports of platform outages. Sweet balances between $10,000 and $49,999 have to pay a Robo advisor fee of $3 every month. Those with balances well over $50,000 pay 0.35%.
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BettermentAre you looking to start a retirement plan without a minimum deposit? Betterment IRA is a great option. It allows you to access automatic rebalancing to help optimize the growth potential of your savings. Betterment IRA account allows customers to benefit from:
They also assign particular investment goals to every portfolio and invest using different strategies. If you choose the premium edition, you get unlimited access to a financial advisor that would cost you between $199 and $299 under normal circumstances. Some of the advanced features of the Betterment IRA account include:
The most significant disadvantages of the Roth IRA account include a 0.25% yearly account fee and a 0.40% annual account fee for the premium plan. You need to maintain a minimum balance of $100,000 to qualify for the premium plan. VanguardVanguard is an excellent IRA option for anyone, especially given the 200 commission-free ETFs and mutual funds you can choose from and the zero to low fees associated with the account. Although it does not require a minimum deposit to create a Vanguard IRA account, you need $1,000 to invest in most of the retirement funds it offers. It offers no bonuses, but users gain access to various retirement planning tools and investment options, including stocks, bonds, CDs, ETFs, and mutual funds. The account benefits include:
The downsides of the Vanguard IRA include a $20 account service fee (except for those who sign up for electronic statements or satisfy the minimum balance requirements), a $1,000 initial investment in most retirement funds. The Vanguard trading platform also doesn’t match up to others in the same category. E*TradeE*Trade has low trading fees, which most active investors look for. The costs for mutual funds can be different; it offers more than 4,500 mutual funds with no transaction fees and no loads. Some other advantages of the E*Trade brokerage account include:
If you are an active investor, you benefit from volume discounts on options and a robust mobile platform. On the downside, E*Trade’s website is not user-friendly. You also have to pay $500 to open an account to access the Core Portfolios option. Roth IRA FAQsWhat’s the difference between a traditional IRA and a Roth IRA?Traditional IRAs and Roth IRAs share a common similarity: They are both retirement accounts with tax advantages. The main difference between the traditional and Roth IRA is due to the time you claim the tax benefits associated with the account. With a traditional IRA, you get an upfront tax break when contributing to the account. A Roth IRA, on the other hand, defers tax savings until retirement. Another difference also comes in when considering eligibility. You cannot contribute to a Roth IRA account if you earn higher than the income limits. Not the case with a traditional IRA account. If both you and your spouse do not qualify for workplace retirement plans, you can contribute to a traditional IRA account regardless of your income. However, you become ineligible if you or your spouse have a workplace retirement plan; you cannot make deductible IRA contributions at a specific income threshold. You can still benefit from tax-deferred gains and make nondeductible contributions, but you cannot take a deduction for your contribution in the same year you make it. Both IRA accounts also have different withdrawal rules. Withdrawing from the traditional IRA before reaching 59 and 1/2 years means that you have to pay a 10% tax penalty unless you qualify for the exemption. With a Roth IRA, you can withdraw contributions made at any time without paying the penalty. However, you pay the penalty for early withdrawal if you withdraw the gains. After reaching 59 and 1/2 years, you can withdraw money from the traditional IRA at any given time without penalties. However, the Five-Year rule applies for does Linda Roth IRA accounts. How do I open a Roth IRA?Whether you choose to do it online or in person, you should not experience any challenges in opening a Roth IRA. 1. QualifyFirst, you should make sure that you qualify for one. In most cases, you are eligible for a Roth IRA provided that you earn income for the year. However, the income limits may vary depending on your modified adjusted gross income. Limitations also exist regarding the maximum amount you can put into a Roth IRA every year. You can use a Roth IRA calculator to determine the ideal amount you need to contribute to the account. 2. Choose an investment companyNext, you have to decide where to open your Roth IRA account. Almost every investment company offers are Roth IRA account. If you have an older traditional IRA, chances are you can get a Roth IRA from the same company. Always find out if you need to pay a fee to open or maintain the account. Also, enquire about customer service and whether you can access them through telephone or online. Another important consideration is the types of investment the company offers and how much it costs to trade. 3. RegisterAfter this, fill out the necessary paperwork. Most brokerages and banks have a webpage for IRAs where you can start the registration process. You can complete the registration process online, but you can also contact customer service if you need more information. Some of the standard details required for an application include:
4. Make an initial transferSet up an initial deposit by entering your bank information. Some brokers require you to make a minimum deposit so use a separate bank account in order to deposit money into the brokerage account. Then, wait. The initial transfer will take anywhere from 3 to 7 days to complete. After that, you’ll get a notification via email or phone call telling you you’re ready to invest. 5. Choose your investmentsOnce you have completed the paperwork, choose your investments. The investment company will guide you through the opening of the account, but you need to decide how to invest the contributions that go into your Roth IRA. You can start by designing your portfolio by choosing from any of the available options offered by financial institutions. Also, buy a lifecycle fund or target date, which is basically an off-the-shelf portfolio provided by investment companies suitable for someone your age. Alternatively, you can talk to a financial adviser.
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6. Choose contributions and methodsTo complete the process, determine how regularly you want to contribute to your Roth IRA. You can set up monthly transfers from your checking or savings account to the IRA account. You can also choose to make annual contributions provided that you meet the income requirements. What are some of the benefits of an IRA?IRAs are accessible and you can set them up quickly. You only use taxable income to contribute to a traditional IRA. You can create an IRA through most brokerage firms or banks in minutes. IRA accounts also allow you to make the most of tax advantages. For traditional IRA accounts, you do not pay taxes on earnings of contributions until you can start making withdrawals from the account. The higher the amount you invest in the account, the higher your withdrawal during retirement. Roth IRAs, on the other hand, allow you to benefit from tax advantages during retirement. You make all contributions from after-tax income, so your withdrawals will not be taxed during retirement. Invest in your IRA automaticallyFinding a great IRA to begin investing is just the first step to saving for your future. If you REALLY want to build a financial system that’ll help you earn money passively, you need to automate your finances. To help, our founder Ramit Sethi created a 12-minute video on how to do exactly that. Just enter your name and email below and he’ll show you how to create a personal finance system that’ll save and earn you money passively for years to come. 100% privacy. No games, no B.S., no spam. When you sign up, we’ll keep you posted Best IRA Accounts to Open in 2021 is a post from: I Will Teach You To Be Rich. Via Finance http://www.rssmix.com/via Blogger http://andrewburtonb.blogspot.com/2021/08/best-ira-accounts-to-open-in-2021.html August 24, 2021 at 03:34PM
Hobbies that make money: Turning your hobbies into cash
Ever had that twang of regret as you stumble upon old hobby supplies and you realize that you haven’t done anything hobby-related in years? Or what about another twang? The one where you feel guilty that you’re spending money on a hobby when you could be building your empire? You could do both. Zero regrets and absolutely no guilt. Your hobby might just become your family’s vacation ticket or pay for your kitchen remodel. Even better, what if your hobby is the reason you can retire yourself and your spouse? We’re talking about hobbies that make money and if you have some hidden skill or interest, it’s time to dust it off and make a few dollars while you’re at it.
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17 Top Money Making Hobbies1. Freelance WritingLet’s face it, you either love writing or you don’t. But if you have a gift for stringing sentences together and simply love putting your thoughts down on paper (or a virtual document) you might just crack it as a freelance writer. Freelance writing can be one of the most lucrative hobbies, as full-time freelancers can expect to earn anywhere from $30,000 per year to some hitting those six figures. What’s more, freelance writing offers a wide array of ins. You can be anything from an aspiring romance novelist to an academic with a deep-rooted love for Feynman’s works. The best part is you can decide whether this hobby stays a hobby or becomes your new moneymaker. Here’s the thing with freelance writing. You’ll find that you can totally earn a decent income with this hobby without compromising your Rich Life. What we mean by that is you don’t have to sacrifice oodles of time with your loved ones to make money from writing. You can easily earn great cash by choosing projects that agree with you and your schedule. More importantly, you’ll find that the higher-paying gigs offer better direction, clearer instructions, and a streamlined communication path because those clients know what they want. Some freelance writing fields worth looking into:
So how do you start? As a right of passage, you will need to know how to research. When you search freelance writing, chances are good that you’ll come across a number of sites that offer quick wins. The advantage to approaching this from a hobbyist perspective is that you don’t have the added weight of bills. You can sift through the information of suss out the sites and clients that will make you work for $2 an hour (yes, it still happens!). Instead, look out for as many free resources you can get your hands on. Work through sites such as Udemy and Skillshare to get a handle on your chosen writing path. There are tons of great resources that will cost next to nothing if anything at all. But then, as you hone your skills, it’s worth investing in courses offered by the giants in your writing field. Especially if you’re thinking of cutting those employer strings. 2. BloggerWe’re well past those days of eyes rolling at the mention of an interest in blogging. While perfectly curated content has its place, we’re seeing a big uptick in the parent-style blogs, hobby blogs, and personal finance for the average Joe. Blogging allows you the freedom of creating content at your own pace, in your own style, and for an audience of one, if you like. But as content is continuously just being devoured, it’s worth putting in some effort to get that blog to rank a little higher on the search engines. Create a site that is easily digestible, fresh, and fully represents what you’re trying to offer. Before you know it, your tales of fresh, farm-style bread and how to keep a toddler busy the whole day will be eaten up like, well, hot fresh bread. Bloggers earn their money through advertising, sponsorships, and paid posts. This means that if you want to get your hands on some revenue, you need your site to rank well on the search engines. It’s worth getting an SEO specialist to give your site a once-over to see whether you’re hitting all the right keywords and where your content focus should be. The best part about blogging as a hobby is that the revenue will feel like money for jam. You’re getting paid to do what you love.
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3. BakerYou’re the Ace of Cakes in your building and once someone has spotted your creative genius with a rolling pin and fondant, you’re the go-to guy for cakes. You know all the trade secrets, the right ratio of rice cereal treat and cake, which modeling chocolate will withstand a little extra heat, and which temperate is just right for your sugar work. Only thing is, your nine-to-five is as an accountant for a firm downtown. So what are you waiting for? Monetize your baking skills and bring in some extra dough. But bakers aren’t just relegated to showstopper cakes for weddings and special birthdays. Specialized pastries, personalized cookies, and smorgasbord sweet treats for functions are a thing. Not everyone has the patience for the precision of measurements as you do, so put those skills to work. Word of mouth is a good advertiser for you, so make sure to leave a calling card when you deliver your order. When you’re ready to scale your hobby, a marketing plan will be a good preface to a launch. Who doesn’t want to come to an event to sample tasty treats? 4. CookThere are those who can’t imagine thinking up 365 meals per year and then there’s you, the home cook who researches locally sourced, seasonal fruit and vegetables to create a culinary feast for your family. Friends and family often drop comments such as, “I would pay good money for this meal!” and “Please tell me there’s more.” There’s nothing more fulfilling than sending your dinner guests home in a satisfying gastronomical buzz. So why not let them pay for it? Okay before you feel guilty for milking your friends, there’s a classy way to get your friends to pay for their food without you going through the enormous effort of opening a restaurant. A pop-up kitchen is a good place to start. Limited seats and upfront bookings allow you to plan your dishes and you can add a sense of mystery by keeping the location a secret until the very last minute. The size of your pop-up kitchen is up to you. If you can only accommodate six guests, then that’s what you do. You can choose to scale the operation if you want but make it interesting so dinner guests get more than just food, they get an entire experience. You can also try your hand at catering for small events. Be sure to do research on cost, as you don’t want to over-price your meals nor sell yourself short. Catering allows you to decide whether you’re going to work weekdays and weekdays or keep it simple to just one or two events per month. 5. MusicianYou can do more than strum on that old guitar and you tend to draw a crowd when you break out in song. In a good way. So pack away the nerves, get out that guitar pick, and book yourself some shows. Find local venues that can easily accommodate a soloist and start putting those pipes to work. But what if you’re great on the technical side of music? Consider offering lessons at the local schools or community center for a nominal fee. Better yet, start up a YouTube channel and build up a decent following. YouTube offers multiple revenue streams and consistent, great content will allow you to build an organic subscriber list. Musicians who are good at the production side of things can also look into producing jingles, tunes, and samples for ad agencies, film studios, and other musicians. Programs such as Logic and Ableton simplify the process. The best part is that you don’t have to be a stellar musician to create decent music on these programs. If you have a passion for the craft and the patience to learn the production software, you’re well on your way. 6. GamerSuddenly those hours spent twiddling away on your phone while waiting in line at the DMV can pay off. It’s not just competitive gamers who can make a buck doing what they love. Game developers are now creating games that allow you to win real cash or credits that you can spend at certain retailers or online stores. Suddenly, your years of experience playing Solitaire when you got your first PC can finally pay off. Literally. With a long list of games, your favorite pastime can now become a great way for some extra cash. Just bear in mind that not all states allow cash payouts. 7. PhotographyYou don’t have to be the next Photographer of the Year to make decent cash from your photos. All you need is a good eye for composition, a decent camera, and a scene worth shooting. Photography happens to be a vast field that’s about more than studio portraits and weddings. If there’s a subject, you can photograph it. Some options available to photographers include:
You can turn any space into a temporary studio and with photography, you have a lot of flexibility to practice your craft. Your customers are also unlimited. Whether you deal directly with clients or simply do stock photography to sell online, the possibilities are endless. Stock photography also allows you to earn a passive income, which means that one photo can make you money several times over. The better your photos, the higher you can charge for them. Sites such as Shutterstock and Creative Market are great platforms for selling photos. 8. ToymakingWhether you’re into soft toys such as felted figurines or working your hand at wooden animals, toymaking can be a lucrative hobby. While parents are a great target market, another happens to be friends and loved ones of parents who want to give unique gifts. When determining your cost, just make sure that it reflects the effort you’re putting into the creation of your toy. You don’t want to charge $10 for something that took you 100 hours to make. A potential revenue stream is personalizing the toys to create a better customer experience. Plush toys, for instance, represent a $1.25 billion industry, and if you can tap into that, why the heck not? 9. CarpentryThere’s more to wood than just fuel for that fire up at the cabin, and you’re willing to explore every grain and groove. Whether you’re just practicing basic carpentry such as shelving and basic frames, or you have an intricate carving set that allows you to make extensively crafted items, there’s money to be made. Handmade furniture can be particularly appealing to those who want unique items, and if you can make to order, you might just have a full-fledged business on your hands. Carpentry can include a number of product specializations, from children’s furniture and toys to exquisitely crafted furniture and frames. 10. Auto TuningKnowing how to get that big block engine to sing thanks to time in the garage with your pop is not just a great way to spend a weekend, it can also give you inroads to some extra cash on the side. While car maintenance, in general, is better left to the professionals, if you have a knack for restoring old engines, you might just have a car hobbyist customer list a mile long. Put your skills to work as even just restoring one or two cars a year will make a markable difference to your bank balance. The best part is you won’t even have to forego your 9-to-5. 11. Weekend CraftsCrafting can be a wonderful pastime, but if your craft includes something that just happens to be trending, you’ve got yourself a moneymaker. Whether it’s handpainted throw pillows, pottery, or an eye for putting together gift sets, you have yourself a paying hobby. There are a number of ways to make money with crafts that extend beyond the flea markets and holiday markets. Online marketplaces such as Etsy and Facebook Marketplace provide access to a wide audience of potential customers. 12. BeekeepingIf there’s ever a time to encourage the age-old practice of beekeeping, it’s now. Your organic home-based environment also accounts for a 50% more diverse plant life than, for instance, shipping bees off to an almond farm. And that’s a good thing. Bees love a diverse garden that offers a variety of flavors, and it also encourages diverse and strong bee populations. But apart from the incredible pollination qualities of a beehive on your property, there is the obvious reward of delicious, sweet honey. Organic, locally sourced honey can cost anywhere from $30 upwards for a 3lb jar. If your hive produces a good quantity of honey, it can be a great way to fund your fun money account or bump up your savings. 13. House FlipperYou have a knack for finding the worst property in the best part of town, and then lovingly restoring it to a gem in the neighborhood. Joanna and Chip Gaines have shown us that this hobby can turn into a real moneymaker, and might even become a full-time gig. But you’re going to have to be handy, know the ins and outs of buying a dud property, and also be prepared for some surprises. Great house flips take place on a small budget, in the least amount of time. The longer you have to hold on to that property, the more the costs start racking up. 14. DressmakerYou’re the family tailor, always helping out with hems and last-minute prom dress adjustments. But you also have an eye for patterns and fabrics and body shapes. There are a number of ways to make money if you’re handy with needles and thread. Your level of expertise and your interests will determine which route is best for you.
15. Book CollectingWe’re not talking book hoarding that will see you keep your precious books hidden in your secret place like Gollum and his Precious. We’re talking about having an eye for valuable books that might net you a decent resale price. Becoming a book trader allows you to spend the money to buy books, which is something a book lover cherishes. But it also allows you to get rid of your stash without that feeling of regret or unease. You know that the sales are profitable, which then funds the purchase of more books. If that doesn’t seem like the happiest cycle, then I don’t know a thing about book enthusiasts. Who knows, you might even already have a stash of books lying around that can be the first samples to make it to your online store. 16. BrewmasterBefore you pull another draft and drink away potential profit, research good bottling techniques, branding, and labeling to get your product out there. Sure, there are licenses and permits you need to consider, but if you can get that out of the way, you might just be a main supplier for your local supermarket or restaurants. Better yet, you hardly have to spend any time on it. A lot of the brewing time is simply spent waiting for the beer to carbonate and reach a satisfying, lip-smacking level of “ah!”. 17. Sell PlantsIf you’ve ever had to source plants for your house from a local nursery, you’ll know that it can quickly run into hundreds of dollars, especially if you have no base to start from. Trees and potted plants are especially pricey and if you want to do the inside and outside, you’re in for a hefty bill. However, if you’re that person that can simply stick a piece of twig in the ground and a couple of months later, there’s a thriving plant, your green thumb could make you a decent income. Sure, you’ll need a bit of space, access to good soil and sunlight, and perhaps a bit more water than you’re used to. But your property doesn’t have to be the size of a nursery for you to make money. A patio herb garden can produce a substantial amount of herbs for resale, and local farmer’s markets and restaurants are always looking for organic, locally sourced produce. Vegetable and fruit patches and fruit trees can also yield a good season. But don’t just stop there. What about cultivating your aloe, ivy, succulents, and roses into pots and then listing them on gifting sites or dropping them off at the local gift shops? There are a number of YouTube tutorials on jazzing up pots, so it’s a matter of putting 2 and 2 together, and hopefully, that will double your chances of a good profit. How to Monetize Your Existing HobbyIt’s one thing to have a hobby that’s worth generating an income, and quite another to know how to make money off it. Step 1: Treat it Like a BusinessWhen you start realizing the money-making potential of your hobby, it’s important to start treating it like a business. If you’re going to be making money off your passion, you want to know that the effort pays off. Keep a record of the costs, the time you spend, and the financial reward. While passion projects might not net much, wouldn’t it be nice if the hobby paid for itself? Making the decision to monetize your hobby should include a healthy understanding of profit vs cost. Step 2: Choose Your MarketplaceWhether you’ve decided to go the Shopify route, set up an Etsy store, or simply join local markets in your community, it’s important to know where you want to sell your goods. Once that’s out of the way, you can start working on leveraging that particular platform to the max. Step 3: Bide Your TimeIt can take a while for your hobby to start making money. It’s just like any other business, which means you need to put in money and effort before your business starts generating a turnover. You may also need to spend some money on marketing just to get it off the ground. Step 4: Have FunHobbies are more than just a way to pass the time. They also provide you with hours of fun, entertainment, and relaxation. When that is no longer the case, it’s time to re-evaluate whether the monetization part of the hobby is still worth it. If not, it’s worth checking whether you need more hands on deck, some time off, constant investments on your part, or simply a change to a new hobby. The point is to remember to have fun. Turning hobbies into moneymakersWhether you have a knack for crafting trending items or simply enjoy the relaxation aspect of your hobby, there might be money to be made. It’s not just about knowing which products will sell, but also which platforms and marketing strategies work the best for your particular talents. As long as you don’t lose the essence of the hobby.
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Do you know your earning potential?Take my earning potential quiz and get a custom report based on your unique strengths, and discover how to start making extra money — in as little as an hour. Hobbies that make money: Turning your hobbies into cash is a post from: I Will Teach You To Be Rich. Via Finance http://www.rssmix.com/via Blogger http://andrewburtonb.blogspot.com/2021/08/hobbies-that-make-money-turning-your.html August 24, 2021 at 03:34PM |