Today, I have a fun guest post from my friend Cody Berman. Cody is a digital nomad who quit his corporate job to pursue entrepreneurship full-time. He started selling digital products in 2018 and became hooked after earning $700+ in one week. He now helps other entrepreneurs and creators monetize their businesses through digital products….
Today, I have a fun guest post from my friend Cody Berman. Cody is a digital nomad who quit his corporate job to pursue entrepreneurship full-time. He started selling digital products in 2018 and became hooked after earning $700+ in one week. He now helps other entrepreneurs and creators monetize their businesses through digital products. He’s been featured here on Making Sense of Cents before and you can find that article here – How I Make Money Selling Printables On Etsy.
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I used to be a chronic side hustler. At one point I had 20+ income streams. Sounds great, right? Except it wasn’t.
I was all over the place, trying every side hustle imaginable – delivering UberEats, editing podcasts, building websites, selling discs, running affiliate campaigns, writing articles, buffing boats, you name it. But most of the time, I felt like I was stuck trading my time for money.
Do you want to make money selling printables online? This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.
Don’t get me wrong, the money was great for some of these side hustles, but if I didn’t work I didn’t get paid. At one point, I made $500 for writing a single blog article! But once the article was delivered and the invoice was paid, I had to hunt for my next gig and turn in the work to make my next dollar.
At one point, I co-founded a disc golf manufacturing business. I thought that this business was going to be my golden ticket. For those who don’t know, disc golf is similar to ball golf, except instead of hitting a ball into a hole with a club, you are throwing a plastic “disc” into a basket. Our company manufactured those discs.
We started scaling pretty quickly and within two years we were selling our products in all 50 states and 20+ countries. On paper, everything looked amazing. But behind the scenes, we constantly had product issues, shipping delays, mismanaged inventory, and everything that else could possibly go wrong with a physical product business.
I was feeling tired and burnt out and looking for something new.
Fast forward to early 2019 and my friend Julie, another side hustler, told me that she had been selling printables on Etsy. She had spent about 60 hours creating a bunch of digital products (a.k.a. printables) and had made over $5,000 so far. The words “so far” were the ones that got me hooked.
Unlike my my physical products business where each unit had to be manufactured, quality tested, packaged, and shipped, these “digital products” sounded different. By the way Julie was describing it, I could create a digital product once and keep making money from it without much additional effort. This sounded ten times better than all of the side hustles I had tried (and way more passive).
The only problem was that I didn’t really have any clue what a “printable” was… and I had never even been on Etsy. And at this point, you might be thinking the same thing.
What exactly are printables? Basically, they’re digital files that customers can download and print at home. Think cards, planners, calendars, games, gift tags – the possibilities are endless!
The best part? Once you’ve created a printable, you can sell it an unlimited number of times without ever having to worry about restocking inventory or shipping costs.
Now back to my story. Even though I didn’t really know how to create printables, or what printables to sell, or anything about graphic design for that matter, I decided to give it a shot. If Julie could do it, I could do it, right?
Wrong.
My first ~20 printables were absolutely terrible, but I listed them on Etsy anyway. You’ll never guess what happened next. I got a whopping… zero sales.
OK, maybe you did guess that.
Between my zero graphic design skills, lack of product research, and unfamiliarity with the Etsy platform, I definitely wasn’t setting any sales records.
But after some trial and error – well, a lot of trial and error – I managed to come up with some pretty decent-looking printables. I focused on creating seasonal products, a strategy I often recommend to beginners. And let me tell you, it paid off big time.
In December and January, I created dozens of Valentine’s Day printables since I had heard that it was one of the biggest holidays on Etsy. Some of my designs included Valentine’s cards, love coupons, editable love notes, custom photo cards, and more.
And finally, after months of crickets, it seemed like the algorithm was working in my favor, with tons of people searching for Valentine’s gifts and cards for their loved ones. The real excitement started on February 9th, just five days before the big holiday.
I remember that week vividly because while all this was happening, I was actually skiing in Lake Tahoe. And on February 9th, when I checked my phone in the ski lodge at lunch, I had made over $100… that day.
The entire week continued to be extremely profitable and I ended the week with $718 in sales from just a handful of products that took me a couple of hours to create. It was the first time I experienced true passive income. The only part that wasn’t passive was answering the occasional customer question, which took less than five minutes per day from my phone.
That experience was a game-changer for me. It was the moment I realized the true potential of selling digital products on Etsy. And I owe a big thank you to Julie, who introduced me to this side hustle and helped me see that I could create products that continued to make money long after I’d created them.
Let me be clear – building a successful Etsy shop isn’t a get-rich-quick scheme. There’s work involved in getting your shop up and running, from creating high-quality designs to optimizing your listings and promoting your products. But trust me when I say that the effort is worth it.
Once your Etsy shop is up and running, it can become a passive income machine. Your printables can sell for years and years after you list them. That next Valentine’s Day, I was in Aruba for a wedding event, and the same exact designs that earned me $718 in Lake Tahoe, earned me hundreds again that next year.
These Valentine’s Day printables have been sitting in my Etsy shop for years at this point, and they continue to make sales every single year. Compared to selling physical products, delivering UberEats on a bike, editing podcasts, or writing blog posts, this side hustle is so much more passive.
If you want to learn more, I recommend signing up for the Free Training Workshop: Earn Money Selling Printables. This free workshop will teach you how to get started selling printables. You will learn different ideas for printables to sell, how to get started on Etsy, and how to actually make sales.
Are you interested in selling printables online? What questions do you have?
Do you want to make money selling printables online? This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.
Recommended reading: Gold City Ventures Review: E-Printables Course Review
Hey, I’ve just been featured on CNBC and I want to say hello to all of my new readers. You can read the CNBC article here – 34-year-old mom dropped $50,000 to cruise the world with her family: ‘It was some of the best money I ever spent’ If you are a new visitor –…
Hey,
I’ve just been featured on CNBC and I want to say hello to all of my new readers.
You can read the CNBC article here – 34-year-old mom dropped $50,000 to cruise the world with her family: ‘It was some of the best money I ever spent’
If you are a new visitor – welcome to Making Sense of Cents!
I have received many emails about how I was able to afford this trip. I have a free How To Start A Blog course that you can sign up for here. I also talk about this below and how I’ve been able to earn over $5,000,000 blogging over the years.
If you want to read more about my world cruise trip, I recommend reading Around-The-World Cruise With A Kid (25+ Countries In 4 Months!).
Here are some blog posts that you may find helpful and enjoy:
If you have any questions, please leave a comment below or send me an email.
Thanks for stopping by.
-Michelle Schroeder-Gardner
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In addition to reading the CNBC article linked above, I also want to talk about how I grew a blog that has earned me over $5,000,000. I know I will get a lot of questions, so I figured it’s best to lay it all out right here 🙂
What started as just a hobby turned into one of the most life-changing things I’ve ever done – that’s starting my blog, and learning how to make money with it.
Since learning how to monetize a blog over 10 years ago, I have now earned over $5,000,000 from my site. This is still hard for me to believe, and I’m the one who’s lived it!
In the beginning, all I was doing was tracking my own personal finance progress as I finished school and started paying off my student loans. Blogging was a very new concept to me at the time – I heard about it from a magazine – and people were just learning how to monetize blogs back in 2011.
Most bloggers started back then with display ads and sponsored posts, but the options have only increased.
Because of all of the new ways to make money blogging, like affiliate income and selling your own products, you can make somewhat passive income as a blogger.
Passive income is my favorite way to make money because it makes blogging even more flexible and something I can do as I work from home, travel, and work whenever I want.
Blogging has changed my life for the better, and I’m now earning thousands of dollars a month doing something I love.
Learning how to monetize a blog takes work and time, but it’s 100% possible to do. I started earning money after just six months of blogging, and I didn’t even set out to make money when I created Making Sense of Cents. Just think of the potential if you start out knowing that making money blogging is possible!
Starting my blog is one of the best things I’ve ever done for my work, personal, and financial life. And, I urge anyone who is interested to start a blog and learn how to monetize it.
How I earned my first income from blogging
Many of my readers have heard this story, but I love sharing it because I started out like many of you, except I had no idea that blogs could make money. When I started Making Sense in August of 2011, I simply wanted a way to keep track of my financial progress and meet others who had similar goals.
As I started getting to know other bloggers in the community, a blogger friend of mine connected me with an advertiser who was willing to pay me $100 for an advertisement.
I couldn’t believe someone would pay me $100 to advertise on my site!
While it wasn’t a lot of money, especially considering the amount of time and work I put towards my blog in those 6 months, it was very motivating to see that something I loved doing could actually make money.
After that first $100, I started doing a lot of research on how to monetize a blog, and my blogging income quickly grew from there.
One year after I started my blog, I was earning around $1,000 a month, and I was making around $10,000 monthly two years after I started Making Sense of Cents.
My income only continued to grow, and I am still earning a healthy income from this website today.
How To Start A Blog FREE Course
If you want to learn how to monetize a blog and you haven’t started your blog, then I recommend starting with my free blogging course How To Start A Blog FREE Course.
Here’s a quick outline of what you will learn in this free course:
Day 1: Reasons you should start a blog
Day 2: How to determine what to blog about
Day 3: How to create your blog – in this lesson, you will learn how to start a blog on WordPress, and my tutorial makes it very easy to start a blog
Day 4: How to monetize a blog – this is where you learn about the many different ways to make money blogging!
Day 5: My tips for earning passive income from your blog
Day 6: How to grow your traffic and followers
Day 7: Miscellaneous blogging tips that will help you be successful
This is delivered directly to your email inbox, and you will learn how to grow a blog from scratch.
Start with a plan for your blog
Sure, you can start on a whim, and that’s kind of what I did, haha.
But, I do think that creating a plan is a good idea if you want to learn how to monetize a blog. This can help you get an organized start, identify your blog’s niche, decide on your blogging goals, find opportunities for blogging income, and more.
It wasn’t until 2015 that I finally created a blogging plan (that’s 4 years after I started!), and my blog income grew significantly after that.
I credit that growth to creating a plan!
Having a plan would have been a huge help in the beginning, and I wish I would have started with one. I probably missed some income opportunities because I had no real plan or direction in the first couple of years.
Since creating a blogging plan, I became more focused on goals and motivated toward improving and building Making Sense of Cents.
Here are some questions that you may want to ask yourself when creating a plan for your blog:
What will you write about on your blog?
How do you want to make money with your blog?
What will you do to reach readers on your blog?
What are your goals for your blog?
Thinking about, researching, and answering these questions will help guide you on your journey and help you decide what to do next.
Write high-quality and engaging blog posts
Your blog’s content is extremely important. This will be what attracts your readers, has them coming back for more, earns you blogging income, and more.
Now, you don’t need to be an expert or need a degree to start talking about a subject, but you do need to be knowledgeable or interested in what you are talking about. And, always be truthful! This will show in your writing and actually help your readers.
To write high-quality content on your blog, here are some tips:
Figure out exactly what it is that you’d like to write about and why you think the content is important. Being passionate about a subject will give you the motivation to write content that people want to read. Just think about it: If you don’t enjoy writing your content, then why should you expect someone else to want to read it?
Ask your audience what they want you to write about. Many of my best ideas come from expanding on reader questions.
Research your blog topics by reading news articles, going to a library, searching for statistics and interesting facts, and more.
If your blog posts are more personal in nature, then dig deep and share your thoughts, and be personable in your writing – your readers want to hear your story!
Write long, helpful content. Sure, some great content may only be a few hundred words, but to be as helpful as possible, long content is usually the best. My content is usually over 2,000 words, and this article is around 5,000. Now, you don’t want to just write a lot of fluff content in order to get more words in – you want to actually be helpful!
Reread your content. I used to read my content 10 times or more before I would publish it. Now, I have an editor who makes sure I’m always publishing high-quality content.
Network, network, network
If you want to learn how to monetize a blog, then networking can be extremely helpful.
Networking can mean:
Making friends with other bloggers
Attending blogging conferences
Sharing content that other bloggers have written
Following other bloggers in your niche on social media
Signing up for other bloggers’ newsletters
Joining blogging groups on Facebook
Some bloggers don’t do any of these things and purely see other bloggers as competition. I don’t believe this is the correct way to approach blogging because you will hold yourself back immensely!
Networking is important because it can help you enjoy blogging (friends are nice to have, right?!), teach you new ideas (such as how to make money blogging or how to grow a blog), make valuable connections, and more.
Keep in mind that networking is even how I earned my very first $100 blogging. My blogging friend connected me with an advertiser, which helped changed my blogging journey.
I have learned a lot about blogging from the blogging community, and the people I’ve connected with have been a tremendous support as I’ve grown my blog.
Be prepared to put in a lot of hard work
Starting a blog is relatively easy. But, growing and learning how to monetize a blog takes a lot of work.
You’ll have to:
Start a blog, design it, create social media accounts, and more
Write high-quality blog posts
Attract an audience of readers
Monetize your blog
Continue learning about blogging
And more
Even when I was just a new blogger and had no plans of making money blogging, I was still spending well over 10 hours a week on Making Sense of Cents.
When I was working my full-time day job and earning an income from my blog, I was working around 40-50 hours a week on my blog on top of my day job!
Now that I blog full-time, my hours vary. Some months I hardly work, and there are other months that I may work 100 hours a week.
It’s not easy, and there’s always something that needs to be done.
But, I absolutely love blogging, which makes the hard work a little less tough.
How to monetize a blog: 4 different ways
There are many different ways you can monetize your blog, including:
Affiliate marketing
Advertisements and sponsorships
Display advertising
Create your own product, such as an ebook, course, physical or online products, and more
You could choose to monetize your blog using all of these methods, or even just one. It’s just a personal decision.
For me, I like to be diversified and monetize in many ways, so I do them all.
Below, I am going to dive a little deeper into each way to make money blogging.
1. Affiliate marketing
Affiliate marketing can be a great way to make money blogging because if there is a product or company that you enjoy, all you have to do is review the product and share a unique affiliate link where your readers can sign up or make a purchase.
In fact, this is my favorite way to monetize a blog. I enjoy it because it can be quite passive – I can create just one blog post and potentially earn an income from it years later. This is because even though a blog post may be older, I am still constantly driving traffic to it and readers are still purchasing through my affiliate links.
Affiliate marketing is a blog monetization method where you share a link to a product or company with your readers in an attempt to make an income from followers purchasing the product through your link.
Here are some quick tips so that you can make affiliate income on your blog:
Use the Pretty Link plugin tocleanupmessy-lookingaffiliatelinks. I use this for nearly all of my affiliate links because something like “makingsenseofcents.com/bluehost” looks much better than the long, crazy-looking links that affiliate programs usually give you.
Provide real reviews. You should always be honest with your reviews. If there is something you don’t like about a product, either don’t review the product at all or mention the negatives in your review.
Ask for a commission increase. If you are doing well with a particular affiliate program, ask to increase your commissions.
Build a relationship with your affiliate manager. Your affiliate manager can supply your readers with valuable coupons, commission increases, bonuses, and more.
Write tutorials. Readers want to know how they can use a product. Showing them how to use it, how it can benefit them, and more are all very helpful.
Don’t go overboard. There is no need to include an affiliate link 1,000 times in a blog post. Include them at the beginning, middle, and end, and readers will notice it. Perhaps bold it or find another way for it to stand out as well.
You can learn more about affiliate marketing strategies in my course Making Sense of Affiliate Marketing.
2. Advertisements and sponsorships
Advertising on a blog is one of the first ways that bloggers learn how to monetize a blog. In fact, it’s exactly how I started!
This form of blogging income is when you directly partner with a company and advertise for them on your website or social media accounts.
You may be writing a review for them, a tutorial, talking about their product or company, taking pictures, and so on.
If you want to learn how to increase your advertising-income, I recommend taking my Making Sense of Sponsored Posts course.
3. Display advertising
Display advertising is one of the easiest ways to make money blogging, but it most likely won’t earn you the most, especially in the beginning.
I’m sure you’ve seen display ads before. They may be on the sidebar, at the top of a post, within a blog post, and so on.
The ads are automatically added when you join an advertising network, and you do not need to manually add these ads to your blog.
Your display advertising income increases or decreases almost entirely based on your page views, and once you place the advertisement, there’s no direct work to be done.
If you want to learn how to monetize a blog through display advertising, then some popular networks include Adsense, MediaVine, and AdThrive.
Personally, I use AdThrive for my display advertising network. I don’t have many display advertisements on my blog, but it is easy income.
4. Sell your own products
Another popular way to monetize a blog is to create a sell your own products.
This could be an online product, something that you ship, and so on, such as:
An online course
A coaching program
An eBook
Printables
Memberships
Clothing, candles, artwork, hard copy books, and anything else you can think of
And the list goes on and on. I have seen bloggers be very successful in selling all kinds of things on their blogs.
What’s great about selling your own product is that you are in complete control of what you are selling, and your income is virtually unlimited in many cases.
I launched my first product about 5 years after I created Making Sense of Cents, which was a blogging course called Making Sense of Affiliate Marketing. I regret not creating something sooner because this has been an excellent source of income and has helped many people along the way.
Have an email list
If you really want to learn how to monetize a blog, I recommend that you start an email list from the very beginning.
I waited several years to start my email list, and that was a huge mistake!
Here’s why you need an email list right away:
Your newsletter is YOURS. Unlike social media sites, your newsletter and email subscribers are all yours, and you have their undivided attention. You don’t have to worry about algorithms not displaying your content to readers, and this is because they are your email subscribers. You aren’t fighting with anyone else to have them see your content.
The money is in your email list. I believe that email newsletters are the best way to promote an affiliate product. Your email subscribers signed up to hear what YOU have to write about, so you clearly have their full attention. Your email list, over any other promotional strategy, will almost always lead to more income and sales.
Your email subscribers are loyal to you. If someone is allowing you to show up in their inbox whenever you want, then they probably trust what you have to say and enjoy listening to you. This is a great way to grow an audience and a loyal one at that.
Email is a great way to deliver other forms of content. With Convertkit, I am able to easily create free email courses that are automatically sent to my subscribers. Once a reader signs up, Convertkit sends out all the information they need in whatever time frame I choose to deliver the content.
Attract readers
As a new blogger, you’ll want to find ways to attract a readership to your blog and your article.
No, you don’t need millions and millions of page views to earn a good living from blogging. In fact, I know some bloggers who receive 1,000,000 page views yet make less money than those with 100,000 monthly page views.
Every website is different, but once you learn what your audience wants, you can start to really make money blogging, regardless of how many page views you receive.
Having a successful blog is all about having a loyal audience and helping them with your content.
Even with all of that being said, if you want to learn how to monetize a blog, learning how to improve your traffic is valuable. The more loyal and engaged followers you have, the more money you may be able to make through your blog.
There are many ways to grow your readership, such as:
Write high-quality articles. Your blog posts should always be high-quality and helpful, and it means readers will want to come back for more.
Find social media sites to be active on. There are many social media platforms you can be active on, such as Pinterest, Facebook, Twitter, Instagram, TikTok, Youtube, and others.
Regularly share new posts. For most blogs, you should publish content at least once a week. Readers may forget about you if you go for weeks or months at a time without a blog post.
Guest post. Guest posting is a great way to reach a new audience, as it can bring new readers to your blog who will potentially subscribe to it.
Make sure it’s easy to share your content. I love sharing posts on social media. However, it gets frustrating when some blogs make it more difficult than it needs to be. You should always make sure it’s easy for readers to share your content, which means your social media icons should be easy to find, all of the info input and ready for sharing (title, link, and your username tagged), and so on. Also, you should make sure that when someone clicks on one of your sharing icons the title isn’t in CAPS (I’ve seen this too many times!).
Write better titles. The title of your post can either bring readers to you or deter them from clicking over. A great free tool to write better headlines is CoSchedule’s Headline tool.
Apply SEO strategies. SEO (search engine optimization) is not something I can teach in this small section, but I go over it below in another section.
Have a clean and user-friendly blog design. If you want more page views, you should make it as easy as possible for readers to navigate your blog. It should be easy for readers to find your blog homepage, search bar, blog posts, and so on.
Now, I also want to talk about helpful resources, courses, and more that can help you to learn how to grow your page views on your blog.
Below are some of my favorite blogging resources to help you improve your traffic:
Grow through SEO
SEO (search engine optimization) is how you get organic search traffic to your blog.
When you search a phrase on Google, you’ll see a bunch of different websites as the results. This is the result of these websites applying SEO strategies to their blog.
This is a great way for readers to find your blog, and SEO is important to pay attention to as you learn how to monetize a blog!
Below are some of my favorite SEO resources:
Stupid Simple SEO: This is my favorite overall SEO course, and one of the most popular for bloggers. I highly recommend taking it. I have gone through the whole course, and I constantly refer back to it.
Easy On-Page SEO: This is an easy-to-follow approach to learning on-page SEO so your articles can rank on Google. I have read this ebook twice, and it is super helpful.
Easy Backlinks for SEO: This ebook will show you 31 different ways to build backlinks, which are needed for SEO.
How To Get 50,000 Pageviews per Month With Keyword Research: This ebook shares the steps for keyword research so that you can get SEO traffic to your website.
Common questions about how to monetize a blog
Below, I’m going to answer some questions I’ve received about how to start a blog such as:
How many views do you need to monetize a blog?
How do beginner bloggers make money?
Why do bloggers fail?
How many posts should I have before I launch my blog?
How many times a week should I post on my blog?
How many views do you need to monetize a blog?
The amount of page views needed to make money blogging varies, and there is no magic number that you should be aiming for.
This is because it depends on so many factors, such as how you will monetize your blog, your niche, the number of email subscribers you have, the quality of your website, and more.
You may see success with 10,000 page views a month, or you may see success with over 100,000 page views a month. It simply depends on the factors above.
How do beginner bloggers make money?
Beginner bloggers can make money in many different ways, such as display advertising, affiliate marketing, creating their own products, and sponsorships.
You can start any of these right from the very beginning.
Display advertising is usually the easiest way to begin monetizing a blog, but the payoff is not very high, especially in the beginning when your page views are not high.
How many posts should I have before I launch my blog?
I recommend just launching your blog as soon as you have one blog post and a design. Building a huge backlog of blog posts isn’t usually needed, and it can prevent you from ever getting started!
How many times a week should I post on my blog?
The more blog posts you have, then the more traffic you may get. That’s because it’s more opportunities to show up in Google searches or share your posts on social media.
I recommend publishing a new blog post at least once a week. Anything less isn’t advised.
Publishing blog posts consistently is smart because readers know to expect regular content from you.
Why do bloggers fail?
Bloggers fail for many different reasons. These reasons may include:
Giving up too soon. It takes time to make money blogging, and sadly, many people give up just a few months into starting a blog.
Not publishing consistently. I recommend publishing content at least once a week, as described in the previous section. Some new bloggers may go months without publishing, and this will take them much longer to make money blogging as they are simply not dedicating enough time to their blog.
Not spending enough time learning about blogging. Blogging is not as easy as you may think. There is a lot to learn in order to make it work. You may need to learn about how to grow your blog’s traffic, how to monetize a blog, how to write high-quality content, and more.
Not having your own domain and self-hosting. If you want to make money blogging, I highly recommend owning your domain name and being self-hosted. The longer you put this easy step off, the longer it will most likely take for you to make money blogging. You can learn more at How To Start a WordPress Blog.
And much more. Blogging is like any business – there are things to learn, things to improve on, and more.
How do I start a blog?
If you have any other questions related to starting a blog, I recommend checking out What Is A Blog, How Do Blogs Make Money, & More. In this article, I answer more questions related to blogging such as:
How do I come up with a blog name?
What blogs make the most money?
How do you design a blog?
How many views do you need to make money blogging?
How many blog posts should I have before launching?
Want to learn how to make $1,000 in 24 hours? While it’s not as easy as making $100 in a day, you do have some options. Some may allow you to make $1,000 right away, and others may mean that you have to build up to reach this level. Perhaps you’re looking for extra money…
Want to learn how to make $1,000 in 24 hours?
While it’s not as easy as making $100 in a day, you do have some options.
Some may allow you to make $1,000 right away, and others may mean that you have to build up to reach this level.
Perhaps you’re looking for extra money to pay for an unexpected bill that popped up (like a car repair or medical bill!), or maybe you’re just looking to increase your income by having a $1,000-a-day income goal.
Key Takeaways
The fastest way to make $1,000 quickly is to sell stuff from around your home, like electronics, jewelry, or nice furniture.
Freelance jobs like consulting and writing can pay a high income.
Jobs in the gig economy, like driving or delivering, can make you money right away, and you can stack them with others to increase your daily earnings.
$1,000 a day in passive income is possible through starting an e-commerce business, a blog, and selling digital products (like a course or printable).
Best Ways To Make $1,000 In 24 Hours
Here are the best ways to make $1,000 in 24 hours.
1. Sell stuff online and near you
If you want to learn how to make $1,000 by tomorrow, then the fastest option is usually to find items in your home that you already own to sell.
This is because you already have stuff in your home (the average household has over 300,000 items!!) – so you may be able to sell something to make quick cash.
So, these would either have to be a lot of items or more expensive items. For example, you could sell clothing or gift cards, something big like a piece of furniture, electronics (maybe a gaming system or computer?), or a piece of jewelry.
Here are places where you can sell your stuff:
eBay: This site is great for unique or collectible items.
Amazon: Good for books, electronics, and almost everything. Here’s a helpful article to learn more – How To Work From Home Selling On Amazon FBA
Craigslist: The site has a wide range of categories for selling in your local area.
Facebook Marketplace: Connects you with local buyers.
Pawn shops: Quick cash for things like jewelry.
Flea markets: Rent a booth for the day and sell homemade items.
Garage sales: Set up a sale in your yard.
Poshmark: Easy online marketplace to sell clothing online.
To sell your stuff for the most money, make sure you take clear pictures, write honest descriptions (is there a tear or a stain?), price items competitively, and clean your items to make them more appealing.
And, always remember to stay safe by meeting in public spaces and avoid sharing personal information. With some effort and strategic selling, you can reach your $1,000 goal.
2. Start a blog
Starting a blog is not a quick way to make money, but it can be a stepping stone to making $1,000 in a day.
Plus, it’s my favorite way to make money online. In fact, I earn over $1,000 a day with this blog. So, I know that it is possible (don’t assume that means it is easy – it is not easy, trust me!).
Here are some steps to get started with a blog:
Set up your blog:
You’ll want to start by choosing a topic to write about, such as finance, family, travel, food, etc.
Purchase a domain name (this is basically the name of your blog).
Select a hosting service and install WordPress (you can find my tutorial for this here).
Write blog posts:
Write helpful and fun blog posts.
Publish a blog post at least once a week.
Monetize your blog:
Affiliate Marketing: Include affiliate links in your posts.
Sponsored Posts: Partner with brands for sponsored content.
Ad Revenue: Sign up for Google AdSense, Mediavine, Adthrive, or another display advertising company.
Drive traffic:
Promote your content on social media.
Engage in community related to your niche.
Guest post on other blogs to find new readers.
I recommend taking my How To Start A Blog FREE Course. In this free course, I show you how to create a blog, from the technical side to earning your first income and attracting readers.
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Want to see how I built a $5,000,000 blog?
In this free course, I show you how to create a blog, from the technical side to earning your first income and attracting readers.
3. Freelance writing
Freelance writing can be a great way to make money quickly.
I have been a freelance writer for years, and I also know of many other freelance writers who are able to earn $1,000 in a day. For a freelancer who writes high-quality articles, a $1,000 day is simply a normal day for them.
Sites like Upwork, Fiverr, and Freelancer have plenty of writing opportunities across many different industries. If you can write quality, original content quickly, it’s possible to reach your goal of $1,000 by taking on multiple writing assignments.
You could also try cold pitching, which is where you find businesses that could benefit from your writing services and send them an email about how you can help them achieve their goals with your writing.
To make $1,000 in a day as a freelance writer, you may want to focus on your existing network as well, if you have one. So, this means that you may want to reach out to former clients or colleagues who might need your writing services.
4. Real estate investing
Although real estate investing requires up-front cost and time, you may be able to build up to earning $1,000 a day.
$1,000 a day is $365,000 a year, which some real estate investors are able to earn through methods such as:
Renting out a home on Airbnb
Flipping properties for income
Investing in REITs
And more.
Recommended reading: How This 34 Year Old Owns 7 Rental Homes
5. Affiliate marketing
Affiliate marketing is my favorite way to earn money, and it helps me to earn $1,000+ a day here on this blog.
With affiliate marketing, you are promoting products or services on your website, email list, or social media account. If you get someone to sign up or purchase through your referral link, you then earn a commission.
Most products that you can think of have an affiliate program too, so there are plenty of things you can share.
Think about sharing books from Amazon on your blog, for example. You share a link to a specific book and tell your readers to buy it through your special link. Companies like Amazon like affiliates who bring in good traffic because it helps them make more sales.
Here’s a helpful article where you can learn more: What You Need To Know About Affiliate Marketing For Beginners + How 17 Bloggers Earned Their First Affiliate Income
6. Making money on YouTube
Creating a successful YouTube channel can lead to you making an income. While it’s unlikely to make $1,000 within 24 hours from right now, you may be able to get up to that amount by building a following on YouTube by consistently producing high-quality videos.
I know several YouTubers who are able to make $1,000 each day through their YouTube channel.
Here’s a breakdown of some different ways to make money with a YouTube channel:
Ad revenue – Once part of the YouTube Partner Program, you can earn money through ad views on your videos. You’ll need at least 1,000 subscribers and 4,000 watch hours in the past year to join.
Channel memberships – Your fans pay a monthly fee for special perks like exclusive badges, emojis, and access to members-only content.
Super Chats and Super Stickers – During live streams, viewers can purchase Super Chats and Super Stickers to highlight their messages. This is a direct way to earn as you interact with your audience.
Affiliate marketing – Promote products within your videos and include affiliate links in the video description. You’ll earn a commission for every sale made through your links.
Sponsorships – Companies can pay you to create content that features their products, especially if your content aligns with their brand, and you have an engaged audience.
7. Drive with Uber or Lyft
Driving for a rideshare service such as Uber or Lyft can make you money, but it might be difficult to make $1,000 in one day. It can help you to reach a $1,000-in-24-hours goal, though, by stacking it with other side hustle opportunities.
Also, there are things you can do like focusing on high-demand areas and driving during peak hours to increase the amount of money that you can earn.
I know of several people who only drive for these gig apps when they know that they are able to make the most amount of money. This is because you may be able to earn hundreds of dollars extra each day or week by timing when you drive.
Here’s a strategy to boost earnings:
Drive during peak hours – Surge pricing during busy hours means higher rates.
Look for driving bonuses – Look out for streak bonuses and other incentives. Uber or Lyft will list these in the app.
Manage your car expenses – Keep track of your gas, maintenance, and other costs to maximize profits.
Peak Times
Potential Earnings Boost
Rush Hour (AM/PM)
Increased Surge Pricing
Weekend Nights In Nightlife Areas
High Demand, More Rides
Events (concerts, sports games, etc.)
Surge Pricing, Bonuses
To reach your goal, you should know about your city’s traffic and when people need services. Getting $1,000 in a day is tough, but with a good plan, hard work, and a bit of luck, it’s something you may be able to work toward.
Other gigs related to this include driving for Instacart, Doordash, Uber Eats, and other food delivery services to earn cash. They won’t earn you $1,000 in a day, but they can be another way to make money.
8. Sell printables on Etsy
Designing and selling printables on Etsy, such as planner pages or art prints, is a creative way to make passive income. While reaching your goal of $1,000 quickly might be a challenge, growing your Etsy store can lead to long-term earnings.
I know of several successful printables sellers, and it is something that I would like to start one day as well. This is an area that I think will just continue to grow. Printables are very popular these days, and more and more people use them all the time. I personally buy printables all the time, and I find them very easy to use and helpful.
Printables are digital items that you can download and print at home, such as grocery shopping checklists, budget planners, wedding invitations, wall art, and more.
I recommend signing up for the Free Workshop: How To Earn Money Selling Printables. This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.
Recommended reading: How I Make Money Selling Printables On Etsy
Do you want to make money selling printables online? This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.
9. Sell your engagement ring
Selling jewelry, such as an engagement ring, can lead to you making money fast for when you need money right away.
If you really need the money and don’t mind parting with your engagement ring, then this may be an option for you to look into.
The value of your ring will depend on several factors, including the 4 Cs — cut, color, clarity, and carat weight — of the diamond, as well as the metal type and current market conditions.
One company I recommend looking into is Worthy.
Worthy sells wedding rings, loose diamonds, earrings, necklaces, bracelets, and luxury watches. They take care of everything, including appraisals and getting payment from the buyer.
You send your jewelry to them using a label they give you, and it’s insured. They put your item up for auction, and professional jewelry buyers can bid on it (you can set a minimum price). After the auction, you get the sale amount minus Worthy’s fee.
It usually takes around 2 weeks for the whole process, from sending the ring to getting paid.
Pawn shops and local jewelers are faster, but they might not give you the best prices. Selling online can make more money, but it takes longer with the auction process.
Recommended reading: How To Sell An Engagement Ring For The Most Money
10. Look for Craigslist gigs that pay
If you’re aiming to make $1,000 in a short span of time, you may be able to find quick jobs on Craigslist. Most of these will be one-time jobs, but there may also be full-time or part-time jobs.
To find Craigslist gigs in your town, just go to Craigslist and look for the “gigs” section.
Here are some jobs I found through a quick search:
Help loading and unloading a moving truck
Help with painting a home
Pet sitting and dog walking
Taking online surveys
Delivery driver
Data entry
Turning photographs into digital copies
Transport and install a microwave
House cleaner
Related reading: How I Earned $655 From Random Craigslist Jobs In One Month
11. Rent out your unused storage space
If you have extra space at home, you can rent it out to people in your area for storage. This could be a garage, driveway, closet, basement, or even an attic.
While reaching $1,000 in a single day would definitely be a stretch, renting out your space could give you a long-term income that you stack with other jobs on this list to make $1,000 a day.
You can use a website called Neighbor to list any extra space you have for rent, and you could make up to $15,000 per year.
You can also learn more about Neighbor at Neighbor Review: Make Money Renting Your Storage Space.
12. Consulting
If you’re really good at something, like business or marketing, selling consulting services can make you a good amount of money. You can charge more because of your expertise, and it’s doable to reach your $1,000 goal by taking on a few well-paying consultations.
I know several consultants who are able to make a very high income, in fact.
Companies hire consultants to get outside knowledge, a fresh viewpoint, and handle specific issues better.
Here’s how to start selling consulting services:
Identify Your Expertise – What are you good at? It could be marketing, finance, management, technology, or any other area where people seek expert advice.
Set Your Rate – Determine an hourly rate that reflects the value of your consultation. As a point of reference, if you charge $250 per hour, you would need to book four hours of consulting to meet your goal.
Network – Reach out to your professional network and let them know about your consulting service. Recommendations can go a long way.
13. Ask for a raise or for more hours
Talking to your boss about a raise might not get you $1,000 in a day, but negotiating a higher salary can be a good long-term strategy to make more money each year.
When approaching your employer about a raise, preparation is key.
Demonstrate your value – Before the meeting, compile a list of your accomplishments, contributions, and any additional responsibilities you’ve taken on.
Research market rates – Know the industry standards for your position and experience level to set a realistic raise request.
Time your ask – Ideally, schedule this conversation after a significant achievement or during a performance review.
Another way to increase your income at the job you already have is by working overtime. If you are paid hourly, you can see if your employer needs you to work any extra.
14. Sell an online course
If you know a lot about something, you can make and sell an online course. Websites like Teachable and Udemy let you create, host, and sell your course. While you might not make $1,000 right away, getting students over time can bring in a good amount of money.
I have an online course that I sell, Making Sense of Affiliate Marketing. I have also taken many online courses, such as on helping my toddler get better sleep, speech therapy for parents, business courses, blogging courses, and so much more.
And, these are all created and run by people like you and me.
There are many other things you can teach in an online course, such as:
Painting
Music lessons
Fitness and exercise
Time management tips
Parenting
Languages
Computer programming
Personal finance
Traveling
Photography and photo editing
Plants and gardening
Baking and cooking
Arts and crafts
Dropshipping
And so much more!
How Can I Get A $1000 Loan Within 24 Hours?
So, after reading the above, maybe you realize that you need $1,000 quickly and the above won’t work out for you fast enough. If that’s the case, then a loan may be another option to look into.
If you need a $1000 loan in 24 hours, first look at your options. Check if you can use your own things for quick cash. If not, check out personal loans and other ways to borrow money, but be aware that quick loans like these typically have very high interest rates that can be hard to pay off.
1. Assess your credit score: Your credit score plays an important role in your interest rate and terms of a personal loan. Generally, a higher score increases your chances of getting approved for loans with lower interest rates.
2. Explore online lenders: Some online lenders offer loans within a day, so you can get a $1000 loan in 24 hours. Fill out an easy application and compare the terms and payment choices from different lenders to pick the best one for what you need.
3. Look for short-term loans: If time is really important, you may be thinking about short-term loans like payday loans or title loans. They usually get approved faster, but keep in mind, these loans almost always have high interest rates and shorter times to pay back, so please be as careful as you can. You don’t want to go into some crazy debt that you will never be able to pay off.
Frequently Asked Questions About How To Make $1,000 In 24 Hours
Below are answers to common questions about how to make $1,000 in 24 hours.
How can I make a quick $1,000?
To make $1000 quickly, you can start by thinking about selling things you don’t need. Everyone has stuff in their home that they aren’t using – start with those items!
What are the fastest ways to earn $1,000 online?
Some of the fastest ways to earn $1,000 online include:
Freelancing with your skills, such as writing, designing, or coding
Affiliate marketing through your personal blog or social media channels
Creating and selling digital products, like ebooks, graphics, or courses
This really depends on what your definition of fast is. Some of the above income streams will take longer than others, of course.
Which passive income streams can pay $1,000 quickly?
While passive income streams typically take time to build, there are some options that can make $1000 quickly, such as with:
Rental properties, if you own an empty space or have a spare room in your home that you can rent out
Dividend-paying stocks, though you’ll need a very large amount of money invested to make that kind of money in a single day
Online courses or subscription-based services
The initial setup might take time and effort, but the long-term rewards could be worth it. Learning how to make $1,000 a day in passive income is possible, but it would require a lot of up-front legwork to get you there.
Recommended reading: 18 Passive Income Ideas To Earn $1,000+ Each Month
Which freelance jobs can generate $1,000 within a day?
Earning $1000 within a day of freelancing is ambitious, but it’s possible through high-paying gigs and opportunities like:
High-ticket sales or consulting services, where you share valuable advice and expertise
Technical jobs, like IT consulting or software development, if you have in-demand skills
Creative projects with tight deadlines, such as writing marketing copy for advertisements, web design, and graphic design
Learning how to make $1000 in 24 hours online through freelancing is possible, but it will take you some time to get to this point.
How To Make $1,000 In 24 Hours – Summary
I hope you enjoyed this article on how to make $1,000 in 24 hours.
While some may earn you $1,000 in the next 24 hours (such as selling an expensive item that you already own – like jewelry or a gaming system), others may take you time to earn $1,000 in a 24-hour time period.
Some on this list may be a full-time job, and others may be part-time or even one-time odd jobs (such as on Craigslist).
Getting $1,000 in a day might seem hard, but with the right plans and effort, it is doable. Whether you have a surprise expense that you need to pay for, want to boost your savings, or simply just want to start making more money, making money at this level is possible.
Have you ever needed $1,000 fast? What have you done to make $1,000 quickly in the past?
A recent Forbes article reported that the average American has $65,100 in their savings account, but averages are skewed by outliers. A better representation of how much money Americans have in their savings account is the midpoint value, also known as the median. The median savings amount for American households is only $5,300.
Setting financial goals is one of the best ways to improve your financial health and have a secure financial future. If you’re closer to the median savings amount or have far less in your savings account, it may be time to start setting financial goals.
We’re here to provide you with a five-step plan to set financial goals that can help you increase your savings, plan for your retirement, and provide you with some extra funds to treat yourself.
Key takeaways:
Financial goals are personal and professional goals designed to improve your financial well-being.
Financial goals can be short-term, medium-term, or long-term goals.
Financial goals can help you build wealth, but it’s also important to set aside money to treat yourself every now and then.
What Are Financial Goals?
Financial goals can vary depending on who you ask, but essentially, they’re personal and professional goals you set to improve your financial well-being. Good financial goals will allow you to work toward a life with less stress about your finances. These goals also allow you to spend money on the things you enjoy without feeling guilty.
5 Steps for Creating Financial Goals
Getting your financial goals in order can seem overwhelming, which is why it’s a good idea to map it out and have some structure. Below, we provide five steps to help you design financial goals that work for you. These steps allow you to focus on what matters most while also keeping you motivated to stay on the right track.
1. Discover What Inspires Your Financial Goals
Financial goals can take some time, so it’s helpful to find something that will help keep you motivated throughout the process. To start, make a list of what you want to achieve and details for why these items are important to you. For example, you may include:
“I want to save enough money to have my dream wedding.”
“I want to build an emergency fund to afford to pay my bills should I lose my job.”
“I want to start a retirement fund so I can enjoy my retirement by finally traveling the world.”
“I want to pay off all of my debt so I can experience less stress and spend without feeling guilty.”
Reminding yourself of your goals and what inspires you are actions that psychologists recommend while pursuing what matters most to you. While vision boards may seem like pseudoscience, Tchiki Davis, Ph.D., explains, “Initial research suggests [vision boards] can help us more easily reach our goals. This may be due to how vision boards help us gain self-awareness and self-reflect on what is important to us.”
2. Make a Plan for Your Situation
The second step is to make a plan that’s specific to you because everyone’s financial situation is different. Take a look at where you currently are with finances to start making a plan. This will allow you to create a plan that will allow you to reach your short-term financial goals and ones that may take a little longer.
The following are some financial goal examples, along with an idea of how to prioritize them.
Create a Budget
Learning how to create a budget and then implementing it is a great short-term financial goal. A budget is how you give your financial goals a strong foundation. Your budget will help you monitor how much you’re spending and decrease the likelihood of overspending. It will also let you know if you have extra money to spend on other things.
Plan for Retirement
Planning for your retirement is a long-term financial goal, but you get the most value out of it by starting sooner rather than later. Experts at Vanguard recommend that you start investing in your retirement funds in your 20s if possible. When you start investing earlier, your money has more time to compound, giving you more retirement funds. If you start your retirement later, don’t worry. By putting a little more into your retirement, you may have the ability to catch up for lost time.
Start an Emergency Fund
Unfortunately, we don’t know when an emergency will happen, so a good financial goal is to start an emergency fund. Many financial planners recommend[1] saving at least three to six months’ living expenses. This can take some time, but it can provide peace of mind should an emergency arise. As part of your budget, you can save a set amount every month to get closer to your emergency fund goal.
Some expenses to consider:
Rent or mortgage
Utility bills
Groceries
Car payments
Credit card and other debt payments
Pay Off Debts
Having debt can restrict your ability to achieve your financial goals. Your personal situation should determine how you prioritize this within your budget and other goals. When you get out of debt or decrease it significantly, you can save money on interest fees and improve your credit. This will free up additional funds and help you pursue more of your financial goals.
Begin Investing
Investing outside of your retirement fund is one way to generate passive income or have more money for your other financial goals. Your investments will ideally grow over time. If you invest in dividend stocks, these pay out money each quarter based on company profits. You can also continue investing and holding onto your investments to sell later for additional funds.
Get a Higher-Paying Job
Finding a higher-paying job is one financial goal many people may overlook. When you make more money, you have more resources to achieve your short- and long-term financial goals. It’s something to consider if your current job doesn’t allow you to budget properly, save for retirement, pay off your debts, or pursue your other goals.
Before searching for a new job, it’s also helpful to consider how happy you are at your current job. One benefit of financial goals is that they can help decrease stress and increase happiness. Leaving a job that makes you happy may counteract the benefits of making more money.
3. Map Out S.M.A.R.T. Financial Goals
It’s easy to get off track with your financial goals, so it’s helpful to organize your individual goals to improve your chances of success. A popular strategy for creating and managing goals of all types is to make S.M.A.R.T. goals. S.M.A.R.T. stands for:
Specific
Measurable
Achievable
Relevant
Time-bound
If your goals are vague and unrealistic with no time frame, they will be much harder to achieve. Using the S.M.A.R.T. goal strategy helps you make a plan relevant to what you want to accomplish within a realistic amount of time.
Let’s say you want an emergency fund with $5,000. An example of turning this into a S.M.A.R.T. goal would be, “By next year, I’ll have an emergency fund of $5,000 by saving $416.66 each month.”
If these numbers are unachievable for your financial situation, that’s OK. Make adjustments and see what works for your financial situation and your budget.
4. Keep Track of Your Goals
Keeping track of your financial goals can help you stay on the right track while also keeping you motivated. The S.M.A.R.T. model includes measuring your progress, and this is where the motivation comes from. Whether it’s paying down your debts, adding to your emergency fund, or saving for retirement, seeing the progress can inspire you to continue.
5. Don’t Overshoot Your Financial Goals
People commonly overshoot their financial goals and leave no room for spending on themselves. Treating yourself as you pursue your financial goals is important because it can feel like a chore. Sometimes, it’s also difficult to maintain motivation as you pursue your long-term goals. Part of setting financial goals is having extra spending money to do something fun occasionally.
Maybe you want to save money for a big purchase like a relaxing vacation or new furniture. Be sure to include these as you create your goals. When creating your monthly budget, you can also create space for extra spending money to make sure you take the time to enjoy yourself each month.
Improving Your Credit Is a Financial Goal Priority
If you don’t have a good credit score, it can be difficult to achieve your other financial goals. Lower credit leads to additional interest fees, higher deposits, and potentially more debt. Making your credit a priority will improve your ability to pursue all your other financial goals.
Credit.com has a variety of credit tools and services to assist you while you work on your financial goals. You can start by getting your free credit report card to see where your credit stands. We also offer our ExtraCredit® service, which includes credit monitoring, rent and utility reporting, and more.
Buying a home is an exciting—and typically very expensive—venture. Understanding the mortgage process, your financial status, and what you really want and need in a home are all important to ensuring a desirable outcome when you begin your home search. But what you might not realize is that when you do find the home that ticks most of the boxes, you don’t necessarily have to pay what the seller is asking. Learn more about negotiating house prices below.
Tips for Negotiating House Price
Can You Offer Less Than Asking Price on a House?
It may feel odd to haggle over house price, but you can offer less than what the seller is asking for a home. That’s why it’s called making an offer. The seller doesn’t have to accept the offer, though, and you might find yourself entering into negotiations if you do want the home. During this process, it’s important to balance your desire for the home with a practical approach to how much you should, can, or even want to spend on it.
Tips for Negotiating House Prices
Knowing how to negotiate house price is important because it helps you get a better deal. But you aren’t the only one that might be making an offer, so you also want to follow some best practices so your dream home doesn’t get scooped up by someone else while you’re hedging your bets with the seller.
1. Partner with a real estate agent who can help.
You might start by entering the homebuying process with a bit of help. A qualified real estate agent can serve as your partner as you look for homes and make offers. Here are some of the services a real estate agent can do for you:
Help you drill down to what you really want in a home
Offer greater understanding of the local real estate market
Find homes that meet your criteria that you might not know were for sale or be able to find otherwise
Arrange showings
Act as your go-between and advisor during negotiations with sellers
It’s important to note that not all real estate agents have negotiation experience or even offer this service in an aggressive manner. As a buyer hiring an agent, make sure you look for one with experience writing real estate contracts and negotiating on behalf of clients.
2. Understand how motivated the seller is.
Try to gauge how motivated a seller is to determine where you can start your negotiation. For example, a seller that must sell one home before buying another may be motivated to sell at anything but a loss. But one that doesn’t have to sell the home or is listing a property just to see if it might sell isn’t that motivated and may be able to reject any offer under asking price.
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A good real estate agent can also help you understand seller motivation. Here’s some information that can help you gauge it:
How long the house has been on the market. In general, the longer a home is on the market, the likelier a seller is to accept a lower offer.
How many offers have been made. If the seller hasn’t had any offers over a period of time, they may be more willing to consider yours. If they’ve declined many offers, it could be a sign they aren’t super motivated.
Whether the seller is on a deadline. If the seller has to move or needs to sell the home in a short time period for any other reason, it may put you in a good position as a buyer.
The home has been foreclosed on, which means the lender may be motivated to sell it to recoup whatever it can.
3. Be realistic with your offer.
Whatever state the markets and the seller are in, make sure you’re realistic when you make an offer. First, that means being realistic about what you can pay every month and whether you can get approved for a mortgage for the offer amount.
Getting pre-approved for a mortgage before you start negotiating can be a good idea. This process lets you know around what amount you’re likely to be approved for, how much down payment you might need, and whether you can get an interest rate that works for you. It also demonstrates to sellers that you’re a serious buyer and that you are likely to be able to obtain funding if your offer is accepted. That can make a difference in negotiations.
On the flip side, you should also be realistic about what the seller is likely to accept as an offer. Lowball offers can be seen as insulting and don’t set you on a good foundation for future negotiations.
What is considered a lowball offer? That varies, and your real estate agent can help you determine an appropriate offer in each case.
4. Show enthusiasm but don’t be too tied to the property.
The art of negotiation involves keeping a straight face, right? Actually, in the homebuying process, it might benefit you to demonstrate that you do really like the home in question. After all, the seller may have called this property home for a number of years and be personally attached to it. Selling it to someone else who will genuinely love and care for it could be important.
If it comes down to two similar offers from separate buyers and you’re the one who was delighted with the home and the seller saw you connect with the property, the odds might balance out in your favor. Just don’t overdo it and ensure that you’re making logical choices about financial matters no matter how much you love a house.
5. Put a deadline on the offer.
Finally, put a deadline on your offer. That helps reduce the chances that competing offers might come in and pushes the seller to make a decision or counteroffer so you can move on with the negotiation or your hunt for a different home.
What Else Can You Negotiate with Home Sellers?
If the seller’s firm on the price, you might be able to negotiate other things. Here are some tactics to consider:
Ask the seller to pay some or all of the closing costs.
Use the home inspection to point out items of concern and ask the seller to make repairs to the home in exchange for you paying the full asking price.
Agree to make certain repairs yourself, but ask the seller to agree to a cash payout at closing. This means they come to closing with a check for you to cover the costs of the repairs.
Get creative and ask the seller to leave certain appliances, such as a washer and dryer or refrigerator in the home.
Shop Mortgages Online
If you’re ready to buy your next home, you can start the mortgage process online. Follow these steps to get started.
Check your credit. You can sign up for ExtraCredit to see 28 FICO® Scores, including those commonly used by mortgage lenders.
Make sure your credit score is accurate by challenging inaccurate negative items, if necessary.
Continue to make strong financial decisions to help boost your score so you stand a better chance at getting approved for a mortgage.
Shop mortgage rates at Credit.com, get pre-approved or apply for a mortgage with one of our partner lenders.
When you’re looking to purchase your first home, it’s a good idea to familiarize yourself with the different first-time homebuyer programs available in your area. They can help you afford this major purchase.
Programs vary in terms of their eligibility requirements and the types of assistance they offer, but all offer some form of financial aid. But what are these programs, and how do they work? Here’s what you need to know.
What Is a First-Time Homebuyer Program?
A first-time homebuyer program is a government-sponsored program designed to help people purchase their first home. Programs vary from state to state, but generally, they offer financial assistance in the form of low-interest rates, down payment assistance, and other incentives.
A few examples include:
The Federal Housing Administration (FHA)
The Veterans Affairs Homebuyer Assistance Program
The National Association of Realtors® (NAR)® Homebuyer Assistance Program
State-sponsored programs, such as the California New Home Grant Program, can also offer assistance.
Who Is Eligible for a First-Time Homebuyer Program?
Each program has its own eligibility requirements, which vary depending on the program and the state in which it is located.
However, generally speaking, you’re eligible if you purchase your first home and meet the criteria set by the program. These criteria can range from being newly divorced, a military veteran, or widowed to having a low income and getting ready to buy your first home. You may be eligible for other programs if you’ve already owned a home. Still, first-time homebuyer programs will automatically disqualify applicants attempting to purchase second homes or investment properties.
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Related read: What Credit Score Do I Need to Buy a House?
How Do First-Time Homebuyer Programs Work?
Once you’ve determined that you’re eligible for a first-time homebuyer program, the next step is to find a program compatible with your needs. Programs typically offer a variety of incentives, such as low-interest rates or down payment assistance, to help you purchase your home. Once you have found a program you’re eligible for, you’ll need to submit an application and meet eligibility requirements.
Once you have been accepted into the program and met eligibility requirements, you’ll need to begin preparations for your home purchase. This may include searching for a qualifying home and making any necessary financial commitments. Finally, once all of the paperwork has been completed, and your financing has been approved, you can go ahead and purchase your home.
How Can I Use a First-Time Homebuyer Program?
There’s no one definitive answer to this question, as each program has different requirements and guidelines. However, if you’re approved for financial assistance, then the money will be given to help you purchase a home. Typically, these programs aren’t for rehabbing a home or house flipping. If you need help making repairs, consider instead getting a personal loan to finance home improvement. You’ll have a higher likelihood of getting approved for help covering repairs than a homebuyer’s program would offer.
The Bottom Line
A first-time homebuyer program can help you get into the market quickly and easily. They offer many benefits, including reduced interest rates and fees, waived closing costs, etc.
According to IBM’s annual Cost of a Data Breach report, the average cost of a data breach to an organization in 2021 was 4.24 million dollars. That’s the highest average figure in its 17-year history. Most of these breaches were the result of compromised user credentials (where an attacker is able to gain unauthorized access to an account) and are often more costly where remote working is involved.
These breaches aren’t just costly for large enterprises, though. Many small organizations fail to recover from a serious data breach (where the average cost is just under $700,000), with 60% of them going out of business within 6 months of an attack.
But of course, we can also fall victim to cyber attacks as individuals, and the cost to us can be significant, too. If you’ve been unlucky enough to have been a victim of a data breach, or (worse), identity theft, you’ll know that you can lose eye-watering and potentially crippling sums: this hacking victim lost over $13k in 2020.
But when we talk about the cost of a cyber attack to an individual, we’re not talking simply about financial losses.
How to Avoid a Cyber Attack
Psychologically, the after-effects of a cyber attack can be damaging. The feeling that you’ve been manipulated by a stranger (and your personal data has been ‘invaded’) can be deeply unsettling. It can lead to a serious loss of confidence, and make you increasingly wary of trusting others. It can cause embarrassment, too, as a victim of a hack can be made to feel as if it’s their fault.
I just watched a documentary on the dark web, and I will never feel safe using my credit card again!
Luckily I don’t have to worry about that. I have ExtraCredit, so I get $1,000,000 ID protection and dark web scans.
I need that peace of mind in my life. What else do you get with ExtraCredit?
It’s basically everything my credit needs. I get 28 FICO® scores, rent and utility reporting, cash rewards and even a discount to one of the leaders in credit repair.
It’s settled; I’m getting ExtraCredit tonight. Totally unrelated, but any suggestions for my new fear of sharks? I watched that documentary too.
…we live in Oklahoma.
In the most extreme cases (where a cyber attack has led to a significant loss of funds or even the loss of a job) the effect can be even more harmful, leading to stress, anxiety and even depression. Whatever the financial cost of an attack, the emotional cost is often far more significant in the long run.
Fortunately, there are a number of steps you can take to secure your data and ensure you’re aware of the threats you might face while online.
Check If Your data Is at Risk
Without knowing it, your data might have already been involved in a breach. A breach usually occurs when a hacker gains access to the database of a service or company which contains users’ private information, including (but not limited to) usernames, passwords, email addresses and, in the worst cases, bank account details. If you’ve been involved in a data breach, some of your personal information might have been made public without you realizing, which could put you at risk of identity theft.
But don’t panic. You can check if your email address or phone number has been exposed in a data breach by going to Have I Been Pwned. If any of your accounts may have been compromised, change those passwords immediately, and make sure you’re not reusing the same passwords across multiple accounts.
Use Strong Passwords
Speaking of passwords, nearly a quarter of Americans have admitted to using a password like “password” or “123456”. These should clearly be avoided, as they’re easily guessable and won’t take long for a hacker to crack. The longer and more complex a password is, the stronger it is. You can check the strength of your passwords at Security.org.
Using a “passphrase” (a series of unrelated words with spaces in between) is often more effective than using a simple combination of letters and numbers, as these can be harder to crack. This can help to protect your accounts from threats like brute-force attacks, in which attackers will submit vast numbers of possible passwords in an effort to guess correctly.
Protect Your Website(s)
This action may not apply to you, of course — but if you happen to run a website (for a small business, perhaps, or even just a hobby such as blogging) then your personal information is inextricably linked to it, and it can be a huge point of vulnerability. If someone gains access to it through a CMS exploit or a comparable weakness, they can learn your passwords, uncover private information, or even hold the site hostage in an effort to extort you.
Keeping extortion efforts at bay is largely a matter of investing in technical safeguards. Top managed hosting platforms are particularly good at keeping ahead of potential attackers, and some (e.g. Cloudways with its 2022-launched Cloudflare CDN integration) are investing in native features that make it all but impossible for run-of-the-mill hackers to gain access. Overall, though, the biggest thing you can do is refrain from storing any sensitive information on your website. Anything intended for public viewing inevitably makes a bad storage vault.
Beware of Suspicious Emails
One of the most common ways individuals fall victim to cyber crime is through phishing attacks, a type of ‘social engineering’ where an attacker sends a fraudulent email to an intended victim enticing them to click a suspicious link or hand over personal information. Phishing emails often appear as though they’re from a legitimate organization (like your bank, for example) but there are some classic signs to look out for.
Check the email domain (the bit after the @ symbol) to see if it looks legitimate. If it’s misspelled (or a public domain like gmail.com) it could be a scam. Next, check for poor spelling and grammar in the body of the email, as phishing attempts are often shoddily written. If you have the slightest suspicion that the email may not be legitimate, do not respond or click any links in the email. To ensure you’re aware of the telltale signs, IT Governance has produced a handy guide on the ways to detect a phishing email.
Update Your Software
Cyber threats are constantly evolving, with hackers developing newer, more sophisticated ways to gain access to our devices and our personal data. That’s why it’s so important that our operating systems and software programs are always updated to the latest available versions. These newer versions will fix previously discovered vulnerabilities and offer greater protection against emerging threats.
If you’re still using an outdated operating system, for example, it may contain weaknesses that can quite easily be exposed by an attacker, especially if those weaknesses are public knowledge. Use a tool like Soft4Boost to check for out-of-date and potentially vulnerable software, and update to the latest supported versions where necessary.
Secure Your Devices
It’s also important to protect our physical devices, as a lost or stolen device could present an easy opportunity for an attacker to gain access to your personal data. Ensure a password or PIN is always required to access the device (and don’t use anything easily guessable like 0000 or 1234). Many devices now enable facial recognition or fingerprint access, so enable these functions where possible. When you’re not using your device, make sure it’s locked.
Backing up your data is essential, too, so that it can be recovered in the event of a data breach. Most computers will include a backup facility, while mobile phone data can usually be backed up using cloud storage. Finally, beware of unsecured public Wi-Fi networks (where no password is required for access) as these are often prime targets for an attacker, and disable your Bluetooth function when you’re not using it.
Although the number of identity theft cases fell from 16.7 million in 2017 to 14.4 million in 2018, the number of people held financially liable in these cases and the amount of their losses increased, according to the Insurance Information Institute. These identity theft statistics show that identity theft is still a major concern and consumers need to be on high alert to avoid becoming the next victims.
Today, criminals don’t need physical access to your financial documents to wreak havoc on your life. They can simply find your personal information online and use it to steal your identity. Fortunately, in the age of cybersecurity, you can fight back.
How Our Daily Activities Are Digitized and Prone to Data Breaches
Thanks to the Internet of Things, easily accessible Wi-Fi, and other technological advances, we’re almost always connected to others. You can chat with family across the country through video chat, watch a video online for a recipe you’re preparing, and add items to your grocery list all at the same time. While this technology can make our lives easier, in many ways, it can also make us more vulnerable to attack.
Every digital activity leaves a footprint and a possible access point for criminals. Everywhere you go, there’s data stored about you. The International Data Corporation prepared the 2020 Thales Data Threat Report, which revealed that nearly half of U.S. companies have experienced some type of data breach at some point. Furthermore, researchers estimated that at least 26% of U.S. companies have experienced a data breach within the last year.
If that’s not concerning enough, a University of Maryland study found that a hacking attempt occurs every 39 seconds. If you’re not careful, hackers can infiltrate your digital bubble and steal your sensitive information.
I just watched a documentary on the dark web, and I will never feel safe using my credit card again!
Luckily I don’t have to worry about that. I have ExtraCredit, so I get $1,000,000 ID protection and dark web scans.
I need that peace of mind in my life. What else do you get with ExtraCredit?
It’s basically everything my credit needs. I get 28 FICO® scores, rent and utility reporting, cash rewards and even a discount to one of the leaders in credit repair.
It’s settled; I’m getting ExtraCredit tonight. Totally unrelated, but any suggestions for my new fear of sharks? I watched that documentary too.
…we live in Oklahoma.
Common Types of Identity Theft and Their Consequences
According to the 2020 Data Breach Investigations Report (DBIR), some of the most common data breach attempts include:
Credential stuffing – Credential stuffing occurs when many username and password combinations are inserted to try to gain access to an account. According to the DBIR, an average of 922,331 attempts were made at organizations that experienced this type of attack.
Malware – Malware is a type of virus that infiltrates your network, often to steal information, such as your personal data and identification. Malware usually relies on exploiting a system’s vulnerabilities.
Ransomware – Ransomware takes a hold of an account and blocks out the authentic user. To regain access, you are instructed to pay a large ransom.
Phishing – Phishing attempts that try to get you to hand over your credentials by pretending to be your bank or other trusted sender are increasingly using social engineering to trick you, according to the DBIR. An example of this type of attack was committed by Chinese hackers who breached an email system of a Mumbai branch to learn the rhythm of the business, identify important members of the business, and learn its vocabulary and customs. The hackers ran off with nearly $19 million.
A newer method to try to steal identities is account takeover fraud in which the criminal gains access to your account and then changes information about it so that you’re not informed of luxury purchases or cash withdrawals.
Identity theft can cause tremendous damage to your credit. It often takes months or longer to learn about the theft and the accounts affected, so by the time you notice, the thief could have been racking up thousands of dollars of debt in your name and not paying on any of it. Additionally, you can face additional legal consequences, such as having your wages garnished or being sued. Once your information is stolen, it can be difficult to stop the damage because your information might be sold on the dark web.
How to Avoid Identity Theft
It’s more important than ever to be vigilant about protecting your identity online since more people are working from home and logging into public Wi-Fi than ever before. Here are some tips to help you avoid identity theft:
Keep an eye on your credit and changes in your score
Avoid accessing any financial data from an unsecured network
Consider using credit monitoring tools
Use strong passwords and don’t repeat passwords across various sites
What to Do If You’re a Victim of Identity Theft
If it’s already too late and you suspect someone has already stolen your identity, it’s time to move on to damage control. You might want to freeze your credit so that no one can apply for new credit in your name. Order a free credit report and carefully review it for any unauthorized accounts or changes.
Report the theft to law enforcement. You might need to make a police report and provide a copy to your creditors. The FTC’s website has additional resources for identity theft victims.
Buying a house and getting a mortgage is a big investment– and not only for you.
When you choose a mortgage lender and are approved for your home loan, your lender is agreeing to lend you all funds necessary to cover your home purchase. Because a house is a high-cost purchase, lenders want to guarantee that you’re not a “risky borrower.” Lenders want to know that you’ll be able to make your monthly payments on time and in full.
How do lenders decide whether you’re a risk?
In most cases, mortgage lenders, or their underwriters, to be exact, will take a look at how well you’ve managed debt in the past, and how well you’re managing debt currently.
So, having debt can be a good thing.
This may seem counterintuitive because if you’re buying a house, you’d want to save as much money as you can. And you probably wouldn’t want your money tied up in other debts, right?
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Yes, saving money is always a good idea. But having some debt before buying your house can actually be an important factor in getting approved for a mortgage.
Why Debt Matters
To see how well you manage your debts, mortgage underwriters will take a detailed look at your credit score/credit history and your debt-to-income ratio (DTI).
Generally, you’ll want to have a high credit score and a low DTI. A high credit score indicates that you manage your debts responsibly. A low DTI indicates that you don’t have too much of your income tied up in paying off those debts.
Let’s take a closer look at both factors:
Your Credit Score
Each factor in your credit score is defined by debt. And to create and increase your credit score, you need to take on debt and manage it responsibly.
Your credit score is usually impacted by the following five factors:
Payment history — Your payment track record is the most important factor considered in your credit score. Lenders want to know if you’re a trustworthy borrower. And so, they want to see if you make on-time payments on other debts.
Credit utilization (or amounts owed) — Owing money on your credit cards, in particular, is not a bad thing. But, if you’re using too much at one time, underwriters might take that to mean that you’re overextending yourself financially.
Length of credit history — A longer credit history is favorable. But if your credit history is limited, you won’t necessarily be disqualified from borrowing money.
Credit mix — Underwriters want to see how you manage different types of debt.
New credit — If you’ve opened multiple credit accounts at one time, this is a red flag for underwriters because it can suggest that you’re in financial distress.
For a mortgage, you’ll typically need a credit score of at least 620 for a conventional loan. But, it could be best to shoot for a credit score of 700 or above. A higher credit score increases your chances of approval, and also increases the loan amount that you’ll be approved for. But a high credit score could also help you secure a lower mortgage rate, which could save you a significant amount of money over the life of your home loan.
Your Debt-to-Income Ratio (DTI)
Your DTI is a percentage representing how much of your income is put towards paying down debts. Since a mortgage is such a large investment, and your monthly payments could be fairly substantial, underwriters want to make sure that you’ll be able to make those payments. So, the lower your DTI, the better.
In general, a DTI of 36% or lower is ideal. In fact, a DTI above 50% most likely won’t be approved (although there are exceptions).
To calculate your DTI, simply divide your monthly debts by your monthly gross income. If your resulting percentage is higher than 50%, you’ll want to work on paying off some of your debts.
Debt Management Tips
Whether you’d like to reduce your debt before buying a house or just want to maintain a solid credit score by making consistent credit payments, knowing how to manage your debt could help you qualify for a mortgage. And it can also reduce your own stress levels.
The following tips can help you manage debt before buying a house, and could also be helpful once you’ve purchased your dream home and are in the thick of making mortgage payments:
Look at Your Credit Report
Your credit health is an important qualifying factor for a mortgage. So, it can be a good idea to take a look at your credit report to ensure that everything has been reported correctly and that there aren’t any errors. You wouldn’t want your credit score to be negatively impacted because of mistakes in your credit report.
You can order your credit report from any of the three major credit bureaus: Equifax, Experian, and TransUnion using annualcreditreport.com. Or you can even get your free credit report card here on Credit.com.
Once you have your credit report it is important to look at the following:
Your personal information
Your credit accounts
Credit inquiries
If you see any errors or inconsistencies anywhere in your credit report, these can be challenged with the credit bureau that created the report.
Consolidate Your Debt
If you find that you’re making payments on various loans and/or credit accounts, it could save you money (and save you from stress) to consolidate your debts into one. This way, you’re only paying interest on one debt instead of multiple. Therefore, you won’t have multiple payments to keep track of.
Related Read: What Is a Debt Consolidation Loan and How Can You Get One?
Don’t Make Drastic Changes to Your Credit
It can be tempting to pay off debts right before applying for a mortgage. However, doing so could actually hurt your credit score. When you pay off a debt, your credit score will actually drop temporarily.
On the flip side, if you’re trying to build credit and try to open multiple credit cards, or take on other debt before applying for a loan, this will also take a hit on your credit score. Not to mention that seeing a lot of change and new debt before applying for a mortgage is a red flag to underwriters. It can indicate you might not be financially prepared to take on a mortgage.
Make a Budget
Whenever a financial discussion is taking place, budgets are bound to come up. While the concept of making a budget might seem obvious and over-shared, it’s a great way to track your expenses and ensure that you’re meeting all your financial expectations and needs. There are a lot of costs involved with buying a house. So, you’ll want to make sure that you can afford them.
In this case, creating a budget can help you map out your current debts and other expenses in relation to your income. This allows you to see what’s happening and adjust as needed. A budget can give you the peace of mind that you’re not overspending, and are still able to meet all your other financial responsibilities.
Build Your Emergency Fund
Building your emergency fund before getting a mortgage may be one of the most important things you can do. You never know what expenses might arise once you purchase your house, and you don’t want all your money tied up in your mortgage payment and other monthly payments if, for example, your roof needs to be repaired or you encounter water damage.
It’s often encouraged to set aside three to six months worth of expenses in an emergency fund.
The Bottom Line
Buying a house is a big purchase, and it can be daunting to think of getting a mortgage if you are trying to pay down student loans, an auto loan, credit cards, etc. To help you save money and save you from stress, work on paying down other debts so you can be confident in your ability to make mortgage payments and enjoy your new home.
However, you don’t need to be debt-free to buy a house. In fact, some well-managed debt can boost your credit score, showing mortgage underwriters that you are a responsible borrower.
That doesn’t mean that you need to dig yourself into a hole of debt that you’ll never crawl out of. By taking the time to create a budget or analyze your credit report, you can see how you’re doing financially and where some changes can be made. Perhaps you could consolidate some of your existing debt, or you could completely pay off some of your debts.
In the end, you just want to make sure that you’re comfortable taking on a mortgage and can afford to do so.
Many believe that the policies of their landlords will cover them. Some also believe that tenant’s insurance is simply a waste of time and money.
It should be noted that a landlord’s policy will cover things like appliances, structural problems, as well as pipes. However, their policy likely won’t cover your most valuable assets, which may include money, gold, jewelry, and electronics. Damage to such items won’t be covered even in a natural disaster, such as a flood, fire, or earthquake. Your belongings will also not be covered if they’re stolen or vandalized.
The costs of displacement will also typically not be covered by your landlord’s insurance policy, nor will they be held liable if someone is injured in your apartment.
As can be seen, tenant insurance companies have many benefits that many renters are not aware of. Here are the ways tenant insurance helps keep you and your valuables safe and more reasons why it’s important for renters.
What Is Tenant Insurance?
Tenant insurance is also referred to as renter’s insurance. It intends to provide tenants with financial security if their property is destroyed or severely damaged due to an insurable event.
Examples include vandalism, theft, flooding, fires, hurricanes, tornadoes, and earthquakes.
What Does Tenant Insurance Cover?
Tenant insurance can be broken down into three distinct categories in terms of coverage. Each category provides its own set of protections against numerous perils.
Personal property coverage: covers the costs required to replace your personal belongings. Examples include home appliances, computer accessories, electronic gadgets, furniture, and jewelry.
Basic tenant insurance provides personal property coverage in the event of steam or water leakage or overflow. It’ll also provide coverage in the event of lightning, explosions, fire, aircraft damage, hail, and windstorms.
Personal liability coverage and medical expenses: you’re provided with personal liability coverage in the event that you accidentally damage or destroy something while at someone else’s home. Also, if someone accidentally slips and falls while at your apartment, their medical bills will be covered by your insurance, even if you’re deemed responsible. In sum, you’ll be protected, regardless of whether or not you’re the victim or the one responsible for the damage or injuries incurred.
Loss of use coverage: if your home is inhabitable for a prolonged period of time due to extensive water or fire damage, the costs required to stay at a hotel will be covered by your tenant insurance. However, loss of use coverage is temporary, meaning it should only be seen as a short-term solution.
Key Reasons to Have Tenant Insurance
You won’t be legally obligated to have tenant’s insurance in most rental situations, but it’s highly recommended. Some renters mistakenly assume that they will be completely covered under their landlord’s policy or too expensive.
In truth, it should be one of your top priorities while you’re looking for a new apartment. When looking for a tenant’s policy, consider the following to find one that’ll cover you in these situations.
Personal Property Coverage: under your landlord’s policy, only major appliances that came with the apartment will be covered along with the physical structure. As for tenant’s insurance, it’ll cover most, if not all, of your belongings, including clothes, furniture and electronics.
Personal Property Coverage While Traveling: if your belongings are stolen or damaged while you’re away, they’ll be covered. They’ll also be covered if you travel with them and they’re stolen or damaged.
Protection for damages that you cause to someone else’s property: if you damage someone else’s property with your car or accidentally start a fire in someone else’s apartment, you’ll be protected.
Liability Coverage: if you accidentally injure someone while they’re on your property or they injure themselves (i.e., slip and fall on your snowy driveway), then you’ll be protected. You won’t have to worry about paying for any legal and/or medical expenses that arise from injuries to others.
Additional Living Expenses Coverage: if your home is damaged in a flood or fire, then your insurance may cover food, lodging, and other expenses while you’re living in another temporary domicile.
Conclusion
It’s important to note that tenant insurance is usually not mandatory in most cases for those who wish to rent an apartment. However, landlords are legally obligated to obtain it from prospective tenants before an agreement is signed.
All tenant insurance policies are also not the same, so you may want to compare and contrast offers from different companies. The peace of mind and protection you’ll obtain from the ideal insurance package shouldn’t be taken for granted.