Many Gen Zers and millennials have tabled the dream of owning a home as asking prices and interest rates skyrocket. This unaffordability means we Zillennials—the generation who grew up watching the HGTV channel—aren’t likely to zhuzh our patios into large alfresco layouts or elevate the crown molding with a pop of color the way we’ve seen on television. But being a forever renter doesn’t mean our living spaces are doomed to be bland and unoriginal; there are renter-friendly ways to customize your pad, and home decor expert Alexandra Gater and her YouTube channel have all the tips for you.
The magazine editor turned interior designer is a rising influencer in the home decor space. Her eponymous channel has more than 700K subscribers (and counting!) and features studio makeovers, decorating how-tos, and styling tips. As a 32-year-old millennial, Gater knew home ownership was a farfetched dream but didn’t believe renting meant she couldn’t make her space her own. While many popular interior design channels focused on splashier houses and mansions, she began building her content around small-space solutions and apartment renovation tips that were realistic and doable.
My best work has always come from being myself.
“I started to realize that there was a huge gap in the world of home decor and interiors—magazines often highlight the biggest, flashiest makeovers, but where was the design advice for those who rent and may never own a home?” she says. “For many, including myself, renting is a long-term reality, and I wanted to speak to that group of people to show them that having a beautiful space is absolutely possible.”
Six years later, Gater has turned this niche hobby into a blooming interior design business that specializes in accessible home design and offers virtual makeovers. The queen of DIY, Gater is always finding new tips and styling hacks to share with her followers, whether she’s adding bright and bold peel-and-stick wallpaper to a tiny bathroom or decluttering an entryway by adding built-in shelves.
Q&A
House Beautiful: What’s one piece of advice you would give your past self?
Alexandra Gater: It’s so easy to compare and get caught up in what others are doing in this industry, but staying in my lane and focusing on the niche I’ve created for myself helps me not get caught up in the comparison game. My best work has always come from being myself, and I wish my past self felt confident in that knowledge when I was first starting out. HB: What drew you to the home/design online space?
AG: The fact that I get to be creative for a living. One of the most rewarding aspects of my job is that I get to see a project from beginning to end. It’s so satisfying watching it in a video that goes live for thousands to see.
HB: What’s something you wish you’d known before you started creating content online?
AG: Things take time, and overnight success isn’t actually the goal. It’s a slow burn, but since social media trends die quickly, it can feel like you’re always behind when that’s not actually the reality.
HB: What excites you most about the design industry right now?
AG: I love that creators like myself are just so excited to try new things and new styles and not conform to what everyone else thinks is trendy. Creators are determining the trends, and it makes me feel so hopeful that I can continue to express myself freely online and try new things.
HB: What three words best encapsulate your design style?
AG: Fun, colorful, cozy.
HB: If you could transport yourself to any design era, which would it be?
AG: The 1950s, when pink was in! It’s my favorite color, and I love how we try to recreate pink kitchens and bathrooms now. What’s retro to us was just the moment then.
HB: What accounts are most inspiring you right now?
AG: I love scrolling my For You page and seeing what kind of design pops up. I love when I see something unexpected or a new, bold color that I can’t wait to try. I also love following female creators who have built strong businesses, such as Studio McGee, Justina Blakeney, and Emily Henderson, to name a few, and observing how they lead their respective brands.
HB: Where do you shop for home decor online?
AG: H&M Home for accessories, IKEA for basics to DIY and customize, Anthropologie, Target, and Article.
Despite the obvious appeal of side hustles — more money! — they’re not for everyone. If your side hustle makes you stress out, neglect relationships, or miss opportunities at your day job, then consider it a bad idea. Side hustles are only beneficial when they help you accomplish goals without sacrificing what matters most.
Side hustles are often promoted as a simple way to generate extra cash or fulfill your passions. However, the often-ignored price tag is physical and mental strain. Not to mention the time requirement and potential financial commitment necessary to get a gig going.
Read on to find out how to evaluate your options and goals before taking on a side hustle.
Check your score with SoFi
Track your credit score for free. Sign up and get $10.*
What Is a Side Hustle?
A side hustle refers to a second job or source of income that people pursue outside their primary employment. The purpose may be to earn extra money, pursue a pet project, or develop skills in a different area.
A side hustle can take various forms, from freelance work or consulting to selling handmade crafts or driving for a rideshare service. Renting out property and offering tutoring services also qualify. The point is leveraging your time and skills to pad your budget or explore a wider field than your day job allows. 💡 Quick Tip: We love a good spreadsheet, but not everyone feels the same. A free budget app can give you the same insight into your budgeting and spending at a glance, without the extra effort.
Pros and Cons of a Side Hustle
Browse the pros and cons below, and make a mental note of how many of each apply to your situation. If one side of the scales is considerably heavier, your decision may be obvious.
Pros of a Side Hustle
Here’s a breakdown of the benefits of a side hustle:
• Develop Your Career: Side hustles can provide a valuable opportunity to develop skills, gain experience, and broaden your professional horizons. By taking on projects or roles outside your main job, you may acquire new competencies to help advance your career or get a promotion. Additionally, side hustles can demonstrate initiative, entrepreneurial spirit, and versatility to potential employers, enhancing your marketability and opening up new opportunities.
• Switch Up the Norm: A side hustle allows you to break away from the routine of your primary job. This variety can be refreshing and stimulating, helping to prevent boredom and burnout. Whether you’re pursuing a different passion, exploring a new industry, or experimenting with creative projects, having a side hustle can inject excitement and fulfillment into your life outside work.
• Build Your Network: Side hustles often involve interacting with different people and communities, which can expand your professional network. Whether you’re collaborating with clients, partners, or fellow freelancers, each connection presents an opportunity to exchange ideas, learn from others, and potentially uncover new career prospects. Building a diverse network through your side hustle can provide valuable support, mentorship, and referrals in your professional journey.
• Channel Creativity: Side hustles offer a platform for expressing your creativity, passions, and interests outside your primary job. Whether it’s writing, photography, crafting, or any other form of expression, a side hustle can bring more meaning and fulfillment than your 9-to-5. This outlet can serve as a source of inspiration, relaxation, and personal growth, enriching your life beyond the confines of your main occupation.
• Increase Income: One of the most practical benefits of a side hustle is the extra money. Whether saving for a major purchase, paying off debt, or simply seeking financial security, the income from your side hustle can provide greater financial flexibility and stability. Likewise, having multiple streams of income can be a buffer against economic uncertainty and provide a safety net in case of job loss or another hardship.
Cons of a Side Hustle
On the other hand, these are the potential drawbacks of a side hustle:
• Less Time to Relax: Side hustles require time and effort, eroding your leisure time. Working 60+ hour weeks can lead to fatigue and even burnout. When juggling your day job, side hustle, and personal commitments causes you to lose sleep, your quality of life can become unsustainably low.
• Distraction from Work: A side hustle can encroach on your attention and focus during work hours. Constantly thinking about your other gig, responding to email, or taking calls while at your main job can detract from your performance. If colleagues or supervisors perceive your divided attention, this can also strain your professional relationships and undermine your credibility.
• Managing the Stress of Two Jobs: Managing the demands of a side hustle on top of your primary job and personal responsibilities can significantly increase stress. Deadlines, client expectations, financial pressures, and the need to constantly switch between different roles and tasks can elevate anxiety. Chronic stress associated with balancing multiple commitments can affect your mental and physical health over time.
• Sustainable Prices Can Be Elusive: Setting prices or negotiating rates for your side hustle services can be challenging, especially if you’re just getting started or dealing with imposter syndrome. Striking the right balance between competitiveness and fair compensation can be tricky, and you may encounter situations where clients or customers undervalue your work. Plus, breaking into a competitive market may require setting prices so low that you work at a loss for the first few months or even years. As a result, your side hustle may ding your budget instead of adding to it.
💡 Quick Tip: An online money tracker makes monitoring your spending a breeze: You can easily set up budgets, then get instant updates on your progress, spot upcoming bills, analyze your spending habits, and more.
When Does a Side Hustle Make Sense?
Several ingredients are key for a side hustle to make sense for your situation. First, it’s essential to have a clearly defined reason for pursuing a side hustle. For example, you may want to generate income, follow a creative impulse, or pave a path to a new career. This clarity of purpose will guide your efforts and motivate you throughout your side hustle journey.
Second thorough research is crucial to understanding the market, demand, competition, and potential challenges associated with your chosen side hustle. This is significant even if you don’t have financial aspirations for your other gig.
For example, if you’re interested in fitness, is your specific angle better suited for a blog or a YouTube channel? Will you create a social media presence to drive more traffic? What kind of value are you delivering to your audience?
In a different vein, if you want to become a rideshare driver, which company offers the best pay? Do you have a presentable vehicle that you’re willing to put miles on? Answering these kinds of questions will help you make informed decisions and set realistic expectations. Not doing your homework will likely bring a lack of results, monetary loss, and frustration.
Next, understand the time commitment your side hustle will require. For instance, a few hours of woodworking on the weekend is less demanding than taking a constant flow of orders on Etsy. If your schedule is already full to the brim from your primary job, family responsibilities, and personal pursuits, incorporating a side hustle can do more harm than good. Even if you work a side gig with your significant other, it’s not the same as spending quality time together.
Finally, your side hustle should fit into the larger picture of your goals and values. For instance, you might start a side hustle in order to build a $5,000 emergency fund. Or you could take a software engineering course in the evenings that will help you eventually switch careers. In any case, your side hustle should have specific benefits and point toward a defined objective. Otherwise, you’ll burn time without accomplishing much.
The Opportunity Cost of a Side Hustle
The “opportunity cost” of a side hustle depends upon the resources you invest. When you dedicate yourself to anything, you lose opportunities to engage in leisure activities, spend time with family and friends, and take vacations. In essence, the opportunity cost of a side hustle equals the value you place on other aspects of life that matter most.
Also ask yourself what is the financial cost of your side hustle? You might have to invest money to purchase materials or pay for marketing. You might also give up overtime at your primary job. That’s cash that could go into savings, investments, or paying off debt.
Likewise, your time could be going into skill development for your day job, leading to promotions or raises. Plus, your employer might sponsor specific types of professional development, resulting in free training that moves your career forward and increases your salary.
Ultimately, the opportunity cost of a side hustle varies depending on individual circumstances, goals, and priorities. It’s essential to carefully consider these factors and assess how the benefits of the side hustle compare to the time and money.
Examples of Side Hustles
While there are unusual ways to make money, side hustles are typically more accessible. Here are some side hustles that match with a range of backgrounds and skill sets:
• Freelancing: Offer services such as writing, graphic design, programming, bookkeeping, and more. You’ll take projects on a contract basis with multiple clients.
• Dog Walking: Providing exercise and companionship for dogs by taking them on walks on a regular or as-needed basis.
• Blogging: Creating and maintaining a consistent feed of valuable written content on a topic you love or have expertise in. Find out how much it costs to start and run a blog.
• Non-Medical Senior Care: Assisting elderly individuals with daily tasks (shopping, bathing, housework, etc.) and providing companionship to support their wellbeing.
• Babysitting: The tried-and-true income-generator for teenagers and adults alike. You’ll care for children in the evenings and on weekends when parents are busy or need a break.
• Personal Assistant: Providing administrative support and assistance to individuals or businesses. You’ll manage schedules, run errands, and handle correspondence. You can also be a virtual assistant and provide numerous essential services (bookkeeping, arranging travel, etc.), therefore creating a side hustle from home.
• Handyman: Offering services to repair, maintain, and improve residences. You can specialize in one or more areas: plumbing, electrical work, carpentry, or general home tasks.
• Crafting: Creating handmade goods and artwork, such as jewelry, clothing, and home décor, to sell online or at craft fairs.
• Cooking/Baking: Crafting you can eat! Get to work in the kitchen to make treats, desserts, or meal kits for sale.
• Private Tutor: Providing personalized academic instruction to students in a particular subject or skill, often on a one-on-one basis.
• Self-Publishing: Writing and publishing books or other written works independently, without the involvement of traditional publishing companies. Self-publishing is inexpensive because your work will be accessible as an ebook.
• Teaching Online Courses: Creating and delivering educational courses or tutorials on a specific topic via online platforms is another side hustle from home.
• Product Tester: Testing and reviewing products or services for companies or brands, often providing feedback and insights based on personal experience.
• E-Commerce: Selling products or services online through a website or online marketplace, which may involve sourcing or creating products, managing inventory, and handling customer inquiries and orders.
When Is a Side Hustle Not Worth It?
A side hustle may not be worthwhile because of the toll on your physical, mental, and financial wellbeing. Here are more specific ways that a side hustle can negatively impact your life:
• Burnout: Working an 8-hour job and dedicating 2 to 4 additional hours per day to your side hustle leaves little room for anything else. The demands of a side hustle can result in excessive stress, fatigue, and burnout.
• Missed Career Advancements: Devoting significant time and energy to a side hustle may detract from opportunities for advancement in your primary job. They can also keep you from visualizing a sustaining career. So if you’re in a job you don’t like, a side hustle can act as a bandage instead of a cure. It’s advisable to focus on switching vocations instead of supplementing your income through another unsatisfying side job.
• Unhealthy Lifestyle Habits: A demanding side hustle may lead to poor eating choices due to lack of time for meal prep, insufficient exercise, and disrupted sleep. Over time, these habits damage physical health and overall quality of life.
• Strained Relationships: Spending excessive time on a side hustle can strain relationships with family, friends, and romantic partners. Missing significant events or quality time with loved ones due to work commitments can lead to feelings of resentment and isolation.
• Financial Costs: Some side hustles require upfront investments of time and money, for purchasing inventory or equipment, marketing expenses, or training courses. If the return on investment does not justify these costs, the side hustle may not be financially sustainable in the long run.
• Not-So-Passive Income: Many side hustles require active participation and ongoing effort to generate income, which can limit scalability and long-term earning potential. Without the ability to create passive income streams, you’ll constantly trade time for money without achieving financial freedom.
• Neglecting Personal Growth: A side hustle that consumes all available time and energy may leave little room for hobbies or other interests. Over time, this can lead to stagnation and dissatisfaction with your lifestyle.
Side Hustle Tips
A side hustle can quickly get out of hand or detract from your life if you’re not careful. Here’s how to create a practical side hustle that serves your needs:
• Start Small: When beginning a side hustle, starting with manageable tasks or projects that don’t require a significant investment of time or resources is wise. Starting small allows you to test the waters, gain experience, and assess the viability of your chosen side hustle without taking on too much risk. As you gain confidence and experience, you can gradually expand and scale your side hustle over time.
• Play to Your Strengths: Identify your special skills, interests, and areas of expertise, and leverage them in your side hustle. By focusing on activities that align with your strengths, you’re more likely to enjoy the work, excel at it, and differentiate yourself from competitors. This approach also allows you to maximize your earning potential by offering high-value services or products that cater to a specific niche or market. Remember, this doesn’t mean you must stick to your current skill set. Your interests and abilities can also lead you to pick up new skills.
• Maintain Your Performance at Work: Balancing a side hustle with a full-time job means prioritizing high performance and professionalism in your primary job while pursuing your side hustle. To that end, it’s recommended to set boundaries for the time you dedicate to your side hustle and to manage your schedule efficiently. By maintaining your performance at work, you can preserve your job security and opportunities for advancement.
• Aim at a Goal Instead of a Job: Instead of treating your side hustle as just another job, set out to achieve specific goals or milestones that align with your long-term aspirations. Whether your goal is to generate additional income, pursue a passion project, or transition to full-time entrepreneurship, having a clear vision and purpose for your side hustle will keep you motivated and focused on what truly matters to you. By focusing on goals rather than simply exchanging time for money, you can create a more fulfilling and meaningful side hustle.
The Takeaway
Side hustles can be a bad idea when they damage your quality of life. While picking up a side gig can create more income, this result must be weighed against other priorities, including advancement in your day job, time dedicated to relationships, and alternatives that slowly but surely create passive income.
Asking yourself whether a side hustle is a good move might not be the most relevant question. Instead, you can ask yourself if a second job makes sense after developing a clear vision of the future.
Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.
See exactly how your money comes and goes at a glance.
FAQ
Are side hustles risky?
Side hustles can be risky because of the opportunity cost of picking up extra work. Specifically, a side hustle can drain time and financial resources, add unmanageable stress to your life, and lead to worse quality of life because of the sacrifices required to work a second job. As a result, it’s essential to evaluate your circumstances and identify your goals before starting a side hustle.
Are side hustles a waste of time?
Side hustles can be an excellent way to generate more income, develop yourself professionally, or transition to a different career. However, they can also be a waste of time if you don’t set goals and create a realistic plan when starting. So a carefully planned side hustle that fits into the larger picture of your life can provide massive benefits, while picking up more work to simply stay busy can lead to missed opportunities in your professional and personal life.
Is starting a side hustle really worth it?
Starting a side hustle can be worth it for additional income, pursuing passions, or expanding your skill set. However, it requires careful consideration of the potential drawbacks, such as time constraints, increased stress, and the risk of hindering career advancement. Ultimately, the value of a side hustle depends on your aligning it with personal goals, managing resources effectively, and maintaining a healthy work-life balance.
Photo credit: iStock/JLco – Julia Amaral
SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.
*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Want to learn how to make $5,000 fast? Whether you’re in a rush to meet a financial goal this week or aiming for a steady income of $5,000 per month, there are several ways to make it happen. You’ll find different options, from short-term jobs that pay a lot at once to long-term ideas that…
Want to learn how to make $5,000 fast?
Whether you’re in a rush to meet a financial goal this week or aiming for a steady income of $5,000 per month, there are several ways to make it happen.
You’ll find different options, from short-term jobs that pay a lot at once to long-term ideas that bring in money regularly. And, sometimes, combining a few methods can help you reach $5,000 faster.
If you’re looking to make $5,000 fast, you’re not alone. Many people need a big amount of money quickly – for unexpected costs, important purchases, just to save up, or simply to make a stable amount of money regularly.
Best Ways To Make $5,000 Fast
Below is how you can make $5,000 fast.
1. Flip items for resale
If you want to learn how to make $5,000 without a job, then one way may be to flip items for resale.
Flipping items for resale means you buy things at a low price and sell them for more. This could be handmade goods, vintage items (like old games, cameras, clothing, etc.), furniture, sports equipment, appliances, and more.
Look for undervalued items at flea markets, garage sales, yard sales, and thrift stores, and then sell them for a profit. This job involves having an eye to spot valuable items that you think can be resold at a higher price.
You can resell items on eBay, Craigslist, Facebook Marketplace, and more.
I have flipped many, many items for resale over the years, and I think it’s a great way to work from home and make money on your own schedule.
Recommended reading: How Melissa Made $40,000 In One Year Flipping Items
2. Freelance online work
Making $5,000 a month from home is possible by becoming a freelancer.
Freelancers are people who run their own businesses and provide services to other businesses or clients on a contract basis. As a freelancer, you might be hired for onetime projects by businesses or you could secure long-term contract work with a company.
Online freelancing jobs include:
And more.
You can find freelance gigs through networking, reaching out to possible clients through email or phone, creating a freelance listing on Fiverr, searching for gigs on Upwork, and more.
I have personally been a freelancer for years (mainly freelance writing, and, in the past, I have also done freelance social media management), and it’s a great way to earn income while still being your own boss with a flexible schedule.
Recommended reading: 16 Best Freelance Jobs & How To Get Started
10
This free 76-minute workshop answers all of the most common questions about how to become a proofreader, and even talks about the 5 signs that proofreading could be a perfect fit for you.
3. Pet sit and dog walk
Rover is a website that connects pet owners with pet sitters and dog walkers. You can work this job on weekends all year round or choose to be available only during the summer months – it’s flexible and up to you.
Getting started on Rover is simple. You create a profile highlighting your experience with pets and the services you offer, such as dog walking, pet sitting, and house sitting.
After setting up your profile, customers will send you requests, and you can discuss pricing with them. Rover handles payment processing, and you’ll receive payments directly into your account.
I have two close family members who are professional dog walkers, and they both love this side hustle.
Recommended reading: 7 Best Dog Walking Apps To Make Extra Money
4. Short-term rental your home
If you have a spare room in your home that you’re not using, you may want to try renting it out either on a short-term basis through Airbnb or Vrbo or by finding a long-term roommate to make extra cash.
I’ve rented out rooms multiple times before to roommates, and it’s a great way to earn extra income from unused space.
Recommended reading: What You Need To Know About Renting A Room In Your House
5. Deliver food
If you’re looking to make $5,000, finding a food delivery driving gig is a good option.
With companies like DoorDash, Uber Eats, and Instacart, you can start earning money by bringing people their favorite food. It’s flexible too, so you decide when you work and for how long.
Delivery services like Instacart hire personal grocery shoppers, and the average shopper earns $15 to $20 per hour delivering groceries. Drivers are paid per order, and you keep 100% of your tips. You can also pick your own schedule, which means teachers can work in the evenings or weekends, or only during the summer if they prefer.
6. Sell high-value items
If you’re looking to make a quick $5,000, selling high-value items can be a smart move. Take a look around your home; you might have things you don’t need that others are willing to buy for a good price.
You could sell an old cell phone, laptop, camera, designer clothes, your car, and more.
There are many different buyers for high-value items – from people like you and me on Facebook, to pawn shops, eBay, and more.
7. Tutor
Tutors who specialize in subjects such as math, language, science, graphic design, and more help students improve in those areas.
And, some tutors can make money rather quickly, such as one who specializes in college courses or high-level exams.
Becoming an online tutor depends on the subject you want to teach. Experience in the field is usually required, but there are opportunities for beginners as well. Tutors who teach advanced subjects like calculus or college entrance exams generally earn more than those teaching simpler topics.
Tutoring rates can range from $15 to over $100 per hour, depending on the subject and where you sell your tutoring services.
8. Stock photo photography
Stock image websites are popular platforms where photographers can sell their pictures. Customers can buy royalty-free photos for personal or business use, and these images are commonly used in websites, TV shows, books, social media, and more.
One advantage of using stock photo sites is that they can generate passive income. You can take pictures, upload them, and potentially earn money from them for months or even years. You’ll earn a commission every time someone downloads your photos.
Some well-known stock photo websites include Shutterstock, iStock by Getty Images, Adobe Stock, and Dreamstime.
In the world of stock photography, quality is important, but quantity matters too. The more pictures you have in your stock photo portfolio, the more potential you have to earn money.
Recommended reading: 18 Ways You Can Get Paid To Take Pictures
9. Sell an online course
Creating and selling an online course can be a great way to make money quickly, especially if you have knowledge or skills in a high-demand area.
If you have expertise in a certain subject, you can create and sell an online course. Platforms like Teachable and Udemy allow you to develop, host, and sell your course to students. While you may not earn $1,000 immediately, having students enroll over time can generate a substantial income.
I have an online course that I personally 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.
There are many different subjects you can teach in an online course, including:
Painting
Music lessons
Exercise
Parenting
Languages
Photography and photo editing
Plants and gardening
Baking and cooking
Arts and crafts
10. Rent out your unused storage space
Just like Airbnb transformed the way you can earn money from your spare room, peer-to-peer storage platforms are doing the same for your unused spaces.
If you have extra space at home, consider renting it out to local people for storage. This could be a garage, driveway, closet, basement, or attic.
While making $1,000 in a single day from this may be challenging, renting out your space can provide a steady, long-term income when combined with other income sources.
You can use a website like Neighbor to list your available space for rent, potentially earning up to $15,000 per year.
11. Sell your jewelry
If you need to learn how to make $5,000 dollars in a day, then one option is to sell any expensive jewelry that you may have.
If you’ve got jewelry you no longer wear, selling it can be a quick way to earn some cash. You might have pieces like engagement rings, necklaces, or bracelets tucked away.
Recommended reading: Where To Sell Jewelry: 12 Best Places For Extra Money
12. Flip real estate
Flipping real estate means buying homes that need fixing, making improvements, and selling them for a profit. This can be a way to make $5,000 (and well over that if you are smart and careful!).
To do this type of real estate investment successfully, you may start by focusing on making cost-effective improvements, especially in areas like the kitchen and bathrooms, and address any major structural or safety issues.
Recommended reading: 23 Best Real Estate Side Hustles To Make Extra Money
14. Sell printables
If you’re looking to make $5,000 online, selling printables is an option.
Printables are digital files that customers can download and print at home, such as grocery shopping checklists, monthly budget planners, wedding invitations, wall art, and more.
I buy printables all the time, and actively search them out at least a few times a month. And, I’m not alone – many people buy printables frequently as well!
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.
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.
15. Help businesses with their Facebook ads
Managing Facebook ads for local businesses is an online job where you can earn at least $1,000 per month per client.
Local businesses want to expand their audience through Facebook ads, but many don’t have the expertise to do it effectively. That’s where you come in. By learning this skill, you can sell your services to small businesses and help them reach more customers online.
Plus, this can be a part-time job that you do in your spare time or even a full-time job.
16. Write an ebook
Creating your own ebook can be a way to earn money online, and you likely have knowledge to share (even if you don’t realize it!) or a good story to write about.
Platforms like Amazon KDP (Kindle Direct Publishing) allow you to reach a wide audience without a traditional publisher.
Examples of genres you can write in include romance, travel, self-help, sci-fi, and more.
17. Blog
If you want to learn how to make $5,000 from home, then one of my favorite ways is to start a blog.
Now, starting a blog doesn’t instantly make you $5,000 because it takes time to set it up. However, with time and effort, some bloggers can make $5,000 a month in the future.
A blog is a website filled with articles, similar to what you’re reading now. You can start a blog on various topics like personal finance, recipes, travel, pet care, family life, and more.
You can earn money from a blog by partnering with companies for sponsorships, displaying ads, engaging in affiliate marketing (like promoting products on Amazon), and selling items such as ebooks, candles, T-shirts, and other products directly through your blog.
Blogging is my primary source of income, and I make well over $5,000 a month online. It took about six months to earn my first $100 from my blog, so getting started requires some patience. It then took me about a year to reach a monthly income of around $5,000 from blogging.
You can learn how to start a blog with my free How To Start a Blog Course (sign up by clicking here).
10
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.
18. Affiliate marketing
Affiliate marketing is a way to earn money by promoting products or services online, and it’s one of my favorite ways to make $5,000 (or more) fast online.
Affiliate marketing is when someone buys a product through a referral link you share, and you earn a commission.
To start, you will want to find products you genuinely like and believe others will benefit from. Then, sign up for their affiliate program, which will provide you with a unique affiliate link. This link tracks the clicks and purchases made from your recommendation.
Recommended reading: Affiliate Marketing Tips For Bloggers – Free eBook
19. Sell on Amazon
Starting your own Amazon FBA (Fulfillment by Amazon) business can be a great way to make $5,000 fast.
You can sell items from household goods to clothes, games, electronics, and more.
Selling on Amazon FBA works by you sending the items you want to sell to an Amazon fulfillment warehouse. Amazon stores these items for you until they sell on their platform.
When an item sells, Amazon handles the shipping and sends it directly to the customer. This means you don’t have to worry about packing and shipping the sold items yourself.
Recommended reading: How To Sell Items On Amazon FBA
20. Start a YouTube channel
Creating content for your own YouTube channel can be a fun way to work toward making $5,000 fast.
You can create a YouTube channel about topics such as finance, home improvement, travel, toys, pets, and more. There’s a YouTube channel for almost every interest these days.
Like blogging, this isn’t a guarantee that you’ll make money, and it will definitely take time to reach $5,000. But, it can be a lot of fun, and you get to be your own boss.
21. Buy a business that already makes income
Buying a business that’s already bringing in money is a way to possibly skip the tough start-up phase and have a business that is making over $5,000.
Now, existing businesses are typically expensive – someone has done a lot of hard work building a business over years and years, after all. They can cost anywhere from a few thousand to millions or even billions of dollars.
You can start by looking at online marketplaces like BizBuySell or Flippa. They list all kinds of businesses for sale, and you’ll see lots of options from online sites (like retail stores and blogs) to local shops (like bike shops, clothing stores, toy stores, and laundromats).
An example – I was recently in a small local bike shop, and they told me that it was for sale. They earned around $20,000 a month (I’m not sure if that was before or after expenses or anything else), and their shop was for sale for around $500,000. You got all the bikes, parts, customers, etc. with the sale. The building wasn’t owned by them, they had monthly rent and other bills to pay. I’m not going to say if this was a good or bad deal – it’s just an example of a real business that is for sale that I recently came across.
22. Consulting
Consulting is when you provide expert advice to individuals or businesses facing challenges. Consultants use their knowledge to understand problems, give advice, and help clients make better decisions from an outside perspective.
Consultants work in fields like management, finance, technology, or marketing. They focus on areas like strategy, process improvement, or restructuring to help clients achieve their goals effectively.
Here’s an example of how a consulting gig works: A company is struggling with managing its products and deliveries. They bring in a consultant who knows a lot about solving these issues. First, the consultant looks at how things are currently done. Then, they suggest better ways to store and ship items. The consultant helps put these ideas into action and teaches the company’s team how to use the new methods. Even after the changes, the consultant keeps an eye on things to make sure everything works well. This helps the company save money and makes sure that customers get what they need on time.
23. Detail cars
Starting a mobile car detailing business can be a way to earn money quickly. After all, you don’t need a lot to get started, and people are always wanting a good detailer to clean their car.
You’ll want to start by getting quality cleaning supplies like car shampoo, wax, and microfiber towels. You can then set fair prices based on what others charge nearby and promote your services on social media and with local businesses.
24. Rideshare driving gigs
Driving for a ride-sharing service like Uber or Lyft can be a way to reach your $5,000 goal quickly.
Here’s how you can work toward earning $5,000 with Uber or Lyft:
Drive during peak hours when demand is high, such as weekend nights, rush hours, or during busy events in your city.
Maximize your earnings by strategically positioning yourself in high-demand areas where there are plenty of potential riders, like near popular restaurants, bars, or events.
Take advantage of Uber’s driver bonuses, which may include incentives for completing a certain number of rides or driving during specific times. For example, you might earn an extra $10 for completing three rides in a row during rush hour.
While you won’t make $5,000 in one day, driving for a ride-sharing service can be a flexible way to earn money and work toward reaching your financial goal over time.
Frequently Asked Questions
Below are answers to common questions about how to make $5,000 fast.
What are some ways to earn an extra $5,000 quickly?
If you need to make an extra $5,000 quickly, then selling expensive items that you already own is usually the fastest thing that I recommend doing. This is because you may have expensive things in your home already – like jewelry or electronics – that you can sell and get paid for within just a few days.
Can I make $5,000 in a single day and how?
Making $5,000 in a single day is hard but not impossible. It may require a combination of having high-value items to sell or landing a big client for your freelance business. It’s about making the right move at the right time with the resources you have.
How can I double $5,000 dollars?
There are many ways to double $5,000 dollars, but it will depend on how much time you have to double your money, as well as how much risk you want to take on. Some ways will be much more risky than others, such as by investing in stocks or real estate. Due to this, it’s important to research and consider your risk tolerance before investing your money.
How can I make $5,000 in a month?
Ways to make $5,000 in a month can include freelance writing, blogging, proofreading, bookkeeping, and more.
How to make $5,000 fast without a job?
If you want to make $5,000 fast but not get a job, then the fastest thing to do is typically to sell items around your home that you already have, such as jewelry or electronics. You can also combine a bunch of different side hustles, such as freelancing, selling stuff, running a business, flipping real estate, and even small things like taking online surveys (like Survey Junkie for free gift cards).
How to make $5,000 a day online?
Some ways to make $5,000 a day online may include selling courses or other digital products. Now, this will not be an easy thing to do, and it will require a lot of hard work (as well as some luck).
How To Make $5,000 Fast – Summary
I hope you enjoyed this article on how to make $5,000 fast.
As you read above, there are many different ways to make $5,000. Some are faster than others (such as selling expensive items that you already own), and others may be more of a full-time career (such as freelance proofreading).
Discover methods to achieve financial harmony in relationships and why fiduciary advisors are often considered trustworthy.
Sara’s Corner: How can couples equitably share the mental load of managing finances? Can you trust fiduciary financial advisors? Hosts Sean Pyles and Sara Rathner begin with a discussion about the division of financial responsibilities among couples to help you understand how to create financial harmony in your relationship.
Today’s Money Question: Elizabeth Ayoola joins Sean to explain how you can choose a financial professional to work with, starting with an in-depth look at different types of fiduciaries including Certified Financial Planners (CFPs), financial coaches, and financial therapists. They discuss the nuances of fiduciary compensation structures and explain how you can advocate for yourself when selecting a financial advisor to work with.
Check out this episode on your favorite podcast platform, including:
NerdWallet stories related to this episode:
Episode transcript
This transcript was generated from podcast audio by an AI tool.
Sean Pyles:
Do you know which financial advisors you can trust and which might just be looking to make a buck? Well, this episode will help you sort the good from the sketchy in the world of financial advice.
Sara Rathner:
Welcome to NerdWallet’s Smart Money Podcast, where we help you make smarter financial decisions one money question at a time. I’m Sara Rathner.
Sean Pyles:
And I’m Sean Pyles. This episode, we’re joined by our co-host Elizabeth Ayoola to answer a listener’s question about fiduciary financial advisors. Are they all they’re hyped up to be and how do they compare to other folks looking to make money from giving advice?
Sara Rathner:
I would say the answer to those questions are usually, and they’re better, but I don’t want to steal your and Elizabeth’s thunder.
Sean Pyles:
I appreciate the restraint, Sara, even though you did just say those things.
But anyway, before we get into that, we’re going to hang out for a bit in Sara’s Corner. This is a thing I just made up where we hear from Sara about something that she recently wrote. Sara’s Corner, it’s cozy here.
Sara Rathner:
I mean, I do keep a blanket on the back of my desk chair, so it is cozy here.
Sean Pyles:
Sounds nice.
Sara Rathner:
Yeah. My corner is cozy and also may be full of emotionally fraught conversations because I do really like to write about couples and money, so let’s bring on the fighting.
Sean Pyles:
Yeah, that’s a good combination, I’d say.
So Sara, you recently wrote an article about how couples can share the mental load of money management. So to start, what inspired you to write this article? Are you giving us a peek into the Rathner household?
Sara Rathner:
Maybe a little deep down, but honestly, it’s really about what my social media algorithms are serving up lately, besides baby sleep experts and a little bit of Zillow Gone Wild, which is an account I highly recommend. So fun. You never know when an indoor pool’s going to pop up.
There are quite a few people who are influencer-type personalities who discuss topics like the mental load and emotional labor within families and within households, and it got me thinking about something that causes a lot of fights about who’s handling what task, and that is, as always, money.
Sean Pyles:
So in your article, you write that “Couples can fall into unproductive patterns that can lead to conflict, resentment, and even willful ignorance.” And this goes beyond money in a lot of relationships, and I do feel like this is something that anyone who’s been in a long-term relationship can relate to. So can you give us an example of one of these unproductive patterns and how can they be damaging to a relationship?
Sara Rathner:
One source I interviewed talked about what they called a manager-follower dynamic where one person in the couple is in charge and they delegate tasks to their significant other, and that’s fine at work. At home, it could also be fine depending on the task, but sometimes it could get a little icky, and even if one person is handling 100% of a task, you are both benefiting equally from that labor.
Sean Pyles:
Yeah. That reminds me of friends I’ve talked with who have found themselves in relationships with partners who really want a parent more than an actual partner, and that can be exhausting to deal with.
Sara Rathner:
Yeah, it’s totally fine to divvy up a task and have one person kind of be like, “I’m the point person for this, so if you have any questions about it, come and ask me,” but you’re agreeing to that together. It’s not this automatic, “Well, I’m the more adulty adult here and you act like a child, so I’m going to be your parent.” That’s a really gross dynamic to have in any romantic relationship. If you are in that right now, I don’t know, reconsider.
Sean Pyles:
Yeah, it can really strip away the romance from that relationship.
Sara Rathner:
Yeah, there’s nothing romantic about constantly reminding your partner to pick up their damn socks already. Adults can put socks in hampers, I’m just saying.
Sean Pyles:
That’s very true. Well, the hard thing is that with money, this can be a really easy dynamic to slip into because one person might know more about managing money than the other, so they end up just taking on all the money tasks or they delegate specific tasks to their partner, and if only one person knows about the finances of the household, that can be a very risky situation for both parties in the relationship.
Sara Rathner:
Exactly. And again, it’s totally fine and totally normal for one of you to feel more confident dealing with money. Maybe you’ve just managed your money differently back when you were single, maybe you work in finance. That is normal, but it’s still both of your responsibility.
And the same source that told me about the manager-follower dynamic also said to me that like any task, money tasks are things that you can learn by doing. So even if you are the less confident one in your relationship when it comes to these kinds of responsibilities, you can still grow your skill set. You can learn by doing. And so as you go forward in the future, you can take on more and more tasks with confidence and not fall into that dynamic where you’re constantly relying on the other person to tell you what to do.
Sean Pyles:
Let’s turn to some solutions. You first suggest that couples approach money as equals, which sounds great. Is the idea here that no one person in the relationship should have more power over their finances than another?
Sara Rathner:
Absolutely. The dynamic where one person handles everything and the other person could not be bothered to know the passwords to any accounts is not good. That’s not a healthy dynamic. At best, it’s unfair. The division of labor is, in that case, is putting a lot of that work on only one person’s shoulders, and at worst, it could be a sign of financial abuse. Withholding your partner’s access to finances is sometimes a situation where you are dealing with abuse and that’s something to keep your eyes open about. But even if your partner is totally happy to hand off the work and know nothing of the household finances, they could end up in a really tough spot if your relationship ends, either through divorce or breaking up or even if the partner passes away.
Sean Pyles:
So it might be a good idea for couples that are living together, have a long-term relationship, and have somewhat intermingled finances to even know the logins to each other’s accounts. Is that something that you’ve explored too?
Sara Rathner:
Yeah, you could even use a password manager to do that because you can share passwords with each other very easily or you could be really lo-fi about it and just have a list stored in a secure place like a safe that you keep updated once a year. You definitely want to both be equal partners in access to the money even if you don’t necessarily divvy up those month-to-month or week-to-week tasks equally.
Sean Pyles:
Well, what about actually getting those money tasks done? How should couples determine who does what?
Sara Rathner:
Well, this is where the whole money date thing comes, and we talk about this a lot. Sit down, pour yourself the beverage of choice, a cup of tea, a glass of wine, and have a chat about what bills are due, what savings goals you have, which kid has outgrown their clothes and needs to go shopping because that’s also a financial thing, all those sorts of money-related responsibilities that you have coming up in the next week, the next month, even the next three months. And in that conversation, you can also divide up the tasks.
Sean Pyles:
And it can be helpful to have different types of meetings at different times. Maybe once a quarter you have a higher-level meeting where you think about where you want to be at the end of that quarter or at the end of the year. And then at the beginning of each month, you can think, “Okay, here are the things we need to get done this month,” and then maybe even on a weekly basis, you can think more tactically around, “Okay, we need to get a bunch of whatever thing at Costco this week and that’s going to be a bigger bite out of our grocery budget, so let’s make sure we make room for that,” just so you have different conversations at different levels as you are managing your finances together.
Sara Rathner:
Yes, and I like to think of it in terms of that timeframe. What has to be done in the next few days, what has to be done this month, and then what’s a longer-term conversation?
Sean Pyles:
Well, this reminds me a little bit about how my partner and I manage other household tasks like doing the dishes, for example. In general, in our household, whoever cooks dinner does not have to load the dishwasher, and if you load the dishwasher, you don’t have to unload the dishwasher when it’s clean. And for us, it really comes down to being about balance.
Sara Rathner:
Exactly. And by splitting up responsibilities this way, you’re also acknowledging the labor that the person who cooked is performing. You do the dishes because you respect the work it took for the other person to cook. And in my house, because we have the baby to wrangle, I do most of the cooking. While I am doing that, my husband is handling the child care because I don’t want to stop cooking to change a dirty diaper because that’s unsanitary. So in our home, it’s this acknowledgement of, “You are 100% dealing with a baby and I’m 100% dealing with the cooking, and we have to split this moment up in order for us to get dinner on the table.”
Sean Pyles:
Well, do you have any other advice for how couples, or I guess anyone co-managing a household together, can find a more harmonious way to manage their finances?
Sara Rathner:
So another thing is once you divvy up those tasks during that money date, another really important thing is owning tasks that you agree to take on from start to finish. And this is where we talk about weaponized incompetence and all those psychological phrases that get thrown around on social media when you say you’re going to do something and you don’t do it and you’re, “Eh, it’s too hard.” No, it’s not.
Sean Pyles:
Just do it.
Sara Rathner:
Right. If you show your partner that you’re going to agree to do something and then you don’t do it to an agreed upon level of completion, you’re showing them that they can’t trust you.
So in your money date, not only do you talk about the major overarching tasks that you both need to complete, but you can break them down into subtasks so it doesn’t feel quite so intimidating. So if you’re the one to step up to own a task, that means you take care of it from start to finish, and it doesn’t mean you can’t ask for help if you get stuck. You are still partners, but you are just the one spearheading everything.
Sean Pyles:
Well, Sara, thanks for sharing your insights. I like hanging out in this corner with you. It’s cozy.
Sara Rathner:
I’ll bring a second blanket for next time-
Sean Pyles:
Thank you.
Sara Rathner:
… so we could build a fort together.
Sean Pyles:
I love it. And listener, if you want to check out Sara’s article, you can find a link to it in this episode’s show notes.
And now let’s check in on this month’s Nerdy question, which was what’s the best thing you spent money on this month? Last week, we heard from a listener who spent money on a third opinion from a doctor ahead of a major surgery and was able to find a more effective and less invasive way to resolve their pain. So hooray for taking charge of your own healthcare.
Sara Rathner:
And here’s what another listener texted us. “Hello. My favorite purchase so far is a used grand piano. I paid $4,000 and $1,000 to move it to my apartment on the third floor, no elevator, but it’s the best money I spent.” Wow. “I practice more than four times a week and it’s worth every penny.”
Sean Pyles:
Ugh, I love that this listener is spending money on something that is both a creative outlet and also likely a very beautiful thing to just have in their apartment. And I’m not going to pretend like spending $5,000 is nothing, it’s a significant chunk of change, but I’m willing to bet that they will get some good use out of it and it might just end up that they put some family photos on it eventually after the novelty of having a piano wears off, but still, it’ll be nice to look at.
Sara Rathner:
Also, I’ll say that having lived in a third-floor walk-up apartment, can I just say how impressed I am that it’s possible to get a grand piano up there? Because that was not what the staircase was like in the apartment building I was living in. Maybe you could hoist it through a window?
Sean Pyles:
Yes, I think you do have to do that. You take out the window. Sometimes you have to get a permit from the city. It can easily be $1,000 or more depending on where you are.
Well, listeners, we have so loved hearing from you and all of the great things that you are doing with your money. So to share the best thing that you spent money on last month, text us or leave a voicemail on the Nerd hotline at 901-730-6373. That’s 901-730-NERD, or email us a voice memo at [email protected].
Sara Rathner:
And while you’re at it, send us your money questions too. It is quite literally our job to answer them and we love to hear what situations you’re mulling over. So please tell us and we’ll try and solve these problems together.
Sean Pyles:
Well, before we get into this episode’s money question, we have an exciting announcement. We are running another book giveaway sweepstakes ahead of our next Nerdy Book Club episode.
Sara Rathner:
Our next guest is Jake Cousineau, author of How to Adult: Personal Finance for the Real World, which offers tips to young people on how to get started with managing their money.
Sean Pyles:
To enter for a chance to win our book giveaway, send an email to [email protected] with the subject “Book Sweepstakes” during the sweepstakes period. Entries must be received by 11:59 p.m. Pacific Time on May 17th. Include the following information: your first and last name, email address, zip code, and phone number. For more information, please visit our official sweepstakes rules page.
Now let’s get into my conversation with our co-host, Elizabeth Ayoola, about whether fiduciaries are all they’re hyped up to be.
We’re back and answering your money questions to help you make smarter financial decisions. And this episode’s question comes from Ian, who wrote us an email. Here it is. “Hi, team. I hear fiduciaries being peddled like some kind of miracle cure for financial planning, but I’m curious how being a fiduciary actually works. What is the enforcement mechanism? Is there a licensing body, like for nurses or doctors? What makes a fiduciary more trustworthy than someone who is making a promise that they totally have your best interest in mind? Cheers, Ian.”
Elizabeth Ayoola:
This is a good question to ask, especially if you’re trusting someone with your money. And I really like this topic because I recently covered it in a paraplanner course I’m taking. Sean, I know you’re also in the deep waters of coursework since you’re studying to become a certified financial planner professional, which is a fiduciary role. So you’re going to answer Ian’s question so we can test your knowledge.
Sean Pyles:
That is right.
Elizabeth Ayoola:
Sean Pyles:
A fiduciary is just a fancy term for someone who has an obligation, usually a legal or professional obligation, to put their client’s interests before their own. A fiduciary can be a doctor caring for your health, a family member managing someone’s estate, or in this case, a financial professional who is managing the personal finances of their clients.
Elizabeth Ayoola:
Okay. So in summary, a fiduciary prioritizes you and not their pockets.
Sean Pyles:
That is the idea and the hope, but there’s a little more to it than that, and I really have to hand it to this listener because I appreciate their skepticism about what it means to be a fiduciary because they are touted as the gold standard among financial advisors.
I also think we need to zoom out a little bit and talk about what it means to be a financial advisor because the term “financial advisor” is not regulated. Anyone can call themselves a financial advisor, even the sketchiest, hustle-culture peddlers on TikTok.
Elizabeth Ayoola:
I actually think we could do an entire episode on that, Sean. Right now there’s so many people sharing financial advice, and I’m afraid that people might not be doing enough vetting before taking these people’s financial advice, or even realizing that all advice shared doesn’t have their best interests at heart.
Sean Pyles:
Yeah. And as a side note, I’m not a fan of imposter syndrome, but the personal finance space is one where maybe more people should feel imposter syndrome because there are just too many people online without qualifications or experience telling others what to do with their money.
Elizabeth Ayoola:
I second that. And the wrong advice could really lead to great financial chaos for people, so they should absolutely be scared of sharing inaccurate or misleading advice.
Sean Pyles:
Totally. And if I’m being completely honest with myself, part of why I’m pursuing the CFP certification is to quell my own occasional imposter syndrome because I, as a professional in the personal finance space, want to get as much information as I can and I want to be as qualified as I can be to help others, but that’s just me holding myself to a very high standard that I think maybe other people should hold themselves to as well.
Elizabeth Ayoola:
And that’s why I like you, Sean. Okay, obviously there’s other reasons I like you too, but that’s exactly why I’m doing my qualification also because I want to share accurate advice with people. And I love to answer my friends and family’s finances questions when I can, so I want to make sure I actually know what I’m talking about.
Anyway, so back to our listener’s question. Ian wants to know how being a fiduciary actually works in the financial planning space. CFPs are a fiduciary, so how does that actually work in practice, Sean?
Sean Pyles:
Yeah, that’s a good question because Ian asked about licensing to affirm that someone is a fiduciary, and in the personal finance space, that usually means getting a CFP certification, which is the gold standard of education and conduct in the financial planning space. So please indulge me as I give you a sip of the Kool-Aid that I’ve been drinking during my CFP coursework, and I’ll explain what it means to be a certified financial planner professional/fiduciary.
Elizabeth Ayoola:
Come on. Tell us, Sean.
Sean Pyles:
Okay. So part of becoming a certified financial planner involves intensive education, passing a difficult exam, but then once you are certified, you have to act according to the Code of Ethics and Standards of Conduct that are outlined by the CFP Board. And there are three parts to this fiduciary duty that is also outlined by the Standard of Conduct.
So first, there’s a duty of loyalty, which states that a CFP professional has to put their client’s interests ahead of their own, like we talked about before. They also have to avoid, disclose, and manage conflicts of interest, and they must only act in the financial interest of the client, not themselves or the firm that they work for. They also have a duty of care, which basically mandates that the CFP professional has to be competent and do their best to help their clients meet their financial goals. Also, they have a duty to follow client instructions, where a CFP professional has to abide by the terms of the engagement with their clients.
Elizabeth Ayoola:
Wow, that is a lot, but honestly, it would give me confidence as a client to know that someone jumped through all those hoops for me.
Sean Pyles:
Yeah, and that’s really just scratching the surface, too. And the Standard of Conduct is a big part of why being a CFP is a big deal in the personal finance space.
Elizabeth Ayoola:
But here’s the thing, Sean, our listener, and to be honest, me too, is also wondering about enforcement. So let’s say a CFP professional decides to prioritize them making an extra dollar over what’s best for the client, and I don’t know, let’s say they push them into an investment or some kind of insurance product that isn’t actually a good fit for the client. What happens then? Do they call the cops? What do we do?
Sean Pyles:
The police are not involved in this unfortunately, but there is an enforcement mechanism at the CFP Board. If someone suspects that a CFP isn’t living up to their fiduciary responsibilities, they can file a complaint with the board and the board will investigate, and there are a number of disciplinary actions that it could take, including stripping someone of their certification.
The thing is, the onus is typically on the clients to file the complaints, and that’s part of why hiring a financial professional, hiring a CFP doesn’t mean that you can totally sit back and ignore your money. You still have to be engaged and monitor what’s going on.
Elizabeth Ayoola:
For sure, I learned that the hard way, so I try to learn things here and there. But thanks for explaining that.
I do have another question though. How would the client even know if they aren’t financially savvy or if they have a sketchy history? Are there some telltale signs?
Sean Pyles:
Yeah, this is the really tricky part, right? You’re going to this financial professional because of their expertise, so they probably know more about this topic than you do, and that can make it hard to know if they are BSing you or maybe more likely to violate their ethical duty later on. There are a couple of things that you can do though.
Before you even hire a financial professional, do your due diligence and shop around. I would recommend talking with a few different financial advisors before you decide which one you want to work with long-term. You can think of it like dating in that way. You want to get to know them and feel that you can trust them. And then once you are in this vetting process, I would say turn to our old friend Google and dig into each planner that you’re considering a little bit, like you would anyone that you’re dating. Verify that they actually have the certification that they say they do, and look and see if they’ve had any disciplinary actions that have been marked against them publicly. Also, you can just Google around and see if they’ve done anything else that you find suspicious or weird that you just aren’t on board with.
Elizabeth Ayoola:
Wow. I love those tips, Sean. And I also must say, when you said, “Your old friend Google,” it just reminded me about how long I’ve been in a long-term relationship with Google, but the tip’s definitely way more important. So basically, you’re telling us to put our investigator hat on. So okay, what’s the other thing you think people should do?
Sean Pyles:
Okay, so this might sound a little bit squishy, but go with your gut. If you talk with someone enough, you can probably tell if they aren’t confident in their grasp of the information they’re presenting. And even if they are, you might find that they just have a different money philosophy from you, which can signal that you guys are not compatible. For example, I once worked with a financial planner who suggested that I could take a 401(k) loan to solve a short-term cashflow issue that I had. And I personally happened to think that taking a loan against my own retirement for a problem that was going to work itself out anyway was an exceptionally bad idea, so I decided to work with another financial planner instead from that point on.
Elizabeth Ayoola:
Wow, that advice does not sound good, especially if it was suggested before exploring other alternatives that may not set you back for retirement. And I do understand that some people have to take out a loan against their 401(k), and that’s the only option that they have, but the downside is it might set you back, but I’m glad you went with your gut.
Sean Pyles:
Right. It wasn’t right from my circumstances or how I like to manage my money, and that’s what the bottom line was for me.
Now, so far, Elizabeth, we’ve been talking a lot about CFPs because that really is going to be the primary type of fiduciary that a lot of people looking for financial planning will encounter, but I want to go back to the idea that there are a lot of other people out there giving personal finance advice.
Elizabeth Ayoola:
Mm-hmm. People on TikTok, your nosy friends who are always getting in your business, the people interrupting my YouTube videos with their long-winded ads.
Sean Pyles:
Yes, but also accredited financial coaches and certified financial therapists. Both of those are fiduciaries, but they have different standards of conduct and enforcement mechanisms.
Elizabeth, I know that you have some experience working with financial therapists, so can you give us the rundown on what they do and why someone might benefit from working with one?
Elizabeth Ayoola:
I do, I do have experience with that, Sean. I am a wellness fanatic, that’s just a personal note, so I love the topic of financial therapy and also financial wellness. So essentially a financial therapist can help investors understand their worries and their fears around money. They also help you identify the feelings and the beliefs that you have around your money and your habits. Another way to put it is they help you identify and eliminate your money blocks, which are things getting in the way of you achieving your financial goals.
Sean Pyles:
And financial coaches are somewhere between a CFP and a financial therapist. They help people meet their financial goals, and they might be better suited to help those who aren’t super high-net-worth, don’t have a lot of investable assets. Accredited financial coaches also have a specific focus on diversity, equity, and inclusion, which is really important in the personal finance space, considering the racial and gender financial inequity in this country.
Elizabeth Ayoola:
Absolutely. They’re doing good work and we have a lot of work to do to close the gap, but as a woman and a Black woman at that, I hope we see more progress in coming years.
Sean Pyles:
So we’ve just run through a few different types of fiduciary financial professionals, and here’s my bottom line: if you are getting individualized financial advice, it’s probably for the best if that person is also a fiduciary because you know that that is a stamp of credibility, and it goes way beyond a financial influencer on TikTok telling you to sign up for their class and then peddling some investment account from a company that’s really just bankrolling their lifestyle.
Elizabeth Ayoola:
1,000%. I know me personally, I’m at a point where I’m growing wealth and I’m trying to make the right investment choices so I can see positive growth in the coming years. On that note, I would definitely go to a fiduciary if I was stuck trying to make a tough financial decision.
Sean Pyles:
Yeah. At the least, when you are receiving financial advice from someone, whether in person, on social media, or even on a podcast, I think people should ask themselves three questions: what is this person’s qualifications, how are they getting paid, and why are they doing this?
Elizabeth Ayoola:
I definitely think more people should ask those questions. But Sean, say more about that money part because that’s a big piece of the puzzle too.
Sean Pyles:
Yeah. Well, in the financial planning space, there are three main ways that people are compensated beyond a base salary. They can be fee-only, fee-based, and commission-based.
So when you meet with a fee-only advisor, they might charge you an hourly fee or a fee based on a certain percentage of your assets that they’re managing, maybe 1 or 2%. That’s pretty common. And fee-based is really similar, but there is a key difference, and that is that this advisor might get a commission from products that they sell you, like an insurance product or a specific investment account. And commission-based is exactly that: the advisor makes their money from selling financial products. So you can probably imagine why the commission-based pay structure gives some people pause.
Elizabeth Ayoola:
For sure. And then even if the advisor is a fiduciary, being commission-based could muddy the waters a little bit.
Sean Pyles:
Yeah. And for those who are really concerned about any conflicts of interest in the financial advisor space, fee-only might be the route where they feel most comfortable.
Elizabeth Ayoola:
Well, Sean, thank you for this rundown of what it means to be a fiduciary. Your coursework is courseworking, and I can see the studying is paying off. Do you have any final words?
Sean Pyles:
Yeah. I’d say that if you want a financial professional to help you with your finances, vet them thoroughly, shop around, and remember that at the end of the day, you have to be your own best advocate to get what you want from your money.
Elizabeth Ayoola:
Absolutely. And that’s all we have for this episode. Sean, thank you for educating we the people. Remember, we are here for you and we want to hear your money questions to help you make smarter financial decisions, so turn to the Nerds and call or text us your questions at 901-730-6373. That’s 901-730-NERD. You can also email us at [email protected], and also visit nerdwallet.com/podcast for more information on this particular episode. And remember to follow, rate, and review us wherever you’re getting this podcast.
Sean Pyles:
This episode was produced by Tess Vigeland and me. Sara Brink mixed our audio. And a big thank you to NerdWallet’s editors for all their help.
And here’s our brief disclaimer. We are not financial or investment advisors. This nerdy info is provided for general educational and entertainment purposes and may not apply to your specific circumstances.
Elizabeth Ayoola:
And with that said, until next time, turn to the Nerds.
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 – I made $40,000 a month from 3 income streams during a 4-month cruise around the world—here’s how If you are a new visitor – welcome to Making Sense…
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 – I made $40,000 a month from 3 income streams during a 4-month cruise around the world—here’s how
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
—-
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?
FaZe Clan co-owner and uber-successful Youtuber Brian Rafat Awadis, better known as FaZe Rug, is moving up in the world. Or rather, moving out.
Known for his engaging content that spans from pranks to heartfelt vlogs, the YouTube phenomenon — who has a massive following of over 25 million subscribers — set up residence in a ritzy $4.4 million mansion located in Poway, California, a suburb of San Diego.
The purchase came after a stressful time that saw the Youtuber move back in with his parents due to the pressures of his growing fame, seeking comfort during a challenging time.
Now in a much better mental space, the successful content creator is enjoying life in his lavish new digs, often sharing clips filmed inside his two-story mansion. He’s even given his fans a full tour of the sprawling abode, and his followers had nothing but words of support and admiration.
And if one of his hit videos got you wondering where FaZe Rug lives, we have the scoop on the YouTube creator’s impressive Cali home.
Purchased in 2022 for $4.4M
In January 2022, FaZe Rug shelled out $4.4 million for a luxurious estate in the private gated community of The Heritage in Poway, one of the most popular suburbs around San Diego.
Sitting on a 1.04-acre lot, the 6,714-square-foot home is not the only structure on the property. There’s also an attached guest house, a gazebo, and a private sports court, with a total of 10 parking spaces.
The purchase marked a significant upgrade from his previous living arrangements, signaling a fresh start for the content creator. Prior to this, Rug had opened up about the decision to move back in with his parents for a while due to the pressures of his growing fame.
Property specs & amenities
FaZe Rug’s mansion spans a total of 6,714 square feet, featuring seven bedrooms, six full bathrooms, and one half bathroom.
The property, built in 2017, boasts modern amenities and sophisticated architecture that includes Mediterranean and Spanish influences. Highlights of the home include two grand staircases, a fully equipped open-concept kitchen, and a family room that seamlessly transitions into a stunning outdoor living space.
Beyond the basics: Plenty of unique features
What sets FaZe Rug’s house apart are its many playful, unique features, fully displayed during the video tour the Youtuber recorded for his fans.
A wall made entirely of LEGO bricks not only dazzles but hides miniature-themed rooms, providing quirky surprises that echo Rug’s creative and fun-loving personality.
These rooms feature everything from a LEGO spaceship to a tiny treasure trove, making them a hit not just in person but also as fun spots during his video tours.
It has a grand double staircase
Entering Rug’s mansion, you’re greeted by a grand double staircase reminiscent of a scene straight out of “Dynasty.”
This opulent entryway, complete with a sparkling chandelier and modern, airy aesthetics, sets the stage for the rest of the home’s lavish elements. It’s this kind of dramatic flair that gives the house its soap opera-worthy feel — luxurious, inviting, and just a tad over the top.
“The best backyard in the entire world”
FaZe Rug’s mansion is not just impressive on the inside; the outdoor amenities turn his backyard into a true entertainment paradise, making it perfect for both relaxation and hosting epic gatherings — not to mention shooting wildly creative videos.
The centerpiece is a large swimming pool with an integrated spa, perfect for cooling off or enjoying a soak under the California sun. Surrounding this is a luxurious patio area equipped with comfortable seating and an outdoor fireplace, and there’s also a private sports court and a mini golf course complete with a sandpit.
The backyard — which FaZe calls “the best backyard in the entire world — also comes with a full-scale outdoor kitchen, a pizza oven, and multiple fire pits. With breathtaking views of the surrounding mountains as a backdrop, the backyard offers not just fun and games but also a peaceful escape.
Fans were swept away by FaZe Rug’s house
When FaZe Rug shared his new home with his YouTube audience, the reactions were overwhelmingly positive.
Fans praised not only the house’s beauty and FaZe Rug’s taste but also the inspirational aspect of his success. Comments ranged from excitement about future content filmed in the home to personal messages of congratulations, emphasizing how Rug’s journey has motivated others to pursue their dreams.
“Congrats Rug, you deserve this dream house can’t wait to see your future vids at this house you bloody legend love your vids you deserve this house more than anything,” one fan shared.
“This is what happens when you’re humble and filled with gratitude! Stay you always Rug!” another chimed in.
See also: Inside JoJo Siwa’s $3.5 Million Mediterranean-Style Mansion
Netizens who’ve been following FaZe’s content since he first started out have expressed joy for the content creator’s success: “I have literally watched you grow up thru YouTube, this is nuts! Your home is so beautiful!!!! Congratulations Rug, for anyone dreaming big, you will do it. If you’re thinking about it, Just do it! Don’t worry about what anyone thinks, just worry about you and the ones who support you Let’s get it”
The new house’s resemblance to his former digs didn’t go unnoticed
Other fans were quick to point out the house’s resemblance with FaZe Rug’s parents’ house:
“Can we just talk about how the layout of this house is so similar to his parents house?!!! Maybe that’s what makes it feel so homey. Congrats rug it’s well deserved” one fan noted, with another echoing his observation: “It feels homie because the entrance looks like your parents’ house haha. Congrats,” @therealwaseem said.
More stories
YouTube power couple Cody Ko and Kelsey Kreppel list Malibu home — See inside their beach retreat
All the luxe houses MrBeast toured in his “$1 vs $100,000,000 House!” viral video
A look at TikTok stars Nicky Champa and Pierre Boo’s house
A post-occupancy agreement, also known as a post-closing possession agreement, allows the seller to remain in the property they just sold to the buyer for a set period after closing. This can be a win-win for both parties in some situations, but it comes with major risks for the buyers. I have personally bought many houses with post-occupancy agreements and some worked out great while others ended in a costly eviction. A post-occupancy agreement may be needed in some cases but as a regular home buyer, I would be very careful ever accepting one.
Table of Contents
What is a post-occupancy agreement?
In a typical home sale transaction, the seller and buyer agree to a closing date and time, and possession of the home transfers when that closing takes place. The sellers bring the keys and hand them to the buyers if they are both at closing. Or the buyers can pick up the keys or their agent can give them the keys if both parties are not at the closing table (my preference).
In some cases, a seller may want extra time to move out after closing. They may be waiting for their new house to close, or for a house to be built, or they might just want more time to move. This sounds like a reasonable request for the seller but it can come with major risks for the buyer. This is why I try to avoid post-occupancy agreements if possible.
The video below was a nightmare after a post-occupancy agreement went bad:
What are the risks of a post-occupancy agreement?
Many people have heard the stories on the news of a seller who will not move out of their home are they sell. Almost all of these situations come from post-occupancy agreements. During a typical sale, the buyer does a walk-through of the home to make sure it is clean, all the seller’s stuff is moved out, and the property is in the same condition as when they put a contract on it (unless the contract says otherwise). If there is anything wrong, the buyer can delay or even not buy the home.
When the seller is still living in the home and the buyer closes on it (completes the purchase), they cannot make sure it is clean, all the seller’s stuff is gone, or the seller is out. Some sellers want the money that is in their home but want to stay! If the seller does not leave after a post-occupancy agreement, the buyer cannot simply kick them out, they must go to court and evict them.
An eviction can take months or even years in some states like New York.
Why do I agree to post-occupancy agreements?
I am a real estate investor who works hard to get the best deals I can. I buy a lot of distressed properties that need work and many sellers have unique situations. I also buy from many wholesalers who make deals with sellers that I must agree to. In a perfect world, I would never do a post-occupancy agreement but in some cases, it is a take-it-or-leave-it situation and the deal is good enough for me to take the risk.
I would estimate I have some kind of problem with 30 percent of the post-occupancy agreements I do. For me, it is not as big of a problem as it can be for inexperienced homeowners or people who need to move into the home. I also have a YouTube channel that helps me recoup some of my losses with the crazy situations that occur. I also know how to handle evictions, squatters, and other situations where someone not as experienced could be completely lost on what to do.
How should a post-occupancy agreement be structured
There are also risks with how post-occupancy agreements are structured. Some people just agree to let the seller stay and maybe pay a little rent. The problem with this is there is no motivation for them to move out. When we do a post-occupancy agreement we try to make it painful if the seller does not hold up to their obligations and move.
The post-occupancy agreement should always be in writing and money should be held back in escrow from the seller proceeds. I like to hold back at least $10,000 on houses below $400k and if they do not move by a certain date, I get that $10,000 as the buyer. That may seem like a lot but an eviction and a few months of house payments can eat through that very fast. If you are buying a more expensive home, I would hold back much more.
I have seen many agreements that can be wishy-washy and not work out for either party. Some will charge a per diem if the seller does not move like $200 a day. It can be confusing when they are officially out, and when the dates officially start and proving when they are out. I have seen some people create a lease with rent charged and a deposit. You have to be very careful with this as many states have laws on how much the deposit can be compared to rent, how a deposit is paid back or kept, and the rights of the tenant after the lease is started. It is usually easier to evict a seller who does not move than a tenant with a lease.
Another crazy situation:
Should you agree to a post-occupancy agreement?
If you are a regular home buyer looking for a place to move into, be very careful agreeing to a post-occupancy agreement. I would make sure you love that house and have no other options. If you do agree, make sure there is a large enough penalty to make it worthwhile to you if the seller does not move. You also need to make sure your insurance is set up correctly, there is an agreement for who pays for utilities and there is recourse if the house is damaged during the extra time the seller lives there. It also helps if you have a YouTube channel where you can post crazy stories if something goes bad.
Conclusion
I am okay doing post-occupancy agreements if everything is set up correctly and that is my only option. But even as an experienced investor, I try to avoid them if at all possible. If you happen to live in a state with long eviction timelines I would be really careful agreeing to any post-occupancy agreement.
You likely agree that saving money is a good idea. Putting extra cash aside every month can help you reach your financial goals, whether that’s building an emergency fund, going on vacation, or putting a down payment on a car or home.
But wanting to save money and actually doing it are two very different things. It’s easy to get caught up in day-to-day needs (and wants), and never gain any traction on savings. But don’t give up. We’ve got 33 tricks and tips that can make saving simple and pain-free. The best part — you can get started as soon as today.
Saving Money Doesn’t Have to Be Overwhelming
While spending less and saving more admittedly sounds painful, it doesn’t have to be that hard. You don’t have to go to the extremes like never shopping or having fun. Just making a few small changes in your day-to-day spending habits can actually add up to a big difference in how much you save each month.
Getting better with money is like any type of behavior modification — the key to lasting change is to make small, incremental changes that stick.
💡 Quick Tip: Help your money earn more money! Opening a bank account online often gets you higher-than-average rates.
33 Easy Ways to Save Money
What follows are 33 simple money-saving tips you can start working on right now.
1. Tracking Your Spending
One of the best ways to spend less and save more is to take a close look at where your money is currently going. You can track your spending by scanning your checking account and credit card statements over the last few months. But a simpler way is to use a budgeting app that syncs with your accounts and keeps track of what you spend in different categories in real time.
Once you have a big-picture idea of your cash flow, you can make adjustments. Spending a lot more on takeout than you thought? Commit to cooking one or two more nights per week. Is keeping up with fashion killing your budget? You may want to focus on spending less on clothing.
2. Selling Items You Never Use
An simple way to earn some extra cash is to periodically sell gently used items you no longer want or need. You might organize a yard sale or resell your items piecemeal via online marketplaces like OfferUp, Facebook Marketplace, or eBay. If you have extra clothes, shoes, or accessories in good condition, consider listing them on Poshmark or thredUP. Selling your unwanted stuff is essentially getting paid for clearing out clutter.
3. Limiting Time Spent on Social Media
Watching influencers take luxury vacations and promote their favorite products can prompt you to spend more and live beyond your means. In fact, recent research finds that social media can significantly impact your finances — and not in a good way.
Putting a time limit on daily phone scrolling, on the other hand, can automatically lead to less spending and more saving. It also frees up time for activities that can truly enhance your life, like reading, exercising, seeing (real) friends, even taking up side hustle (and earning more money).
4. Setting Goals for Saving
When we do things with focus, intention, and a clear goal in mind, we usually have an easier time making it happen. Instead of saving for the sake of saving, consider setting specific savings goals with target dates and amounts. For instance, maybe you want to save $5,000 for a summer vacation or $2,000 for a new computer.
By setting a target date, you can work backward and figure out exactly how much you need to set aside regularly. For example, if you want a new laptop in eight months, and it will cost you about $2,000, you’ll need to save $250 a month or about $60 a week.
5. Buying Generic Brands
Generic brands typically have the same ingredients and offer comparable quality to name brands but for a fraction of the price. For example, generic drugs usually cost 80% to 85% less than their brand-name counterparts. During your next supermarket or drugstore visit, try to go generic whenever it’s offered. Chances are, the only difference you’ll notice is less money draining out of your checking account.
6. Comparison Shopping
Spending a bit of extra time comparison shopping can help you scoop up the best deals and avoid paying full price. You can do it on your phone while you shop in-store. For online shopping, consider installing a browser extension that helps you find the lowest prices and automatically applies coupons and cash-back options at checkout. Many of these tools will also alert you when the price of an item you intend to purchase drops.
7. Automating Your Savings
Rather than transfer money to your savings account whenever you think of it, consider putting your savings on autopilot. Simply set up a recurring transfer from your checking account to your savings account for the same day each month (perhaps right after you get paid). It’s fine to start small. Even $50 can add up to a sizable sum over time, since the transfer happens every month without fail.
8. Making Monthly Debt Payments
While it’s not directly putting money into your bank account, making on-time, consistent payments on your debt means you’ll pay it off quicker. Once your debt is paid off, the money you are currently spending on principal/interest can go towards savings. In addition to your monthly minimum payments, try to put extra payments towards high-interest debt each month. You’ll whittle those balances down faster and save on interest.
9. Delaying Gratification
If you see something you want to buy but don’t actually need, consider putting off the purchase for at least one week (or ideally 30 days). Tell yourself that if you still want the item and can afford it after the waiting period, you can go ahead and buy it. Chances are good that once that waiting period is over, you’ll no longer have a burning need to purchase the item and simply move on.
10. Meal Planning
If it’s 6pm, you’re tired from a full day of work, and have no food in the house, you’ll probably seek out the path of least resistance — getting takeout or eating out. Your best defense against overspending on food is to sit down every Sunday to scan recipes and come up with a meal plan for the week (including breakfast, lunch, dinner, and snacks). You can then make a shopping list and hit the store.
Recommended: Examining the Price of Eating at Home Versus Eating Out
11. Avoiding the Daily Coffee
While it’s fine to occasionally splurge on a fancy coffee, getting your daily coffee out can add up, especially if you sometimes throw in a tempting pastry at the last minute. Even cutting back your coffee shop visits to just two or three times a week and brewing at home the other days can help you save a lot on coffee.
12. Making Repairs Instead of Buying New
While it is easier to replace items than fix them, the latter approach is better for both your wallet and the environment. Depending on the item, a repair could end up costing significantly less expensive than a replacement. Call around for quotes or ask for help from a tech-savvy or handy friend. Also see if there are “repair cafes” in your community. These are volunteer-run events where you can get items mended or fixed for free.
13. Using Cash Instead of Credit Cards
While credit cards are convenient, they make it all too easy to spend money. When you tap or swipe to make a purchase, you don’t really have a sense that you are giving up physical money. Switching to cash-only, even for just a month or so, can help you become more mindful about your spending. You might even try the envelope system. This involves labeling envelopes for each spending category, dividing your available cash for the month into the envelopes, and then only spending what’s in each envelope.
14. Switch to a New Cell Phone Carrier
When it comes to cell service, you don’t have to stick with the big names. Mobile virtual network operators (such as Mint Mobile, Consumer Cellular or Republic Wireless) typically offer the same quality of service at a much lower price tag. It’s also a good idea to look at your last cell phone bill to see how much data you actually use. You may be able to get a smaller plan to save even more.
15. Doing it Yourself Instead of Hiring Someone
Before you hire someone for a home repair or improvement job, like painting a room, re-caulking your tub or shower, or installing a water filter under your sink, consider whether or not you could do it yourself. Often, the cost of materials and a simple YouTube search will lead to significant savings.
Get up to $1,000 in stock when you fund a new Active Invest account.*
Access stock trading, options, auto investing, IRAs, and more. Get started in just a few minutes.
*Customer must fund their Active Invest account with at least $25 within 30 days of opening the account. Probability of customer receiving $1,000 is 0.028%. See full terms and conditions.
16. Stacking Coupons
There are two major types of coupons: Store coupons, which are issued by a specific retailer and can only be used at those locations (you can find these in the paper and through a retailer’s app or mailer); and manufacturer’s coupons, which are found on manufacturer’s and coupon sites. By stacking them, you get an even deeper discount. Stacking coupons for an item that is on sale is a triple whammy that can bring you back to pre-inflation prices.
17. Canceling Some Subscriptions
Dropping subscriptions that you hardly use or are redundant is a simple money-saving move with a potentially big payoff, since these debits occur monthly. It’s worth scanning your checking account and credit card statements for recurring charges to see if there are any items you can cut. If you primarily watch one streaming service but pay for four, for example, canceling three can save you significant cash.
18. Using a Refillable Water Bottle
While keeping bottled water (and seltzers or sodas) on hand is convenient, the cost can add up, especially if you have a family. A simple way to spend less at the grocery store each week is to give each person in your household their own reusable water bottle. You can then take bottled drinks off your shopping list. This will not only save money but also reduce plastic waste.
19. Taking Advantage of Free Resources
You might be surprised at how many things you can actually get for free. For example, your library can grant you access to movies, books, activities, and in some cases, passes to state parks and other nearby attractions. You might also join a Buy Nothing group. These are hyper-local virtual communities where neighbors can give and receive essentially anything for free.
20. Canceling Your Gym Membership
If you’re becoming a stranger to your gym, consider canceling your membership. Even if you got a great deal, gyms debit money out of your bank account every month, whether you go or not. You might look for alternative, low-cost ways to get physically fit, such as walking/jogging/biking around your neighborhood, lifting free weights at home, and taking hikes.
21. Saving Change
A nickel here and a quarter there might not seem like much, but if you start dropping all your spare change into a jar every day, you’ll be surprised at how much you’ll accumulate. If you rarely carry or pay in cash, consider collecting digital change. Many money-saving apps automatically round up your purchase to the nearest dollar, then transfer the difference into your savings account.
💡 Quick Tip: Want a simple way to save more everyday? When you turn on Roundups, all of your debit card purchases are automatically rounded up to the next dollar and deposited into your online savings account.
22. Skipping Alcohol at Restaurants
Ordering a cocktail or a glass of wine (or three) when out to dinner can significantly inflate your bill. Consider getting water or a non-alcoholic beverage instead, then perhaps having a glass of wine when you get home. If you must drink, local beer, “house wine” options, and happy hour cocktails are usually the cheapest options.
23. Finding Free Family Entertainment
Taking the family to concerts, movies, and immersive art exhibits can add up quickly. Instead, look for free or low-cost community activities. These offerings typically spike during the summer months and around holidays. To stay abreast of upcoming goings-on, you can sign up for newsletters or follow social media accounts of your local community, recreation centers, and libraries.
24. Doing a No-Spend Challenge
A simple way to save (potentially hundreds) is to do a no-spend month. This involves spending money only on essentials for 30 days. Before you begin, it’s a good idea to set parameters for what you will and won’t spend money on and then commit to the plan. It’s only a month! By the end of the challenge, you may realize there were certain things you didn’t really miss and rethink your approach to spending.
25. Reducing Your Energy Use
You may be able to significantly lower your utility bills with just a few tweaks to your habits and home. Try taking shorter showers, fixing any drippy faucets or constantly running toilets, turning off lights whenever you leave a room, and washing your clothes in cold water. Once you see a difference in your monthly bills, you’ll be encouraged to carry on and find more ways to cut energy use.
26. Adjusting Your Tax Withholdings.
If you typically get a refund after doing your taxes, you’re essentially giving the government an interest-free loan. That’s money that could be working for you by earning interest in a high-yield savings account. Revisit your withholdings and put that extra money into your own bank account.
27. Taking a Staycation Instead of a Vacation
It may sound boring, but you’d be surprised how much a staycation can feel like a fun and luxurious getaway. The key is to take a complete break from your daily routine, change up the scenery, and spend time doing things you truly enjoy. This can provide the respite you’ve been longing for — minus the headaches of travel — and for a fraction of the price.
28. Finding Cheap Ways to Reward Yourself
If you focus too hard on saving and never on fun, you might end up feeling deprived and give up on the whole project. Instead, allow yourself to celebrate small money wins and life events on the cheap. For instance, for every X amount you’ve put away into your emergency fund, you might reward yourself with a fancy coffee, a $5 “spree” at the dollar store, or getting a treat at your favorite ice cream shop.
29. Avoiding Bank Fees
Overdraft fees, ATM fees, and monthly maintenance fees can make your bank account balance move in the wrong direction — down instead of up. To ditch costly overdraft fees, keep regular tabs on your checking account to make sure you have enough to cover your debits and checks. To eliminate other fees, you may want to look for a bank account that doesn’t charge monthly maintenance fees and ATM fees.
30. Haggling
Negotiating prices isn’t just for buying cars or houses. You can haggle for just about any product or service — your cable and cell phone bills, things you buy in stores, and even your rent. The key to success is to come to the negotiation prepared (do all the research you may need in advance), speak with confidence, and start off the conversation with the question, “What flexibility do you have?”
Recommended: 15 Creative Ways to Save Money
31. Saving Your Windfalls
It can be tempting to go hog wild and spend your windfalls. But next time you get a work bonus, cash gift, or tax refund (which you actually want to avoid, see tip #26), consider spending a small percentage of it on something frivolous and fun, then putting the rest into your savings account. This can help you reach your savings goals significantly faster.
Recommended: The Fastest Ways to Get a Tax Refund
32. Timing Your Purchases Right
If you want to buy something that you don’t need right away, it’s worth researching the best times of the year for deals and sales. For example, you can often find great deals on cars in May, October, November and December; clothes are typically cheapest at the end of any season; and the end and the very beginning of the year are generally the best times to buy appliances.
33. Switching to a High-Yield Savings Account
If your extra cash is sitting in a traditional savings account, you’re missing out on a free source of extra cash. A high-yield savings account is a type of savings that you can open at many banks and credit unions. But it differs from a traditional savings account in that it offers an annual percentage yield (APY) that’s 10 to 20 times higher. If, for example, you put $25,000 into a savings account with a 4.60% APY, you’ll earn an extra $177.78 by the end of the year — just for letting the money sit in the bank.
Saving Money with SoFi
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall. Enjoy up to 4.60% APY on SoFi Checking and Savings.
FAQ
Why is saving money important?
Saving money enables you to build an emergency fund that protects you against the unexpected. It also allows you to work towards — and achieve — future goals, such as buying a car or home, sending your kids to college, and being able to one day retire.
How can I find the motivation to save money?
To find the motivation to save money, it helps to set specific goals. Think about the things you want to buy or do in the next year or two and how much these things will cost. You can then determine how much you need to set aside each month to reach your goals. Watching your savings account balance go up can also help keep you motivated.
What are the consequences of not saving money?
When you don’t have a cushion of savings, any bump in the road (such as a car or home repair, trip to the ER, or loss of income) can force you to run up credit card debt. This can lead to a debt spiral that can take months, if not years, to recover from. Not saving also means you won’t make any progress towards your financial goals and simply continue living paycheck to paycheck.
Photo credit: iStock/Chaninan Boongate
SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.
SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
*Rates and APYs are subject to change. All information provided here is accurate as of March 28, 2024.
Our writers and editors have invested thousands of hours analyzing and vetting lenders offering VA loans. Through exhaustive research, we’ve come up with a list of the best VA mortgage lenders for military members and their families, including Navy Federal, Rocket Mortgage and Veterans United. Read on for our Best VA loan lender reviews and a comprehensive lending guide on how to find and apply for a VA loan.
Money’s Main Takeaways
VA loans are one of the main benefits the federal government offers to retired and active-duty members of the military
Borrowers can qualify for a VA loan with a lower credit score and 0% down payment compared to conventional loans
There is no private mortgage insurance, but borrowers will be required to pay a funding fee
VA loans offer competitive interest rates compared to other loan options
Our Top Picks for Best VA Loan Lenders of April 2024
Best VA Loan Lenders Reviews
Lowest fees on our list
Non-VA mortgage options that require no down payment
356 branches worldwide
No lender fees
Small number of branches within the U.S.
Membership strictly limited to military members, spouses, family members, veterans and the Department of Defense
Customized rates only offered to members
HIGHLIGHTS
Sample rate
5.750% (6.223% APR) on a 30-year fixed-rate purchase loan of $300,000
Minimum credit score
Unstated, VA recommendation of 620 is suggested
Minimum down payment
0% for qualifying borrowers
Availability
Continental U.S.
Pre-approval time
Approximately 3 business days
Mobile app
Yes
NMLS ID
399807
Why we chose it: A combination of low lender fees, several loan assistance programs and a wide selection of mortgage loans make Navy Federal Credit Union our best VA loan lender overall.
Navy Federal Credit Union offers military families low rates on financial products, such as personal loans, auto loans and credit cards. The credit union’s VA home loan program features a fast pre-approval process and loan options with no down payment. No PMI is required, either. Navy Fed also recently introduced its no-refi rate drop, where you could qualify for an interest rate reduction without going through the refinancing process.
Additionally, Navy Federal’s Shop & Lock feature allows you to lock in your rate for up to 60 days while you shop for a home, plus an additional 60-day lock once you’ve submitted a purchase agreement. Other perks include up to $9,000 cash back for working with a real estate agent at RealtyPlus, the credit union’s real estate service and a rate match guarantee where Navy Federal will match a better rate offered by another lender or give you $1,000 if all qualifying conditions are met.
Membership is required to use Navy Federal’s services. All active duty, retired and veteran service members of all armed forces branches — plus their families, immediate relatives and some household members — are eligible. Membership is also open to Department of Defense civilian personnel. To become a member, you simply open a savings account with a minimum of $5.
Access to your loan information is available 24/7 with the proprietary mobile app
Credit scores as low as 580 accepted
Debt-to-income ratios as high as 60% accepted
No HELOCs offered
No USDA loans offered
No physical locations for in-person service
HIGHLIGHTS
Sample rate
5.99% (6.429% APR) with 2.125 points purchased ($5,843.75) on a purchase loan of $275,000
Minimum credit score
580
Minimum down payment
0% for qualifying borrowers
Availability
All 50 U.S. states
Pre-approval time
10-15 minutes
Mobile app
Yes
NMLS ID
3030
Why we chose it: Rocket Mortgage’s (formerly Quicken Loans) fully online application and closing process, along with its multiple tools for keeping track of your in-process and existing loans make it our pick for best online VA loan lender.
Rocket Mortgage is an online lender that stands out for its relatively seamless online mortgage application process. While the experience may vary depending on each borrower’s situation, Rocket Mortgage’s website and mobile app allow you to submit all of your paperwork digitally and track every step of your loan’s processing.
While you have the option of speaking with a live representative, you can also communicate with Rocket Mortgage through online or mobile messaging.
Although Rocket Mortgage doesn’t have the broadest loan offering, it does work with all the major VA loans (purchase, refinance, IRRRL) and considers credit scores as low as 580 and debt-to-income ratios as high as 60%. Borrowers buying a home through Rocket Homes and financing through Rocket Mortgage could get a 1.25% closing credit, up to a maximum of $10,000.
For more detailed information, read our full review of Rocket Mortgage (Quicken Loans).
Broader selection of veteran-focused loans than competitors
Offers real estate services for veterans
Customer support is available 24/7
No HELOC products offered
Only 26 affiliate branches across 17 states
HIGHLIGHTS
Sample rate
5.875% (6.307% APR) with 1.5630 points purchased ($4,610.85) on a 30-year fixed-rate purchase loan of $295,000
Minimum credit score
600
Minimum down payment
$0 for qualifying borrowers
Availability
All U.S. states
Pre-approval time
Not stated
Mobile app
Yes
NMLS ID
1907
Why we chose it: Veterans United offers more veteran-focused mortgage options than the standard purchase, refinance and streamline products, making it our choice for best VA loan lender for VA loan variety.
Veterans United guarantees more loans than any other VA-approved lender, according to The Department of Veterans Affairs. The VA compiles a list each month of the top lenders, and Veterans United Home Loans hasn’t budged from its number-one spot in more than six months.
In addition to its reasonable qualifying credit score and income requirements, Veterans United offers a wide variety of loan types: purchase, refinance, IRRRL (streamline) VA loans, Jumbo VA loans, VA energy-efficient mortgages and VA cash-out refinance loans.
Jumbo VA loans can be a good option for veterans who no longer have their full VA entitlement, which means that their VA loans have a limit placed on the total amount borrowed (unlike veterans with full entitlement). Energy-efficient mortgages are not common to VA loans and are a good option for anyone looking to add energy-efficient improvements to their new home.
Second-lowest fees of any lender we’ve reviewed
Loan amounts up to $1 million
No PMI insurance required
Alternative or non-traditional credit and income data not considered for loan applications
Funding fee required
HIGHLIGHTS
Sample rate
5.75% (6.024% APR) with 1.125 points purchased on a 30-year fixed-rate purchase loan of $450,000
Minimum credit score
620
Minimum down payment
0% for qualifying borrowers
Availability
All U.S. states
Pre-approval time
Within three business days
Mobile app
Yes
NMLS ID
401822
Why we chose it: PenFed currently offers the lowest mortgage rate for a 30-year fixed-rate loan, which makes it our pick for the best VA loan lender for competitive rates.
When it comes to VA loans and mortgages, PenFed Credit Union stands out for offering some of the lowest rates across the board on conventional, FHA, VA, Jumbo and adjustable-rate mortgages. Eligible borrowers may qualify for zero down payment. Additionally, PenFed doesn’t require borrowers to acquire private mortgage insurance (PMI).
You must be a member of PenFed to use PenFed’s VA loan services, but joining is an easy process: Simply open a savings account at the credit union with a minimum of $5.
For more detailed information, read our full review of Penfed.
Accepts credit scores as low as 600
Variety of mortgage products available
Self-employment and nontraditional income accepted
Physical branches only in Missouri
Other fees apply
HIGHLIGHTS
Sample rate
6.625% (6.864% APR) on a 15-year fixed-rate purchase loan of $300,000
Minimum credit score
600
Minimum down payment
0% for qualifying borrowers
Availability
All U.S. states
Pre-approval time
Not stated
Mobile app
Yes
NMLS ID
400039
Why we chose it: North American Savings Bank is dedicated to servicing customers in the Kansas City, MO area, but it extends its mortgage services to individuals all over the U.S. Notably, NASB works with borrowers with credit scores as low as 600, lower than what other many lenders allow.
No origination fees are charged on VA loans from NASB, but a VA loan funding fee may be required. Many loans don’t require a down payment, either. NASB offers a loan payment calculator on its site where borrowers can see potential VA home loan rate scenarios.
In addition to standard VA loan products (purchase, IRRRL, cash-out refinance), North American Savings Bank offers the widest variety of mortgage options for individuals who are unable to provide “traditional” credit and income data, such as people who are self-employed.
VA Cash-out refinance, IRRRL and Jumbo IRRRL available
Discounts for bundling services (e.g. home and auto insurance)
Variety of discounts through USAA Perks (car rental, travel, shopping)
Requires membership in USAA
No home equity loans or lines of credit
HIGHLIGHTS
Sample rate
6.125% (6.447% APR) with 0.801 points purchased for a fixed-rate purchase loan and 5.875% (6.196% APR) with 0.933 points purchased for a VA Jumbo purchase loan
Minimum credit score
620
Minimum down payment
0% for qualifying borrowers
Availability
All U.S. states
Pre-approval time
Not disclosed
Mobile app
Yes
NMLS ID
401058
Why we chose it: For those looking to refinance their existing VA loan, USAA offers all of the possible options with competitive rates and terms.
USAA stands out as a VA loan refinance leader for offering all the available options: VA Interest Rate Reduction Refinance Loans (IRRRL), VA Jumbo Interest Rate Reduction Loans, VA Cash-Out Refinance Loans and Jumbo VA Cash-Out Refinance Loans. With either cash-out refinance, you can refinance up to 90% of your home’s value. With IRRRLs, you can refinance up to 100%.
However, rates at USAA aren’t the lowest among the lenders in our top picks. Still, the company’s rates are within the typical range for the market and the option to finance your VA funding fee into your total loan amount is available with all four refinance types.
USAA offers additional financial products and services, such as insurance, banking and investing. All of its products are available only to members. Military members, veterans, their spouses, children, and pre-commissioned officers are eligible.
Members also get discounts for bundling (e.g. home and auto insurance) as well as discounts on car rentals, travel packages, home security, moving services, select retailers and more.
*USAA does not disclose the credit score, loan amount or down payment of its advertised rates. To get a better estimate of your potential monthly payment, use the USAA VA Home Loan Mortgage Payment Calculator.
Allows you to compare multiple mortgage lenders’ rates at the same time
Over 1,500 partnered lenders in its network
Offers credit monitoring tools
Limited contact options
Customer support does not address issues with the lender of your choice
Does not service loans
HIGHLIGHTS
Minimum credit score
Varies by lender
Minimum down payment
Varies by lender
Availability
Varies by lender
Pre-approval time
Varies by lender
Mobile app
Yes
NMLS ID
1136
Why we chose it: LendingTree is an online marketplace that allows you to compare rates on multiple products, from mortgages to personal loans and even credit cards, making it our pick for the best marketplace for comparing VA loan rates.
LendingTree stands out from its competition due to its more than 1,500 partnered mortgage lenders and easy-to-use mobile app.
Borrowers can request multiple quotes (up to three at the same time), which include projected rates and closing costs all in one place. It is also free to use and doesn’t impact your credit score.
The only notable downside to LendingTree’s services is that the company is not a loan servicer or originator, meaning that its customer support will not handle most issues that may come up during your loan process.
LendingTree does not provide sample rates for VA loans specifically. However, you can use the online marketplace’s mortgage comparison tool to check potential rates.
For more details read our full review of Lending Tree.
Minimum credit score is 580
“I CAN” loan offers customizable loan terms
Buydown option to lower interest rate for first 1-3 years
No interest rate or APR info publicly available
Must enter contact info to get rate estimates
HIGHLIGHTS
Sample rate
6.250% (6.563% APR) with 3 points purchased on a 30-year fixed-rate for a purchase loan of $726,200
Minimum credit score
580
Minimum down payment
0% for qualifying borrowers
Availability
All 50 U.S. states
Pre-approval time
Within 24 hours
Mobile app
Yes
NMLS ID
6606
Why we chose it: New American Funding is our top pick for low credit score requirements for VA loans. While its 580 minimum credit score requirement is not unique on the list, it has a vast selection of mortgage loans. Beyond the VA Purchase Loan, there’s also a VA Native American Direct Loan, VA Energy Efficient Mortgage, VA Streamline Refinance Loan and VA Cash-Out Refinance.
Notably, it offers what NAF refers to as an “I CAN” loan, which allows you to choose a custom fixed loan term between eight and 30 years. It also offers a “buydown mortgage” option for VA loans, which allows borrowers to reduce the interest rate on their mortgage for the first one to three years of their loan.
To get a quote, you must contact a representative online or by phone, which requires providing personal information — first and last name, email address and phone number.
For more detailed information, read our full review of New American Funding.
Over 400 branches across 48 states
Accepts credit scores as low as 580
Offer specialized mortgages for physicians
No branches in Alaska or West Virginia
Rates not disclosed unless you call or submit an online form requesting a callback
Phone customer service hours (M-F, 8:30 am-5 pm CST) may be too restrictive for some
HIGHLIGHTS
Sample rate
Unavailable
Minimum credit score
580
Minimum down payment
0% for qualifying borrowers
Availability
Licensed in all 50 U.S. states; in-person service available in ll U.S. states except Alaska and West Virginia
Pre-approval time
Undisclosed
Mobile app
Yes
NMLS ID
2289
Why we chose it: Fairway Independent Mortgage’s presence in 48 out of 50 U.S. states makes it our top pick for in-person mortgage loan servicing.
Fairway Independent Mortgage is notable for its many branches across all but two U.S. states (Alaska and West Virginia), making it an ideal choice for individuals who prefer in-person service. The company offers VA mortgage loans with 100% financing if you have full VA entitlement.
A down payment will be required if you don’t have full VA entitlement or the loan exceeds the VA county limits. Like other VA loan lenders, Fairway Independent Mortgage also considers factors such as credit score and income when determining loan terms.
Fairway also offers a broad range of mortgage products which can be helpful for those who are unable to qualify for a VA loan. Among these loan products are specialized physician loans aimed at medical professionals still working through repaying their student loans.
For more detailed information, read our full review of Fairway Independent.
Ads by Money. We may be compensated if you click this ad.Ad
Other VA loan lenders we considered
While there are many mortgage lenders with outstanding products and features, they don’t necessarily have everything that could make them one of our top picks.
We reviewed the following lenders, and while they meet some of our criteria for “Best VA home loan lenders” (low rates, VA loan experience, good customer service), they ultimately didn’t make the cut.
Freedom Mortgage
550 credit score minimum is the lowest on our list
Fully online loan process
Variety of calculators and educational resources on their site
Rates are only provided by calling for an estimate or signing up for online alerts
High number of CFPB complaints
Does not offer HELOCs
Why Freedom Mortgage didn’t make the cut: The lender has over 2,800 complaints lodged with the Consumer Financial Protection Bureau since March 2021. The Better Business Bureau has received over 1,200 complaints about the lender in the last three years and its accreditation was revoked.
Freedom Mortgage is a fully online lender that offers standard mortgage products such as conventional purchase and refinance loans, FHA, VA and USDA loans. What makes it stand out is its credit score requirement of 550 for VA loans, which is the lowest of any lender we considered.
Veterans First
Fully online loan process, helpful for military members deployed overseas
Educational resources
Specializes in VA loans
Higher credit score requirements than any lenders we’ve reviewed (mid-600s)
Offers no home equity loans
No rate information on its website
Why Veterans First didn’t make the cut: The higher-than-average credit score requirement (mid-600s) was a deciding factor in keeping it out of our top list.
Thanks to its fully online mortgage process, Veterans First (NMLS ID 449042) is a great choice for military members deployed overseas. Its focus on VA loans also means that the company is better prepared to attend to the specific needs of military members and veterans during the mortgage process.
Paramount Bank
Origination fees waived for VA loans
No prepayment penalties for VA loans
No fee or rate information on its website
No information on loan requirements on its website (minimum credit score, DTI, etc.)
Why Paramount Bank didn’t make the cut: Its general lack of upfront information about rates, fees and credit score requirements kept it out of our top lenders.
Paramount Bank (NMLS ID 551907) waives the lender’s origination fee ($1095) on all of its VA loans, making it an option worth considering. There are no prepayment penalties, either.
Flagstar Bank
Considers credit scores as low as 580 for VA loans
Collaborates with down payment assistance and other special mortgage programs
Large selection of mortgage products for those who don’t qualify for a VA loan
Branches located in only 28 states
$75 annual fee for home equity line of credit (HELOC) loans
High number of complaints with CFPB in the last three years (1,000+)
Why Flagstar Bank didn’t make the cut: Flagstar’s lack of branches in almost half of the U.S. and limited rate and fee information on its website kept it out of our top picks. For more details, read our full review of Flagstar Bank.
Flagstar Bank (NMLS ID 417490) is a notable mortgage lender thanks to its wide variety of mortgage loans offered and its collaboration with several special mortgage programs such as down payment assistance and home loan grants.
PNC
Mortgage rate calculator allows for scenarios with credit scores as low as 620
Individuals with credit scores under 620 may be offered alternative loan options
Mortgage rates are only slightly above average (~0.2%)
Relatively small selection of loan products
No specialized VA loans
Contact information and branch locations are not easy to locate
Why PNC didn’t make the cut: While full details aren’t available without speaking to an agent, PNC’s rate calculator shows rates slightly higher than many of our top picks.
PNC (NMLS ID 446303) has a standard offering of mortgage products, including conventional, FHA, VA, refinance and HELOC loans. PNC only offers a partially online loan application process. You can perform a digital income and asset verification, but you must speak with a loan officer to go over your loan details.
LoanDepot
Strong focus on digital mortgage processing allows a fully online mortgage experience
Over 200 affiliate branches nationwide
Credit score minimums and loan eligibility criteria are not disclosed upfront
Relatively small loan offering
No HELOCs offered
Why LoanDepot didn’t make the cut: Its website doesn’t disclose credit score and other loan eligibility requirements. For more details, read our full review of LoanDepot.
LoanDepot (NMLS ID 174457) is a primarily online mortgage loan lender with several affiliate branches across the U.S. Its loan products include conventional purchase mortgages, FHA, VA, ARM (adjustable-rate) and 203k (FHA home renovation) loans. LoanDepot’s digital income and assets verification tools can significantly speed up the loan approval process in some cases.
Guild Mortgage
Broad mortgage loan offering, including energy-efficient home mortgages
Accepts down payment assistance programs
Services its own loans
Rates are only disclosed after reaching out to Guild
No branches in IN, KY, MI, MN, MS, NY, or WV
Why Guild Mortgage didn’t make the cut: No rate information is publicly available; you must contact Guild for details. For more information, read our full review of Guild Mortgage.
Guild Mortgage (NMLS ID 3274) offers a variety of mortgage options beyond VA loans, including bridge mortgages that can help you sell your current home while shopping for a new one and energy-efficient mortgages.
Guild is also a good choice for people who prefer in-person service, since they have branches in all but seven U.S. states. Notably, Guild services its loans, which is something that not all mortgage loan originators do.
Guaranteed Rate
Housing market research tool available
Home valuation tool available
Credit scores as low as 580 accepted for VA loans
Conventional mortgage rates are higher than average (around 0.7% higher)
Limited offering of VA loan products
Why Guaranteed Rate didn’t make the cut: Its VA loan product offerings are limited.
Guaranteed Rate (NMLS ID 2611) is a mortgage lender that allows borrowers to fully process their loan applications online, from start to finish. Individuals who prefer in-person service can also go to one of its 500+ locations across 46 states.
Movement Mortgage
Offers several high-balance mortgage products (jumbo loans)
Considers credit scores as low as 580 for VA loans
Down payment assistance options available
Streamlined underwriting process that can close loans in as little as a week
Mortgage rates can only be obtained after contacting Movement
No 24/7 customer service
No physical locations
Why Movement Mortgage didn’t make the cut: Rate information isn’t publicly available to potential borrowers; you must contact the company for details. For more information, read our full review of Movement Mortgage.
Movement Mortgage (NMLS ID 39179) is an online mortgage lender that claims to be able to fully close on a loan in under two weeks, though these results will depend on each borrower’s situation. Notably, Movement considers credit scores as low as 580 for VA loan applications, well under the VA’s suggested 620.
Besides its VA loan products, Movement also has several down payment assistance and high-balance mortgage options, which are helpful for individuals looking to purchase in high cost-of-living areas.
NBKC Bank
Provides nationwide mortgage service, despite being a regional bank
Mortgage rate calculator allows credit scores in the 300s
Offer specialized mortgages for pilots
Only four branches split between Kansas and Missouri
Mortgage rates can be as much as 1.5% higher than our top picks
Mortgage rate calculator is not easy to access
Why NBKC Bank didn’t make the cut: Its VA loan rates are a bit higher than those of our top picks. For more details, read our full review of NBKC.
NBKC Bank (NMLS ID 409631) is a Kansas/Missouri regional bank that extends its mortgage services nationwide. While its loan offerings are standard (conventional, FHA, VA), it offers specialty home loans for pilots.
Notably, it is one of the few lenders that allows customers to obtain mortgage rates for credit scores under 500, although you’re not guaranteed results below that threshold. Its mortgage rates are also considerably higher than average (up to 1.5% higher).
VA Loans Guide
A VA loan is a home loan issued by private lenders and backed by the U.S. Department of Veterans Affairs (VA). Read on to learn more about VA home loans, their pros and cons, the associated costs and how to apply.
How does a VA loan work?
VA loans are one of the main benefits the government provides to active duty and retired members of the armed forces. Eligibility will depend on the borrower’s years of service. There are also property requirements that must be met. Read more on VA loans to find full details and see how a VA loan can help you achieve your homeownership goal.
Beyond military service requirements, some VA loan lenders require specific standards of creditworthiness. These details will vary by lender, but can include a credit score of 620 or higher and a debt-to-income ratio of 41% or less. (You can calculate your specific percentage using our debt-to-income ratio calculator.)
VA loans offer two big advantages for qualifying homebuyers. There is no required down payment, and the mortgage rates tend to be lower than those on conventional mortgages or FHA loans. Both of these features make a VA loan a more affordable financing option, especially for first-time homebuyers.
The VA no longer places maximum loan limits, but your VA mortgage lender might. In most U.S. counties, the maximum loan amount for 2024 is $766,550, but it can be as high as $1,149,825 in more expensive areas. Jumbo loans will have a higher limit.
Types of VA loans
The U.S. Department of Veterans Affairs offers four different types of mortgages — VA purchase loan, interest rate reduction refinance loan (IRRRLs), cash-out refinance loan, and Native American direct loan — each with its own set of requirements and limitations. Evaluate all loan options before deciding which best VA mortgage lender suits your needs.
Purchase loan
Purchase loans are used to finance the buying of a primary residence, make energy-efficient upgrades to an existing home or buy property to build a house. They cannot be used to buy investment properties, vacation homes, rental properties or fixer-uppers in need of significant repairs.
To learn more, read our guide on VA purchase loans.
Interest Rate Reduction Refinance Loan (IRRRL)
Designed to refinance an existing VA mortgage, a streamlined refinance can get you a lower interest rate, reduce the loan term, or go from a variable-rate to a fixed-rate mortgage.
Cash-out refinance loan
A VA cash-out refinance allows you to access the equity you’ve built up in your home by applying for a new mortgage with a higher balance. The proceeds of the new loan will pay off your old mortgage and you’ll receive the excess amount in the form of a lump sum payment.
Learn more about how to tap into your home equity with a VA cash-out refinance or read our guide on on how to refinance a VA loan to get more information on refinancing.
Native American Direct Loan (NADL)
NADL is the only VA loan managed and funded directly by the government entity. Veterans who are Native American (or whose spouses are Native American) are eligible for this loan. Borrowers can use this loan to buy, build, or improve a home on federal trust land.
As of this writing, there is no limit to the amount of money that can be borrowed with this program (aside from the limitations imposed by creditworthiness, DTI, and general Fannie Mae/Freddie Mac conforming limits, though borrowers can access higher limits if they choose to make a down payment).
Additional VA-backed loan programs
VA Energy Efficient Mortgage (EEM)
Finance energy efficient home improvements, such as a solar water heater, solar panels, storm doors on windows and furnace efficiency modifications, through an EEM. Ineligible home upgrades include A/C units, vinyl siding and new roofing or shingles.
VA renovation loan
Also called a VA rehab loan or a reno loan, a VA renovation loan is a way to include the cost of home repairs and improvements in your VA home loan amount. No luxury upgrades are allowed. This loan is intended for repairs such as heating and cooling system replacement, upgrades to make the home more accessible for people with disabilities and the replacement of old appliances.
VA loans for manufactured homes
You can get financing for a manufactured home, also known as a mobile home or a modular home. However, there is a 25-year maximum loan term on larger units, and a 20-year loan term limit on smaller units. Lender credit requirements for VA mobile home loans may also be higher than loans for conventional homes. The mobile home must also have a permanent foundation and comply with safety standards set by the U.S. Department of Housing and Urban Development (HUD).
To explore other home loan options or check out current mortgage rates, our page of the best mortgage lenders can be an excellent place to start.
There are specific requirements you must meet to qualify for a VA home loan.
Ads by Money. We may be compensated if you click this ad.Ad
How to qualify for a VA Loan
There are specific requirements you must meet to qualify for a VA home loan.
The VA home loan program and its military benefits are available for:
Active-duty military members
Veterans
Past and present members of the National Guard
Surviving spouses of military personnel who died in combat
A VA home loan does not have a minimum credit score requirement, but most participating VA loan lenders require a minimum credit score of 620. Our advice? Always check your credit report and debt-to-income ratio before applying for a loan and improve it if you can. (Be sure to read our guide on how to dispute your credit report.)
Service requirements
VA loan eligibility depends on the length of service of the applicant. These are the requirements as set by the VA:
Veterans and active-duty service members must have served at least 90 days during wartime or 181 days during peacetime.
National Guard members must have served at least 90 days of active-duty service during wartime or six years of creditable service in the Select Reserves or Guard.
Two kinds of discharges from military service may affect eligibility determination: Other Than Honorable (OTH) and Bad Conduct.
The specific circumstances of a veteran’s discharge will be considered, which could take Veterans Affairs (VA) months to evaluate.
In all cases, once deemed eligible, you must apply for a Certificate of Eligibility (COE). The COE proves to the VA mortgage lender that you meet the VA’s eligibility requirements.
How to apply for a VA home loan
After confirming eligibility for a VA loan, take the following steps to apply:
Shop around for a lender and compare rate quotes before settling on the one that best fits your needs.
Submit your loan application. The lender will request a VA appraisal of the house. The lender reviews the appraisal, your credit history and income and decides if it accepts your loan application.
Apply for your COE and contact your state’s regional VA loan center to start the process directly with the government, in the case of Native American Direct Loans.
Once your lender accepts your application, they’ll work with you to select a title company (or entity) to close on the house.
If you have any questions that your lender can’t answer, please call your VA regional loan center at 877-827-3702. You can also watch a video on the official U.S. Dept. of Veteran Affairs’ YouTube page to learn more about VA home loans and how to apply.
How to get a VA loan with bad credit
Some lenders will issue a VA loan to veterans and service members with credit scores as low as 580 or lower. Freedom Mortgage, for example, will accept a credit score as low as 550. However, most lenders will require a minimum credit score of 620.
If you don’t meet the minimum credit score required, you should work on improving your personal finances. Paying the bills on time, paying off any debt you currently have and contacting the reporting agency to fix any errors are some steps that can help improve your score.
More About VA Mortgage Loans
Best VA Loan Lenders FAQs
What is a VA home loan?
chevron-down
chevron-up
A VA loan is a no-down-payment mortgage military benefit partially backed by the Department of Veterans Affairs (VA). Borrowers can use the loans for the purchase of a primary residence or to refinance an existing mortgage.
Who qualifies for a VA loan?
chevron-down
chevron-up
To qualify for a VA loan, you or your spouse must meet the basic service requirements set by the Department of Veterans Affairs (VA), have a valid Certificate of Eligibility, and meet the lender’s income and credit requirements.
How many times can you use a VA loan?
chevron-down
chevron-up
You can use a VA loan more than once but only to purchase or refinance a principal residence, provided you meet the availability requirements. However, you may be able to use a partial entitlement for a second loan if you haven’t used it all on your first mortgage. Remember that using a partial entitlement may mean you’ll need to shell out a down payment and a higher VA funding fee.
Are VA loans assumable?
chevron-down
chevron-up
Because VA loans are backed by the U.S. government, they can be assumed by a new lender even if they are not active military or veterans. In order to assume a VA loan, the new borrower must have a minimum credit score of 580, a DTI of 45% or lower, pay the VA funding fee and ensure the home will be their primary residence. In some cases, a down payment may also be required.
How long does it take to close a VA loan?
chevron-down
chevron-up
VA loans typically take a little longer than a traditional mortgage loan to close. Although the experience may vary from one person to another, VA loans take about 50 to 55 days to close on average. However, it is possible to close on a VA in as little as 30 days in some cases.
Does a VA loan require mortgage insurance?
chevron-down
chevron-up
No, VA loans do not require private mortgage insurance or any other type of mortgage insutance that is required by other loan types, such as conventional and FHA loans. The lack of an insurance requirement is one of the main benefits of obtaining a VA loan, along with not having to make a down payment.
Do VA loans have closing costs?
chevron-down
chevron-up
Yes, VA loans have closing costs, which can amount to 3% to 6% of the loan amount. These costs include fees associated with the loan origination and underwriting, title insurance and recording fees and the VA appraisal fee, among others. The VA funding fee, which ranges between 1.25% and 3.3% of the loan amount, is also due at closing but can be rolled into the loan. The home seller can pay up to 4% of the closing costs on a VA loan.
How We Chose the Best VA Loan Lenders
Given that many mortgage lenders offer similar products across the board, we narrowed our search criteria to three factors: rates, experience and customer service.
Rates – We chose VA loan lenders that offered the lowest rates to ensure your mortgage payments fall in line with your budget.
Experience in VA Loans – We prioritized VA mortgage lenders that process many VA loans. Having a VA mortgage lender who is familiar with this process ensures that every step of your home purchase is taken care of on time.
Customer Service – We highlighted VA mortgage lenders that excel in customer satisfaction and provide first-time homeowners step-by-step guidance throughout the pre-approval, application and loan closing.
We also made sure that our picks are registered with the Nationwide Multistate Licensing System and Registry (NMLS) and meet the minimum certification requirements for mortgage lending.
Though we always try to include accurate and up-to-date information on regulatory and legal actions, we don’t claim this information is complete or fully up to date. Interest rates and annual percentage rates are subject to change. As always, we recommend you do your own research as well.
Summary of Money’s Best VA Home Loan Lenders of April 2024
We have all seen horror stories on the news or social media when a squatter moves into a vacant house or rental property and the unlucky owners cannot get rid of them. That happened to me and it was not a fun time. Luckily it provided some great content for my YouTube channel which helped offset the cost of those squatters. I was also fortunate that I did not have to deal with the squatters for years or even more than 6 months as many people do. How long it takes to get rid of squatters can depend on the state, county, or town you reside in. While I was able to get rid of the squatters, I could have done a few things differently that may have forced them out sooner.
Table of Contents
How did I get squatters?
I own an 8-unit apartment building that I call the Ocho. I bought this property a couple of years ago and it came with some tenants who were not amazing. One of those tenants had been behind on rent a few times and caused some other issues so we decided not to renew their lease. That tenant said they were planning to move out of state so it worked out for everyone, or so we thought.
Below is the actual eviction
We gave them notice and about 20 days later they said they would be out and would drop off the keys. Those keys never showed up. We called a few times and we got the same story. They were almost done moving out and would have keys to us soon. The keys never showed up and then the story from the tenant changed. They said they were all moved out but their sister was at the house cleaning for a day. She claimed the sister would drop off the keys soon. I knew this story was not going to end well.
I stopped by the property and talked to the “sister” who was at the property. There was also another lady and maybe more people in the apartment and they did not look like they were cleaning. They said they would be out the next day and would drop off the keys. Big surprise they did not show up so I stopped by the apartment again to see what was going on and I got the same story. Luckily we had already posted a stay or quit notice when the first tenant had said they were bringing keys and never did because they never paid rent for the next month after they were supposed to have moved.
I knew the sister was not going to leave but evictions are expensive and we try to avoid them. I told her I would pay her $200 if she could be out by the end of the week. She agreed and said she would be out and get us the keys. That day came and she said she was out so I stopped by the property. To my surprise, she was out! However, there were at least three new people in the apartment who I had never seen before.
I was hesitant to talk to them because they did not look like they wanted to talk to me but I really wanted them out. I walked over and one of them came out of the apartment. He claimed to be the ex-boyfriend of the original tenant and said the “sister” was his sister and not related to the tenant. He claimed he had moved in because he used to live here with the original tenant and the electric bill was in his name. However, he was never on the lease and we had never seen him or talked to him before. He also showed me a massive cut on his arm he said he got from being stabbed recently but decided he didn’t need to go to the hospital so he taped it shut.
I told him he couldn’t stay and he needed to leave. He gave me all kinds of stories like he approved to get rent money from COVID funds, he said he talked to my office and they said he could stay, and he said his ex said he could be there. None of these stories checked out. I even called the ex who he claimed told him he could stay and asked her about it. She confirmed no one should be there and one reason she is moving out of state is this guy. Some other people came out of the apartment and said they would start paying rent too and had jobs but they hadn’t been paid yet. Even if they had money, I would never take it as that could constitute a lease!
It was clear they were not going to leave. Unfortunately, while I was talking to them the server for the eviction came by and posted the notice that said they had another ten days until the court date for the eviction. They all thought that meant they could stay! I thought about calling the cops and I should have even though they may not have done anything in this situation. Technically they were trespassing but they also had the keys and cops tend to try to stay out of these situations.
I decided to leave and pursue the eviction since it was coming up.
The eviction hearing
I always use an attorney to handle all of my evictions because I have tried it on my own and I never fill out the paperwork right and it costs me more time and money than an attorney would have cost me. I let my attorney take care of it and waited for him to tell me when the eviction date would be. I got a call from the attorney and he said the eviction was not granted! I could not believe it. He said the squatters showed up to the hearing which was a Zoom call because of covid and the judge granted them a 30-day extension because “they had nowhere to go”.
Looking back on this I should have gone to the hearing. I do not know if it would have helped but I could have told the story and what happened and maybe the judge would not have made that decision. As it was, I now had to wait 30 days or hope they moved out which they were not going to do. I drove by all the time and saw more people in and around the unit. I wanted them out so bad, not just because I feared they were destroying the place but because of the other tenants in the building as well.
Another eviction hearing
I showed up to the next hearing and my attorney and I waited for the judge who hopped on the Zoom call about 10 minutes late. The squatters were not on the call. The judge made us wait another 15 minutes for them to show and he seemed disappointed that they never did. He finally ruled the eviction would proceed since they did not show up. We finally got the eviction scheduled with the sheriff for three weeks out.
Time drug on for what seemed like forever and the eviction day finally came. I showed up with my crew because Colorado requires ten people to be there so they can move everything out in an hour. The sheriff’s deputies serve the notice and make sure everyone is safe. I know the deputies and they are really cool. I could not tell if the squatters were still there but I would think they wouldn’t be because I was guessing they didn’t want any contact with law enforcement.
I was wrong! They were still there and it took them 15 minutes to answer the door. The deputies talked to them and they had not moved anything out. We all decided to give them 10 minutes to move what they could and then we would move the rest. I got in the property and it was dirty but thankfully not destroyed. The tenants moved their stuff into their car and left. I never saw them again. The rest of the stuff we left in the yard for 24 hours per Colorado law and disposed of after that.
This could have been much worse based on what I see in other states but it was still frustrating waiting months for the eviction and not getting any rent.
Another squatter eviction we did:
How to get squatters out
There are a few things I could have done better and some things others can do to avoid long squatter situations as well.
If you have vacant properties check on them often! A vacant property is a target for squatters and vandalism.
If you see someone on your property who should not be there call the police immediately. The police may or may not do anything but you still need to try. Some squatters may not want police contact and may leave if they come. The police may say it’s a civil matter or not their problem but remind them it is trespassing and illegal. If you let squatters stay too long without reporting them it makes it much more difficult to get rid of them.
If there are squatters with no lease, create a document stating the people in the property have no lease and no permission to be in the property. Get this statement notarized and bring it with a copy of the Deed showing the true owner does not have any lease with the squatters in case the squatters provide a fake lease.
If you think something fishy is going on with your tenants, schedule an inspection. Most leases should have a clause that the landlord can inspect the property with notice. If they won’t let you in, that could be grounds for eviction.
If tenants are not paying or are supposed to leave and not leaving, start the eviction process as soon as possible.
In extreme situations, you can try offering cash for keys, or money for them to move. Never pay them before they are out and give you the keys.
Be careful accepting any money or rent as that could give them legal grounds to stay even if they do not have a formal lease.
If an eviction hearing is scheduled it doesn’t hurt to show up yourself to give insight into the situation. Just don’t lose your cool or make it worse.
Don’t do anything illegal like bring enforcers to physically remove people. Talk to an attorney and check state laws to make sure you don’t give the judge or squatters a reason to stay.
If you are in a really tricky situation with state laws and police who will not help, turn to social media or neighbors. Tell your story and the more attention you get, the more likely you can get your situation resolved. Again, stay within the law, stay calm, and don’t make it worse.
Be careful about rekeying properties or trying to force them out on your own.
Conclusion
A lot of people think that because they own the property they can do whatever they want, however, that is not the case. When you rent to someone or give them permission to be in the property they have gained rights to that property. If they live there they are in possession of the property and you cannot simply force them to move or rekey the property. Be sure to talk to a lawyer and check with state laws when you encounter a situation like this. Each state has different laws and eviction processes so just because you see someone else do it, doesn’t make it legal. I hope you never have to encounter a situation like this but if you do act fast and don’t give up!