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Goldman Sachs and Barclays are nearing a deal that would see the GM card portfolio to move to Barclays for $2 billion in a discounted deal according to Bloomberg. In early 2023 it was reported that Goldman Sachs would stop bidding for new card portfolios and in late 2023 it was announced Apple would be cutting ties with Goldman Sachs. Goldman Sachs is expected to take a $400 million dollar hit on the deal according to CEO David Solomon.

Source: doctorofcredit.com

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Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions. In this episode:

Learn expert tips and tricks for saving money on holiday travel booking, from the best time to book to when you should use rewards points.

When should you book your holiday travel? How can you save money on travel during the busiest travel season? Hosts Sean Pyles and Meghan Coyle talk to travel rewards Nerd Sam Kemmis about how to save money when booking holiday travel, with tips and tricks on using companion fares, the optimal time to book holiday flights, and understanding the fine print of airline programs. They also discuss the challenges and benefits of standby flights, the value of subscribing to flight deal newsletters, and the advantages of using credit card points and transferring them to partner airlines. By exploring these topics, the hosts aim to provide listeners with actionable advice to make holiday travel more affordable and less stressful.

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Episode transcript

This transcript was generated from podcast audio by an AI tool.

Sean Pyles:

Over the river and through the woods, to Grandmother’s house we go. And if you don’t want that to break the bank, have we got an episode for you — and Grandma. Today, tips and tricks for saving money on holiday travel booking.

Sam Kemmis:

Because changing and canceling flights for most airlines is a lot easier now than it used to be, and there aren’t as many change and cancellation fees, that actually is a pretty good strategy.

Sean Pyles:

Welcome to NerdWallet’s Smart Money podcast. I’m Sean Pyles.

Meghan Coyle:

And I’m Meghan Coyle.

Sean Pyles:

And this is episode two of our Nerdy deep dive into holiday travel and the costs therein. And Meghan, I know you and I are both in the camp of avoiding holiday travel if at all possible. As much as we love our families, sometimes the hassle of getting to them just isn’t worth a wing and a leg of, you know… turkey.

Meghan Coyle:

Yeah. I heard what you did there, Sean. As we know, plenty of people do brave the crowds and the lines and the delays to see their loved ones over the holidays, so we are here to help smooth that process as best we can, especially when it comes to what you’re spending on that travel.

Sean Pyles:

The holidays are infamous for higher prices, especially on airfares, and there are definitely ways to save money if you’re willing to be a little flexible.

Meghan Coyle:

Sean Pyles:

Ooh, I love secrets, and we’re going to share lots of them today. So listener, perk up your ears like you’re listening for sleigh bells in the distance because we’re going to drop a lot of insider knowledge on you today. It’s our holiday gift to you.

Meghan Coyle:

That’s right, wrapped up all pretty and nice.

Sean Pyles:

We want to hear what you think too, listeners. To share your ideas and experiences around holiday travel with us—the good, the bad, and the insanity—leave us a voicemail or text the Nerd hotline at 901-730-6373, that’s 901-730-NERD, or email a voice memo to [email protected]. So Meghan, who are we hearing from today?

Meghan Coyle:

Today, our guest is our Nerdy colleague, Sam Kemmis, and we’re going to explore all the ways you can save yourself some cash when you’re booking holiday travel, and you don’t necessarily need to redeem your points to do it.

Sean Pyles:

That’s coming up in a moment. Stay with us.

Meghan Coyle:

Hey, Sam. So great to have you back on the show.

Sam Kemmis:

It’s so great to be here.

Meghan Coyle:

What are your travel plans for the holidays?

Sam Kemmis:

They’re not the most exciting, but I’m going to go home to Montana, where I’m from, with my kids to see family.

Meghan Coyle:

Aw, that sounds really sweet.

Sam Kemmis:

Meghan Coyle:

Is it going to be cold there?

Sam Kemmis:

Oh, yeah. It’s always cold. I always go for the cold snap. It always gets into the negative temperatures while we’re there.

Meghan Coyle:

Sam Kemmis:

This is always the question, and I wish I had that silver bullet where I’m like, “Here’s the one weird trick to saving money on holiday travel,” but the truth is it’s hard to do. But I do have a few tricks up my sleeve. So one of them is using companion fares. My partner and I both have the Alaska companion fare, which is great because we have two kids, and it lets us book a second ticket for just a little over $100 no matter how much the first ticket costs. Because you’re spending the same amount on that second ticket no matter what, the more expensive your first ticket is, the more value you’re getting from it. Holiday travel tends to be pretty expensive, so I usually save that companion fare for the holiday so I can kind of maximize that difference between the $100 and whatever I end up paying for the actual fare.

Meghan Coyle:

So it’s kind of like you’re almost using your companion fare as a kid discount, a child discount on your airfare for the holidays.

Sam Kemmis:

I wish my oldest was still young enough that I could put her on my lap. That’s the real discount for the holidays. In a pinch, I use companion fares. Alaska has a great one, but there’s also one from Delta. Southwest has its sort of famous one. There are some companion fare options out there.

Meghan Coyle:

And tell us how Alaska’s companion fare works. I believe you get that through a credit card, is that right?

Sam Kemmis:

Yes. You get it through its co-branded credit card and you get one of them to use every year.

Meghan Coyle:

Is this an annual tradition of yours to use the companion fare on the holidays?

Sam Kemmis:

Yeah, I guess it is becoming one as my kids get older. It used to be I would try to just book the most ludicrous flight that would still qualify with stopovers and multi-cities and going to Costa Rica and whatever I could do. But for one thing, Alaska has sort of changed the terms of it so it’s not so easy to do that. And now, yeah, not as exciting and my most expensive trip is usually home for the holidays.

Meghan Coyle:

Makes sense. Yeah. And I know some of the other companion fares have different terms and things like that, but Southwest’s companion pass lets you get flights for a discount for the entire year, so the holidays are also a great time to use that for a really high value.

Sam Kemmis:

Just no blackout dates on those, as far as I know.

Meghan Coyle:

That’s what we’re looking for for holiday travel because the travel companies know that these are such high demand times. You have to be really careful with the deals. Let’s talk about when you book your holiday travel. Have you done that already?

Sam Kemmis:

I have not. I have learned from covering this beat for so long that it’s actually usually better to wait until the fall to book, and maybe even a little later in the fall. So that’s easy for me because I’m a procrastinator, but I know there are a lot of people who want to book as early as possible. But the data show that booking months in advance doesn’t actually save you money. One piece of data I got from Google Flights that they shared with me showed that the lowest prices for the holidays usually happen between 80 and 20 days before departure, so about one to two months before departure, and that’s true for both Thanksgiving and the December holidays. If I’m booking for Christmas, that will put it somewhere in October, likely, that I’m booking. That’s a rule of thumb, but every year is different. It could be that if you wait until that 20-day cutoff that prices will actually go up, or that may be when prices are actually lowest. Just like anything that revolves around supply and demand, there’s no way to really play the market. Booking way in advance is usually not a great idea.

Meghan Coyle:

Okay, that makes me feel a lot better because I haven’t even started thinking about it yet.

Sam Kemmis:

I know. It’s like 95 degrees here. It’s hard to imagine.

Meghan Coyle:

I know we’re talking a bit early about holiday plans, and one thing I wanted to float out there is that you could book something now and kind of lock in a lower rate, and then you might be able to rebook it or change it or cancel it if something happens, your travel plans change, or even the price goes down. Can you talk a little bit about that and why that might be a good option for the holiday travel?

Sam Kemmis:

Yeah, because changing and canceling flights for most airlines is a lot easier now than it used to be, and there aren’t as many change and cancellation fees, that actually is a pretty good strategy. If you’re just one of those people that doesn’t want to wait and you see a decent price right now, you can always book it now and, like you said, either change the ticket when you see a better price and you might get a refund on that difference, or just cancel your ticket outright and rebook the lower price. So that’s not a bad idea.

You want to be a little careful, though, to make sure that you’re actually booking a refundable flight. And that doesn’t mean a fully refundable fare, but usually basic economy flights and flights with budget airlines like Spirit and Frontier do not have full cancelability. They won’t offer a full refund, especially those basic economy tickets. You want to watch out booking those. You probably won’t be able to get your money back. The same thing applies for hotels. Hotels are usually a lot easier. They’re usually much more flexible in terms of letting you rebook and even cancel last-minute. You can always book some hotel rooms in advance as long as you’re checking that fine print and making sure that you can cancel it later.

Meghan Coyle:

Something I used to do in college as well was I would take advantage of same-day changes and standby to help save a bit of money on holiday travel. I’ll tell you how this worked and then you can tell me if that was a good strategy or not to use.

Sam Kemmis:

Yeah, I want to hear about this.

Meghan Coyle:

I went to school out of state, so I had to fly home for the holidays. The cheapest flights were usually these super early morning, 6:00 AM flights, or maybe they would have some stops or I would take the red eye. I mean, these were just awful flights I was booking. But if you look into some of the same-day change policies and standby policies, you might actually be able to sometimes call your airline ahead of time, like the day before, or even look in the app and see if there was any availability on a better flight. As long as your departure airport and your arrival airport didn’t change and you were still taking off on the same calendar day, you can save a lot of money by just taking any of those extra seats on a better-timed flight. Something I would do is I would book maybe the earliest flight back on the Friday after Thanksgiving, and then I wouldn’t actually get up at 6:00 AM after eating tons of turkey the day before. I would just check on Thanksgiving and change it, sometimes for free if you have elite status, or there’s some type of policy that’ll let you change for free, or I would pay a pretty nominal fee, like $75, and fly back at a much more normal time. What did you think about that strategy?

Sam Kemmis:

That’s not bad, and I’ve definitely done things like that. I think it’s for sure a good college student strategy because it works as long as you’re pretty flexible on what actually ends up happening. You can have this great plan and, “Oh, I’m going to change it to a better flight,” and there may just not be better flights available. Or you could sort of go on standby, that fills up, and then you’ve got to get over to your actual flight or onto another standby. You could kind of end up in this purgatory where you’re not on any flight.

Meghan Coyle:

Sam Kemmis:

Obviously, I’m speaking in generalities because every airline is going to have different policies for this.

Meghan Coyle:

Sam Kemmis:

I love it. I love that kind of thing. I’ve done that with red eyes where I’ve booked a red eye that’s way cheaper and then just said, “Oh. Actually, could I just fly a normal flight?” and it works out. Totally a possibility if you’re willing to put in a little extra uncertainty work.

Meghan Coyle:

That’s a good call out. And probably wouldn’t work if you have multiple people traveling, like your family, so that would make it a bit more difficult.

Sam Kemmis:

Yeah, I think my kids would break up with me.

Meghan Coyle:

So where should people look for deals, whether on hotels or airlines, for holiday travel?

Sam Kemmis:

Airline deals themselves can be tough for the holidays. You might see airlines promote different sales, but usually those have blackout dates that are actually around the holidays. And so unless you’re willing to fly quite far off from the holiday itself, that’s probably not going to apply. That said, it might be worth subscribing to some flight deal newsletters or social media accounts. You can find those on Instagram or TikTok, and email newsletters are all over the place. And every once in a while, those will have deals around the holidays, especially internationally, especially around Thanksgiving. Because other places don’t celebrate our Thanksgiving, you can find deals around then for sure. Hotels also might have some deals around the holidays depending on how popular that particular property is around that particular holiday, so it’s worth going to the hotel’s website to see if they have any packages that might be a good deal.

Meghan Coyle:

I know we talked about this earlier in the episode—your credit card can come in handy for saving cash on travel purchases. Yours was through a companion fare through your Alaska co-branded card. What are some other situations where you should maybe look at your credit card and see how it can save you cash for holiday travel?

Sam Kemmis:

There’s a few options. One is using your credit card points. The most obvious way to do that is through the booking portal that the credit card has, so Chase Travel or AmEx Travel, whatever it is. Then you’re basically using the points for a fixed value, so you’re essentially buying cash tickets and using the points to pay for those cash tickets. If you’ve got a big pile of points and you want to use them up and you’re going to book a flight anyway, that’s not a bad way to do it. But there is another way to do it, which is to transfer those credit card points to a partner airline, and then book award travel through the partner airline. For instance, you might transfer them to American Airlines and then book using miles through American. So I say that’s another option. We’ve looked into the data and have seen that those bookings don’t usually offer a better cent-per-point value than booking at any other time, but they’re also not much worse. If a flight is twice as expensive as it normally is around the holidays, it will probably be about twice as expensive using miles. So again, there’s no free lunch here, there’s no way to game the system, but you might be able to find a little bit more value by transferring those credit card points to an airline and then booking through the airline.

Meghan Coyle:

Okay. Yeah, that makes sense. And you could also do half points, half cash in a lot of cases if you’re booking through the portal, right? So that might be a way to save some cash as well.

Sam Kemmis:

Yeah, it’s all relative. Do we call our credit card points cash? Are they their own thing? What is it?

Meghan Coyle:

Now we’re getting super nerdy. Are they cash?

Sam Kemmis:

Yeah. Yeah. Sometimes, also, your credit card might have cash back offers on certain hotels or other travel opportunities. Chase offers or AmEx offers might give you 10% back on a statement credit, so you could add that offer to your travel card before you book. Some travel credit cards offer statement credits on travel purchases either booked through the issuer’s travel portal or booked directly with a certain airline or a hotel. That’s a way to offset both the airline cost and the hotel cost.

Meghan Coyle:

Okay. Now let’s make it a little bit spicy. Let’s say you don’t have to go home for the holidays. You want to use that time off to go somewhere else. What are some good ways to save money on this type of holiday travel that’s more like a vacation?

Sam Kemmis:

One option is to go international. Like I said, other countries aren’t necessarily celebrating Thanksgiving. Some don’t celebrate Christmas or the same holidays in December. It might be worth looking at some of those countries to see if there’s some cheaper flight options. And then you can always check out Google Flights or Skyscanner search tools and put in “Anywhere” for the destination. Just be like, “Surprise me,” and just see what’s cheap.

Meghan Coyle:

I love that. You could end up literally anywhere for the holidays. Any other tips for saving on holiday travel without using your points?

Sam Kemmis:

I plug this all the time. I’m always promoting selling your family on doing Thanksgiving the week before or after actual Thanksgiving because…

Meghan Coyle:

Oh, yeah. I remember you wrote an article about this.

Sam Kemmis:

I did, and nobody ever cares and nobody ever bites, but I’m going to say it again. If you just convince your family to do it the week after, airfare will be half as expensive. There will be so much availability for vacation rentals, anything you need, and it still feels like the holiday. It doesn’t really matter as long as you all agree. Then you could extend that out to anything and be like, “Is anything real? Is everything arbitrary? Is it all just in our minds?”

Meghan Coyle:

And with that, we’ll leave everyone with a lot of existential questions.

Sam Kemmis:

That’s right.

Meghan Coyle:

Well, Sam, I know it’s a couple of months away, but I hope you have a great holiday season, or let’s just say a great fall/autumn season, and thanks so much for helping us out today.

Sam Kemmis:

My pleasure.

Sean Pyles:

As ever, I am impressed by how far a little flexibility can go when it comes to saving money on travel. And I say that as someone who is totally inflexible with my travel plans and therefore will never save money like you described doing in college, Meghan. That might be another reason why traveling around the holidays is not my thing.

Meghan Coyle:

I’ll say I did a lot of crazy things as a college student to save money. I remember going to these hour-long talks about the economy so I could get a free Chipotle burrito, and then it turned out it wasn’t even a whole burrito. That tells you how much my time was worth back then. One hour equals half a Chipotle burrito. But back to holiday travel, flexibility is really the key to getting deals on travel at any time of the year.

Sean Pyles:

Yeah. This is really something that I’ve taken to heart, which is that if you’re going to travel for the holidays, try to do it on the days when other people don’t. I mean, if you travel on the holiday itself, sure, you might miss out on some meal prep and maybe some games in the backyard if it’s not snowing where you are, but the hassles you’ll avoid just might be worth it. Now of course, that might not work if you have to deal with layovers or you’re going, say, from the West Coast to the East Coast and the time change makes it untenable. But if you don’t have those factors, why not? I’m sure the captains and flight attendants would love to have your company on the actual holidays.

Meghan Coyle:

Yes. And a hearty, “happy Thanksgiving” is always welcome when you have to work the holiday. And just think of the money and potential annoyances you’re saving by traveling the day of. If you can swing it, why not?

Sean Pyles:

All right. Well, our series continues next week. Meghan, what have you got in store for episode three?

Meghan Coyle:

Well, Sean, I would venture a guess that the biggest worry people have about traveling for the holidays is probably a flight getting canceled or maybe a road getting iced over so you can’t get somewhere. But a close second would be your luggage, all your stuff, the stuff you’d need to look and feel great at your destination, not to mention the presents. You lose that and, well, sad face. We’re going to have some tips and advice for getting your stuff from one place to another without losing your mind or your money.

Jessie Beck:

Once you add on the cost of paying to have a carry-on bag on that basic economy ticket, you might as well just get an economy ticket and be able to be a little bit more flexible. I think that’s the most important thing for me. If I did have to make a last-minute change, I can do that penalty-free.

Sean Pyles:

For now, that’s all we have for this episode. Do you have a money question of your own? 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 remember, you can follow the show on your favorite podcast app, including Spotify, Apple Podcasts, and iHeartRadio to automatically download new episodes.

Meghan Coyle:

This episode was produced by Tess Vigeland, Sean helped with editing, Claire Tsosie helped with fact-checking, and a big thank you to NerdWallet’s editors for all their help.

Sean Pyles:

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.

Meghan Coyle:

And with that said, until next time, turn to the Nerds.

Source: nerdwallet.com

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Are you looking for the best fall side hustles? Fall is a great season to start thinking about ways to make some extra money. With cooler weather and cozy vibes, it’s a great time to find new ways to make money. If you need extra cash for holiday shopping or want to save more, there…

Are you looking for the best fall side hustles?

Fall is a great season to start thinking about ways to make some extra money. With cooler weather and cozy vibes, it’s a great time to find new ways to make money. If you need extra cash for holiday shopping or want to save more, there are many side jobs that are perfect for the fall season.

Many of these jobs can be done from home or in your local area. The best part is, you don’t need a lot of experience or money to start. There are many ways to use your skills and free time to make cash.

Best Fall Side Hustles

Below are the best fall side hustles.

1. Work at a pumpkin patch

Working at a pumpkin patch is a fun way to make some extra money in the fall. Pumpkin patches usually hire seasonal workers, which means the job won’t last too long. It’s perfect if you’re looking for something short-term.

You could help customers pick out their perfect pumpkin, help in setting up displays, and ring up customers.

It’s usually busy on weekends, so you might have a lot of customers to help.

Check your local farms or community centers for job openings. They tend to start hiring before the season begins.

2. Participate in paid online surveys

Taking paid online surveys is a great way to make extra cash without much effort. You can do it from home, on your phone, or whenever you have free time. Companies need your opinions to improve their products and services, so they’re willing to pay for your feedback.

Paid online surveys can be a fun and easy side hustle. While you won’t get rich from them, they can definitely help you make a bit of extra spending money. Plus, they fit into your schedule whenever you have some spare time.

The survey companies I recommend signing up for include:

  1. Survey Junkie
  2. Prime Opinion
  3. Swagbucks
  4. Branded Surveys
  5. American Consumer Opinion
  6. Five Surveys
  7. PrizeRebel
  8. InboxDollars

I’ve done lots of surveys over the years, and what I like about them is that you can do them whenever you want – in the morning, at lunchtime, or before bed. You don’t need to follow a strict schedule, and they’re really easy to do.

3. Sell crafts on Etsy

If you love creating things, selling crafts on Etsy is a great fall side hustle. Many people go to Etsy to find handmade items that are unique and special. I shop on Etsy all the time and it’s because I know that I can find one-of-a-kind gifts on the site.

Fall is a perfect time to sell your crafts, and you can think about making items like wreaths, pumpkin decorations, or knitted scarves. People love decorating their homes for the season.

You can also try making Thanksgiving table decor or fall-themed wall art. These items are very popular and can sell quickly.

4. Work at an apple orchard

Working at an apple orchard can be a fun and rewarding side hustle in the fall.

Many orchards need extra help during the harvest season, which usually runs from late summer to early winter. You can find jobs picking apples, helping customers, or even working at a cider mill.

Most orchards pay by the hour or by the bushel, so you can earn a decent amount of money depending on how many hours you work or how fast you pick.

Check with local orchards or look online for job openings. Some places may have flexible hours, which is perfect if you’re balancing other commitments.

5. Dog walking or pet sitting

Dog walking is a fun way to earn extra money, especially in the fall. The weather is cooler, and both you and the dogs will enjoy the fresh air. Many people need dog walkers because they are busy or unable to walk their pets. This makes it a great side hustle for animal lovers.

You can make good money walking dogs, typically around $15 to $30+ per hour.

There are apps like Rover that connect you with pet owners who need help. Signing up is usually quick and easy, and I personally know dog walkers on Rover who make extra money (my mother-in-law as well as my sister!).

6. Tutoring kids

Tutoring kids can be a terrific fall side hustle. If you are good at teaching, it’s a great way to earn extra money. Many parents look for tutors for subjects like math, science, or reading.

Tutoring isn’t just for older kids. Younger children also need help with basic skills. And don’t forget, you can tutor in fun subjects too, like arts and crafts.

Tutoring pays well. Some tutors earn around $25 to $35 an hour, depending on the subject and their experience.

7. Rent a room on Airbnb

Renting a room on Airbnb is a popular side hustle in the fall. If you have an extra room, you can list it on Airbnb for travelers to book.

Of course, to start, you’ll want to check if short-term rentals are allowed in your area. Some cities have rules about this, so you don’t want to get in trouble for breaking any laws.

Then, you’ll want to get your room ready (make it comfortable with fresh sheets, towels, and clean up the area), take good pictures to display on Airbnb, and set a fair price.

8. Freelance writing

Freelance writing is a great fall side hustle from home. You get to write for different clients, which means your work can include articles, blog posts, website content, and more.

One of the top benefits of freelance writing is flexibility. You can work from home, a cafe, or anywhere you’re comfortable. This makes it easy to fit freelance writing into your fall schedule, whether you have other commitments or just want more control over your time.

Freelance writers can get paid per word or per project. Beginners might start at lower rates, but experienced writers can make good money. For example, writing a 1,000-word article might earn you $50 to $350 depending on your skill and the client.

9. Coach a fall school sport

Coaching a school sport in the fall is a great side hustle. You can share your love for the game while earning extra cash. Schools often look for experienced players to lead their teams.

This job usually happens after school, so it won’t clash with a regular nine-to-five job. You could coach sports like soccer, football, or cross-country.

10. Photography sessions

Fall is a beautiful time for photography. The changing leaves and glowing sunsets make perfect backdrops. If you enjoy taking photos, you can turn this hobby into a side hustle. Families, couples, and even pet owners love to capture memories with autumn colors.

I know many people who take family photo sessions in the fall, and I am actually trying to get one booked right now. The fall is a very popular time for photos, especially because many people use these pictures for holiday cards that they send out.

You can offer short, themed photo sessions. These are called mini-sessions and can last between 20 to 45 minutes. They are popular because they don’t take much time but still capture great moments (and are affordable for families).

You can promote your mini-sessions on social media or through local community boards. Show examples of your past work to attract clients, and even having a few props like pumpkins or cozy blankets can make your sessions even more special.

Recommended reading: 18 Ways To Get Paid To Take Pictures

11. Halloween costume shop

Starting around September, everyone starts thinking about Halloween. And, that includes costume shops!

These typically start popping up and usually last from around September to early November, so that means they need temporary workers.

They need workers to ring people up, stock the shelves, decorate, and more.

12. Virtual assistant

Being a virtual assistant is a fun and flexible way to make money. You can work from home, set your own hours, and choose who you want to work for. This side hustle can fit around your schedule, whether you want part-time work or a full-time job.

Virtual assistants manage social media, schedule appointments, handle emails, or do data entry. Basically, they help with any tasks that someone doesn’t have time to do themselves. This job is very important for keeping businesses running smoothly.

The pay for virtual assistants can be really good. Beginners usually start at around $15 to $20 per hour. With experience, you can make more, even reaching $50,000 a year or more. The more skills you have, the more you can earn.

I was a virtual assistant for several years, and it was a great side hustle. I learned many things by working for small businesses, and it was a great and flexible side hustle.

13. Social media management

Social media managers help businesses or influencers run their social media accounts, such as Instagram, Facebook, TikTok, or their YouTube channel. This includes creating posts, responding to comments, and analyzing engagement.

You don’t need a degree to do this job. Being good at social media and having some creativity can be enough. Small businesses usually need help, especially during busy holiday seasons.

14. Rake leaves

Raking leaves is a great way to earn extra cash in the fall. Many people don’t have the time or energy to do it themselves, especially if they have big yards or a lot of leaves.

You don’t need a lot to get started either with this side hustle idea. A good rake and sturdy bags are pretty much the essentials. You might also want gloves to protect your hands. Working in your neighborhood can be a smart move since you won’t have to travel far.

Timing is important and many homeowners want their yards cleared before the first snowfall. Letting people know early in the season can help you get clients (such as by posting flyers or making social media posts).

15. Become a rideshare driver

Driving for rideshare services like Uber or Lyft can be a great way to earn extra money. With this gig, you can choose your own hours and work as much or as little as you need, such as only during the fall months.

The pay can vary. Earnings might depend on your location, demand for rides, and tips from passengers. Some drivers also earn bonuses for completing a certain number of rides in a set time.

16. Gutter cleaning

Gutter cleaning is a great side hustle idea in the fall. With leaves falling, many homeowners need help keeping their gutters clear. Clean gutters prevent water damage to homes.

You don’t need much to start. A good ladder and some basic tools are usually enough, especially in the beginning.

17. Babysit

Babysitting is a great way to make extra income, especially in the fall when parents are busy with school routines and holiday planning. You can earn good money while working flexible hours that fit your schedule.

By babysitting, you can enjoy a flexible side hustle that fits around other responsibilities or activities you may have.

18. List your storage space

Do you have extra space in your garage or attic? You can make money by renting it out to others who need storage!

Many people look for storage solutions in the fall. They need space for their summer items like RVs, boats, and outdoor furniture, as an example. Listing your storage space can help them and put extra cash in your pocket.

You can use websites like Neighbor or Craigslist to list your space. These platforms make it easy to connect with people in need of storage.

19. Mystery shopping

Mystery shopping is a fun way to earn some extra cash and get free stuff. Here, you act like a regular customer while secretly noting down details about your experience. Companies hire mystery shoppers to check how well their services work.

You’ll find tasks like visiting restaurants, checking out stores, or making phone calls. Payment methods can be cash, gift cards, or reimbursements. Most shoppers earn about $10 to $50 per assignment.

One great company to start with is BestMark. They have lots of jobs like shopping at clothing stores or dining at restaurants. This is the secret shopping website that I have used many times in the past, so I know that they are real.

20. Firewood delivery

Firewood delivery can be a great way to make extra money in the fall. As the weather cools down, more people start needing firewood to keep warm.

Having a truck or trailer is important for transporting the wood. You can charge extra for delivery, making your service even more profitable.

Now, this isn’t an easy job. Loading and unloading firewood as well as chopping it is hard work. But, it can give you a way to make extra income in the fall.

21. Haunted house

One of the most fun fall side hustles is to find a job at a haunted house. Haunted houses usually start popping up in September, and many times they are in desperate need of workers.

Working at a haunted house can be really fun, and there are lots of different jobs you can do!

Some people work as actors, wearing scary costumes and makeup to scare visitors. Others work as guides, leading guests through the haunted house and keeping everyone safe. Makeup artists create spooky looks for the actors. Some people set up sound effects, lights, and special effects to make the haunted house scarier. There are also jobs for handling tickets, marketing, and other tasks to keep the haunted house running smoothly.

I have several friends who love working at haunted houses, and they’ve been doing it for years.

22. Seasonal decor installation

As the leaves change colors, many people want to decorate their homes for fall. If you have a good eye for design, you can make money by helping them set up seasonal decorations – this can include Halloween decorations and even installing holiday lights on a house for Christmas.

People are often busy preparing for holidays, so your service can save them time and effort. You can charge by the hour or by the project.

Frequently Asked Questions

Finding a fall side hustle can be easy and fun. From working at pumpkin patches to selling crafts online, there’s something for everyone. Here are some commonly asked questions about fall side hustles.

What are some easy side jobs to do from home during the fall season?

Taking online surveys is a simple way to make extra money. You can also sell crafts on Etsy. If you have a skill like graphic design or writing, freelancing can be a good option too.

Can you list outdoor activities that can earn money in the cold months?

Working at a pumpkin patch or an apple orchard can be enjoyable and help you make extra income. Dog walking is another great idea. These activities allow you to spend time outside while earning some extra cash.

What strategies can help a landscaper keep earning in the winter?

Landscapers can provide snow removal services, such as to homes and businesses. Another option is providing outdoor holiday decoration services. These strategies can help keep the income flowing even when it’s cold.

How can I make an extra $2000 a month?

Combining several side hustles can help you reach your goal of making $2,000 per month. You can take online surveys, sell crafts on Etsy, and work part-time at places like pumpkin patches or apple orchards. Diversifying your efforts makes it easier to hit your target income.

Best Fall Side Hustles – Summary

I hope you enjoyed this article on the best fall side hustles.

There are many ways to make money in the fall, such as working at a pumpkin patch or haunted house, answering online surveys, dog walking, tutoring, freelancing, and more.

Making extra money is great, and it can help you save for the holidays, stop living paycheck to paycheck, pay off your debt just a little more quickly, and more.

What do you think are the best side hustles in the fall?

Recommended reading:

Source: makingsenseofcents.com

Apache is functioning normally

Looking to get some extra cash from your old electronics? You’re not alone! Many people have used electronics lying around, and selling them can be a great way to make some extra income. Plus, finding the best places to sell used electronics is also a great way if you need to make money fast, such…

Looking to get some extra cash from your old electronics? You’re not alone! Many people have used electronics lying around, and selling them can be a great way to make some extra income.

Plus, finding the best places to sell used electronics is also a great way if you need to make money fast, such as if you are looking to make money in one day.

There are many places where you can sell your used electronics quickly and easily. Whether you’re upgrading your tech or just decluttering, finding the right platform is key to getting the best value. You’ll want to know where to go and what to expect to make the process smooth and profitable.

I have sold many of my used electronics over the years, including a cell phone, a laptop, and a camera. And, there are many more you can sell as well, such as gaming systems, smart watches, fitness trackers, headphones, speakers, and tablets.

Best Places To Sell Used Electronics

Below are the best places to sell used electronics.

1. Decluttr

Decluttr might be the perfect solution for you if you want to sell electronics online instantly as this is one of the best selling apps for electronics. You can trade in your devices like phones, game consoles, iPads, tablets, MacBooks, DVDs, and more.

I have personally sold a cell phone on Decluttr and I found the process to be very easy, and that is why this is my top choice if you are looking to sell your used electronics easily and hassle-free.

To sell on Decluttr, you just head to the Decluttr website and answer the prompts about what you would like to sell. They will want to know the type (phone, gaming console, laptop, etc.), the condition (they accept items in “Excellent,” “Good,” and “Poor” conditions), the storage capacity, and more.

Decluttr will then give you a price and you’ll be given a shipping label if you accept. You will then have to find a box to put the item in.

Once Decluttr receives and processes your items (usually the next day after receiving them), you’ll get paid by direct deposit or PayPal.

Decluttr also accepts broken electronics. Even if your device is water-damaged or has cosmetic issues, you can still sell it by marking the condition as “Poor.”

You can check out Decluttr by clicking here.

2. Gazelle

Gazelle is a popular option if you want to sell your used electronics quickly and easily. They buy a variety of devices including iPhones, Samsung Galaxy phones, iPads, and more.

To get started, tell Gazelle about your device. They will give you an estimated price. If you accept, you send your device to them for free.

Once Gazelle gets your device, they inspect it to make sure it matches what you described. After that, you get paid quickly. This process is simple and fast, which makes it convenient for many sellers.

You can check out Gazelle by clicking here.

3. Amazon Trade-In

Amazon Trade-In is a simple way to sell your old electronics if you are just learning how to sell your stuff. You can get an Amazon gift card or a promotional discount for your device. The process is quick, and you can do it online.

Amazon accepts many types of electronics like phones, tablets, and smartwatches and from brands like Amazon, Apple, Samsung, Microsoft, Google, Sony, Arlo, Foscam, NETGEAR, Bose, ASUS, TP-Link, and more. You answer a few questions about your item, and then Amazon gives you an estimate.

If you agree with the estimate, Amazon provides a free shipping label. You can mail your device or drop it off at a participating location.

Once Amazon gets your device, they will verify its condition. If it matches what you described, you get your gift card or discount. If the condition is worse than expected, you can choose to have the device returned or accept a lower value.

Amazon offers Instant Payment for some trade-ins. This means you get your gift card right away. If you don’t qualify for Instant Payment, you will get your gift card once Amazon processes your device, which can take up to 15 business days.

4. Apple Trade In

I recently traded in my old laptop to Apple and made around $300 for a laptop that was around 5 years old (and was actually broken with a flashing screen). I did it all right on the Apple website and it was very easy to sell.

Apple Trade In lets you trade your old device for credit toward a new one. You can do this either online or at an Apple Store. If your device isn’t worth any money, no worries. Apple will still recycle it for free.

You can trade in an iPhone, iPad, Mac, or Apple Watch.

You can use trade-in credit toward a purchase or get an Apple Gift Card. I was buying another laptop, so I just got store credit and put it toward my purchase.

Now, you may be wondering if your data and privacy are safe if you’re selling your laptop (which probably has a lot of passwords and documents that you would like to keep secure). Apple makes sure that your data is safe throughout the process, and they guide you on how to back up and erase your data.

5. eBay

I have sold many, many items on eBay over the years, from clothing to electronics and more.

EBay is a great place to sell your used electronics because it’s a huge marketplace with millions of buyers.

You can list almost any device, from old phones to gaming consoles. The auction format can help you get the highest price for your items.

Creating a listing is simple on eBay and you just add photos, describe your item, and set your price. You can also choose to sell at a fixed price if you don’t want to wait for an auction to end.

Now, eBay does have a cost. They charge fees for listing and selling items, so you’ll want to be sure to check their fee structure to understand how much you’ll pay.

6. Best Buy Trade-In

Best Buy’s Trade-In program is a great way to get rid of your old electronics and earn some store credit. They accept a wide range of devices, like phones, tablets, game consoles, and more.

Once you bring in your used electronics, they will evaluate them and give you a Best Buy gift card in return. You can use this gift card to shop for new electronics or accessories at any Best Buy store or on their website.

You need to be at least 18 years old to take part in this program. If you live in Alabama or Nebraska, you need to be 19 years old.

Best Buy also offers convenient options for trading in your devices. You can bring your items to a store or use their website to get a trade-in estimate and mail your items for free. This makes it easy to trade in your devices from the comfort of your home.

7. Swappa

Swappa is a popular choice if you want to sell your used electronics. It’s known for being safe and easy to use. You can sell phones, laptops, tablets, and more.

One of the best things about Swappa is that you deal directly with other users. There is no middleman, which means you can get more money for your items.

All you have to do is create a listing, similar to how you would with eBay.

8. Facebook Marketplace

Facebook Marketplace is a great place to sell your used electronics near you. It’s easy to use and connects you with buyers in your local area, and you can sell items like phones, laptops, cameras, and video game consoles.

One of the best things about Facebook Marketplace is the convenience. You just need to take a few pictures of your item, write a short description, and set your price.

You can also reach many potential buyers quickly since Facebook has millions of users, so this increases your chances of selling your electronics fast and at a good price.

For safety, I do recommend that you meet buyers in public places during the daytime. You are selling electronics after all, so it could be something that someone may want to steal. Many people will meet in a police department parking lot to make sure everything is safe.

9. OfferUp

OfferUp is a popular app where you can sell your used electronics and it’s easy to use, plus you can list almost anything, from phones to TVs.

With this site, you will have to create a listing, along with a description and a price. Buyers can then make offers or ask questions directly through the app.

OfferUp merged with Letgo, which means more potential buyers see your listing. The app also has a rating system for both buyers and sellers and this helps you know who you are dealing with.

You can choose to meet buyers in person or ship the item. OfferUp gives you the flexibility to decide what works best for you. Remember to meet in a public place for safety if you choose the in-person option.

10. Craigslist

Craigslist is a great place to sell your used electronics. It’s free to list your items, which means you get to keep all the money from your sale. No hidden fees!

I have sold many items on Craigslist, and like Facebook Marketplace, I recommend that you meet somewhere safe, such as a police department parking lot.

One of the best things about Craigslist is its simplicity. You just need to create an account, write a quick description, add a few photos, and set a price.

Many people use Craigslist because it’s local. Buyers can arrange to meet you in person, which can be safer and faster than shipping items.

Also, you will want to watch out for scammers. If a deal seems too good to be true, it probably is. Trust your instincts and avoid sharing any personal information. There are a lot of scams on Craigslist, unfortunately.

11. Gizmogo

If you want to sell your used electronics, Gizmogo is a good choice. They make the process quick and easy, and you can get an instant quote online by entering your device’s details.

Gizmogo pays competitive prices for many types of electronics. These include smartphones, laptops, tablets, and gaming consoles. They also accept cameras, drones, and smartwatches.

Shipping is free with Gizmogo. They provide a prepaid label, so you don’t have to pay for shipping. Your device is insured during transit, which adds an extra layer of protection.

Once Gizmogo receives your device, they inspect it quickly. You get paid fast, either in cash or online payment.

12. BuyBackWorld

BuyBackWorld is a great place to sell your used electronics. They make selling easy and quick, and you can sell items like phones, tablets, laptops, and more.

To get started, you simply just go to their website and get an instant price quote for your items. This helps you know how much money you will get. The best part is that you don’t have to guess the value.

After you get your quote, you ship your items for free. BuyBackWorld even provides the shipping label. You just pack up your items and send them off.

Payment is fast. Once BuyBackWorld gets your items and checks them, they pay you quickly. You can get paid through PayPal, a check, or a direct deposit.

13. Pawnshop

Pawnshops can be a great place to sell your used electronics quickly. They buy a wide range of items, from phones and laptops to gaming consoles and cameras.

The main advantage of selling to a pawnshop is the speed of the transaction. You can walk in with your item and walk out with cash in hand, usually within minutes, so this makes it a convenient option if you need money fast.

However, there are a few things to keep in mind when selling your electronics to a pawnshop. First, they typically offer less money compared to other selling options. Pawnshops need to make a profit when they resell your item, so they’ll often give you around 30%-60% of the item’s resale value.

It’s important to research the value of your electronics beforehand so you have an idea of what a fair offer might be. Also, be prepared to negotiate, as many pawnshops expect some haggling.

14. ItsWorthMore

ItsWorthMore.com is a great place to sell your old electronics. It’s easy to get started. You just go to their website, get a quote, and see how much your device is worth.

Shipping is free and they give you a prepaid label, so you don’t have to pay anything.

Once they get your item, they check it out. If it matches your description, you get paid. They send the payment fast, often within a week. You can choose to get paid by PayPal or check.

Frequently Asked Questions

Below are answers to common questions about how to sell your used electronics.

What is the best website to sell electronics?

The best website to sell your electronics often depends on what you’re selling. Decluttr and Gazelle are great for quick sales and you don’t have to create a listing. Facebook Marketplace and eBay can also be good options, especially if you want to reach a large number of buyers.

What’s the easiest way to sell my used computer monitor?

Selling a used computer monitor is easiest through websites like Decluttr or Gazelle. These services provide free shipping and fast payment. You can also try local selling through Facebook Marketplace for convenience and quick cash.

How do I sell my laptop?

To sell your laptop, start by choosing a platform like Decluttr, Gazelle, or Amazon Trade-In. If you have a Mac laptop, then you may want to trade it in to the Apple Trade-In program.

What to do before selling a used laptop?

Always back up your data before selling your laptop. Then, perform a factory reset to erase all personal information and don’t forget to remove all accessories like SIM cards and SD cards. I also recommend that you clean your laptop to make it look presentable.

What is the best place to sell used electronics near me?

For local sales, such as if you want to sell your used electronics near you, I recommend using sites like Facebook Marketplace, Craigslist, or local buy and sell groups. A pawnshop is another option if you want to sell used electronics locally, but you usually can’t get as much money.

What is the best place to sell used electronics online?

Decluttr and Gazelle are top choices for selling used electronics online due to their simple process and quick payments. Amazon Trade-In and eBay are also great options if you prefer more control over your selling price.

Best Places To Sell Used Electronics – Summary

I hope you enjoyed this article on where to sell old electronics for cash.

You can sell many types of electronics such as cell phones, laptops, tablets, and gaming consoles. They don’t have to be brand new either, they can be years old in many cases.

And, sometimes, they don’t even need to work. Yes, even your broken, used electronics may bring you some money. In fact, I personally recently sold my laptop that was 5 years old and broken, and I still made around $300.

Selling old electronics helps you get some money back. Instead of leaving gadgets in a drawer, turn them into cash.

By selling, you also help the environment. Electronics have materials that can be harmful if not disposed of properly. Selling them means someone else can use them, reducing e-waste.

Wondering how to decide what the best place is to sell your used electronics after reading the list above? I recommend thinking about how much money you’ll get, how fast you need the money, and how much effort you want to put toward selling it.

I hope you are able to make some extra money selling your used electronics. I think it’s definitely worth it instead of having it just sit around your home taking up space.

What do you think are the best places to sell used electronics?

Recommended reading:

Source: makingsenseofcents.com

Apache is functioning normally

Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions. In this episode:

Learn how to make compassionate, informed decisions for your pet’s end-of-life care, balancing costs, emotions, and love.

How can you plan for end of life care for your pet? Hosts Sean Pyles and Ronita Choudhuri-Wade discuss the emotional and financial challenges of pet end-of-life care and the importance of early decision-making to help you understand how to make compassionate and practical choices that are realistic for your financial situation. They begin with a discussion of the gut-wrenching reality of limited pet lifespans, with tips and tricks on preparing for end-of-life care, weighing treatment costs against quality of life, and ensuring pets do not suffer needlessly.

Dr. Fiona McCord, founder of Compassionate Care Vet Services, then joins Ronita to discuss the complexities of end-of-life care decision-making. They discuss the importance of early planning, balancing love and practicality in pet care, and resources for grief support. Through touching stories and practical advice, Dr. McCord emphasizes the necessity of preparing for the financial and emotional aspects of pet end-of-life care, helping pet owners navigate these challenging times with compassion and foresight.

Check out this episode on your favorite podcast platform, including:

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Episode transcript

This transcript was generated from podcast audio by an AI tool.

Sean Pyles:

It’s inevitable. We know it’s coming. Our pets are only with us for what seems like a short period of time, then they go off across the Rainbow Bridge. And one of the hardest decisions that we have to make is how to put a price on keeping them alive for even just one more day.

Dr. Fiona McCord:

What I want and what I want a client to see is that they have a pet who experiences the best possible quality of life for as long as possible. But when that quality falls lower, or we know that that quality is going to slip, or a crisis may occur, then that we make the right decisions to make sure they get to leave this earth, as I said, no stress, no discomfort, no pain, in the arms of their owner, or eating a cheeseburger.

Sean Pyles:

Welcome to NerdWallet’s Smart Money podcast. I’m Sean Pyles.

Ronita Choudhuri-Wade:

And I’m Ronita Choudhuri-Wade.

Sean Pyles:

This is the final episode of our Nerdy deep dive into the cost of pet care. Ronita, this is such a hard topic, I almost don’t want to deal with it. I know I have limited years with Ozzy and Argus and Pepper, although I’m pretty sure Ozzy, the gecko, is going to live to 100 in human years, only 88 more years to go. But in all seriousness, I know at some point I’m going to have to make these decisions about helping them into the great animal hereafter, and I know it’s very likely that money will have to factor into that decision.

Ronita Choudhuri-Wade:

Yeah. When I think about Moe and how vibrant he is now, just a few years old, it’s hard to imagine that moment, that time when we have to consider letting him go, either because of old age or infirmity or some sort of health issue. He still acts like such a happy little puppy dude, but I know it’s coming. I just hope it’s way, way far away, and that we have a chance to do a proper goodbye when the time comes.

Sean Pyles:

Yeah. When I see older dogs out on the street with great whiskers and wizened with age, taking a slow easy walk with their pet parents, I wonder what it’s going to be like with Pepper. But it’s not something that I dwell on all the time, nor should it be, but it is a good idea to have some sort of sense of what you’ll be willing to do for them when they reach the end of their lifespan.

Ronita Choudhuri-Wade:

Yeah. And you just don’t know when those kinds of decisions are going to knock on your door. If they’re in an accident, you might have to make them at an early age. If they get cancer, same, or any illness. We talked in the last episode about how to prepare for the financial aspects of a trip to the emergency vet. Today, we’re going on to the next step of preparing for the eventuality of a pet’s death.

Sean Pyles:

Because depending on the circumstance, you could be faced with a decision over how much money you’re willing to spend to extend that life, and how much pain and suffering you’re willing to ask of them so they can keep you company a few months, weeks, days, or even hours more. It’s a wrenching dilemma and one that is almost impossible to predict, but that doesn’t mean that it’s impossible to plan for.

Ronita Choudhuri-Wade:

Yes, and that’s what we’re exploring today. As you’ve said, how do we put a price on the life of our pets? What are we willing to spend to keep them alive? Are we willing to pay for modern surgeries? Do we pay for chemotherapy and other medicines? How do we know when paying to extend their lives is more for us than it is for them? It’s a lot of questions. How do we set limits, if at all? We’ll try to get some answers.

Sean Pyles:

All right. Well, listeners, we’ve been talking about our pets for the past four episodes, and now we want to hear your stories about your pets and what it takes to keep them in kibble. What are you sacrificing in your budget to have an animal? Have you had a household discussion about what you’re willing to spend on their end-of-life care? Leave us a voicemail or text the Nerd hotline at 901-730-6373. That’s 901-730-NERD, or email a voice memo to [email protected]. All right, Ronita, who are we hearing from today?

Ronita Choudhuri-Wade:

So today’s guest is Dr. Fiona McCord. She’s been practicing veterinary medicine in the Dallas area for more than 30 years. She’s also the founder of Compassionate Care Vet Services, which provides end-of-life coaching and in-home euthanasia. We’re going to have the tough talk in the hopes that it provides some comfort and direction for pet owners out there.

Sean Pyles:

That’s coming up in a moment. Stay with us.

Ronita Choudhuri-Wade:

Hi, Dr. McCord. Thanks for joining us today on Smart Money.

Dr. Fiona McCord:

Well, you’re very welcome. I am more than happy to talk about this subject. I love it, and we don’t talk about it nearly enough.

Ronita Choudhuri-Wade:

I absolutely agree. Do you have any pets?

Dr. Fiona McCord:

I do, but I currently have one dog. Two weeks ago, I had two dogs. So this conversation is very personal as well as professional, because I lost my wonderful lady on the 4th of July, which is Independence Day, which is kind of perfect, because she was Miss Independence. Her name was Dixie Belle, but we called her Dixie Hell. So that should tell you everything you need to know.

Ronita Choudhuri-Wade:

Oh, but I’m so sorry. Such a loss.

Dr. Fiona McCord:

It is. It’s an absolute life changer and a heartbreaker every time.

Ronita Choudhuri-Wade:

Yeah. And, I mean, when I think about my dog Moe and him not being around, I mean, I feel like I mentally can’t even get there, let alone attach a price tag to the whole process of losing a pet. Many of our listeners would have maybe been through this process, as you’re going through it too. But for those who haven’t, what are some of the issues that come up for pet parents?

Dr. Fiona McCord:

Well, let me say one thing first, and that is simply because I know the subject matter here has dollar signs, and I just want to make sure everybody understands that do not ever equate those dollars that you have the ability to spend with your ability to give your pet the very best, most awesome life and end of life. That’s just a given. There are so many things that play into this.

But, I mean, our pets become such an integral part of our lives, and the bond that we develop with them is something that you truly cannot explain to someone who has not experienced it. And having created that bond, when we get to that stage in their lives that we are facing the end, it overloads very often. It’s an area of time in their lives where we have opportunities to stand up and do things for them, but it’s a heartbreaker at the same time, and dollars do play into it.

Ronita Choudhuri-Wade:

The kind of love that human beings can share with animals is really something else, and they provide so much joy. No matter what kind of day you’re having, they’re always so happy to see you. But when we’re talking about end-of-life issues, and while finances aren’t all important, where do finances come into that discussion? I wonder if you might have some stories about people who have had to decide not to spend, say, thousands of dollars to keep their pet alive just to have a few more weeks with them.

Dr. Fiona McCord:

One of the things I would say in any of this decision-making that we find ourselves in is to start early, which I know sounds kind of weird. But as soon as you start realizing that you’re getting to that end-of-life phase, then it’s getting all that information and making decisions before you’re overwhelmed with emotion, because sometimes once we get sucked into this end of life, we tend to just feel like we’re on a train and you can’t get off it and you can’t change it.

I had a lady who called me on a Friday, and we were talking about in-home euthanasia and letting her kitty leave this earth in the most gentle way we possibly could. But she was scheduled on the Monday for a scan. I think it was an MRI. I can’t remember exactly what it was. But her kitty was scheduled for a $3,000 procedure on Monday morning, and she was stressed, not necessarily about the money, but about the stress for the cat, what was this going to feel like, and all of that.

So when I talked her through this, and this was a kitty who had a neurological issue, and so the question was kind of, “Do we have a brain tumor? Do we have some other kind of brain lesion?” And this test was going to maybe give us an answer. But as I talked with her, I said, “You know what? So we do this test, and this kitty has a brain tumor. What are we going to do?” And the answer was euthanasia.

If we do this test and this kitty doesn’t have a brain tumor, it’s an old cat, by the way, what are we going to do? Euthanasia. Then why are we dragging a kitty into a vet to go through a test and spend $3,000 if what you’re going to ultimately do and what the cat is going to experience may actually be worse going down the spend $3,000 route than the other?

So I think all of our decisions coming down through this have to be, what do we want for this pet? What can we fix? What can we not fix? What can we control? What can we not control? Now, how do we, within our resources, money included, give this animal the very best life, but also, and this may sound like a weird thing to say, but given that I do this, a beautiful death?

And that’s what I want for my animals. I don’t believe with my pets, it’s my job to give them the longest possible life. I believe it is my job to give them the best possible life. And when that body fails, whether it is disease or it is age decline, whatever it is, is to make sure that they get to leave this earth in the gentlest, most loving manner within, again, the resources I have and what I believe is okay for my pet and my worldview. And that’s where the decision process takes us.

So that’s just an example of, we could have spent $3,000, it wasn’t going to impact anything, but why? What was the kitty going to get out of it? What were we going to get out of it? And was that really the most rational, reasonable, and loving choice?

Ronita Choudhuri-Wade:

So you do end-of-life consulting for pet parents, as you’ve mentioned. What do those conversations sound like? How do you start those conversations?

Dr. Fiona McCord:

Well, these conversations start with listening and asking, because a lot of these decisions are very personal. We have to figure out what is going on with that pet. What does a client understand or know about what is going on with the pet? But then also, what do we anticipate and expect to happen down this path if we do something, if we don’t do something? What does that client want for this pet? What matters the most to this client for this pet?

Well, what I want and what I want a client to see is that they have a pet who experiences the best possible quality of life for as long as possible. But when that quality falls lower, or we know that that quality is going to slip, or a crisis may occur, then that we make the right decisions to make sure they get to leave this earth, as I said, no stress, no discomfort, no pain, in the arms of their owner, or eating a cheeseburger.

Ronita Choudhuri-Wade:

This conversation has me thinking about when my childhood dog passed away. And I look back, I was maybe in my late teens, when Snowy did pass away, and I saw that one thing that my family struggled with is knowing when the pet’s reached a stage to start thinking about these things. I would just like to get your take on, how do you know when your pets reach the stage?

Dr. Fiona McCord:

So I would say that you start thinking about it and addressing it as soon as you start seeing some signs. And the two classic places, one is when a client gets a terminal diagnosis, which is a very sudden onset, and that should be the start to think about it regardless of where we go down that path. But some people, that’s where this will start, terminal diagnosis.

For others, it’s a much more gradual awareness as either aging or chronic disease starts causing a decline that we start recognizing in our pets. So either of those places, it’s time to start thinking. If I have an animal that has a diagnosis that I know I can’t fix, I know all I can do is manage it. I might be able to make this animal feel a little bit better for a little bit longer. As soon as I’m in there, I’m in that window.

And that is where it becomes that very personal one of how far down this path do we go and what is okay down this path for my pet in my home, because the competing piece here is that while I want as long as possible, provided quality is good, what I also don’t want is the crisis last day. I don’t want ever anybody picking their dog up and going to an emergency room in the middle of the night. I don’t want anybody with me on one end of the phone hearing the dog screaming in the back, saying, “I need to euthanize my dog now.”

So sometimes the balance becomes, “I will trade off a little bit of time, maybe, to make sure that this dog never hits that point, and that this dog’s last day really is at home, being loved on, eating a burger, if that makes them happy.” Whatever it takes to have made decisions that when you look back, you have the fewest possible regrets is a goal in everything that we do as end-of-life providers.

Ronita Choudhuri-Wade:

Right. And if we look specifically at that planning side of it, could you share some advice on financial considerations that pet owners would have to consider?

Dr. Fiona McCord:

The use of dollars for medical care for your pet or end of life is like any other use of dollars. It’s, “What do I have? What are my priorities? And how do I do what I want to do?” So other than insurance, which is certainly going to cover some, everything else is still your dollars, and it’s just how do those dollars flow from you to the provider of care?

So part of that is, that decision-making is huge. What do I want? How do I get this best? And maybe I can’t do all of these things, but what can I do? Because sometimes we think that if we are sitting in a vet’s office and they tell us it’s going to be X, Y, or Z, to do chemo or do whatever, we go, “Oh, well, we can’t afford it,” or maybe we’ve done all that and we make a statement like, “There’s nothing else we can do.”

I would argue that there is something else you can do. You can make that animal as comfortable as possible. So that ahead-of-time thinking about what matters to me at the end of my pet’s life, so now I can decide how do I distribute my resources to make sure I get them that. It may not be chemo and surgery and $50,000. I have a person I’m talking to right now who is afraid to get a pet, because she’s afraid she won’t have enough money for all the medical care she’ll need to get that pet.

That is awful. It’s not about dollars in medical care. There is a certain amount we have to do, but we’ve got to pull back and understand what we really want to give this pet, and that it’s okay not to have the $50,000 to do the surgery and the chemo and whatever else.

Ronita Choudhuri-Wade:

So what are some options that pet owners might have for end-of-life care? Can you walk us through that? And then we can also look into how does hospice care work, et cetera.

Dr. Fiona McCord:

You’re likely to have a regular vet. So you’re likely to have gone through general medical care through the course of this dog’s life. At some point, you get your diagnosis or you have an issue that you need to look at. Anywhere down this path, it is almost always okay to say, “I don’t want my pet to experience this negative” whatever it is. And euthanasia is the thing that we have that allows us to prevent any discomfort whatsoever.

So that is there, but we’re still coming into it with, “I want as long as possible, provided quality is best.” And really, the regular vet can provide almost everything, because I used to… When I started this practice, I did actual hospice, which is going to be where I’m going to come into this situation with a client and a pet, and all of them are my focus of care.

I’m looking now at the family, at the environment. I’m going into the home. So I’m able to go in and say, “Well, I know what’s going to make things harder for this pet or not,” because a lot of end-of-life stuff is not dollars. It’s managing the situation. So our dogs that are… mobility issues, can’t get up anymore. Well, you know what? We’ve put some runners down. This dog will be able to get up, but he can’t get up on the wood floor. “He can’t go where he wants. He can’t get to his bed anymore.” Well, if you brought it downstairs, he would.

So a lot of the hospice and the ability to go into a home and look at how the family runs, what the relationships are there, what the environment is, is huge. And that is not a big dollar thing. When I consider dying, there’s three biggies for me that I don’t want at the end of my life. I don’t want physical pain I cannot control. I do not want the inability to breathe, and I do not want panic and anxiety. So when I come to this in the hospice setting for what we’re going to keep our animals going down this path, I have those same three things for them.

Ronita Choudhuri-Wade:

When you get to that inevitable time where it’s clear your pet is near the end, what are some considerations for deciding between euthanasia and a natural death?

Dr. Fiona McCord:

That is very, very dependent on the situation. The process of death can be a fairly gentle, nontraumatic one. So if I have a really old, the 22-year-old cat who is dying, but overall, all the organs of the body are aging and wearing down, and everything kind of slows together, including the mental acuity.

So if a body is doing that, then you could actually have a death that you would support it maybe with pain med or, comfortably, things like keeping the lips and the tongue wet, a warm, comfortable position, the presence of someone who loves them. Those kinds of things can make a natural death maybe be okay, and it can take a long time. So if that is what someone wants to do and they’re able to manage that with the pain meds, whatever, that’s fine.

But most of our pets end up with conditions where the death process is not going to be gentle. There’s no reason to go down the natural death path unless you know that the trajectory of what is likely to happen in this body is something gentle, that I can medicate appropriately to control any discomfort and, again, that I don’t have a condition that is going to leave a last experience for a pet very unpleasant.

Ronita Choudhuri-Wade:

So when you have these options, how do you balance what you want for your pet with what it’s going to cost between sedation, euthanasia?

Dr. Fiona McCord:

Our way to control dollars is to do all the things that we can do within our home to manage and maximize comfort, to use a regular veterinarian to get the drugs I need. But you should be able to manage with a combination of your regular veterinarian, maybe an end-of-life vet, if you can find someone who will take that role, and then who is there for you at the very end.

Some of the cost relates to aftercare of that body. Now it is about the client, whose heart is broken, and there’s nothing we can do about that. So now it is what all can be done in order to minimize that pain and support that client through this piece until life starts to look a little bit normal again.

Ronita Choudhuri-Wade:

I wonder if you could recommend any resources or support groups for pet owners dealing with grief.

Dr. Fiona McCord:

The sources, obviously, naturally, they’re going to be different depending on where you are. There are a number of online grief groups. So if you want to do that virtual thing, lots out there. A lot of the cremation companies, if you find out who does this in your area, several of them have virtual groups that they support, and even phone lines that you can call about grief. Some of the rescue groups may have one. Some of the emergency clinics in your area may have one.

And then the other thing is actual true counseling. The group that I do, I actually co-facilitate with a counselor, and there’s going to be an occasional person that needs more than just a support group. If the family already has someone that they’ve used for other issues, then that might work, as long as that counselor gets it. This is one of those where you have got to be around people that get it.

And the other thing that happens with loss is that losses tend to pile up. And sometimes the loss of a pet, devastating, but it will open up all the other losses that have not yet been dealt with in that person’s life. It can be a floodgate. So everything from, “Oh, I just need to chat with somebody,” all the way up to, “I need real help here.” It can be a loss of identity, “Who am I? I’m Foo-Foo’s mother, but I’m not anymore.” So, so many situations and such a level of devastation that a person who has not experienced it really can’t wrap their brain around it, and we can’t expect them to.

Ronita Choudhuri-Wade:

So to wrap up, when you are counseling pet parents who are dealing with a pending loss of their beloved furry family member, what would you say are the most important takeaways for our listeners to think about, especially financially, but as well as emotionally, at the end of their pet’s life?

Dr. Fiona McCord:

I think it is back to what we kind of said at the beginning, is sit down, see what do you want for your pet, what matters to you at the end. What if you’ve already got a situation that you kind of know what you’re going to be dealing with? What do you think that situation is going to look like? Find someone or get the information, enough information, that you have a sense of what’s coming so that you can make some of those tough decisions before you’re in it. How are you going to want to do that? What do you think of this? Before those emotions and all you can feel is the pain and the panic of what’s coming.

It is the getting ahead. It is planning, having time to think through it, to let your brain and your heart wrap around what this is that’s coming, and just make the best decisions you can. But the more you do on the front end to know that you have made those rational, good decisions for you and your pet, the better it will be on that back end. When you look back on the awesomeness of that life, no matter how painful the loss at the end, they are absolutely worth every bit of pain we suffer at the loss.

Ronita Choudhuri-Wade:

Dr. Fiona McCord, thank you so much for talking with us today about this difficult topic and covering it with such depth and insight and warmth. We’re also so sorry for the loss of your dog as well, but thank you so much for coming on Smart Money.

Dr. Fiona McCord:

You are so welcome. Happy to do it.

Sean Pyles:

Ronita, I am trying to not fall down a hole of imagining my dear pets’ last moments. But there are a lot of valuable lessons in your conversation with Dr. McCord. First and foremost, do not equate your ability to spend with your ability to give your pet a good life. In fact, sometimes spending more money on a pet’s care can actually leave them feeling worse and suffering for longer. And what I’m personally going to be focusing on is the idea of giving my pets beautiful deaths. I want to honor their lives and our relationships in their final moments, and that’s kind of the best you can hope for.

Ronita Choudhuri-Wade:

I couldn’t agree more. And one thing I did want to add in, just so our listeners are prepared, are the costs after your pet has passed. A pet cremation can cost between $30 to $250, depending on the size of the pet, and whether it’s communal or private cremation, while a burial can cost between $300 to $2,000.

And like everything we’ve spoken about before, it’s good to have a plan, to know what to do when the moment comes, especially when it can get so emotional and difficult, and to prepare yourself and your family for the hole that appears in the pet’s absence. I will say, just to lighten things, I am considering getting one of those dog portraits done for Moe. You know where they put your dog’s face on a distinguished general or an old-timey king’s body? It is how I would like to remember Moe as a little doggy emperor.

Sean Pyles:

That is so sweet. Well, Ronita, when I think about why we did this series, it really is in the spirit of education and getting folks to think ahead. As we said in the first episode, this is like any other financial consideration, whether it’s retirement or paying for school or having kids. This isn’t meant to be a downer, but actually the opposite, to save folks from having to make surprise decisions in the moment.

Ronita Choudhuri-Wade:

Yeah. It’s a reality check, right? Puppies and kittens and goldfish and geckos and hamsters and horses, they’re all such wonderful additions to our lives. But as we’ve said, they’re not free. While you might get them for free, their existence in your household isn’t. It’s really worth taking the time to budget for them, to think about what your limits will be for their healthcare, and what your endpoint will be when they reach the end. And then from there on out, all you have to do is love them.

Sean Pyles:

That is the easiest part, and my favorite.

Ronita Choudhuri-Wade:

Sean Pyles:

Well, Ronita, this has been such a great series. Thank you for bringing it to us.

Ronita Choudhuri-Wade:

My pleasure, Sean. Woof, woof.

Sean Pyles:

Ronita Choudhuri-Wade:

And that’s the end of that.

Sean Pyles:

For now, that’s all we have for this episode. Do you have a money question of your own? 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 remember, you can follow the show on your favorite podcast app, including Spotify, Apple Podcasts, and iHeartRadio to automatically download new episodes.

Ronita Choudhuri-Wade:

This episode was produced by Tess Vigeland. Sean helped with editing. Kim Lowe helped with fact-checking. And a big thank you to the NerdWallet editors for all their help.

Sean Pyles:

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.

Ronita Choudhuri-Wade:

And with that, until next time, turn to the Nerds.

Source: nerdwallet.com

Apache is functioning normally

Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions. In this episode:

Understand how first-gen Americans can achieve financial success with tips for balancing cultural obligations and wealth-building strategies.

How can first-generation Americans grow their wealth and protect their money? How can you set financial boundaries with family and friends while staying committed to your long-term financial goals? Hosts Sean Pyles and Kim Palmer discuss the unique financial challenges faced by first-generation Americans and immigrant families to help you understand strategies for achieving financial independence. They begin with a discussion of tips and tricks on managing dual financial pressures of supporting oneself and one’s parents and breaking cycles of poverty through self-compassion and financial education.

Jannese Torres, host of the personal finance podcast Yo Quiero Dinero, joins Kim to discuss the importance of building a strong financial support network tailored to individual needs. They discuss strategies for identifying trustworthy financial advisors, setting and maintaining financial boundaries with family and friends, and gracefully declining costly invitations in favor of ensuring long-term financial success. This episode is essential listening for anyone navigating cultural and familial obligations while striving for financial independence.

Check out this episode on your favorite podcast platform, including:

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Episode transcript

This transcript was generated from podcast audio by an AI tool.

Sean Pyles:

Welcome to NerdWallet’s Smart Money podcast. I’m Sean Pyles.

Kim Palmer:

And I’m Kim Palmer.

Sean Pyles:

On Smart Money, we are all about answering your money questions, and today we’re tackling an important one: How can first-generation Americans grow their wealth and protect their money? Kim, in her role as the host of our regular book club series, is here to guide the conversation. So Kim, who are you talking with?

Kim Palmer:

I am speaking with Jannese Torres, author of the new book, Financially Lit!: The Modern Latina’s Guide to Level Up Your Dinero & Become Financially Poderosa. She is also the host of the personal finance podcast Yo Quiero Dinero, and we are joined by my fellow Nerd Melissa Lambarena, a writer on the credit cards team, who also serves as an English and Spanish language spokesperson here at NerdWallet.

Sean Pyles:

Sounds great. Well, I will let you all take things from here.

Kim Palmer:

Great. Thank you. Jannese, thank you so much for joining Melissa and me today.

Jannese Torres:

Thank you so much for having me. Excited to be here.

Kim Palmer:

Let’s start with what’s unique about money for first-generation Americans and immigrant families. You write about how money is often not talked about, for example. Can you share some of those financial challenges that first-generation Americans often face?

Jannese Torres:

Absolutely. So I think at its core, it can start with something as simple as the language barrier. For many first-gen kids, we could be the family translators, oftentimes in financial situations. And so it’s not uncommon for us to take on the responsibility of helping our parents file their tax returns, navigate balancing a checkbook, or any number of other financial tasks that, for folks who can speak English, it’s just so much easier to do that.

So that’s one thing. But then I think there’s a lot of, maybe I would call them cultural nuances, that make the financial industry and first-gen communities kind of be at odds in a way. And I think some of that comes from the fact that there is this lack of culturally competent education and information oftentimes. It’s really even really hard to find alternate language content from a banking institution or a financial institution.

And also, there’s a lot of trauma associated with finances, especially if your parents have come from another country where maybe the economic situation is not as stable. There’s a big mistrust of financial institutions. So a lot of those things can compound in a way that make us very fearful of money and also the institutions that control it.

Melissa Lambarena:

I can definitely relate to that as a first-generation American, having to help my parents with a lot of these, figuring out different documents and a lot of these financial questions. Another thing that impacts us is that we might have to save for our own future, but also support parents who lack retirement savings in the present. And this is something that you talk about in your book. What do you see or want for people who find themselves in this situation?

Jannese Torres:

Well, I think first off, it requires a lot of self-compassion because what I find is there can be a lot of resentment and frustration amongst first-gen kids who feel like, well, why didn’t mom and dad do better? And it’s like we have to have the context and understand that they couldn’t do what they didn’t know. It’s not like financial literacy information is pervasive regardless of where you’re from, but especially when you’re from an immigrant community.

And so I like to refer to the oxygen mask analogy, for especially first-gen kids, because at the end of the day, the foundation that you are building as a wealth builder is only going to be as stable as you make it. If you overextend yourself or just find yourself continuously helping everybody else, but at the expense of your own future self, then it’s just going to perpetuate this cycle of poverty and struggle and feeling like we keep working towards a goal that we never actually achieve.

So I do recommend that folks prioritize their own financial stability. But then also, if you know that you’re going to be in a position to have to financially take care of someone, start having those conversations early and often so that you can start to understand the scope of what that’s going to look like and then make a plan accordingly.

Kim Palmer:

In the foreword of your book, it notes that a lot of personal finance publishers really have a blind spot, and they’re mainly writing for wealthy, white older readers. When did you realize the need for a podcast and a book like yours, and what kind of questions do you get from listeners that they might not hear anywhere else?

Jannese Torres:

I’ve been consuming personal finance content since 2016. And after about three years, I realized that the voices just didn’t 100% resonate with my lived experience as a first-gen Latina. And so that’s when I decided to stick my foot in and decide to launch the podcast, which inevitably led to my opportunity to write this book.

It’s definitely been inspired by the numerous conversations that I’ve had on the podcast where folks feel a lot of imposter syndrome for wanting wealth, a lot of fear because there is that lack of knowledge and a lack of trustworthy resources that we can go to, to learn more about this information. And I have found that it really moves the needle when people can hear stories from folks that they can resonate with.

And that’s why I think it’s so important to have that cultural context when we’re talking about money. Because for example, I think a lot of the mainstream personal finance content is very individualistic-based, especially here in America. Whereas for a lot of communities of color, it’s not unheard of to have multigenerational households where people are contributing collectively towards financial goals.

And just the idea of the bootstraps narrative and picking yourself up and working hard, but just for yourself, it doesn’t really align with how we operate most often in our communities.

Melissa Lambarena:

And financial trauma is something that you approach in your book that is often not seen across many personal finance books. Is this something that is left out of other personal finance books, and how can people get to the root of their financial trauma to make progress on their financial goals?

Jannese Torres:

I mean, I think the whole conversation around mental health and money is something that it needs to be more prevalent. Because I’ve found time and time again that it doesn’t matter if you tell somebody what they should be doing, whether it’s budgeting, saving, or investing — if they have mental health issues and financial trauma, that is going to prevent them from taking those steps. And so getting to the root of your money beliefs is a critical part of this whole journey.

For me, it was really important to include that information in the book. One of the things that I do is I walk readers through understanding where those narratives that we have internalized come from. If you have a perception that wealth is somehow intrinsically bad or immoral, did you grow up in a household where maybe that was the messaging from a religious aspect? Or did you see your parents fighting over money, and so it makes you afraid to talk about it with your partner? All of those things are subconsciously impacting how we operate with money, and I think it’s important for folks to have that context because oftentimes there’s just this shame and guilt that we feel about us not being able to make progress. But you have to understand why you feel the way you do about money before you can start to change those narratives.

Kim Palmer:

I totally agree. I’m so glad that we’re having those conversations more now. I don’t know if you’ve noticed this too, but I do feel like in the personal finance space, people are willing to talk about the mental health side of things more. It seems like something that’s coming up more often.

Jannese Torres:

Absolutely. I think there is less of a stigma when it comes to just talking about mental health in general, but I think that has not necessarily been at the same pace depending on where you’re from. I think for especially communities of color, there still is a lot of stigma about first talking about mental health and then letting folks know that you might be working with a therapist.

So I think the more that we normalize these conversations, the less they’ll be taboo, and the more open that people can be. Because you often realize once you start talking to other folks, there’s a lot of people that are going through the same exact emotions, and it just helps you feel less alone when you know that there are safe spaces where you can talk about this.

Kim Palmer:

Yes, absolutely. You also write about the importance of making yourself more financially secure with multiple income streams. And I love your personal story with this, how your side hustle started with a blog. So I’d love if you can share how your own side hustle helped you after an unexpected job loss and why it’s so important to have those multiple income streams.

Jannese Torres:

So I consider myself an elder millennial. I graduated about six months before the Great Recession. And so even though I went to school and got a degree in order to “get the stable job,” I did not experience that as soon as I got into the workforce. I found a lot of folks having unexpected layoffs.

And seeing especially people who had dedicated 20, 30 years plus to a company and be walked out the door with nothing more than a thank you and a box to collect their things, I think that for me was a very jarring realization at a young age that maybe it’s just not so stable out here in the corporate world. I always had that in the back of my head that I did want to diversify my income.

And then when I got laid off in January of 2014, it was confirmation of all these feelings that I’d had about just not putting all your eggs in one basket when it comes to your financial stability. I had been dabbling with content creation with the blog in early 2013. And when I got laid off, I took a couple of months. Instead of rushing back to get another job, I decided to double down and really learn on how you could turn an online content-based blog into an actual business.

And so I started learning about things like affiliate marketing and brand partnerships and how do you put ads on your website. And so that led me down a rabbit hole of entrepreneurship, which led me into the personal finance space. It’s been a really interesting experience seeing how you can have the power to create your own income streams just with ideas that you come up with with your head.

I like to encourage folks to really take a look at their skill sets, whether those are personal or professional skills, and see how you can turn them into a side hustle. Because at the bare minimum, you’ll be able to make extra money to pay off debt or save and invest. Best-case scenario is you might be building your new career.

Kim Palmer:

For sure. And then, as you found, if your main job source or source of income disappears, you have that to fall back on.

Jannese Torres:

Absolutely. There’s just a sense of power that comes from knowing that nobody can mess with you financially, especially if you have different ways of making money.

Kim Palmer:

Yes, I love that.

Melissa Lambarena:

I think a lot of our listeners are going to be inspired by that story. It’s important to stay aware and just read up on what other people are doing out there. And on that note, some people might not want to quit their job if they enjoy what they do or they like having that security of a full-time job. In that situation, what are some options that people may have to create multiple income streams, and have you stumbled upon any success stories throughout your work?

Jannese Torres:

Well, I think that at the bare minimum, we should all be using some of our disposable income to invest. Because when it comes to making that sexy passive income that everybody wants to make, that’s the easiest way to do it. Creating an additional income stream through dividend investing and through capital gains, that’s number one. If you don’t have access to an investment account through your job, anybody who has earned income can open a traditional or a Roth IRA.

So just think about what those options are for you. It doesn’t have to be that you’re building a business. There’s folks who decide to purchase real estate, and that’s how they create a secondary income stream. There’s folks who decide not to buy physical real estate, but they can invest in REITs or real estate investment trusts and be getting paid monthly rental income just by being an investor.

There’s other ways to make money versus just starting a business. But I think it’s just, like I said before, not put all your eggs in a basket. And at the bare minimum, I think it’s really important, especially in this uncertain time that we’re living in, to think about bulking up your emergency funds just because it is taking longer for folks to find jobs if they do get laid off. And knowing that you don’t have to take the first offer and you have room to breathe and figure out what your next steps are, I think that’s something everybody should be thinking about.

Kim Palmer:

You also write about the importance of creating a support network for people when it comes to their money. Can you explain what exactly does that look like? How can we create that support network?

Jannese Torres:

Absolutely. So I did find myself at various points of my personal finance journey feeling unqualified to make decisions, whether it was thinking about am I ready to leave my job and take on entrepreneurship full time, or how do I start investing on behalf of my family, knowing that I want to be able to help them financially? And so in those scenarios, I needed a second opinion and I started working with a certified financial professional.

I’ve worked with an accountant now through my business. I have an attorney. So there’s different folks who are experts in their field who are going to be able to help you navigate moments where you just don’t feel like you have all the information that you need. And I think it’s important to know that you don’t have to figure all of this out alone, and oftentimes you probably shouldn’t.

Like in the case where I was thinking about creating an estate plan, I did not feel comfortable taking on some DIY template and hoping that that was going to pass the bar in the event that I needed to use it for legal purposes. And so in that instance, I decided to seek out an estate planning attorney to help me figure that out. So I think it’s just important for you to know there are people out here who can help answer these questions so that you don’t feel this overwhelming pressure to figure it all out yourself.

Kim Palmer:

For sure. One thing you write about, too, though is that it can be hard to know who you could trust, and you talk about the importance of boundaries and what to do when family members ask you for money. And today on social media, when there’s people who call themselves experts talking about all kinds of things, how do you decide who you can trust in this scenario when you’re trying to build your own support network like that?

Jannese Torres:

I think it’s important to trust, but verify. So not just taking all of your information from a single source. There’s so many different places to learn about personal finance that I like to diversify my education the same way that I like to diversify my income. Doing your due diligence, making sure that you are researching somebody just to understand what information is out there about them.

When we’re talking about financial professionals, there are certification boards and different places that you can look for, making sure that they are still in good standing. I like referrals too. There’s something about working with someone who has a direct relationship with someone that you know. That can be a good strategy. Also, going online and searching for reviews.

There’s no such thing as too much research when it comes to figuring out who you can trust. And I like to think that people naturally reveal themselves after a certain amount of time, so be on the lookout for that too.

Kim Palmer:

Yes. I like that phrase that you used about diversifying your education and your sources. That makes a lot of sense.

Melissa Lambarena:

It’s also important to gather support for your financial goals, and that’s something that you talk about in your book. Some family members or friends may not understand what we’re trying to do, and setting boundaries around money can help you fulfill those goals that you might have, whether it’s to save or get out of debt. What are some ways that you’ve had to navigate this and what advice can you share with our listeners?

Jannese Torres:

I think the first thing is to understand that it’s not going to be very productive to ask someone for directions to a place that they’ve never been. When I say that, I mean, if you were the first person to be investing in the stock market, it’s probably not going to be very productive to talk to your family about this if nobody’s doing it. And so just the idea that you can create your own community of support, I think it’s an important thing to consider.

Because most often we look to the people that we already know to validate what we’re trying to do and to understand, and it’s not necessarily their job. It’s your job to understand the mission that you’re on and then to rally the troops, if you will, create community, whether that’s in person or online. I have found an incredible community of entrepreneurs who support me from all over the world online.

And it’s the same thing with being a first-gen wealth builder. When you start talking about this stuff, you’ll naturally find the people who are aligned with where you are and where you’re trying to go. And so I think it’s just important that you don’t necessarily limit your scope for creating that community amongst the people that you already know. It might require you to be in new spaces and have conversations with new people.

Melissa Lambarena:

What about when it comes to setting boundaries around money? When family members say they want to go on vacation or those weddings come up or holidays, how do you navigate that in a culture that sometimes isn’t used to talking about money at times?

Jannese Torres:

Those scenarios are absolutely challenging. I don’t want to make it seem like it’s not going to be difficult to stand up to the people that you love and say, “You know what? I just can’t swing this. I’m working on other goals and this is just not at the top of my list.” You’re going to have to be okay with people not getting it. And unfortunately, sometimes that’s going to mean maybe offending somebody.

But at the end of the day, we have to develop a thick skin when it comes to staying true to what our values are and understanding that this short-term sacrifice is going to then allow you to potentially be in a position in the future where you can splurge, where you can actually be the one that’s treating your family to these awesome experiences because now you’ve put yourself in a financial position to be able to do so.

I think it’s just important to maintain that long-term perspective and to understand that not everybody’s going to get it, but it’s not necessarily for them to get.

Kim Palmer:

Yeah, and that’s really motivating too. I wanted to delve into some of your specific tips and why they matter. So I picked out a few to highlight. First, your practice your salary negotiation script idea. I love this one because it’s something my own dad also told me about. So tell us why that’s so important and why it can be helpful.

Jannese Torres:

Yeah. Well, at the end of the day, negotiation is an art form. It is a skillset that you have to hone in. You have to work it just like a muscle. And so I think oftentimes when folks even start thinking about negotiation, it’s usually in the context of a salary or a promotion. And that can feel very life or death for some people. It’s like, oh my god, if this doesn’t go right, what’s going to happen? And so I like to encourage folks to start with the basics.

Calling up your credit card company and seeing if you can negotiate a lower interest rate, or when your renewal term is coming up for a streaming service and they want to double your rate, give them a call and say, “You know what? I can’t do this. I’m only going to stay on if you guys can match the introductory rate that I already had.” You’d be surprised how often companies want to retain you as a customer and are willing to make those negotiations.

And so the more comfortable that you get with those small things, when there are bigger things at stake, whether that’s negotiating the price of a car or a house or your salary, you’re going to have more practice and you’re going to have more confidence because you’re going to have more of those wins under your belt.

Kim Palmer:

Yes, that is so true. The second one I wanted to highlight is applying the 50/30/20 budgeting rule. At NerdWallet, that’s also something that we talk about a lot. Can you explain why it works so well?

Jannese Torres:

Well, I think it’s a good baseline for a lot of people to understand where they should be with regards to their fixed and their variable expenses, as well as their savings goals. Now, the thing that makes it an eye-roll situation for a lot of people is depending on where you live, those percentages can be wildly different. If you live in a very high-cost-of-living area, it’s not uncommon for you to be spending 60, 70, maybe even 80% of your income on those fixed expenses.

And so I think it’s a good baseline for folks to set up their first budgets, but I don’t think that you should let it discourage you if you have to tweak those parameters. Because at the end of the day, budgeting is just like personal finance. It really is an individual-based journey, and you have to figure out the system that works best for you.

Kim Palmer:

And finally, you say create sinking funds, which I don’t think everyone is familiar with that term. So can you explain how sinking funds work?

Jannese Torres:

Sure. I love a good sinking fund, and I had no idea what they were until I started down the rabbit hole of personal finance. And essentially, you’re just creating buckets of money for specific purposes. I think most folks are familiar with an emergency fund, and an emergency fund is just a type of sinking fund that you’re saving specifically for emergencies. But I encourage people to think about all of those goals that you have, whether that’s buying a home or upgrading your car or taking a luxurious vacation.

We can create sinking funds for all of these different goals that we have, and that way your money is clearly earmarked for that purpose. It’s easier to see when you’re making progress towards those specific goals instead of having all of your savings in one pot and then hoping that you have allocated enough for all of the things that you want to do. There’s something very visual about being able to track your progress for those individual goals that makes it much easier for a lot of people to maintain that momentum versus just having a pot of money with no designated purpose.

Kim Palmer:

For sure. And also helps you stay organized, I think, and just make sure you’re on track.

Jannese Torres:

Absolutely.

Kim Palmer:

Well, thank you so much, Jannese. Do you have any closing thoughts to share with our listeners?

Jannese Torres:

Well, I like to always remind folks that personal finance and getting your money stuff together is a journey. It is a marathon. It is not a sprint. And so the best thing that you can do is just be a perpetual learner, a continuous student, and never be afraid to ask a question because this world is changing so often, so rapidly. So keep learning, keep growing, and keep applying what you learn.

Kim Palmer:

That is the perfect note to end on. Jannese Torres, thank you so much for joining us on Smart Money.

Jannese Torres:

Thanks so much.

Kim Palmer:

And that’s all we have for this episode. To share your thoughts on money, shoot us an email at [email protected].

Sean Pyles:

Visit nerdwallet.com/podcast for more info on this episode. And remember, you can follow the show on your favorite podcast app, including Spotify, Apple Podcasts, and iHeartRadio to automatically download new episodes.

Kim Palmer:

This episode was produced by Sean Pyles, Melissa Lambarena, and myself. Tess Vigeland helped with the editing. And a big thank you to NerdWallet’s editors for all their help.

Sean Pyles:

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.

Kim Palmer:

And with that said, until next time, turn to the Nerds.

Source: nerdwallet.com