Investing in stocks can seem overwhelming, but it doesn’t have to be. With a few simple steps, you can start your journey toward building wealth and securing your financial future. This guide will walk you through the basics of stock investing, from understanding what stocks are to choosing the right investments for your goals. Whether you’re a complete beginner or just looking to brush up on the fundamentals, these easy-to-follow steps will help you confidently enter the stock market and begin growing your money. Let’s dive into the simple steps to start investing in stocks.
What are stocks?
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Stocks represent shares of ownership in a company. By buying stocks, you can own a part of a business and potentially grow your wealth as the company grows. They are a popular way to make money and increase your net worth over time.
Learning stock market basics
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Understanding the stock market is key to successful investing. Learn the basic concepts like how stocks work, what affects their prices, and how you can start investing to grow your wealth and secure your financial future.
Investing in stocks for beginners
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Investing in stocks can be a great way to make money, but you need a solid strategy. This guide offers simple tips for beginners to help you start investing, grow your wealth, and work towards financial independence.
To learn more: How To Invest In Stocks For Beginners: Investing Made Easy
Is Now a Good Time to Buy Stocks? The Real Answer
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The stock market is on the rise. Is now the right time to buy stocks? If you want to make money, learn the proper steps to start investing today and take advantage of market opportunities to grow your wealth.
To learn more: Is Now a Good Time to Buy Stocks? The Real Answer
Waiting to Invest?
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Why wait to invest in the stock market? Delaying your investments means missing out on passive income. Consistently investing, rather than trying to time the market, will lead to long-term, stable returns and increase your net worth.
The power of compounding
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Compounding can significantly boost your investment returns. By reinvesting your earnings, you allow your money to grow faster, leading to greater wealth over time. It’s a powerful strategy for anyone looking to increase their net worth and secure a comfortable retirement.
Can you Make Fast Money in the Stock Market?
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Can you make money quickly with stocks? As a day trader and long-term investor, I know how fast I can see returns. Learn how day trading or swing trading can increase your financial freedom and help you grow wealth.
To learn more: How Fast Can you Make Money in Stocks? The Real Answer
Know Your Risk
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Understanding the risks involved in stock investing is crucial. Know your risk tolerance and make informed decisions to protect your investments and achieve financial success.
Avoid These Trading Mistakes
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Avoid common trading mistakes that can cost you money. Learn how to improve your trades, minimize losses, and increase your profitability in the stock market.
To learn more: Day Trading Mistakes: How To Avoid Trade Errors And Win More
Dive into an Investing Education
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Education is key to successful investing. Trade and Travel is a course that teaches you how to make money in the stock market. Read my personal review as a profitable student and see how an investing education can help you grow wealth and achieve financial goals.
To learn more: Trade and Travel Reviews – Join the $1000 in a Day Club
Start Your Investing Journey
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Ready to start investing? Learn the basic steps to begin your investing journey, grow your wealth, and secure a comfortable future. It’s never too late to take control of your finances and work towards financial independence through smart investments.
To learn more: https://moneybliss.org/investing/
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More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
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Thinking of making Idaho your new home? The Gem State boasts stunning natural landscapes, vibrant cities, and a thriving economy, making it an appealing destination for newcomers. Whether you’re exploring homes for sale in Boise, considering renting in Coeur d’Alene, or looking for houses for rent in Idaho Falls, here’s what you need to know before moving to Idaho.
Idaho at a glance
Idaho is a treasure trove of natural beauty, from the majestic Shoshone Falls to the tranquil shores of Payette Lake. The state’s largest cities—Boise, Meridian, and Nampa—offer a rich tapestry of cultural activities and economic opportunities.
In terms of economy, Idaho shines in agriculture, technology, and healthcare, with major players like Micron Technology and Albertsons leading the way. The state’s lively arts scene comes alive at events like the Boise River Festival and the Idaho Potato Drop, while local cuisine features delights such as huckleberry dishes and fresh farm-to-table offerings.
For those seeking affordable places to live in Idaho, cities like Idaho Falls and Pocatello stand out, providing a high quality of life without breaking the bank. Whether you’re hiking in the stunning Sawtooth National Recreation Area, enjoying water activities at Lake Coeur d’Alene, or exploring local culture at the Boise Art Museum, Idaho promises a vibrant and fulfilling lifestyle.
1. The state is famous for its potatoes
Idaho is renowned for its potatoes, producing about one-third of the potatoes grown in the United States. The rich volcanic soil and ideal climate make Idaho perfect for growing these tubers. You’ll find Idaho potatoes in grocery stores nationwide, and you can visit the Idaho Potato Museum in Blackfoot to learn more about their history and cultivation.
Travel tip: Don’t miss the annual Spud Day Festival in Shelley, which celebrates all things potato with games, food, and a parade.
2. Sun Valley is a must if you love to ski or snowboard
Sun Valley is a world-class ski resort in Idaho, renowned for its pristine slopes and luxurious amenities. With over 2,000 acres of skiable terrain, it caters to all skill levels, featuring gentle beginner runs as well as challenging black diamond trails for the more experienced. Beyond skiing and snowboarding, visitors can enjoy ice skating on the picturesque outdoor rink at the Sun Valley Lodge, take romantic sleigh rides through the snowy landscape, or relax in cozy après-ski bars like the famous Duchin Lounge.
3. Varied cost of living throughout the state
Idaho’s cost of living varies significantly across the state, making it essential for potential residents to consider their options carefully. For example, Boise, the state capital, has seen a surge in popularity, resulting in a higher cost of living, with average rents for a one-bedroom apartment around $1,500 and median home sale prices hovering around $539,000. In contrast, smaller cities like Pocatello offer more affordable living, where one-bedroom rentals average about $900, and median home prices are closer to $315,000. Additionally, the cost of living in Idaho Falls is 19% lower than the cost of living in Boise. Overall, while urban centers may be pricier, Idaho’s diverse cities and towns offer a range of living costs, catering to different lifestyles and financial situations.
4. Idaho is an agricultural state
Idaho is an agricultural powerhouse, known for its diverse crop production and rich farmland that significantly contributes to the state’s economy. Beyond potatoes, the agricultural landscape includes wheat, barley, and sugar beets, with Idaho ranking as one of the top producers of hops used in craft brewing. Farmers markets across the state, like the Boise Farmers Market, showcase locally grown produce, artisanal goods, and fresh flowers, offering a delightful taste of Idaho’s bounty.
5. Prepare to encounter a ghost town
Idaho is home to several well-preserved ghost towns, remnants of the state’s rich mining history that offer a fascinating glimpse into the past. Towns like Silver City and Bayhorse feature abandoned buildings and artifacts from the 19th century, allowing visitors to explore the stories of those who once sought their fortunes in the rugged wilderness. Set against stunning backdrops of mountainous terrain and pristine landscapes, these ghost towns provide an adventurous day trip.
6. There’s a ton of state parks to explore
Idaho has an impressive array of state parks, each offering unique landscapes and recreational opportunities for outdoor enthusiasts. Parks like Priest Lake State Park and Harriman State Park feature stunning scenery, from pristine lakes and dense forests to expansive meadows, making them ideal for hiking, camping, and fishing. With over 30 state parks, visitors can enjoy activities like wildlife watching, boating, and picnicking amidst breathtaking natural beauty. The parks also host various trails, including those for mountain biking and horseback riding, allowing adventurers to immerse themselves in Idaho’s diverse ecosystems.
Travel tip: Consider purchasing an annual state parks pass in Idaho for unlimited access to all the state has to offer. Optimal times to plan your visits are during the shoulder seasons of spring and fall, when you can enjoy milder weather and avoid the crowds, allowing for a more relaxed and immersive outdoor experience.
7. The craft beer scene is booming here
Idaho’s craft beer scene is rapidly gaining recognition, marked by a diverse array of breweries that celebrate local ingredients and innovative brewing techniques. With over 70 craft breweries scattered across the state, from Boise to Coeur d’Alene, beer enthusiasts can enjoy everything from hoppy IPAs to rich stouts. Many breweries, such as Payette Brewing Company and Boise Brewing, prioritize using Idaho-grown hops and barley, showcasing the state’s agricultural roots.
Insider scoop: Take a brewery tour in Boise to sample a variety of local beers and learn about the brewing process. Don’t miss the annual Boise Brew Olympics, a fun event featuring games, food, and of course, beer.
8. Idaho is an outdoor paradise
From the rugged peaks of the Sawtooth National Recreation Area to the serene waters of Lake Coeur d’Alene, moving to Idaho provides endless opportunities for hiking, fishing, and camping. Outdoor enthusiasts can explore over 18 million acres of national forests and numerous state parks, where activities range from mountain biking and rock climbing to white-water rafting and skiing. Iconic destinations like Hells Canyon, the deepest river gorge in North America, provide breathtaking views and thrilling outdoor activities.
9. Check out the Idaho State Fair
The Idaho State Fair is a beloved annual event held in Blackfoot, showcasing the state’s agricultural heritage and providing fun activities for everyone. You can enjoy carnival rides, live entertainment, and delicious fair food. The fair also features livestock shows, rodeos, and exhibits highlighting Idaho’s local crafts and produce.
10. You may need to adjust to the rural lifestyle of the state
Idaho has a significant rural population, with many residents living in small towns or remote areas. This rural lifestyle offers peace, quiet, and a close-knit community feel, but it also means limited access to some amenities and services. If you’re moving to a rural area in the state, be prepared for longer drives to grocery stores, schools, and healthcare facilities.
Methodology
Population data sourced from the United States Census Bureau, while median home sale prices, average monthly rent, and data on affordable and largest cities are sourced from Redfin.
Inside: These are the absolute best life hacks to saving money. This list of frugal living tips with a big impact with greatly improve your budget and finances.
There are many ways to save money. Today, we are going to focus on frugal living tips with a big impact.
Those money saving tips that will save you the most money in the shortest amount of time.
These are the big impact ones of the all of the frugal living tips out there.
If you are a frugal living beginner or desire to save money, this is what you need to start with.
For many households, you are busy and want to find the life hacks that will make the biggest impact in the shortest amount of time. Saving money is important to you. You have bigger and better aspirations in life.
For us personally, we choose to implement these frugal living tips with a big impact because we want to increase our savings percentage each and every year. We have financial independence – all thanks to the Money Bliss Steps to Financial Freedom.
You should check them out. You might be surprised how your perspective will change.
For now, we are going to stick with the frugal living tips that will save you the most money with the least amount of work. Does that sound like a good deal? You want real life hacks – not just clickbait titles. Right?
I thought so… Let’s dig in to the frugal living tips with a BIG impact!
How to Stay Frugal
The better question is why do you want to stay frugal? What are your personal reasons for being frugal?
In this particular case, we are talking about saving money.
In all honesty, staying frugal means that you are constantly wanting to save more money. You have bigger plans in your life and don’t want to be a slave to your money. You desire to make a plan for your money and that is of utmost importance for your household.
Learning how to stay frugal will turn into a frugal lifestyle. Then, for many, it will morph into a thrifty lifestyle.
It is easy to learn how to stay frugal when you have dreams and plans in your life.
In order to fund those dreams, you need to stop living paycheck to paycheck and begin to give purpose to how you spend and save your money.
If you don’t believe me, then check out this case on why being frugal leads to a millionaire’s success story.
Top 10 Frugal Living Tips with a Big Impact
Like it was stated before, there are hundreds of frugal living tips that you can implement right now to start saving money.
However, for too many people, the list is too long and they want to see immediate progress right now.
These are the TOP 10 frugal living tips that will change how you think about money, spend money, and ultimately save money.
If you want to enjoy life and money (and maybe one day reach financial freedom), this is where you want to start. With this list. Right now. Make these easy lifestyle changes and begin a new relationship with money.
1. Wait 24 Hours to Buy
This is the simplest tip to help improve your money management.
Wait at least 24 hours before you buy something.
During that time, you will figure out whether or not you actually want or need the item. If you still want it, then you can purchase it. However, many times you realize that you didn’t need it or it wasn’t exactly what you wanted. So, you end up saving some money.
Obviously, the wait 24-hour rule applies to anything outside the realms of housing, food, gas, and utilities.
One of the smallest wins is to save $50 a week using this rule because over a year, you will save $2600!
Say what!?!?
That is a big chunk of cash that you probably even didn’t realize you were spending. Now, you are one step closer to reaching financial independence.
2. Make a Plan for Your Money
How do you want to spend your money? Have you ever considered where you want to spend your money before you spend it? Don’t worry if you said no. Most people don’t make a plan for their money.
What does it look like to make a plan for your money?
Before you are paid, you decide how and where you plan to save and spend your money. Did you catch the first part? It is the biggest hint I have for you – decide where you plan to save money first. Then second, how you plan to spend the rest.
Many people call this a budget.
The key is knowing where your priorities lie before putting in all of your variable expenses. You must plan to reach your money goals first. Then, figure out how to live on the rest.
That is called making a plan for your money.
3. Say No to Debt
There is nothing frugal about taking out debt.
Around here, we call debt – the cash flow killer.
It is extremely hard to move forward when debt (specifically the debt payment) is holding you back. It is like taking two steps forward only to be taken back a step now and three steps back in the future.
How to get around not going into debt?
You save up for big purchases, and then, you can pay in cash.
Side note… For this discussion, we are not talking about mortgage debt. In many cases, mortgage debt can be considered a “better” debt because purchasing a home may have a lower mortgage payment than current rents in the area.
4. Understand Where You want to Spend Money
Spending money isn’t a bad thing… IF you are spending money in areas that are important to you.
However, too many times we are blindly spending money and not realizing where our money went at the end of the month.
Is that what you set off to do?
Probably not, but for now, you feel like you are a slave to your bills and not being able to enjoy the fruits of your labor. The time is now to figure out where your priorities lie and the area you want to spend money.
To make this process simpler, it is easier to decide where you don’t want to spend money. For us, a no spend challenge helped us visually see where we wanted to spend money and where we actually spent money. The experience was eye-opening and very valuable.
Now, we know where we want to spend money and that has made a big impact for our finances. What could it do for you?
Just to Note… There are times where you want to spend money isn’t possible because you are barely managing to pay your basic bills. This frugal living tips with a big impact is to help you understand where your goals to spend money lie and what is unnecessary spending.
5. Know Your Reason to Live Frugally
Let’s be honest… living frugally doesn’t come with a lot of materialistic perks. You are sacrificing spending money in order to save money. It is hard to watch people mismanage their money only to get bailed out again and again.
To stick with frugal living and a desire to implement saving money hacks, then you must know your reason to live frugally.
Your answer will vary from everyone else’s answer. That is okay because we all have different money goals.
Have you thought about your reason for living frugally?
Our reason to live frugally is to travel. We don’t want to wait until we retire and the kids are grown to travel. We want to travel now and explore as much as possible while we can. Over time, that has morphed into our desire to reach financial freedom and not be a slave to our jobs. (Don’t worry… I love what I do here and don’t plan to change anything.)
What is your reason to live frugally?
6. Keep your Grocery Budget Trim
This is one of the biggest frugal living areas that will have the most immense impact – how you eat food.
Food is one of the basic expenses that you need to survive. However, how you choose to fuel your body will make a difference in your budget as well as how you choose to shop.
By becoming cognizant of grocery spending, you will learn to save money on groceries, which will make a huge impact over time.
Let’s take this example… You can save $200 a month on your grocery spending. That equates to $2,400 in one year. Almost $5000 in two years. At the end of 10 years, you saved $24,000!!
That is no small chunk of change. While spending an extra $200 a month doesn’t seem like much, over time it adds up to a greater amount. That is when you realize that implementing grocery money saving tips will have a bigger impact than you realized.
Overcoming your grocery budget is a learned trait; here are the best items on your grocery budget list.
7. DIY First
I’ll be the first to admit that making something yourself can be overwhelming when you don’t have a clue where to start.
Thankfully, there are plenty of tutorials to get you started with a simple Google search.
Frugal living tips with a big impact is knowing how to do it yourself first.
Here is one that has saved us over $10,000 in the past 10 years… I learned how to cut everyone’s hair in the house. The reason we started cutting our hair was because we were looking for ways to get out of debt faster.
The worst case scenario with DIY… if it doesn’t work out how you expected then you can always call for professional help. The best case is you just saved yourself a lot of money.
Especially if you own a home, you must learn to DIY first. Many of the skills that you would hire a handyman to do used to be taught by the generation before. Too bad that this isn’t still the case. However, thanks to YouTube, you have plenty of opportunities to learn how to do it yourself.
Another option is to trade services with a friend.
8. Find a Cheaper Alternative
One of the traits of a frugal person is searching for cheaper alternatives. This is a simple money saving hack.
This could be as simple as searching for a better price online and price matching. Or even waiting for a sale or clearance.
Finding cheaper alternatives is a great way to save money. Some options include:
Buying in bulk
Buying generic
Buy less items
Finding items that have dual purposes over single use. (like instant pot / air fryer combo)
You need to open up your eyes to finding cheaper versions or figuring out how to buy what you need at a lower price.
Another alternative is to buy used. This especially holds true for new cars since they lose most of their value within the first 5 years.
Just to Note: A cheaper alternative doesn’t always mean the quality is the same. A thrifty person would want an item that will last longer than the knockoffs.
9. Choose FREE First
Oh my! This hack is one of the best frugal living tips with a big impact.
Why choose FREE first?
Then, you don’t have to spend your hard-earned income on something that is used for a short period of time.
This could be for everything you spend money on.
Find free things to do with no money.
Source items you need in Buy Nothing Facebook groups or Nextdoor.
Choose the library over buying the actual books.
Ultimately, you’re looking at how to get things and do things for free first. This doesn’t make you cheap at all. It makes you frugal. Plus it gives you the chance to spend that money on something else that aligns with your reason to be frugal.
10. Think Long Term
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Too many times, we are so focused on living paycheck to paycheck that we don’t stop to make plans on what we want the next year to be like. Or the next 3 years? 5 years? Even 20 years away?
If you are ready to make a big impact in your life today, start by dreaming and thinking long term financial goals for all of your spending and saving.
Frugal Family Tips
Really quick, we are going to spend a little time discussing frugal family tips for your household.
Why?
Well, kids are expensive and it can be hard not to want the best for your family. And it can be easy to spend money to make that happen.
But first, why should you implement frugal family tips for your household?
Hint: so you can raise financially savvy children who make smart and wise decisions with money as adults. More is caught than today.
Kids learn by example.
So, why not be the best example for your kids with money?
The above list of the top frugal living tips with a big impact is solid money management tips that will build a solid foundation of success.
There isn’t a specific list of frugal family tips. It is taking the above life hacks and talking with your family about why you are making these money decisions. Have conversations about spending money and saving money.
In the long term, teaching frugal family tips will open the door to many opportunities.
That right there, my dear friend, is the gift that will keep on giving.
Tips for Living with Very Little Money
Typically, there are two types of people who are living with very little money and they are on opposite ends of the spectrum.
First of all, don’t compare yourself to others. That slippery slope of comparison is a trap; one which will cause you great harm, stress, and financial strain.
You are looking for tips for living with very little money.
If you are struggling living paycheck to paycheck, then you are in a tough spot right now. Remember, I said right now. You can always change your financial situation. It starts with your money mindset first.
The other person is that extremely frugal person who is consciously choosing to live with very little money. That means you are prioritizing the saving percentage you save each month.
In addition to all of the tips above, you must become EXTREMELY cognizant of your plans to spend money.
You know how and where you plan to spend every single penny that you earn before the money is in your hands.
Consistently, you are finding ways to spend less money and save more money.
A no spend challenge becomes a normal way of living for you. The key is you can’t hold a grudge on your choice of extreme frugality.
Just remember, you can lead a fabulous life with very little money. Money won’t buy your happiness. Finding contentment with your life is the target.
Which Frugal Living Tips with a Big Impact will You Try First?
Okay, so in all honesty, most of these frugal living tips are great money management tips that will completely turn your life in a completely different direction.
You are here because you want to save money with simple life hacks.
This list of the top 10 frugal living tips with a big impact will flip your life upside down for the better.
You need to make a big impact on your finances. Now, you need to embrace these saving money tips and have them become natural habits.
Regardless of income, you are capable of saving your first $10k, then saving $100,000 and ultimately being a millionaire. All it takes is thinking long-term and deciding what is most important for your family and your household.
You hold the keys to a brighter financial future. Grab them and begin to open up doors to more opportunities.
In case you want more frugality in your household, in this post, we outline over 175 + of the best frugal living tips, which are great once you master the money saving tips that will have a longer lasting impact.
For now, what frugal living tips with a big impact will you try first? Comment below and let us know!
You can become the next millionaire with no money!
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
Looking for second job ideas to increase your income? You’re not alone. Many people look for side gigs to help pay bills, save for big purchases, or simply have extra spending money. Finding the right second job and making extra income can make a big difference in your financial life. With so many options available,…
Looking for second job ideas to increase your income? You’re not alone. Many people look for side gigs to help pay bills, save for big purchases, or simply have extra spending money.
Finding the right second job and making extra income can make a big difference in your financial life. With so many options available, there’s likely something that fits your skills and schedule. Whether you want a job you can do from home or one that gets you out and about, there’s a side job out there for you.
For me, I was able to find a second job and it completely changed my life. In fact, it’s how I paid off my $40,000 in student loans in just 7 months. Making extra money also helped me to stop living paycheck to paycheck and to save more money!
Best Second Job Ideas
Below are the best second job ideas:
1. Blogger
Blogging used to be my side hustle and it is now my full-time job where I have earned over $5,000,000 over the years.
I started Making Sense of Cents just as a hobby, and it eventually turned into my second job. I didn’t know that blogs could make money or that it could become my full-time job. I didn’t even understand what a blog was or how it worked.
Starting a blog can be a great way to earn extra income. You can write about topics you are passionate about, such as travel, food, or personal finance. The best part is that you have the freedom to work on your blog whenever you have free time.
For me, it was a great second job because I could work on my blog before I went to my day job, during my lunch break, after I got home from work, and on the weekends. You get to make your own schedule, so that is a huge plus!
You can learn more about how to begin in my free How To Start a Blog Course here.
Here’s a quick outline of what you will learn:
Day 1: Reasons you should start a blog
Day 2: How to choose what to blog about
Day 3: How to create your blog (you’ll learn how to start a blog on WordPress)
Day 4: How to make money blogging
Day 5: My tips for making passive income from blogging
Day 6: How to grow your traffic and followers
Day 7: Extra blogging tips to help you be successful
2. Proofreader
Being a proofreader is a great second job idea. It’s perfect if you love reading and have a good eye for catching mistakes. You get to find errors in spelling, grammar, and punctuation.
You can work from home as a proofreader. Many companies and websites offer remote proofreading jobs. Some popular platforms include Upwork, FlexJobs, and Scribendi.
You might proofread books, articles, or even student papers. The work can be flexible, letting you choose when to work. This makes it easy to fit into a busy schedule.
Proofreaders can earn a decent amount of money. Some jobs pay by the hour, while others pay by the project. According to some sources, full-time proofreaders can make around $50,000 per year. Even if you don’t work full-time, you can still make a good side income.
I personally have a proofreader for my blog, and I know many others who have proofreaders for their businesses as well. It’s a very much-needed and in-demand job.
You can learn more at How To Start A Proofreading Business And Make $4,000+ Monthly.
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This free training teaches you how to start a proofreading side hustle (and how to earn $1,000+ per month!), even if you are brand new and don’t have any previous proofreading experience.
3. Take online surveys
Taking online surveys can be a simple way to earn extra money in your spare time. Companies want to know what you think about their products, services, or marketing campaigns.
Many websites offer paid surveys. You can sign up for these sites and start taking surveys right away. Each survey usually takes a few minutes to complete.
You might earn anywhere from $0.50 to $5 per survey, depending on the length and complexity.
The survey companies I recommend signing up for include:
American Consumer Opinion
Survey Junkie
Swagbucks
InboxDollars
Branded Surveys
Prime Opinion
Five Surveys
PrizeRebel
Pinecone Research
Online surveys can be done from anywhere with an internet connection, making it easy to fit around your other commitments. Just remember, while this can add up over time, you will not make a full-time income from just taking surveys.
I have taken many, many surveys over the years, and what I like about them is that you can do them on your own schedule – in the mornings, during your lunch break, before you go to bed – whenever. There is no strict schedule and they are super easy to do.
4. Dog walker or pet sitter
Becoming a dog walker or pet sitter is a great way to make extra money. You can set your own schedule and enjoy spending time with furry friends. Plus, many people need reliable pet care (I have personally found it hard to find a good dog sitter in the past, so I personally know that there is a lot of demand for this second job!), so there are plenty of opportunities.
Using dog walking apps like Rover, you can easily find clients. These platforms connect you with pet owners in your area. Depending on how much time you invest, you could potentially earn between $400 and $1,000 a month.
When I have had dog sitters in the past, I was paying around $100 a day for my two dogs to be watched in the person’s home. So, a 10-day trip earned the person $1,000.
Taking care of animals can also be very rewarding. You get to exercise while walking dogs and enjoy the company of pets. It’s a job that keeps you active and can be a lot of fun if you love animals.
No special skills are needed, but being responsible and loving pets is important. You must be punctual and trustworthy since pet owners rely on you to take care of their animals.
My mother-in-law as well as my sister are both dog walkers and pet sitters and enjoy what they do.
5. Virtual assistant
Being a virtual assistant is a great second job idea. You can help businesses and professionals with tasks like managing emails, scheduling appointments, and handling social media. This role tends to have flexible hours, making it easier to fit into your schedule.
One of my first side jobs was working as a virtual assistant. It was a fun and flexible way to earn extra money. There are many kinds of virtual assistant jobs. The money I made helped me pay off my student loans quickly, stop living paycheck to paycheck, and become my own boss. I think it’s a great way to make money, whether you want a part-time or full-time job.
Starting as a virtual assistant can be easy. Websites like Upwork, FlexJobs, and Indeed have listings for virtual assistant jobs. You just have to set up a profile and start applying. For me, I also let my friends and those in my industry know that I was growing my virtual assistant business, and that helped me find jobs as well.
A virtual assistant’s tasks can include:
Managing social media accounts
Scheduling travel and appointments
Managing email inboxes
Organizing events
Communicating with clients
Ordering supplies
Managing calendars
Handling logistics
Coordinating Zoom calls
Moderating online forums
Running personal errands
Answering customer service questions
Performing data entry
Managing websites
Creating presentations
Sending invoices
Now, one virtual assistant most likely won’t do all of these tasks – it simply depends on what the company or person is looking for.
Learn more at Best Ways To Find Virtual Assistant Jobs.
6. Graphic designer
You can make extra money as a graphic designer, and this can be a good second job idea if you want to work from home. A graphic designer is what you think – they design different kinds of graphics.
One way is to create design templates. These can be for websites, social media, or even printable designs. You can sell these templates online and get paid each time someone buys them.
Another option is freelance work. You can sell services like logo design, branding, or social media graphics, and you can find clients on sites like Upwork or Fiverr.
7. Social media manager
Social media managers handle different social media platforms for businesses.
Your job can include creating content, posting updates, and responding to followers. You might also need to analyze data to see what posts are doing well and which ones are not.
They work for one company or multiple clients. It’s important to have good communication skills and a creative mindset. Some social media managers also do graphic design or video editing for their social media posts.
Being a social media manager can be fun and flexible. You can usually work from home and set your own hours. This control and flexibility make it an excellent job for people looking to earn extra income on their own terms.
For me, I have been a social media manager in the past as a second job. It was great as a flexible side hustle!
8. Online tutor
If you enjoy teaching and have a strong understanding of a subject, you can try finding online tutoring jobs. Online tutoring lets you share your skills and help students from anywhere, and you can tutor kids in math, science, and reading, or even help them prepare for tests like the SAT or ACT.
Platforms like Wyzant and Tutor.com connect you with students looking for help. You create a profile, list your skills, and set your rates. Most tutors charge between $30 and $60 per hour. Teaching English as a second language is also a popular option. Many companies need English tutors to teach students abroad.
Online tutoring is flexible because you can choose your own hours and work from home. This makes it easy to fit around your teaching job or other responsibilities. Some tutors even make up to $1000 a week by dedicating just a few hours each day.
9. Bookkeeper
Becoming a bookkeeper is a great second job, and it can typically be done from home.
Bookkeepers keep track of financial records for businesses. This could include recording transactions, managing payroll, and preparing financial reports.
You don’t need a special certification to become a bookkeeper, making it easier to start.
The best part is that you can do this job from anywhere with just a laptop and some software. This flexibility means you can work from home or even when you’re traveling.
Since bookkeeping services are always in demand, you can find clients easily. This can be a very profitable side hustle. Some bookkeepers even charge $60 an hour or more.
Learn more at How To Find Online Bookkeeping Jobs.
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This free training will teach you what you need to know to become a virtual bookkeeper and make money from home.
10. Freelance writer
Working as a freelance writer is a great way to make extra money.
Freelance writers are self-employed and work for magazines, blogs, websites, companies, and more. A lot of what you read online today is written by a freelance writer.
I have been a freelance writer for many years, and I really enjoy it. I have written for many different websites and companies, and I make good money doing so.
You can write from home, at your own pace, and choose projects that interest you. Many companies need blog posts, articles, web content, and social media posts.
11. Photography
Getting paid to take pictures is a popular second job idea.
What’s great is that there are many ways to get paid for photography, such as:
Stock photos – Stock image websites are popular places for photographers to sell their pictures. These sites let customers buy royalty-free photos for personal or business use. Websites, TV shows, books, social media accounts, and more use stock photos all the time. Some popular stock photo websites are Shutterstock, iStock by Getty Images, Adobe Stock, and Dreamstime.
Portraits and event photos – As a photographer, you can focus on taking portraits and event photos. This area is in high demand, especially for weddings, elopements, birthdays, and corporate events.
Post pictures on Instagram or Facebook – Social media platforms like Instagram are great for sharing your pictures and gaining followers. Many people make a full-time income from their Instagram accounts. They do this through sponsored partnerships with companies, affiliate marketing, and selling their own products.
12. Personal trainer
Becoming a personal trainer is a great second job idea. You can help people get in shape while earning extra money.
You can work at a gym or do private sessions at clients’ homes. Some trainers also provide online coaching, which gives you more flexibility.
Personal trainers sometimes create workout plans tailored to each client’s needs. They might also give advice on nutrition, and this way, they can help clients with both exercise and diet for better results.
Personal training can be done part-time, which makes it a good fit if you have another job. Many people want training in the mornings, evenings, or weekends.
13. Etsy seller
Starting an Etsy shop can be a fun and rewarding second job. If you enjoy crafting or creating handmade items, this might be perfect for you. Etsy is a popular online marketplace where you can sell unique products.
There are many things you can sell on Etsy, such as:
Etsy can be a great way to turn your hobbies into extra income.
You can learn more at How To Sell On Etsy Successfully: A Beginner’s Guide.
Do you want to make money selling printables online? This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.
14. Babysitter
Babysitting is a great way to earn extra money. You can choose your own hours, making it easy to fit it around your main job or school.
Parents always need trustworthy people to watch their kids, and they might need help for an evening out or during the day if they work long hours.
As a babysitter, you can earn around $15 to $25+ per hour, depending on your experience and location. Some families might even pay more if you have special skills, like CPR training or if you are watching multiple children.
You can find babysitting jobs through local community boards, babysitting apps, or word of mouth. Sometimes, friends or family might also need help.
15. Delivery driver
A delivery driver job is one of the most popular side hustle ideas. You don’t need a lot of experience to get started, and all you need is a vehicle and a driver’s license. Many services, like DoorDash, Uber Eats, and Instacart, let you choose your own hours. This flexibility is perfect if you have a busy schedule.
You can deliver different items depending on the service you work for. Some companies focus on food delivery, while others may deliver groceries or packages.
The pay can vary based on where you live and how much you work. Some drivers make around $15 to $25 per hour including tips.
16. Bartender
Bartending is a flexible and fun second job. You can work at bars, restaurants, or special events like weddings.
Some bartender jobs don’t require a lot of experience. You usually have to start as a barback, helping with stocking and cleaning, then learn to make drinks. Then, you may be able to move up and find a part-time job as a bartender.
17. Transcriptionist
Being a transcriptionist can be a great second job. Transcriptionists listen to audio recordings and type out what they hear. It’s a simple job and doesn’t require a lot of training.
You can do this job from home and all you need is a computer and good internet. This makes it a flexible option where you can work on transcriptions during your free time or on weekends.
There are usually some requirements. Many places want you to type fast and accurately. For others, you might need to pass a background check or transcription tests.
You can learn more at 18 Best Online Transcription Jobs For Beginners To Make $2,000 Monthly.
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In this free training, you will learn what transcription is, why it’s a highly in-demand skill, who hires transcriptionists, how to become a transcriptionist, and more.
18. Rent your extra space
Do you have an extra room, basement, or garage? Renting out your extra space can be a great way to earn some extra cash each month passively.
You can list your spare room on websites like Airbnb or Vrbo if it’s a room or apartment.
If you have a garage or storage space, you can rent it out for storage. Websites like Neighbor allow people to find storage options nearby.
Before you start, check local laws and regulations. Some areas have rules about renting out space, so it’s important to be informed.
19. Handyperson
Being a handyperson can be a great way to make extra money. You can help people fix things around their homes, such as fixing leaky faucets, repairing doors, or assembling furniture.
You don’t need fancy tools for many jobs, just a good set of basic tools.
Many people need small repairs done but don’t have the skills or time. That’s where you come in. You can find clients through local ads, word of mouth, or online platforms like Taskrabbit.
Working as a handyperson has flexibility too and you can choose jobs that fit your schedule.
20. Rideshare driver
Apps like Uber and Lyft allow you to drive people around and get paid for it.
One of the best parts about driving for rideshare apps is the flexibility. You can set your own hours and work whenever you want.
Most rideshare companies have an easy sign-up process. They usually require a background check, a valid driver’s license, and a car that meets their standards. Once approved, you can start accepting rides and earning money.
The earnings vary depending on your location, the time of day, and how many hours you drive. Some drivers make a nice side income by working during peak hours when rates are higher.
21. Restaurant server
Being a restaurant server can be a great way to earn extra money and is popular for evening second jobs. Many restaurants have flexible hours, which is perfect if you need to juggle another job or school.
Servers often get tips, so your income can vary day to day. Some nights are busier and can bring in more money.
22. Clean houses
Cleaning houses is a good way to earn extra money with a second job. You can work on the weekends or after your regular job.
Plus, you can choose your clients and set your own hours.
To get started, all you need are basic cleaning supplies. You can sell your services to friends and family first. Word-of-mouth is powerful, and you might get more clients through recommendations.
23. Write book reviews
If you enjoy reading and sharing your thoughts about books, you can earn money by writing book reviews. Authors and publishers value your honest opinions because they help other readers decide what to read next. Readers also enjoy reading these reviews, making it helpful for everyone involved.
Here are some websites where you can earn money by writing book reviews:
OnlineBookClub.org – They provide free books at first. After your first review, you can earn cash for each review you write, typically between $5 and $60.
Kirkus Media – They look for reviewers for both English and Spanish books, especially for the Kirkus Indie section. Reviews are around 350 words and due two weeks after the book assignment. They cover all genres, with over 10,000 books reviewed annually.
Upwork – Create a profile and set yourself up as a book reviewer. This freelance platform allows you to set your own rates, with book reviewing rates ranging from $15 to $75 per hour.
The US Review of Books – They hire freelance writers for 250- to 300-word reviews that go beyond summary to provide insights into the book. Applicants need to submit a resume, writing samples, and references.
Reedsy Discovery – Review books before they are published and earn through tips from readers, typically ranging from $1 to $5 per review. It’s a way to influence which books gain popularity early on.
Other opportunities – Websites like Booklist (pays $15 per review, focused on short reviews for libraries), BookBrowse, Women’s Review of Books, and Publishers Weekly also pay for book reviews and are actively looking for new reviewers.
You can learn more at 16 Best Ways To Get Paid To Read Books.
24. Mow lawns
Mowing lawns can be a great second job. It’s simple, flexible, and very profitable.
You can start with not a lot of money too. For example, if you already have a lawn mower, you’re ready to go, and you can start by seeing if anyone in your neighborhood needs their lawn mowed.
Pricing your services depends on the size of the lawn and the complexity of the job. Some lawns might be easy and quick, others might take more time. Many people charge between $40 and $50+ per lawn.
Frequently Asked Questions
When looking for second job ideas, it’s important to find something that fits your schedule and goals. Here are answers to some common questions about picking the best side gig and managing two jobs.
What is the best 2nd job to have?
The best second job depends on your interests and skills. Some popular side hustle ideas include blogging, proofreading, taking online surveys, dog walking or pet sitting, and being a virtual assistant. These jobs have flexibility and can often be done from home.
What are some good jobs I can do at night after my day job?
Jobs you can do at night include customer service representative, security guard, bartender, or freelance work like writing and graphic design. These jobs usually have evening shifts or can be done remotely, fitting in well with a daytime schedule.
What are some good second jobs at night from home?
If you want to learn how to make extra income while working full-time, then my favorite way is to find good second jobs that you can work at night from home. This way, you don’t have a commute and it won’t interfere with your day job. Some good evening jobs from home include blogging, taking surveys, proofreading, bookkeeping, writing book reviews, and transcribing.
How can I make an extra $1000 a month?
To make an extra $1000 a month, you may want to try freelance writing, virtual assistant work, or becoming a part-time tutor. These jobs can pay well and offer flexible hours, allowing you to work around your primary job.
How can I make an extra $2000 a month?
Earning an extra $2000 a month may require a higher-paying side gig. Options include freelance web development, consulting, or starting a small business like dropshipping. These jobs can have higher earnings but may require more specialized skills or time investment.
How to get a second job with a 9-5?
You can get a second job with a nine-to-five by looking for evening or weekend positions and looking for jobs with flexible hours such as bartending, retail cashier, or working as a rideshare driver. Online jobs like tutoring or freelancing can also have nice flexibility to work after your main job.
What is the highest paying side hustle?
The highest-paying side hustles can include freelancing in tech fields like software development, graphic design, or consulting. Real estate investment, if you have the money to start investing, can also be very high paying.
Do you get taxed more if you have two jobs?
Having two jobs can put you in a higher tax bracket, meaning you might pay more in taxes. It’s important to understand how this affects your overall earnings. I recommend talking with a tax professional to talk about your tax situation and to make sure that you aren’t overpaying (or underpaying!).
How will my employer know if I have a second job?
Your employer may know if you have a second job if it affects your primary job performance or if you disclose it. Some employers also run social media checks to see if they can learn anything about you that may hurt their business. You may want to check your employment contract if you are worried, as some employers may have clauses about working multiple jobs.
Is having two jobs worth it?
Having two jobs can be worth it if you need extra income for savings, paying off debt, or reaching financial goals. It requires good time management and can be tiring, but many find the financial benefits to be rewarding. For me, I found having more than one job well worth it because it allowed me to pay off my student loan debt quickly, save more money, and pursue my passions.
Second Job Ideas – Summary
I hope you enjoyed this article on the best second job ideas.
As you can see, there are many popular second job ideas that may interest you. From online jobs like blogging, proofreading, and bookkeeping to in-person jobs like personal training, delivery, restaurant jobs, and more, there are many ways to make extra money so that you can reach your goals.
If you need a second job while working full-time, you are not alone. Many people are in your shoes. I recommend finding something that best fits your schedule and is at least somewhat flexible so that you aren’t making yourself too tired.
For me, I have had many side jobs. One thing that has always helped me is to make sure that it would fit with my day job and be flexible – because my day job did come first. Plus, I didn’t want to waste more time than I would need to by commuting back and forth or doing things that weren’t needed.
Socially responsible investing (SRI) strategies help investors put their capital into a range of securities — e.g., stocks, bonds, mutual funds — that focus on socially positive aims: e.g., clean energy, air and water; equitable employment practices, and more.
Despite market volatility driven by interest rate changes and geopolitical conflicts in recent years, SRI investing strategies have garnered steady interest from investors.
Various analyses of SRI funds suggest that the philosophy of doing well by doing some good in the world may have an upside worth exploring.
What Is Socially Responsible Investing?
While SRI investing goes by many names — including ESG investing (for environmental, social, and government factors), sustainable, or impact investing — the fundamental idea is to channel capital into entities that are working toward specific environmental and/or social policies in the U.S. and worldwide. The aim of SRI is to generate both positive changes across various industries, while also delivering returns.
Generally, investors that embrace SRI strategies find ways to assess an organization’s environmental and social impact when deciding whether to invest in them. However, there are important distinctions between the various labels in this sector of investing.
Socially responsible investing can be seen as more of an umbrella term (similar to impact investing). Within SRI, some strategies focus specifically on companies that meet certain criteria — either by supporting specific practices (e.g., green manufacturing, ethical shopping) or avoiding others (e.g., reducing reliance on fossil fuels).
For that reason it’s incumbent on each investor to assess different SRI options, to make sure they match their own aims. This is no different from the due diligence required for anyone starting to invest.
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Interest in SRI Investing Strategies
The tangible merits of socially responsible investing have always been subject to debate. But in the last couple of years there has been criticism of some of the underlying principles of SRI, as well as questions about the overall financial value of this investing approach.
Nonetheless, the value of global assets allocated to ETFs with an ESG focus have shown steady growth in the last two decades. As of November 2023, according to data from Statista, the value of these assets was $480 billion — a substantial increase since 2006, when the value of those assets was about $5 billion.
And according to a report published in 2023 by Morningstar, a fund rating and research firm, investors in conventional funds as well as SRI funds are likely to see returns over time.
Recommended: Beginner’s Guide to Sustainable Investing
SRI vs ESG vs Other Investing Strategies
While the various terms for SRI investing are often used interchangeably, it’s important for investors to understand some of the differences.
Impact Investing
Impact investing is perhaps the broadest term of all, in that it can refer to a range of priorities, goals, or values that investors may want to pursue. To some degree, impact investing implies that the investor has specific outcomes in mind: i.e. the growth of a certain sector, type of technology, or societal issue.
Impact investing may also refer to strategies that avoid certain companies, products, or practices. This could include so-called sin stocks (e.g. alcohol, tobacco), companies that adhere to principles that are in opposition to an investor’s or institution’s belief system, and more.
Socially Responsible Investing
SRI or socially conscious investing are two other broad labels, and they’re typically used to reflect progressive values of protecting the planet and natural resources, treating people equitably, and emphasizing corporate responsibility.
While SRI can be considered a type of impact investing, there may be impact investing strategies that are diametrically opposed to SRI, simply because they have different aims.
ESG Investing
Securities that embrace ESG principles, though, may be required to adhere to specific standards for protecting aspects of the environment (e.g. clean energy, water, and air); supporting social good (e.g. human rights, safe working conditions, equal opportunities); and corporate accountability (e.g. fighting corruption, balancing executive pay, and so on).
For example, some third-party organizations have helped create ESG metrics for companies and funds based on how well they adhere to various environmental, social, or governance factors.
Investors who believe in socially responsible investing may want to invest in stocks, bonds, or exchange-traded funds (ETFs) that meet ESG standards, and track ESG indexes.
Sustainable Investing
Sustainable investing is often used as a shorthand for securities that have a specific focus on protecting the environment. This term is sometimes used interchangeably with green investing, eco-friendly investing, or even ESG.
Unlike ESG — which is anchored in specific criteria having to do with a company’s actions regarding environmental, social, or governance issues — the phrase “sustainable investing” is considered an umbrella term. It’s not tied to specific criteria.
Corporate Social Responsibility (CSR)
Last, corporate social responsibility (CSR) refers to a general set of business practices that may positively impact society. Often, companies establish certain programs to support local or national issues, e.g. educational needs, ethical labor practices, workplace diversity, social justice initiatives, and more.
Ideally, CSR strategies work in tandem with traditional business objectives of hitting revenue and profit goals. But since CSR goals are specific to each company, they aren’t formally considered part of socially responsible, sustainable, or ESG investing.
A Focus on Results
Investors may want to bear in mind that, with the steady growth of this sector in the last 20 or 30 years, there are a number of ways SRI strategies can come together. For example, it’s possible to invest in sustainable pharmaceuticals and even green banks.
Either way, the underlying principle of these strategies is to make a profit by making a difference. By putting money into companies that embrace certain practices, investors can support organizations that embody principles they believe in, thereby potentially making a difference in the world, and perhaps seeing a financial upside as well.
Socially Responsible Investment Examples
These days, thousands of companies aim — or claim — to embrace ethical, social, environmental, or other standards, such as those put forth in the United Nations’ Principles of Responsible Investing, or the U.N.’s 17 Sustainable Development Goals. As a result, investors today can choose from a wide range of stocks, bonds, ETFs, and more that adhere to these criteria.
Understanding SRI Standards
In addition, there are also standards set out by financial institutions or other organizations which are used to evaluate different companies. It may be useful when selecting stocks that match your values to know the standards or metrics that have been used to verify a company’s ESG status.
Depending on your priorities, you could consider companies in the following sectors, or that embrace certain practices:
• Clean energy technology and production
• Supply chain upgrades
• Clean air and water technology, products, systems, manufacturing
• Sustainable agriculture
• Racial and gender equality
• Fair labor standards
• Community outreach and support
Exploring Different Asset Classes
Investors can also trade stocks of companies that are certified B Corporations (B Corps), which meet a higher standard for environmental sustainability in their businesses, or hit other metrics around public transparency and social justice, for example. B Corps can be any company, from bakeries to funeral homes, and may or may not be publicly traded.
Companies issue green bonds to finance projects and business operations that specifically address environmental and climate concerns, such as energy-efficient power plants, upgrades to municipal water systems, and so on.
These bonds may come with tax incentives, making them a more attractive investment than traditional bonds.
Another option for investors who don’t want to pick individual SRI or ESG stocks is to consider mutual funds and exchange-traded funds (ETFs) that provide exposure to socially responsible companies and other investments.
There are a growing number of index funds that invest in a basket of sustainable stocks and bonds. These funds allow investors to diversify their holdings by investing in one security.
There are numerous indexes that investors use as benchmarks for the performance of socially responsible funds. Three of the most prominent socially responsible indexes include: the MSCI USA Extended ESG Focus Index; Nasdaq 100 ESG Index; S&P 500 ESG Index. (Remember, you cannot invest directly in an index, only in funds that track the index.)
Recommended: Portfolio Diversification: What It Is and Why It’s Important
The Growing Appeal of Socially Responsible Investments
While many investors find the idea of doing good or making an impact appealing, the question of profit has long been a point of debate within the industry. Do you sacrifice performance if you invest according to certain values?
Unfortunately, the lack of consistency in terms of what constitutes a sustainable or socially/environmentally responsible investment has made it difficult to compare SRI strategies to conventional ones. One financial company may use one set of criteria when developing its sustainable offerings; another company may use its own proprietary set of standards.
That said, as the universe of sustainable offerings continues to grow, it’s possible to create more apples-to-apples comparison sets. According to Morningstar data, sustainable equity funds saw median returns of 16.7% for 2023 versus 14.4% for traditional equity funds. The relative outperformance of SRI strategies was consistent across equity fund styles and most market caps, but particularly large-cap equities. Over 75% of SRI and conventional funds include large-cap equities.
In addition, sustainable fund assets under management (AUM) globally were up 15% over 2022, growing to $3.4 trillion.
The Evolution of Responsible Investing
Socially conscious investing is not a new concept: People have been tailoring their investment strategies for generations, for a number of reasons, not all of them related to sustainability. In fact, it’s possible to view the emergence of socially conscious investing in three phases.
Phase 1: Exclusionary Strategies
Exclusionary strategies tend to focus on what not to invest in. For example, those who embrace Muslim, Mormon, Quaker, and other religions, were (and sometimes still are) directed to avoid investing in companies that run counter to the values of that faith. This is sometimes called faith-based investing.
Similarly, throughout history there have been groups as well as individuals who have taken a stand against certain industries or establishments by refusing to invest in related companies. Non-violent groups have traditionally avoided investing in companies that produce weapons. Others have skirted so-called “sin stocks”: companies that are involved in alcohol, tobacco, sex, and other businesses.
On a more global scale, widespread divestment of investor funds from companies in South Africa helped to dismantle the system of racial apartheid in South Africa in the 1980s.
Phase 2: Proactive Investing
Just like exclusionary strategies, proactive strategies are values-led. But rather than taking an avoidant approach, here investors put their money into companies and causes that match their beliefs.
For example, one of the earliest sustainable mutual funds was launched in 1971 by Pax World; the founders wanted to take a stand against chemical weapons in the Vietnam war and encourage investors to support more environmentally friendly businesses.
This approach gained steady interest from investors, as financial companies launched a range of funds that focused on supporting certain sectors. So-called green investing helped to establish numerous companies that have built sustainable energy platforms, for example.
Phase 3: Investing With Impact
With the rise of digital technology in the last 30 years, two things became possible.
First, financial institutions were able to create screening tools and filters to help investors gauge which companies actually adhered to certain standards — whether ethical, environmental, or something else. Second, the ability to track real-time company behavior and outcomes helped establish greater transparency — and accountability — for financial institutions evaluating these companies for their SRI fund offerings.
By 2006, the United Nations launched the Principles for Responsible Investment (PRI), a set of global standards that helped create a worldwide understanding of Environmental, Social, and Governance strategies.
ESG became the shorthand for companies that focus on protecting various aspects of the environment (including clean energy, water, and air); supporting social good (including human rights, safe working conditions, equal opportunities); and fair corporate governance (e.g. fighting corruption, balancing executive pay, and so on).
Why Choose Socially Responsible Investing?
While the three phases of socially responsible investing did emerge more or less chronologically, all three types of strategies still exist in various forms today. But the growing emphasis on corporate accountability in terms of outcomes — requiring companies to do more than just green-washing their policies, products, and marketing materials — has shifted investors’ focus to the measurable impacts of these strategies.
Now the reasons to choose SRI strategies are growing.
Investors Can Have an Impact
The notion of values-led investing is that by putting your money into organizations that align with your beliefs, you can make a tangible difference in the world. The performance of many sustainable funds, as noted above, indicates that it’s possible to support the growth of specific companies or sectors (although growth always entails risk, and past performance is no guarantee of future results).
Socially Responsible Strategies May Be Profitable, Too
As discussed earlier, the question of whether SRI and ESG funds are as profitable as they are ethical has long been a point of debate. But that skepticism is ebbing now, with new performance metrics suggesting that sustainable funds are on par with conventional funds.
Socially Responsible Investing May Help Mitigate Risk
The criteria built into ESG investment standards may also help identify companies with poor governance practices, or those with exposure to environmental and social risks that could lead to financial losses.
Do Retirement Accounts Offer Socially Responsible Investments?
Generally speaking, individual retirement accounts may include socially responsible or ESG investment options. For example, when investing in different types of IRAs, e.g., a traditional, Roth, or SEP IRA, investors typically have access to all the securities offered by that financial institution, including stocks, bonds, and ETFs that may reflect ESG standards. The choice is up to individual investors.
That hasn’t always been the case with employer-sponsored 401k or 403b plans. But in 2023, the Department of Labor issued a rule allowing plan fiduciaries to consider ESG investment options for plan participants.
While some plans may now offer socially responsible or ESG investments, there is a push from some lawmakers to restrict or eliminate the availability of these funds. ERISA standards for retirement plans dictate that the investment options offered by employer-sponsored plans “must be based on risk return factors that the fiduciary prudently determines are material to investment value.” Some lawmakers argue that ESG funds are higher risk and not suitable for employees in company plans.
The Takeaway
Socially responsible investing is a broad term that can mean different things to different groups, but no matter which term you use — socially conscious investing, impact investing, ESG investing — it comes down to the compelling idea that by investing your money in organizations that match your values, you can make a difference in the world.
Ready to invest in your goals? It’s easy to get started when you open an investment account with SoFi Invest. You can invest in stocks, exchange-traded funds (ETFs), mutual funds, alternative funds, and more. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).
Invest with as little as $5 with a SoFi Active Investing account.
FAQ
Is socially responsible investing profitable?
Socially responsible investing can be profitable, as multiple reviews of fund performance have shown over the last several years. That said, some believe that the financial strength of ESG or SRI strategies is debatable. While any investment strategy has its own risks, it’s best to assess them according to your own aims.
What is the difference between ESG investing and socially responsible investing?
Socially responsible investing is considered a broad term that can encompass a range of practices and standards. ESG investing stands for environmental, social, and governance factors, is a set of principles that is often used to assess how well companies meet specific, measurable criteria. While there is no single industry-wide metric for ESG standards, investors can consider various proprietary tools.
How many socially responsible investment opportunities are there?
It’s impossible to say how many SRI opportunities there are, as the stocks, bonds, and other securities that embrace ESG standards continue to grow. More than 120 new sustainable funds entered the SRI landscape in 2021, in addition to 26 existing funds that took on a sustainable mandate.
What is the socially responsible investment theory?
The theory behind socially responsible investing can be summed up by the old saying about “Doing well by doing good.” In other words, by investing in companies that support positive social and environmental products and policies, it’s possible to help investors realize a profit.
How do you start socially responsible investing?
Investors who are interested in SRI or ESG investing can begin by getting to know companies that adhere to certain eco-friendly or socially responsible standards. In addition, many financial institutions offer clients a way to screen for stocks or mutual funds that have an ESG focus.
Photo credit: iStock/luigi giordano
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A zero-coupon certificate of deposit or zero-coupon CD is a type of CD that’s purchased at a discount and pays out interest at maturity. Zero-coupon CDs can offer higher yields than standard CDs for investors who have the patience to wait until maturity to collect their original deposit and the interest earned.
Zero-coupon certificates of deposit are similar to bonds in that both are considered lower-risk, fixed-income instruments, but they serve different purposes in a portfolio. Understanding how a zero-coupon CD works can make it easier to decide if it’s a good investment for you.
What Is a Zero-Coupon CD?
To understand zero-coupon CDs, it’s important to know how a regular certificate of deposit works. A CD account, also referred to as a time-deposit or term-deposit account, is designed to hold money for a specified period of time. While the money is in the CD, it earns interest at a rate determined by the CD issuer — and the investor cannot add to the account or withdraw from it without penalty.
CDs are FDIC or NCUA insured when held at a member bank or credit union. That means deposits are insured up to $250,000.
CDs are some of the most common interest-bearing accounts banks offer, along with savings accounts and money market accounts (MMAs).
A zero-coupon certificate of deposit does not pay periodic interest. Instead, the interest is paid out at the end of the CD’s maturity term. This can allow the purchaser of the CD to potentially earn a higher rate of return because zero-coupon CDs are sold at a discount to face value, but the investor is paid the full face value at maturity.
By comparison, traditional certificates of deposit pay interest periodically. For example, you might open a CD at your bank with interest that compounds daily. Other CDs can compound monthly. Either way, you’d receive an interest payment in your CD account for each month that you hold it until it matures.
Once the CD matures, you’ll be able to withdraw the initial amount you deposited along with the compound interest. You could also roll the entire amount into a new CD if you’d prefer.
Remember: Withdrawing money from a CD early can trigger an early withdrawal penalty that’s typically equal to some of the interest earned.
How Do Zero-Coupon CDs Work?
Ordinarily when you buy a CD, you’d deposit an amount equal to or greater than the minimum deposit specified by the bank. You’d then earn interest on that amount for the entirety of the CD’s maturity term.
With zero-coupon CD accounts, though, you’re purchasing the CDs for less than their face value. But at the end of the CD’s term, you’d be paid out the full face value of the CD. The discount — and your interest earned — is the difference between what you pay for the CD and what you collect at maturity. So you can easily see at a glance how much you’ll earn from a zero-coupon CD investment.
In a sense, that’s similar to how the coupon rate of a bond works. A bond’s coupon is the annual interest rate that’s paid out, typically on a semiannual basis. The coupon rate is always tied to a bond’s face value. So a $1,000 bond with a 5.00% interest rate has a 5.00% coupon rate, meaning a $50 annual payout until it matures.
Real World Example of a Zero-Coupon CD
Here’s a simple example of how a zero-coupon CD works. Say your bank offers a zero-coupon certificate of deposit with a face value of $10,000. You have the opportunity to purchase the CD for $8,000, a discount of $2,000. The CD has a maturity term of five years.
You wouldn’t receive any interest payments from the CD until maturity. And since the CD has a set term, you wouldn’t be able to withdraw money from the account early. But assuming your CD is held at an FDIC- or NCUA-member institution, the risk of losing money is very low.
At the end of the five years, the bank pays you the full $10,000 face value of the CD. So you’ve essentially received $400 per year in interest income for the duration of the CD’s maturity term — or 5.00% per year. You can then use that money to purchase another zero-coupon CD or invest it any other way you’d like.
💡 Quick Tip: Typically, checking accounts don’t earn interest. However, some accounts do, and online banks are more likely than brick-and-mortar banks to offer you the best rates.
Tips When Investing in a Zero-Coupon CD
If you’re interested in zero-coupon CDs, there are a few things to consider to make sure they’re a good investment for you. Specifically, it’s important to look at:
• What the CD is selling for (in other words, how big of a discount you’re getting to its face value)
• How long you’ll have to hold the CD until it reaches maturity
• The face value amount of the CD (and what the bank will pay you in full, once it matures)
It’s easy to be tempted by a zero-coupon certificate of deposit that offers a steep discount between the face value and the amount paid out at maturity. But consider what kind of trade-off you might be making in terms of how long you have to hold the CD.
If you don’t have the patience to wait out a longer maturity term, or you need the money in the shorter term, then the prospect of higher returns may hold less sway for you. Also, keep in mind what kind of liquidity you’re looking for. If you think you might need to withdraw savings for any reason before maturity, then a standard CD could be a better fit.
Comparing zero-coupon CD offerings at different banks can help you find one that fits your needs and goals. You may also consider other types of cash equivalents, such as money market funds or short-term government bonds if you’re looking for alternatives to zero-coupon CDs.
Recommended: How to Invest in CDs: A Beginner’s Guide
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Pros of Zero-Coupon CDs
Zero-coupon CDs have some features that could make them more attractive than other types of CDs. The main advantages of investing in zero coupon certificates of deposit include:
• Higher return potential than regular CDs
• Guaranteed returns, since you’re unable to withdraw money before maturity
• Suited for longer-term goals
• Can be federally insured
Zero-coupon CDs are lower-risk investments, which can make them more appealing than bonds. While bonds are considered lower-risk investments generally, if the bond issuer defaults, then you might walk away from your investment with nothing.
A zero-coupon certificate of deposit, on the other hand, does not carry this same default risk because your money is insured up to $250,000. There is, however, a risk that the CD issuer could “call” the CD before it matures (see more about this in the next section).
Cons of Zero-Coupon CDs
Every investment has features that may be sticking points for investors. If you’re wondering what the downsides of zero-coupon CDs are, here are a few things to consider:
• No periodic interest payments
• No liquidity, since you’re required to keep your money in the CD until maturity
• Some zero-coupon CDs may be callable, which means the issuer can redeem them before maturity, and the investor won’t get the full face value
• Taxes are due on the interest that accrues annually, even though the interest isn’t paid out until maturity
It may be helpful to talk to your financial advisor or a tax professional about the tax implications of zero-coupon CDs. It’s possible that the added “income” from these CDs that you have to report each year could increase your tax liability.
How to Collect Interest on Zero-Coupon CDs
Since zero-coupon CDs only pay out at interest at the end of the maturity term, all you have to do to collect the interest is wait until the CD matures. You can direct the bank that issued the CD to deposit the principal and interest into a savings account or another bank account. Or you can use the interest and principal to purchase new CDs.
It’s important to ask the bank what options you’ll have for collecting the interest when the CD matures to make sure renewal isn’t automatic. With regular CDs, banks may give you a window leading up to maturity in which you can specify what you’d like to do with the money in your account. If you don’t ask for the money to be out to you it may be rolled over to a new CD instead.
How to Value Zero-Coupon CDs
The face value of a zero-coupon CD is the amount that’s paid to you at maturity. Banks should specify what the face value of the CD is before you purchase it so you understand how much you’re going to get back later.
In terms of whether a specific zero-coupon CD is worth the money, it helps to look at how much of a discount you’re getting and what that equates to in terms of average interest earned during each year of maturity.
Purchasing a $10,000 zero-coupon CD for $8,000, for example, means you’re getting it at 20% below face value. Buying a $5,000 zero-coupon CD for $4,500, on the other hand, means you’re only getting a 10% discount.
Of course, you’ll also want to keep the maturity term in perspective when assessing what a zero-coupon CD is worth to you personally. Getting a 10% discount for a CD with a three-year maturity term, for example, may trump a 20% discount for a five-year CD, especially if you don’t want to tie up your money for that long.
The Takeaway
Investing in zero-coupon CDs could be a good fit if you’re looking for a lower-risk way to save money for a long-term financial goal, and you’d like a higher yield than most other cash equivalents.
Zero-coupon CDs are sold at a discount to face value, and while the investor doesn’t accrue interest payments annually, they get the full face value at maturity — which often adds up to a higher yield than many savings vehicles. And because the difference between the discount and the face value is clear, zero-coupon CDs are predictable investments (e.g. you buy a $5,000 CD for $4,000, but you collect $5,000 at maturity).
As with any investment, it’s important for investors to know the terms before they commit any funds. For example, zero-coupon CDs don’t pay periodic interest, but the account holder is expected to pay taxes on the amount of interest earned each year (even though they don’t collect it until they cash out or roll over the CD).
If you’re eager to earn a higher rate on your savings, you’ve got a lot of options to explore — including a high-yield bank account or a regular CD.
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FAQ
What is a coupon on a CD?
The coupon on a CD is its periodic interest payment. When a CD is zero coupon, that means it doesn’t pay out interest monthly or annually. Instead, the investor gets the full amount of interest earned paid out to them when the CD reaches maturity.
Is a certificate of deposit a zero-coupon bond?
Certificates of deposit and bonds are two different types of savings vehicles. While a CD can be zero-coupon the same way that a bond can, your money is not invested in the same way. CD accounts also don’t carry the same types of default risk that bonds can present.
Are CDs safer than bonds?
CDs can be safer than bonds since CDs don’t carry default risk. A bond is only as good as the entity that issues it. If the issuer defaults, then bond investors can lose money. CDs, on the other hand, are issued by banks and typically covered by FDIC insurance which generally makes them safer investments.
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Inside: Here is the real answer from a day trader and long term investor on how fast can you make money in stocks? Increase freedom by day or swing trading.
The answer depends.
It depends on what your particular objectives are for making money.
If you are a day trader, you obviously can make quick money during the day.
If you are a swing trader, you can make money over the course of typically two to five days. Most swing trades are closed within 30 days.
If you are a long-term investor, it takes longer to make money in the stock market since the rate of return is slower with index funds or mutual funds.
The biggest caveat for the average person to make money with stocks quickly is they buy at the wrong times and sell at the wrong times.
Everyone has heard the mantra of buy low, sell high. Right?
Sounds simple enough.
However, the amateur investor does not understand how the overall market moves, the momentum of the day, and their particular stock of choice.
Personally, I know I can make money with stocks quickly. For me, I average $300-500 in a day easily (and way more using options). But, I have moved from novice investor by taking this investing course. I have practiced with paper trading (simulated account) and I have worked hard to get the results that I see on a consistent basis.
My mantra is… I need to be consistent enough to achieve remarkable results in the stock market.
That is your answer to how fast can I make money in the stocks.
Even Jean-Jacques Rousseau, a philosopher, writer, and composer has a perfect quote when it comes to making money fast in stocks, “Patience is bitter, but its fruit is sweet.”
If you don’t understand what patience means, you are not prepared to make money fast in stocks.
You have to be disciplined enough to pull the trigger at the right time and exit before you get greedy or lose everything.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
Trading involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Past performance is not necessarily indicative of future results.
Your results will vary. Trade at your own risk.
How Fast Can you Make Money In Stocks?
You can make money quickly in a matter of seconds. You can also lose money in a matter of seconds.
The brutal truth… day trading is not made for everyone.
However, you can make consistent income to supplement your paycheck. And that right there is enticing for anyone.
As a day trader, you close out all of your trades on the same day. Thus, you will have a realized gain or loss at the end of the day. This is the fastest way to make money in the stock market.
As a swing trader, you will hold your trades until the stock moves to your desired price. Once you close your trades, that is when you have a realized gain or loss.
For long term investing, that is normally a buy and hold strategy of holding a stock, EFT, or index fund for longer than a year.
The best part is you can design what type of trading style works best for your personality and maximize the profits you are capable of.
In order to have the highest success rates of making money in the quickest time possible, I highly recommend that you take this course.
Trading has been a life-changing event for her, as well as her 1000s of students that have all made over $1,000 per day. That is a testament to the quality education that you would receive on how to trade.
So, if you were wondering can you make $1000 a month trading stocks? The answer is yes and you can make $1000 a day if you take the course I have taken.
Personally, I truly believe that spending the money on this online investing course is money better spent paying a financial advisor or paying for college.
Is Day trading worth It?
Can you make a living day trading?
Yes, it is very possible to make day trading a viable career path for you.
There are many benefits to being a day trader because you set your own hours. Since you are your own boss, you do not have to answer to anybody else. And in many cases, you could possibly work fewer hours than a regular salaried position.
On the flip side of being a day trader is you will have highs and lows. Until you fully grasp the concept that as a trader you will not win 100% of the time, you will struggle. In fact, most traders are probably executing trades with 50% wins and 50% are losses; that is what they call their batting average.
As an active trader, you must be careful to protect your account balance through the proper execution of risk management. (If you don’t understand this risk concept, then you must watch this video).
The goal for a day trader is to lose small amounts of money and reap a bigger reward of profit at the end of the day.
According to Glassdoor, the average day trader makes $71,260 a year. Thus, day trading is a very viable career because this is a higher potential than the average salaried $60000 per year that somebody else can provide for you.
Now, let’s break down how much does the average day trader make in days, weeks, and months.
The stock market is open for trading for about 252 days per year. This can fluctuate slightly based on holidays, Leap Year, or major events.
Average Trader Makes
Daily
$282.78
Weekly
$1,370.38
Monthly
$5,938.33
Yearly
$71,260.00
Your results will vary. Trade at your own risk.
Now, what if you love your job and just want to supplement your income with trading? That is completely possible and something many people do today.
Check out this person’s journey.
Serious About Learning How Fast You Can Earn Money In Stocks?
The stock market can be tricky. The stock market can be a beast to try to understand. That is why so many financial gurus are always making predictions and a very small handful actually pan out.
In the most simplistic form, a stock price is when a buyer and seller agree on a specific price. That price can move up and it can move down throughout the day. But at that particular moment in time, that is where the buyers and sellers agree on a price.
Once you move from a novice investor to a beginner investor to a good investor to an advanced investor, you are able to increase how fast you can potentially earn money.
The biggest mistake is to just jump into the market and start trading without any clue to what you are doing.
To have a greater probability of success, then you must take a top-notch investing course. The other option is to skip the cost of the course and lose even more in the stock market. Your choice.
I picked this top-notch investing course and am very happy with my decision. Thus, I highly recommend it to others who are serious about trading to supplement their income.
Check out my Trade and Travel Review – Join the $1000 in a Day Club!
If you don’t have cash for the full course upfront, just start with the basic Trade and Travel course. You can always upgrade to VIP once you begin profiting off the stock market and move to advanced trading strategies of shorting and options.
On top of that, you need to spend time practicing your trades in a simulated account; also known, as paper trading.
Practice everything you are learning from the course without losing money. You are trading with fake money until you can get the hang of day and swing trading.
Learn how the stocks move.
Learn how the market reacts.
Master your trading plan.
Refine your trading mindset.
Once you are comfortable and ready, then you can move on to a live trading account. That is where you actually start reaping what you have sown.
Day trading or swing trading is not a waste of time or a bad idea if you know how to execute properly and know your long term goal.
Plus it helps you find time freedom in your life.
Best Stocks to Invest in 2023
Are you trying to find the best stocks to invest in the current year? It may remind you of looking into an eight ball, taking your best guess, and then throwing a dart to hit a bullseye.
There are over 6000 stocks that trade on the NYSE & Nasdaq (source)!
That is a lot of companies to search through to find the best stocks for 2021. Typically, day traders look heavily on technology stocks and growth stocks.
So, how do you go along and pick the best stocks?
One option is to listen to the big financial gurus on TV or in the news telling you to buy this or that stock. They may have some good ideas, but they also may have a few misses. Plus those stocks may be at all time highs.
Another option is you copy what your friend has done. See the stocks they picked, and hopefully, you don’t get burned by a bad stock pick.
Look around your house and find products that you use and believe will continue to do better. (Buyer beware… your favorite products may not be the best stocks in their sector.)
If you truly want to be a savvy investor, then you need to find an easier way for you to pick stocks that fit within your financial portfolio. Even better to find stocks that align with your values and ethics.
More importantly, do this research without spending a ton of your own time!
If you are looking for the best stocks to invest in right now, you can use the Motley Fool’s services to help you pick the best stocks right now.
The other option is to do all of your due diligence and time picking your own company.
Personally, I use Motley Fool’s Stock Advisory. It is an easy way to start with a group of solid companies and less time for me to search out all other detailed information provided.
Is it possible to make a living trading stocks?
Most aspiring day traders will never become profitable. Even though this is the perfect early morning job.
Sad, but true.
That is because they do not have a system (aka trading plan) in place. They were not taught how to trade effectively, manage risk, and happily close a trade for a profit or a loss.
Unfortunately, trying to trade by the seat of your pants and whatever fits your fancy, will not work. The same goes for trading with you you hear on popular Reddit forums, Discord groups, or Twitter.
You have to know when to buy, how much to buy, what your risk tolerance is, when you plan to sell (win or lose), and your potential profit.
Just because you calculate a potential profit of $1,000 does not mean that it is a great trade since you may lose 3000 dollars to make that $1,000 profit happen. And in that case, that trade is not worth it.
There is a consensus out there that day trading is not worth it. Probably because those people lost a ton of money in the market because they were clueless on how to trade.
The question becomes are you willing to advance your knowledge more than the average person to make a living trading stocks.
To be successful at making money in stocks, you must understand how the market moves, be able to make solid decisions on buying or selling the stock or option.
If you struggle to make simple decisions on what you are going to have for dinner, then day trading might not be for you. So, stick with long-term investing with index funds.
If you have an inkling to add another type of income, then day trading or swing trading might be favorable for you. Or a desire of I don’t want to work anymore.
Day trading is a good idea if you are looking to change your personal finance situation and find freedom by increasing your net worth.
Think about how your life and how your stress level can be transformed by short term investing. What can you possibly accomplish by using the stock market as another stream of income?
I cannot stress enough that you must take a solid investing course.
Are you Ready to Make Money Fast in Stocks?
In conclusion, the real answer is yes, you can make money fast in the stock market. Even more when you have successful trade options (VIP level). The market comes with risk and you can also lose money fast in the stock market.
Yes, now is a good time to invest in stocks.
The determination will be decided by how much time you spend truly learning about how to make real money in the stock market.
If you’re following Twitter, discord, Reddit groups, or just following the trends, you may have some success, but it is not guaranteed for a long time.
If you have a proven reliable trading system, like I have taken I you can make the progress you need to start making real money in the stock market.
But remember, nothing is guaranteed.
Nothing that I have said in this post is a promise that you are guaranteed to make money in the stock market. All I’m saying is…it is possible.
You can learn how to make 300 dollars fast. Or even make 5000 fast.
You just have to put in the time, the dedication, and the desire to do it.
Just remember, do not start trading with real money until you have made significant progress in a simulated account and feel confident in your ability to make money in a live account.
You must be able to take money away from other people in the stock market and not have them steal your money.
LearnHow to Get Weekly Paychecks From The Stock Market
Trading involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Past performance is not necessarily indicative of future results.
Your results will vary. Trade at your own risk.
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
Do you want to find jobs with pensions? Pensions might seem old-fashioned and while they’re not as common as before, some careers still offer this kind of retirement plan. Pension plans can be found in both government and certain private sector jobs too. For example, teachers, police officers, and firefighters typically have pensions waiting for…
Do you want to find jobs with pensions?
Pensions might seem old-fashioned and while they’re not as common as before, some careers still offer this kind of retirement plan.
Pension plans can be found in both government and certain private sector jobs too. For example, teachers, police officers, and firefighters typically have pensions waiting for them after many years of work. Nurses, government employees, and military members also sometimes have this benefit, which helps them to retire without worrying as much about money.
Even though retirement benefits are changing, with more companies offering plans like a 401(k) where employees contribute, pensions are still very important for many workers thinking about how to save for retirement.
What Is a Pension?
Pensions, also called defined benefit plans, aren’t like regular savings accounts. Instead, your job sets up an amount of money you’ll receive each month after you retire. This is kind of like getting a monthly paycheck that continues even after you stop working.
You might come across terms like 401(k) or IRA (Individual Retirement Accounts). These are known as defined contribution plans because you or your employer add money to them. When you retire, you’ll get whatever amount you’ve saved up in these accounts.
In a traditional pension plan, your employer assures you, “Don’t worry, we’ve already calculated how much you’ll receive later.” This amount is typically based on your years of service and your salary. The amount varies from job to job and state to state. For some, it may be enough to retire on, for others, it may not.
Also, there’s something called vesting. That’s when you’ve worked for a certain period to qualify for the full pension promised to you.
Most Popular Jobs With Pensions
Below are the best jobs with pensions.
1. Public school teacher
Public school teaching is one of the best jobs that can pay you a pension after many years of service.
On average, a teacher in the U.S. can earn around $30,000 a year to start.
Pensions for teachers vary from place to place. But typically, after you teach for a certain number of years, you can get a pension that pays you money regularly when you retire.
Recommended reading: 33 Best Summer Jobs for Teachers To Make Extra Money
2. USPS worker
The United States Postal Service (USPS) has jobs with pensions.
Pension Plans:
Civil Service Retirement System (CSRS) – If you got hired before 1984, you are probably part of CSRS. This plan gives you a stable pension based on your years of service and salary.
Federal Employee Retirement System (FERS) – Hired after 1984? Then you’re likely in FERS. It pays a smaller monthly pension, but you also get Social Security and a savings plan that can match your contribution.
Just to give you an idea, under CSRS, if someone with about a $60,000 average salary retires after 20 years, they might see around $1,824 monthly. That’s before any deductions for health insurance or survivor benefits.
3. Police officer (and detective)
Becoming a police officer can be a great job for someone who wants to help their community. Not only do you get the chance to keep your neighborhood safe but you also get some great benefits, like a pension.
Your pay as a police officer can depend on where you live and work.
4. Firefighter
Firefighters often have pensions because their work is tough and risky. With a pension, you know you’ll have money coming in when you retire, based on how long you’ve worked and your salary.
5. Construction worker
If you’re thinking about jobs that have a stable future and a pension, don’t overlook construction work. There are many large construction companies that still have pension plans, although this is becoming less common.
6. Registered nurse
As a registered nurse, you have some options for pensions. If you work as a nurse for the government, like in a public hospital or as a school nurse, you may be able to get a pension.
Some private hospitals and clinics might give pensions too, but it’s not as common.
Recommended reading: 27 Best Side Hustles For Nurses To Make Extra Money
7. Bus driver
Public bus driver positions sometimes come with a pension, such as if you drive for public transportation (the city bus, for example) or for the school system.
8. Government jobs
There are many government jobs with pensions.
You can start looking for government jobs with pensions by researching different levels of government jobs, including federal, state, and local positions.
Federal jobs with agencies like the FBI, IRS, or Department of Education often include pensions. State jobs can be found in departments like transportation, health, or education. Local opportunities might be in city or county offices, police departments, and public schools.
To find jobs, you can also check government job websites. For example, for federal jobs, you can visit USAJobs.gov. Each state has its own job portal, which you can find by searching for your state’s official website. Local government job listings are usually on city or county websites. When looking at job listings, search for keywords like “pension,” “retirement plan,” “benefits,” or “retirement system” to find jobs that have these benefits.
9. Military careers
The U.S. military consists of several branches: Army, Navy, Air Force, Marine Corps, Coast Guard, and Space Force. Each branch provides different career options, so you’ll want to research them to find the one that matches your skills and interests the most.
To be eligible for a military pension, you usually need to serve at least 20 years.
This rule applies to both enlisted personnel and officers. If you serve less than 20 years, you typically won’t get a pension, but you might qualify for other benefits like contributions to the Thrift Savings Plan (TSP) under the Blended Retirement System (BRS).
10. Private sector careers with pensions
Though they’re not as common as before, some companies provide pensions to their employees as well.
According to the Bureau of Labor Statistics, 15% of private industry workers had access to a defined benefit plan (a pension).
Here are some examples:
Manufacturing jobs – Companies in this field have long been strong providers of pension plans. Jobs ranging from assembly line workers to managers might include these benefits, often because labor unions help keep pensions available.
Utility companies – When working in electricity, water, or natural gas, you could get great retirement benefits. Jobs in the utilities sector often have pensions because they want to keep employees long-term for steady service. Some job examples of utility workers may include electricians, meter readers, line repairers, and power line installers.
Transportation – This includes careers with airlines, railroads, and shipping companies. Some of the largest transportation firms provide pension plans because they value your lengthy service and want to keep job satisfaction high.
Large corporations – There are big names out there that still have a pension. Look for companies with a longstanding history and financial stability, as they are more likely to have kept their pension commitments intact. Some examples of large companies that have pension plans include Ford, General Motors, and IBM. Some insurance companies also have pension plans for certain career paths.
As you can see, there are several private-sector employers that pay a pension as well. So, if you are looking to retire with a pension, then you do not only have to stick with federal, state, or local government jobs.
Frequently Asked Questions
Below are answers to common questions about jobs with pensions.
Is a pension better than a 401k?
A pension provides guaranteed income in retirement based on salary and years of service. A 401(k) is a savings plan where you contribute a portion of your paycheck. Pension plans are less common but have defined benefits, while a 401(k) puts the investment decisions and risks on you. I don’t think either is necessarily better than another; they are just different.
Do any companies still give pensions?
Yes, some companies in sectors like government, education, and certain corporations still have pension plans for their employees. According to the Bureau of Labor Statistics, 15% of private industry workers have access to a defined benefit plan (a pension).
Why did jobs stop offering pensions?
Many companies shifted from pensions to 401(k) plans to reduce long-term financial commitments and shift retirement savings responsibility onto employees. It’s often due to the cost and risk associated with funding traditional pension plans. Pensions are quite expensive for a company to maintain and have.
What are good entry-level jobs with pensions?
Entry-level jobs in the public sector, such as administrative roles in government agencies, tend to come with pensions. Industries like utilities, transportation, and some unionized fields also sometimes have pension benefits at the entry level.
Are there part-time jobs with pensions?
It’s less common, but some part-time jobs with government or union affiliations may have prorated pension benefits. This often requires meeting certain requirements such as length of service and hours worked.
Are jobs with pensions worth it?
Jobs with pensions can be very beneficial as they provide steady income later in life. However, you should also think about the job’s salary, growth opportunities, and if it suits your career goals when deciding if it’s worth it for you.
Plus, a lot of jobs with defined-benefit pensions also have many other things that they offer to their workers, such as better healthcare benefits.
Best Jobs With Pensions – Summary
I hope you enjoyed this article about how to find jobs with pensions.
Some of the best jobs with pensions include public school teachers, USPS, police officers, and firefighters, as well as other local and federal government jobs. There are also, of course, military pensions.
Companies also sometimes have defined-benefit pension plans to bring more financial security to their employees by helping them earn a monthly income after they retire.
As you can see, there is quite a range of jobs that still have pensions today.
There are occupations in both the public and private sector. Some may require trade school or a college degree, and some you can get started as a beginner. As you can see, there are many ways for someone to get a pension these days; it isn’t as rare as you might think.
Pensions can be a great way for retirees to have enough money in their retirement account, although, pensions are usually not enough to live on alone. Some jobs do give generous payments from their pension plan, so it is possible for some retirees to be able to live off of their pension retirement payments alone.
Are you interested in finding a job with a pension? Why or why not?
If you’re reading this article because you have only one day in Phoenix to experience all this city has to offer, then you’ve come to the right place! Whether you’re exploring the town for vacation or trying to decide on renting an apartment in Phoenix or even buying a home in Phoenix, ApartmentGuide can help you plan the ideal day.
Below, you’ll find a wealth of restaurants, activities, and parks handpicked by Phoenix locals. Your task is to look through the list, selecting one item from each step to create your ideal itinerary. Feel free to choose more than one option if you wish! Think of this as a “Choose Your Own Adventure” for exploring a new city. The goal is for you to get a crash course in what it’s like to live in Phoenix.
Step one:
Try a new experience
During your stay in Phoenix, try out some of the new activities the city has to offer. Below is a selection of experiences, from coffee classes to skydiving to cowboy towns. Choose one or a few to explore during your stay.
Take a class at Infusion Coffee & Tea Crafters: “Not to plug ourselves, but our International Barista and Coffee Academy is a great valley find. We offer classes on coffee roasting, tea, and more.” – Leo of Infusion Coffee & Tea Crafters.
Attend the VNSA Book Sale: “If you’re a book lover or know one, you must plan to attend the annual VNSA Book Sale at the State Fairgrounds held every February. Each year, VNSA will sell five semi trucks full of books and media that they collected from donations all year long. With no paid staff, all proceeds benefit human service charities in Maricopa County. When you’re finished with those books, donate them to VNSA anytime using dropboxes located all over the Valley.” – VNSA Volunteer Staff.
Phoenix Skydive Center: “Visit the upscale Skydive Center in AZ. Our staff is experienced and certified by the United States Parachute Association. We offer a first-time skydiving experience to all adults: No experience or training required. We offer student and military discounts and holiday specials all year. Video and Photos available to share with friends and family.” – Phoenix Skydive Center.
Commemorative Air Base AZ: “You can see, touch, and hear the aircraft that made America safe. You can feel the history and the energy of our Airforce heroes from the past. It’s very affordable and free to vets and Gold Star Families. If you want to step it up you can even book a flight on one of these historic warbirds.” – Phoenix Skydive Center.
Rainbow Ryders Hot Air Balloon Ride: “Take a hot air balloon ride over Phoenix and Scottsdale with Rainbow Ryders. The best view of the Sonoran Desert and the Phoenix Skyline. The sunrise flight is like no other flight you’ve ever had. The cool Phoenix mornings with the sunrise over the desert is the best way to start a day.” – Phoenix Skydive Center.
Cave Creek: “This area is second to none being one of AZ’s most authentic cowboy towns to this day! Be sure to visit Harold’s Corral to experience their live music, fundraisers, sporting events, and more! If you’re feeling spunky, pop over to the Buffalo Chip for their bull riding nights. Enjoy endless views of the surrounding mountains and hike the various trails like those at Spur Cross.” – Haleigh Shelly of Paseo Homes AZ.
Visit one of Phoenix’s farmer’s markets: “You can find unique gifts, delicious food, and many handmade products. Go out and soak up the beautiful Arizona sunshine on Saturday markets and don’t forget to visit us while you are there!” – Absolutely Delightful Honey.
Plant Stand of Arizona: “This is a great place to check out. It’s not often you see so much greenery in Arizona. They have a plethora of plants: small and large, everything in between. If you’re new to Arizona and you’re looking for a place to get some plants to warm up and liven your space, Plant Stand of Arizona is the place to go.” – Leo of Infusion Coffee & Tea Crafters.
Step two:
Enjoy the local food
If you’re kicking around the idea of renting a home in Phoenix, you have to get acquainted with the local food. Though Tucson may get all the attention for being a UNESCO City of Gastronomy, Phoenix is not to be overlooked for all the great food selections.
Word Of Mouth Grill: “Located in the heart of South Tempe, this black-owned BBQ spot offers a casual modern dining experience, serving amazing food with a sociable and inviting atmosphere. It’s a family-owned and operated spot with the owner being the pitmaster and his wife overseeing the guest experience. YELP just added Word Of Mouth Grill to their “TOP 100 BBQ SPOTS” and ranked them #72 in the nation!” – Demetrious & Jacque of Word Of Mouth Grill.
Chico Malo: “Located in downtown Phoenix, this elevated Mexican cuisine & cocktail bar is inspired by the rich heritage of celebratory dining throughout the different regions of Mexico, showcasing unique cooking techniques and local ingredients in a lively, upscale environment. This chef-driven concept is a great place to experience especially when attending the Footprint Center, Chase Field or the Phoenix Convention Center!” – Demetrious & Jacque of Word Of Mouth Grill
ZuZu Restaurant: “One recommendation I would make for someone that wants a delicious meal with a great ‘60s vibe, is ZuZu Restaurant inside of the Hotel Valley Ho. ZuZu provides upscale comfort food & cocktails with a very Instagrammable 60’s atmosphere. If you are not interested in eating, Hotel Valley Ho allows you to purchase a day pass to their pool if you are not a guest of the hotel so you can spend your day lounging by their pool.” – Andrew Brigida of Digital Perception Photography.
Giuseppe’s on 28th: “If you are looking for classic Italian cuisine, Giuseppe’s is the perfect place. One of the must-try dishes is the Suppli di Riso (also known as arancini). These are delicious risotto rice balls that you are sure to talk about afterwards. And you cannot forget about the gnocchi in a cream and tomato sauce.” – Therese Lau of Gator Girl – Out of the Swamp.
The Kettle Black: “Look for the restaurant with the big red door! It’s like being in an English pub. If you like bourbon and whiskey they have plenty of choices. Looking for something delicious? Try the Philly cheesesteak fries. The fries are covered in shaved ribeye steak, sauteed peppers and onions, and a creamy cheese sauce. The ribeye is so tender and juicy you might think you’re in Philly!” – Therese Lau of Gator Girl – Out of the Swamp.
Ajo Al’s Mexican Cafe: “If you are in the mood for Mexican food, a classic restaurant is Ajo Al’s Mexican Café. In the valley since 1986, Ajo Al’s can handle large parties and can provide family-style dishes on request for large celebrations, or if you just like to eat a lot of good Mexican food. Don’t want to leave the house for your birthday? They can also provide catering services directly to your door.” – Andrew Brigida of Digital Perception Photography.
Step three:
Get fueled up
Phoenix is also home to several eclectic coffee shops featuring innovative decorations and displays. Kaylie of the travel blog Run Away With Kay is the perfect person to scour the city for the best coffee shops and come back with her recommendations. Here are three of her favorites:
Sip Coffee: “Located in the Arcadia neighborhood, Sip Coffee & Beer Garage is the perfect spot to spend a summer day. The baristas know their stuff, and the vibe is super calm and chill. I highly recommend ordering their cold brew on tap with a splash of almond milk (it’s addicting!). I’ve spent an entire day sitting quietly working on my laptop, as it is a great place for creatives to connect and get work done. But beware, when the clock strikes 4 p.m., this coffee shop can get a bit rowdy as their downstairs turns into a tiki-style cocktail bar. A coffee shop that serves coffee and alcohol – I know, sounds too good to be true! Whether you are looking to order a basic latte, craft beer, or liquor-infused espresso martini, Sip will have the drink for you.”
Luci’s At the Orchard: “If you are looking for a unique coffee experience, look no further than Luci’s At the Orchard. This place could not be any cuter! From the moment you walk on their grounds, you’ll be surrounded by outdoor seating, a splash pad, and an ice cream parlor. Inside, there are so many fun trinkets, games, and random Arizona-based gifts you can purchase. Not only do they have great tasting coffee options, but they also serve smoothies, brunch food, and bloody Marys that will keep you coming back time and time again.”
The Henry: “As if I don’t talk about The Henry enough, it has to make my top list for coffee. Many locals know The Henry for their delicious food but inside is their own coffee bar that will satisfy any caffeine craving you may have. This is one of my favorite places to “work from home” as it keeps me fueled all day long. Their menu is extensive, offering espresso, smoothies, and chai. Everyone seems to be addicted to the Wildflower, but I have yet to try it. I truly think you can’t go wrong with any of their options. Be sure to order the Caramel Apple French Toast if you start to get hungry!”
Step four:
Explore a park or lake
Part of Phoenix’s allure is the multitude of outdoor recreational activities. With so many beautiful parks to explore, the hiking culture here is incredible. If you enjoy the outdoors, choose one of the activities below to explore.
Papago Park: “This is an excellent spot for many things. It is a photographer’s dream with the beautiful sunrises or sunsets depending on when you are going. There are also picnic tables if you want to have a small gathering with family and friends. There is not a bad spot in Papago Park for a photo opportunity. – Andrew Brigida of Digital Perception Photography.
Phoenix Zoo: “Located in Phoenix just East of the Sky Harbor Airport, this non-profit zoo cares for over 3,000 animals with nearly 400 species represented, including many endangered species. The zoo offers daily activities and private events. They offer zoo tours such as the ‘Backstage Adventure’ where you can get a glimpse of the animal habitats, the ‘Tropics Trail’ a lush rainforest landscape with animals or the ‘Native Plants and Animal’ tour, to name a few. The Phoenix Zoo is great for all ages and interests!” – Demetrious & Jacque of Word Of Mouth Grill
Tonto National Forest: “So many options to stay busy in the Tonto National Forest! Spending the day out on Bartlett Lake with a boat or ski rental is a great way to stay cool during AZ’s hottest months. You can even enjoy various options of guided tours to experience the desert firsthand! If you’re feeling extra adventurous, take a trip to Apache Junction for the Goldfield Ghost Town experience!” – Haleigh Shelly of Paseo Homes AZ.
The Superstition Mountains: “The Superstition Mountains are the best mountains to explore around the Phoenix area! They hold some of the best views, diverse landscapes, and even historical tales of lost gold. The most notable hikes for beginner to moderate levels are Hieroglyphic Trail, Wave Cave, and Hackberry Springs Loop.” – Kara Grimes of Karabou Adventures, LLC.
Lake Pleasant: “There are so many things to do at Lake Pleasant, especially during the summer. The opportunities are endless: kayaking, scenic cruises with Lake Pleasant Cruises, boat rentals, and sliding down the H2-WHOA floating slide. Oftentimes my friends and I will park along the shoreline in Scorpion Bay to hangout, float in the water, and grill food!” – Kara Grimes of Karabou Adventures, LLC.
Desert Botanical Garden: “For plant and bird lovers I highly suggest the Desert Botanical Garden! Their collection of desert plants is impressive. A lot of them bloom in the spring time and bring in all types of birds and butterflies. The gardens even hold special seasonal events, so take a peek at their calendar!” – Kara Grimes of Karabou Adventures, LLC.
Explore the Valley area: “Phoenix has some of the finest dining options in the valley like the infamous Wright Bar at Arizona Biltmore (named after Frank Lloyd Wright)! You can also experience many great works of art and architecture like viewing Taliesin West, Frank Lloyd Wright’s winter home. And there is nothing like witnessing firsthand a beautiful Arizona sunset atop one of the most desirable hikes at Camelback Mountain for those who can handle the challenge!” – Haleigh Shelly of Paseo Homes AZ.
Step five:
Grab a drink and reflect
Now that you’ve explored Phoenix in a whirlwind of a day, it’s time to get a drink at one of the local breweries and reflect on the day you’ve had today. What did you like? What did you not like? Could you see yourself renting a house in Phoenix or buying a home?
The Phoenix Beer Co.: “The Phoenix Beer Co. is another great place to explore. The brewery has great beer and a variety of things to do. There’s shuffleboard, giant Jenga, cornhole, and more! – Leo of Infusion Coffee & Tea Crafters.
Huss Brewing: “Looking for a great place for craft beers? Huss Brewing is the perfect spot conveniently located next to the Phoenix Convention Center. They have great shareable appetizers to enjoy while sampling the local brews.” – Therese Lau of Gator Girl – Out of the Swamp.
Tombstone Brewing Company (North): “Located in a small strip mall in the north of Phoenix, this brewery was a lot of fun. I sat at the bar where a super-friendly bartender was happy to talk with me about the beer selection.” – The Beer Thrillers.
Wren Brewing House: “There are a lot of little nooks where you can find an intimate spot and a large space near the bar if you want to be part of the taproom vibe. A small courtyard is near the side of the bar for sitting outside.” – The Beer Thrillers.
OHSO Brewery and Distillery: “Fun, warm and welcoming vibes. Most of the bar is located outside and has a wonderful lay of the area.” – The Beer Thrillers.
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What do you think of when I say, “smart with money”?
Do you remember any significant life events such as landing your first job after college or signing up for a lucrative opportunity to invest in the stock market?
Most likely not.
Because those didn’t happen until later on in life and we were already smart with our money by then. But there was no rocket science behind it: we just learned about saving and investing early on and took action that eventually yielded positive results.
And if you didn’t, there is no need to fret. You are in the right place and everyone has to start somewhere.
It’s not long before you start to wonder how much richer your life and bank account would be if you had started earlier.
So, let’s do a reality check: what is the difference between investing 10 minutes per day and putting $10 into an investment each month?
A sensible answer would be that investing 10 minutes per day is worth $1,000 in a year.
Your time has value and you are getting richer by the minute!
So, what are you waiting for?
Let’s learn how to be smart with money.
How to Be Smart with Money
Money touches nearly everything we do in our modern society.
It’s what keeps the wheels of commerce turning and enables people to get by without physical labor, so it is important that you know how to manage your finances well.
To be smart with money means understanding its power and spending on what matters most for your life goals.
You need to make sure you are paying for your day-to-day expenses while saving for emergencies, retirement plans, and long-term investments like a home or college education.
Money helps us to achieve our goals and dreams, increase our quality of life, and buy everything we need or want.
If you’re just starting out with your finances then this article is for you! I will give some basic steps on how to be smart with money.
In other words, this article is a crash course on how to make your money work for you! You’ll learn what financial independence means and why it’s important to have a large enough nest egg. Read more now!
Why You Need to be Smart with Money
This is exactly how can I be wise with money.
The most important thing is to cultivate the habit of saving money. The fact that you are reading this article likely means that you understand how important it is, but if not then it’s time for some serious change! If your goal in life is security and doing something meaningful with your life, then building wealth will be a significant step towards achieving those goals.
When we have enough money saved up, we can start investing our funds into different assets such as stocks or real estate so that they grow and compound. The more money we have, the more freedom and control we will gain over our lives.
There are many ways to be smart with money. Here are some suggestions that can help you save, invest, or earn more money.
7 Steps to Be Smart with money
It’s not easy to be smart with money, but it is possible.
Start by building a budget and identifying your spending habits. It takes time and hard work, but once you’re on track for saving money consistently over the long-term, you will find yourself in a much better position financially than those who are constantly struggling or living paycheck to paycheck.
Here are the exact steps to follow:
Step #1: Set Goals
Set goals for yourself. It’s important to have clear, measurable, attainable goals that you will be able to achieve in order to keep your motivation up when you are working towards them.
In order to have a better future, it is necessary to start saving for the future now and not wait any longer.
Set goals and save money every month so that when your goal is achieved, you can spend more time enjoying what life has in store for you.
In order to set goals, it is best to reflect on what you want in your life.
What do you want to know?
Who do you want to be?
What do you want to experience?
What is your purpose in life and how will this help you get what you want?
It’s also important to make a plan for achieving these goals.
For instance, if you want to be a millionaire, what are some steps that you can take today? Maybe it means getting more education or saving up for retirement.
You have the power to set goals and make plans to achieve them.
Action Step: Dig deeper into making smart financial goals.
Step #2: Managing your Budget
A budget can be a valuable tool for managing your money and preventing financial stress.
More importantly, to become smart with money is to create a budget that you can follow. You should also save your money, especially if you want to build wealth.
Managing your budget is a step-by-step process that requires you to have a budget.
You should start by setting up a spreadsheet to track your income and expenses. The next step is to create a budget that reflects your financial situation. You can use an online Google Sheet, Microsoft Excel spreadsheet, or personal finance software like Quicken.
Action Step: Dig deeper into how to make a budget.
Step #3: Paying Off Debts (non-mortgage debts)
Dealing with debt is difficult enough, but it can be made easier by paying off your monthly payments.
Paying off debts is the process of getting rid of outstanding debt and freeing up cash flow. This can be done by creating a plan to get out of debt, avoid taking on smaller manageable debts or simply by not spending as much.
Pay off your high interest debt first, such as credit cards and loans. This will help reduce the amount of interest you pay each month.
When you are able to pay off your debts on a regular basis, the interest rates will go down and this will save money in the long run.
Paying off debt faster and building wealth is easier than ever by following this action step below.
Action Step: Dig deeper into how to get out of debt.
Step #4: Save More Money
Save more money is a step in the process of achieving financial independence.
Saving money and building wealth is something that anyone can do. Once you get into the habit of saving money, it becomes easier to increase your savings rate or build up an emergency fund.
This step involves taking on additional work and increasing your income so that you can save more. By saving more money, you will be able to reach financial independence faster.
It is important to create an emergency fund and invest in a money market account. This allows you to save for future goals and emergencies with less risk, as well as build wealth faster.
Action Step: Pick a money saving challenge for you!
Step #5: Track Expenses
Track expenses is a phrase that means to collect or record the money that you spend on various things over a given period of time. This includes bills, groceries, and anything else expenditure-related.
Track your spending or review debit/credit card transactions and receipts to begin to understand where your money is going.
This will help you stay on top of what you are spending so that you can be more efficient with your finances.
Track your spending habits to find the big leaks in your wallet. You should know what you are spending money on, where it is going and how much you spend.
For at least a month, track your expenses in order to get a better understanding of where you can save. This will help you set goals and make conscious decisions about money management.
Action Step: Try a no spend month to prioritize your spending.
Pick a money saving challenge for you!
Step #6 – Increase Income
There are numerous ways to increase your income. You can increase your income by working more hours, starting a side business, or taking on additional responsibilities at work.
The fastest way is to think of businesses, products, or services that people want – use Google to find the products and advertise your niche. The benefit of working for yourself is there are no income limits on what you can make.
Many people want to make money online, but most of them need help figuring out how to do it.
To start, you need to figure out what your skills are and then find a niche that is in demand. For example, if you have good writing skills, it might be best for you to try blogging or find freelance work.
Don’t give up. If you want to make a lot of money, you have to put in the time and effort!
Action Step: Find ways to make money fast.
Step # 7: Invest Wisely
Investing wisely is the act of making investments that will provide positive returns.
Investing in stocks, bonds, or other types of securities can be risky, but it can also make you rich. Investing wisely means understanding the risks and rewards of your investment.
If someone asked you, “What is the smartest thing to do with your money?” The loud answer is to invest money consistently.
Investing early on and taking action eventually yielded positive results.
Investing is a marathon and not a sprint, so we need to start small and take it one day at a time.
Investing in a variety of assets is the best way to maximize your returns. Invest only in what you know and understand, invest for the long term, and diversify investments.
Action Step: Learn how much you can make in stocks.
10 Simple Smart Money Tips
On Reddit personal finance, you can find hundreds of answers to what is a money smart person, which is great but can be overwhelming.
Smart money tips are a great way to build wealth and get rich faster. These smart money tips will help you learn more about personal finance, save time on your monthly expenses, and grow savings for the future.
Here are specific ways you can become money smart today:
1. Build an Emergency Fund
An emergency fund is a savings account that’s been set aside for the unexpected.
It is used to cover emergencies, such as car repairs or medical emergencies, and can also be used when you have a job that doesn’t offer health insurance.
It’s important to set up an emergency fund because unexpected situations can happen at any time, and you won’t be able to use your credit cards or other debt to pay for them.
2. Save for Larger Purchases and Expenses
Save for larger purchases and expenses is a financial planning strategy that entails saving a certain amount of money each month to put towards future, much bigger purchases or expenses.
It’s important not to spend all of the money you save, as it’s possible that the future expense will not come to fruition.
This is exactly how you stay out of debt.
3. Steer Clear of Debt
Keep your debt low, and pay it off when you can.
Good debt is debt that will help you reach your goals in the future or help build a business. Bad debt is debt that you will not be able to pay back, and if you default on this type of debt, it can have a huge impact on your credit score.
To get out of debt, figure out how much you owe on various debts and decide what to do with the money.
4. Start Investing for Retirement
Many people have a hard time saving for retirement. This is unfortunate because of the power of compound interest, which means that you will earn more money on your investment over time.
Start saving 15% of your income as soon as you can for retirement. This will allow for passive income later in life.
The best way to start investing for retirement is by setting up a Roth IRA.
You can then invest your money with low or no fees and earn tax-free returns until you retire.
This means every time you get a raise, put that extra cash into an account that will be used for your retirement.
5. How to Save for Kids’ College
There are a few different ways to save for kids’ college. One way is to pay for their education through a 529 plan, which is a tax-advantaged savings account that allows you to save for college expenses. Another way is to use a mix of tax-advantaged and taxable investments like an IRA or 401(k), which will take some time to build up your savings but will allow you to invest in stocks, bonds, mutual funds, and other investments that are safe for retirement.
The best way to save for your kids’ college is to start saving early.
Also, you need to check out this scholarship program to lower the cost of college.
6. Find a Good Credit Card
Credit cards offer the best interest rates on purchases, and they’re easy to find with little risk. Apply for one that charges no annual fees and offers a balance transfer promotion.
Even better, you want a credit card that offers you cash back on your purchases.
7. Talk about Money
In order to be smart with money, it’s important that you talk about finances and learn from them. You can normalize talking and learning about finance by using a planner or financial statements.
It also helps to meet up with other people who have similar values in the community so they can help support your journey towards wealth building.
By talking openly about finances and learning how to be smart with money, it helps people get wealthy.
8. Learn about Money
Money is a topic that most people know little to nothing about, and it can be hard to get started.
However, Money Bliss provides some helpful tips on how you can begin building your wealth in the simplest way possible.
Wealthy people are getting richer by staying up to date with money matters.
Building wealth starts with thinking about your finances the right way. It’s not about losing weight or running a marathon; it’s about how we use the resources we’re given and the smart money management skills we need to get what we want out of life.
9. Know the Purpose of Money
Most people believe that it is “the key to happiness” to have enough money, but studies show this is not true.
We know money does not buy happiness, but it doesn’t mean you should live without it.
In fact, you need to know how money helps you find time freedom.
Time freedom is a relativity new concept; yet, it is the driver behind finding happiness with money.
10. Be Aware
Awareness of spending habits, saving, and donations are all examples of smart money skills.
By understanding how your current income is allocated to different expenses–including the ones you can’t control like mortgage rates or gas prices–you’ll learn what really drives your monthly budget.
When it comes to money, you should be smart about your spending habits. By doing this, you will have a better understanding of how much money is coming in and going out so that you can save more or donate more.
You should also know the difference between saving for the future vs living day-to-day expenses because these are two different things.
There are many perspectives on how to manage money. And honestly, there isn’t one opinion that dominates from another.
That is why investing in yourself to read some of the best books on how to manage money is key to long-term financial success!
While many of the concepts may be similar, there is ALWAYS something unique I learn after reading each book.
Happy reading!
Photo Credit:
amazon.com
Hands down this is one of my favorite books on how to manage money of all time.
The reason is simple.
It is easier to follow regardless of your background, knowledge of personal finance, or love/hate relationship with numbers, and money savviness.
You cannot learn how to manage money successfully without reading this book. This is one of the best gifts that you can give.
Key Takeaways – Creating your F-you fund will dramatically change your financial independence and your future.
Photo Credit:
amazon.com
This book by David Bach is the inspirational story you need when motivation is low to stay on budget.
You learn the secret to automatically secure your future – all through automatically saving money. This is a real system that any person can follow.
If you are struggling to stay on course and motivated, then you need to pick up this book. Once you read it, then pass it along to a friend to keep the motivational and accountability train going.
Key Takeaway – Automatically saving 10% early on will guarantee your millionaire status.
Photo Credit:
amazon.com
This book covers every aspect of money from debt, saving accounts, automating finances, set-it-and-forget it investment strategy, how to handle big purchases (car, house, wedding, kids) plus how to negotiate a raise at work.
These are the basic principles on how to manage money that needs to be taught in school. Call this book your beginner’s guide on managing your finances and setting yourself up for long term success!
Take control of your financial situation. By becoming active, you don’t have to continue to hold for a magically change.
Make sure you get the 2nd edition that was revised in 2019.
Key Takeaways – Ramit Sethi, the author, provides you word-for-word scripts that will save you thousands of dollars on loan interest and lowering all of your expenses. That alone is worth the $9.
Photo Credit:
amazon.com
The goal is to become financially independent as quickly as possible.
This is something the author Grant Sabatier has achieved and retired at the age of 30.
He offers counter-intuitive advice about money so that you can actually live the life you want. This FI movement is picking up speed and something that you shouldn’t ignore regardless of your age.
Key Takeaways – You will not walk away from reading this book the same person.
Photo Credit:
amazon.com
This is what we all dream of… be set for life. Not to have to worry about the next paycheck coming in. Running out of money each month. You want money in the bank and the freedom to do what you want to do.
Become set on escaping the 9-to-5 grind and lay a solid foundation with money. According to the author, Scott Trench, you must be willing to work harder and smarter than the average person.
Find the motivation to conquer your financial goals early on.
Key Takeaway – Be prepared to start saving 50% of your income while still enjoying life’s luxuries at a younger age.
Photo Credit:
amazon.com
This recent release is about how you behave with money. The decisions that are made on the go and not when looking at a spreadsheet.
The book is filled with 19 short stories on how emotions play such a big part with how we handle money. Everyone handles money and investing differently and that is okay, but learning how to know what works for you.
Key Takeaway – This book is meant to be thought provoking on why we do silly things with money.
Photo Credit:
amazon.com
This is the perfect book for beginners written by a (retired) millennial.
You will walk away with a solid understanding of budgeting and why tracking your net worth will boost your money management efforts.
She puts everything into simple terms and provides uncomplicated and realistic solutions to handing your finances.
Key Takeaway – This book is loaded with sass and humor, so you will find the lessons upbeat and honest to a normal dreary topic of personal finance.
Photo Credit:
amazon.com
The long term reason to save money today is to not work for years. If you want a drag on your portfolio by using a financial investor, then don’t read this book.
If you want a classic guide on getting smart about the stock market and becoming financially independent, then this book is for you.
The author teaches how to make index fund investing work for you and help you to achieve your financial goals. Plus with having little risk.
Key Takeaway – The investment scene doesn’t have to be scary and confusing after learning the basics of investing and creating a simple portfolio.
Photo Credit:
amazon.com
One of the best ways to build income is to become your own boss whether, through a side hustle, real estate investing, or building a business. However, too many times expenses swallow business before they ever churn a profit back to the owner.
Mike Michalowicz will lays out the Profit First Formula, which will transform any business on the way they manage money.
This is a must-read for anyone owning their own business, a board member for a corporation, or looking to start their own business. This is how you build a sustainable, no-ceiling income.
Key Takeaway – You will finally know how much you have to invest in your business and always take home a profit.
Photo Credit:
amazon.com
The last book on the top 10 best books to manage money isn’t even focused on money!
It is how we handle and deal with our stuff. Unfortunately, buying all that stuff comes at a cost and normally a big price tag. Plus the cost to maintain the stuff we already own.
The book by Joshua Becker helps you to open your eyes to a slightly different lifestyle that may change your life forever.
Key Takeaways – By learning to live with less stuff, there is more money in our budget to spend on other things or experiences.
Ready to Be Smart with Money?
Being smart with your money is about making good choices.
It’s important to know what you need and what you don’t because if you spend too much on things that aren’t necessary, you’ll never save enough to buy the things that are important to you.
Becoming rich and building wealth is all about making smart choices!
You need a goal, sometimes called an objective or an endpoint, and you need to set up a plan.
There are many steps that can help you be smart with your money. For example, never save for “a rainy day”; instead save for all the days.
The steps to be smart with money are not difficult, but the effects of being smart with your finances will last throughout your life.
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