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.
10
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.
10
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.
10
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.
HELOC, Live Pricing Data, VOIE Tools; LO Survey, Webinars and Training
<meta name="smartbanner:author" content="We now have a native iPhone and Android app. Download the NEW APP”>
This website requires Javascrip to run properly.
HELOC, Live Pricing Data, VOIE Tools; LO Survey, Webinars and Training
By: Rob Chrisman
Tue, Jun 25 2024, 11:54 AM
Everyone’s above average, right? If you are a lender and making money, you’re in the majority. It’s not that you’re not special, it’s just that with cuts and servicing income, and unprofitable companies going away, most companies are in the black: In the first quarter, 59 percent off all mortgage banking companies were profitable per the MBA Performance Report, buy it for details. Is our government profitable? Of course not, almost regardless of Administration. The federal budget deficit is expected to swell to around $1.9 trillion this year, according to the Congressional Budget Office, which was higher than its previous estimate of $1.5 trillion. This takes into account increased spending for student loans and Medicaid as well as the recently passed $95 billion foreign aid package. National debt is even poised to top $56 trillion over the next 10 years, or 122 percent of GDP, surpassing the 106 percent seen in 1946 after World War II. Meanwhile, the eurozone is facing debt issues of its own, with the ECB warning eight of its members (including Belgium, France, and Italy) over their excessive budget deficits. Today’s podcast is found here and this week’s is sponsored by Candor. Candor’s authentic Expert System AI has powered more than 2 million flawless, hands off underwrites. Every credit risk decision Candor makes is backed by a warranty, eliminating repurchase worries. Hear an interview with FinLocker’s Brian Vieaux on bringing consumer permission data to property searches and originations.
Software, Products, and Services for Lenders and Brokers
“Truv is the only consumer-permissioned VOIE platform approved with both GSEs, solidifying our commitment to delivering top-notch verification services tailored for mortgage lenders, banks, and credit unions. What does this mean for your business? Faster turn times, lower buyback risks, compliance assurance, and reduced operational costs. Read about why this matters for your business here.”
“Did you know that Polly is the rate engine for HousingWire’s Mortgage Rates Center? We offer the same capability to display live rates on lender websites, helping borrowers better assess your competitive edge against other lenders. This live data ensures that as the market fluctuates, prospects get real-time insights into your rates. Because in the current rate environment, having accurate, up-to-date rate intel on your homepage is crucial. It signals transparency, allowing potential borrowers to make informed decisions faster, without needing to supply personal information. This convenience can significantly increase your site’s engagement and drive more volume your way. On the flip side, NOT displaying live rates may deter potential borrowers, as they could perceive higher costs or simply prefer quick access to this information. Now, let’s take it several steps further; Polly’s Lender Intelligence will help you keep your rates competitive, ensuring you stay at the forefront of your peers. Let’s talk about it.”
“Calling all loan originators: We need your insights! Take the annual Loan Originators Survey from MGIC and Loan Officer Hub to weigh in on how you handled the challenges and opportunities of the past year. Get a head start on comparing your strategies to your peers’: Complete the survey by June 30 and you’ll receive exclusive early access to the full survey report this fall!”
Optimal Blue announced its new Competitive Data License today. In a news release, the company described its new data solution as a collection of key national mortgage pricing data that empowers lenders to price products competitively, operate more profitably, and react swiftly to changing market conditions. This product from Optimal Blue includes loan-level data from the industry’s most widely used product, pricing, and eligibility engine, providing a full price trace from borrower/buy-side to investor/sell-side pricing. Optimal Blue’s new data solution equips lenders with the ability to benchmark every aspect of their pricing strategy, providing extensive insights into markups, loan-level price adjustments (LLPAs), servicing-released premiums (SRP), concessions, loan officer compensation, base price, and PAR rate. Optimal Blue will be hosting a webinar on July 10 for those interested in learning more about Competitive Data License and its other data solutions.
HELOC borrowers can pay off debt to qualify and still close in as little as 1 day! With trillions of dollars in accessible home equity nationwide, there’s never been a better time to become a REMN Partner. REMN Wholesale, leading the way in Wholesale Digital HELOCs nationally, now provides the DEBT ELIMINATOR feature to its EQUITY ACCESS Digital HELOC. DEBT ELIMINATOR gives borrowers the ability to pay off debt to qualify. With loan amounts from $25k to $400k and recent rate reductions, REMN’s Digital HELOC is designed for fast closings. Additional features: Instant Income Verification for the vast majority of W-2 borrowers; automated analysis of bank statements to determine Income for both W-2 and Self-employed borrowers; single AVM up to $400k (appraisal options available); Broker Portal with robust functionality and real-time detailed status on all pipeline loans. Minimum FICO 640 and max 80% CLTV (see rates/guides). Flexible: Hybrid platform is digitally fast with humans to solve real-life complexities! And they provide fast payout (utilizing ACH). White Label: Brand your company/MLO. REMN is only wholesale! Contact Carl Markman.
Webinars and Shows
“Unlock the key to closing more loans in a competitive market. Join us on Thursday, June 27 at 2 pm ET / 11 am PT for the NMP Webinar “Build Your Personal Brand (and Close More Loans) by Optimizing Borrower Credit Scores.” Hosted by Mike Darne, a seasoned marketing executive who has led branding efforts at Capital One and Marriott, this webinar will share proprietary research from CreditXpert on what borrowers seek in a lender and how credit optimization meets those needs. Discover how you can help borrowers qualify, access better loan programs, lower their cost of homeownership, and reduce LLPA premiums. Learn to leverage credit optimization to build your personal brand, stand out in the marketplace, and ultimately close more loans. Don’t miss this chance to enhance your skills and grow your business: Register for the webinar here.”
Podcast: How the NAR Ruling Will Impact Lenders (& the Entire Home-Buying Process). The groundbreaking NAR settlement has real estate agents, lending professionals, and home buyers scrambling to understand its ramifications. Here to weigh in is Maxwell’s Clear to Close crew: In this conversation, Alan, Bryan, and Anthony channel their experience in the industry to walk through possible outcomes of the ruling. Specifically, this episode explores how new policy changes are likely to impact lead generation, methods to earn borrower business, and more—and how lenders can get ahead of the major ways the home-buying process is about to change. Click here to listen to How the NAR Ruling Will Impact Lenders (& the Entire Home-Buying Process).
A good place for longer term conference planning is to start is here, and click on “Conference List” for in-person events in the future.
Join Kristin Messerli and Robbie Chrisman today at 10am PT/1pm ET for the latest episode of Mortgages with Millennials as they share some new research on NextGen money trends, this time based on a personality quiz she developed to better understand the mindset, planning style, and behaviors of millennials when it comes to money and homebuying. sharing some new research on NextGen money trends, this time based on a personality quiz she developed to better understand the mindset, planning style, and behaviors of millennials when it comes to money and homebuying.
Every Tuesday at 11am PT, two veteran LOs discuss all things mortgage with Industry Leaders. Mortgage Pros 411 with Audrey Boissonou and Kevin Casey.
Register for Silicon Valley CAMP’s Free Marketing Presentation: “AI for Dummies via Zoom,” today at 9:30 AM (PDT).
In support of the Credit Score Models and Credit Reports Initiative, FHFA has announced a new stakeholder forum, an “Overview of Historical Credit Scores,” that will take place today from 3-4 p.m. (ET). FHFA, Freddie Mac and Fannie Mae will provide details regarding the Enterprises’ forthcoming publication of historical credit scores to support the implementation of the VantageScore® 4.0 credit score model.
MBA’s Single Family Research Showcase 2024 Virtual Meeting, June 25 & 26, 1:00 – 5:00 pm. MBA’s Research & Economics team will take you on a deep dive behind the data during our one-of-a-kind Single-Family Research & Economics Showcase. Led by MBA’s Chief Economist, Mike Fratantoni, Ph.D., this two-day online event highlights the most current results and insights from our popular residential surveys, forecasts, and reports. For those unable to attend, meetings will be recorded on both days. Register to receive the recordings.
Capital Markets
As optimism about a US Treasury rally grows among investors, a key bond market indicator suggests high interest rates could persist, potentially hampering the Federal Reserve’s ability to cut rates. Market forecasts indicate that the economy’s neutral rate, crucial for balancing growth, is significantly higher than the Fed’s current projection, hinting at long-term elevated borrowing costs.
While we do have some significant data later this week (GDP, inflation, consumer sentiment, home prices, etc.), this final week of June began yesterday on a quiet note without much market movement. This week also brings the quarterly refunding, which sees an increased flood of Treasury issuance that investors will be asked to absorb: $211 billion in new debt this week alone, with all of it coming on the front end of the curve. Today, markets will receive $69 billion 2-year Treasury notes.
Today’s economic calendar kicked off with the non-market moving Chicago Fed National Activity Index for May (better than expected) and Philadelphia Fed non-manufacturing for June. Later today brings Redbook same store sales for the week ending June 22, April house price indices from FHFA and Case-Shiller, the Consumer Confidence report for June, Richmond Fed manufacturing and services/revenues in June, and Dallas Fed Texas services for June, followed by the aforementioned Treasury note auction. Two Fed Governors are scheduled to make appearances: Governor Bowman and Governor Cook. We begin the day with Agency MBS prices little changed from Monday’s close, the 10-year yielding 4.22 after closing yesterday at 4.25 percent, and the 2-year at 4.72.
Employment
Mortgage Equity Partners (“MEP”), a mid-cap IMB headquartered in Massachusetts, is proud to be recognized as the fastest-growing IMB in the state measured in both units closed and volume funded in 2023 and YTD 2024. MEP has added production in many of its 22 states over the last 12-14 months. “As a mid-cap, we inherently have a flatter management structure, are more nimble, and can adapt to change quicker. Consistently, we see LOs migrate from large-cap IMBs because, as architects of their own businesses, LOs want quicker access to decision-makers. Those LOs want to operate at their own cadence and not be bogged down with layers of management. Our environment has a positive impact on LOs as strong business partners to support their referral sources,” said Sean Riley, CEO and General Counsel. To learn more about MEP, visit meploans.com or contact John Cabral, National Sales Director.
A seasoned Mortgage Executive is seeking a new opportunity to help lead a mortgage lender or vendor toward achieving their growth goals. Are you a mortgage lender or vendor (established or new) in need of leadership to navigate the current market and drive future growth? This executive has extensive sales leadership experience in all production channels (TPO, Retail, and DTC) and is an expert in all product types (Agency, Non-QM, and Private Money Lending). They also have deep knowledge of the vendor and technology space. Please send inquiries to Anjelica Nixt to pass along to the candidate and specify the listing.
(Remember: job seekers can post their resumes for free on www.lendernews.com where employers can view them for several months for a nominal charge.)
Download our mobile app to get alerts for Rob Chrisman’s Commentary.
Share via Social Media:
All social media shares will include the image and link to this page.
Loan Trading, Bank Lending, Bank Statement, HELOC, ROV Products; Disaster and Catastrophe News
<meta name="smartbanner:author" content="We now have a native iPhone and Android app. Download the NEW APP”>
This website requires Javascrip to run properly.
Loan Trading, Bank Lending, Bank Statement, HELOC, ROV Products; Disaster and Catastrophe News
By: Rob Chrisman
1 Hour, 41 Min ago
“I saved a bunch of money on my car insurance by… switching to reverse and leaving the scene.” The word on the street is that Guaranteed Rate is changing its name to “Rate,” but of greater concern to lenders is insurance. Homeowner’s insurance costs are no joke, nor are insurance companies stopping business entirely in states and counties. If you have a current homeowner whose bill just went up by $500 per month, know that this is $500 a month that won’t be spent in the general economy buying meals, going to movies, going on vacation… Not only that, but LOs and AEs and capital markets staffs do their darndest to get the best rates for their clients, and saving $50 or $100 a month are a victory, only to have the deal blown out of the water by monthly insurance costs. Insurance, of course, is a state-level issue; certainly, the CFPB does not oversee it. Some state groups are doing something about it. For example, the California MBA would like to point to real-life examples of the consequences across California: Here is a link to a fillable form to enter any helpful information or examples.) Today’s podcast is found here and this week’s is sponsored by Candor. Candor’s authentic Expert System AI has powered more than 2 million flawless, hands off underwrites. Every credit risk decision Candor makes is backed by a warranty, eliminating repurchase worries. Hear an interview with Move Concierge’s Sajag Patel and Gabe Abshire on the home services set up industry.
Software, Products, and Services for Lenders and Brokers
On May 1, 2024, Fannie Mae and Freddie Mac, along with the FHFA, announced new requirements for reconsiderations of value (ROVs), which go into effect Aug. 29, 2024. The requirements help create uniform industry expectations for how lenders should manage ROVs. Now is the time to prepare and implement solutions to help streamline your ROV processes. With ValidateROV™ from ICE, you can provide your borrowers with a quick and transparent solution that helps guide them through the ROV process via a white-labeled mobile app. Learn more today.
“Looking for scalable Growth? We know the industry is slowly recovering from the challenges of 2023, but it’s not quite smooth sailing yet. Every dollar spent on marketing counts, especially when it can make the difference between being in the red or turning a profit. And let’s not forget, there’s another green field opportunity on the horizon. We have a strategy that’s booking 15 to 35 percent cheaper than usual plays. That’s significant, even more in today’s market. Want in on the action? Whether you’re ready to reach out or prefer us to contact you, we’re here to help.”
HELOC Borrowers can now PAYOFF DEBT TO QUALIFY and still close in as little as 1 day! NFTY and Homebridge Financial have deployed the “Debt Eliminator” enhancement to their EQUITY ACCESS Digital HELOC. Debt Eliminator allows borrowers to select which debts they to pay off as part of the user-friendly automated application process. With loan amounts up to $400k, Equity Access is designed for fast easy closings. Highlights include: instant income verification for most W-2 borrowers, automated analysis of bank statements to determine Income for both W-2 and Self-employed borrowers, AVMs up to $400k, and a banker or broker portal with robust functionality and real-time loan status. Minimum FICO 640 and CLTV up to 80 percent. The hybrid platform is digitally fast with a full staff of customer service professionals to solve real-life complexities and close more loans. Ultra-fast fee payout utilizing ACH. Correspondent white label and broker solutions are available with full branding capabilities to showcase your company/MLO. For more information, contact your Account Executive at REMN or Homebridge Wholesale, or email Joe Sheridan.
“LoanStream wants you to Make a Splash this Summer by closing more Non-QM Bank Statement loans. Join the upcoming webinar on Bank Statement & P&L! Plus, we’ll dive into the intricacies of calculating income to qualify borrowers! Register now. Don’t Miss Summer Specials! Includes Specials on Prime, Non-QM and Closed End Seconds now through 6/30/24. Includes 25 BPS Price Improvement on FHA/VA loans 620+ FICO (excludes DPA and CalHFA) and a 25 BPS Price Improvement on all Non-QM loans (excluding our ‘Select’ credit grade). Get another 25 BPS Price Improvement on Closed-End Seconds. Restrictions apply – contact your LoanStream AE to learn more. Specials valid for loans locked 6/1/2024 through 6/30/2024. Offers subject to change at any time, terms and conditions apply. Non-QM Specials also available through our Correspondent lending channel, Home – LoanStream Mortgage Correspondent (lscorrespondent.com) now through 6/30/24, contact your Regional Sales Executive for more information.”
“Webinar: Thriving in a new market: How banks are shifting their mortgage strategy to succeed. Join us for an exclusive webinar presented by Maxwell on Wednesday, June 26 at 12:00 p.m. CT. In this session, you’ll discover powerful tactics to leverage your mortgage platform that retain and increase consumer deposits, enhance transaction speed by aligning delivery channels with your customer segments, and bring cutting-edge technology to your customers and loan officers without lengthy, costly projects. Plus, you’ll learn how our variable cost model can help you generate profit on every loan you originate. Click here to save your seat today, and if you can’t make the live event, you can still register for the on-demand recording!”
Disaster Updates Continue
FEMA’s Disaster Declarations set the stage for servicers, lenders, and investors to change policies and procedures for loans in process or for existing borrowers in those areas. In the last week or two we’ve had Iowa (DR-4784-IA), Florida (DR-4794-FL), and New Mexico (DR-4795-NM).
Waters in the tropical portion of the Atlantic Ocean, around the Caribbean, are hotter than they have been for any other late May on record. The area is averaging around 84.7 degrees Fahrenheit, a temperature the waters usually don’t hit until August and September after a summer of warming up. This is bad for a lot of reasons, including the future of coral reefs, which are already experiencing a fourth global bleaching event this year, according to NOAA. The previous record-breaking May for sea temperatures in the area was in 2005, a notorious year that brought one of the most destructive and active hurricane seasons ever for the U.S.
The USDA recently released a new plant hardiness zone map as much of the country has, on average, gotten warmer. The new 30-year minimum temperature average was 2.7 degrees Fahrenheit warmer than the previous average. The map classifies the U.S. into zones based on an area’s average annual minimum temperature and is most useful for knowing which perennial outdoor plants will possibly not die in your area if you keep them outside. You can and will still kill your plants even if you plant according to the map, since it does not factor in how wet, dry, or volatile your area’s climate is. It also won’t tell you if your plants can actually survive the extreme heat of summer.
On 6/14/2024, with Amendment No. 1 to DR-4784, FEMA revised the Incident Period End Date to May 31, 2024, for Iowa counties affected by severe storms, tornadoes, and flooding from 5/20/2024 to 5/31/2024. See AmeriHome Mortgage disaster announcement 20240614-CL for inspection requirements.
On 6/17/2024, with DR-4794, FEMA declared federal disaster aid with individual assistance to Florida county, Leon. See AmeriHome Mortgage disaster announcement 20240616-CL for inspection requirements.
With DR-4795, FEMA declared federal disaster aid with individual assistance to New Mexico’s Lincoln County affected by the South Fork Fire and Salt Fire from 6/17/2024 and continuing. See AmeriHome Mortgage disaster announcement 20240618-CL for inspection requirements.
Capital Markets
“In 2016, MAXEX changed the face of the secondary market with the establishment of the industry’s first digital mortgage exchange and clearinghouse. More than $36 billion in loan trades later through our unique marketplace, we’re giving our 350+ sellers even more unprecedented liquidity across the non-agency and conforming markets. Coming mid-July, MAXEX sellers will be given exclusive access, only through MAXEX, to a major buyer of Conforming investment and non-owner-occupied loans. MAXEX allows sellers to avoid punitive LLPAs on NOO, second-home and high-balance loans via best efforts or mandatory flow, bulk and forward trading. With MAXEX, sellers sign a single standardized contract, face a single counterparty and have turnkey access to over 30 of the market’s leading buyers. Contact us today to learn how you can gain access.”
Last week’s economic releases didn’t pack the same market moving punch as data released earlier in June but did point to a gradual softening in certain areas. Retail sales moderated in May to 0.1 percent, lower than market expectations of a 0.2 percent increase. Additionally, the prior month’s data was revised lower. A frugal U.S. consumer is a helpful development for the Federal Reserve. Consumers kept spending through the pandemic but are now pinching pennies. Industrial production rose more than market expectations and was driven by a surge in manufacturing output; however, the interest rate environment and credit conditions remain restrictive. Housing continues to struggle as housing starts fell to their lowest annualized pace in four years in May. Both housing starts and building permits were expected to be higher in May, continuing their recovery after a big dip in the spring months. Builder confidence fell to its lowest reading since mortgage rates peaked in December.
Speaking of the tight housing market, we all know that high mortgage rates are keeping people from giving up mortgages they secured before or during the early days of the pandemic. Existing-home sales slipped 0.7 percent in May, as expected, to a seasonally adjusted annual rate of 4.11 million. Sales descended 2.8 percent from one year ago. However, the median existing-home sales price jumped 5.8 percent from May 2023 to $419,300, the highest price ever recorded and the eleventh consecutive month of year-over-year price gains.
The inventory of unsold existing homes grew 6.7 percent from the previous month to 1.28 million at the end of May, or the equivalent of 3.7 months’ supply at the current monthly sales pace versus 3.5 months’ supply in April and 3.1 months from a year ago. The market is not likely to see any meaningful relief in both supply and affordability until mortgage rates subside.
Inflation will take the spotlight in this final week of June, with market participants looking ahead to Friday’s U.S. personal income and outlays data for May. That report contains a reading on the core personal consumption expenditures (PCE) price index, which is widely seen as the Federal Reserve’s preferred inflation gauge. Economists expect core PCE to rise 0.1 percent month-over-month and 2.6 percent year-over-year, marking a deceleration on both counts from April. The bulk of the week’s economic releases are tomorrow (Philly Fed services for June, House Price Indices for April, consumer confidence for June, Richmond Fed manufacturing & services for June, and Dallas Fed services for June), though other highlights this week include new home sales for May, advance economic indicators for May, durable goods for May, final Q1 GDP, Chicago PMI for June, final June consumer sentiment, and the aforementioned core PCE price deflator for May. There is also the $183 billion mini-Refunding consisting of $69 billion 2-year notes on Tuesday, $70 billion 3-year notes on Wednesday, and $44 billion 7-year notes on Thursday.
This week has a quiet start today, with the sole economic release due out later this morning being Dallas Fed manufacturing for June. Markets will also receive Fed remarks from San Francisco President Daly and Governor Waller. We begin the week with Agency MBS prices unchanged from Friday’s close, the 10-year yielding 4.26 after closing Friday at 4.26 percent, and the 2-year at 4.74.
Employment
loanDepot continues to demonstrate its commitment to growth with another key retail leadership hire in Justin Andrews, a 25-year veteran of home finance who most recently served as National Director of Branch Partnerships at another top IMB. Andrews is an Area Sales Manager who will focus on driving continued market share growth in and around Seattle. He was inspired by the company’s continued investments in its platform, saying “loanDepot has best-in-class systems that make life easier, faster and smoother for both the originator and the customer. That level of efficiency means I have more time to support our team and develop our people.” This is the third win for loanDepot in recent months, coming on the heels of two other significant additions: Jeff Wilkish as RVP for New England and David Rossiello as Area Sales Manager in the mid-Atlantic. Sales leaders who are interested in learning more can reach out to Shane Stanton.
Congratulations to Radian’s Shelly Schwieso-Kramarczuk who, after 35 years in the biz, announced her retirement slated for the end of the month. “Wow, the changes we have seen. Costs just continue to rise to produce a loan, even with all the tech, AI, BOTs etc. I can’t wait to watch the future of mortgage banking. There is so much more to come! It’s been the people along the way that have made the difference. We have so many passionate professionals in our industry who truly care about the borrower, their journey, and moving the puck forward with technology and improving the customer experience. I have been fortunate to have spent my last 6+ years at Radian: Steady through the storm of late!”
(Remember: job seekers can post their resumes for free on www.lendernews.com where employers can view them for several months for a nominal charge.)
Download our mobile app to get alerts for Rob Chrisman’s Commentary.
Share via Social Media:
All social media shares will include the image and link to this page.
Multichannel mortgage lender New American Funding (NAF) announced this week the relaunch of its initiative designed to recruit, educate and expand loan officer understanding around issues faced by borrowers of color as “NAF Black Impact.”
This replaces the previous branding, “NAF Dream,” to emphasize a corporate commitment to “taking direct, action-oriented steps to address credit accessibility and promote sustainable and equitable homeownership for Black individuals and communities,” the company stated.
Originally launched in 2016, the initiative was designed to educate and recruit loan officers to better understand the existing barriers to Black homeownership. In concert with this renewed branding, the company said it has committed to “extending $20 billion in new mortgages to Black homebuyers by the year 2028.”
The program will create and maintain partnerships with real estate agents, other lenders and community organizations in an effort to “ensure that Black homebuyers have access to fair and affordable housing options,” the company explained. “NAF is also providing the Black community with access to educational resources, products, services, partnerships, and in-market support to drive sustainable homebuying and investment purchase goals.”
Patty Arvielo, NAF co-founder and CEO, said that the new name and renewed effort was necessary to illustrate the company’s priorities.
“For us, this is much more than a rebrand of the initiative. This was a necessary step to demonstrate our responsibility to the Black community,” Arvielo said. “NAF Black Impact means that we commit to providing access to mortgages and financial resources to help more Black families achieve homeownership. By providing the necessary support, we believe that we can make a difference and create a more equitable society for all.”
Mosi Gatling, senior vice president of strategic growth and expansion, echoed the sentiment and the company’s stated need to act.
“We are firm in our belief that homeownership should be within everyone’s reach, and we are dedicated to transforming this vision into a reality,” Gatling said. “We want NAF to become the place where all Black families feel comfortable and supported in their homeownership journey. We want them to know that NAF is here for them.”
Data illustrating the racial homeownership gap substantiates disparities between racial groups. According to first-quarter 2024 data from the U.S. Census Bureau as cited by the Federal Reserve, the rate of African American homeownership was 45.7% while the rate among whites stood at 74%.
Across all income ranges — including those above $100,000 per year — homeownership rates were lower for Black households when compared with white households, reducing the likelihood of even a higher income bracket having a pronounced impact on the odds of homeownership.
Los Angeles-based Dunmor, a technology-enabled lender that specializes in loans for residential real estate investors, has added a pair of experienced executives in the business-purpose lending space.
The company announced Monday that it hired Tuam Pham as chief marketing officer and Steve Huff as senior vice president of asset management and servicing.
Pham has 23 years of marketing experience in the real estate and finance sectors. He previously served eight years as chief marketing officer at CoreVest Finance, where helped the lender surpass $20 billion in loan volume. Along with connecting the firm to potential clients through marketing, branding and communications, he also led the launch of a customer experience portal and other tech-based innovations.
Huff has spent 20 years in the real estate industry, including 11 years with Wedgewood, a former parent company of CIVIC Financial Services. He previously managed a portfolio of business-purpose loans and nonqualified mortgages with a value of more than $2 billion. Huff has also worked in the whole loan investment sector on pricing, due diligence, portfolio surveillance and loss mitigation.
Dunmor is a nationwide lender founded in 2021 that offers several types of investment loans, including short-term bridge financing, fix-and-flip loans, ground-up construction loans, and rental financing for single-family and multifamily properties.
Walmart’s partnership with Capital One ended after the retail giant filed a lawsuit alleging that the McLean, Virginia-based bank failed to meet certain customer service standards.
Bloomberg
The demise of the short-lived and acrimonious credit card partnership between Walmart and Capital One Financial is raising new questions about the retail giant’s ambitions to compete with banks.
The two companies announced Friday that their relationship was coming to an end, which gives Walmart options as it seeks to get better plugged into its shoppers’ wallets. One potential avenue is to find a new bank for a run-of-the-mill credit card partnership.
The more aggressive route by Walmart would be to take on banks by becoming a one-stop financial services provider. It could do that with the help of an outside fintech firm, but analysts think it’s more likely that it will look internally through its majority-owned fintech, called One. One runs a debit card, is testing out buy now/pay later options, and, with the addition of a credit card, could be closer to becoming the financial super-app Walmart has long sought.
“It might be time for One card to rule them all,” quipped Richard Crone, head of Crone Consulting.
Walmart declined to comment on its plans. But executives at the retail giant have long been eyeing an expansion into banking services, undeterred by the company’s failed 2006 attempt to gain a bank charter.
Walmart wants to “centralize all financial solutions on one platform so it doesn’t feel like it’s 25 different things,” Julia Unger, a top Walmart’s financial services executive, said at the American Banker Payments Forum in 2022. She said the retailer’s vast shopping and payments data from its 4,600 stores and its website enables it to perform alternative underwriting on loans beyond traditional credit scores.
“The strategy isn’t to give everyone credit but give them a path to credit,” Unger said.
In 2021, Walmart partnered with the fintech investment firm Ribbit Capital to launch what’s now known as One. The joint fintech venture made two acquisitions in 2022: the early wage access firm Even Responsible Finance and One Finance, which offered savings tools, ATM access and mobile financial tools.
The One debit card offers 3% cash back at Walmart stores and a 5% rate on savings.
The retailer also separately offers buy now/pay later loans through a partnership with the fintech Affirm that dates back to 2019. But CNBC reported in April that One had started offering those services at some Walmart stores, raising the prospect that Walmart could scrap its Affirm partnership.
Affirm has declined to comment on the CNBC report. Asked about the issue on a recent Morning Brew podcast, Affirm’s chief financial officer said the company’s focus is “making sure we delight the consumer and … drive better business outcomes for our merchants.”
Alex Johnson, founder of the Fintech Takes newsletter, said Walmart’s severing of ties with Capital One may be continuing the retailer’s pattern of “using partners until they can find a way to do it directly.”
To offer a credit card, Walmart would still need to partner with a bank, much like its current debit card partnership with Coastal Community Bank in Everett, Washington. But Walmart, long known as a tough negotiator, would get the flexibility to design a “more tailored set of products that prioritizes the financial health of their customers,” Johnson said.
Big banks’ partnerships with retailers often involve a “push and pull,” Johnson said. Banks and merchants can earn more interest from customers who carry balances each month. But those customers’ higher interest payments can strain their finances — giving them less spending room to make more purchases at stores like Walmart.
Through its majority-owned fintech, Walmart can design a set of products that fits its “big and diverse customer base,” Johnson said. It could launch a higher-tier card for customers who regularly pay off their balances while directing shoppers with lower credit scores to buy now/pay later options and offering rewards-based debit cards to those who might not qualify for BNPL loans.
“In a classic co-branding model, the retailer or the merchant would have not a ton of flexibility,” Johnson said. So now some big retailers are “trying to exert a great deal more control” over their card programs, he explained.
The breakup of the Walmart-Capital One relationship followed a lawsuit in which the retailer argued that its bank partner was not fulfilling the terms of their arrangement. Walmart said last year that the McLean, Virginia-based bank “was consistently unable to meet” certain customer service standards related to payment processing, card issuance and transaction posting.
Capital One disputed Walmart’s claims, arguing that the retail giant was trying to wiggle out of a contract when it found the economic terms unpalatable. It also argued that Walmart had fallen short of its obligations to market the card to more customers.
“Walmart is positioning itself to compete directly with Capital One to provide credit and payment products to Walmart customers,” Capital One said in a court filing last year.
In March, a federal judge sided with Walmart, writing that the contract between the companies clearly dictated that the bank’s “repeated customer service failures entitled Walmart” to end the partnership.
It was not the first time that a Walmart credit card partnership went south. Capital One took over the partnership after Walmart sued its prior partner, Synchrony Financial.
Under the termination deal between Walmart and Capital One, the bank is hanging onto an $8.5 billion loan portfolio as well as servicing responsibilities.
For now, the user experience for holders of Capital One-Walmart cards will remain the same. A Capital One spokesperson said the company will “convert existing eligible Walmart Card customers” to a Capital One credit card. The bank is “actively shutting down new applications for the Walmart card” and will communicate any changes to existing customers well in advance, the spokesperson said.
Analysts who cover Capital One said that the breakup will have a small impact on the bank, since the Walmart portfolio makes up a small portion of Capital One’s total loans. If anything, the analysts were positive about the news.
Capital One will be able to “pick from the better quality customers” in the $8.5 billion portfolio, Moshe Orenbuch, an analyst at TD Securities, wrote in a research note. And rather than sharing revenues with Walmart, Capital One will get to keep all of the income from its newly converted card customers, he noted.
The fact that Walmart didn’t have another bank lined up to take over the portfolio “also speaks to the industry’s discipline” in declining to accept less-than-stellar terms, Orenbuch wrote.
If Walmart does strike out on its own, it will face the formidable challenge of managing everything that running a credit card entails — underwriting, billing, handling complaints and the vast range of rules surrounding credit card programs.
Walmart will have to close customer accounts or decline applications, perhaps risking that upset customers will end up preferring to shop at Target, said Brian Riley, a consultant and co-head of payments at Javelin Strategy & Research. And it will have to decide just how much credit risk it wants to absorb on its own balance sheet, rather than Capital One’s.
“It’s not as easy as it looks,” Riley said. “And that’s something that Walmart has to be very wary about.”
The Wall Street giant Goldman Sachs, which expanded into credit cards by partnering with General Motors and Apple, struggled in the business and has since scaled back. It’s also faced scrutiny from regulators over credit card management.
In 2021, Walmart hired two former Goldman executives who were key to its consumer push: Omer Ismail and David Stark.
Running a credit card is easier said than done, but Walmart’s sheer size helps, said Aaron Press, research director at Worldwide Payment Strategies.
“It’s hard to pull off,” Press said. “It’s a heavy lift, but they have a lot of resources.”
Movement Mortgage, a multichannel mortgage lender, has appointed Joe Thompson as its new regional director. Thompson, recognized as a HousingWire Rising Star in 2018, will oversee more than 60 loan officers across Texas, Oklahoma and New Mexico.
In his new role, Thompson will also be responsible for driving growth and expanding the company’s market presence while fostering relationships with real estate partners.
”Movement is the only lender that gives nearly 50% of its profits, manufactures originations at a high level, generates creative content and branding, leverages innovative products and technologies, and has a customer-for-life mentality,” Thompson said. “Casey Crawford has assembled an all-star cast of forward-thinking leaders, and I feel extremely fortunate for this opportunity to serve alongside them. I align perfectly with Movement’s core conviction of existing to love and value people.”
Prior to joining Movement Mortgage, Thompson served as the senior vice president and regional sales manager at PrimeLending, where he oversaw $1 billion in annual retail volume across the Texas markets of Houston, Austin, San Antonio and Laredo.
Founded in 2008 and based in Fort Mill, South Carolina, Movement Mortgage offers a range of products including conventional, jumbo and government-insured loans, as well as a dedicated reverse mortgage division. The lender also provides rate-and-term and cash-out refinancing, along with construction and renovation loans.
Do you want to learn how to turn $10,000 into $100,000? Growing $10,000 into $100,000 might seem kind of impossible or far-fetched, but with the right mindset and plans, it could be a reality. Whether you want to make extra income, run a full-time business, or if you are just looking to learn how to…
Do you want to learn how to turn $10,000 into $100,000?
Growing $10,000 into $100,000 might seem kind of impossible or far-fetched, but with the right mindset and plans, it could be a reality.
Whether you want to make extra income, run a full-time business, or if you are just looking to learn how to turn your $10K into $100K quickly, there are many options that may interest you.
Best Ways To Turn $10,000 Into $100,000
Below are the best ways to turn $10,000 into $100,000.
Recommended reading: How To Turn $1,000 Into $10,000
1. Start an online business
Starting an online business could be a game-changer in growing your $10,000 to $100,000.
I started an online business years ago, and it has paid me well over $100,000 over the years, so I know that this is possible.
Here are some ideas for online businesses:
Here are some ideas for in-person businesses that you advertise for online but still get to work from home or on your own schedule:
Sell dog treats – Sell baked dog treats that you make. Learn more at How I Earned Up to $4,000 Per Month Baking Dog Treats (With Zero Baking Experience!).
Car detailing – Sell a mobile car-cleaning service where you go to the customer.
Meal prep – Help people eat healthily with pre-prepared meals that you deliver or they pick up.
Lawn care – Sell gardening or landscape services.
Dog walking – Take care of pets for busy owners. Learn more at 7 Best Dog Walking Apps To Make Extra Money.
Tutoring – Share your knowledge in a subject and teach others online or in person.
Local tour guide – Use your local knowledge to guide visitors around your town.
Starting a business doesn’t have to be expensive either. Typically, all you need for most of the businesses listed above is small affordable pieces of equipment or a few supplies (like a laptop or cleaning tools).
2. Start a blog
Starting a blog can be a great option if you’re looking to grow your $10,000 into $100,000.
A blog is a website where you can share your thoughts, knowledge, or experiences. You write posts that people can read, interact with, and share. And yes, you can make money from blogging!
I make money online by blogging, and I actually didn’t spend any money to start. It took me about 2 years to begin earning $10,000 every month.
And, I have now earned over $5,000,000 with my blog over the years.
I began my website, Making Sense of Cents, in 2011, and I started my blog without much planning, just wanting to share my own money journey, not even realizing that people could make money with websites.
So, how do you earn money through a blog? Here are some ways:
Ad revenue – Place ads on your blog and earn every time a reader clicks or views the ad.
Affiliate marketing – Recommend products and earn a commission if your readers buy through your links.
Selling products – Create and sell your ebooks or courses.
Services – Sell your expertise as a service such as consulting or coaching.
Blogging is a process that requires patience, but with consistent effort, making $100,000 from your blog may be possible.
You can learn how to start a blog with my free How To Start a Blog Course (sign up by clicking here).
3. Invest in real estate
There are many ways to turn $10,000 into $100,000 in real estate.
I’ve done some real estate side hustles myself, and I know many others who do too. Getting into real estate doesn’t have to cost a lot, and there are several side hustles in real estate that you can start even if you’re new or have limited money to work with.
These include:
House hacking – Buy a home, live in part of it, and rent out the rest. This could include renting out a duplex (and living in the other half) or even just a spare room in your house. This way, the rent you receive helps pay your mortgage. Look for multi-unit properties where you can live in one part and rent out the others.
Long-term rental property – You could buy a property and rent it out to long-term renters, such as for a year or longer.
REITs (Real Estate Investment Trusts) – Invest in REITs, which are companies that own and manage real estate properties. By investing in REITs, you can spread your money across different properties without having to manage them yourself.
Airbnb rentals – Rent out a spare room or your entire place to travelers through Airbnb. Make your space cozy and welcoming to attract guests. Make sure to check local laws about renting out your place and set a competitive price.
Rent out storage space – Rent out any unused land or space for storage. Whether it’s a parking spot, closet, basement, attic, or any unused area, people are willing to pay for storage. List your space on platforms like Neighbor to earn extra income.
Flip homes – While flipping homes usually requires more than $10,000 to start, it’s a popular way to turn a small investment into a larger profit. If you’re skilled and enjoy renovation projects, buy a house, fix it up, and sell it for a higher price.
Recommended reading: 23 Best Real Estate Side Hustles To Make Extra Money
4. Invest in the stock market
Investing in stocks means buying a piece of a company like Walmart, Apple, or Amazon. The price of individual stocks can go up or down, and if it goes up, you might turn $10,000 into $100,000.
I, for example, prefer long-term investing. I diversify my investment portfolio, meaning I spread it out across different companies. This way, if one company doesn’t do well, I don’t lose all my money.
One way to diversify is by investing in funds like exchange-traded funds or mutual funds. These are collections of stocks bundled together, which can lower your risk compared to investing in individual stocks.
How quickly you can turn $10,000 into $100,000 depends on the market and the stocks or funds you choose. It could take a year or decades. Patience is key.
This is a screenshot I took from Investor.gov of their compound interest calculator.
If you are wanting to invest in the stock market, with an average return of 8%, it might take about 30 years to reach $100,000 without additional contributions. You may be able to shave some years off that by automatically reinvesting dividends, though (if you are invested in dividend stocks). This is great, though, and shows the power of compound interest.
Note: Some people choose short-term investing to make money quickly in the stock market. However, this approach requires thorough research on your investment decisions, understanding various fees, knowing your risk tolerance, and more before opening a brokerage account. While the right strategy can sometimes lead to profits, the wrong one can mean that you lose a lot of money.
Recommended reading: How To Start Investing For Beginners With Little Money
5. Flip items for resale
Turning $10,000 into $100,000 might seem impossible, but one way to work toward this goal is by flipping items for profit. You can start by looking around your home for things you no longer use or even items that people are trying to get rid of.
You might be surprised by how much money you can make by selling items like old phones, laptops, clothes, and even furniture that you no longer need.
I’ve personally flipped many items for resale over the years, and it can be a good way to earn extra cash!
Here are some ideas:
Sell electronics and furniture – Websites like Craigslist and Facebook Marketplace are great for selling bigger items like furniture because you can arrange easy local pickups.
Fashion and accessories – Platforms like eBay or Facebook Marketplace are good for selling clothes, especially if they’re branded. These sites help you reach a wide audience and make shipping easy. For jewelry you don’t wear, sites like Worthy can help you find them a new home.
Yard sales – Yard sales can be a fast way to earn money, especially if you have many items to sell. While you might not make as much money for each item, the total can still add up nicely!
If you want to take it a step further, you can start buying items to flip for a profit. Look for furniture that needs a bit of cleaning, high-end clothing that needs repair, or appliances that need new parts. Fix them up and sell them for a higher price.
I have a friend who does this for a living, and some of their best flips include:
Buying an item for $10 and selling it for $200 just 6 minutes later.
Purchasing a security tower for $6,200 and selling it for $25,000 just one month later.
Buying a prosthetic leg for $30 at a flea market and selling it for $1,000 on eBay the next day.
They’ve even found a free chair and eventually did so many flips directly from that free chair and made over $100,000! You can learn more at How We’ve Turned A Free Chair Into $103,000.
10
This free workshop will teach you how to get into the flipping business. It will teach you how to resell furniture, electronics, appliances, and anything else you can find.
6. Buy an established business
One way to possibly turn $10,000 into $100,000 is by buying a business.
Investing $10,000 in buying an existing business could potentially grow your investment to $100,000. When you buy a business, you’re entering into an established cash flow and you don’t have to start from scratch because the business already has customers, a recognized name, and ongoing operations.
And, you might find a business where you can see clear ways to improve it, which means that you can improve your investment.
This is actually close to the line of work I was in before I started Making Sense of Cents – I was an investment analyst and valued businesses (among other investments) for a living. So, I saw a lot of businesses be bought and sold over the years.
Here are some steps to start with when it comes to buying a business:
Look around – Search for businesses on sale.
Ask questions – Why is the owner selling?
Research – Look for businesses that match your interests and talents. You will do better in a business you like!
Talk money – See if the numbers make sense.
Get help – A business adviser can help you understand the details.
Make a deal – If it looks good, start the buying process.
Buying a business is a BIG decision, but with the right one, your $10,000 investment could turn into $100,000. I do highly recommend getting professional advice from a financial advisor before making a business or asset purchase to make sure you make a smart choice.
Recommended reading: Are Laundromats Profitable? How Much Do Laundromats Make?
7. Sell on Etsy
Etsy can be a great place for you to turn your $10,000 into $100,000 by selling items online.
You can start your own Etsy store with products you make or find. People love buying unique things like handmade crafts, vintage items, and custom art.
Selling digital products is one of my favorite ways to make money because it requires much less than $10,000 to start. Creating digital products is a way to possibly even earn passive income. By designing products that people can download and use, you enter a market with very low overhead costs.
Some digital product ideas include templates for social media branding, weekly routine printables, printable wall art, and more.
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.
8. Peer-to-peer lending
When you have $10,000 that you want to grow, you might want to consider peer-to-peer (P2P) lending. This is when you lend your money online and receive it back with interest. It’s similar to being a bank, but you’re lending to individual people instead.
Starting with peer-to-peer lending works like this:
Find a reputable P2P platform that suits your needs.
Deposit your $10,000 to fund loans.
Before committing, make sure to read and understand all terms and conditions, such as the potential earnings, risks, and interest rates.
The interest you earn from these peer-to-peer loans becomes your profit over time.
Remember, investing involves risks, and loans may not be repaid, which can affect your return.
9. Invest in crypto
Cryptocurrency, like Bitcoin, is not something that I personally invest in, but it can be a way to possibly grow your money.
Remember:
To use money you’re okay with risking
That there’s no guaranteed win
To always play it safe with your hard-earned cash
This digital money can sometimes be like a roller coaster – sometimes it goes up, sometimes it goes down. But if you make wise decisions, it could help grow your cash.
10. Flip websites for profit
Flipping websites can be a way to increase your $10,000 into a much larger amount. It’s similar to renovating and selling houses, but it’s done online.
I know several people who have bought websites with the goal to flip too!
You can start by searching for a website to purchase, such as by searching listings on Flippa. Look for sites with potential but require improvement. They should cover a solid topic but may need improvements in things like content, design, or improving page views.
Recommended reading: How I’ve Made $80,000 Selling Blogs
11. Start a YouTube channel
Starting a YouTube channel can be a fun and creative method to grow your $10,000 investment. It will most likely cost you less than $10,000 to start a YouTube channel, but there are ways to spend that amount of money to get started faster (such as buying a course on YouTube or buying expensive camera equipment).
Let’s simplify the process into easy steps:
Choose a topic – Pick something you love or know a lot about.
Create your channel – Sign up on YouTube and set up a channel for free.
Make videos – Use a camera or smartphone to record your videos.
Grow your channel – Post regularly, share your videos on social media, and more.
Monetize your channel – When you get 1,000 subscribers and 4,000 hours of watch time, you can apply for the YouTube Partner Program.
Recommended reading: 22 Ways To Make Money Online Without Paying Anything
12. Turn $10K into $100K through education
One great way to turn your money into more is to learn through higher education, whether that be college, a certificate, or learn a trade.
You can start by looking for jobs with a strong outlook and high salaries, and even by using online resources or talking to a career advisor to find the best fit for you.
Then, you’ll want to pick a reputable college or trade school. You’ll want to factor in the cost and the potential return on your investment. Community colleges or public schools can be more affordable, for example.
Now, there are many costs when it comes to going back to school. There is tuition, books, lab fees, parking, and more. It most likely may end up costing you more than $10,000 to go back to school, but if you choose a solid career path and are smart with your college costs, then it could be a wise step.
Frequently Asked Questions
Below are answers to common questions about how to turn $10,000 into $100,000.
How long does it take to turn $10,000 into $100,000?
The time it takes to turn $10,000 into $100,000 depends on your investment strategy and the rate of return. If you are wanting to invest in the stock market, with an average return of 8%, it might take about 30 years to reach $100,000 without additional contributions. But, if you buy an existing business, go back to school and get a higher-paying career, or start your own business, then you may be able to turn $10,000 into $100,000 even quicker.
What is the fastest way to turn $10K into $100K?
The fastest way to multiply your money could be high-risk investments like day trading stocks or real estate flipping. Remember, high rewards come with high risks, so be careful with any fast-growing strategies.
How to turn $10K into $100K in a month?
Turning $10K into $100K in a month is extremely risky and unlikely. Most investments that promise such quick returns are highly speculative, so you could lose your money just as fast. I highly recommend that you be careful if someone tells you that they can help you turn $10,000 into $100,000 in one month.
How to turn $10K into $100K in a year?
Turning $10K into $100K within a year involves high risk and aggressive investment approaches as well, but it is possible. This may include buying an existing business and really putting in some hard work to improve it.
How to turn $10K into $100K in 2 years?
Yes, you can be able to turn $10,000 into $100,000 in 2 years. This could be through ways such as starting your own online business (such as by selling digital products or a blog), buying an existing business, or even going back to school to get a higher-paying job.
How to turn $10K into $100K in 5 years?
Yes, you can potentially turn $10,000 into $100,000 in 5 years. This could be achieved through different methods such as starting your own online business (like selling digital products or creating a blog), purchasing an existing business, or even furthering your education to find a higher-paying job.
Can you turn $10K into a million?
Yes, you may be able to turn $10,000 into $1,000,000, but this will most likely take a lot of time. So, patience is key!
How to Turn $10,000 into $100,000 – Summary
I hope you enjoyed this article on how to turn $10,000 into $100,000.
To make more money from your $10,000 investment, you may want to think about using the internet to start a business. Websites like Etsy can help you sell handmade items, or you can make money from a blog or YouTube channel. You can also try traditional ways of investing, like buying stocks or real estate. You can be very involved, like flipping houses, or less involved, like putting money into peer-to-peer lending or high-interest savings accounts.
As you can see, there are many different investment options and business models depending on your financial goals and risk tolerance.
Personal loan scams are pervasive, often targeting borrowers with bad credit who are in desperate need of cash.
Taking out a personal loan can be helpful in addressing immediate money needs, whether it’s covering emergency expenses, funding a home renovation project, or paying for a large but necessary purchase. But it’s important that you learn how to spot a personal loan scam in the wild.
Let’s take a look at common signs and types of personal loan scams and tips for what to do if a scammer has taken advantage of you.
Signs of a Personal Loan Scam
Wondering how to spot personal loan scams? Check out these common signs of in-person, over-the-phone, and online personal loan scams:
No Credit History Is Required
Bad credit personal loans scams are among the most common. Borrowers who have poor credit scores but need cash to cover an emergency or pay their bills are easy targets for scammers (as well as predatory loans and loan sharks, the latter of which operate illegally).
When a lender advertises that they won’t run a credit check, it’s a likely sign of a scam — or, at least, very predatory loan tactics. Scammers may offer approval to get you to pay upfront fees or share personal information, like your bank account or Social Security number.
Typical personal loan requirements needed for approval include a thorough credit check and several other components.
Even if you have bad credit or no credit history, look for lenders that will:
• Review your credit score
• Analyze your debt-to-income ratio
• Ask for collateral (in the case of secured loans)
• Ask for proof of address and/or income
Don’t be frightened by the credit check. Some lenders offer personal loans to borrowers with bad credit. Just be prepared for high fees and APRs.
Recommended: Compare Personal Loan Interest Rates
The Lender Isn’t Registered in Your State
The Federal Trade Commission (FTC) requires lenders to register with each state in which they do business. You can check a lender’s registration with your state attorney general’s office.
If the lender isn’t registered, you’ve likely stumbled upon a scam. Steer clear.
A Prepaid Debit Card Is Required
Upfront fees are often a sign of a personal loan scam (more on that below), but that’s especially true if the lender asks you to purchase and send a prepaid debit card or gift card to cover administrative fees before they can fund the loan.
Requesting other untraceable payment methods, like cryptocurrency, is also suspect.
The Lender Requires Immediate Action
Lenders that create a sense of urgency or use language that implies you must act now are potentially scamming you. A legitimate lender understands that you may need time to consider an important financial decision, such as taking on debt.
If a lender is requiring immediate action, it’s wise to walk away from the offer. Better safe than sorry.
The Lender Has No Physical Address
A legitimate lender should always have a physical address, even if it’s an online-only lending institution. Even if the lender does advertise an address but you’re feeling uneasy, verify the address online or on your phone with a maps app.
Not Transparent About Fees
Licensed lenders should disclose all fees upfront. If a lender is shady about their fees, it’s possible they’re trying to sneak in a bunch of high, unfair, and predatory charges. 💡 Quick Tip: Some lenders can release funds as quickly as the same day your loan is approved. SoFi personal loans offer same-day funding for qualified borrowers.
Upfront Payment
Determining the legitimacy of lenders requiring upfront payments can be challenging — because some reputable lenders often charge application fees and/or origination fees. If the fee comes before approval, however, that’s a red flag.
And if they’re requesting the upfront payment in an unusual way — gift cards, wire transfers, peer-to-peer transfer, etc. — that makes it even more likely it’s a scam.
No Digital Presence
A reputable lender should have an online presence in this day and age. If you can’t find the lender online or if they have a suspicious-looking website, it might be a scam.
You should never enter personal information into an unsecure website platform. Remember to find the padlock icon at the beginning of the URL in your browser’s search bar.
Also verify fishy emails and phone numbers.
Phone Offer
If a lender contacts you directly and you weren’t shopping for a loan, it’s OK to be a little cautious. Be suspicious of phone calls, mailers, and in-person visits when you haven’t requested any information.
Wire Transfers
Remember: Upfront fees before loan approval are often a sign of personal loan scams. If the lender requests that payment via wire transfer, be even more cautious. Wire transfer scams are among the most common types of bank account fraud.
Copycat Name
It’s important to look closely at a lender’s name or URL. It’s possible they’ve chosen a name similar to a legitimate lender (or a website with a similar URL and branding) to trick you into thinking they’re the real deal.
Guarantees Loan Approval
Legitimate lenders don’t guarantee loan approval without reviewing your information. Even lenders aimed at bad credit borrowers, which might not have minimum credit score requirements for a personal loan, do some kind of verification or background check.
If you see a lender that guarantees approval, that’s a major red flag.
Common Types of Personal Loan Scams
Legitimate personal loans, like SoFi’s personal loans and options from other reputable financial institutions, can be a useful tool for building credit and funding necessary purchases outside your monthly budget.
But criminals often take advantage of people’s needs with several common types of loan scams, including the following:
No-Credit-Check Personal Loan Scams
Some lenders do offer personal loans to borrowers with bad credit or no credit history at all. Even then, legitimate lenders typically do some kind of background check (unless it’s a credit builder loan).
If a lender is offering you a personal loan without ever checking your credit or background, it’s likely a scam. They may ask you to send fees in advance or may convince you to share personal information so they can steal your identity.
Live Check Scams
Be cautious if you receive an unsolicited pre-approved loan offer in the mail with a live check. Cashing or depositing that check locks you into the loan terms mailed with the check, which might include high interest rates or fees.
In general, you should not cash or deposit such checks unless you’ve read the loan terms and are ready to accept them. In most cases, you can likely find a better loan offer elsewhere — and shouldn’t accept an unsolicited offer if you weren’t in need of a loan anyway.
In a similar scam, you may receive a fake check from an unknown sender who asks you to deposit it and then wire them money (for a payment). This check could bounce after you’ve wired the money.
Student Loan Forgiveness Scams
In the wake of the Biden administration’s student loan forgiveness announcement last year, scammers began to promise loan forgiveness to borrowers in exchange for fees. The Consumer Finance Protection Bureau has officially declared this to be a scam.
Debt Consolidation Scams
Debt consolidation loans are a legitimate and common type of personal loan. However, if a debt consolidation company approaches you with an offer and is aggressive or advises you to cease communications with your creditors, it’s likely a scam. 💡 Quick Tip: Generally, the larger the personal loan, the bigger the risk for the lender — and the higher the interest rate. So one way to lower your interest rate is to try downsizing your loan amount.
What to Do If You Are Scammed
Have you been tricked into a personal loan scam? Here’s what to do:
Gather Documents
You’ll need to compile all the physical and digital evidence you can. This includes emails, mailers, paperwork, and even phone screenshots of interactions. The authorities will need this evidence to work your case.
Contact Local Law Enforcement
Even if the scammer is far away from where you live, contacting your local law enforcement is crucial. They’ll be able to file a police report for your case.
Place a Fraud Alert
You’ll want to place a fraud alert with all three major credit bureaus and freeze your credit reports. This will prevent fraudsters from opening credit in your name.
Continue to monitor your credit report and bank statements and report any suspicious entries. Even if your bank account was not compromised, it’s a good idea to inform your financial institution as well.
Contact Agencies Specializing in Oversight
You’ll also want to contact the appropriate agencies, including the Better Business Bureau, FTC, and your state attorney general’s office. You may need to reference the police report in these communications.
Recommended: How to Report Identity Theft
The Takeaway
Personal loan scams can take advantage of borrowers when they are most in need of help. It’s important to stay vigilant when looking for a personal loan by working with reputable lenders that have a thorough application process and transparent fees.
Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.
SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.
FAQ
How can you protect yourself from personal loan scams?
To protect yourself from personal loan scams, familiarize yourself with the common tricks scammers use. Only seek out personal loans from reputable lenders that you can verify online and over the phone, and make sure they do a thorough background and credit check.
What are common personal loan scams?
Common personal loan scams include loans that don’t require credit checks, offer guaranteed approval, require upfront payments, or involve a live check. Educating yourself about common personal loan scams is the best way to prevent falling victim to one.
How can you report a personal loan scam?
If you’re the victim of a personal loan scam, collect all the evidence you have, file a police report, notify your bank and all three major credit bureaus (to place fraud alerts), and file complaints with the FTC, Better Business Bureau, and your state’s attorney general’s office. Continue to monitor bank statements and your credit report.
Photo credit: iStock/fizkes
SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Do you want to learn how to turn $1,000 into $10,000? Turning $1,000 into $10,000 might seem like a big challenge, but it’s possible with the right plans and some creativity. Whether you want to make extra income, run a full-time business, or if you are just looking to learn how to turn your $1K…
Do you want to learn how to turn $1,000 into $10,000?
Turning $1,000 into $10,000 might seem like a big challenge, but it’s possible with the right plans and some creativity.
Whether you want to make extra income, run a full-time business, or if you are just looking to learn how to turn your $1K into $10K quickly, there are many options that may interest you.
Best Ways To Turn $1,000 Into $10,000
Below are the best ways to turn $1,000 into $10,000.
Recommended reading: 22 Ways To Make Money Online Without Paying Anything
1. Flip items for profit
Turning your $1,000 into $10,000 might sound like a dream, but one practical way to work toward this goal is by flipping items for profit. Start by searching your home for things you don’t use anymore.
You’d be surprised how much money you can make from selling stuff like old phones, laptops, fancy clothes, and even that couch you never sit on.
I have flipped many items for resale over the years, and I even had a small reselling business at one point. It’s a fun way to make extra money!
Here are some ideas:
Sell electronics and furniture – Websites like Craigslist and Facebook Marketplace are perfect for selling bigger things like furniture due to easy local pickups. Make sure your items are in good shape to get the best price.
Fashion and accessories – For clothes, especially if they’re branded, platforms like eBay or Facebook Marketplace are great. These sites help you reach a wide audience and ship items easily. And for those special pieces of jewelry you never wear, a site like Worthy can help you find them a new home.
Yard sales – Sometimes old-fashioned is best. A yard sale can be a quick way to make money, especially when you have lots of items. You might get less money per item, but it adds up!
Then, to take it a bit further, you can start buying items to flip for a profit. So, you might find furniture that needs a little bit of cleaning up, high-end clothing that needs to be repaired, or an appliance that needs a new part. Fix them up and sell them for a higher price.
One of my friends does this for a living.
Some of the best flipped items that they’ve done include:
An item that they bought for $10 and flipped for $200 just 6 minutes later.
A security tower they bought for $6,200 and flipped for $25,000 just one month later.
A prosthetic leg that they bought for $30 at a flea market and sold for $1,000 on eBay the next day.
2. Start an online business
Launching your own online business is a solid path to multiply your money.
Some service-based businesses you can try include online businesses such as freelance writing, proofreading, transcription, or bookkeeping, as well as in-person businesses like car detailing, meal prep service, lawn care, dog walking, tutoring, and local tour guide.
These are in high demand and don’t require much to start – usually just a good laptop or some equipment (like car washing soap and a sponge).
To start your own business with just $1,000, marketing is key. You can use social media to reach your target audience (such as by simply just posting something on your personal Facebook page) or add flyers to local bulletin boards.
3. Real estate investing
There are many ways to turn $1,000 into $10,000 in real estate.
I’ve tried out a few real estate side gigs myself, and I know plenty of others who do the same. Starting in real estate doesn’t have to be expensive. There are several side hustles in real estate that you can begin even if you’re new or working with a tight budget.
These include:
House hacking – Buy a home, live in part of it, and rent out the rest. This way, other people’s rent helps pay your mortgage. Look for multi-unit properties where you can stay in one spot and lease the others.
REITs, or Real Estate Investment Trusts, are another way to dive in. These trusts own types of properties, from apartments to shopping centers. When you invest in REITs, you spread your money across different properties without the hassle of managing them.
Airbnb rentals open doors to earning from a spare room or your entire place for travelers. Set up your space to be cozy and welcome guests looking for a stay. Remember to look into the laws in your area about renting your place, and set a competitive price to attract visitors.
Rent out your storage space – Rent out your unused land or space for storage to earn extra income. Whether it’s a parking spot, closet, basement, attic, or any unused area, people are looking for storage and are willing to pay for it. List your space on platforms like Neighbor to earn anywhere from $100 to $400 or more monthly, depending on demand and the size of the space you offer.
Flipping homes – Flipping residential properties will typically cost you a lot more than $1,000 to get started, but I still wanted to include this because this is a popular way to turn a small amount of money into a lot. If you’re handy and love a project, buy a house, fix it up, and sell it for more. You’ll also want to pay attention to things like location and opportunity in the market.
You can learn more about this at 23 Best Real Estate Side Hustles.
4. Peer-to-peer lending
Turning $1,000 into $10,000 might seem like a dream, but you can try peer-to-peer (P2P) lending platforms to help grow your money. These platforms connect people who want to borrow money with those who are willing to lend it.
Peer-to-peer lending is like helping out a friend who needs a loan. For example: You have extra money and a friend asks to borrow some. You lend it to them, and they pay you back with interest – more than what you gave them. P2P lending works similarly but on a bigger, online level where individuals lend money to others through a platform, earning interest on the loans they provide.
Getting started with peer-to-peer lending is fairly straightforward. Here’s how:
Choose a reputable P2P platform that fits your needs.
Deposit your $1,000 to fund loans.
Before committing, make sure to read and understand all terms and conditions, including the potential earnings and risks.
The interest you earn from the loans becomes your profit over time.
Remember, investing has risks and loans might not be paid back, impacting your return.
5. Stock investing
Stock investing is an investment strategy when you buy a share of ownership in a company, like Microsoft, Apple, or Tesla. Individual company stock prices can go up or down, but if it goes up, then you may be able to turn $1,000 into $10,000.
This may take a year, 10 years, or even longer. All stocks are different, but it is possible to learn how to turn $1,000 into $10,000 in stocks.
Stocks give you a chance to make more money than by just putting it in the bank. Over time, companies grow and can pay you back more than what you started with.
Usually, long-term investors (this is the type of investing I personally do) like to diversify their portfolios so that all of their eggs aren’t in one basket. This way, if one company doesn’t do so well, then you won’t lose all your money.
One option is to invest in funds (like exchange-traded funds or mutual funds) instead of individual stocks. A fund is a bunch of stocks wrapped up in one package and this can make things less risky for you.
Recommended reading: How To Start Investing For Beginners With Little Money
Note: Some people do short-term investing to make money in the stock market. Yes, this is another way, but you’ll want to do a lot more research about your investment decisions, the different fees you may come across, understand your risk tolerance, and more before opening up a brokerage account. This is because while the right strategy can make you money in the stock market, the wrong strategy can lose you a ton of money.
6. Create digital products
Creating digital products is a way to turn your $1,000 into $10,000 (and even make passive income). By designing products that people can download and use, you tap into a market with very low overhead costs.
You can start by thinking about what skills or knowledge you have that others might pay for. It could be anything from a guide on how to care for exotic plants, templates for social media branding, weekly routine printables, printable wall art, and more.
Your earning potential can vary, and digital product sellers can typically start this business side hustle with little needed.
You can learn more about this at How I Make Money Selling Printables On Etsy.
7. Flip domains
Flipping domains is similar to flipping houses: You buy domain names at a lower price and sell them for more. Domain names are the web addresses people use to visit websites.
For example, my domain name is “makingsenseofcents.com.”
Now, this can be risky, because you don’t know what domains will eventually sell. Someone has to want it in order for you to sell it.
Some ways to brainstorm domain ideas include looking for catchy, short, and easy to remember names. Think about what’s trending or might become popular soon.
You can hold on to the domains until you’re ready to sell, or you can list them on sites like Flippa right away.
Just like with all ways to make money (especially if you want to turn a small amount of money into $10K), this is risky. You have to be smart with the domain you choose to buy (and a little lucky), and there can be legal issues as well, such as trademark problems.
Recommended reading: How I’ve Made $80,000 Selling Blogs
8. Start a blog
Starting a blog can be a great option if you’re looking to grow your $1,000 into $10,000.
A blog is essentially an online journal or informational website where you share your thoughts, knowledge, or experiences. You create posts that people can read, engage with, and share. And yes, blogging can be profitable!
Blogging is what I personally do to make money online, and I started by spending $0, actually. It took me around 2 years to start making $10,000 each month.
I started this website, Making Sense of Cents, back in 2011, and it has helped me earn over $5,000,000 since then. I started my blog on a whim to share my own money journey, not even knowing that people could make money with websites.
You can learn how to start a blog with my free How To Start a Blog Course (sign up by clicking here).
Frequently Asked Questions
Below are answers to common questions about how to turn $1,000 into $10,000 (and other ways to grow your money).
How to turn $1,000 into $5,000 in a month?
Turning $1,000 into $5,000 in one month would be hard but not impossible. You could create a product that you sell (such as an online course), sell something that you already make (for example, if you are a photographer, you may be able to sell prints of a picture that you’ve taken), buy something to flip and resell for a higher price, and more.
How to turn $1,000 into $10,000 in 6 months?
Increasing your money to $10,000 in six months can be challenging but may be possible. You might look into starting a side business such as selling items online.
How to invest $1,000 dollars and double it?
To double your $1,000, investing in a diversified portfolio of stocks and bonds could be a smart move, with the potential to grow over time. With this, though, patience is key, as doubling your investment won’t happen overnight.
How to use $1,000 dollars to make money?
There are many ways that you can use $1,000 to make money. You could start a business, such as a website, an online store, an in-person business like a lawn mowing business, an at-home business selling dog treats, or even a business where you sell soy candles at craft fairs. You don’t need to spend a ton of money to start your business, just $1,000 or less can help you start many different business ideas.
How To Turn $1,000 Into $10,000 – Summary
I hope you enjoyed this article on how to turn $1,000 into $10,000.
There are many ways to turn $1,000 into $10,000 such as investing in real estate or stock, starting an online business like a blog, and even reselling items for profit.
For me, I was able to start my own online business for less than $100, and I have turned it into a business that has earned me well over $10,000 a month for many years now – so I know that it is possible to get started with a low amount of money.
If you have a financial goal where you need to make more money, then there are plenty of side hustles, home-based businesses, and other ways to make money.