Competition

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Finding the right insurance or any insurance at all can be a daunting task when there are pre-existing medical conditions present. It is oftentimes frustrating to find term life insurance as companies tend to flat out deny those with pre-existing conditions or is there is not denial they are placed in a high-risk policy which is oftentimes more costly. Despite these challenges and frustrations, finding insurance with pre-existing conditions is not impossible.

In fact, in just about every case, there are plenty of affordable life insurance options. Even applicants with pre-existing conditions are surprised to see how affordable their policy can be.

What is Your Pre-existing Condition?

The type of pre-existing condition is perhaps the biggest consideration when shopping for new life insurance. From one insurer to the next, the types of policies for people with certain conditions will vary. Life insurance companies rate conditions differently based on the level of risk they believe are associated with it.

When considering conditions such as cancer, many insurance companies may not accept that level of risk since there is not a long life expectancy associated with these types of conditions. Although this is the case, other considerations are factored in such as whether or not it is in remission.

The main thing that insurance underwriters are considering is how threatening the condition is to the life of the policyholder so obviously, there are usually multiple variables at play. The good news is that insurance companies are adapting and changing with medical advancements. When it may have been impossible in the past to receive insurance with pre-existing conditions, insurance companies recognize that certain conditions can be treated or slowed due to new research and technology.

Avoid The Fuss With No Medical Exam Life Insurance

Another great option is a no medical exam life insurance policy. If you have not been previously diagnosed with a condition, this may be a great option. Although these types of policies usually run at a higher premium, the coverage is usually guaranteed and the policy coverage varies slightly from a standard term life policy. Despite the guaranteed coverage it is a good idea to disclose any medical conditions you may have.

In today’s market, there is far more competition in terms of top-rated life insurance companies. Because of this, they are oftentimes aggressive in the risks that they take. For this reason, you need to shop around or even work with a professional who can point you in the right direction.

These policies of course usually come at a higher rate but it is a good option still for those who may have been denied by a more traditional life insurance provider.

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It’s Best to Compare Between Different Insurance Companies

Perhaps the biggest factor related to a pre-existing condition that there is no way around is the higher cost. Insurance companies need a way to compensate for the additional risk. However, many companies will treat certain conditions differently than other.  For example, there are some companies that view conditions like diabetes more favorably than others. With some companies, if you have well-controlled type 2 diabetes, you could get great rates, but other companies are automatically going to skyrocket your rates because of the diabetes diagnosis.

The best course of action is to be proactive with your condition and try to manage it the best way that you can. Insurance companies have been known to consider these types of things and reduce your premium over time as it is demonstrated that you are getting your condition under control.

Thankfully for advances in the medical community it is no longer the case that pre-existing means denial. It is still a good idea to shop around and find the best fit for your particular condition. Spending the extra time up front can save you a lot of money in the long run and the peace of mind that comes with knowing you are insured is invaluable.

The benefits of finding the perfect company are obvious, lower insurance rates. But finding the right company isn’t as easy as that. This is why you need an expert, like our independent agents. Not only can they represent several different companies, but they are also knowledgeable about the different companies and which one will view your pre-existing condition more favorably.

Getting the Lowest Rates Possible

We just mentioned a great way to get lower monthly rates, by working with an independent agent, but that isn’t the only way.

The first thing is to do is improve your health. Sure, you have a health problem, it’s going to impact your monthly rates, but there are still some health factors that you can improve to get a better classification from the insurance company.

The best thing you can do is to shed a couple of pounds. The majority of life insurance applicants are keeping a few more pounds than they should, and losing that weight could have an extremely beneficial impact on your insurance plan. Start a healthy diet and exercise program, it will save you money.

Deciding how much Life Insurance you need

The next most important decision is determining how my life insurance coverage you’re going to need. The bigger your policy, the more you’re going to pay for your coverage.

If you don’t have enough coverage, you could leave your loved ones paying for all of those debts you would leave behind. How are you supposed to know if you have enough coverage? There are several different questions that you can ask yourself to ensure that you’ve bought a large enough life insurance policy.

The first question is, “how much debt would I leave behind?” Before you buy a plan, make sure the policy will provide enough protection. Make sure that you add up your mortgage, car payments, credit card bills, student loans, and anything else your loved ones would be responsible for paying.

The other questions that you have to ask is, “how would my family suffer if they lost my salary?” the other main purpose of life insurance is to help your family find a way to replace your annual income. Your family could have a difficult time finding a way to permanently replace that income without experiencing serious financial strain.

Source: goodfinancialcents.com

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It’s almost mid-December, which means it is time for another round of mortgage and real estate predictions for the upcoming year.

I think it’s safe to say that 2021 has been another stellar year for both the mortgage industry and the housing market.

But it’s going to be hard to top or even match what we’ve experienced this year in terms of mortgage origination volume and home price gains.

However, the party might not be over yet, with additional home price gains on the horizon due to similar factors in play.

Let’s see what 2022 might have in store as we once again look into the crystal ball.

1. Mortgage rates will go up, but only slightly.

Experts have been calling this for years to no avail. We have been told year in and year out that the low mortgage rates are leaving the station.

But year after year, they remain. In 2022, I do expect them to rise somewhat, but not by a meaningful amount.

Sure, your 30-year fixed rate may go from 3% to 3.5%, but that’s not a huge jump. And any 30-year fixed in the 3s is generally very favorable.

It will put pressure on prospective home buyers who also have to grapple with rising home prices and a lack of inventory.

And it will certainly dent mortgage refinance demand, as most existing homeowners have already locked in a lower rate.

However, as I said in my 2022 mortgage rate predictions post, there will likely be opportunities during the year to snag a very low mortgage rate.

Why? Because the economy continues to be a bit of a mess and we’re still sorting out COVID. Until we put that stuff behind us, interest rates could swing in both directions.

2. Home prices will continue to rise a lot

Don’t be fooled by the old mortgage rates up, home prices down fallacy. There’s not a negative correlation, despite what everyone plainly assumes.

Both can go up at the same time, and that’s exactly what I expect to happen in 2022. Granted, mortgage rates will probably only rise slightly, while home prices will continue to surge.

For some reason, a new year gives folks new hope that a trend will simply come to an end.

But why would home prices just stop going up because it’s a new calendar year? The answer is they won’t.

As I’ve said before, the same fundamentals that have been at play for some time, continue to be in play.

There’s a severe lack of inventory and a surplus of would-be home buyers out there. It doesn’t take a genius to figure out what happens with prices.

When there’s a shortage of something people want/need, a premium must be paid until production ramps up.

Unfortunately, production (new home building) is still way behind and won’t catch up for a while.

In the meantime, expect more of the same, and higher 2022 home prices across the board.

The only difference is that estimates are all over the place, with some calling for just a 2.5% increase (CoreLogic) and others saying 11% (Zillow) or even 16% (Goldman Sachs) .

Personally, I’m bullish and going with the higher figures out there, but recognize gains will probably be lower in 2022 than they were this year.

3. Cash out refinances will finally get hot

cash out share

Housing pundits have been talking about the massive pile of collective home equity we’ve been sitting on for years now.

And it has only grown even larger since then, with equity levels the highest on record.

In short, American homeowners have a ton of equity in their properties that is ripe for tapping via a cash out refinance or a second mortgage, such as a HELOC.

But we have yet to see a massive cash out boom like the one experienced in the early 2000s housing market.

I expect cash out refis and HELOCs to have their day in the sun in 2022 as more and more homeowners realize how much their properties have appreciated.

Per Freddie Mac, about 42% of refinances resulted in cash out this year, which is up a bit from prior years, but nowhere close to the 80%+ share seen in 2006 and 2007.

Despite slightly higher mortgage rates, it may still be worth unlocking this valuable equity to pay for upgrades, college tuition, and other expenses.

After all, a 3% 30-year fixed rate is still phenomenal, and many homeowners can take out a large sum of money while keeping their loan-to-value (LTV) ratio very low.

And you can expect mortgage lenders to aggressively pitch this product now that rate and term refinances have mostly been exhausted.

4. The bidding wars will remain (and may even worsen)

It won’t get any easier buying a home next year. Even if mortgage rates are slightly higher, this won’t “bring prices down to earth.”

I keep hearing that line and it just doesn’t make any sense. Financing has never been the problem here. It’s always been a lack of supply.

And there will continue to be a lack of supply well into 2022, so why should competition be any less?

If anything, I could see more desperation fueled by these expected higher interest rates as buyers won’t want to miss out on their low rate too.

If you think about the last few years, at least mortgage rates were rock bottom. Now that you’ve got to worry about a rising rate and finding a home, the panic could be even more pronounced.

As always, prepare yourself adequately, start looking for a home immediately, and be aggressive if you want to win the bidding war.

Oh, and make sure you use an experienced real estate agent who knows how to get the job done.

5. Home sales volume will be flat or even lower next year

2022 home sales

While Redfin believes new listings will hit a 10-year high next year, I’m not so sure.

As much as there is motivation to sell a home due to sky-high asking prices, there remains the dilemma of where to go next.

Sure, you might be able to move to a different state, but those “cheap states” aren’t so cheap anymore.

At the same time, supply chain issues and a lack of workers is making it hard for home builders to ramp up supply of new homes.

Collectively, this will make it difficult for home sales to increase next year, as much as we all want to make a mint selling our homes.

This also reinforces the idea that home prices will continue to go up, and that the housing market will remain super competitive.

That being said, it will be a very lively housing market in 2022, just not one that necessarily sees a lot of growth.

6. Home buyers will continue to flock to new states

2022 hot housing markets

Yes, the cheap states aren’t so cheap anymore. But that won’t stop people from getting out of town.

Many young, prospective home buyers have been priced out of their local markets in California and other hot spots.

This, combined with the work-from-home new normal (sprinkle in some politics), will fuel a continuation of migration seen in recent years.

This means more folks from the Golden State will make the move to nearby states such as Arizona, Idaho, Nevada, Texas, and Utah.

While more affordable for them, it will exacerbate those local markets and make them more expensive for the people who already rent there.

Some of the hottest housing markets of 2022 include Salt Lake City, Utah, Boise, Idaho, Spokane, Washington, Indianapolis, Indiana, and Columbus, Ohio.

Basically any metropolitan area that was/is considered cheap and desirable will be less so next year as the out-of-state home buyers storm in.

So no matter where you happen to be, expect a fierce seller’s market.

7. First-time home buyers will purchase a second home or investment property (first)

This is an interesting one that I’m borrowing from Zillow because it’s seemingly odd, yet kind of savvy. And so 2021 and beyond.

Typically, a first-time home buyer will purchase a home to live in nearby where they work.

But because the real estate market is so hot and in such short supply, high-earning, cash-rich Millennials and Gen Zers may actually buy a second home or investment property instead.

The thinking is that they can get in on the real estate market by making an investment, even if it’s not in their overpriced backyard.

For example, a well-earning Gen Zer who lives in Santa Monica that may be priced out there could purchase a more affordable second home in Phoenix, Arizona, or an investment property in Las Vegas, Nevada.

Of course, this isn’t necessarily for the faint of heart, and this is exactly the type of thing that leads to trouble down the road.

But as long as mortgage lenders don’t get too careless with underwriting standards, it doesn’t signal the start of a housing crisis.

It does tell you just how crazy real estate has gotten though.

8. Home buyers will return to the city

condo search

While the suburbs have been hot in our post-COVID-19 world, I do believe more buyers will start to consider the city life again.

We will get through this pandemic, and once life returns to mostly normal, lots of folks will wish they owned in an urban center.

Prices in many once-hot areas close to lots of cool restaurants, bars, etc. have been deflated, but I expect that to reverse course in 2022.

The urban living trend isn’t going to disappear, even if more people work from home, or desire abundant outdoor space.

So look out for condo prices to see more price gains in 2022 and beyond, and play catch up with single-family residence gains.

There’s already proof in data here – Redfin noted that users filtered searches to single-family homes only (excluding condos/townhomes) in just 28% of searches in September.

That was down from a high of 37% in July 2020, when living in a city seemed unthinkable.

Condos also tend to appreciate the most at the tail end of a housing boom, which we could be approaching, so it all kind of makes sense.

9. There will be more layoffs, closures, and mergers

While there is some hope that cash out refis and home purchase loans will keep mortgage volumes afloat, it won’t be enough for all mortgage lenders out there.

For example, Freddie Mac is forecasting $2.1 trillion in home purchase origination in 2022, up from $1.9 trillion this year.

But also expects refinance origination volume to fall from $2.5 trillion to $995 billion. That’s gonna be a problem for the shops that specialize in refinances.

Ultimately, total volume dropping from $4.5 billion to $3 billion will be an issue and there’s no way around it.

As a result, you can expect more mortgage layoffs, similar to the Better.com layoffs, along with some outright closures.

I also believe there will be more consolidation in the fragmented mortgage market, with bigger banks and lenders swallowing up smaller ones.

10. The housing market won’t crash in 2022

I already said home prices will go up, but I’ll reiterate that the housing market won’t crash in 2022, either.

There is a large group of people who believe the housing market is due for a correction, mostly just because home prices have gone up a ton.

Sure, it’s easy to raise eyebrows these days when looking up what your house is worth, or your neighbor’s.

But that alone isn’t enough to make them reverse course, especially when there is a continued, historic lack of supply.

Additionally, mortgage lenders have yet to return to the loose underwriting that dominated the space in the early 2000s, and ultimately created the mortgage crisis.

For me, that means another year of strong housing appreciation, and another year without a housing market crash.

At the same time, it does mean we will be one year closer to a crash, which as history tells us, is inevitable.

(photo: Quinn Dombrowski)

Source: thetruthaboutmortgage.com

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It’s been some time since I’ve done mortgage Q&A, so without further delay, let’s explore the following question: “Do you need 20% down to buy a house?”

If you chat with anyone older than 50 (maybe 60), they’ll probably tell you that you need to (or should) put 20% down if you want to buy a house.

For them, it’s the normal, or should I say traditional, down payment needed to secure a mortgage.

And while it might be conventional wisdom when it comes to home buying, it’s not necessarily the reality anymore.

In fact, the median down payment is just 12%, per the National Association of Realtors (NAR) 2021 Home Buyer and Seller Generational Trends report. Despite this, a lot of people still seem to think you need 20% down to purchase a home.

You Don’t Need a 20% Down Payment…

typical down payment

A few years back, the NAR 2017 Aspiring Home Buyers Profile report found that 39% of non-owners believed they needed more than 20% for a mortgage down payment on a home purchase.

And 26% assumed they needed to put down 15-20%, while 22% said they needed a down payment of 10-14% in order to buy. None of those answers are true.

A 2020 study from NAR also had a whopping 35% of respondents going with the 16% to 20% down payment tier, easily the number one answer.

In reality, you may not even need a down payment if you take out a certain type of home loan, or receive gift funds for the down payment.

Even if a down payment is required, it’ll be a lot less than 20% in most cases, most likely less than 5%.

Last year, the typical down payment for first-time home buyers was just 7%, while it was 17% for repeat buyers, per NAR.

It’s common for repeat buyers to use the proceeds from their original home to buy a replacement, making it easier to come up with a larger down payment.

Conversely, first-timers often have a tough time coming up with funds because they can’t tap into home equity.

You’ll notice both figures have moved lower over the years, though average down payments have ticked higher recently, perhaps due to home buyer competition in this hot housing market.

20% Down Payments Used to Be the Norm

20 percent down payment

  • Your parents probably put down 20% or more when they bought a house
  • But back then home prices were a lot lower than they are today (and interest rates a lot higher)
  • You might only need to put down 3% or 3.5% when you purchase a property these days
  • But there are still key advantages to putting down at least 20% like no mortgage insurance and a lower interest rate

Back in the day, it was customary to come in with 20% down (or more) when purchasing a property.

But property values were significantly lower those days, and mortgage rates a lot higher.

Times have changed as home prices skyrocketed and mortgage lenders got more competitive (and less risk-averse).

Leading up to the housing crisis seen in the mid-2000s, a zero down mortgage was a common theme. In fact, there were lenders that named themselves after that lack of a down payment…

Of course, we all know what happened next – home prices tanked and low down payment options began to evaporate.

That led to increased FHA loan lending, which requires only 3.5% down if you have at least a 580 FICO score.

And over time, Fannie Mae and Freddie Mac introduced a competing product that allows for loan-to-value ratios (LTVs) as high as 97% (just 3% down).

So we’ve kind of come full circle, though we’re not quite at the zero-down stage just yet.

Though lenders have offered mortgages with just 1% down, such as Quicken, Guaranteed Rate, and United Wholesale Mortgage thanks to the use of grants.

Should You Put Less Than 20% Down on a Home?

median down payment

  • You may not need to put 20% down on a home purchase in many cases
  • But it will cost you more money monthly if you don’t via a higher rate, PMI, and a larger loan amount
  • It may also make your offer less desirable to home sellers if they have competing bids with larger down payments
  • So it can beneficial to put down more, especially in a seller’s market

We’ve already answered the original question. You don’t need a 20% down payment to purchase a home.

In fact, you don’t need any down payment in some cases if you consider a home loan from the VA or USDA, both of which offer 100% financing.

You also don’t need to put down 10% or even 5% thanks to widely available programs from the FHA and Fannie and Freddie.

The median down payment is quite a bit lower, around 12% at last glance, and even lower (6%) for the 22 to 30 age cohort.

This age group also said saving for the down payment was one of the most difficult steps of the home buying process.

Now assuming you can muster a 20% down payment, should you come in with less?

This answer is a bit more elusive because it depends on a variety of factors, which include your household balance sheet and your financial goals.

Perhaps it’s better to frame the question the other way around.

Why You Should Put 20% Down on a House

In short, the less you put down on a home, the more you pay each month via your mortgage payment. This happens for three main reasons:

– Larger loan amount (less down means more financed)
– Higher mortgage rate (rates tend to rise as down payments fall)
– Mortgage insurance (added cost to account for risk)

If you put down less than 20%, you wind up with a bigger loan amount (obviously), a higher mortgage rate (usually) because of pricing adjustments, and you have to pay mortgage insurance to protect the lender.

This means your monthly housing costs go up, but you keep more cash in-hand, or at least not in your house.

Let’s assume the home you want to purchase is selling for $350,000 and you plan to take out a 30-year fixed mortgage. This comparison chart shows us how things might look.

3% Down vs. 20% Down: The Math

$350,000 Home Purchase 3% Down Payment 20% Down Payment
Down payment $10,500 $70,000
Loan amount $339,500 $280,000
Mortgage rate 4.125% 3.875%
Monthly P&I payment $1,645.39 $1,316.66
PMI $125 n/a
Total monthly cost $1,770.39 $1,316.66
Difference +453.73

As you can see from the chart above, the 3% down mortgage payment is roughly $454 more expensive each month thanks to those three things I mentioned.

That higher payment equates to an additional $27,223.80 spent over the course of five years.

Additionally, because the loan balance and mortgage rate are higher, more of your payment goes toward interest every month.

After 60 months, the 3% down mortgage would have a balance of $307,684.69, whereas the 20% down mortgage would be whittled down to $252,738.50.

The tradeoff is basically more money in your pocket versus the home, and the ability to buy more house now in exchange for a higher monthly payment.

This assumes you lack the down payment funds, but can afford the higher payments, which can be a common scenario for young high-earning individuals without significant savings (HENRYs).

At the same time, I’ve argued that it’s possible to buy more house if you put more money down because less income is required.

This assumes income is the problem and not assets, which can result in debt-to-income issues, which are prevalent and often grounds for denial.

Of course, it’s entirely possible for a low-down payment to be voluntary, for a homeowner who wants to park their money elsewhere.

That decision really comes down to how you value your housing investment, and if you think you can do better putting the money in the stock market or some other place.

For those who don’t have that choice, take comfort in the fact that you don’t need a 20% down payment to buy a home, or anywhere close to it.

But you will pay extra for that convenience, and you might have more hurdles to clear, such as convincing a seller to take your offer when another prospective buyer offers to put down 20%.

Alternatively, you could get a gift for a portion of the down payment and get the best of both worlds.

Can You Put More Than 20% Down on a House?

  • You can put as much down as you’d like (or even buy all-cash to avoid the mortgage entirely)
  • There are advantages to putting down more than 20% on a home purchase
  • Such as a lower mortgage rate thanks to fewer pricing adjustments
  • And an even stronger offer if buying a home in a hot market
  • Also a lower monthly payment and much less interest paid

You sure can. It’s generally possible to put down as much as you’d like on your home purchase, though if you put down too much you could run into issues with minimum loan amounts from lenders.

Of course, this probably isn’t going to be an issue in most cases with property values so high these days.

I’ve heard of home buyers putting down 50% just because they are debt-averse, but again, most folks don’t have that type of cash lying around.

The obvious benefit of putting a large down payment on a house is that you’ll have a smaller mortgage balance and pay less interest as a result.

You’ll also enjoy lower monthly payments, which will free up cash for other expenses or investments.

Conversely, you’ll have that much more money locked up in your property, which you’ll only be able to access if you sell or take out another home loan.

When it comes to mortgage rate pricing, it’s possible to obtain a slightly lower interest rate when you put down more than 20%, though it likely won’t be much.

We’re talking .125% to .25% lower depending on the scenario in question, so there are diminishing returns, especially when interest rates are already low.

But if you have bad credit the pricing impact can be greater with a larger down payment, so in those cases it could make sense to put down more than 20%, assuming you’ve got the cash available.

However, once you’re at 65% LTV (35% down payment) the pricing incentives tend to stop, so there wouldn’t be a benefit mortgage rate-wise after that threshold.

In summary, consider how much money you want locked up in your home, what your money could be doing (earning) otherwise, and how much it’ll cost you to put less down.

Lastly, don’t forget home sellers favor those who come in with larger down payments!

Read more: 2021 home buying tips to get the deal done.

Pros of Putting Down 20% on a Home Purchase

– Smaller loan amount
– No mortgage insurance required
– Lower mortgage rate
– Pay less interest over the life of the loan
– Ability to tap equity or take out a HELOC
– Lower closing costs
– Better chance of getting your offer accepted in a hot market
– More lender choice and loan options available

Cons of Putting Down 20% on a Home Purchase

– Requires a lot more money up front
– May make you house poor (little leftover for repairs/maintenance)
– Money tied up in the home that could lose value (and thus access to it)
– Could invest that money elsewhere for a better return
– Inflation makes dollars worth less over time
– Difference in monthly payment may not be all that substantial

Source: thetruthaboutmortgage.com

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40+ Expert Tips, Ways To Make Money On The Side, and Side Hustle Ideas. There are many different ways to make money on the side and many great side hustle ideas. With this post, you'll hear from several experts about how you can make side hustle income.

40+ Expert Tips, Ways To Make Money On The Side, and Side Hustle Ideas. There are many different ways to make money on the side and many great side hustle ideas. With this post, you'll hear from several experts about how you can make side hustle income. Here on Making Sense of Cents, I talk a lot about different ways to make money on the side and the many great side hustle ideas. I do this because I truly believe that making money on the side can change a person’s life.

After all, learning about different ways to make money on the side changed my life.

My main side hustle a few years ago mainly consisted of me blogging here on Making Sense of Cents. Then, it quickly grew, my income matched and then exceeded my day job income, and I actually made the decision to leave my day job in order to pursue my side hustle full-time.

As you can probably tell, starting a side hustle significantly improved my life and it’s something I will ALWAYS be extremely happy about. My side hustle income allowed me to pay off my debt quickly, leave the job I disliked, start working towards my passion, and travel extensively.

Taking part in the many different ways to make money on the side can allow you to:

  • Pay off your debt;
  • Save for things such as a vacation;
  • Stop living paycheck to paycheck;
  • Reach retirement sooner;
  • Not feel as stuck at your job;
  • Become more diversified.

Many others believe in the amazing power of side hustle income as well. I recently interviewed many side hustlers, freelancers, business owners, and more about the different ways they’ve made money on the side and compiled them into one extremely informative blog post to help all of you. Plus, they share their tips on how to manage side jobs better so that you can make money on the side while not going crazy.

Below are over 40 different side hustle ideas and tips from the experts. There are many different ways to make money on the side and I’m sure you’ll find one below.

Related articles on side hustle ideas:

Here are over 40 ways to make money on the side:

Start a blog.

Blogging is how I make a living and just a few years ago I never thought it would be possible. I now make a great living online, I travel full-time, and I enjoy the work I do.

I made over $300,000 last year by blogging and will make more than that in 2016 (I’m hoping to double my income this year).

There are many ways to make money on the side and one of the top ways I recommend is to start a blog. You can create your own blog here with my easy-to-use tutorial. You can start your blog for as low as $3.49 per month plus you get a free domain if you sign-up through my tutorial.

Become a Brand Ambassador.

“A side hustle that I absolutely love is being a Brand Ambassador. A Brand Ambassador quite simply shares talking points and usually free swag with the public in order to build brand awareness. Brand Ambassadors typically work on the weekends at different events so the trick is to manage family time if you have a family. For more information on how to become a brand ambassador check out the following post: How To Become a Brand Ambassador.” – Michelle Jackson

“Love meeting new people? Many cities have active brand ambassador Facebook groups that are constantly looking for product demonstrators, trade show spokespeople, tour managers, and more! And brand ambassadors can expect to earn $15-20 per hour.” – Kate Dore

Related: Become A Brand Ambassador And Make Extra Money

Write a book.

“Self-publish a book on Amazon that focuses on a topic at the intersection of 3 things: 1. your passion; 2. your expertise; 3. a need in the marketplace How much a person could make would be based on how much they want to charge for the book, but I would say you could make anywhere from $50 – $300 / month, depending on your book content / audience.” – John Lee Dumas

“Anyone can be a self-published author now and it is one of my favorite side hustles. Whether you want to share tips on how to do something or want to write a fictional story, any topic can be published. How much you make depends a lot on how much competition there is for the same type of book. I make between $300 and $500 a month for a crowdfunding book I wrote last year while my investing books make between $100 and $250 a month. The best thing is that, once published, they will keep making money year after year.” – Joseph Hogue

“Publish a book. It is easier than it used to be. You can self publish or if you have a platform such as a blog with associated social media you can pitch to publishers and generate interest there. Publishing a book increases credibility and leads to other opportunities such as speaking, course, freelance writing, judging, presenting awards, launching events and a lot of media exposure. Depending on how you do, what niche it is, how well you market it you can make anywhere from nothing right through to millions. Personally, getting asked to publish a book back in 2010 changed everything and was a pivotal turning point for me. Quite a few friends of mine earn a few hundred thousand a year from their books and associated content, others a couple of million. Most authors only make a few thousand if they are lucky though. It is all in how you market and how much of a following/community or tribe you have.” – Kylie Travers

Laptop 40+ Expert Tips And Ways To Make Money On The Side

Laptop 40+ Expert Tips And Ways To Make Money On The Side

Become a virtual assistant.

There are many ways to make money on the side online, and one of them is by becoming a virtual assistant.

“My favorite way for someone to make extra money from home (and what I would personally do if I needed extra money FAST is to be a virtual assistant. Specifically, I would be a VA to bloggers. There are so many ways to do this, including assistant with social media, creating images, writing content, etc. There are lots of Facebook groups set up specifically for people to sell content to bloggers. Really your income is only limited to the time you want to invest in it. Some VAs charge per hour and some charge per project/post. With a few hours per day, I’d say you could easily make $50-$100 extra per day.” – Lena Gott

“I’ve made most of my money by working as a VA and blog manager for busy blog owners. I fit my side hustle in alongside my full-time job by reminding myself that I was making a temporary sacrifice of sleep and free time in order to build my business to the point I could quit my job. I now make over $5,000/month online with my business.” – Kayla Sloan

A virtual assistant helps a business run more smoothly. You can be contracted for one project (such as collecting data for research) or it can be a continuing job such as replying to e-mails and comments. Virtual assistant work can range widely. There are many, many tasks that people hire virtual assistants for.

Related: How To Become a Virtual Assistant and What Does a Virtual Assistant Do?

Become a coach.

“Coaching is a great way to make side income. It needs practically no monetary investment… just time. Just be mindful of what you charge per hour, as almost everyone starts way smaller than they really should. When pricing your coaching services, if in doubt, double it!” – Chris Ducker – ChrisDucker.com

“One on One coaching is a really simple and fast way to start earning income fast for yourself. While people who’ve been doing this for a while will typically earn around $300, $500 an hour, someone just getting started could expect to earn $50 a $100 an hour. The benefit with this side business is that you can earn more per hour starting out which means you won’t have to work as much to earn as much. Also, consider offering package deals, this will allow you to sell at a higher price point and this gives a definite start and end date to things.”  – Chris Holdheide

Sell on eBay or Craigslist.

“I go through twice each year and pick up items I’m not using to sell on craigslist or ebay. I make about $3-400 each time I do it. That’s an extra $800 for something cool!” – Lauren Bowling

“One of my favorite ways to make extra money is to go around my house and find one thing to sell on Craigslist every week (particularly on Fridays right before the weekend when everyone loves to get rid of their money ;)). It not only helps you de-clutter and get rid of stuff that’s no longer important to you, but also make some good side money that you can then bank towards something you do care about! I made over $1,200 doing this last year and it helped fund a Roth IRA. Give it a shot!” – J. Money, BudgetsAreSexy.com / RockstarFinance.com

“One way that a person can make side income is by selling items on eBay. The amount of money varies. It depends on how many items you are selling and also the type of items. I’ve had months where I’ve made $300 (part-time), but I’ve also had months where I’ve only made $50.” – Jason Butler

Whether you have old clothes you want to sell, a car, electronics, or something else, eBay or Craigslist can be a great way to sell many different types of items.

Related: How To Sell On Ebay

Edit for others.

“One way a person can make a side income is to provide edits to authors. The amount they can make depends on the type of edits they provide and the number of projects they take on. I primarily take on larger projects that involve either developmental edits or line edits (or both!) but short story projects can also be a good way to work on brief projects while making a side hustle and break up the monotony of projects that are the same length. How much a person can make can also vary based on how they charge; for example, I charge per word in order to provide a better estimate, but some people charge per page. ” – Megan Harris

Get paid to search online.

Did you know that you can take paid online surveys to make extra money?

Swagbucks is just like using Google to do your online searches, except you get rewarded points called SB for the things you do through their website. You can also earn points by taking surveys, watching videos, and shopping. Then, when you have enough points called SB, you can redeem them for cash, gift cards, and more. You’ll receive a free $5 bonus just for signing up through my link!

InboxDollars is another online rewards website I recommend. You can earn cash by taking surveys, playing games, shopping online, searching the web, redeeming grocery coupons, and more. Also, by signing up through my link, you will receive $5 for free just for signing up!

Another one you may be interested in related to this one is Nielsen Digital Voice. Digital Voice is a part of Nielsen, which I’m sure you’ve heard of. All you have to do is surf the web and you may be able to start earning money.

Become a proofreader for court reporters.

In 2014, Caitlin made slightly over $43,000 by being a freelance proofreader, while also going on several fun vacations. If you are looking for a way to make money on the side, this may be something you want to look into.

“Court reporters use digital stenography machines in combination with computer-aided transcription software to write verbatim records of various legal proceedings. They report depositions, trials, hearings, arbitrations, case management conferences, compulsory medical examinations, examinations under oath, and pretty much any other type of legal proceeding. Because of the sensitive nature of legal proceedings, it’s imperative that as many errors as possible be eliminated from transcripts — an especially major error could ruin an entire trial! A fresh set of eyes will 99% of the time catch more errors than the same eyes who saw the text from start to finish, too. An excellent proofreader is a huge asset to a court reporter — especially a court reporter who wants to make more money.” – Caitlin Pyle – Make Money Proofreading By Becoming A Freelance Proofreader

Answer surveys.

You can get paid to answer surveys and to test products all from the comfort of your home. Due to this, I think it’s one of the easy ways to make money on the side as you don’t need any experience, skill, inventory, or anything like that.

Survey companies I recommend include VIP Voice, American Consumer Opinion, Survey Junkie, Clear Voice Surveys, Pinecone Research, Opinion Outpost, Survey Spot, Prize Rebel, and Harris Poll Online. They’re free to join and free to use! It’s best to sign up for as many as you can as that way you can receive the most surveys and make the most money.

Clean homes.

“One great way for a person to start making some side hustle income is to clean houses. It’s a chore that’s always in demand (I personally hate having to clean), and it’s pretty easy to get into. You can make anywhere from $100 a job and up, all depending on the time and level of cleaning you do.” – Glen Craig

Find a part-time job.

There are many, many part-time jobs out there that may be able to work along with your schedule at your full-time job. You can find a job on sites such as Snagajob, Craigslist (yes, I’ve found a legitimate job through there before), Monster, and so on.

Start an e-commerce store.

“A great way to make a side income is with an e-commerce store. Unlike a blog or an info site which does not actually sell anything, an online store allows you to quickly scale and generate revenue immediately after launch. My wife and I made over 100K in profit in our first year with our shop.” – Steve Chou

Drive a taxi or become an Uber driver.

“Drive a taxi at night. I’m reliably told that on Friday and Saturday a taxi driver who owns his/her car can make up to $300 per night. Nothing to be sniffed at! But what you decide to do as ‘side hustle’ depends on what you like to do and what you are really good at. If you like dogs, start a dog walking/sitting hustle.” – Maria Nedeva

“I’m always looking for new ways to make a few bucks so that I can then share the results with my readers. I wanted to test out Uber so that I could see if it was worth it. I drove part-time (weekends and evenings). The first week of driving generated me $651.60. Since the article went live, many of my readers have started driving on the side. You won’t get rich, but the extra money adds up. The other positive is that you save money by not going out. This side hustle will help you pay off debt and save up for your major goals. Good luck on the road and cheers to your new friendships that you’re going to create.” – Martin Dasko

Related: How To Become An Uber Driver

Write online.

“Freelance writing is an excellent side hustle because you can commit your time “per article,” and work at any time of the day or night. Most people can expect to make $50 per article and up. However, a lot of people – including myself – make considerably more as a professional freelancer.” – Holly Johnson

40+ Expert Tips And Ways To Make Money On The Side

40+ Expert Tips And Ways To Make Money On The Side

Test websites.

“One cool way to earn money on the side is by testing websites. There are a number of sites out there, but UserTesting.com is the best. You get paid $10 for testing websites and apps and following their instructions. It’s simple, easy, and you can earn about $30/hour with this. The work is not guaranteed, but it’s a great way to maximize any of your downtime with earning extra cash.” – Grayson Bell

Prepare taxes.

“One great side hustle most people can easily learn is preparing taxes. If you start your own tax preparation firm, your potential is unlimited. However, if you’re just learning, try getting a part time job at a place like Liberty Tax or H&R Block or a local CPA firm. At the big brands, like Liberty Tax or H&R block, you can probably expect to make between $10 to $15 per hour depending on your location and experience. This job is generally only seasonal, so it allows you to have summers and the holidays off from your side hustle.” – Lance Cothern

Become a photographer.

“Photography! Most people only think to hire a photographer for big events like weddings and baby announcements because photographers are expensive. Charge $100-$200 for an hour package at a local park, and in one weekend by booking your friends and family, you can easily make $2k with just family portraits. With the popularity of photo cards from sites like Shutterfly, you can be a saving grace for families on a budget and you’d be surprised at how many folks you know who would hire a photographer in budget!” – Shannyn Allan

Create a website.

“I’ve created several simple websites about apps and websites that I like and use. I write about how the apps work, pros/cons, other similar apps, etc. Some of the apps or websites give me credits or money when I get new users to sign up or use their service. I’ve made about $4,500 over the last three years, and I haven’t spent more than a few hours working on the sites during the last two years. I’d say overall I only put in 20-30 hours.” – Louis DeNicola at Saveful.com

Become an online tutor.

Online tutoring has become an open market place for the gig economy. This is a great option to make money on the side, or even convert it to full-time. Studypool provides a great platform for tutors to simply answer student’s question and get paid (no video chat required). You can earn up to $500/week tutoring part time or potentially up to $60,000 a year tutoring.

Take part in research studies.

“If you live in a city, or near a university or teaching hospital, you can make money participating in research studies that need human subjects. Just go to craigslist, click on “volunteers”, and type in “research”. There are a wide variety of studies out there: some are medical (if you’re generally healthy, you can often be a control subject), and some are more about psychology or other related disciplines. You can make anywhere from $10-$20 for a short, one-time study to hundreds or even thousands of dollars for longer, more involved studies. Another benefit is that you get to learn about the research that’s being done, which is often fascinating.” – Sarah from The Yachtless

Make money online.

“The best way that I know how to make side income is online. Specifically, by freelance writing and blogging. The amount of make you can make online is unlimited. If you’re just starting, maybe you’ll make $500/month. But over time, you can increase your earnings to $5,000/month and before long even more than that. I don’t know another side gig where the income growth potential is so high.” – Natalie Bacon

Film weddings.

“One way that my wife and I made $5,000 in the past year on side income has been filming weddings. A year and a half ago we had no video experience. Once we bought a camera and posting videos, we’ve had friends and friends of friends start asking us to film their weddings. Most everything we learned about video came from asking other film peeps to show us the ropes or looking up “how-to” videos on Youtube. Since weddings are typically on the weekends, they really are an ideal side hustle. They don’t get in the way of our typical work week at all and they pay high margin. Once you have some film experience under your belt, you can charge $3-5k per wedding film, easily. If you’re interested in getting started filming weddings, I would recommend tagging along with an experienced shooter. From my experience, they are always looking for good help if you’ve got an eye for good shots and can work well under a little stress (there will be brides after all). This past fall we apprenticed and was well worth the long weekend shoots. We learned so much about shooting good wedding film and made a good amount of money in the process.” – Heath Padgett

Sell a Product - 40+ Expert Tips And Ways To Make Money On The Side. 40+ Expert Tips And Ways To Make Money On The Side. There are many different ways to make money on the side and many great side hustle ideas. With this post, you'll hear from several experts about how you can make side hustle income.

Sell a Product - 40+ Expert Tips And Ways To Make Money On The Side. 40+ Expert Tips And Ways To Make Money On The Side. There are many different ways to make money on the side and many great side hustle ideas. With this post, you'll hear from several experts about how you can make side hustle income.

Create a product to sell.

“I’m biased, but I think creating an online product and selling it is one of the best side hustles a person can do. But people shouldn’t be scared for the term “product”. A product can be anything – an idea or content, a course, a widget, a downloadable printout, anything! And there are so many different avenues to sell today: create a blog, start an Etsy shop, sell on eBay or Amazon. The great thing about the Internet is that there is somebody out there that is looking for something and everything. If you’re a teacher, sell your classroom notes. If you’re an engineer, share your though processes. Anything can be turned into content, and anything can be packaged and sold.” – Robert Farrington

“The ways to make a side income are really endless. I’ve encountered so many ways entrepreneurs are able to make a side income. Although blogging has been the most lucrative way for me to make a side income, my favorite way is creating courses. Creating a piece of content showcasing your expertise in a specific are and people paying you for it is a great and rewarding feeling.” – Jeff Rose

Manage databases, apps, and more.

“Managing, designing or configuring cloud-based apps- ranging from social media and content management systems (like WordPress) to databases. I learned to administer salesforce.com databases for nonprofits and last year made $6,000-$15,000/month pretty consistently working from home. (The going rate for these services is $50-$200/hour) What helped me was going through a self-study course on the platform, getting a couple of certifications, doing some spec work, then going out and asking clients if they needed my services. I call it “Learn, Slay It, Sell It.” Find out about growing trends, get up to speed then see if people will pay you to do it. If you become enough of an expert at it, they will! The nice thing is that it doesn’t have to be anything you studied in school, just something you studied on your own and mastered enough to be marketable.” – Aja McClanahan

Build websites.

“One way to make side income is to build websites for people and for businesses. The first website I ever built I charged $1200. Even if you dont know programming, it is easy to learn by watching free tutorials on Youtube. I think it would be very realistic to make $2,000 – $3,000 on the side building websites.” – Deacon Hayes

Become an alcohol demonstrator.

“Back in college, I made extra money on side side pouring alcohol samples for people in grocery stores. It was easy and paid well, considering how I don’t even know how to open a wine bottle (If I wasn’t using a product in a bottle that had a twist top, I asked someone else to help open it). The job paid $20 to $25 per hour and I could choose when I’d like to work and what job opportunities I’d like to accept. If you like to talk to people and prefer a laid back and good paying side job, being an alcohol demonstrator is definitely worth looking into.” – Chonce at My Debt Epiphany

Become a consultant.

“Become a consultant in your spare time doing some of the same work you might do in your full time gig. This works best with white collar office type roles where you can do your work at home at your computer. Just make sure you don’t compete with your current employer.” – Jim Wang

Tips from the experts on ways to make money on the side.

Along with the many different ways to make money on the side above, I also asked experts for their top tips when it comes to managing a side hustle.

“One of the best ways to think about how to make extra money is to identify what people are already paying for. I, for example, recently hired someone to manage my Pinterest account. That’s a great hustle you can master through a course or ebook, then execute from anywhere on your own time. Make someone else’s overwhelm your opportunity.” – Stefanie O’Connell

“Set boundaries. If you don’t you will get pulled in every direction and your health, personal life, finances, everything will suffer. Set boundaries for times you will work on your side hustle, what you are willing to do and stick to it. Don’t let checking social media creep into time you are watching your kids play sport or time you were going to work out. No money makes up for lost relationships or lost health. ” – Kylie Travers

“To accommodate a side hustle that makes a serious second income one ought to re-organise their life. I’d say that keeping a time/task diary helps. For a week write down all you do and how long you do it for. Analyse it and decide to stop doing anything that is: a) not productive; and/or b) doesn’t give you a lot of pleasure. You’d carve up a lot of time. You can also start looking for activities that you can combine to save time; e.g. running and commuting to work.”- Maria Nedeva

“My favorite (and least-favorite at the same time) way to manage everything (four kids & four blogs) is to work when our kids go to sleep. I will do some things during the day, but nothing that will require my attention for more than just a few minutes. My husband and I work from home, on our blogs, so we spend around 4 or more hours every night working side by side on them. We also try to squeeze in two hours during the preschool hours. This allows us to spend our time with our kids during the day and work together at night. While we might be a little more tired than usual right now (haha!) we figure that we can make up this time when our kids are older and in school. 😉 It is all about balance and finding time when we can. We can’t give 100% of ourselves to everything at the exact same time, so setting aside time for family and time for working is what works best for us – so we can give 100% to our family during the day and then 100% to our blogs in the evenings.” – Becky Mansfield

“My best tip for finding time to make extra money on the side is to give up watching tv. I used to watch one or two shows each evening, and now I spend that time working on my blog. I also stay up a little later than usual some evenings to get work done so I can spend my days with my kids. I’ve found that if you make it a priority, you will find time.” – Lena Gott

“You can make extra income in many ways – the only real limit is the limit you put on yourself. If you’re technically inclined, you can monetize that in your “off” hours. If you’re knowledgable about a certain topic you can freelance write in that area. Even if you have no skills, which I don’t believe, you can do something as simple as work around your neighborhood to walking/sitting for dogs while people are away from home. The opportunities really are endless to make extra income, you just need to want it and think outside the box.” – John Schmoll

“As someone who works full time and runs a blog on the side, I am a master at time management and planning. The best advice I have to managing both a job and a side hustle is to prioritize. If your job is number one and your side hustle is number two, then you may have to say no to anything that interferes with these two priorities (e.g. events with friends or family). Personally, prioritizing my goals and creating a plan to achieve them, have been the two most important factors to succeeding with a job and a side hustle.” – Natalie Bacon

“Organization of your time. I work a 9-5 job, I come home and walk my dog, then cook dinner. As you can imagine that doesn’t leave a ton of time for your side hustle. It means organizing your time for your side hustle. After I finish eating dinner, I budget an hour to my side hustle. Now that doesn’t seem like a lot, but if you do it every weekday that adds up to 5 hours you spent on your side hustle. You might have missed “Making a Murderer” but you added $100 to your pocket.” – Even Steven Money

“Because I was writing for my full-time job and also freelance writing/blogging as a side hustle, the last thing I wanted to do after an 8-hour day was come home and grind out more copy. Because of this, I leaned heavily on my weekends and my evenings became sacred. Every Sunday evening from 4-8 I’d work on my blog or any projects I had in the pipeline. Writing on Sunday evenings became so routine I find myself doing it now even though I work for myself full time and can write whenever I want!  So that’s my advice: pick out a chunk of time that’s just for you and keep the date with yourself religiously.  No one ever likes to hear it, but the truth of the matter is that it takes sacrificing in other areas of your life to truly side hustle and make it worth your time.” – Lauren Bowling

“Top tip: manage your time smarter. Managing your time has everything to do with FOCUS. Tasks will expand to the time you allot them, so schedule the things that are important to you, and stick to that schedule. It’s not about finding more time, it’s about leveraging the same 24 hours we all have in a day, and focusing on ONE goal at a time for your side income will help you accomplish that goal. Better yet, The Freedom Journal will guide you through setting and accomplishing your #1 goal in 100 days, so my top tip would be to grab The Freedom Journal and start taking action! :)” – John Lee Dumas

“The best way to find more time for side hustles is to eliminate things you thoughtlessly do that add no value. Consider how often you look at the same news feed updates on Facebook over and over again. If you just check Facebook once per day, you’ll get the same info and save a bunch of time.” – Lance Cothern

“My top tip for managing a side hustle is to be very organized. Every week, I have a “planning night” where I put actionable items on my calendar and then I follow through with them. I also use Trello to manage projects and outline what “steps” they are in and keep checklists in Trello so I make sure I don’t miss anything. A person can find more time for side income pretty easily – devote half an hour over lunch, or take time away from your favorite TV show to look for ideas, and then do them!” – Megan Harris

“The number one thing you can do to manage your life and your side hustle is to simply schedule time for it and have your family hold you accountable to it. You can make time for anything you set your mind to. You somehow manage to watch your favorite show each week, make dinner as a family, etc. Well, if making extra money is important, you’ll find the time. Maybe it’s before work or after the kids are asleep? There’s always time. The trick is, set a designated time, ask your spouse and tell your kids that this is what the time is for, and then use that time to make things happen!” – Robert Farrington

“Managing a side hustle is like any other aspect of your life. If you want to succeed at it, you need to prioritize it. So, allot the time, work through the time, make your side income and then get back to the other aspects of your life.” – Chris Ducker – ChrisDucker.com

“I’d suggest starting small with just a few hours a week. It’s easy to look at your free time outside of your job and think you can easily add 20+ hours of work per week. This can easily lead to burnout, and which might kill any motivation you had for side gigs.” – Jeffrey Trull

“One of the best things you can do for your goals is to wake up an hour early and *only* spend time working on what’s truly important to you. Sure you can watch less TV at night or hustle on your lunch breaks, but I find a single hour in the morning when everyone else is sleeping to be much more productive. And then you’ve started the day off with a major accomplishment no matter what else happens the rest of the day! It’s a beautiful thing!” – J. Money, BudgetsAreSexy.com / RockstarFinance.com

“Find something you enjoy doing that you don’t normally get to do otherwise. Turning it into a side hustle will offer incentive to make time for it. For instance, if you love pets and aren’t currently a pet owner, you can sign up with Rover and dogsit, or maybe work as a dog walker. That way you’re killing two birds with one stone.” – Jackie Lam

“The best way to make time for a side hustle is to learn to manage your time better. If you’re watching three hours of television each night, for example, you may need to give that up to work on your side hustle instead. If you’re still too busy, consider getting up at 5:00 or 6:00 a.m. I did that for over a year before I was able to quit my 9-5 job to pursue my side hustle full-time.” – Holly Johnson

“You need to make time for your side hustle. I would work on it during lunch, at morning before I went to work. Sometimes I would do it when on nights and weekends. I think most people could find 1 – 3 hours per day to work on a side gig.” – Deacon Hayes

“First, make a weekly calendar of all the events in your life.  On that same calendar, enter in the blocks of time you plan on working on your side hustle.  Treat those times like anything else that is important on your calendar.   If you schedule time from 8-9pm on Wednesday and you forgot your favorite show is on, no excuses!  Commit to these times and don’t let anything interfere that isn’t a family emergency.” – Jeff Rose

“My top tip for managing a side hustle is work at a scheduled pace. Set aside a certain number of hours every week and make sure that you make consistent progress. To find more time, I’ve replaced television and YouTube surfing for more productive activities.” – Steve Chou

“I used to struggle with finding extra time outside of my work and family life. The one tip I recommend is use your down-time more effectively. Instead of watching an hour of TV, take that hour and work on a side hustle. If you’re a night owl, use that when everyone else is asleep to create a business or develop a product. We don’t use all time effectively, but just taking chunks here and there and building a side hustle can change your life.” – Grayson Bell

“Choose your side hustle wisely. Choose to market your skills and talents instead of just looking at it from a financial standpoint. Earning a lot of extra money sounds nice, but if you don’t enjoy what you are doing, you will start to dread it quickly and it will take up more of your time. I’m able to work quickly and efficiently on side projects I enjoy so I can make the most of my time. I also try to cut out mindless tasks that take up time like binge watching television or browsing aimlessly through social media.” – Chonce

40+ Expert Tips And Ways To Make Money On The Side. There are many different ways to make money on the side and many great side hustle ideas. With this post, you'll hear from several experts about how you can make side hustle income.

40+ Expert Tips And Ways To Make Money On The Side. There are many different ways to make money on the side and many great side hustle ideas. With this post, you'll hear from several experts about how you can make side hustle income.“The opportunities to earn extra money are endless. But your time and energy are finite. Prioritize a health diet, exercise, socializing, and relaxation. You will be rewarded with extra energy for a side hustle on top of your day job.” – Kate Dore

“You don’t have to make it a part-time job. Make it a hobby first and don’t stress out about getting it done immediately. Find five hours a week to work on the book. Spend a couple of months learning everything you can about the subject or developing the characters/idea. Books can be as short as 40 or 50 pages or as long as you want to write them.” – Joseph Hogue

“If you really see a future in what you are doing, invest in your “side-hustle” by creating systems and ways to duplicate yourself i.e. subcontracting work when possible. Since we are a debt free family, our “personal burn rate” was low enough where I didn’t have to pocket all the business revenue. I eventually began to subcontract workers to fulfill client requests. It was a huge time saver for me and kept it a part-time gig for me that was relatively stress-free.” – Aja McClanahan

“Choose a side hustle that you also get some sort of personal benefit out of, in addition to the extra cash. For example, you might choose a side hustle that helps you get more exercise, or that gives you the chance to earn a new skill, or that allows you to meet new people, or just something you find really interesting. You’ll be more likely to stick with it if there are multiple benefits.” – Sarah Noelle

“You need to make it a priority. The best way to make it a priority is to understand why you need this extra income – pay off debt? Save more for retirement? That goal will drive you. Then make sure you list all the non-essential tasks you do and rank them, your side hustle will be above some tasks… make sure you hustle before you do those tasks.” – Jim Wang

Hope you enjoyed this expert roundup on different ways to make money on the side. Do you want to make side hustle income? Why or why not?

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Source: makingsenseofcents.com

Apache is functioning normally

United Wholesale Mortgage continues to bring the heat, this time shaving 50 basis points off streamline VA loans from now until Veterans Day on November 11th.

The move will make it even cheaper for veteran homeowners to refinance their existing mortgages to take advantage of today’s near record low mortgage rates.

What’s the Deal?

  • UWM is offering 50-basis point discount on VA IRRRLS
  • Offer good on rate locks now through Veterans Day (November 11th)
  • Can also be combined with VA Conquest program
  • Rates start as low as 2.25% on the 30-year fixed

To celebrate and better yet, appreciate our active duty military and veterans, UWM is offering a special pricing incentive on VA Interest Rate Reduction Refinancing Loans, or IRRRL for short.

This means existing veteran and active duty homeowners in the market for a mortgage refinance can save even more through Veterans Day.

At the moment, mortgage rates are already basically rock bottom, hovering near all-time lows achieved just a couple weeks ago.

When combined with UWM’s already low VA Conquest program, which has interest rates starting at 2.25% for a 30-year fixed, a borrower might be able to snag an exceptional deal over the next month and change.

And if we see mortgage rates creep down even lower prior to the election, thanks to the election and COVID-19, homeowners might get their hands on a deal of a lifetime.

The VA IRRRL is a streamlined refinance program that doesn’t require an appraisal and allows for an unlimited loan-to-value (LTV) ratio.

This makes it easy to refinance to a lower rate, regardless of your existing loan amount relative to your property value.

How to Take Advantage of This Special Offer

UWM is a wholesale mortgage lender only, meaning you can’t call them up directly to get a home loan.

Instead, you must work with a mortgage broker, who will act as the intermediary between UWM and yourself.

If interested, seek out a mortgage broker and ask if they’re approved to do business with UWM. If so, you can get pricing to see if their deal is better than the competition.

Just note that you should always take the time to shop around with other banks and lenders as well to ensure it’s truly the best deal.

On top of the savings being offered for a limited time, UWM says it can close IRRRL loans super-fast, often in less than 20 days, versus the typical 45 days or so for a refinance.

UWM is the nation’s largest wholesale mortgage lender, as has been for the past five years.

Their largest competitor is the wholesale lending arm of Quicken Loans, formerly known as Quicken Loans Mortgage Services (QLMS) until last week when they changed their name to Rocket Pro TPO.

The pair appear to be battling in the wholesale space, which should be good news for homeowners looking for a better deal on a mortgage via the mortgage broker channel.

Like Rocket Companies Inc. just did, UWM has plans to go public in the fourth quarter of 2020, as both take advantage of record origination volumes and corresponding profits.

Source: thetruthaboutmortgage.com

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Despite the ongoing pandemic, it’s turning out to be a very good time for companies to go public, especially mortgage lenders, which are seeing record volumes thanks to über-low mortgage rates.

The latest announcement comes from United Wholesale Mortgage, the largest wholesale mortgage lender in the country that works exclusively with mortgage brokers.

While they don’t offer home loans directly to the public, they still managed to crack the top-3 in terms of overall loan volume thanks to their legion of broker partners, who are client-facing.

United Wholesale Mortgage IPO

  • Going public via a special purpose acquisition company (SPAC) transaction
  • Will merge with Gores Holdings IV, sponsored by The Gores Group
  • Combined company expected to have equity value worth $16.1 billion at closing
  • Deal expected to close at some point in the fourth quarter of 2020

As opposed to a traditional initial public offering (IPO), the Pontiac, Michigan-based company is becoming a public company via a special purpose acquisition company (SPAC) transaction.

It will merge with already-public blank check company Gores Holdings IV, Inc., which is an affiliate of The Gores Group.

The deal is expected to close sometime in the fourth quarter of 2020, which is kind of fast-tracked to take advantage of the buzz in the mortgage space at the moment.

It’s the largest SPAC in history with a value of $16.1 billion, which is nearly 10x the company’s estimated 2021 adjusted net income of roughly $1.7 billion.

Like Rocket Companies Inc., parent of Quicken Loans, UWM appears to be cashing in on their hard work at an ideal time.

With mortgage rates breaking new records time and time again in 2020, homeowners are refinancing their mortgages in droves.

At the same time, home buying is also white-hot thanks to a lack of inventory and those low mortgage rates.

The result is fat profits for mortgage lenders, which makes these once-private companies look very attractive once they open their books.

Does a Mortgage Lender Make for a Good Stock Pick?

The big question mark is if they’ll be able to sustain such record profits if the mortgage biz proves to be cyclical.

For example, what happens when everyone has already refinanced their mortgage to a record low and they rise?

It’ll be difficult for mortgage lenders to continue to pump out new loans if homeowners have little incentive to tweak their existing home loans.

And home purchase lending won’t be able to pick up all that slack.

Conversely, these record low mortgage rates could be just the tip of the iceberg. Time and time again, mortgage rates have defied the odds and drifted lower.

In fact, last month UWM launched its popular Conquest loan program for 15-year fixed mortgages, offering a mortgage rate as low as 1.875%.

While that sounds too good to be true, it shows there’s still room for mortgage rates to go even lower over time.

If that’s the case, these red-hot mortgage lenders could be looking at several years of growth and record volume.

The mortgage market is also highly fragmented, with no one lender commanding a large amount of market share.

If UWM is able to keep growing, their stock might be attractive to investors, though unlike Rocket Companies, which likes to call itself a tech company, they seem to be more singularly focused.

Rocket Pro TPO vs. United Wholesale Mortgage

Speaking of Rocket Mortgage, the company also has a very large and growing wholesale division formerly known as Quicken Loans Mortgage Services (QLMS).

This week, it rebranded as “Rocket Pro TPO” to take advantage of the Rocket brand, which they refer to as “the most recognizable mortgage brand in the country.”

The company has spent billions of dollars to build out a brand-new white-labeled, “broker-branded origination hub” that features all the latest bells and whistles.

This includes e-signature technology and the ability for applicants to directly upload loan documents, along with tools for mortgage brokers.

Such as Guru, a search engine for mortgage origination, and The Answer, a tool powered by Google search that provides solutions to all mortgage questions.

So UWM certainly has its competition cut out for it, despite being the market leader today.

United Wholesale Mortgage has been the #1 wholesale lender in the nation for five years running, and hopes to continue that streak thanks to its own innovate programs like Conquest and Exact Rate.

It should be interesting to see how it all plays out.

Source: thetruthaboutmortgage.com

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how much should you pay a babysitter

how much should you pay a babysitter

Deciding how much to pay a babysitter can be a difficult task. Many factors should be taken into consideration, such as the age and experience of the babysitter, the number of children being cared for, the length and time of the job, and any special skills or tasks the babysitter may be performing. It may also be helpful to look at what other families in your area typically pay for similar services.

While it’s important to remember that while budget is important, you want to make sure that you are offering fair and competitive compensation for the sitter’s time and responsibilities. At the end of the day, trust your judgment and offer a rate that feels appropriate based on all factors involved. And don’t forget to factor in payment for gas or transportation if necessary! Ultimately, clear communication and mutual respect will go a long way in creating a successful babysitting arrangement for both parties involved.

Here are some general guidelines you can follow to make sure you’re paying a fair wage.

What are the average babysitting rates in 2022?

While rates vary depending on a number of factors, the national average hourly rate for babysitters in the United States in 2022 is $20.57 per hour, according to UrbanSitter.com.

Of course, rates can vary greatly depending on a number of factors, including your geographic location. Families in large metropolitan areas tend to pay higher rates than families in smaller towns or rural areas. Additionally, rates may be higher for overnight or live-in babysitting gigs, as well as for jobs that require special skills or tasks such as learning and educational babysitting, pet care, swimming supervision, or speaking a second language.

Additionally, keep in mind that the average hourly rate is just that – an average. Some families may be willing to pay above the average rate for an exceptional babysitter, while others may be working with a smaller budget and therefore offer a lower rate.

At the end of the day, it’s important to come to an agreement on compensation that feels fair for both parties involved based on all the factors involved in the job.

How do I figure out how much to pay my babysitter?

When trying to determine how much to pay your babysitter, it can be helpful to look at what other families in your area are paying for similar services. Of course, every family has different budget constraints, so you’ll want to tailor your own offer based on what you’re comfortable spending.

In general, you’ll want to consider the age and experience of the babysitter, the number of children being cared for, the length and time of the job, and any special skills or tasks the babysitter may be performing. Keep in mind that rates may be higher for overnight or live-in babysitting gigs, as well as for jobs that require special skills or tasks such as learning and educational babysitting, pet care, swimming supervision, or speaking a second language.

Additionally, with the price of gas, don’t forget to factor in a mileage reimbursement to cover gas or transportation

What do parents look for in a babysitter?

When looking for a babysitter, parents typically want someone who is reliable, mature, and responsible. They want someone who will follow their instructions and be able to take charge in case of an emergency. Additionally, many parents prefer to hire babysitters who have previous experience caring for children, whether through paid jobs or informally through family or friends.

Of course, every family is different, so it’s important to discuss your expectations with potential babysitters before hiring anyone. This way, you can be sure that you’re on the same page and that the babysitter you hire is the right fit for your family.

Babysitter Form

Looking for a printable babysitter form? Look no further! This form is perfect for parents who want to be sure the babysitter has the information they need to take care of your kids.

Download: Babysitter Form for Parents

What are some tips for negotiating pay with a potential babysitter?

When negotiating pay with a potential babysitter, it’s important, to be honest about your budget and expectations for the job. Be upfront about how much you’re willing to pay, as well as what tasks you’ll need the babysitter to perform. If you have any concerns or special requests, be sure to communicate these as well.

It can also be helpful to ask the babysitter what their rate is, as this will give you a starting point for negotiation. Remember that the average hourly rate for babysitters in the United States in 2022 is $20.57 per hour, so you’ll want to make sure you’re offering a competitive wage.

While we are all about pinching pennies here, at the end of the day, it’s important to come to an agreement on compensation that feels fair for both parties involved based on all the factors involved in the job.

Other Factors to Consider When Setting Your Rates for Child Care

How Old is the Babysitter?

The age of the babysitter is one important factor to consider when setting your rates. In general, older and more experienced babysitters will charge more per hour than those who are younger or just starting out.

However, it’s also important to remember that age doesn’t always equal experience. Some teenagers may have years of experience caring for children, while some adults may be new to the babysitting scene. It’s important to consider all qualifications when determining how much to pay your babysitter.

The Experience of the Babysitter

As we mentioned before, age isn’t the only thing to consider when it comes to experience. Some teenagers may have years of experience caring for children, while some adults may be new to the babysitting scene. It’s important to consider both age and experience when determining how much to pay your babysitter.

There’s a difference in experience, both in life skills and taking care of kids, between a neighbor’s teenage daughter and someone who has watched kids for years and is CPR and first-aid certified.

If you want to be sure that your children are in good hands, you may want to consider hiring a babysitter who has years of experience. These babysitters typically charge more per hour because they’re considered to be more reliable.

The Number of Children Being Cared For

Another factor to consider when setting your rates is the number of children being cared for. In general, the more children there are, the higher the hourly rate will be. This is because childcare providers have to divide their time and attention between multiple children, which can be challenging.

If you have more than one child, you may also want to consider hiring a babysitter who has experience caring for multiple children at once. This way, you can be sure that your children will be well taken care of and that they’ll have a more positive experience.

The Age of the Children

Another factor impacting the cost of a babysitter is the age of the children as infants and toddlers require more constant supervision and care than older children, so babysitters who are comfortable (and qualified) to care for them may charge a higher rate.

The Length of the Job

The length of the job is another important factor to consider when setting your rates. In general, shorter jobs will be less expensive than longer ones. This is because babysitters have to dedicate a larger portion of their time to shorter jobs.

If you only need a babysitter for a few hours, you may want to consider hiring someone who specializes in short-term care. These babysitters typically charge less per hour because they’re used to working for shorter periods of time.

The Time of Day or Night

The time of day or night is another factor to consider when setting your rates. In general, babysitting jobs that take place during the day will be less expensive than those that take place at night. This is because most people are available to work during the day, so there’s more competition for jobs.

If you need a babysitter for a nighttime job to cover a late shift at work, you may want to consider hiring someone who specializes in nighttime care. These babysitters typically have a higher going rate because they’re used to working when most people are asleep.

Also, if you plan to hire a sitter for special occasions such as New Year’s Eve or Valentine’s Day, you’ll typically need to pay a higher rate since sitters are in high demand.

The Location of the Job

The location of the job is another important factor to consider when setting your rates. In general, jobs that take place in urban areas will be more expensive than those that take place in rural areas due to cost of living. This is because babysitters in urban areas typically have to travel further to get to their jobs.

The Responsibilities of the Job

Another factor to consider when setting your rates is the responsibilities involved in the job. In general, jobs that require more responsibilities will be more expensive than those that don’t. This is because babysitters have to take on more tasks when they’re responsible for more things.

If you need a babysitter who is responsible for more than just watching your children, you may want to consider hiring someone who specializes in caregiving. These babysitters typically charge more per hour because they’re used to taking on additional tasks, such as household chores or preparing meals.

The Child’s Temperament

Another factor to consider when setting your rates is the kid’s temperament. In general, jobs that involve caring for children who are more difficult to handle will be more expensive than those that don’t. This is because babysitters have to put in more effort to deal with children who are fussy or temperamental.

If you have a child who is known to be difficult, you may want to consider hiring a babysitter who specializes in dealing with children like yours. These babysitters typically charge more per hour because they’re used to handling children with special needs.

What is the difference between a babysitter and a nanny?

A babysitter is typically defined as an older child or teenager who watches younger children for a short period of time, usually in the evening or overnight. A nanny, on the other hand, is a professional caregiver that is often working full-time and is responsible for all aspects of child care, including pick-ups and drop-offs, meal prep, homework help, and more. Because of the additional responsibilities, nannies typically earn higher hourly wages than babysitters.

When deciding whether to hire a babysitter or a nanny, it’s important to consider your needs and budget. If you only need someone for a few hours a week to watch your child while you run errands or go out for date night, a babysitter may be the better option. However, if you need regular child care during the day while you’re at work or if you have multiple children, a nanny may be a better fit.

There are many factors that influence the costs of a babysitter, and in the end, you’ll have to use your best judgment to determine how much to pay your babysitter. Consider all of the factors we’ve discussed and come to a decision that works for you, your family, and your babysitter. At the end of the day, what’s most important is that everyone is happy with the arrangement.

Source: pennypinchinmom.com

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Meet this week’s employee spotlight – Jose Diaz!

What motivates you to wake up and go to work?
I enjoy the job. I get to help people buy homes, all while making money, who wouldn’t like that

What do you enjoy doing in your free time?
I like to spend time with friends and family, count my blessings, and just stay active.

What would you do for a career if you weren’t doing this?
As a kid I wanted to be a point guard for the Knicks, I just didn’t have the height, this was a good backup plan though.

What are 3 fun facts about you?
I love tacos, sleep, and making money.

If you could have any superpower what would it be and why?
Teleportation for sure, I would save a ton on gas and airplane tickets.

What’s your favorite food?
Tacos & Lomo

If you won the lottery, what’s the first thing you would do?
Probably, pinch myself.

If you could learn to do anything, what would it be and why?
Again, teleportation, because why not, lol!

If someone was going to visit your hometown, what is one local spot you’d suggest they visit and why?
I’m going to keep this one a secret between the locals. Like they say, if you know you know

What’s your favorite thing about working at Total Mortgage?
Being a part of a team that is looking for ways to make loans that our competition can’t, and that we can sell in the I like where we are as a company, I can tell Total Mortgage values its employees and customers, and I’m looking forward to what the future holds.

Source: totalmortgage.com

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Today we’ll take a look at the top mortgage lenders in Texas based on their annual production last year.

They say everything is bigger in Texas, and that’s true when it comes to their mortgage lending volume relative to 47 other states.

Only California and Florida are bigger when the subject is doling out home loans. And they nearly double New York’s output.

The Lone Star State accounted for about six percent of national home loan volume, originating roughly $375 billion in 2021.

Let’s find out who the top lenders were in the state in a few different categories.

Top Mortgage Lenders in Texas (Overall)

Ranking Company Name 2021 Loan Volume
1. Rocket Mortgage $18.7 billion
2. Chase $15.5 billion
3. Wells Fargo $13.8 billion
4. Pennymac $8.8 billion
5. Freedom Mortgage $8.7 billion
6. Lakeview Loan Servicing $8.6 billion
7. United Wholesale Mortgage $8.4 billion
8. Amerihome Mortgage $7.9 billion
9. Homepoint $7.1 billion
10. Fairway Independent $6.7 billion

Yep, Rocket Mortgage did it again, topping the overall rankings in Texas with $18.7 billion in home loan volume in 2021, per HMDA data from Richey May.

They were also number one in the states of California and Florida, so it’s no surprise they took Texas too.

The Detroit-based lender, formerly known as Quicken Loans, led the way in about 20 states nationwide.

Coming in second was JP Morgan Chase with $15.5 billion, a strong showing for a depository bank.

I say that because nonbank mortgage lenders are all the rage these days, with brick-and-mortar banks often taking a back seat.

Another bank, Wells Fargo, took third with $13.8 billion in home loan volume, despite all their scandals.

And a pair of nonbanks rounded out the top-5, including Pennymac with $8.8 billion and Freedom Mortgage with $8.7 billion.

Others in the top-10 included Lakeview Loan Servicing, United Wholesale Mortgage, Amerihome Mortgage, Homepoint, and Fairway Independent Mortgage.

Top Mortgage Lenders in Texas (for Home Purchases)

Ranking Company Name 2021 Loan Volume
1. Chase $8.6 billion
2. Wells Fargo $6.6 billion
3. Lakeview Loan Servicing $6.4 billion
4. Fairway Independent $4.6 billion
5. Amerihome Mortgage $4.5 billion
6. Rocket Mortgage $4.4 billion
7. UWM $4.2 billion
8. DHI Mortgage $4.2 billion
9. Pennymac $4.2 billion
10. Cornerstone Home Lending $4.0 billion

Now let’s turn our attention to home purchase lending, which has quickly become the focus for pretty much all mortgage lenders.

Simply put, 6% mortgage rates mean it’s a lot more difficult to drum up refinance business. Thus, lenders are concentrating on home buyers.

In 2021, lenders in Texas had about a 55%/45% purchase to refi share. This will likely skew to the former even more in 2022.

Chase held the top spot last year with $8.6 billion in home purchase loans in the state, beating out fellow bank Wells Fargo with $6.6 billion.

Not far behind was Lakeview Loan Servicing with $6.4 billion. As the name implies, the company is both a lender and a loan servicer.

Fairway Independent Mortgage and Amerihome Mortgage took the fourth and fifth spots with $4.6 and $4.5 billion.

Then we had Rocket, UWM, DHI Mortgage (which is home builder D.R. Hortons’s financing division), Pennymac, and Cornerstone Home Lending.

Top Mortgage Lenders in Texas (for Mortgage Refinances)

Ranking Company Name 2021 Loan Volume
1. Rocket Mortgage $14.1 billion
2. Freedom Mortgage $7.5 billion
3. Wells Fargo $6.6 billion
4. Chase $6.5 billion
5. Pennymac $4.6 billion
6. Homepoint $4.6 billion
7. Nationstar $4.6 billion
8. UWM $4.2 billion
9. loanDepot $3.5 billion
10. Amerihome Mortgage $3.4 billion

Finally, we’ve got mortgage refinances, which are reserved for existing homeowners.

Borrowers take out these types of loans for either a lower rate (rate and term refinance) or to tap equity (cash out refinance).

Rocket Mortgage blew away the competition in this category with $14.1 billion in loan origination volume.

Nobody else was even close, with second place Freedom Mortgage only able to muster $7.5 billion.

It then dropped off even more with Wells Fargo’s $6.6 billion and Chase’s $6.5 billion, followed by Pennymac’s $4.6 billion.

Others in the top-10 included Homepoint, Nationstar (Mr. Cooper), UWM, loanDepot, and Amerihome Mortgage.

Top Mortgage Lenders in Austin

Ranking Company Name 2021 Loan Volume
1. Chase $3.0 billion
2. Wells Fargo $2.3 billion
3. Rocket Mortgage $2.2 billion
4. Homepoint $1.6 billion
5. UWM $1.3 billion
6. First United Bank $1.2 billion
7. University FCU $1.1 billion
8. Fairway Independent $1.1 billion
9. Better Mortgage $1.1 billion
10. Newrez $1.0 billion

Top Mortgage Lenders in Dallas

Ranking Company Name 2021 Loan Volume
1. Rocket Mortgage $4.7 billion
2. Chase $4.4 billion
3. Wells Fargo $3.5 billion
4. Homepoint $2.3 billion
5. UWM $2.1 billion
6. Fairway Independent $2.0 billion
7. Pennymac $1.9 billion
8. Lakeview Loan Servicing $1.9 billion
9. AmeriHome Mortgage $1.8 billion
10. PrimeLending $1.6 billion

Top Mortgage Lenders in Fort Worth

Ranking Company Name 2021 Loan Volume
1. Rocket Mortgage $1.8 billion
2. Chase $1.4 billion
3. Wells Fargo $1.3 billion
4. Lakeview Loan Servicing $1.1 billion
5. Pennymac $843 million
6. AmeriHome Mortgage $809 million
7. UWM $802 million
8. Fairway Independent $801 million
9. Freedom Mortgage $798 million
10. Mr. Cooper $663 million

Top Mortgage Lenders in Houston

Ranking Company Name 2021 Loan Volume
1. Rocket Mortgage $5.0 billion
2. Chase $4.4 billion
3. Wells Fargo $3.6 billion
4. UWM $2.7 billion
5. Freedom Mortgage $2.1 billion
6. Lakeview Loan Servicing $1.9 billion
7. loanDepot $1.9 billion
8. Homepoint $1.9 billion
9. Pennymac $1.8 billion
10. Cornerstone Home Lending $1.7 billion

Top Mortgage Lenders in San Antonio

Ranking Company Name 2021 Loan Volume
1. Rocket Mortgage $1.6 billion
2. Freedom Mortgage $1.6 billion
3. Pennymac $1.4 billion
4. Wells Fargo $1.0 billion
5. Chase $983 million
6. Lakeview Loan Servicing $944 million
7. Cornerstone Home Lending $822 million
8. loanDepot $813 million
9. AmeriHome Mortgage $811 million
10. Security Service FCU $790 million

Go Big or Go Home in Texas?

Every time I write about the largest mortgage lenders in a certain state, I do my best to separate size from quality.

Or at least point out that they are two unique things, despite “top” and “biggest” being used interchangeably.

For some, top means best quality, while biggest means, well, biggest.

Of course, these two things can go hand in hand, so it’s not always easy to differentiate.

If you look at the lists above, very few of the mortgage companies mentioned are headquartered in Texas.

I believe only Nationstar (Mr. Cooper), D.R. Horton’s DHI Mortgage, and Cornerstone Home Lending are Texas-based companies.

The rest are national mortgage lenders that do a lot of business in the state of Texas.

So if you prefer a homegrown lender, you may want to look elsewhere, such as a local bank, credit union, or mortgage broker.

But you might have a wonderful mortgage experience working with one of the biggest mortgage lenders in Texas too.

Regardless, the important thing is to gather multiple quotes to ensure you don’t miss out on a better deal elsewhere.

This is especially true in today’s mortgage market, where rates can vary widely from one lender to the next.

(photo: Marcin Wichary)

Source: thetruthaboutmortgage.com