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What’s the difference between a credit report and a credit file? Is there a difference between a credit score and a FICO score? And what’s a consumer-reporting agency? Is that the same as a credit-reporting agency?
Many media outlets and people who pretend to be credit experts have made a living off of improperly using credit terms interchangeably. By far the most prevalent example is the confusion between the terms “credit report” and “credit score”, especially when it comes to their use in employment screening. Here’s a hint: credit reports are not credit scores and credit scores are not credit reports.
Here are seven pairs of seemingly interchangeable credit terms that are most often misinterpreted by consumers and even “experts.”
Credit Report vs Credit Score
A credit report is a collection of information memorializing most of your financial liabilities. This includes your auto loans, mortgages, credit cards, student loans, collections, judgments, liens and bankruptcies. A credit score, which is not a permanent part of your credit report, is the interpretation of that data on your credit report. Think of it this way: one is the test and the other is your grade on the test. They’re two very different things.
Credit Report vs Credit File
A credit report is a fully compiled list of information that matches your identity and is maintained by a credit reporting agency. Think of it as a final product, which is scored and delivered to lenders and anyone else who has a right to see and use it. A credit file is the “universe” of information floating around the credit bureau’s databases waiting to be compiled into credit reports.
Credit Reporting Agency vs Consumer Reporting Agency
“Consumer reporting agency” is a legal term. It means any organization that regularly compiles information about a consumer for the purposes of selling it to a 3rd party. A credit reporting agency is an example of a consumer reporting agency, but isn’t the only type of consumer reporting agency. I wrote about LexisNexis, another consumer reporting agency, here.
Credit Score vs FICO Score
A credit score is a category of products. It’s like saying cars, beer, shoes, or soft drinks. FICO is a brand of credit score. It’s like saying Ford, Budweiser, Nike, or Fresca. If it doesn’t say “FICO,” then you’re not getting a FICO score. Simple enough.
Home Equity Loan vs Home Equity Line
Despite the similar names these are actually two very different credit product types. A home equity loan is an installment loan, meaning you have a fixed payment for a fixed number of months. A home equity line is a revolving line of credit, just like a credit card. Your payment is dependent on the interest rate and your balance for that month (like a credit card). The only similarity between the two is the fact that the loan/line is secured by equity in your home, which means if you default on your payment obligation you could lose your house.
Credit Card vs Charge Card
Again, very similar names but very different credit products. A credit card is a revolving account, which means you have a variable payment depending on your outstanding balance for the month. It’s a perpetual account as long as you and the credit card issuer agree to keep it open. This means it could be open indefinitely. A charge card is a “pay in full” credit product, which means you can’t “roll” a balance from one month to the next. If your balance is $300 you have to pay $300 to exhaust the full balance. The American Express Green Card is a good example of a charge card.
Chapter 7 vs Chapter 13
These are both types of consumer bankruptcies under the U.S Code. A Chapter 7 bankruptcy is referred to as a “straight bankruptcy” or “liquidation.” Under Chapter 7 any statutorily dischargeable debt is eliminated. A Chapter 13 is referred to as an “adjustment of debt” or a “wage earner plan.” Under Chapter 13 the consumer, who has an income, pays into a trustee who then distributes the money to the consumer’s creditors.
John Ulzheimer is the President of Consumer Education at SmartCredit.com, the credit blogger for Mint.com, and a Contributor for the National Foundation for Credit Counseling. He is an expert on credit reporting, credit scoring and identity theft. Formerly of FICO, Equifax and Credit.com, John is the only recognized credit expert who actually comes from the credit industry. The opinions expressed in his articles are his and not of Mint.com or Intuit.
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There are numerous personal finance articles dealing with the perils and pitfalls of the personal loan. When it comes to lending money to friends or family, the most recurrent piece of advice given is “Don’t.” That’s not to say that many of these articles don’t offer potential lenders a lot of good advice on how to best navigate what can be a tricky and touchy situation. Which is why I’m going to focus on the other side of the coin: The protocol of the personal loan from the borrower’s point of view.
Like every other article on the subject, when it comes to borrowing from friends and family the best advice I can offer is “Don’t.” The process is fraught with many bumps in the road that can serve to throw the best of relationships irreparably off track. While philosophically it might be wise to adhere to the advice Polonius gives Laertes in Shakespeare’s Hamlet–
“Neither a borrower, nor a lender be; For loan oft loses both itself and friend, And borrowing dulls the edge of husbandry,”
–in reality that may not be an option. So, you’ve got a big expense and no ready cash to cover it—what do you do?
Exhaust all other options first: spend less, make more
Before ever requesting that anyone sacrifice their hard-earned savings to keep you afloat, you should make sure you’ve done everything you can in making sacrifices of your own. Be ruthless in trimming unnecessary expenses–and make sure you have a realistic view of what’s “necessary.” Cable bills, anything other than basic cell phone services, eating out and other entertainment costs should be slashed from your budget. It’s not cool to expect someone else to fund a lifestyle that is beyond your own means.
Speaking of “means,” effort should be made to increase your income. Whether it’s negotiating a raise at work or finding a part-time gig to score some extra cash, make sure you’ve explored all options for balancing your expenses with sufficient income.
If cutting costs and increasing earnings doesn’t resolve your deficit, consider scaling back on your possessions. Yes, it sounds harsh—but consider it from your potential lender’s point of view: Nobody is going to feel comfortable handing over a nice chunk of change to someone who drives a Porsche and owns a 60″ plasma HDTV or a closet full of Jimmy Choos and Manolos.
At this point if you still need money, here are some steps to take to make sure that “a loan between friends” doesn’t end up being a case of money coming between friends:
Be a good risk.
Let’s face it: If you were truly loan-worthy, you’d be able to go through the process and get the funds you need from a bank instead of your buddy, Bob. That being said, you should still ensure that you’re responsible enough to warrant a personal loan. Going through the process of cutting expenses and getting a second job shows that you are taking charge and holding yourself accountable. This makes it easier for a lender to take a chance on giving you money.
Make it legal.
Create a formal agreement between you and your lender that specifies the payoff date and a payment plan. There are various online options you could utilize: LoanBack.com and LendingKarma have customizable loan agreement forms and loan trackers available. Or you could purchase a template from LawDepot.com. But given that money is an issue, it’s probably best to just customize a free loan agreement template with the details of the terms such as interest rates, payment schedule, collateral, etc. Putting it down on paper will ease the mind of the lender as well as making the obligation less tenuous and more tangible for you.
Have a plan.
Make sure you have a way to repay the loan in a timely fashion. No lender is going to be comfortable with an open-ended “whenever” agreement—even your best buddy, Bob. Use a loan payment calculator to break your loan amount into manageable monthly payments and come up with a way to free up resources to make those payments in a timely and consistent manner. Perhaps make weekly or monthly transfers of the money you save by giving up your daily Starbucks latte into your lender’s PayPal account.
Walk the walk.
Once the immediate financial pressure is alleviated, don’t slack off and slide back into the habits that got you into trouble in the first place. You especially want to make sure you’re not flaunting any frivolous purchases in front of your lender. After all, if you can’t afford to pay your rent, you shouldn’t be shelling out money for the latest video game release or a new designer handbag. This is one positive aspect of an impersonal bank loan: A loan officer won’t be giving you the side eye at Thanksgiving dinner like Uncle Fred over that $500 you owe him.
Foreclose on your pride.
Even if your lender is collecting interest on your loan, the fact that you’ve accepted money from them opens you up to their scrutiny and often-unsolicited advice. Whether it’s a lecture on how people were more fiscally responsible back in the day by Uncle Fred or a copy of a book by Suze Orman from Bob, it’s part and parcel of the price you pay for a personal loan.
Accept rejection graciously.
Even if your buddy Bob just scored a big promotion, that doesn’t mean he has to use it to stave off your foreclosure. Recognize that many people are uncomfortable with money issues and the strain they can put on relationships. It’s a personal loan, but it’s not always personal. Bob may have had a bad experience in the past and vowed never again to lend to a friend, no matter how close or trustworthy.
Pay it back.
The most important aspect of receiving a personal loan is to pay it back. Just about everyone has a story about lending money to a friend that ends up with them losing the money AND the friend. Don’t be included in that statistic. Be the happy anomaly that restores faith and trust in a positive outcome when it comes to borrowers and lenders.
Don’t “Lather, rinse, repeat.”
Once you’ve paid off your debt, continue to maintain your frugal tactics to build up an emergency fund so that you won’t find yourself in similar circumstances in the future. Although repaying a loan proves that you’re a good risk for future financial needs, the real lesson that should be derived from the situation is gain more control over your finances so that you never have to put yourself or your friends and family in the awkward position of asking for money again.
Do you have any personal loan horror stories? What lessons did you learn from the process?
The Protocol of the Personal Loan was written by Stella Louise, Editor of the Savings.com Blog & Save, a blog for savvy consumers looking to live well for less.
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Mothers tend to have an opinion about everything, and the older we get, the more we realize just how right they are! This is especially true when it comes to being smart with money. So the next time your mom offers up some wisdom, consider her advice as a gift to you this Mother’s Day!
Stick to a budget
A recent survey shows that 60% of Americans do not have a budget! You can’t possibly manage your finances without one. An app like Mint will help you create a budget, track your spending and set financial goals. Plus, when you sync all financial accounts to the app, everything is in one place. Budgets lead to a better financial future. Mom wants that.
Monitor your bank balance
While it’s easier than ever to check a balance here or pay a bill there, you may think you don’t need to maintain your own records. You do! You may think your mom is a bit old-school for balancing a ledger, but it’s important to check your account monthly. Cross-reference your spending with your checking account to see if your balance is higher or lower than it should be. Look over receipts, payments and cancelled checks and double check the amounts. If there are any inaccuracies, report them immediately.
Secure your future
While 401(k)s may be going the way of mom jeans, many companies still offer them. If you are lucky enough to work for a company that offers one of them, max it out. You can contribute up to $18,000 this year. It’s the best way to build wealth for your future, and minimize the tax bite – a worker in the 25% tax bracket who contributes the maximum this year will save $4,500 on his 2015 tax bill. If your employer matches contributions (50 cents on the dollar up to a maximum of 6% is common), this will help grow your retirement account balance even faster. For a worker earning $60,000 per year, this employer match – aka “free money” – could be worth as much as an additional $1,800 toward that retirement account. Mom will be so proud!
Save before you spend
Saving before spending is one of the easiest ways to boost wealth and meet your long-term goals. If you are paying yourself last, chances are there may not be much left to save after you’ve covered your housing costs, groceries, and utilities. You may have heard your mother say “pay yourself first”: set aside a certain portion of your income the day you get paid before you spend any discretionary income. Direct deposit is an easy way to save automatically.
Homemade gifts are the best
A large portion of the $173 we are expecting to spend on mom this year will be at restaurants, according to the National Retail Federation. If mom taught you how to cook, avoid the crowds and make her brunch at home. You will be putting the lessons she taught you to work while saving money and showing her how much she’s appreciated in the most personal way!
– Vera Gibbons,Mint Contributor and Personal Finance expert
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How much should you spend on a wedding? Well, that depends on who you’re asking, I suppose. As I’m sure most of you are aware, the personal finance blogosphere tends to be divided into two main camps: those that are focused on investments and entrepreneurship and those that are focused on frugality.
In my experience, however, the entrepreneurship camp is pretty live-and-let-live. The whole “cut everything you don’t care about so you can spend whatever you’d like on the things you do care about” school of thought. When you think about it, this makes sense for a few reasons.
We all have different skill sets to be utilized in our respective side hustles.
Different skills mean different pricing schemes.
We all have different work and family situations that we’re fitting said side hustles in around.
We all care about spending our money on different things, and those things cost different amounts and reflect our tastes and values.
Long story short, what this means is that sometimes it’s difficult to talk about investment and entrepreneurial issues in a way that applies to everyone.
Scenario 1: Someone who just graduated from college, hasn’t been able to find a job yet, and doesn’t have much work experience or professional contacts who is moving out of the dorms and trying to get a lease on an apartment.
Scenario 2: someone who has been in a stable job in their field for fifteen years and wants to start building up their side hustle so they can leave their nine to five and spend more time working from home now that their second child is on the way and their home is halfway paid off.
How do you give the meaningful advice to both folks at the same time? Not an easy task.
However, if I post a recipe for how to make your own laundry detergent and tell you it only takes 20 minutes to make a six-month supply, well — there’s no reason everyone can’t take advantage of that, right? As a result, frugalistas tend to be a little more “one size fits all” and, dare I say it, judgmental (in lots of blog communities, anyway, though blessedly less so at GRS).
What does all this have to do with my wedding? While my husband and I spent significantly less than the national average of $27,000, we did end up clocking in at what was — for me, anyway — a nearly heart-stopping $11,400.
However, there’s more to this type of spending than pure number-crunching; psychology and social expectations play a huge role, and those who argue that those factors shouldn’t play a part are in need of a serious reality check.
Expectations v. Reality
Contrary to stereotype, my idea of a wedding was eloping and sending out postcards to our holiday card list afterward telling people it happened. After all, we not only have school and consumer debt we’re trying to pay off (more on that in another post), but we’ve been together for six years and living together for four of those years. In my eyes, it was a formality that didn’t require a huge expense.
My fiancé, on the other hand, wanted the whole shebang: ceremony in a church (which I did manage to talk him out of — barely — by pointing out that we’re atheists) and formal reception with a hundred and fifty guests. He’d literally been dreaming of his wedding day his entire life and had never once envisioned it without all the bells and whistles. I can’t emphasize this enough; He wanted a black-tie affair and a string quartet, and that’s just for starters.
After pointing out a few salient points, like:
I hadn’t paid off over $10,000 in credit card debt just to rack it all up again, especially when my salary is only $40,000 per year.
He had just quit his extremely lucrative job at a mid-size law firm where he was well on his way to partner for a far more uncertain future starting his own firm with a friend who isn’t exactly renowned for his work ethic.
Our parents were in no position to contribute to the costs: we were completely on our own as far as paying for the wedding.
He agreed with me that there was no way we could pull off a traditional wedding and honeymoon on our own. At first we didn’t think this was going to be a big deal; after all, surely there were less-expensive packages offered by wedding vendors, right? We priced five vendors and, much to our surprise, struggled to find a single one that could provide us for a quote under $20,000. Which didn’t even include the honeymoon. Gulp. Enter compromise. But where would we even start?
However, over the course of many conversations, priorities began to emerge.
First, neither of us are huge DIY-ers, meaning we weren’t going to sit around for hours making invitations and table centerpieces from scratch. Second, having a formal event was non-negotiable; a pot-luck in the park wasn’t going to cut it. Third, the event itself could be small, as long as all our friends and family were invited. Fourth, we weren’t willing to forgo a honeymoon in favor of the ceremony. And finally, we wanted to go on a cruise for our honeymoon.
The Epiphany
Score! I don’t even know where he came across it since it’s not on the cruise company’s main page, but somewhere in the endless Google searches my husband found what ended up being our solution: having the wedding itself on the cruise ship! While it sounds deliciously decadent, shockingly it ended up our most affordable option.
Here’s a rough cost breakdown:
Ceremony and Reception: $2000 for up to 20 guests, $30/each thereafter. We ended up paying about $250 for going over the limit, so $2250 total. The reception was an open bar and included a selection of 10 appetizers.
DJ: $100. We provided the CDs with music, he was just the host.
Flowers: $100. Basic bouquets.
Bride’s apparel: $600. I bought a sample dress for $110 and had it tailored. This amount also includes my accessories.
Groom’s apparel: $200, tuxedo rental. Though pricey, a tux was one of his non-negotiables and going through the cruise company was cheaper than having to rent a tux for the entire week of the cruise.
Rings: $300 each, $600 total. My ring is white gold with CZ accent stones and his is white gold. We bought mine off a costume jewelry website and his off Amazon.
“Rehearsal” dinner: $400. There wasn’t actually a rehearsal since the boat docked the morning of the ceremony, but we took our friends and family out for deep-fried seafood the night before we set sail.
Invitations: $500. Note: This is probably the expense I regret the most. Due to a pretty significant miscommunication, we waited until the last minute humanly possible to get invitations sorted out, and we paid for it. Ugh.
Postage: $100. Note: Don’t forget to account for this expense! We had to buy 65-cent stamps for the invitations and then you have to also stamp the RSVP cards. Originally the plan was to do RSVP postcards to save a bit, but since we needed full legal names and birth dates with the RSVPs to comply with cruise ship regulations, this didn’t end up being feasible.
Wedding website: $100. This was for one year of hosting service, which is about how far in advance you want to start notifying people of a cruise wedding anyway.
Bridesmaid’s gifts: $300. I bought their jewelry for the wedding as well as took them out to a fancy brunch, since they planned the bridal shower in my state and a bachelorette party in the state where the wedding was held, despite the fact that neither of them lived in either of those states.
Favors: $150. This one was almost a fight, too, since the favors he wanted were really expensive. However, since we had fewer than 30 people attending when all was said and done, we could spring for this.
Photographs: $1000. Note: this seemed expensive to me, but apparently a professional wedding photographer usually runs $3000 or more. Our photographer was actually included in the cost of the wedding, so the $1000 is only for the prints we purchased and digital copies of those prints. He also turned them around in THREE DAYS, which is apparently unheard of in “normal” wedding photography circles. And everyone agrees that they’re stunning.
Flights, hotel, and other transportation: $1500. We live in Arizona and the cruise departed from Florida, so we would have spent this regardless. It’s also worth noting that my friends and family all are from Florida and having the wedding there was the only way a lot of them could afford to come. Additionally, we ended up having to pay the overweight luggage fees because we weren’t willing to pack light for our own wedding.
Cruise: $2200. This was a seven-day western Caribbean cruise with four ports of call. We also stayed in one of the nicest cabins on the ship — we had a living area, plenty of closet space, and a balcony.
Spending while on cruise: $1300. This included excursions like snorkeling with sting rays, zip lining in Belize, tubing through ancient Mayan caves, alcoholic beverages while on the cruise, and all gratuities.
Total: $11,400
Since the wedding actually happened while the ship was in its home port, guests could attend even if they weren’t coming on the cruise. Since they weren’t obligated to cruise with us, and most of the guests would have had to travel to us even if we’d gotten married in our home state, the wedding was no more or less a burden to attend than it would have been otherwise. And four of our friends did end up joining us on the cruise, which ended up being even more fun than a honeymoon alone!
The Aftershocks Afterglow
We managed to pay for about half of these costs prior to the wedding, and ended up with credit card balances of approximately $5000 that still need to be paid off, or about $2500 apiece (we haven’t combined finances yet). However, it’s also worth noting that I fully paid off my last remaining $2500 in credit card debt during the year prior to the wedding. On the surface my balance hasn’t changed, but this means I know I can pay off my share of wedding debt within a year, since I’ve basically done it before.
While I will admit that I started off resenting every penny and every minute of my time I spent on the experience (remember, I wanted to elope), I had an amazing time and appreciated the opportunity to reconnect with family and friends a lot more than I thought I would. And while he started off resenting that we weren’t taking advantage of every upgrade available, after everything was said and done he agreed that everyone considered every aspect of our wedding to be very classy, indeed.
What Do You Think?
Are we heroes to be commended for spending less than half the national average? Complete and total fools duped by consumerism and the wedding racket into spending way more than we should have? Have you ever had an experience with a romantic partner where initial opinions differed so radically on an issue of such significance? If so, how did you resolve it?
Inside: Learn how to invest $100 and make $1000 a day using these proven strategies. Find out the best ways to invest 100 dollars. Many from the comfort of your own home.
One of the biggest mistakes that people make with money is not investing.
You see, if you invest $100 and earn 10% interest a year, in just 12 months your investment would be worth $120!
It takes money to make money.
We all have heard that before.
Many people want to make some extra money, and that is why they are turning their attention to investments. There are a lot of ways to invest your money safely, but most importantly it should be done with a goal and for the long term.
The article will help you to invest $100 now to start making $1000 a day. Will this happen overnight? Nope. That would be some get-rich-quick scheme.
You must be willing to invest the time, resources, and money to start making $1000 a day.
If you are looking to invest $100, this guide will help provide you with the knowledge and strategies to generate a constant stream of income of $1000 a day.
Is Investing $100 To Make $1,000 A Day Possible?
There is no one-size-fits-all answer to this question, as the success of any investment depends on a number of factors. But, yes, many people have found ways to invest $100 to make $1000 a day.
There are a few strategies that investors can use to increase their chances of reaching $1,000/day. That is the part that takes commitment.
Best Ways to Invest 100 Dollars
There are a lot of different things you can invest your $100 in. You could put it into stocks, bonds, or even real estate. Those are the most effective strategies with the least amount of time commitment.
However, there are other options as well, which we will go into detail shortly.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
What should I invest $100 in right now?
Whatever route you decide to take, remember that investing is a good way to learn and make money.
Not only will you likely see an increase in your overall wealth by investing your money, but you’ll also be happier because of the positive impact it has on your life!
How to Invest $100
You can take your $100 and invest it into the stock market or a savings account. Something that immediately starts paying you to make a return.
The other way is you could use that money to buy books and courses on how to make money with any of the ideas below.
Another option would be to invest in a service that others might not have thought of. This could be something like a start-up business or an online course that teaches you how to make money through investments.
There are plenty of ideas on how to invest $100 it just depends on your short-term and long-term goals.
In fact, learning how to make money online for beginners is a hot topic!
The step-by-step guide to making money with this simple trick
If you’re looking for a step-by-step guide on how to make money with this simple trick, look no further! In this ultimate guide, we’ll cover everything you need to know about the process.
The first step is to invest $100 per month in order to get started. By doing this, you’ll be setting yourself up for a lifetime of financial security.
In order to make money with this simple trick, you’ll need to follow these simple steps:
Decide How You Plan to Make $1000 a day
Invest in Learning How to Do It
Invest your $100
Stay Persistent
Start making profits!
Will everything work out as simply as that? No, but you have to commit to a plan in order for it to happen!
Once you’ve invested in your future, it’s time to learn how to be successful and start making some serious profits!
Invest $100 Make $1000 A Day – Strategies for Success
People have different strategies for success, and the best way to succeed is by figuring out what works for you.
A strategy that might work well for one person may not be suitable or acceptable in another’s situation.
In this article, we’ll explore a few different strategies for success and how they can help you make money from home or on the job. In fact, many of them I implement to make money.
Idea #1: Savings Account
The best way to start investing is to open a savings account. For every $100 you deposit in a savings account, you will earn about a small amount of interest. This may not seem like a lot, but it can add up over time.
In reality, investing $100 into a savings account is a habit that will continue to lead to saving higher amounts of money. While you may not be able to make $1000 a day off your first 100 dollars, your efforts will multiply as your saving percentage increases.
In addition, many banks offer special promotions for new customers, such as a $500 bonus for signing up.
To get the most out of your savings account, be sure to shop around and compare rates at different banks. CIT Bank offers some of the highest interest rates available, so be sure to check them out!
Idea #2: Retirement Accounts (401k or Roth IRA)
Investing in your 401(k) is a great way to secure your financial future. Not only do you get matched contributions from your employer, but the tax benefits make it easy for employees to invest. Contributions are tax-free until retirement, so it’s a good place to put money while you’re working a side hustle or contract gig.
A solo 401(k) is a great way to take advantage of these benefits if you don’t have an employer.
In addition, investing in a Roth IRA is a smart idea as well.
Idea #3: Invest in Cryptocurrency
Cryptocurrencies are digital or virtual tokens that use cryptography to secure their transactions and control the creation of new units. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control. Bitcoin, the first and most well-known cryptocurrency, was created in 2009.
Cryptocurrencies have experienced a wild ride over the past year! In the past five years, bitcoin prices have swung from a high of $68,000 in November 2021 to the lowest dip of $3236 in December 2018 (source). Many experts believe that crypto will be adopted widely in the future, and some predict that one Bitcoin will be worth $200,000 or more.
Investors can purchase a range of cryptocurrencies through reputable platforms such as Coinbase and Bitstamp. The most common crypto are Bitcoin, Ethereum, Litecoin, and USDC (a stablecoin pegged 1:1 with USD).
Idea #4: Invest In The Stock Exchange
Like an active trader – either as a day trader or swing trader.
When you invest in the stock market, this is a way to make money on your investments.
In fact, you can make money fast in stocks. But, you need to have a solid trading plan first.
My favorite course is Trade and Travel with Teri Ijeoma. In fact, check out my Trade and travel review and begin your journey to making $1000 a day.
Idea #5: Peer-to-Peer Lending
If you’re looking for a solid investment opportunity, peer-to-peer lending may be a good option for you.
Peer-to-peer (P2P) lending service that connects borrowers and investors. Because it’s a peer-to-peer platform, it can be more profitable for the investor.
Both Lending Club and Prosper are examples of investment platforms in this space.
Idea #6: Become an Entrepreneur
There are many options for entrepreneurs to make money. You can start a restaurant, retail store, or offer your services for a fee.
Another great way to make money is by investing in something you’re passionate about. For example, if you love cars, you could open a car detailing business. This requires some planning and dedication but can be very rewarding.
As an entrepreneur, your goal is to invest in ways that have the potential to turn over $1000 per day.
Idea # 7: Invest in Yourself
When you think about it, the best investment you can make is in yourself.
If you have 100 to invest, find what you are missing and fill it with new knowledge. Learning never stops – it’s a continuous process that will help you grow as an individual and stay ahead of the competition.
This is one area where you have the possibility to make well beyond just $1000 a day.
In fact, many of the best millionaire quotes focus on investing in yourself.
Idea #8: Invest Money in Index Funds
Outside of retirement accounts, many people overlook investing in the stock market as an individual.
Index funds have been a popular choice for investment managers for many years. They are a type of mutual fund that tracks the movements of an index, such as the S&P 500 Index. Because these types of funds follow an index, they provide diversification and typically come with lower fees than actively managed funds.
For these reasons, investors may want to consider using index funds when building their taxable investment portfolio.
Idea #9: Enroll in a Course or Certification
There are many different courses and certifications you can take to improve your skills.
This “new skill” could help you transition into a different career. A “certification” might help you get promoted in your current position, or it might allow you to begin working in a new field.
Either way, you are investing $100 or more today to make 10x your money in the future. Consider what skill can be useful in your professional or personal life and invest in a course.
Idea #10: Clear Your Debt
Paying off debt is a guaranteed return on investment.
This may seem a little backward but hear me out…
If you add an additional $100 to paying off your debt consistently, that means you are that much closer to freeing up a huge amount of debt payments to go somewhere else.
In this case, your overall debt payment can be invested in other ways and you will quickly improve your rate of return.
Idea #11: Work As A Sales Person
Commission payments are a large part of income for salespeople. In fact, US News reports that the average sales professionals earn an average salary of $73,500 in 2020.
This is a competitive field, but it can be very rewarding for those who are driven to succeed.
You probably will have to invest in a business degree to make this career field worth it.
Idea #12: Write A Book
Books are a great way to make money. They are one of the few investments that can be made with the intent to generate passive income. In other words, you put in some work at the beginning and then receive payments over an extended period of time without having to do anything else.
Writing a good book is an easy way to make money in 2023. As an independent self-publisher, if your book sells 100 copies per day at $10 each, you will make $1000 on every copy sold.
Publishing companies can help pay an advance for your work and handhold you throughout the process. You might need skills beyond writing if you want your book published at one of the larger publishing companies.
If you are serious about becoming an author, it is best to go through a publishing company and have them edit your work for you. This will ensure that your book is high quality and likely to sell more copies.
Remember: publishing a book is not cheap! It takes a lot of hard work and dedication, but if done correctly it can be an excellent way to make 1000 dollars a day or more.
Idea #13: Become a Book Nerd to Build Skills
Investing in books is a way to improve your knowledge and increase productivity. It’s impossible to become an expert in every field, but it’s possible to become one by reading about them. Books can change the way you view life and give you fresh perspectives on how to handle finances, as well as other aspects of life.
An investment of $100 in 2023 would yield $1000 or more depending on the non-fiction niche books you choose.
So, what are you waiting for? Start reading!
Idea #14: Online Flipper
So you want to flip 100 bucks to 1000? Well, it’s not as hard as you might think. In fact, with a little bit of effort and some basic knowledge, you can turn that hundred into a thousand in no time at all! Here are a few tips to help get you started:
Find something to flip. This could be anything from furniture to clothes to electronics. Keep an eye out for items at local retailers that are on sale and look like they could be resold for more online.
Know your market. What is the average price for the item you’re looking to sell? Knowing this information ahead of time will help make sure that you don’t sell your product for too little (or worse, too much).
Have the proper tools ready before starting your flipping business. This includes having a good camera or phone with which to take pictures of your products, a computer or laptop with which to list them online, and PayPal or another payment processing system set up and ready to go.
Be prepared for some work! Flipping isn’t always easy–you may have to spend time researching what items are selling for how much online, traveling long distances to find good deals or dealing with frustrating customers.
A great way to get started is to learn more from the Flea Market Flippers! They are very successful and teach others how to flip items
If you’re willing to put in the effort, flipping can be a great way to make some extra money on the side.
Idea #15: Invest in Real Estate
There are a number of great reasons to invest in real estate in 2023. In fact, real estate is one of the best investments for making money.
To start investing today, set aside a few hundred dollars each month and invest in real estate over time. This will help you build your wealth slowly and steadily.
Ways to Invest in Real Estate:
Rental Properties: Investing in rental properties can prove profitable with monthly renters and appreciation from rental income or capital gains as a property is worth increasing over time. However, rental properties require more upfront money and more work to maintain than other types of real estate investments.
Flip Houses: Another option is buying properties at low prices, fixing them, and selling them for a quicker profit.
REITs: Real estate investment trusts are a great way to access real estate much like mutual funds. These are highly regulated. However, learn about the best paying jobs in REITs.
Crowdfunded Options: Crowdfunded real estate can be accessed by anyone with a little bit of money – you don’t need to be a millionaire to get started! The returns tend to be more significant than the stock market so it’s a good choice for beginners. Plus, EquityMultiple lets you invest in real estate without worrying about managing a property yourself. It’s possible to make $1000 per day through EquityMultiple, depending on the time frame and market conditions.
Between crowdfunded real estate, rental properties, and REITs – there are plenty of options to choose from when it comes to investment vehicles. Each has its own unique advantages and disadvantages, so it’s important to do your research before settling on an option.
Overall, though, investing in real estate is a great way to grow your wealth and secure your financial future!
Idea #16: Get a New High Paying Job
There are many high paying jobs in the world, but the skill necessary to get one of those jobs is managing people. People who manage other people are able to get paid more because their skills are rare and in high demand.
Management positions are typically the highest paying, but there are also many other responsibilities as well. other lucrative options to consider.
This will help you find more money to invest on a regular basis and start making more money each day.
Idea #17: Affiliate Marketing / Influencer
Affiliate marketing is a great way to make money online. In fact, many affiliate marketers earn six figures or more per year. So what is it?
Affiliate marketing is the practice of advertising a company in exchange for payment. Affiliate marketers work with blogs to post about products and services, which makes them eligible for receiving payment when someone clicks on the link and purchases something from the company they’re advertising for.
It’s not likely that you’ll make this kind of money right away, but as your influence grows, you can certainly make some good cash through affiliate marketing programs.
The costs associated with getting started are relatively low–you can probably get started for less than $100–and it takes about the same amount of time to build up your blog’s audience and reader base from scratch. So if you’re looking for a solid way to generate some extra income online, give affiliate marketing a try!
Idea #18: Start Your Own Blog
With just $100, you can start your own blog and make money.
Blogging is a great way to make money and requires little in the way of cash or startup costs. In fact, many bloggers start their sites for free and then upgrade to more expensive hosting plans as their blogs grow in popularity. The cost of starting a blog is minimal and you’ll need to find your topic to write about first, but it’s possible over the course of years.
There are many different types of blogs that can be started with their own benefits – from personal finance advice to cooking tips – so finding the right one for you is essential.
To monetize your blog, consider offering services or digital products to consumers interested in what you have to say on the topic of your blog’s content. For example, if you’re a great cook, you could start a cooking blog and sell recipes through an online store; or if you’re an expert on personal finance, you could create e-courses teaching people how to save money and invest for their future.
Blogging is a long game; SEO traffic requires patience, but the payoff will be worth it in time. It can take anywhere from 6 months to over 18 months for bloggers to start seeing results. However, those who stick with it and reinvest their profits back into their sites can make $1,000/day from their blogs.
So what are you waiting for? Start blogging today!
Idea #19: Charity
Philanthropy is an excellent investment, so donating to charity is a wise choice.
Not only do you help others in need, but you may also be rewarded with tax breaks or other benefits.
Additionally, many charity works are good investments because of the promise of reward. For example, building a well in a developing country can provide access to clean water for years to come.
Look for ways to give where your donation can be matched.
Idea #20: Save For College
You can invest $100 and make $1000 a day by saving it.
One way to save for college is to invest in a 529 plan. A 529 plan allows you to save money for college tax-free. In addition, many states offer tax deductions or credits for contributions made to a 529 plan. Another benefit of a 529 plan is that the money invested grows tax-deferred. This means that you don’t pay taxes on the earnings from your investments until you withdraw them from the account.
Many parents find it difficult to save for college because they face high tuition costs and other expenses associated with sending their children to school. However, if they start early and contribute small amounts on a regular basis, they can accumulate enough savings overtime to cover most or all of their child’s education costs.
Idea #21: Use Gig Economy Apps to Earn Money Fast
Now, it’s easier than ever to find work. There are a number of apps and websites that can help you find short-term or long-term work. These include apps like:
These apps provide a new way for people to make money when they’re not working traditional jobs.
How can I invest $100 and make money everyday?
There are a variety of different ways that you can invest your money in order to make a profit.
The most hands off approach for many is investing in index funds. As a buy and hold strategy, you are likely to earn 6-8% plus on your investment.
As you hold onto the index fund for the long term, you are able to participate in any upside should the stock prices go up.
Invest $100 to Make $1000 a day is possible!
It’s true–you can make a lot of money by investing just a small amount at first. For example, if you invest $100, you could earn up to $1000 in profits! This is possible by following the strategies outlined in this article.
When you need to know how to make 2000 fast, this is how you do it!
Of course, it’s important to remember that investing isn’t limited to those who have a lot of money. In fact, anyone can benefit from this type of activity financially and make more money in the process.
So don’t be discouraged if you don’t have much saved up already. You can start by investing $100 into the stock market and then reinvesting your profits as soon as possible, in order to grow that initial investment. And who knows? With a little bit of hard work and patience, you could be making thousands of dollars per day before you know it!
This is how you can double $10k quickly.
Don’t delay in investing. You have to start at one point to start making money.
Then your next goal will be how to turn 10k into 100k.
Know someone else that needs this, too? Then, please share!!
How can you know what you want Till you get what you want And you see if you like it? — Steven Sondheim, Into the Woods
We had some good friends over for dinner the other night. While we waited for the roast to finish, Wayne and I took the air on the back porch. We talked about work. I told him that this is a slow time of year at the box factory.
“Yeah,” he said. “It’s slow for us at the dealership, too. The last three weeks have been awful.” Wayne works for a local car dealership. He recently moved from sales to finance. He’s the hardest worker I know, often putting in six ten-hour (or twelve-hour!) days in a single week.
We sat silent for a few moments. Wayne took a draw on his cigarette. I sipped my wine. At last he said, “You know, I don’t hate my job, but I don’t love it either. It’s just not what I want to be doing. It’s not my life, you know?”
“What do you want to be doing?” I asked.
“I don’t know,” he said. “I’d really like to open a cigar shop or a wine bar or something like that.”
“Do it,” I said.
“I can’t,” he said. “My family wouldn’t approve.” His extended family is very religious, and they frown upon smoking and drinking. “I’ve also thought about starting a winery, or at least going to work for one.”
“That seems like a good fit,” I said. “You like wine. You know a lot about it. You’re excellent with people. But…”
“But my family wouldn’t like that, either. The thing is, I make good money at the dealership. I like my boss. It’s a good job. But it’s not meaningful. I feel unfulfilled.”
We shivered in the cold November air. We looked at the stars. “It’s strange,” I said at last. “It seems that a lot of people reach their mid- to late-thirties and need a career change. They want to do something different. Or they wake up one day and realize that they have a certain skillset, maybe from a hobby or something, and that they could make money doing something they loved.”
“That’s kind of what you’re doing, right?” asked Wayne.
“Kind of,” I said. “I’ve always loved to write. On a whim I started to write about personal finance. I was surprised to discover I was good at it, that I could help people.”
“Do you like it?” he asked.
“I love it. I feel called to it. It’s what I want to do. I’m not giving up my day job yet, though my day job is unfulfilling, too. I don’t like my work at the box factory. But that job gives me unexpected benefits, like the time to spend writing. That job also pays the bills while I find my way with this.”
Wayne lit another cigarette while I told him about my friend P., who wants to start a bike-fitting business. “I think the key is to find something you love and to do it,” I said.
“But how can you know what you would love to do?” he asked. “How can you find that?”
“That’s a good question,” I said. “I don’t have a good answer. If you had told me a year ago that my vocation was to write a personal finance web site, I would have laughed. The idea would have seemed absurd. I think the key is to be open to new ideas. To be in a state of readiness. You want to be receptive to even the oddest thing that might come your way.”
Wayne nodded.
“You want to be able to recognize an opportunity when it appears,” I said.
“Yeah,” said Wayne. Just then, Kris called us inside to dinner.
Wayne and I never did finish our conversation. In a way, it feels like the continuation of a discussion I had last week with my friend AJ. She, too, is in her mid-thirties, and at a place in her life where she’s not sure which direction to go.
“I just don’t know what I want to be when I grow up,” she told me.
Save more, spend smarter, and make your money go further
Debt has been getting a bad rap lately. It seems that if you have a radio show and you talk finance, you think all debt is bad. No wonder many consumers think that all debt can only have a negative impact on their net worth. But this isn’t necessarily the case.
Net worth, or simply wealth, is calculated by adding up all of your assets and subtracting all of your liabilities (use Mint’s Net Worth Calculator)
Let’s take a look how a simple loan situation might impact net worth. Imagine that you have no assets and no liabilities. You go down to the bank, take out a $10,000 loan and deposit the money into your checking account. What was the impact on your net worth? None… really, there was no impact. You now have $10,000 in the bank and $10,000 in liabilities. Your net worth is zero. You probably feel a little richer because you have money in the bank, but you also feel a little poorer because you have a loan to pay back. But the net effect is zero, at least for now.
How debt can enhance your net worth
If that loan has a high interest rate and you leave the money in your checking account earning no interest, your net worth will soon fall below zero. If, on the other hand, you invest the money in a way that earns you more than the interest you pay on that loan — then your net worth will be positive.
The positive or negative effect of debt on net worth almost always occurs sometime after the loan is taken out. The cost of the loan impacts net worth. How the loan proceeds are spent impacts net worth.
If you used the $10,000 to eat out at your favorite restaurant three extra times a month, the impact on your net worth would be negative. If you buy a reliable used car that helps you get to a job that pays $10,000 more per year than you currently earn, the impact on your net worth is going to positive. The key is that you evaluate how any new debt will impact your net worth over time before you take out the loan.
Not all debt is negative
You can’t just say that all debt is bad. The important thing is to use debt prudently and to evaluate the benefit of the loan from a net worth standpoint.
Don’t blame debt. It’s not debt that is bad. It is how you use it that matters.
Here are some tips on managing your debt so that it doesn’t end up hurting your net worth.
When financing, investments are the only thing that can have a positive impact on net worth
Never finance any item that is consumed immediately (e.g. dinner, vacations, etc.)
Durable consumer purchases (e.g. TVs, cars, iPads, etc.) can never improve your net worth because they depreciate
Always factor finance costs into the cost of a financed consumer purchase
Debt used to finance consumer purchase should be repaid before the you stop enjoying the benefit.
How Debt Impacts Your Net Worth Was Provided by CreditSesame.com.
Save more, spend smarter, and make your money go further
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Save more, spend smarter, and make your money go further
While Financial Literacy Month may be over, we at Mint live for sharing personal finance tips and tricks all year long!
MintLife readers recently joined a group of consumer finance experts during our #Money411 Twitter chat to discuss better money habits. Did you miss it? Not to worry: we couldn’t pass up sharing some of our favorite chat highlights and money saving tips.
Q: What are the first steps to take when establishing a budget?
Write or type it down. Seeing it will help you see what you are missing. Don’t forget the small stuff either. – @DebbiKing
Start by adding up monthly expenses and subtract from monthly income, then plan how to spend remaining $$ – @hperez
Realize that sticking to a budget does not happen right after you make one. You have to live it. Try it out for 3-6mo. – @dougboneparth
Q: What are your #tips for first time young investors?
DON’T ignore your first job’s 401(k) plan, if they have one, even if you put in just a little bit of each paycheck. – @OurKidsandMoney
Make sure you’ve covered your expenses (include CC bills) and are saving for emergencies before you start investing. – @sharon_epperson
Q: What is more important: paying down #debt or #saving?
The sooner you pay off debt, the sooner you’ll have additional income you can dedicate to saving – @hperez
It’s hard to save when your extra income is going toward debt payments. If you have debt with high interest rates, focus on that. – @TeamFSINC
Remember, certain types of debt like mortgages and student loans (dep on your income) are deductible. If interest on a loan is deductible, it costs you less…so factor that in when prioritizing paying down hi to low debt. – @BethKobliner
Q: How can you teach your kids about the value of money? And at what age?
Kids as young as 3 years old can understand basics like making choices and delaying gratification! Important 2 start early – @BethKobliner
It’s never too early to teaching kids about #money and #finance. Financial literacy is paramount. Classroom it! – @dougboneparth
The topic of the tooth fairy is a time to talk to your children about money. Ask how much they plan to spend and encourage to save. – @TeamFSINC
Kids learn by example (any age) Show ’em anything acquired is earned not given. Make ’em feel pinch of spending their earned $ – @PurpleSky2002
Q: What is the best approach to tackling student loans?
#1 Priority. Try to refinance all of your loans into one lower rate loan. Sacrifice a new car, an expensive vacation. – @Reit_NotWrong
Don’t buy the stuff that your peers buy out of college. (Houses, cars etc.) I paid down $40,000 in a year and a half that way. – @GenYMoneyMan
Aggressively! They are not an asset & you do not need to hold on to them. Sacrifice and get rid of them as soon as possible – @DebbiKing
To catch the entire Twitter chat, just plug #Money411 in your Twitter search bar and get started on better money habits.
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How are you doing on your New Year’s resolutions and goals? Are you still on track? Many take no action and expect different results. Why do we keep doing the same things over and over and “hope” things will mysteriously “change”? Hope and change are more than words. They can win elections, but the proof is in the results. Are you getting the financial results you desire?
As finances affect almost every area of our lives, stewardship should be one of the areas that capture our greatest attention in the New Year. Yet as a portfolio manager and financial advisor for the past 16 years, I am finding this is the area most people neglect. They get “too busy” or “uninterested” or even “unsure” how to plan ahead.
With the troubled economy, many financial problems that were covered over during the prosperous times have now been exposed. It’s not difficult to survive when jobs are plentiful and credit is easy! However in today’s economy smart money moves are a hot commodity!
Now as important as it is to make wise decisions with your money, it is just as important to avoid the bad money mistakes. These money mistakes are what cause people to go deeper in debt, not save enough for retirement, and lose money in the stock market to name a few.
In 2011, this is your year to make things right! Out with the old and in with the new. If you’ve already started saving for your future, this is the year to supercharge your savings. If you haven’t started, well this is the year to start! In order to plan ahead, we have to make sure we have a plan to combat the four deadly forces that wreak havoc in our finances.
To Win The Battle, We Need A Game Plan!
To win at the money game, you will need to be aware of the dangers that lie ahead. You can never be bullet proof, but having plans in place can soften the blows that are sure to come. Let’s look at four problem areas that have the potential to blow up a financial plan.
Problem Area # 1: Ignoring Inflation
Inflation erodes your future purchasing power over time. $100,000 in 2011 will not buy less products and services in 2012, never mind twenty years from now Are equities the best investment choice during inflationary periods of the market? Quite often, the answer is “no.”
What about bonds? Think again! These usually do not do well either. So what’s the magic answer? When inflation appears, the assets that tend to perform the best are alternative investments such as private equity funds, real estate investment trusts and commodities. These may not only help you diversify your portfolio, but also help you fight the effects of inflation on your invested assets.
Interest rates are starting to rise and I believe hyper-inflation (high inflation) is right around the corner. As you invest, you’ve got to recognize the impact that inflation can have on your investments and plan accordingly.
We Are Planning Ahead Right Now!
At FaithBasedInvestor.com, we are loading up on investments that do well during inflationary periods:
• Precious metals: We will continue to hold investments that have inflation protection. Gold and silver should continue to be hot commodities. • Agriculture: We will continue holding companies and investments that have exposure to the food industries. • Energy: We will continue to hold and look for opportunities in the energy sector: coal, oil, and alternative energy solutions. • Foreign Currencies: We will diversify our domestic exposure (US Dollars) by using foreign currencies like the Yen, Swiss Franc, and Aussie Dollar. • Dividend Stocks: We will look to hold and seek out companies paying dividends. This will help us with cash flow and outpacing inflation. • Inflation-Protected Bonds: We will continue to hold U.S. and foreign bonds that have inflation protection.
Problem Area # 2: Ignoring Investment Fees
Investment fees represent the second wealth killer. These fees can add up to thousands or even millions of dollars over decades of compounding. 401(k) management and administration fees, mutual fund fees, and annuity expenses wipe out investor’s wealth each and every year. The Department of Labor recently showed that even a 1% increase in your fees can wipe out as much as 28% of the value of your 401(k) over time. Also look at your mutual funds. The average cost of most funds is north of 3% annually! (1.6% average expense ratio and 1.4% SAI Fees) For more on fees check out this article on 4 reasons why mutual funds are lousy investments.
Problem Area #3: Ignoring Taxes
The big appeal of 401(k)’s and IRAs is the ability to defer taxes, right? However, with the United States’ $14 trillion worth of debt, which likely direction do you anticipate future tax rates will go? 401(k)s, IRAs, and annuities are ticking tax bombs! The biggest problem with deferring taxes is this:
Let’s say you are successful managing your investments and grow a HUGE nest egg. Congratulations, right? Yes, it’s great to have more money! However, at retirement age when you pull this money out, all that growth and your tax deferred contributions now become fully taxable ordinary income when withdrawn. Say you save $5,000 and it grows to $100,000. The entire $100,000 is fully taxable. At a 40% tax rate, that’s $40,000 in taxes! The government allowed you the initial tax deduction of $5,000 for $40,000 or more in the future. Not a bad deal FOR THEM!
Now don’t hear we wrong. I’m not saving you shouldn’t have any tax-deferred investments. I just wouldn’t put all your savings here. I would have a combination of tax-deferred, tax-free, and taxable savings. It’s simply hedging your tax exposure.
Problem Area #4: Taking Far Too Much Risk For Too Little Of A Return
Many people tell you to buy an index fund and hold it forever… Or take a look at mutual funds with good five and ten year track records and you will do great! Good in theory, bad in practice for most investors. If you put $100,000 into an S&P 500 index back in 2000, that would be worth about $114,000 – a gain of nearly 14% in the S&P 500 fund from January, 2000 to January of 2011. Wow! 14% for 11 years worth of a roller coaster! Was this little return worth all of those sleepless nights?
Instead choose investments that are in line with your faith and values and you know inside and out. Most investors hand off their money to “someone else”, be it a mutual fund, advisor, broker, or money manager, without understanding what they are investing in, how much risk they are taking, what values they are supporting, and how liquid or illiquid the investment is.
Make This The Year To Get Educated
Don’t just take my word for it. Do the research, do your homework! Make this the year you will read up on finance and start making wiser decisions. What are your thoughts?
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A friend invites you for an evening out or a weekend away that you just can’t afford. Which of the following responses sounds the most like yours?
“I’d love to, but…” (Too many late nights already that week/feel guilty leaving Junior with a sitter after being away from him all day/mandatory check-in with your probation officer.)
“That sounds like fun, but it’s not in my budget right now.”
“Um…” (Waffles, hates to seem like a killjoy.) “Yes, let’s.” (Whips out plastic, mentally scribbles “self-recrimination, 30 minutes” on to-do list.)
All three strategies are problematical:
Excuses start to sound like, well, excuses. Friends think you just don’t want to hang out with them.
Using the B-word puts some people on the defensive, as though your financial goals are some kind of judgment on their choices.
Caving in and charging your fun creates debt/adds to existing arrears.
That’s why I’d like to suggest a fourth strategy: Compromise. Specifically, to propose less-spendy (but still fun) ways to socialize.
You shouldn’t have to decline time with friends just because their usual ideas for diversion involve serious spending. It works the other way, too: By suggesting fun outside of restaurants and bars, you don’t put financial stress on a BFF who hasn’t got the do-re-mi.
Some people seem to think that folks on a budget can never have fun. I disagree. In fact, I believe that sometimes you ought to spend money even if you think you shouldn’t.
But not all the time, and certainly not if you’re already barely making book. (Hi there, all you startled new grads! Wasn’t it fun to get that college loan repayment schedule? And isn’t ramen yummy?)
Obviously there are far more possibilities than I could list in one article. Here are 22 options to get you started.
Eat, drink and be merry Restaurant lite. Your foodie friends love trying new places. You can afford to do this maybe once a month. Alternate strategy: Arrange to meet them for coffee and dessert two or three (or more) times a month.
Wine tasting. Provide one bottle and some snacks and ask a few friends to bring sips to share. It doesn’t have to be pricey plonk; there are some pretty affordable wines out there.
Picnic. Come on, it’s summer. Hit a city park or hike to the back of beyond, carrying vittles. Variation: Cookout in someone’s back yard.
Dessert buffet. Invite everyone to bring over his favorite sweet. You’ll all be half-sick before the evening is over, but who cares?
A happier happy hour. Search for bars that serve half-price (or free!) snacks in the early evening. Look for deals with help from apps/sites like BiteHunter or Cheapism.
The potluck. A win-win: Everybody gets fed, but no one person has to do all the cooking.
Diversion at a discount
Social buying. Groupon, Living Social, City Deals and other daily deal companies offer 50%-off vouchers for sporting events, outdoor activities, live entertainment and other fun stuff. Groupon and City Deals can be accessed through cash-back shopping sites like Extrabux, Fat Wallet or Mr. Rebates for additional savings of up to 6%.
Coupon books. National ones like The Entertainment Book or local publications such as Seattle’s Chinook Book are full of buy-one-get-one offers to all sorts of things. Note: The Entertainment Book is also available through those cash-back sites, for savings of up to 35%.
Discounted gift cards. Mostly I get movie gift cards at 15% to 20% off. Chain restaurants, from Big Boy to Ruth’s Chris, are well represented.
Low- or no-cost fun Game night. You can get cutthroat and serious about this, i.e., actually keep score. Or just be a bunch of friends enjoying favorite games. (Don’t own any? Look in thrift stores and yard sales.)
Open mic. Coffeehouses, bookstores and bars host them. The results could be stellar or ghastly, but either one gives you something to talk about afterward.
Group activities. Sites like MeetUp, BigTent and GroupSpaces will put you in touch with casual clutches of folks who enjoy a huge variety of fun stuff. Join with a friend and learn everything from geocaching to cake decorating.
Go swimming. City pools. Public beaches. Bring sunscreen.
Learn a new language. Sites like Word2Word and LearnALanguage.com will get you started. Choose a language with a friend or friends, then watch a movie in that language (get it free from the library). Or do it with an eye toward traveling to that country some day.
Book signings. Can’t afford to buy? Listen to the author talk, then.
The big game. Suggest a sports-watching party at the apartment/home of whoever has the best television. Your contribution could be popcorn, the world’s cheapest snack, with intriguing flavors like Bombay Masala, dilly lemon, black sesame mustard and chipotle lime.
Start a club. Personal finance club. Book club. Dryer lint sculpting society. Whatever floats your boat.
Free movie previews. A site called Gofobo organizes advance screenings in partnership with newspapers, radio and colleges.
The lively arts Pay-what-you-can night. Admission by donation to plays, museums or other events. Look for them in your area.
Theater vs. the small screen. Friends going to see “A Streetcar Named Desire,” “Priscilla, Queen of the Desert,” “Harvey” or some other show you can’t afford? Invite them over the next evening to watch the film version of the play they just saw, and discuss the differences. Set out coffee and freshly baked cookies.
But is it art? See if there’s a “First Friday” type of event in your area, during which galleries coordinate show openings and serve wine and cheese. Visually stimulating and you get fed, to boot.
Rush tickets. You can spend as little as $20 for a Broadway show if you work it right. (Read this article at Playbill to learn how.) Some regional companies have rush programs or discounts for the 25-and-under crowd, too. All work and no play makes Jack a dull boy. Also a lonely one. But fun doesn’t always have to cost an arm and a leg at 18% interest.
Get creative about your amusement and you can be both optimally socialized and fiscally responsible. You may also turn into one hell of an Apples to Apples player.
Readers: What are your favorite low- and no-cost ways to socialize? Do you and your friends enjoy these things out of necessity or by choice?