Today, I have a great debt payoff story. I’ve known Lauren for years – pretty much ever since I started Making Sense of Cents years ago! She was one of the first blogs I read actually.
Lauren Mochizuki is an ER nurse, wife, and mother. She and her husband paid off $266,329.01 in 33 months. They also purchased their fixer-upper dream home, and renovated it without going into debt. Enjoy her story below!
The Background
Female, age 25, nurse, recently married, living her life with no regard to finances. Frequently dines out, goes to concerts, travels to foreign countries, never volunteers to work any extra shifts, lives beyond her means. Purchased a brand new Subaru Forester, husband also purchased a brand new car, lives in an 1,100 square foot condo.
Total debt owed: $266,329.01.
My Story
My name is Lauren, I’m a registered nurse, wife, mother, blogger at www.casamochi.com, and firm believer that you can live an amazing life within your means! I didn’t have a clue what budgeting actually meant.
When my husband first brought up the idea of budgeting, I was incredibly resistant. I thought that budgets were boring, restrictive, and I didn’t want to compromise my spending habits. I couldn’t have been more wrong about my ideas surrounding budgeting.
Looking back eight years ago, I realized that change is difficult, but the outcome was worthwhile. We are now debt free!
Other debt payoff stories:
Inspiration to Become Debt-Free
Eight years ago, we had some friends that were doing radical things to become debt free. We thought they had lost their minds. They were working lots of overtime, and paying down their debt. At the time, it sounded very extreme, and obscure.
Then one day, after reading Dave Ramsey’s “Total Money Makeover” and having a long discussion with our aspiring debt-free friends, he said “I want us to become totally debt-free too.”
I was ready to give my husband a swift karate chop when I heard that. It never occurred to me that we had money problems. Our bills were being paid on time, we put aside some money in savings, but most of all, we were having so much fun with our money!
Our debt breakdown was:
Credit card bills: $1,871.31,
The balance owed for two new cars: $31,211.10,
Mortgage balance for our condo: $233,346.60.
Total Debt $266,329.01.
Figuring out my “Why”
My husband kept pitching the idea of “Financial Freedom” to me, and that sounded pretty amazing, and at the same time daunting. I wanted to support my husband, and if becoming debt-free was something that was important to him, and in reality important for US, then I decided that I should give it a try.
I went from 0-60 very quickly. I not only took on this journey of debt-freedom; I lived it, breathed it, and became incredibly passionate about it. I also read “Total Money Makeover”, which fired me up even more. It was an easy read, for a “free-spirit” like me.
Accountability Partner
My husband and I became budget accountability partners. He is the President of the Budget, and I’m the Vice-President.
Together, we make decisions about how our money is spent, our work schedules, family schedules, and our future. Having an accountability partner is something that is helpful for being successful on a budget. Whether it’s a friend, sibling, or coworker, find someone you trust, and respect, and most importantly hold you accountable for your decisions.
Establishing our Monthly “Budget” Meeting
At the end of each month, my husband and I decide how we are going to spend our money for the following month. We call it our monthly budget meeting.
For example, if we made $5,000 one month, we would assign each dollar to a budget category (examples: utilities, mortgage, toiletries, work expenses, groceries, savings, etc.) for the following month.
I am the social events planner for our family. During our budget meetings, I always have our monthly calendar open. This step is key to having a successful budget meeting. We check the following month events for birthdays, showers, events, or weddings so that we can budget appropriately. This helps to avoid any budget surprises.
We would also plan out all of the extra shifts we would be working during this time to cover these expenses.
It took us nearly 6 months to really get the hang of budgeting and tackling any issues that would arise. It felt like the first several months, we kept discovering new budget categories that needed to be added.
We also started planning for big expenses all year long such as: yearly memberships, property taxes, car and house insurance. We were also mindful of bills where a discount was given for yearly payments instead of monthly payments.
Special holidays such as Christmas, is a budget category that we allocate money to all year long. This allows us the freedom to enjoy the holiday without wondering how we are going to pay for it.
Establish Rainy Day Savings
Unexpected costs had occurred, and we weren’t prepared. Thankfully we had some money saved, but we realized it wasn’t easily accessible if we needed it for an emergency!
We quickly transferred that money into a different account (from a whole life insurance plan into a regular savings account) where it could be readily available to us. It’s a good idea to have 3-6 months in your emergency fund.
Reducing our Expenses
After reviewing our monthly mortgage payment, we decided to refinance. We changed our mortgage from a 30-year-fixed mortgage to a 20-year-fixed mortgage. This single-handedly saved us thousands of dollars in interest.
Next, we checked every single utility bill and figured out how to bring down the monthly costs. We were very successful with this process, by shopping around for utility providers, to decreasing our consumer habits (figuring out ways to use less water, electricity, etc), we managed to decrease most of our monthly utility bills.
Two other areas we changed to save additional money: meal planning and thorough review for big purchases. I started weekly meal planning, and I try to only grocery shop on a full stomach. Don’t allow yourself to waste food and money if there isn’t a specific meal plan in place.
If there were big purchases that my husband and I would want to make that were over $50, we would have a conversation with each other, and sleep on it. If we still wanted the item after a few days, and if there was money in the budget, then the purchase was justified.
We inadvertently had lots of no spend weekends. A really frugal, and fun weekend for us would include time spent with friends and family at the beach. Bonfire, barbeque or dutch oven meals would help reduce weekend spending, and they were delicious (my favorite are the dutch oven nachos)! A major discovery in this whole process was that time is one of our most precious assets, and spending time with others is priceless, and doesn’t require additional money.
Increasing our Income
In order to achieve our goal, we HAD to increase our income.
We were both incredibly thankful to have the opportunity to work extra shifts at our jobs. I acquired a second job as an emergency room nurse, and my husband and I worked as if our lives, our future, and dreams depended on it.
I’m talking: multiple 16 hour shifts a week for myself, and 60-120 hour work weeks for both myself and my husband (we were intentional to make sure that our mental and physical states were not in jeopardy). We were on fire for this “financial freedom” that we were working towards. As Ramsey would say, we were “gazelle intense.”
We attended money conferences (we saw Dave Ramsey speak several times), listened to financial podcasts (You Need a Budget), and read blogs (Making Sense of Cents, Mr. Money Mustache), and books (The Millionaire Next Door, Start, The Go-Getter) that would encourage, and inspire us to keep working towards a debt-free life.
Selling items also became a means to make more money. We had garage sales, and sold things on eBay, and craigslist. We wanted to be good stewards of our resources, and therefore sold items we no longer needed. For several months, we were living off of 30% of our household income.
Related content:
The Visual Aid and Celebrating Milestones
My husband and my mother-in-law pulled their creative resources together, and created a visual aid! It was a picture made of felt material, of a mound of dirt, broken into many pieces that sat beneath the ground and a beach scene (our happy place).
We kept the visual aid in our bedroom. It would be one of the first things I saw every morning when I woke up, and one of the last things I saw before I went to sleep. It was a great reminder of our debt-free journey.
My husband and I created many different milestones to celebrate along our journey.
We celebrated every time we paid off $5,000, and we would remove a piece of dirt from our visual aid.
We printed out our mortgage amortization schedule, and celebrated every time we turned a page in our mortgage amortization schedule, and every time we saved another $5,000 of interest on our mortgage.
When the principal became greater than our interest on our mortgage payments, we celebrated. It felt like we were constantly achieving a different victory!
Every month after a budget meeting, my husband and I would take a picture with our visual aid, we would write down the month, and if we celebrated any milestones that month!
Our “celebrations” would include apple cider or champagne toasts, making a nice dinner at home, or simply reflecting on our goals accomplished that month.
After thirty three months, when we finished paying off all of our debt, I put all of the pictures together and made them into a photo album for my husband! It’s so rewarding to look back and reflect on all the sacrifices, and all that we accomplished together! I still get teary-eyed when I look at it, and enjoy sharing this book with our children.
This journey was one of the most challenging, and meaningful things we have ever done together.
Keep your eyes on the prize
Don’t play the comparison game. I was the most successful when I kept my focus on our own progress. It was very distracting when I looked around at what everyone else was doing. I kept reminding myself that I didn’t want to be like everyone else, I wanted to be debt-free!
This whole process was difficult, challenging, life changing, and incredibly rewarding! There were times when I felt like giving up, and just burnt out. When I felt like giving up, my husband would continue to encourage me to keep going. He reminded me what we were working towards, and that we were positively changing our financial trajectory forever.
Work Hard, and Stay the Course
Thirty-three months can seem like an eternity when you are in the thick of it. If you are living radically, any time spent during this season can seem like a long time.
We had a few months where life’s challenges happened, and things would get in the way of our goals. We didn’t let that deter us, instead, it gave us more motivation to continue on.
After a laborious thirty-three months, we became totally debt-free! We were also expecting our first child. I still remember the day we went to the bank to pay our final mortgage payment, and the day we called in to the Dave Ramsey radio show and did our “debt-free” scream.
One year later, we purchased our fixer-upper dream home in Orange County, California. We paid half of the total price of the home as our down payment. Three years after that, we completely renovated the home without going into debt. We have a mortgage now, but it is very reasonable, and it’s the only debt that we have. I no longer have to work full-time, but work per diem as a nurse, and my husband rarely picks up any overtime shifts.
We now enjoy spending lots of time together as a family.
Plant Seeds of Joy and Generosity
Maya Angelou once said “When we give cheerfully, and accept gratefully, everyone is blessed.”
I would highly encourage being generous with your resources because it’s good for the soul, whether it’s writing someone a kind note, buying someone’s coffee behind you, or giving to a non-profit organization or church.
During our entire debt-free journey, we donated 10% of our income, and it was always the first thing we budgeted. This may not be for everyone, but we discovered that there is lots of joy to be had when things are given from a grateful heart.
We were first inspired to become debt free because of our friend’s story. We now share our story in the hopes of inspiring others, and that it is possible if you are willing to work for it. The timeframe for becoming debt-free might be long, and difficult, but it will definitely be worth it.
If you are thinking of becoming debt-free, find your passion, and don’t let anything stop you! As Colin Powell once said “A dream doesn’t become reality through magic; it takes sweat, determination, and hard work.” You can do this!
Author bio: Lauren Mochizuki is an ER nurse, wife, and mother. She and her husband paid off $266,329.01 in 33 months. They also purchased their fixer-upper dream home, and renovated it without going into debt. On her blog www.casamochi.com, she is sharing her home renovation story, encouraging others to become debt-free, and that one can live a great life while being on a budget.
Inside: Do you need to make $5000 fast for ways to make extra money? This guide has dozens of ideas for earning money. When you need to know how to make 5000 fast, this list has something for you.
Are you looking for ways to make 5000 dollars fast?
You’re in the right place.
In this post, we’ll share 15 realistic ways to make money quickly.
Your first thought might be SCAM to make this much money fast, but honestly, there are plenty of ways to make extra cash without any special skills or experience.
You just have to decide what works best for you. That is how you will make the most money without feeling like you are working.
I love hustling to make extra money to afford things we couldn’t otherwise.
So if you’re ready to start making some extra cash, let’s get started!
What are the most realistic ways to make $5,000 fast?
Moreover, making $5,000 fast is possible through a combination of online and offline methods.
Selling items, offering freelance work, participating in paid surveys, trading stocks, and pet-sitting or dog-walking services are all viable options.
Set goals, track progress, and experiment with multiple gigs to find what works best for you. With dedication, effort, and a little bit of creativity, you can reach your income goal in no time.
How to double $5,000 quickly?
If you want to double $5,000 quickly, there are several realistic ways to achieve this goal. Here are five options to consider:
Invest in the stock market: The stock market can be a great way to make money quickly, but it also comes with risks. Look for companies with a strong track record and invest wisely.
Start a side hustle: Starting a side business or selling items online can be a great way to make extra money. Consider your skills and interests to find a profitable niche.
Participate in affiliate marketing: Affiliate marketing involves promoting products and earning a commission for each sale. Look for products with high commissions and a strong customer base.
Flip items for profit: Buy low and sell high by flipping items like cars, furniture, or electronics. This can be a risky business, so do your research and start small.
Play the long game: Consider living a frugal life and saving and investing your money over time to see a larger return. This may not double your money quickly, but it can lead to significant growth in the long run.
Each method comes with its own potential risks and benefits, so it’s important to do your research and choose the option that best fits your skills and financial goals.
With dedication and hard work, doubling your $5,000 is within reach.
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.
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16 realistic ways to make 5000 dollars fast
If you’ve been looking for ways to make some extra money, there are many opportunities out there.
While most won’t make you rich overnight, if you put in the effort, you can find some that will help you reach your financial goals.
Here are 16 realistic ways to make $5,000 fast.
1. Sell Unwanted Items
If you’re looking to make $5000 fast, selling unwanted items is a great way to do it.
Start by identifying valuable items in your home such as antiques, electronics, furniture, or musical instruments.
Once you’ve identified your items, choose a platform to sell on eBay, Craigslist, and Facebook Marketplace are all great options.
When pricing your items, do some research to ensure you’re pricing them competitively. Use the “buy it now” feature on eBay or set a fair price on Craigslist and Facebook Marketplace. Don’t forget to take clear photos and provide detailed descriptions of your items.
Check out the most popular items to sell and make money. Plus you can declutter your home.
2. Take on a Part-Time Job
Part-time jobs offer a steady stream of income and opportunities for skill development. Often this is an overlooked way to make money, but there are plenty of part-time jobs available.
Popular part-time job options include retail or food service positions, which often offer the potential for tips or commission-based earnings.
Balancing a part-time job with other commitments may be challenging, but it can be done with proper planning and prioritization. Overall, a part-time job can be a reliable way to generate extra income and reach financial goals.
Many happen to be early morning jobs, too.
3. Invest in Stocks
Investing in stocks can be a realistic way to make $5000 fast. In fact, learn how fast you can make money with stocks.
Since you are interested in making money fast, you need to be an active trader, which means you are trading for income. Not a buy-and-hold investor.
Typically, most active traders prefer to trade growth stocks such as Google, Microsoft, Amazon, Apple, or Tesla.
It’s important to do your research and choose the right stocks to invest in. More importantly, you have to know when to enter and exit. Here is the best course I know on learning how to trade stocks.
However, keep in mind that investing in stocks is subject to market risk, so it’s important to consult with a personal finance expert and assess your risk tolerance before making any investments.
4. Borrow Money
Remember that borrowing money should not be a long-term solution and explore other ways to make money as well.
If you need to make $5000 fast, borrowing money might be an option. You can borrow from a personal loan, credit card, or friends and family.
Personal loans are a good option if you have good credit, but they often come with high-interest rates.
Credit cards can offer cash advances, but the interest rates can be high too.
Borrowing from friends or family can be a good option, but it can also put a strain on relationships.
To secure the best possible terms, shop around for loans and compare interest rates and fees. Make sure to read and understand the terms and conditions before signing, and ensure you can make the payments on time.
5. Sell Things Online
Selling things online is a great way to make extra cash quickly. This involves buying items you know you can resell online for a higher price.
With the ability to reach a wider audience and the convenience of not having to leave your house, selling online has become increasingly popular.
Platforms like eBay, Etsy, and Amazon offer product-selling concepts that make it easy to sell a variety of items, from clothes to electronics.
To optimize product listings, take high-quality photos, write detailed descriptions, and price items competitively. When handling shipping and handling, use free shipping labels, and provide excellent customer service to ensure a positive experience for buyers.
6. Land a Job That You Can Do From Home
To land a job that you can do from home, it’s important to have the necessary skills and qualifications for the job you’re interested in.
Popular work-from-home jobs include online tutoring, virtual assistance, bookkeeping, social media management, and transcription.
Be prepared to participate in virtual interviews and demonstrate your ability to work independently. With the right skills and job search strategies, you can land a job that you can do from home.
Find the best non phone work from home jobs.
7. Make Crafts
Crafts can be a fun way to turn your hobby into a money-making side hustle.
Here’s a step-by-step guide to help you get started:
Choose your craft: Decide on a craft that you enjoy making and that you think will sell well. Popular options include jewelry, candles, and home decor.
Gather your materials: Depending on your craft, you’ll need to gather materials such as beads, wax, or fabric. You can find these at craft stores or online.
Develop your skills: If you’re new to your chosen craft, take some time to practice and improve your skills. Watch tutorials and read books to learn new techniques.
Create your products: Once you have your materials and skills, start creating your products. Make sure they’re high-quality and visually appealing.
Set up shop: You can sell your crafts online through platforms like Etsy or Amazon Handmade. You can also sell them in person at craft fairs or local markets.
Promote your products: Use social media and word of mouth to promote your products. Share photos and information about your crafts and encourage people to buy them.
By following these steps, you can turn your love of crafting into a profitable side hustle. Remember to be patient and persistent in your efforts to sell your crafts.
8. Rent Out a Space
Right now, your space can be a profitable side hustle.
To make $5000 fast by renting out a space, start by identifying the type of space you can rent out, such as a parking room, garage, or storage space.
You can even get creative and rent out your pool.
Clean and organize the space, then list it on online platforms like Airbnb, Turo, or Neighbor. To ensure a smooth rental process, screen potential renters, set clear rules and expectations, and maintain regular communication.
With some effort and attention to detail, renting out a space can provide a lucrative source of extra income.
9. Sell Digital Goods
This is one of the most popular ways to make money.
Digital goods are products that can be downloaded, streamed, or accessed online, such as ebooks, printables, stock photos, and online courses.
They are a viable option for making money quickly because they require little to no overhead costs and can be sold to a global audience.
The most popular is creating and selling printables. Learn how to make printables.
With dedication and effort, selling digital goods can be a lucrative way to make up to $5000 fast.
10. Join the Gig Economy
The gig economy refers to a labor market characterized by short-term contracts or freelance work, as opposed to permanent jobs.
Popular platforms in the gig economy include:
Joining the gig economy can be an effective way to make $5,000 quickly. One of the main benefits of working in the gig economy is flexibility, as you can determine your own schedules.
To maximize earnings, it’s important to treat gig work like a business and stay organized, tracking expenses and income.
11. Work as a Shopper
As a shopper, your job is to pick up and deliver items to customers using your own vehicle.
Here’s a step-by-step guide on how to get started:
Choose a platform: There are several platforms to choose from, such as Instacart, Shipt, and DoorDash. Research each platform and choose the one that best suits your needs.
Sign up: Once you’ve chosen a platform, sign up and complete the application process. This typically involves providing personal information, a valid driver’s license, and passing a background check.
Attend orientation: Some platforms require you to attend an orientation session before you can start working. This will provide you with important information on how to use the app, how to pick up and deliver items, and how to maximize your earnings.
Start shopping: Once you’re approved, log into the app and start accepting orders. Be sure to read the instructions carefully and communicate with the customer if you have any questions.
Maximize earnings: To maximize your earnings, consider working during peak hours when there are more orders available. You can also increase your tips by providing excellent customer service and communicating with customers throughout the shopping process. Additionally, some platforms offer bonuses for completing a certain number of orders within a specified time frame.
Ensure success: To ensure success, it’s important to be organized and efficient. Plan your route ahead of time and try to group orders in the same area together. Keep track of your expenses, such as gas and vehicle maintenance, and make sure you’re earning enough to cover these costs.
With the convenience of on-demand shopping and delivery services, there’s never been a better time to get started.
12. Clean Houses
Cleaning houses can be a lucrative business, with the demand for house cleaning services always high.
To get started, you will need basic cleaning supplies such as cleaning products, mops, vacuums, and cleaning cloths. You can market your services by creating flyers, promoting on social media, and offering referral discounts.
Here are some tips to be successful:
Setting your rates depends on factors such as the size of the house and the frequency of cleaning.
Negotiating with clients can help you secure long-term contracts.
Providing excellent customer service is crucial for building a loyal client base.
As your business grows, consider expanding your services to include laundry and organizing, and hiring additional staff to take on more clients.
With dedication and hard work, you can make up to $5000 fast by cleaning houses.
13. Take Photos
If you’re looking for a side hustle that can earn you some extra cash, taking photos on your phone and selling them on stock photo sites is a great option. You don’t need to be a professional photographer, but having some experience can be helpful.
Some of the best apps to sell your photos on include Shutterstock, Deposit Photos, or iStock by Getty Images.
To get started, you’ll need to create a portfolio of your best work and start submitting them to stock photo sites. While you might need to purchase a camera and photo editing software, there’s not much else you need to get started.
It’s possible to make $1 or more per photo you sell.
14. Write Web Content for a Blog
Well-written web content is essential for making money online, as it can attract more visitors to your blog and keep them engaged.
To write effective web content, it’s important to understand your audience and their needs and to use clear and concise language.
Make sure to use headings, bullet points, and images to break up text and make it easier to read. Additionally, provide actionable advice that can help readers make money or solve a problem.
Sharing your personal experiences and stories can also help to connect with your audience and build trust. By following these tips, you can create high-quality web content that can help you make money and increase website traffic.
15. Engage in Affiliate Marketing
Affiliate marketing is promoting someone else’s product or service and receiving a commission for every sale you facilitate.
To be successful with affiliate marketing, start by finding products with high commissions and you will need a large number of followers.
Build an audience around the products you’re promoting and promote them through social media and email marketing. Focus on building a strong relationship with your audience and providing value through helpful content.
With the right strategy and persistence, you can earn your first $5000 through affiliate marketing in no time.
16. Provide Virtual Assistant Services
Virtual assistant jobs are becoming increasingly popular as a way to make money from the comfort of your own home.
As a virtual assistant, you can perform a variety of tasks such as scheduling appointments, managing social media accounts, answering emails, creating presentations, and more. The amount of money you can make will vary depending on your skills, but the average hourly rate for a virtual assistant is around $25 per hour.
Additionally, taking virtual assistant courses and learning new skills can help you specialize and earn more money.
How to use what you’ve learned to start making money quickly
Believe me, I have gone down the road of making money with MLMs or (multi-level-marketing). However, I have found the above ways to be better options for me.
Once you find your groove, you will be able to scale up how much money you make.
Step 1: Research ways to make money fast
If you need to make money quickly, there are many legitimate opportunities available.
Try multiple gigs to find what pays the most in your area and what you enjoy doing.
When researching ways to make money fast, be cautious of scams and do your due diligence before committing to anything. With a bit of creativity and determination, you can find practical and actionable steps to achieve your financial goals.
Step 2: Choose a way to make money fast
When choosing the best way to make $5000 fast, there are a few criteria to consider.
First, consider your skills and interests. If you enjoy driving, delivering for DoorDash or UberEats could be a good fit. If you’re tech-savvy, freelance work or online tutoring might be a good option.
Second, consider the time commitment. Some methods, like selling items on eBay or Facebook Marketplace, can be done in your spare time, while others, like starting a side hustle or taking on freelance work, may require more time and effort.
Finally, consider the potential earnings. Some methods, day trading stocks or selling printables, have the potential for higher earnings than others.
Step 3: Get started making money fast
If you’re looking to make money fast, it’s important to take action right away and not get bogged down by analysis paralysis.
Start with the methods that require the least amount of time and effort, such as selling items you no longer need or completing online surveys. These are easy-to-implement money-making strategies that can quickly generate extra cash.
If you need to save up for a course, then set aside your profits to make that happen.
Step 4: Sacrifice your time for money
Sacrificing your time can be a great way to make money quickly.
The best is when you start to build passive income, you are earning money without the need to work. That is when your hard work will pay off.
By dedicating your time to side hustles, you can earn a significant amount of money within a short period.
Step 5: Maximize your revenue with each step
To make $5000 fast, it’s essential to set realistic revenue goals and identify the most profitable revenue streams.
Prioritize the revenue streams that are most feasible and have the highest earning potential. Once you have identified your revenue streams, optimize your earnings by leveraging your skills and resources.
This could include networking, outsourcing, or investing in your own education to improve your earning potential.
FAQ
Flipping items on eBay is a great way to make money.
To start, you need to find items that you can buy for a low price and sell for a higher price. Look for items that are in demand, such as electronics, clothing, and collectibles. You can find these items at flea markets, garage sales, and online marketplaces like Craigslist and Facebook Marketplace.
Remember to reinvest your profits into buying more items to flip. With time and effort, flipping items on eBay can be a lucrative side hustle.
Becoming a content creator on YouTube might be an option for you.
You can make money from ads, affiliates, and sponsored content, as well as selling your own merch and products.
It is important to create consistent and top-quality videos to build up a following, but it can be a lucrative online side hustle.
freelance work, and more. Here are some of the most popular options:
Freelance work: Graphic design, web development, digital marketing, typing, and more.
Food delivery: DoorDash, Instacart, Uber Eats, Grubhub, and more.
Package delivery: Amazon Flex, Roadie, GoShare, Lugg, and more.
Rideshare driving: Lyft, Uber, and more.
While these jobs offer flexibility and quick payment, they may come with fees and additional costs. Nevertheless, they are great options for making extra income on the side.
There are plenty of job opportunities in the gig economy, ranging from food delivery to How to make $5,000 in a month?
There are several realistic and actionable ways to make $5,000 in a month.
Freelance jobs like virtual assistance, freelance writing, and web development are great options. If you have an established following, your YouTube channel could also make more than $5,000. Other methods to explore are selling on Amazon, affiliate marketing, and blogging.
While some methods may require more work than others, there’s no reason you can’t earn this money quickly.
Remember to think outside the box and explore all of your options.
How to Get 5000 Dollars Fast
Remember that making money fast requires dedication and persistence, but the rewards can be significant.
The potential earnings and time commitment for each option vary, but with effort and dedication, you can make $5000 within a couple of months.
Selling items can earn you a few hundred to a few thousand dollars, while freelance work and trading stocks can earn you thousands of dollars depending on the quality of your work.
Don’t be afraid to try new things and experiment with different methods until you find what works best for you.
Also, consider what works well for one person may not be the best idea for the next.
Maybe earning 5k is more than you need:
Know someone else that needs this, too? Then, please share!!
Have you ever hosted a yard sale with dismal sales? You made a dollar per hour for your efforts. No fun.
Last weekend, I hosted a garage sale with my brother, my ex-wife, and my girlfriend. It was a raging success. We cleared out tons of stuff, and we netted over $2500 in the process.
I’ve hosted many yard sales over the years (and shopped at dozens more) and have developed some strong opinions about what works best. I’ve heard people complain that garage sales aren’t worth the time. But they can be quite profitable if you do a few simple things.
Happy customers browsing our sale…
Yard Sale Tip Sections
With so many tips, we divided them into ten main sections that cover all the aspects of hosting a yard sale.
If the subject was too large, we broke the main section down into sub-sections to highlight specific topics. Click on any of the hyperlinks to go immediately to that section or sub-section.
Yard Sale tips we consider essential are marked with a happy star ?. But don’t ignore the other tips! They’re all important to know.
Define Your Goal
The kind of event you hold depends on what you’re trying to accomplish, and it’s usually one of two things:
Get rid of stuff (fast) or …
Make as much money as possible.
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Scheduling Your Sale
Take Advantage of Different Seasons
Whether you’re trying to get the most money for your things or to sell them as quickly as possible, consider how timing can affect your choice of location, what you sell, how you advertise, and even how often you schedule yard sales.
For example, if you’re moving and you can’t take it with you, a yard sale is the perfect solution. But you may also be up against some tight deadlines that complicate things. How do you make it work in February, or if you only have a weekend, or you won’t have anyone to help you?
On the other hand, if you have a lot of time, you can maximize your result by scheduling a few events that target special or seasonal items. What should you know about merchandising to get the best price?
Depending on your area, you may find that one-day sales are more beneficial. Experiment with which day is best. Maybe a Thursday afternoon/Friday combination is great, or just Fridays.
? You may think it’s best to schedule a yard sale in the summer months, but it’s possible to have a successful yard sale any time of year. In fact, you might even be able to capitalize on the fact that it’s February or November and there aren’t as many yard sales. Think about the pros and cons of each season.
Springtime
Advantages:
In northern climates, a yard sale in spring is an invitation to spend money after being cooped up all winter. There’s an air of optimism that could boost how much you’re able to sell.
Disadvantages:
Weather patterns are often unpredictable, and that could affect turnout. Pay particular attention to location and logistics. Shelter is critical to protect your merchandise and keep customers happy despite conditions.
Advertising:
Be clear about how rainy weather will affect the hours of your sale.
Good Items to Sell:
Sports equipment
Camping gear
Gardening tools
High-quality children’s clothing
Patio furniture
Summertime
Advantages:
The hot, sunny, lazy days of summer make it easier to attract a throng and hopefully increase sales. And since the days are longer, you may only need a single day to sell all your items.
Disadvantages:
Heat and humidity are concerns in summer, so it’s important to provide shade and a place for customers to sit.
Advertising:
It’s even more important to differentiate yourself in advertising. Find your hook free ice water, a kiddie pool, a neighborhood back-to-school sale.
Good Items to Sell:
Back-to-school clothes
Furniture and household goods for dorms/apartments
Outdoor toys bikes, camping gear
Books (especially children’s books)
Electronics
Autumn
Advantages:
Fall still offers pleasant weather, but the most hard-core (read: negotiate-like-crazy) customers are burned out.
Disadvantages:
Depending on your area, wind and weather patterns can be unstable. That doesn’t usually affect turnout, but it’s another reason to protect your merchandise.
Advertising:
Your customers may be looking for, or college students may need, your furniture and household goods to furnish dorms or apartments. Highlight these items in your advertising, as well. Maybe even title your sale as a Back-to-school yard sale!
Good Items to Sell:
Winter items
Exercise gear
Picture frames
Holiday decorations
Collectibles
Wintertime
Advantages:
In the lower latitudes, winter yard sales may continue on just as they do in the fall. Not so in the cold climate of the higher latitudes. Still, motivated buyers find motivated sellers in the winter months too. The winter months may be the best time to find bargain-hunters.
Disadvantages:
In winter, location and logistics are critical. A community or church hall may offer the best environment for a yard sale if they will work with you. Even a storage facility may permit a yard sale on their grounds if you’re a customer.
Advertising:
Give clear directions for parking and how to access any buildings.
Good Items to Sell:
Space heaters
Firewood
Tools
Furniture
Clean linens and blankets
Merchandise
With yard sales, word gets around. So stock your sale with lots of stuff to pull the biggest crowds and generate buzz.
Locate and sell anything you no longer want or need. Aaron LaPedis, author of The Garage Sale Millionaire, suggests taking an inventory of all of your possessions in order to determine what you should sell and what you should keep. “Make sure you go through your house top to bottom — every closet, drawer, nook, and cranny,” says LaPedis. “Nothing is too small or too big to sell.” And make sure you have enough stuff.
? Don’t base what you sell on what you would buy. You never know if someone likes to fix broken things or is looking for materials for an art project. If it’s something you don’t want and it’s safe, put it in your garage sale.
Offer to sell stuff for family and friends. Ask around to see if anyone has big-ticket items to sell. Not only does this help them, it also could potentially draw more customers to your sale.
Look beyond household stuff as your merchandise. Do you have plant starts you could pot and sell? How about leftover building or landscape materials?
Take the time to wipe off the dust and dirt. Clean stuff sells better. Period.
Differentiate!
All garage sales are basically the same. Find a way to set yours apart, whether it’s by theme, price, scale, or amenities. Last weekend, for instance, I billed ours as a “geek garage sale”, and emphasized that I had graphic novels, board games, and computer gear. My Craigslist ad brought folks from far and wide because of this. They bought the geeky stuff, but they also bought kitchen gadgets and yard art and clothing.
Label your sale. Lots of graphic novels, board games, and computer gear? Bill it as a “geek yard sale.” We did this last weekend and my Craigslist ad brought folks from far and wide because of this. They bought the geeky stuff, but they also bought kitchen gadgets and yard art and clothing.
Free delivery! If you have several large items to sell, another way to differentiate yourself is to find a couple of volunteers with trucks who wouldn’t mind delivering items — for free — after the sale.
Partner with your neighbors! Neighborhood garage sales attract tons more customers, so talk to your neighbors and spread the word ahead of time to arrange multiple sales. Find out what your neighbors are selling and offer to refer your customers to them. Or, better yet, hold your garage sale during an established entire-neighborhood garage sale day.
Offer free lemonade, cookies, or even just ice water. Most garage sales are held on hot days so a jug of watery lemonade or refreshing ice water is a nice gift for your customers. Don’t forget that visiting pets get thirsty too.
Engage the customers. Be friendly. Chat up the people who stop by. Be engaging. When parents with young children visit, I always find something to give the kids for free (often it’s whatever they’ve gravitated toward). I also throw in freebies for folks who buy lots of Stuff. This builds goodwill, especially among the other customers who are watching things transpire. I believe we sold more because Kim and Kris and I were friendly and fun.
Advertising
Getting the word out about your sale is critical to your success. In the old days, advertising meant sticking an ad in the newspaper, which would normally cost around $20. Newspapers may still be useful today, but other (free!) methods exist.
Here’s how to advertise to get more customers today.
Neighborhood Publications:
If you’re hosting a yard sale along with others in your neighborhood, check if they publish the yard sales. This may be free or cost a nominal fee.
Craigslist:
To get the most value from a Craigslist ad…
Advertise the date and location of your sale.
Add pictures and descriptions of the nicer items.
? Put up ads for the most valuable things in their respective categories on Craigslist. Some people might not be browsing in the garage sale section but might see your ad for the table set in the furniture section and come to the sale for it and more stuff.
Once it sells, delete that listing immediately as a courtesy.
Make your Sale Shareable. Social Media is your Friend:
?Facebook, Twitter, Instagram use them! The entire week before the sale, post on social media about your merchandise. Include pictures. During the day of the sale, update your status or tweet on what you still have available.
Nine Tips to Make your Signs Sizzle!
Your goal is to get as much traffic as possible. If your signs are unclear or difficult to read, people won’t waste their time, especially if there are dozens of yard sales to choose from. Simple is best!
I’m shocked at how ineffective most garage sale signs are. It’s like people don’t care, or as if they don’t spend twenty seconds putting themselves in the shoes of their customers. Keep signs clean and neat. Make sure everything’s legible. Make sure nothing’s ambiguous. Clear signage is worth its weight in gold. Our signs included the address, the date and time of the sale, and an arrow pointing the way. I hung a dozen of them along the major traffic roads in the area, funneling people onto our street.
Our signs also had the address and an arrow pointing the way…
Design to inform and intrigue
Use bright colors to attract attention.
Use a thick marker of a contrasting color to make big, bold text.
Adding a border around your text may increase readability. Remember that your customers are cruising by at 35 miles per hour!
Have large arrows pointing in the correct direction. It’s so much easier to follow arrows than to slow down to read an address.
Remember that superlatives rule Awesome! Blowout! Epic!
Where’s your sign?
Post multiple signs around your neighborhood.
Place signs at nearby major intersections and at each turn along the way.
Also, take a practice drive past one of your signs. Do people have time to read it, make a decision, and make the turn, before they’ve driven past it?
After the sale is over, remove all the signs!
Supplies
The right supplies can make your sale run more smoothly. So as you get closer to the big day, gather everything you need.
Borrow tables and shelves to display your merchandise. Having a check-out table can be helpful. It helps people know exactly where to go to ask a question, and placing the table near the exit allows you to welcome people in while watching that they don’t walk off with anything.
? Apron or fanny pack for the money. I use a cheap cloth apron/utility belt from the local hardware store. It works beautifully. Some people use fanny pack or a zippered bank deposit pouch.
Markers, scissors, masking tape, price stickers, and poster board. As you change prices throughout the day, you’ll use these items. Also, use these supplies to mark items that are NOT for sale.
Paper/pencil. Use this as a ledger to jot down a description of each item and how much you sold it for or to place stickers on a page for each seller. (This can help make it easier to settle up after the sale if you have a neighborhood event.)
Calculator. Having a calculator will expedite your checkout line and make it easier if you’re not especially gifted at math!
Batteries. Keep an assortment of batteries on hand so that a prospective buyer can test that old Nintendo Gameboy for himself.
Extension cords. If you are selling electrical items, make sure you have an extension cord handy or display these items near a plug so people can test them.
Bags/boxes for customer purchases. Collect free bags/boxes before your sale so your customers can haul away their purchases.
Hangers and a method to hang clothes. Searching through hanging clothes is much easier than pawing through a table covered with clothes.
Plenty of cash. Get two rolls of quarters, a stack of 50 $1 bills, 10 $5 bills, and 5 $10 bills. Do it two days before the sale so that, if you forget, you can still get the change on the day before.
Pricing
Know your purpose. “There are two types of garage sales,” an old man told me last weekend. “One is to make money. The other is to get rid of Stuff.” Know which type of sale you’re holding and why. Your purpose will affect how much you negotiate and how much you give away for free.
As mentioned above, be clear on the purpose of your sale. Are you selling things to make money or to get rid of them? This question affects everything you do, from how you price things to how willing you are to negotiate. Surprisingly, you can often make more money (and get rid of more junk) by pricing things low. (If your goal is to get top dollar, you should really be selling on eBay or Craigslist.)
Oh, and lose your sentimental attachment. Unfortunately, no one cares how much you paid for an item or how many memories are attached to it. It’s a sunk-cost. They just want a bargain!
How to Establish Price
Know the value of your items. By doing some research on eBay or Craigslist, you might discover that some of your items are worth way more than you thought. However, this does not mean you should actually charge those prices. By attending yard sales yourself, you’ll have a general idea of what an acceptable price is. Also, you’re probably safe by pricing things somewhat below what the area thrift stores charge.
Don’t price your stuff too low. People like to bargain, so allow some wiggle room. Also, you want to make money. You can always have a 50-percent-off sale over the last couple hours.
Price items like a store. If you have a lot of something, “Buy 3, get 1 free” works really well.
Other pricing strategies. Fill this box for $10 or fill this bag for $5. Anything not valuable can go on tables dedicated to that and you will get rid of all sorts of stuff that people might not buy individually but might stuff in a box.
To Price or not to Price.
Pricing items is a pain, no question.
Some people find it more profitable not to price anything because customers are turned off if the price is too high.
However, most customers prefer priced items, if only as a starting point for haggling.
Opting for a hybrid approach may require pricing larger items, or grouping like items on a table and then placing a sign on the table for the prices.
You can also place anything worth less than $5 or $10 on a table with a note to make an offer.
Another innovative approach is to mark by colored stickers only and having a master price list or two. As the day goes on, you can easily change the master price lists without changing prices on the individual items.
Be Willing to Bargain, but be Less Flexible at the Start.
If you just want to get rid of your stuff, you probably won’t mind haggling over anything.
But if you’re interested to make some money for your efforts, don’t haggle over a low-priced item or two. If your customers buy several things, cut them a deal.
Also don’t cut prices by much the morning of the sale, unless they are buying a ton of stuff. Tell them that you’ll cut prices a couple of hours before the end of the sale, and if they’re willing to take the chance, they can come back later. Or offer to take their phone number, and say “I’m sorry, but I’m not comfortable selling it at that price. Would you like me to call you if it’s still here at the end of the day?”
By the end of the sale, it’s best to practically give things away rather than face the prospect of having to deal with it later.
Staging
Too many garage sales are a haphazard collection of Stuff piled every which way. Don’t be like that. Take lessons from supermarkets and department stores. “Organize things so they’ll catch the shopper’s eye,” Kris says. “And don’t have depressing music playing.” (At the start of the sale, I had some New Age music on the stereo. “It sounds like a funeral,” she told me. She had me put on Elton John’s greatest hits instead, and people loved it. Sales improved!)
If you really want more bang for your buck, borrow from the big retailers’ playbook for how to display your merchandise.
Prepare your window display. How do regular stores get people to stop in? By creating intriguing/beautiful/interesting window displays. You won’t have window displays but use the concept. You can lure more customers by placing highly-desirable items near the road.
Move your customers to the right. For whatever reason, shoppers prefer to move through stores counter-clockwise. To get your customers to do the same, you can set up a table with free lemonade to the right, or display good items (but probably not the most expensive), or colorful, items to the right. You may want to place your most expensive/desirable items in the back of the garage, on the wall. As long as your customers can see these items from the garage door, they will walk past all your other items first.
Display items to their advantage. Too many garage sales are a haphazard collection of stuff piled every which way. Customers want bargains with the feel of a store. Put the highest value items at eye level or clearly marked on a high-value table. Organize things so they’ll catch the shopper’s eye. Hang up clothes, sorted by size, with the sizes clearly labeled.
Slow your customers down. Instead of lining your garage with long tables, consider staggering them in such a way that your customers slow down — without creating bottlenecks, of course.
Make it cohesive. Establish themes. While you can group like items together, also consider grouping items of the same color, or by theme. One theme could be music: Gather old instruments, CDs, and old speakers together.
Shed a little light. Lighting is important in big box stores, and it’s just as important at your yard sale. Make sure all light bulbs are working in the garage. Consider setting up table lamps and white Christmas lights to brighten the atmosphere.
Promote expensive items. Big-ticket items can be tough to sell, but you can do it with a little extra effort. For example, if you have a digital camera to sell, gather all the bits and pieces and place them together on a table along with a printout of the Amazon page for the camera.
Think like a customer. As soon as you’ve opened and fielded the initial flood of shoppers, walk through your sale as if you were there to buy something. How does it feel? Are things clearly marked? Is it easy to move around? Visualize any potential bottleneck areas. Are your books on the ground in boxes or are they placed neatly on shelves and tables? As things sell, move items around to fill in the gaps.
Make it easy for shoppers to test electronic items. If it is a sound or video electrical item, take a retailing idea from the pros and set it up to play. A TV that is playing will sell much better than one that is off. This is also true of sound electronics. Play videos on TV. People will start watching and ask to buy the video.
Create visual interest. While you want all the customers to see into your garage clearly, don’t forget that staggering items at various heights along your garage walls creates visual interest and allows better visualization.
Display impulse purchases. Wherever customers check out, conspicuously place inexpensive, fun items.
Have a box of free stuff. Nothing is more fun than finding something for nothing, so place a large, well-marked “FREE” box close to the curb. Mention the free box on the main Craigslist ad and place an individual Craigslist listing in the Free category.
Complementary items. Have a pile of complimentary items and let buyers pick one item to go with each purchase. It could be any old junk, but people will love getting a freebie.
Set up a lemonade stand. Instead of giving away free lemonade, your child can sell lemonade — and make her own money!
Be the Pinterest of yard sales. Your customers may think something looks cool, but they aren’t really sure how they’ll use it. Consider displaying some of your merchandise on furniture you have for sale. By displaying the item in an interesting way, or even printing out some craft projects you found on Pinterest, you may inspire your customer to take the treasure home.
Avoiding Problems
The Early Birds.
Warn in your ads that “early birds pay double.” Otherwise, you’ll be stuck fumbling for change and entertaining these folks rather than getting your items ready. Or if you don’t want early birds to show up, don’t put your entire address in your ad. Then, just before you open, put out the signs and open the garage door. And don’t take money (meaning, no sales) until you are ready.
Future Burglars.
Unless you personally know them, don’t allow anyone in your house. If they ask for a bathroom, direct them to the closest public restroom.
Do NOT Use a Cash Box.
Carry your money on you at ALL times. You don’t want to present a target for casual thieves. More than that, you don’t want to be duped by professional swindlers who run distraction con games. It happens. It is devastating to see the profits from all your labor and the proceeds from your hard-to-part-with items vanish in an instant. This happened to a woman on our street on the last day of the sale last year. Do NOT use a cash box. I use a cheap cloth apron/utility belt from the local hardware store. It works beautifully. Some people use fanny pack or a zippered bank deposit pouch.
Don’t Bad-Mouth your Items.
A decade ago, Kris and I held a garage sale with a group of friends. One guy constantly told customers what was wrong with the items they were purchasing. “Oh, that book is awful. That’s a terrible movie. That skillet doesn’t heat very well. That game is boring. Needless to say, we sent this friend inside to drink beer ASAP. Your goal is to sell the items. Don’t lie — just emphasize the positives. Oh, that book is very popular. That movie won three Oscars. That skillet is great for pancakes. That game is fun for kids.
The Hostess with the Mostest.
If having a group yard sale, pick the best location in terms of traffic or accessibility or parking (and don’t forget to clear parking spots on the big day for customers). Offer the host a bonus such as a percent of the sale or a hosting fee. Also, go over ground rules such as the bargaining policy, etc.
(If you have an option to select the home where the sale is hosted, select a home with a shaded drive, if possible.)
Wrapping It Up
Have a plan for what you’ll do with your unsold merchandise.
Some non-profits will pick up unsold stuff, so research this ahead of time.
If you are going to drop anything off at a thrift store, know their drop-off times/days. Also, check to see if there are any limitations on what they accept.
Post on the local freecycle (www.freecycle.org) that, after a certain time, whatever is left is free for the taking — and remember to include your address. If you’re lucky, people will schlepp it away for you!
Even after years of purging, I still have too many books…
We’d only intended for ours to be a two-day sale, but we did so well that we decided to open Sunday too. This time, we re-branded. Because we still had shelves filled with classics, graphic novels, and photography manuals, we billed ourselves as a “book sale”. Surprisingly, this still brought folks in. Traffic was much lighter than previous days, but we still cleared $400.
In the end, we sold $2,454.90 worth of Stuff. Kim and Kris and Jeff didn’t do as well as I did — none of them spent a lifetime making foolish financial choices and “collecting” books and records and comics and other toys — but everyone seemed happy with the money they earned. And as for me? After years of battles, I think I’ve finally won the war on Stuff!
A great yard sale begins with a great plan. What are your best yard sale tips?
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Yep, you are reading this because you need an extra $300 ASAP.
In this post, you will learn the exact ways I have made 300 dollars fast or other methods that I truly know that work. Around here at Money Bliss, we research everything! That way we know you can put in the hustle and make it happen, too!
But with so many ways of making money on the internet these days, which one is best for your situation?
Hey, do you ever wonder how some people seem to make money the way they do?
It’s not by getting lucky–you’ve got to be smart about it.
I’ve looked at different options and ranked them from my favorite method all the way down to what I think is least desirable in terms of time investment and return.
Let’s get started…
How can I make $300 right now?
There are multiple ways to make $300 in a day.
You have to decide what works best for you! Preferably it would be a way that you naturally find enjoyment.
Even better, if you find a way to make 300 dollars fast that you can do repeatedly – that is called passive income.
What are ways to make money fast?
With so many ways to make money, sometimes figuring out what you should do can be a little overwhelming.
There are plenty of ways to make money fast.
You have to decide what you want to do.
35 Specific Ways on How to Make 300 Dollars Fast
Let us break it down for you with some of the most common and well-known methods of earning money.
For each way to earn 300 dollars in 24 hours, we will provide tips on how you could go about doing it.
1. Get a part-time job
One way is to get a part-time job.
You can look online or walk around any business for job postings.
Right now, there are SO MANY places that are DESPERATE for workers! You can easily find a part-time job making $15 an hour to $20 an hour.
2. Do a No-Spend Challenge – Budget to Find $300
A no-spend challenge is a great way to save money fast. I guarantee you can find $300 from your spending.
During a no-spend challenge, you commit to not spending any money on non-essential items for a set period of time. This can be anything from a week to a month.
There are a few different ways you can approach a no-spend challenge. One option is to cut out all non-essential spending for the duration of the challenge. This includes things like eating out, entertainment and shopping for new clothes. Another option is to allow yourself a set amount of money to spend each day during the challenge. This could be $10 per day or $50 per week.
No matter which approach you take, a no-spend challenge can help you save money fast. It’s also a great way to get creative and find new ways to have fun without spending money.
3. Open A New Bank Account & Get a Cash Bonus (Yes, get 300 dollars free)
A simple way to make money fast is by opening a new bank account. In fact, I just did this and received $300!
One way is to sign up for a new account and receive a sign-up bonus. Many banks offer these bonuses, which can range from $25 to $500, just for opening an account and meeting certain requirements. For example, you may need to deposit a certain amount of money within the first month or maintain a minimum balance.
Another way to make money fast with a new bank account is to take advantage of interest rates. Many banks offer higher interest rates for new customers, so you can earn more on your deposited funds.
Finally, some banks offer cashback or reward programs when you use your debit card or credit card for certain purchases. For example, you may get cash back when you use your debit card at grocery stores or gas stations.
4. Hop on TaskRabbit
TaskRabbit is a great way to make some quick money in one day. You can sign up to be a Tasker and choose from a variety of tasks that need to be completed in your area. Once you complete the task, you’ll get paid.
TaskRabbit is great for people who are looking for extra income and don’t mind doing odd jobs. Some of the tasks you can do on TaskRabbit include:
Cleaning
Yard work
Furniture assembly
Grocery shopping
To become a Tasker, you’ll need to create an account and fill out your profile. Once your profile is complete, you can start applying for tasks. Once you’re approved for a task, you’ll need to complete it and submit proof of completion in order to get paid.
5. Sell items you no longer need for quick cash
There are a few things you can do to make some quick cash if you find yourself in a bind and selling items that you no longer need ranks at the top.
This could include clothes, furniture, electronics, or anything else that you have around the house that you don’t need.
You can list these items for sale on websites like Craigslist, Nextdoor, or Facebook Marketplace.
6. Join an in-person or online focus group
Focus groups are a great way to make some extra money fast. You can join a face-to-face focus group or an online focus group. Online focus groups are usually conducted via Skype or a similar video conferencing platform.
In a focus group, you will be asked to provide your opinions on various topics, products, or services.
The company conducting the focus group will use your feedback to improve its offerings. Focus groups usually last for 1-2 hours, and you will be compensated for your time with cash or gift cards.
Typically, I have made $50-300 for each focus group I completed. The exact amount will depend on the company conducting the research and the topic of the focus group. Learn more.
7. Move to freelance work
The best way to make money fast is to find a need that you can fill and then fill it. For example, if you’re good at writing, you could start offering content writing services. If you’re good at design, you could start offering design services. There are always businesses and individuals who need help with things like this, so if you can provide it, you’ll be able to make money quick.
There are a few different ways to offer freelance services. You can offer your services through a freelancing platform like Fiverr, or you can reach out to businesses directly and offer your services. You can also set up a website and promote your services through that.
Of course, the amount of money you can make will vary depending on the quality of your work and the size of the projects you’re working on. But if you’re able to deliver high-quality work quickly, you should be able to make decent money doing freelance work.
Also, this is a great way to start building consistent income from work from home jobs without investment.
8. Advertise On Your Car As Easy Ways to Make Money
There are a few companies that will pay you to advertise on your car. You can usually sign up for a short-term contract and get paid per month, or sometimes per week or day.
This can be a great way to make some quick cash if you have a car that you don’t mind driving around with ads on it.
Here are a few companies that offer this service:
To sign up, you’ll need to provide some basic information about yourself and your car, and then you’ll be able to browse the available campaigns and choose the ones you want to participate in. Once you’ve been approved for a campaign, the company will send you the materials you need to apply the wrap to your car, and then you’ll be on your way!
Double bonus if you do this while driving for Uber or Lyft!
9. Become A Virtual Assistant:
There are many ways to make money fast, but becoming a virtual assistant is one of the most viable options.
Virtual assistants provide administrative, secretarial, and clerical support to clients from a home office. They can perform tasks such as scheduling appointments, handling customer inquiries, managing social media accounts, and more.
To be a successful virtual assistant, you will need to have strong organizational and time management skills. You will also need to be comfortable using computers and various software programs. Additionally, it is important to be able to communicate effectively with clients via email and phone.
If you have the necessary skills and qualifications, becoming a virtual assistant can be a great way to earn money fast. Check out this free virtual assistant training!
10. Clean Houses
Cleaning houses is a profitable business and most people charge from $35 dollars to $45 an hour, so you can quickly make $300 by cleaning houses. You could start by advertising your services on platforms like Craigslist orNextdoor.
Once you get a few clients, you could start a Facebook group or Instagram account to showcase your work and attract more customers.
You could also look into joining a local house cleaning company as an independent contractor. This would give you the benefit of having a regular income, while still being able to set your own hours and work as much or as little as you want.
10. Give Blood OR Sell Plasma:
There are a few ways to make money fast, and giving blood or plasma is one of them – especially if you live in a college town.
You can usually make around $50-75 for giving blood or plasma. Also, many centers offer first time donors a big bonus!
The process takes around an hour, and you can usually donate once a week.
11. Do Grocery Shopping With Instacart:
Instacart allows people to shop for groceries and other items from the comfort of their own homes. As a shopper, you would be able to set your own hours and work as much or as little as you want.
For someone who loves shopping, this is perfect because you are not spending your own money!
You would also be able to earn tips from satisfied customers. If you are looking for a flexible way to make money, then becoming a shopper with Instacart could be a good option for you.
12. Test Websites for UI/UX
Testing websites for UI/UX is a great way to make money fast. Here are a few things to keep in mind when testing websites:
Make sure the website is easy to navigate
Check for broken links
Test the forms and checkout process
Provide feedback on the overall design and user experience
Companies want their online experience to be great, so this is a top gig.
13. Tutor Online
There are a few different ways you can tutor online, and each has its own benefits. You can use a platform like Chegg or Wyzant to connect with students who need help in your area of expertise. If you’re more of a self-starter, you can also look for online tutoring gigs on Upwork or Fiverr.
Benefits of tutoring online include:
You can work from anywhere with an internet connection
You can set your own hours
Tutoring is a great way to make $30 an hour
If you’re looking for ways to make money fast, tutoring online is a great option. You can work from anywhere in the world, and set your own hours so that you can fit tutoring into your busy schedule. Plus, tutoring is a great way to make extra money.
14. Writing Skill? Become a Freelance Writer
Also, making money is becoming a freelance writer. There are many websites and online publications that are always looking for new content, and a freelance writer can easily provide this. In addition, a freelance writer can often command a higher rate than other types of writers because of the specialized nature of their work.
Another way to make money fast as a freelance writer is to offer services such as ghostwriting or editing. This can be especially helpful for businesses or individuals who need assistance with their writing but do not have the time or resources to do it themselves. By offering these services, you can still earn a decent living while helping others improve their own writing skills.
Check out this course on how to Earn Money while Writing.
15. Manage Social Media Accounts to Make $300 a Day
There are a few different ways you can make money by managing social media accounts. You can offer your services to businesses or individuals who need help with their social media presence. Here are a few ideas:
Offer to help businesses with their social media strategy. This can include creating and scheduling posts, engaging with followers, and monitoring analytics.
Offer to manage an individual’s personal social media accounts. This can include anything from posting updates to responding to comments and messages.
Start your own social media management company. This will require more work upfront, but you can potentially earn a lot more money in the long run.
If you’re looking to make some quick cash, managing social media accounts is a great option. With a little effort, you can easily make $300 or more per day!
16. Become An Uber Or Lyft Driver:
If you’re looking to make some quick cash, becoming an Uber or Lyft driver might be a good option. This past weekend, we met a driver who would not tell me the exact amount he makes, but it was hovering six figures.
You can work on your own schedule and earn money by picking up passengers and taking them to their destination. Plus, you can get paid even more if you’re willing to pick up additional passengers or drive during peak hours.
Key Tip… Learn the routes and areas in which you are more likely to make more money. This may mean driving outside your hometown.
17. Ask for Extra Hours
A simple way to make $300 fast is to ask for extra hours at work. If you’re able to put in the extra work, you’ll likely see a boost in your paycheck.
This can be a great way to make some quick cash if you’re in need.
Many employers will be happy to pay overtime hours or just under the requirements of a full-time position.
18. Rent Your Car
Have you ever thought about renting your car out?
You can do this by signing up with a car rental service like Turo or Getaround. Once you’re approved, you can start renting out your car for quick cash.
Typically, you can earn around $30/hour for each rental, and you can get paid weekly. This is a great way to make some extra money if you have a car that you don’t use often.
19. Rent out a spare room in your house
Renting out a room in your house is a great way to make money fast.
You can charge daily, weekly, or monthly rates, and you’ll get the money right away.
This is a great option if you have an extra room in your house that you’re not using. Just make sure to list the room on a site like Airbnb so people can find it.
20. Open a Shopify Store and Sell
Opening a Shopify store is one of the quickest and easiest ways to start making money online. Shopify is an eCommerce platform that allows you to create an online store in minutes, without any prior experience or technical knowledge.
There are a few things to keep in mind when opening a Shopify store:
Choose a niche: When choosing what products to sell, it’s important to pick a niche that you’re passionate about. This will make it easier to market your store and stand out from the competition.
Research your products: Once you’ve chosen a niche, it’s important to do your research and make sure you’re offering quality products that your customers will love.
Set up your store: The next step is to set up your Shopify store. This process is relatively simple and can be done in just a few minutes.
Start promoting your store: Once your store is up and running, you’ll need to start promoting it through social media, blogging, and other marketing channels.
Once your store is up and running, you can start selling products and making money right away.
21. Events Assistant
Thankfully, large events are making a comeback, and thus it is now one way to make money fast is to work as an events assistant.
Events assistants help with the planning and execution of events, such as weddings, corporate functions, and parties. They may be responsible for tasks such as booking venues, arranging transportation, and decorating the event space.
Working as an events assistant can be a great way to earn quick cash, as many events take place on weekends or evenings. You may earn tips in cash, too.
22. Apply For A New Credit Card & Get a Signup Bonus
Applying for a new credit card is one of the easiest ways to make money fast if you have a good credit score.
You can often get a sign-up bonus just for applying, and if you use the right card, you can earn cash back or points that can be redeemed for free travel.
Just make sure to pay off your balance in full each month so you don’t get hit with interest charges.
23. Get Paid To Walk
There are a few ways to make money by walking, including becoming a pet-sitter or dog-walker, delivering food or packages, and even participating in research studies.
Pet-sitting and dog-walking are great ways to get some exercise while making some extra cash. You can advertise your services on websites like Rover or Care.com, or even on local community Facebook groups. Once you build up a clientele, you can set your own schedule and rates.
If you don’t mind doing a little bit of extra work, you could also sign up to deliver food or packages for companies like DoorDash, Postmates, or Amazon Flex. You can typically set your own schedule and rates for these gigs.
24. Wait tables
Working as a waiter or waitress can be a great way to make some extra money fast. In fact, it is easy to net over $300 if you are personable and do your job well!
In most cases, you will be able to keep all of the tips that you earn, which can add up to a significant amount of money over time.
Additionally, many restaurants offer their employees discounts on meals, which can further increase your earnings. If you are looking for a way to make some quick cash, waiting tables may be the perfect solution for you as you can start within days.
25. Provide Yard Work Help
Another way to make money fast is by providing yard work services. This could involve mowing lawns, shoveling snow, trimming hedges, or any other type of outdoor work.
You can use online platforms such as TaskRabbit, Nextdoor or Craigslist to find clients, or you can reach out to local businesses or individuals who need help with their yards.
From personal experience, my kids have averaged over $300 a day – just for snow shoveling! Good hustle for those preteens!
This is yet another way to make some quick cash by doing odd jobs for people in your community.
26. Read Books and be Paid as a Reader
There are a few ways to make money by reading books. You can start a book blog and get paid to review books, you can work as a freelance book editor, or you can even get paid to read books!
If you want to start a book blog, you first need to find a niche. What kind of books do you want to review? Once you’ve found your niche, the next step is writing reviews. You can use sites like Amazon and Goodreads to find books to review, and then post your reviews on your blog.
If you’re interested in working as a freelance book editor, there are a few things you need to know. First, you need to have experience editing books. Second, you need to be able to showcase your work. And third, you need to be able to market yourself so that potential clients can find you.
One way that you can make money by reading books is by becoming a beta reader. Beta readers are people who read manuscripts before they’re published and provide feedback on the story and the writing. If you’re interested in becoming a beta reader, the best way to find work is by networking with authors and editors who might need your services.
27. Sell a Skill on Fiverr
There are many ways to make money fast, but one way you can monetize a skill you have is to sell it on Fiverr.
Fiverr is a marketplace where people can buy and sell services starting at $5.
If you have a particular skill or talent, you can create a gig offering that service. Once your gig is created, buyers can purchase your service and leave a review.
If you deliver quality work, you will get repeat customers and your gigs will start to rank higher in the search results. This will help you make more money faster.
28. Profit from Baked Goods & Get Rewarded
Cake pops are hot! As most professional bakeries, charge between $1-4 per cake pop, you would need to sell 75 cake pops to make your goal of $300 a day.
Same with sourdough bread! people are selling homemade sourdough bread for $5-8 per loaf. So, you need to sell around 40 loaves to hit 300 dollars fast.
Another option is to offer baking classes in your community to make extra money. This is a hot thing to do for couples and kids.
There are many delicious ways to make money fast from baking.
29. Flip Stuff Online and Be a Reseller
One way to make money fast is to resell items on eBay, Facebook Marketplace, or Craigslist.
You can find items to resell at garage sales, thrift stores, and even online. Once you have found an item to resell, list it on eBay and set a starting price. Be sure to research the item so you know how much it is worth and what similar items have sold for in the past. You can also offer to ship if you are selling a larger item.
Check out this free training from Flea Market Flipper!
30. Negotiate a Pay Rise
There are a few key things you can do to increase your chances of successfully negotiating a pay rise:
Do your research: find out what the average salary is for your role in your area, and what other people in similar roles at other companies are being paid. This will give you a good starting point for negotiations.
Build a case: put together a document or presentation detailing your successes and value to the company. This will help you make your case in a clear and concise way.
Be prepared to walk away: if the company isn’t willing to meet your demands, be prepared to walk away. This may mean looking for another job, but it’s important to stand up for yourself and not accept less than you’re worth.
This is a great way to increase your paycheck!
31. Do odd jobs for people
One way to make some quick cash is to do odd jobs for people in your neighborhood.
This could be anything from mowing lawns and shoveling snow to painting fences and washing cars. If you have a knack for handyman work, you can list your services on websites like TaskRabbit or Craigslist.
You can also sign up with a local home improvement store, such as Home Depot or Lowe’s, to find customers who need help with small projects around the house.
You can house sit for people in your community who are going out of town and need someone to watch their home while they’re gone. Check out a great place with Trusted Housesitters.
32. Start Copywriting
Copywriting is a skill that can help you make money fast. If you can write persuasively, you can earn quick cash by writing articles, sales letters, and web copy.
Here’s how to get started:
Find a need. Look for businesses that are in need of content and start pitching them your services.
Write a great proposal. Your proposal is your chance to sell your services, so make sure it’s well-written and persuasive.
Get paid! Once you’ve landed a client, get to work and start earning money fast!
Check out where to find copywriting jobs.
33. Play with Dogs with Pet-sitting Services
If you love animals, you can offer pet-sitting services to earn some extra cash.
Pet owners often need someone to watch their pets while they’re away on vacation or business trips. If you love animals, this can be a great way to earn some extra cash.
You can also dog walk or pet sit for neighbors or friends.
34. Invest in Stocks or Cryptocurrency.
If you’re willing to take on some risk, you could make money by investing in stocks or cryptocurrency. However, these investments can also lose money, so be sure to research before investing.
This is one way I consistently make an extra 300 dollars a day.
However, this is after I took an investing course and months of practice. If you are analytical and enjoy patterns, this could be for you.
35. Complete online survey and earn extra cash
This is probably my least favorite, but you can make cash fast for very simple work. The amount of money you can make depends on the amount of time you’re willing to spend, and some other factors like your demographics.
Join a paid survey panel.
These panels usually work with marketing research companies who pay panelists for their participation in online and offline surveys. To join a paid survey panel, you’ll typically have to fill out a short sign-up form and provide some basic information about yourself. Once you’re signed up, you’ll start receiving survey invitations by email.
Here are the top legit survey platforms:
How much money can you make with each method?
The goal is to make 300 dollars fast, right?
It depends on the way you want to make money and the effort you put into it.
Some like virtual assistants or active trading will take longer to build up and get your experience, but it will be more lucrative as you go. On the flip side, pet sitting or house sitting is quicker to start but could be less consistent with clientele.
What are the pros and cons of each method to make money today?
There are a few different ways to make extra money, and each has its own pros and cons. For example, you could get a part-time job, start a side hustle, or take on some freelance work.
Idea #1 – Another job or More Hours
Getting a part-time job is one of the most common ways to make extra cash. The main pro of this method is that it’s relatively easy to find a part-time gig these days. You can use sites like Indeed or Craigslist to find open positions near you.
The main con of this method is that it can take up a lot of your time, which might not be ideal if you’re already working full-time or taking care of other obligations.
Idea #2 – Start a Side Hustle
Starting a side hustle is another popular option for making extra money. The biggest pro of this method is that you can often make more money with a side hustle than you would with a part-time job.
The biggest con of this method is that it takes time and effort to get your side hustle off the ground.
Idea #3 – Freelance Work Online
Taking on some freelance work is another option for making extra cash. The main pro of this method is that you can often set your own hours and rates.
The main con of this method is that it can be tough to find consistent work.
Best Way to Earn Money Fast
Ultimately, the best way to make extra money is the method that works best for you and your situation.
If you need to make some quick cash, a part-time job might be the way to go. If you’re looking to consistently make a bit more money, starting a side hustle is best.
Top ways to make money fast online
There are many different ways you can make money online.
Some of the most common include affiliate marketing, selling your own products or services on social media platforms like Instagram and Facebook, using your blog as a source of passive income, and creating e-commerce stores.
In fact, learning how to make money online for beginners is a hot topic!
Which methods are best for making long-term income?
There are a variety of methods you can use to make 300 dollars fast. While some methods may only provide you with temporary or one-time earnings, others have the potential to provide you with more long-term income.
Some of the best methods for making long-term income include:
Finding a high-paying job: If you’re looking for more sustainable earnings, then finding a job that pays well is one of the best options. While it may take some time to land a high-paying position, once you do, you’ll be able to earn a steady income that can last for years.
Starting your own business: Another great option for earning long-term income is starting your own business. This can be a great way to earn a passive income, as well as give you the flexibility to work on your own schedule.
Investing in real estate or stock market: Another option for those looking to make long-term earnings is investing in real estate or the stock market. This can be a great way to earn passive income and build up wealth over time.
What are some tips for making money fast?
These are just a few ideas to get you started.
Remember, the key is to be creative and think outside the box. There are many opportunities out there for those who are willing to look for them. With a little effort, you can find a way to make money fast.
Do you need to know how to make 2000 fast?
Tips to Earn Real Money and Make Extra Money Fast
How can you make sure you make the most money possible?
There are a few key things to keep in mind if you want to make the most money possible:
1. Be Clear On Your Expectations
If you want to make extra money, you need to be clear on what you want. Specifically how you are looking to make and how many hours you are going to commit.
Also, you need to communicate this to others around you like friends, family, or kids.
2. Set Prices People Make in Reality
Making sure that you have a clear understanding of the services you’re offering and what the going rate is for those services is crucial.
If you don’t know how much your time and effort are worth, it’s easy to undervalue yourself and end up making less money than you could have. Likewise, if you overprice yourself, people are less likely to use your services.
3. Negotiate a Ton
Don’t be afraid to negotiate. If you feel like you’re worth more than what the other person is offering, try to negotiate for a higher price.
Don’t be afraid to negotiate when it comes to prices. If you feel like your time is worth more than what the other person is offering, try negotiating for a higher price. It never hurts to ask, and often times people are willing to pay more than they initially offered if it means getting better quality work.
4. Work Hard and Make Real Cash – Not Free Cash
Be willing to work hard. The more effort you put in, the more money you’re likely to make.
If you’re not willing to put in the extra effort, you’re not going to make as much money as you could have.
Free cash won’t just happen; that isn’t someone you strive to be. Work hard and be paid.
Start Earning 300 dollars and Make Money Quickly
There are a lot of ways to make 300 dollars fast.
You just have to be creative and resourceful.
With this guide, you now know 35 ways to make 300 dollars fast. You can start earning extra cash today by following these methods.
You can start by looking for ways to make money in your free time, at home, or online. With a little effort, you can make 300 dollars in no time. Then, on to make 500 dollars fast.
Remember to have fun while you’re earning money! Thanks for reading and good luck!
Then, your next goal will be how to turn 10k into 100k.
Know someone else that needs this, too? Then, please share!!
You’re great, smart, and people just love you. A little praise has already taken you far in life, and now it’s time to apply it in pricing your home for sale.
What’s wrong with a little self-confidence when attracting a buyer, anyway? Nothing. But watch out.
Here are six things that overconfident home sellers do when pricing their home, and some helpful tips on how to avoid them.
#1: Trust themselves more than they trust the market
If you’ve been on social media sites ever in the past ten years, you might have seen messages to the effect of: “Your worth depends on how much you value yourself,” and “Speak about yourself the way you would about a prized possession.” This advice certainly has merit, but sadly, little value in the pricing of your home.
Houses have value only in the amount that a buyer is willing to pay for them. You can tell yourself your home is worth a million dollars, but statements of self-affirmation will do little to attract a buyer.
#2: They ignore the endowment effect
Studies show that when a person owns something, they mentally set its value at a price much higher than what they personally would be willing to pay for it. This is called the Endowment Effect. Say you have your eye on a carbon frame road bike which sells for $2000, but wait to purchase until you see a sale price of $1800. A year later, you want to sell this bike, which is worth—to you—$2000. But is it worth that? Of course not.
1) You weren’t willing to pay $2000 for it.
2) You got to own it new (or newer) than it is currently.
3) The experience you give the buyer—a garage sales-location versus a brick-and-mortar store—matter.
Homes are similar. Homeowners often value their own home at a price that is substantially higher than what they themselves—let alone the market—would be willing to pay for it. The reasons are the same as the three mentioned above. 1) Sellers want to feel like they are getting a good deal. (But so do buyers.) 2) Every home is older when it goes on sale than it was when it was purchased. 3) The experience of the sale matters, and current homeowners are not necessarily more talented than previous-owners at showing off the home.
#3: Misunderstand that Homes Don’t Go Up in Value, Property Does
Homes are like bikes. The older they are, the more wear-and tear they have. In fact, should you happen to own a rental home, you know that you can write-off the depreciation of the rental annually. This is because, as years goes by, the units which you rent out will eventually need to be remodeled extensively, just to keep them at the same value to renters. It’s even possible for a building to lose so much value that it is a complete loss, like a car that is worth less than the money needed to repair it. A building like this is generally torn down and replaced.
Property, on the other hand, tends to go up in value at a rate that reflects inflation, with the big wild-card being location. If the location in which you purchased becomes more desirable, you will gain equity. If the location becomes less desirable, you will lose equity.
#4: Price Your Home Based on What’s For Sale
Okay, so you’re ready to set your home value based on the market. Good for you. You look at homes on sale similar to yours and set your price to match.
Here’s the problem: The houses staying on the market longest—many of which you noticed specifically because of the lengthy time you’ve had to process that they were on sale—are overpriced.
House, like other retail items, do not always sell at asking price, as you may have noticed when you waited for a sale on the bike. You need to see what homes are selling for, not what over-confident homeowners are asking for. Appropriately-priced home sell quickly in a seller’s market like the one Utah is experiencing, often going under contract in days.
Getting data on purchase prices is trickier glancing at home sale prices, but certainly not impossible. Start with a desktop appraisal, like the one Homie provides free to all its clients. Once you’ve got purchase price info from comparable homes, check out our step-by-step details on setting your price.
#5: They over emphasize the value of their net on the home.
Imagine you fall in love with a house you can only purchase if the home you currently own sells for not a penny under $300,000. So you set that price as your asking price and won’t budge.
Whoa, not so fast. Consider the opposite scenario. A lovely couple wants to buy your property but can only afford to pay $270,000 it, not a penny over. Will you sell it at that? Not if a second family offers $290,000. Just as more than one buyer exists, more than one house is for sale. Buyers will bite on your house if it’s a reasonable deal compared to others. They will not pay an extra $10,000 to do you a favor.
#6: Expect 100% Return on Upgrades
Just as road bikes lose value the instant they’re used, so do flagstone patios, granite countertops and spring maple laminate floors. Even if your upgrades are perfectly marketable, they still depreciate in value over time. In valuing your home, you shouldn’t expect to retrieve more than 80% of your investment.
Bottom line
Setting your price is giving your best guess at what the market will pay, with helpful tools like Homie’s desktop appraisal to guide your thinking. If you set low, you are likely to get multiple offers that may drive up the price of your home as it goes to auction. If you set high, your home will languish on the market without offers until you adjust the price. React to the market and you have a high chance of selling your home in a reasonable amount of time.
If you really want to make more money on the sale of your home, visit Homie to check out our services and technology, which replace real estate agents and don’t come with commissions. Happy home-selling!
Have you ever wondered how you could double your money with or without the stock market? The reality is, there are a ton of ways you can double your money by investing smartly and giving it enough time. There are also plenty of ways to double your money in a hurry — maybe within a day.
The thing is, it’s a lot easier to double a $300 or $500 initial investment than it is to double, say, $10,000 or $20,000. Either way, we all want our money to grow, and there are lots of ways to achieve a great return-on-investment on both your money and your time.
Let’s Talk Safety vs. ROI
Wouldn’t we all want an investment which gave us a 12% ROI and had no risk? That would be a perfect world.
Sadly, you won’t find an investment with decent returns which doesn’t come with a certain level of risk.
Think of safety and ROI as a seesaw. The more you have of one, the less you’re going to have of the other. As the old adage goes, “more risk, more reward.”
For example, let’s look at investments with low-risk.
Bonds are a common low-risk investment. If you buy a long-term bond, you can get around 4% back on your investment. This means that bonds will give you a modest return (depending on the type of bond) and they have almost zero risk.
At the other end of the spectrum, you’ll find stocks, REITs, and high-yield bonds. These are going to come with a much higher level of risk, but there is a chance you could make a lot more money over the long-term.
For example, you can put some money in a REIT. You could get dividends worth around 15%, but the real estate market can be shaky.
If someone ever tells you they have an investment you can make excellent returns on with ZERO risk, then it’s probably a scam. You will never be able to invest your money without the chance of losing some or all of it.
The Rule of 72
The Rule of 72 is an easy strategy you can use to determine how long it will take for an investment to double based on a fixed rate.
To use this method, all you have to do is take the number 72 and divide it by the rate of return you expect to receive. The number you get back is a rough estimate of how many years it’s going to take for the investment to double.
Here’s a good example: Let’s say you invest in a specific index fund known as the Mid-Cap Growth Fund from T. Rowe Price (RPMGX), which has returned a whopping 14.91% for investors over the last 10 years. Using the Rule of 72, you would find this fund might let you double your money in 4.82 years. That’s pretty amazing if you ask me.
But all funds are not created equal. Imagine for a moment you invested in VanEck Global Hard Assets (GHAAX) instead, which has featured an average return of .67% over the last 15 years. Using the Rule of 72, you would probably be shocked to find that you could double your money with this fund in 107 years. Obviously, that is not going to do you much good!
With all this in mind, one problem with the Rule of 72 is the fact that, the higher the rate of return is, the less accurate it becomes. This is due to the fact that, by and large, short-term investment returns are incredibly volatile and hard to predict. With that in mind, my suggestion is you never use the Rule of 72 as a “hard” rule. Instead, use it as a rough estimate of what you may be able to earn on an investment.
50/50 Approach
The 50/50 investment technique has become one of the most popular through the years.
The idea is simple: Put half of your investments in stocks and the other half in bonds. Ideally, the bonds will give you financial security while the stocks give you an opportunity to achieve much higher returns.
With that being said, my suggestion is to put half of your money into a CD. You will be able to sleep at night knowing you won’t lose the money, but you can still earn a slight return.
Take the other half of the money and put into some higher risk investments. This can be mutual funds or ETFs depending on your goals and your risk tolerance.
These investments can help you earn some extra returns without leaving you high and dry if something were to happen to the investment market.
7 Ways to Double Your Money Fast
If you don’t want to wait a decade or longer to double your money, there are some ways to double smaller initial investments in a hurry. Some of these strategies require more work than others, but at least one of them should work for you. Read over these options, pick one, and get started toward doubling your investment right away.
Get a free stock
When you open an account with Robinhood, you get a free stock. You don’t get to choose which stock since Robinhood randomly chooses from their inventory of settled shares. However, you will get a stock worth something, and you can keep it or sell it down the line.
Better yet, Robinhood will give you a free stock each time you refer a family member or friend who opens an account through your link. You can receive up to $500 in free stock through referrals each calendar year, which is pretty sweet.
Webull is another online brokerage firm that offers free stock when you meet certain conditions. Just remember that the stock you receive will be chosen automatically from their settled shares, so the value of your free stocks can vary. In total, you can receive a stock worth up to $250 for opening your account and another stock worth up to $1,400 with your initial investment of at least $100.
These options are actually better than doubling your money. Robinhood and Webull offer free money, and who wouldn’t want that?
Buy the right IPO
An IPO is an initial public offering, which is basically the first time a stock is being sold to the general public. IPOs can wind up flopping for sure, but you can definitely double your money or better if you buy into the right IPO at the right time.
Case in point: The IPO price for Facebook stock was around $38, yet its trading at over $290 as of this writing. If you had bought a single share at the IPO price point, you would have received a return of over 700 percent so far.
The same is true with Tesla stock, which was originally offered at around $17 per share. Tesla stock was recently trading at well over $2,000 per share, so initial investors basically made bank. The stock went through a five-for-one stock split in August of 2020, and investors in Tesla are still ahead by a lot more than double since just the beginning of 2020.
With all this being said, keep in mind that not all IPOs are created equal and that you can buy the wrong IPO just as easily as you buy the right IPO.
Take the SmileDirect Club Inc. (SDC) I received as a free stock from Robinhood, for example. This stock is currently trading at a little over $11 per share when the original IPO price was $23 per share. This means early investors in Smile Direct Club did not double their money. Instead, they have lost about half of their initial investment so far, provided they bought in at the IPO price and haven’t sold.
When it comes to IPOs, the most important factor to keep in mind is buying into companies positioned for growth. According to Barron’s, IPOs performed really well in 2019 with the average IPO gaining around 20 percent. A few IPOs from 2019 are up huge too, like Karuna Therapeutics (KRTX) and NextCure (NXTC).
Buy and sell sneakers
Shoes are pretty hot right now, and the spoils of their surge in value really does go to those who can put in some time and effort. There are many times in the last few years where I have purchased a pair of “hot” sneakers for around $800 then turned around and sold them for $1,250. That’s not quite doubling my money, but it’s not bad, either. Plus, you can do it over and over again.
My Air Jordan One Chicagos (which are super sweet I might add) were originally purchased for $519. However, they now sell for a little over $1,300. Part of this is due to all the hype surrounding The Last Dance, which is a newer documentary that chronicles the historic rise of basketball legend Michael Jordan.
Crazy enough, one pair of Michael Jordan’s sneakers recently sold at auction for over $500,000. I don’t have any shoes that can sell for anywhere close to that, but you can still check out this video where I share my top 10 Jordan sneakers and more insights into how to make money buying and selling shoes.
If you love sneakers and want to get into the game, you can try buying and flipping shoes using StockX or even eBay.com. You can also download the SNKRS app from Nike, which can help you be the first to know when a popular pair of sneakers is about to drop.
Use Fiverr
Fiverr is an online marketplace that helps connect creatives with people who want to hire them. You can use this site to hire someone to design a logo, build your website, design a video, or work on data entry for you.
On the other side of the spectrum, you can use Fiverr to find almost any kind of work, and usually with little investment or no investment upfront. You don’t have to have an incredibly technical skillset, either. Or you might have a really specific skill set. For example, one time I paid a day trader who was advertising his services on Fiverr to tell me which stocks to invest in for speedy returns. You could watch this video to see how that project turned out, and to find out what happened to the $10,000 in cash I put on the line.
Funny enough, this example actually shows two different ways to make money on Fiverr. First, someone is making money by teaching other people how to become a day trader on Fiverr. Second, you can make money as a day trader, although it’s also just as likely you could lose your initial investment.
Keep in mind there are plenty more additional ways to make money with Fiverr. You could sign up for a service like Canva for $10 per month, for example, then charge people for basic design work they don’t have time for. Heck, you could edit resumes or write blog posts or do other basic tasks without any initial investment at all. Either way, Fiverr is an excellent resource if you need to earn money or double money you have in a hurry.
Garage Sales
Garage sales and consignment shops are a great place to find stuff you can buy and sell. You’ll only get ahead and double your money with this strategy if you buy low and sell high, but this is entirely possible if you know which items to look for.
At garage sales especially, many people price extremely nice clothing and household items for a few bucks, and you can monopolize on this by buying low and reselling these items online at a higher price point.
Heck, a lot of people head to garage sales to buy brand name clothing then resell it for much higher prices using websites like Poshmark.com. This is an easy side hustle that can help you double your money over and over again if you know which brands sell easily and for how much.
While I’m not a garage sale junkie, Gary VaynerChuk is constantly sharing his tips and tricks to help people double their money or better. Gary V. has a ton of blog posts and videos where he talks about buying vintage beer mugs for $5 and reselling them for $20, or how you can sometimes find collectible stuffed animals for $1 or less and resell them on ebay for many multiples of that.
One time he even bought a box of Skylander toys for $7 and sold them for over $180. The key to making money with garage sales is knowing which items can sell for a lot of money, and of course paying as little as possible.
Flip Websites
You can also buy and sell websites, which are basically virtual property. You might be amazed at how much some people are willing to pay for just a simple domain name. For example, my friend Noah Kagan once paid $1.5 million dollars for the domain Sumo.com. He’s made his money back and then some, but whoever bought the domain the first time definitely made a pretty penny.
You can find websites to buy on Flippa.com, including both domains and full websites that already have some content. From there, you can try to improve the sites so you can sell them for more money later on. You can also use them to make long-term, passive income with affiliates or ads.
As an example, I bought a website called FinanceforTeachers.com several years ago. I haven’t sold it, but I have more than doubled my money thanks to the ad revenue it brings in! I might keep it for a while until I feel I have made enough money and sell it for a profit, too.
Buy an Online Course
Sometimes you have to spend money to make money, right? This is exactly how I feel about buying online courses.
I’ve invested up to $30,000 on different courses over the years, and that doesn’t even include mastermind and coaching programs. For example, I bought Brian Dean’s course on how to make money using YouTube videos, which has paid for itself many times over even though the initial cost was over $2,000.
However, there are a ton of other courses out there that can help you double your money. This includes the Facebook side hustle course from LapTop Empires, which can teach you how to set up a Facebook ad company. With your own company, you can get paid to run Facebook ads for other people. Obviously, you’ll need to fork over some money upfront, but with a few clients, the course can pay for itself and you can be on your way to doubling your money over and over again.
Bobby Hoyt of Laptop Empires says the reason that you can get such high return-on-investment from this course is pretty simple. Once you’re trained on how to run Facebook ads, you can realistically charge a $1,500 monthly retainer for your services. The course is less than $500, so you can “double or triple your investment” within the first month of working with a client.
If you’re curious about more ways to earn money by investing in yourself, you should also check out my Passive 1K Income Accelerator Course. My course will help you learn how to grow a passive income business from the ground up — as in, make money while you sleep!
I will provide one final caution about investing in online courses. You should only fork over the cash if you’re willing to do the work. So many people buy courses but never finish them or follow through, which will not help you double your money in the long-term.
New to Investing?
If you’ve never invested your money, you might be worried about getting started. Maybe you clicked on this page to get some advice about doubling your money, but you’re scared to put your money on the stock market or you don’t know where to begin.
Thanks to the internet and some fancy algorithms, investing your money has never been easier. There are plenty of websites where you can start investing and they make it as simple as a few mouse clicks.
Betterment is one of the best. All you have to do is create an account, set your investment and financial goals, and then start contributing money. Betterment will handle the rest for you.
They automatically invest your money and will continue to invest it as you earn returns.
If you are interested in learning more about investing an inheritance, safe places to store your money, and the best places to open up a brokerage or savings account, here are some good reads:
Best Online Brokers for Beginner Investors – Want to get started investing, but don’t know how. Check out our post that outlines the best places online to get going.
Top Places to Invest Your Money for The Short Term – This post outlines 11 different options to put your money for the short-term. Also good options for people that don’t want to take a lot of risk starting out.
Low Risk Investments with High Return – Does investing give you sweaty palms and elevated heart rate? If so, first go out and buy some good deodorant. 🙂 Next, check out our post that lists 10 different safer options for people timid of the stock market.
By Peter Anderson35 Comments – The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money. Last edited May 6, 2019.
Christmas time is one of the most joyous times of the year at our house, but if you’re not careful it can also be one of the most expensive times of year. If you’re trying to cut down on spending, like we are at our house, it can become a challenge to find creative gifts to give.
Today I thought I would try to put together a list of ideas for some good frugal gifts that you can give this Christmas. (The frugality of the gifts vary from gift to gift, but I’ve linked some possibilities on Amazon. You can probably find some cheaper ways to put these things together yourself if you try.)
Check out the newly expanded list: 100 Frugal Christmas Gifts
50 Frugal Gifts
Baked goods: I don’t know any guy who wouldn’t love to get a box full of cookies, banana bread and pastries! (Hint: not good for someone on a diet)
If you’ve got an old laptop, make a frugal digital picture frame out of it!: At 14-15″ it’ll be bigger than most you buy at the stores, and cheaper since you’ll be using old parts!
Personalized Calendars: Most photo processing places will have these personalized calendars you can buy, or pick up pre-made ones in Target’s dollar bins. Get photos of you and the person you’re giving the gift to in each season, and place them in the appropriate month/season of the year!
Themed gift baskets: Give a themed gift basket. For example, a movie night theme basket with microwave popcorn, a movie or two, and some cheapo popcorn buckets from Target dollar bin.
Custom t-shirts: Create your own custom t-shirt for a family member on Cafepress. It’s cheaper than you might think!
Scrapbooks: Make a scrapbook for a close friend showng moments you’ve shared together. My wife did this for a friend’s wedding. Very meaningful.
Donation to a local charity: Give to a local charity in someone’s name. Make sure it’s a charity that they would actually give to.
Handmade Christmas ornaments: make personalized Christmas ornaments for your friends and family!
Board Games: buy a board game, a gift that gets the family together and keeps on giving all year long! Even better, if you can find some board games at garage sales or on ebay, create a themed game night gift basket (see above)!
Family history DVD: Put together a family history DVD with photos, writtten family histories, video and anything else you can think of.
Framed family picture: Take a picture at a family event, frame it, and give it as a gift!
Coupon Books: Make a personalized coupon book with such favorite coupons as “back rub”, “dinner” or “clean the house”.
Make a blanket: make a nice fleece blanket. Instructions here.
Make some custom painted wine glasses: Make some custom painted wine glasses, and then give them along with a bottle of wine. Instructions here.
Give a magazine subscription: My brother loves reading National Geographic and the Economist. We gave him subscriptions as a gift.
Romantic evening gift set: Candles and fake flower petals! Cheap and fun!
Keeping warm gift set: Give a gift set of hat, scarf and gloves. Add long underwear as well if you wish!
Leatherbound journal: buy a nice leatherbound journal at your local Borders or Barnes and Noble. They make for a nice gift. Add a nice pen if you want to pay a little more.
Craft Kit: Put together a crafting kit with things like markers, glitter, scissors, clay, crayons, glue, paper, etc.
Photo Collage: If you’re handy with Photoshop or another image editing software, create a photo collage/montage, print it out and frame it! Or if you don’t have Photoshop, print separate pictures and create a collage.
Movie Tickets: Buy a pair of movie passes or a movie gift card for someone to go see a movie. Not as cheap as it used to be :).
Buy a single stock: Buy a family member a single stock to get them started, and give them a copy of a finance book like Dave Ramsey’s Total Money Makeover (although you may want to stress that you’re giving it because it has helped you. People can get touchy about money related gifts)
Flannel Sheets and PJs: Buy a keeping comfy gift pack with flannel sheets and pajamas!
Coffee Lovers Gift Pack: Buy some gourmet coffee and a personalized coffee cup for the coffee lover on your list.
Set of soaps, towels and soap dish: Put together a nice matching set of hand towel and soap dish, and then give some handmade soaps.
Big breakfast gift pack: Put together a gift pack with pancake mix, batter dispenser, syrup and pancake mix-ins.
Puzzle day: Give a gift pack of a puzzle and snacks to eat while you do the puzzle!
BBQ Kit: Get some BBQ sauce from local source, and add it to a nice BBQ Utensil kit.
Basket of spices and seasonings: Put together a basket of seasonings and spices from a local spice or grocery store. Make sure to get a good mix for cooking, BBQs, etc.
Netflix subscription: Pay for someone to have netflix for a couple of months. If they have a connected device, they can even stream movies!
Deck of cards and book of card games: Buy a cheap pack of cards, and a book listing the rules of different card games. Good for hours of fun!
Cheap keychain digital picture viewer: Buy someone a cheap digital picture viewer keychain (around $20?) and fill it with pictures.
Bath time gift pack: Buy a nice wash clothe, some bath oils/beads and even some lotions at your local bath store.
Mix tape: Make a mix CD from Itunes with some of the person’s favorite music on it.
Botanicals: buy a nice low maintenance plant to brighten up their day, along with a small watering can.
Make a recipe box: If you’re good with wood, make a nice recipe box, and fill it with blank recipe cards.
An appreciation book: Get a nice journal, and write in it to the person about how much you appreciate them, things you love about them, shared moments and experiences and general encouragement. Even add a few photos.
Book gift pack: Find some books on your own shelf that you’ve already read, and put together a gift pack of books
Chocolate attack!: Put together a gift pack with all kinds of chocolate. Hot chocolate, chocolate bars, truffles, etc.
Car wash kit: Put together a kit for washing the car. Can include things like sponge, tire brush, bug remover, car soap, etc.
Regifted items: Did you get a 2nd crock pot last Christmas that you haven’t used? Give it away this Christmas (to someone other than who you received it from)
“That’s a spicy meatball” gift pack: Give them a nice italian dinner with a pasta bowl, pasta, strainer, fancy olive oil, pasta utensils and even some sauce.
Give your service: Good at cooking? Offer to come over and cook a gourment meal. Are you a designer? Offer your design services for free. Good with computers? Offer free tech support. You get the idea.
Wine and cheese gift pack: Buy a variety of specialty cheeses, crackers and a bottle of wine. Put it together and you have one gourment evening!
Picnic pack: Put together a picnic pack with a blanket, a basket, some cheap utensils and plates.
Sewing Kit & lessons: put together all the sewing essentials (thread, needles, pins, etc) and then give the person lessons on how to sew.
Gardening gift pack: Buy the person gardening gloves, gardening tools and some seeds. Put them all in a small bucket or waterging can.
Handmade jewelry: Make a handmade necklace or bracelet at a local bead or craft store. Give it as a meaningful gift.
Music lover’s delight: give an itunes gift card, along with a book about their favorite artist or band
Beer afficionado gift pack: Give a beer mug, snacks and gift card from a local brew pub.
A Birdhouse: Give your loved one of these bluebird houses so they can relax on the porch and watch the colorful avians.
Now that I’ve given you some ideas for some frugal Christmas gifts, why don’t you give us your own ideas! Leave a comment with your idea for a good frugal Christmas gift below!
More Ideas
50 ideas not enough? Here’s some more ideas for a frugal Christmas!
By Peter Anderson2 Comments – The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money. Last edited December 4, 2017.
This past month or so we’ve been highlighting savings tips for the summer, and we’ve talked about things like saving on food, saving at the movies, saving on summer travel and so much more (see the links below).
Before we end this summer savings series, however, I thought it would be nice to highlight some of the summer savings tips that were submitted by our readers during our contest. There are some good ones here:
Summer Savings Tips From Our Readers
Here are a few of the tips our readers sent in on ways to save money this summer.
Joey – My summer savings tip – Use coupons when buying my groceries. Every little saving makes a difference.
The Happy Rock – Get your air conditioning unit checked and tuned up to help save on energy costs.
otherdeb – Know that bicycle that’s been moldering against your back porch/in your attic/in your garage, etc? Get it out, get it checked over, and start using it for local errands!
Rachel – For a cheap sun burn treatment that won’t require an extra trip to the pharmacy, freeze some of the lotion you already have on hand on a piece of tin foil. Once it’s frozen, it cools and soothes the burn and also moisturizers to ease peeling and blistering. Works great too for those who are allergic to Aloe Vera like me! Source: top10pharma.net
Sam – Turn you thermostat up to 80 and use your ceiling fans or box fans.We also turn off the AC at night and just use our ceiling fans.
finaidgirl – Since we’re moving 1000+ miles with a car and moving truck, I’m concentrating on more gas-friendly driving habits, like driving the speed limit or slower, braking more slowly and steadily, not idling, and paying to tune up the car before the trip to prevent any big issues from happening on the way.
RachaelfromNJ – Sometimes items that you own just need a good cleaning and they will look like brand new. Alot of men don’t realize that their baseball caps can be cleaned, in the dishwasher. Go to any Walmart, Target, Footlock, or any store that sells hats and you can get this plastic thing to put the hat in and all you have to do is place it in the dishwasher to clean it. It will make the hat nice and clean and save your man alot of money in buying a new hat everytime it gets dirty!
ThatOneCaveman – Vacation in or near your hometown. There are often a lot of cheap or free ways to entertain yourself – you just have to look for them. We’ll be visiting a few local museums (free entrance + free air conditioning), the zoo, the lake, and a few parks this summer – all for free!
Cindy – I’m saving money in a number of ways this summer. The first way is riding my motorcycle to work every day it’s not raining. I use about half the gas I would in my small car. Some of my co-workers, who live closer than I do, are riding thier bikes to work. That’s free and they’re getting excercise to boot, a double benefit.
Diana Corlett – Combine going green with economizing. Be inventive…come up with new ways to use and re-use. Repair what you have instead of throwing it away and buying new. Make a hobby out of garage sales…you never know what treasure you might find.
Christin – Dry your laundry on a rack outside. This saves $$ and your clothes will last longer too!
Mercedes – This summer I have decided to quit driving my kids around for activities and stay local. I have been lucky to have found things to do in the small town that I live. So far I love this simple summer life. I am kicking back and enjoying the nice weather without a hectic lifestyle.
Melinda – Continue to start our summer vacation (December here) 2 weeks before summer school holidays officially begin. No crowds at the amusement parks, lower airfares & greater discounts on accommodation
Morgan – Go on a long walk with your significant other on a nice summer evening. This is a great way to get exercise, communicate, and not spend money.
Bunny – Use ceiling fans instead of AC. Dry your laundry outside under the sun. Go to the parks for nice family outings.
EL – My summer savings tip is to use the community pool, if you have one. It’s a great, cheap outing for hot days, great exercise, and keeps you from using the air conditioner.
Lauren – I’ve planted a vegetable garden to help save money at the grocery store, not only for the summer, but into the fall and winter months as well thanks to the joy that is freezing and canning!
CelticBuffy – 1)Keep the ceiling fans going to make the house feel cooler. 2)Close the curtains on sun-facing windows to cut down on the amount of heat coming into the house 3) Grill out or eat “cool” evening meals as using the oven can really heat up the house.
Mrs.Micah – My tip is to try wearing as little as possible indoors to help keep the need for a/c down. We didn’t turn ours on until mid-June when a heat wave hit DC and I found this a useful part. Of course, if you have kids what you can get away with is probably warmer than what you can if you don’t have kids. And it requires shutting the blinds/curtains, but that’s probably a good idea anyway for reducing heat in the house.
Donna V -My husband and I have been trying to save money on our date nights this summer. We love going to the movie theater and have saved money by going on Saturday before noon when tickets are $4-5 depending on the theater.
Shawna – My tip – hang dark colored sheets/blankets over your windows to prevent the sun from coming in and warming it up too much inside (and prevent the AC from running too much). I take push pins and put one on each side of the window at the top, then I take binder clips and put one on each side of the blanket and hang them that way so that it is easy to take them down. The setting sun really heats up some of my rooms and I do this with success.
Christopher – Go out and have a family day. Go to the zoo, the park, the beach, or another inexpensive place. Pack a picnic lunch to avoid the overpriced concession stands. Play games like volley ball or baseball, build a sand castle, or ride the swings.
So there you have it! Submit your own tips in the comments below!
Money Saving Posts From The Summer Savings Series
Have your own tips? Leave a comment with your tip, or a link to your own post!
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Finding the best renters insurance policy is what most renters want but aren’t interested in spending a lot of time weighing all the different options.
Worse, a lot of renters don’t know much about it, or think it’s important.
But if you rent the home you live in, whether it’s a house, a condo, or an apartment, renters insurance is no less important than homeowner’s insurance is to a homeowner.
Renters often assume if they experience any losses due to disasters, such as fire and theft, they’ll be covered under the landlord’s insurance. That’s almost never true!
The landlord’s property insurance will cover destruction of the building, but not the contents that are within it. And since virtually all of the contents in a rental property belong to you, the renter, you will be completely out of luck if disaster strikes.
Best Renters Insurance Companies
It would be impossible to say which company offers the lowest premiums on renters insurance. That’s because the quotes you’ll get will be different, based on your personal needs and profile, other insurance policies you might bundle with the renter’s policy, your geographic location, and the type of property you live in.
There’s a wide variation in the premiums for renters insurance between companies competing in the same market. That means it pays to shop!
And while some companies seem to provide additional coverages, it’s hard to know if what they were giving were actual extras, or if they were simply giving more detailed quotes. It’s possible that similar types of coverage are available with all five companies.
What is Renters Insurance?
Renters insurance is a specific type of coverage that insures the possessions that are stored in your rental property. Exactly which possessions are covered depends upon the type of renters insurance you have. Whether you want to protect your prized jewels, new laptop, big screen TV, or a number of other items that are near and dear to your heart, a good renters insurance policy is probably well within your reach.
Renters insurance helps you with replacing stolen or damaged property, but also with protecting yourself from liability on your property and providing you with a backup plan in the event that your home itself is damaged. Let’s take a closer look at those below.
What Renters Insurance Covers
There are three standard provisions that will be found in nearly all renter’s insurance policies:
Personal Property
Similar to a homeowners policy, renters insurance covers the contents of the home you are renting. That includes furniture, electronic equipment, clothing, appliances, and personal effects. You will typically take a policy that will cover anywhere from $10,000 to $100,000 in personal property, though it can be higher.
To determine how much personal property coverage you need, you should take an inventory of everything you have. List the inventory, and then get retail prices on the cost to replace each. It’s tedious, but that’s the only way to really know how much coverage you’ll need.
It’s usually best to take photos, particularly of high-value items. That will make it easier if you need to make a claim with the insurance company.
Personal Liability
Personal liability coverage will protect you if an accident or injury happens to someone else who’s in your home. This can be someone slipping and falling in the home, being bitten by a family pet, or other types of injuries.
It could include visitors, repair people, or even the landlord if the cause of the injuries is determined to be your fault.
Personal liability coverage will protect you and your assets from lawsuits brought against you by injured parties who are holding you responsible.
Additional living expenses
This is coverage that pays in the event you lose the use of the rental premises. For example, if the property is destroyed or damaged by a fire, the insurance policy will pay for reasonable relocation expenses, such as reimbursement for a hotel stay, meals, and other expenses related to the temporary lodging situation.
Non-standard Renters Insurance Provisions
The following may be offered as part of a standard package with some insurance companies, but are additional provisions with others.
Off-premises coverage
This is coverage for possessions beyond the rental property itself. For example, it could include possessions stored in the common area of the basement of your apartment, that are subject to either damage, destruction, or theft. It can also extend to personal items stolen from your vehicle, if those items would normally be covered under your rental policy. This might be a laptop computer, as long as it’s specifically covered under your renter’s policy.
Some renter’s insurance may also include a provision to cover lost luggage, which might be lost by an airline.
Specific coverage items
You should never assume a renters insurance policy covers every possession you own. Some have specific exclusions, and others will exclude an item if it is not specifically listed.
Common specific coverages include home computers, jewelry and furs, business personal property, and firearms. If you have these items, be sure to check to make sure they’re included in your coverage. If not, you may have to get special coverage for each category individually.
Some policies do specifically include all four of these categories. State Farm is an example (see policy quote below). But never assume they’re automatically covered in your policy.
What Renters Insurance Doesn’t Cover
In the broadest sense, renters insurance doesn’t cover any hazard that is not specifically listed in the policy.
Got that? That’s the general rule, but there are certain specifics you should be aware of.
For example, just as is the case with homeowners insurance policies, renters insurance doesn’t usually cover losses due to floods and earthquakes. Those are considered a special category of hazard, specifically requiring either flood insurance or earthquake insurance.
While a renters policy may cover damages sustained as a result of a burst water pipe, you won’t be covered if your home is destroyed as a result of a river that floods your neighborhood.
If you live in an area that’s subject to natural disasters, you should look into getting a policy specifically for that hazard.
When is Renters Insurance Needed?
When required by a landlord – Large apartment complexes typically require you have renters insurance, but so do a lot of individual landlords. It’s likely they have this requirement to protect themselves from tenants filing suits to get compensation for possessions lost due to fire or some other hazard. The requirement is written into the lease.
When you want your possessions protected – Even if your landlord doesn’t require you to have renters insurance, you should have at least a small policy to protect your possessions. Though your stuff may not seem to be worth much, it could easily cost several thousand dollars to replace it, should most or all of it be destroyed or stolen.
College students – Whether you live in a dorm or off-campus, renters insurance is worth having. You probably have at least a laptop, clothing, and some entertainment equipment that would need to be replaced upon loss. You can usually get an inexpensive rider added to your parent’s policy to cover your dorm room.
Retirees who rent – Like college students, retirees may assume that what they have isn’t of much value, particularly if much of it is more than a few years old. But once again, the cost to replace your possessions could be many thousands of dollars. Renters insurance would provide you with the cash for the replacements.
Anyone who rents their home – You might assume if your rental is short-term you don’t need renters insurance. Or, if you’re renting a house, you may assume you’re covered under your landlord’s homeowner’s policy. Both assumptions are wrong.
Renters insurance is necessary anytime you’re in a rental situation.
How Much Renters Insurance Do You Need?
As I wrote earlier, you need to do an inventory of your possessions to determine how much coverage you’ll need to replace everything you have that could be lost. You might also have to get additional coverage for gray-area possessions, like business property, computer equipment, or jewelry and furs.
Liability coverage requirements are harder to estimate. $100,000 should probably be a minimum. But you should also adjust for factors such as how frequently you have visitors or people coming and going to and from your home, as well as any maintenance considerations. For example, if you live in an area where snow and ice are common, and you’re responsible for keeping walkways and stairwells clear, you may need more coverage.
As to the additional living expense portion, try to come up with a reasonable estimate of how much it will cost to live in a hotel for maybe 30 days, while repairs are being done to your rental property. If it’s a severe situation, you might need several months. But the cost of that coverage could be high.
Replacement cost versus actual cash value
This might be the most important single factor in choosing a renters insurance policy. It will determine how much you’ll receive on a claim, so you need to know which provision your insurance company is using.
Under a replacement cost provision, the insurance company will pay a sufficient amount to replace the lost items based on retail cost.
Under actual cash value, the insurance company will reimburse you for the depreciated value of the item. Let’s say you paid $1,000 for a flatscreen TV five years ago, and it’s destroyed in a fire. The insurance company may decide the value of the TV is just $200, based on its age. That’s the amount you will be reimbursed for.
Now actual cash value policies are less expensive than replacement cost policies. But as you can imagine, they’ll also pay you a lot less if you file a claim.
Unless you’re in the habit of buying your possessions at flea markets and garage sales at deep discounts, you’ll be much better off with a replacement cost policy. It may cost more for the premium, but it will do its job better when disaster hits.
How Much Does Renters Insurance Cost?
According to the Minnesota Department of Commerce renters insurance averages between $15 and $30 per month.
How much renters insurance costs depend on the usual factors that affect all insurance policies. These can include the amount of coverage you want, the deductible you’re willing to accept, your history of claims, and even how you plan to use the property.
But where renters insurance is concerned there are more specific considerations. For example, the number and type of pets you have can be a factor. Certain breeds known to be more aggressive will result in a higher premium. So will a wood-burning fireplace. The number of occupants might also figure in. Presumably, the higher the number, the more likely a claim will be paid out.
A higher premium might also be charged if you’re running a business out of the residence. In fact, certain types of businesses might require you get a commercial policy, rather than a standard rental policy.
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One of the biggest single factors is property location.
Urban locations typically cost more than rural ones, due to the closer proximity of buildings and the likelihood of fire. If the property is located in a high-crime area, it can also increase the premium. So can a location in an area that’s more prone to natural disasters, such as tornadoes and hurricanes.
The type of construction of the building is also important. For example, a building made of brick, rather than wood, would have a lower premium. The age of the building might also be a factor, since newer buildings generally have better fire protection features, like smoke alarms and sprinkler systems.
Here’s a table put out by the Insurance Information Institute that shows the average cost of both homeowner’s and renter’s insurance from 2006 to 2015. Notice how inexpensive renters insurance is compared with homeowners? It is a common misconception that insurance is too expensive for renters.
In fact, it is affordable and well worth the cost for the peace of mind and protection you receive. In 2019 and beyond, you can expect the same kind of minimal changes and affordability to remain intact, as the table below suggests.
How to Lower the Cost of Renter’s Insurance
Whatever the situation with your renter’s insurance premium, there are ways that you can keep the cost down.
Don’t buy more coverage than you need – Take an inventory of the contents of your home, and make a reasonable estimate of the replacement value of what you have. If it’s only realistically worth $25,000, then you don’t need a $50,000 policy.
Security and protective systems – Residences that have smoke alarms, fire extinguishers, indoor sprinkler systems, deadbolt locks, and security systems will usually have lower premiums.
Bundle renters insurance with other coverages – If you have auto, life, or health insurance, consider bundling your renter’s insurance with one of these policies. It can result in small savings on the premium.
Claim-free history – Like all other types of insurance, your claim history will be a major factor in determining the premium. When it comes to renters insurance, companies normally look back at least five years. If you had no claims filed in that time, you’ll get the best premium rate.
Policy exclusions and limitations – You can specifically exclude any types of property that you don’t actually own. For example, if you don’t have much in the way of high-cost jewelry, you won’t need coverage for jewelry and furs. Also, you can save a good bit of money by increasing your deductible from $500 to $1,000, or even higher you have the liquid savings to cover the difference.
The insurance company you choose may be the single biggest factor in determining your premium. Some companies just want the business more in your particular location, and will discount premiums to get it. You’ll see how this works in the next section.
What to Watch Out for With Renters Insurance
There are a few situations that might cause your premium to be higher, or even cause the insurance company to deny your application.
High-risk renters
This could be the result of the location of the rental property or even certain risks associated with you as a tenant.
Location can be a factor if you’re living in a high crime area, or in an area that has seen an above-average number of fires and other hazards. A location may be considered high risk if it’s located too far away from fire hydrants or fire stations. Your premiums will be higher if you’re located in such a neighborhood, or you may find that an insurance company is unwilling to extend coverage at all.
You could be considered a high-risk renter if you made one or more claims against your policy within the past five years (this is a standard question on renters insurance applications, so be ready). Some insurance companies may not offer a policy at all if you have one.
Still another possibility that would make you a high-risk renter is if you run a business out of your home. While a work-from-home situation won’t usually be a problem, having the type of business where you have people coming and going from the residence could be an obstacle.
One prominent example is if you’re running a childcare business out of your home. A situation like that would probably require a business insurance policy, in addition to renters insurance.
Sub-letting the residence
This is where you are the primary tenant in the property, but you might then rent the property out to another party on a temporary basis. While renter’s policies do provide for roommates and other regular occupants, they generally frown on transient arrangements. This will pretty much preclude using a rental premise for AirBnB customers!
Dangerous or exotic pets
Since certain types of pets are statistically more likely to cause injury to people, the insurance company may either charge you a higher premium for these pets, or even refuse to issue the policy entirely.
This is a common occurrence with certain dog breeds. For example, most insurance companies will have a problem if you have a pitbull, a German Shepherd, or other dogs deemed to be aggressive.
You might also run into a problem with certain exotic pets. A good example might be an iguana or a 10-foot python. Both are considered to be potentially dangerous, and don’t fall within the definition of ordinary pets. You probably won’t be able to get a renters insurance policy at all if you have this type of pet.
Unusual possessions
The same can be true of jewelry, furs, artwork, or antiques. If you have items that have significant value, either individually or collectively, you may need a separate policy that specializes in that particular type of possession.
Never assumed that a high dollar value item is covered under your policy. Just because you have $50,000 in coverage doesn’t mean that a $10,000 diamond ring is covered!
Should You Get Renters Insurance?
Unless you’re the kind of person who travels light in life – like really light – you absolutely need renters insurance. That means anything more than the clothes on your back, and an overnight bag with toiletries. It can be furniture, computer equipment, photography equipment, family heirlooms, appliances – you name it. If it’s worth anything at all to you, to the point that you would need to replace it if were lost, then you need renters insurance. .narrow-sky-1-multi-648border:none !important;display:block !important;float:none !important;line-height:0px;margin-bottom:15px !important;margin-left:auto !important;margin-right:auto !important;margin-top:15px !important;max-width:100% !important;min-height:250px;min-width:250px;padding:0;text-align:center !important;
Never assume your personal possessions will be covered under your landlord’s homeowners insurance, or under any other policies you may have. Renters insurance is a very specific type of coverage, and there’s no substitute for having your own policy.
Today we bring back the ever-popular reader case study series with an interesting twist.
First of all, our subject is a new reader, with sizable financial baggage from earlier decades, but plenty of potential for improvement. Equally notable is the fact that I have enlisted some outside help for the research and analysis.
During a recent trip, I ran into another blogger named Jacob Wade who, quite amazingly, actually likes budgets. In fact, he feels so strongly about it that he named his financial blog iheartbudgets.net. We got to talking, and he enthused about how much he likes analyzing and solving detailed financial problems for other people.
“Oh boy, do I have a job for you”, I said. “I get emails from people with detailed financial problems every day, and although I still read every one, it pains me not to have time to respond to many of them.”
Could Jacob’s enthusiasm be used to all of our advantage? I sent him a sample case study to test out his chops. I was pleasantly stunned by the results – he did a great job, and offers advice that even I would consider hard-hitting. Let’s dig into our dear reader’s story, then you’ll see the analysis with some joint recommendations by Jacob and myself.
[contents edited for length]
Dear Mr. Money Mustache,
I’m a recent reader of your blog, courtesy of your interview with Jesse at You Need A Budget, which is the budgeting software I’ve been using. I know that you’re all about retiring early, but I’m wondering what advice you’ve got for someone who wonders if they’re ever going to be able to retire at all! Much of what you recommend we can still put into place, I know, and we are in the process, but I am unsure if our advanced age changes any of those tactics and strategies.
I’m not going to bother to tell you all the mistakes we’ve made in 27+ years of marriage and raising five kids. I’m sure you know the drill, since we lived the basic “American Dream.” We are now 53 years old. My question now is “What’s the best we can do at this point?”
This is where we are:
We have a home with a mortgage/equity loan that’s about $20,000 less than the list value of the house.
Our credit scores are low, partly due to not having any credit cards for the last ten years to show a history, and partly due to having late payments due to temporary unemployment, among other things.
We are the “OMG your hair is on fire” commuters; 45 minute commute for me, 55 for husband, we live in the middle of nowhere, and real estate in our area is not selling.
4 of 5 of our kids are still in college, two live with us and commute, the (recent) graduate lives with us and has an entry-level job since he can’t find work with his degree. Our commuters travel by bus 30 minutes to the WEST of us to go to school, we travel EAST to go to our jobs. Our employed graduate also travels west to his job, in the same town where the other two go to college. This makes moving a little bit more complicated.
Retirement: We both qualify for Social Security; however, I have met only the minimum number of quarters since I took 17 years off to home school our five kids, and my estimated benefit at age 67 is $524 a month. I have now been teaching at a charter school since 2006, and contribute to Massachusetts Teachers’ Retirement. I would need to work and contribute to that fund until the spring of 2026 to be fully vested.
My husband’s estimated Social Security benefit at age 67 is about $2000 a month. He has $20,000 in a 401K with his current employer, and two smaller accounts with former employers, one with a balance of about $4000, and one with roughly $500. I contributed briefly at work to a TIAA-CREF fund, and the balance is about $1000.
I have a newly minted Master’s Degree, which I was required to get in order to keep my teaching license, leaving me with loans of about 22,000.
Commuter son and husband have a Nissan Sentra and a Toyota Yaris, both paid for. I am driving our 2005 Dodge Caravan, which is on its last legs at 180K miles with beaucoup mechanical issues.
We live in Massachusetts, so are among those few who still use oil for heat and hot water; we have electric appliances.
We own term life insurance policies, and have health insurance through my husband’s employer (a health insurance company).
We owe back taxes to the IRS and Mass DOR, and have had our paycheck withholdings changed recently to avoid this in the future.
Not necessarily in the same vein, but relevant – I am a Yankee who would love to penny-pinch, and my husband is a free spender who loves to buy things on sale and as little “rewards” for himself and others, and chafes at the yoke of a budget. He is (grudgingly) on board with me now. We rarely disagree about anything except money. 🙂
I guess that’s a grim enough picture for now; as you can see, our situation is a giant Charlie Foxtrot*. I know you get tons of email; perhaps this one will be just different enough to intrigue you – maybe you can Mr. Money Mustache even the old and desperate!
Thanks, CF in MA
Mr. Money Mustache’s Observations:
This story is a great example of what happens when you live a good, honest life, but just don’t get around to doing the math. Other than the $1200 of oil and gas that goes up in flames each month, the rest of this budget looks fairly moderate for a large household. But there is no way to cheat the numbers. Children cost money to raise, and if you want to raise a large number of them on an average income, something else has to give.
And most people don’t realize that car-commuting (even a 10-minute ride) is spectacularly expensive, so your 45-minute double commute is astonishing. A 2005 vehicle that is “on its last legs?”. I bought my 2005 car four years ago with 57,000 miles and it just cracked 80k this year. It is still brand-new and has many decades of life left! Commuting in a VAN? I use my van when I need to carry home 1200 pounds of steel beams I found on Craigslist for my house rebuilding project – not when I need to transport one lightweight human across a vast distance!
Finally, while supporting adult children and “treating” oneself are nice options to have, from a financial perspective you don’t actually have these options. This is what has caused the long-in-the-making financial emergency. The great news is that you can dig out of this hole much more quickly than you sank in.
So let’s move on to Jacob’s analysis:
Assets:
Home – $235,000 Retirement Fund Savings (401k and MTR) – $45,000 Cars – $7,000
Debts (Balances):
Mortgage – $167,000 at 3.5% HELOC – $25,000 at 4% Student Loans – $22,000 at 6.8% Dell Loan – $2,500 at 16.66% Personal Loan – $650 Staples CC – $500
Goals:
To retire ever Budget:
OLD
NEW
Comments
Total Income
$ 7,200.00
$ 7,200.00
Total Expenses
$ 7,161.00
$ 3,504.00
Projected Ending Balance
$ 39.00
$ 3,696.00
— Much better!
Donations
Other
$ 110.00
$ 110.00
Total Donations
$ 110.00
$ 110.00
Bills
Mortgage
$ 1,330.00
$ 1,000.00
The goal is to be able to actually stop working at some point, so aggressive measures need to be taken. I suggest selling the house and moving MUCH closer to work (within 5 miles of both if possible). If possible, find something for $1,000 a month (about $130,000 15-year loan) or less.
Electric
$ 200.00
$ 100.00
You can lower your electric bill if you implement the changes suggested in this MMM article. You stated that you have started hang drying clothes, now it’s time to move on and get all CFL’s bulbs and watch the A/C.
Oil Heating
$ 700.00
$ 200.00
This bill is KILLING your budget. When you re-locate to a location closer to work, look for a natural gas furnace or another home with low heating costs. Otherwise you will literally waste $86,500 over the next 10 years on this. It’s not worth delaying retirement AN ENTIRE YEAR to pay for this inefficient heating method.
Cell Phone Sprint
$ 320.00
$ –
When moving, you are going to need to drop the cell phone family plan. I didn’t see a line for reimbursement for this, and you cannot afford an extra $275 a month to pay for your family’s cell phone usage. Move everyone to Republic Wireless and only pay for the adult plans.
Cell Phone Republic Wireless
$ 23.00
$ 46.00
Looks like you got started with one line, just double it up here.
Netflix/Hulu/Other
$ 40.00
$ 40.00
MMM: Huh? Netflix is $7.99/month. Between library books, learning new skills, and this, you will have plenty of entertainment.
Car Insurance
$ 155.00
$ 90.00
Shop this around. We pay $78 for liability on our two used cars, there’s no reason you need to pay any more than $90 a month for basic coverage. Since you have a used car, all the extra insurance is not necessary to cover scratches and dings and the like. (MMM Note: mine is $30/month for two cars and two drivers)
Internet
$ 70.00
$ 70.00
Also worth shopping around – in your new area the competition might be better.
Land Line
$ 35.00
$ –
Land line is not needed. (unless there’s a business need for this)
Garbage
$ 20.00
$ 20.00
Medical
$ 182.00
$ 182.00
Student Loan 1
$ 293.00
$ 293.00
We’ll address this debt below.
Student Loan 2
$ 130.00
$ 130.00
We’ll address this debt below.
Life Insurance
$ 91.00
$ 91.00
Personal Loan
$ 90.00
$ 90.00
We’ll address this debt below.
Dell Loan
$ 160.00
$ 160.00
We’ll address this debt below.
IRS and State Taxes
$ 700.00
$ –
You stated in email that this balance is now at $0
Paypal Loan
$ 160.00
$ –
You stated in email that this balance is now at $0
ADT Security
$ 50.00
$ –
Not necessary. Here’s a direct quote from MMM: “These are a silly invention – the Timeshare Condos of the suburbs. Drop it, live free, and save $(50)”
Homeowner’s Insurance
$ 55.00
$ 55.00
Total Bills
$ 4,804.00
$ 2,567.00
Other Expenses
Food
$ 900.00
$ 400.00
Check out MMM’s advice here. You can reduce this bill to $400 a month easily and eat VERY well with a though-out meal plan and some smart shopping.
Gas
$ 575.00
$ 150.00
Since we have cut your commute down to only a few miles, your gas bill should be VERY low ($50 a month or less). I padded it a bit to drive out and visit family.
MMM Note – and remember that “Gas” should never be used as an approximation of the true cost of commuting. You need to triple this number at least, just to account for the direct car costs. Adding in life costs, the bill is much higher again.
Eating Out
$ 15.00
$ –
While you’re in debt, this is a luxury that cannot be afforded. Take care of the DEBT EMERGENCY first, and then add this back in.
Spending Cash
$ 25.00
$ –
Same as eating out.
Personal Items
$ 85.00
$ 85.00
Household Items
$ 62.00
$ 62.00
Clothing
$ 60.00
$ 15.00
You don’t need $60 of new clothing a month. $15 a month should take care of any clothing necessities with thrift shops, consignment stores and garage sales. Also leverage family and friends to organize a clothing swap (read: FREE CLOTHES) if additional garb is required.
Misc
$ 40.00
$ 40.00
Car Maintenance
$ 50.00
$ 50.00
Total Other Expenses
$ 1,812.00
$ 802.00
Savings Buckets
Christmas
$ 25.00
$ 25.00
Emergency Fund
$ 410.00
$ –
This will be addressed below.
Total Savings Buckets
$ 435.00
$ 25.00
Total Expenses
$ 7,161.00
$ 3,504.00
Jacob goes on to write,
Dear CF, Thank you for exposing your budget to all of us financial voyeurs.
There is a LOT going on here, and a lot to address below. The goal here is to make every hour of work from now until retirement count. So let’s get to it:
Housing: I won’t pull any face punches here. You need to move. Your heating bill and commute are absolutely killing your financial situation, and you will NOT retire anytime soon if you stay there. There is $980 potential savings PER MONTH or more in this transition (including commute and utilities), as well as cutting your commute time down to almost nothing, saving time and stress. This move is to help you take a sharp exit off the highway of Never Retiring Wastefulness and allow you to not work until you die.
In emails, you stated the house needs about $8,000 of updates to rent or sell. Since you have about $2,000 of other monthly savings lined up in this budget, you should be able to have this taken care of within four months, and be moved out in six or seven months. Savings on mortgage is at least $330 per month.
You also stated needing a replacement car soon. Please read this MMM post and PAY CASH for your next used-car purchase.
Food: If you are feeding a flock of adult children, they are going to have to chip in. There is no reason you two people can’t eat VERY well on $400 per month, and with proper planning, that could be $300. So many people cannot save enough to retire but are actually just eating their retirement meal by meal. For reference, the extra $500 a month spent on food would cost you over $86,000 over the next 10 years, and cause you to work an additional year for that inefficiency. Nothing tastes THAT good. Savings of at least $500 a month.
Debt: This debt is to be treated as a radioactive plutonium. You must neutralize it ASAP, and this will be your first priority. Here’s how I suggest you tackle it with your extra $3,700 a month.
Dell Loan – $2,500 at 16.66% (gone in month 1) Personal Loan – $650 (gone in month 1) Staples CC – $500 (gone in month 1) Student Loans – $22,000 at 6.8% (gone in month 7)
With all the expenses saved from the above changes, you can kill this debt COMPLETELY in 7 months. The first 3 debts will be gone in the first month! Now you have another $673 a month to invest.
Investments: Once your consumer debt is gone, you will have about $4,400 a month to invest in index funds to get you to retirement. Investing this at 7% for the next 12 years with your starting balance of $45,000 puts you at about $1,100,000 at age 66.
Your annual expenses with the above budget are about $42,000 per year, and using the rule of 4%, this money would provide you with $44,000 annually. You can retire!
This quick plan comes with a major safety margin:
the $2,000 per month of Social Security your husband can begin drawing at age 67
whatever you get from the teacher’s Retirement Fund
the fact that your new mortgage will be paid off in 15 years, dropping the future budget
Conclusion: Yes, this is a lot of change. No, moving won’t be easy, and figuring out the details of your kids housing and all that is going to be a challenge. But the status quo is what got you here, and changing the flow of money is what will get you out.
Comments: What would YOU do in CF’s position? Can she recover and earn a solid retirement in a timely manner?
MMM Note: Thanks again to my new friend Jacob for all of the help on this one, and you may see a few more case studies around here if we’re lucky.
*I think this is a witty polite way of saying “CF”, which of course means “Clusterfuck”. I thought this was a skilled use of swearwords, and it is one of the reasons I decided to take this case study.