Avid readers tend to have a book problem. You don’t think you’re buying an excessive amount of titles until it’s time to move. Packing books is heavy work, and one box doesn’t often cut it. But, book lovers need not worry. You can keep your precious hardcovers and paperbacks safe so all your books go back on the shelves in your new home in perfect condition.
Ready to pack your books easier? Let’s get started.
First whittle down your library
So, the first question to ask yourself is “how many books do I have?” When you answer “a lot,” or “too many,” it’s time to decide what really makes sense to keep. Even if you have quite a collection, chances are you don’t need to keep all the books currently in your possession.
You can set any criteria you like to whittle down your book collection. Maybe you only want to keep titles you’ll read again. Maybe you just keep the books that really spoke to you. However you want to do it, start the packing process by really thinking about the books you want to keep and which you can live without.
Once you’ve made your two piles, you have a few options as to how you pass along the books you don’t need to keep yourself.
Sell back your books to a used bookstore
Give books away to friends and family who may enjoy specific titles
Donate books to a local charity
Charities can include your local library, spreading them out among a few Little Free Libraries in your area or locating a specific organization that’s accepting book donations.
When to start packing
Since you don’t need access to all your books on a regular basis, get those moving boxes out early. Books are a great item to jumpstart packing all together.
Packing boxes full of books early is often not as frustrating as packing clothing or fragile items. There’s not any folding or wrapping in bubble wrap required to pack books (most of the time.) There’s also typically no risk you’ll accidentally pack something you need.
So, get ahead in the packing process and start at least a month out with those book boxes. If you can, pile them up in the corners so the boxes are out of the way as you get everything else ready to move.
What’s the best way to pack books in a box?
How you pack your books is as important as the packing materials you use. You need the right box and lots of packing tape.
Use a box made of thick cardboard, with strong sides and corners. Don’t reuse a box that looks like it’s in less-than-perfect condition. Even on a moving truck, boxes can get knocked around and packed books can easily rip a worn box.
Make sure to add reinforcement to any box when you’re using it to store books. To do that, it’s all about packing tape. From the outside, reinforce the bottom of the box by laying an extra layer of tape around all the seams and folds. You should also add a strip of tape across the bottom seam inside the box before you begin packing in the books for increased durability.
A layer or two of packing paper or newspaper in the bottom provides extra cushioning and protects those bottom books that will bear all the weight of the rest of the box.
Once a box is full, reinforce the top by adding extra tape parallel to the seam as you close it up. It helps keep the flaps taped to the box even if the center strip comes off.
1. Watch your weight
To properly pack books for moving, you have to think about weight. Books are heavy in general, and it’s not just because of the actual heavy books — those hardcovers with hundreds of pages.
Starting with small boxes when it comes to moving books will help you keep the weight down. If you’re going to carry these boxes yourself, try to keep the weight at or below 40 pounds. If movers are helping out, they usually have dollies or carts specifically for heavy items, so you can probably max out the weight of your book boxes at 50 pounds.
Even with movers doing the bulk of the heavy lifting, though, you may need to pick up your book boxes once they’re in your new home. Keep that in mind when thinking about the weight of these boxes.
2. Label clearly
After you’ve packed these heavy boxes, make sure everyone knows there are books inside with a nice big label. Think of it as a way to identify what’s in the box, as well as a warning that there’s something heavy in there.
3. Lift the heavy boxes safely
As you pack books for moving, make sure you’ve refreshed yourself on how best to lift heavy items. General tips are helpful like wearing comfortable clothing that lets you easily bend at the knee, but to move heavy boxes, remember to:
Wear closed-toe shoes
To lift, face the box and bend at the knee to squat down; don’t hunch over
Grip the box at opposite corners
Stand slowly and lift with your legs
Move slowly and carefully to wherever you’re taking the box
To put the box down, work in reverse, bending at the knee again slowly to set the box down while protecting your back from having to manage all that weight.
How do you pack books so they don’t get damaged?
The essential question when you pack books is how to get them into boxes so they stay safe and remain intact.
There are a few different ways to position books to fill a box, but most will leave you with gaps that could cause books to shift. To protect covers, book spines and even the pages of your favorite reads, use any of these strategies.
1. Sort by size
The first trick to filling book boxes is to sort your books by size. This makes it easier to get even piles as you pack, and decreases the amount of wasted space in a box.
2. Order by weight
Next, you need to group your books, already in their same-size piles, by weight. The heaviest books always go on the bottom of a pile, with the lightest books on top. This also often means your hardcovers are sitting at the base of any given pile. Even if they’re the same size, hardcovers can withstand the weight of all your other books much better, protecting the more delicate books.
3. Find the proper position
There are three safe positions for packing books — flat, vertically and horizontally. Each works depending on the type of book you’re packing.
A flat stack of books works best with paperbacks. Putting one on top of another ensures the covers don’t get creased. Make sure stacks are lined up so the spines are all on top of each other.
Going vertical means mimicking how books sit on the shelf. This is better positioning for hardcover books, but make sure the spines face the sides of the box.
Horizontal positioning really only works for the bottom layer of books in smaller boxes where the second layer of books won’t fit. For this method, lay the books spine down along the bottom, then, layer something lighter on top to protect the pages.
For valuable books, make sure to wrap them in packing paper before positioning them.
No matter which position you pick when you pack books, the spines should always face the box. Whether that means it faces the sides or the bottom varies but putting books spine-to-spine in a line, whether it’s a stack or a line like they sit on a shelf, keeps them safer.
4. Mind the gaps
No box will get perfectly filled with books. There will always be gaps to fill, which means having packing paper on hand. You don’t want books to shift in their boxes during a move, so any open space should get filled with balled-up packing paper.
Resist the urge to put books in at odd angles to fill a space. Doing so can weaken the spine of the book and even lead to a page or two falling out.
5. Skip boxes altogether
Now that you have all these packing tips for how to get your books into those moving boxes, here’s how to bypass all this effort.
Suitcases make for great book storage, and rolling suitcases means no heavy lifting.
You’re more likely to get more books into a suitcase than one small box anyway, even with some packing paper padding. Plus, you have to move all your luggage anyway, so why not put some of your stuff in them, too? This is a great opportunity to save a little money on packing supplies.
Books on the move
Most likely the heaviest thing you’ll move, furniture aside, your book collection can go with you without being a burden to pack and transport. Following these tips will help, but don’t forget to leave a title or two out to accompany you to your new home. After all, you may decide to unpack your sheets and dishes first, and then, what will you read in your downtime?
This is the third part in a short series about insurance basics. In the first part, I explained how insurance works. In the second, I shared some general tips about how to save on insurance of all types. Today’s article offers info about auto insurance.
You’ve had car insurance since you were old enough to drive, but how much do you really know about it? At its heart, your policy probably contains a few basic types of coverage.
Liability Insurance
In most states, you at least need to have liability insurance, which covers the cost of any damage you do to other people or things with your car. (But note that liability insurance doesn’t cover injuries to you or other people on your policy; for that, you need PIP insurance, which I’ll cover in a moment.)
Insurance companies like to quote liability coverage as a series of three numbers, like 50/200/25. If that’s Greek to you, here’s a break-down:
The first number is how much, in thousands of dollars, the policy will pay for each person (besides you) injured in an accident ($50,000 in this example).
The second number is the total that the policy covers for each accident ($200,000 here).
And the last number tells how much property damage will be reimbursed ($25,000 in this case).
But there’s more to auto insurance than just liability coverage.
Tip: Many experts recommend that you carry automobile liability insurance coverage equal to your net worth — the total value of everything you own. This can be expensive to do on individual policies. Instead, it may be more cost effective to buy an umbrella policy, which gives you extra liability coverage above what your home and auto policies provide. I don’t know much about umbrella policies, but I’m actually hoping to learn more about them. If you’d like, I can share what I learn.
Collision and Comprehensive Insurance
As you can probably guess, collision insurance covers damage to your car when it hits (or gets hit by) another vehicle or object. But because collisions aren’t the only way for your car to get banged up, comprehensive insurance covers damage from events other than collisions: floods, fire, theft, alien invasion, and so on.
Collision and comprehensive coverage make more sense for newer vehicles, and are generally required if you’re still making payments on your car. They’re less necessary — and may actually be a waste of money! — on older cars. So, if you’re still driving around that 1970 AMC Gremlin, ditch the collision and comprehensive.
Personal Injury Protection (PIP) Insurance
PIP insurance is sometimes called “no-fault” insurance and is required in certain states. It covers medical costs (and possibly lost wages) if you’re injured in an accident. Your policy may also cover passengers and pedestrians.
Uninsured Motorist Insurance
No surprise here: Uninsured motorist insurance covers you and your passengers if you’re in an accident caused by a driver who doesn’t have insurance. It also covers hit-and-run accidents.
How to Save on Car Insurance
Every year, you spend hundreds — maybe even thousands — on car insurance, and chances are, you’re paying too much. The August 2008 issue of Consumer Reports estimated that the average family could save $65 per month by shopping around for car insurance.
Last week, I gave some general tips to save on insurance of all types. Here are some other ways to lower your costs on car insurance:
Ditch towing coverage. Towing — or “emergency roadside service”, as it’s sometimes called — is an easy cost to self-insure. (You likely pay $10 to $30 a year for towing insurance, and one tow costs about $100, which you can save quickly by not paying for towing insurance.) Sometimes your car will break down, but if it’s well maintained, that won’t happen often. Also note that if you’re in an accident, towing is usually covered under collision insurance — but check your policy to be sure.
Plan ahead. Compare auto insurance quotes before you buy your next car. Insurance costs are based on how likely a car is to be stolen, damaged, or to inflict damage, and how badly occupants tend to be hurt in accidents. Repair and replacement costs are also factors. Many insurance companies list cars with lower insurance costs on their websites.
Watch your credit. Most insurance companies now look at parts of your credit report to determine your premiums. This sucks, I know, but parts of your credit history have been found to correlate to what the company has to pay out. They can’t adjust your rates on your current car if you pay on time and in full, but anytime you add a new vehicle, its premiums can be affected by your credit.
Don’t pay monthly. Insurance companies charge a few bucks each month for monthly billing. To avoid that fee, pay every six months or even once a year, if possible. If you have to pay monthly, use your insurance company’s autopay program, which costs less because they don’t have to send you a paper bill.
Though it’ll always cost more to insure a new Corvette than a used Corolla, one of the best ways to keep costs low is to maintain a clean driving record. Insurance companies charge you based on how likely you are to file a claim — and accidents are the biggest source of claims.
Some insurance companies offer discounts for taking safe-driving courses. Others give low-mileage discounts — the less you’re on the road, the less likely you are to be in an accident. Be sure to ask about all the discounts you qualify for!
Note: Much of this material was drawn from the “Death and Taxes” chapter of my book, Your Money: The Missing Manual, which was published earlier this year by O’Reilly Media. You can download a sample chapter here. Image by Incase Designs.
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.
It is no secret that the internet is changing how money is made forever.
This has caused a boom in many businesses and people the ability to make money online, which is a huge benefit for you!
This trend will only continue as technology improves. If it feels daunting to jump onto this new bandwagon right now, don’t worry; we have some tips that can help you double your 10k in the next few weeks or years.
I am going to show you how to double your money so that you can retire early, pay off debt and invest in the stock market.
A lot of people would say this is impossible, but I’m not just showing it–I’m proving it!
We all have said it takes money to make money and while that is true. It is easy to start doubling your money with just $10K.
What if, right now, you decided to double your 10K by the end of the year? Maybe, you want to hit a major goal and make a huge change in only 8 short weeks?
Making money is not a difficult task. Too often, people become impatient and think that they can simply make money without putting in the effort. This is not true.
Cash is a tool and nothing more. Once you understand this concept, you can begin to figure out how to make more money. Additionally, it’s important to appreciate that it takes time to make money – don’t expect to become a millionaire overnight.
Here is a realistic guide to help you work towards that goal.
Be sure to decide which strategic way to double $10k quickly works best for your personality.
The 10K of your dreams seems impossible.
How can I double $10000 fast?
There is no one-size-fits-all answer to this question, as the best way to double your money will vary depending on your individual circumstances and goals. However, some general tips include developing a growth mindset around money, finding ways to make more money, and investing in yourself and your skills.
Keep in mind that $10,000 is not a lot of money to double in a short period of time.
How long does it take to double 10k?
The answer to this question is dependent on a number of factors.
The most important factor is the amount of time it takes for your investments to double.
If you are investing in stocks, you can quickly double 10K with an options contract within 2-3 days. If you are looking at other avenues, it will depend on how you choose to double your money.
Typically, people start seeing results in approximately 4 to 6 months to double 10k.
If your eyes are set on this, then make sure to write down one of the millionaire quotes for motivation.
What to do with 10k?
Now that you’ve earned an extra 10k, you may be wondering what to do with it.
You could save it, spend it, or invest it, but there are a few other things you could do as well.
Here are some ideas on how to make the most of your money and grow it even more.
How can I Double my Money?
There are many ways you can double your money in a short amount of time.
I am passionate about exploring the best ways to make money online. In this article, I will share some tips on how you can double your money relatively quickly. However, please keep in mind that these are general ideas to get you started.
Specifically How to Double 10k Quickly?
If you are serious about how to double your 10k fast, you will need to dedicate time on a regular basis to the tasks needed to reach your ambition. The key is to do it daily in order to keep the momentum of your progress going.
Earning money is a mindset.
To double 10k quickly, learn how to change your mindset about money.
Although doubling $10,000 may seem difficult, it can be done with the right approach.
If you have $10,000 and want to double it within a month or a few months, here are a few realistic strategies to help you reach your goal.
Idea #1 – Swing Trading with Stocks
Swing trading is a technique that allows investors to hold onto stocks for a period of time, typically two to four days. During this time, the trader watches for specific price patterns and buys or sells shares based on their analysis.
One former assistant principal, Teri Ijeoma, changed her life when she left her job as an educator and become an active trader.
Check out: My Personal Trade and Travel Review
This type of trading can be very profitable if done correctly, as it allows the trader to make twice their investment in a short amount of time.
The key is you must learn how to invest in stocks for beginners. This is one step many people overlook when they are focused on doubling their money. Either you will get lucky or you will have a huge loss. Take time and become educated on swing trading stocks.
Related Reading: How Fast Can You Make Money in Stocks?
Idea # 2- Cryptocurrencies
Cryptocurrency is a digital or virtual asset that uses cryptography for secure transactions. Cryptocurrencies are growing in popularity and may become a major part of society. Bitcoin, the first and most well-known cryptocurrency, has seen its value skyrocket in recent years.
Cryptocurrencies are often unstable because they are not regulated by any government or financial institution, and thus their value can change rapidly. However, the potential for reward is high, making cryptocurrency an attractive investment option. Because of this, cryptocurrency investments are often seen as riskier than traditional investments, but also have the potential for greater returns.
Before investing in cryptocurrency, do your research and be sure you understand the risks involved. There are many educational resources available to help you get started.
Idea # 3 – Flip Items for a Profit
Retail arbitrage is a practice where an individual or company purchases a popular product at a discounted price and then resells it for profit at another online retailer. This can be done on marketplaces like Craigslist, eBay, and Facebook Marketplace.
This is a great way to make some extra money on the side. You need some time and a willingness to invest, but if you find the right deals, you can make a good return on your investment.
Many people have great success by flipping items from auctions, free groups, or local goodwill store.
Check Out: Flea Market Flipping
Idea #4 –Resell Products on Amazon FBA
Amazon FBA is a service for independent entrepreneurs who want to start their own e-commerce business. They can offer products on Amazon and work with Amazon directly to fulfill orders, collect payments, and provide customer service. By doing this, they don’t have to worry about the inventory and can focus on other aspects of their business.
This is another avenue for selling your flipping treasures.
There are a few ways to make money through reselling products. You can either find products to sell on Amazon or Ebay, or you can dropship products from a supplier. If you want to find your own products to sell, you’ll need to do some research on what is selling well and what prices are competitive. If you want to dropship, you’ll need to find a supplier and create an account with them.
Idea #5 – Start a Business or Invest in a Franchise Company
Starting a business is not easy. It requires a lot of work and effort, but if you’re willing to put in the time and effort it can be very rewarding.
Starting your own business is one of the most difficult things you can do, but it’s also one of the most rewarding. There are many different businesses you can start that have low overhead costs, so it’s a great way to get started.
Think of the things you enjoy doing or any hobbies you have. Look for business opportunities that line up with your interests. Then, it makes working much easier.
Here are great ways to make money on the side:
It is possible to make more money on your business than you make more money in your current job or career.
Idea # 6 – Real Estate Portfolio
Real estate is a recession-proof business.
There will always be people who need to rent or buy dwellings in boom or bust economic times.
Real estate can be a lucrative investment, but it is not without risk. A lot of people have invested in real estate and lost money, but an investor who does their research and finds a good deal can make a lot of money.
Idea # 7 – Increase Your Income
If you’re not happy with your current income, don’t worry! You can increase it this year.
This is the year that many experts are predicting will see the biggest wage growth in years. So start planning now and you could see a significant increase in your take-home pay.
More than likely, this could be your seed money of $10k to fund the start to doubling your money and making $20k.
Related Reading: How Much Do I Make Per Year?
Idea #8 – Advertise and Gain Clients
If you are a small business owner, then this one is for you. Start advertising as a way to gain more customers.
There are a number of ways to make your services more accessible and appealing to potential clients. One way is to spend money on promotions and advertising. Advertising can be effective in reaching your goals, surpassing your double your money goal of $20,000 in revenue.
There is no doubt that advertising your services will increase the number of customers you have. The more people who know about your business, the more likely they are to use it. And as we all know, the more customers you have, the quicker you earn more money.
It’s a simple equation: More customers equals more money.
Idea # 9 – Invest in Stock Market – ETFs & Index Funds
Investing in the stock market is a process that requires careful consideration and research. Index funds have become an increasingly popular investment option for many investors. ETFs are known as Exchange Traded Funds, which are also a popular investment option.
Both index funds and ETFs provide investors with the ability to invest in a diverse range of stocks, making them ideal for any investor who is looking to diversify their portfolio.
Investing in an index fund is one of the best ways to build wealth over time.
This is probably the slowest way to make money quickly in the stock market, but it comes with less risk.
With a mutual fund, you are essentially investing in many different stocks, which means that you get to choose how much your investments grow each day. This can be a great way to ensure that your money is working for you – and growing – even when you’re not able to actively monitor it yourself.
Just to know, investing in bonds will eventually double your money, but it will take more time as the rate of return is less.
Idea #10 – Start a Mining Farm
Cryptocurrency mining is a process by which new coins are introduced into the market. In order to do this, miners use computers to solve complex mathematical problems in order to receive rewards in the form of new coins. A cryptocurrency mining farm is a way to pool together multiple computers in order to increase the chances of solving these problems and receiving rewards.
Starting a mining farm is a process of investing in cryptocurrency or blockchain technology.
Mining farms can be started with as little as $500, and they are commonly used to mine cryptocurrencies like Bitcoin, Ethereum, and ZCash. Although the process of mining cryptocurrency is not always easy, it can be lucrative for those who invest in the process.
Starting a cryptocurrency mining farm can be lucrative, but it’s important to do your research first. The farm will require a lot of power and will have a rate of return of around 18% (source).
Idea #11 – Share Cash with P2P Loans
Peer-to-peer lending is the act of lending money to borrowers through a P2P lending website. These websites act as an intermediary between lenders and borrowers, and most sites allow you to lend money to a dozen or two applicants. The interest rate you earn on your loan depends on the P2P website you register with, but it typically falls between 3% and 36%.
When considering a P2P loan, it is important to remember that you are entrusting your money to a stranger. Because of this, it is crucial to take the time to review and assess as many applicants as possible in order to find someone who you feel is most likely to pay back their loan.
P2P loans can be arranged without any collateral or credit check.
Idea #12 – Buy Initial Public Offerings
When a company decides to go public, it sells shares of its stock to the public. This is a way for the company to get more money, and it also allows people who invest in the company early on to make a lot of money if the stock prices rise.
The share price of a company can be very volatile when it first goes public. This can lead to significant growth for the company as investors buy and sell shares rapidly. However, this volatility can also lead to losses if the share price falls abruptly.
You must know the underlying stock value before looking at IPOs as a way to double your money. Many current stockholders are required to hold their stocks for a certain number of days after the IPO. Typically, the stock price falls after the hold period expires.
Idea #13 – Make Money with Airbnb
There are a number of ways to make extra money, and renting out a room at Airbnb is one of them. You can also learn how to make money from home by becoming an Airbnb host.
By doing this, you can provide a valuable service to people who are looking for a place to stay, and you can also make some extra money on the side.
Learn how to start hosting with Airbnb today.
Idea #14 – Flip Some Furniture
Flip furniture is very trendy right now. There has been a recent resurgence in popularity for antique and vintage furniture, and people are buying pieces and restoring them themselves. This can be a great way to make additional money without spending a lot of money.
There are a number of ways to quickly turn a profit by flipping furniture.
Spend some time researching the best methods and finding a niche in the market that you can exploit. With a bit of hard work, you can easily double your investment in no time.
When you are looking for furniture to flip, it is important to do your research and become familiar with the different places you can find quality pieces at a low cost. Local antique stores will often have hidden treasures, so be sure to check them out. Additionally, watch for yard sale notices in your area; people are often willing to sell high-quality furniture at a fraction of the price. Finally, estate sales can be a great place to find unique furniture pieces that you can resell for a profit.
There are many ways to sell furniture, but when you are starting out, it is best to use popular platforms like Facebook Marketplace, NextDoor, Craigslist, and others. Once you have more experience, you may want to create a website and online storefront.
This can be a fun and lucrative way to grow your money.
Idea #15 – Pay Off Debt Strategy
This idea of getting out of debt may seem backward, but this is one of the fastest ways to find extra money in your budget.
There is no doubt that paying off your debt is one of the smartest things you can do for your financial future.
Not only does it reduce the amount of interest you are paying each month, but it also frees up more money to save and invest. Additionally, by paying off high-interest debt first, you are essentially making an investment with a very high return rate.
Once your debt is paid off, you can save your first $10000 which you can now use to quickly double to $20000. This will help you achieve your financial goals faster.
Idea #16 – Online Courses & Coaching Programs
Coaching is a huge business – reaching $11 billion in 2022 (source). People are actively searching for coaching and online courses for personal development.
Coaching programs are designed to provide guidance and support for individuals in order to improve their skills, knowledge, or habits. Coaching programs can take the form of one-on-one sessions or group sessions. Some coaching programs are designed for specific topics like career development, personal growth, or relationship issues.
If you don’t want to work one-on-one as a coach, you can create an online course that can be viewed at any time.
If you have passion, you can likely find people that want coaching.
Idea #17 – Buy a Fancy Car and Uber
You could buy a new, luxury car and become an Uber driver. This would allow you to make money while driving people around in your fancy car.
If you’re looking to make some extra money, driving a luxury car for Uber could be a great way to do it. Not only will you make more per trip, but you’ll also get to drive a nicer car. Keep in mind that if you drive full-time, you could easily double your $10,000 investment.
Driving a luxury car for Uber can get you up to 50% more fares. The extra money can be great for those looking to upgrade their lifestyle or simply want to make some extra cash on the side.
If you want to buy a fancy car and use it for Uber, make sure you have the appropriate insurance. This will protect you in case anything happens while driving.
Idea #18 – Learn a New Skill
A new skill can help to increase your income by allowing you to do things that you couldn’t do before. For example, learning how to code can allow you to start a new career in tech or programming.
Additionally, many skills have the potential to double your income quickly if you are able to find a way to use them in high-demand areas.
It is always a good idea to invest in learning new skills.
There are many places where you can learn, including online and in-person courses. The key to success is jumping in with both feet and really dedicating yourself to learning the skill set. Once you have it down, new opportunities for income will be available.
Idea #19 – Work More Overtime
Working overtime is a great way to earn extra money. You can earn up to double-time pay for working more than 8 hours in a day or 40 hours in a week.
Overtime is becoming more common, so be sure to ask your employer if you can work some extra hours.
In order to make $10,000 in one month from overtime, you would need to figure out how many extra hours per work you need to work.
Idea #20 – Some Gambling?
This is the RISKIEST option of all of them. And highly not recommended as a strategic way to double $10k quickly.
Gambling is a way to risk cash in the hopes of making more cash.
While it can be thrilling and exciting, it’s important to remember that gambling is also a form of entertainment that comes with risk. If you’re able to afford it, gambling can be a way to double your money- but be aware that you could also lose everything you put in.
What is the quickest way to double your money?
How to double your money quick is simple. You need to side hustle and start a business.
Also, the stock market is a simple way to double your money with the rule of 72.
Following billionaire morning routines can be helpful in setting up solid habits for success.
How can I double my money in 24 hours?
The answer to this question is simple… Doubling the money in 24 hours is not practical or doable. You might be able to double your money in 24 hours, but it’s also possible that you could lose everything in one day.
Pay attention to scams if you think you can double your money in 24 hours.
You are better off learning how to make 10k a month.
Which investments are the safest and which are the riskiest?
First of all, it depends on your education, experience, and background.
The best way for someone to double their income is by leveraging their time with the right strategies.
Investments that are considered safe are investments that have an average return on investment of about 8-12% per year. Investing in index funds and ETFs typically have a lower risk. Investing in individual stocks is riskier, but they have an average return on investment of about 10-75% per year.
The riskiest option is the idea that you don’t understand how to double your money and you could end up losing more money.
Best Way to Invest 10K
The best way to invest 10,000 is through stocks. Investing in stocks can be risky and make you lose money, but it also has a high potential for gaining value.
As such, this topic needs to be done in more depth to understand how investments in the stock market work. For now, here are some articles to start to understand the returns of stock investing.
Learn all of the ways you can learn how to invest 10k.
You must do your research on companies, know your risk tolerance, understand the volatility of the markets, and be wary of the news.
Which Strategic Ways on How to Double my Money Quickly will you Pick?
You can choose from many classic way and options, but here are a few that we think would be the most effective.
Thankfully, there are many ways to make money online. But when it comes to making a quick buck, which approach should you take?
In this post, we have outlined the 20 popular routes to double your $10k fast. Your retirement plan relies on your investment of 10k.
However, any of these options is a time-consuming process that takes a lot of hard work and dedication. So, you cannot quit halfway through when things get tough.
This is what you want to do in order to be financially secure and take care of all your needs.
Be successful in doubling your 10k by setting a deadline to make it happen.
Then, your next goal will be how to turn 10k into 100k.
Know someone else that needs this, too? Then, please share!!
Just because you live in a small bedroom, doesn’t mean you need to skimp on style. Here are 7 small bedroom ideas to liven up your space.
When living in an apartment, you might be a little short on space. However, you do not need to be short on style! While you can’t magically expand the parameters of your bedroom, you can add some pizzazz with these seven small bedroom ideas.
If you’re craving some feng-shui and want to update your tiny room with a new decorating style, here are several ideas that will be sure to optimize your space and make you feel like you’re in your own personal haven.
7 small bedroom ideas to freshen up your space
Regardless of your decorating budget, you can utilize any or all of these small bedroom ideas to jazz up your space. Let’s get started with the transformation!
1. Paint a wall
Color is one of the best ways to liven up any space, regardless of size. On one side of the color wheel, you could go with neutrals, like white or beige, to create a blank slate. The fresh white walls can add a clean look and brighten up the space. It also leaves room for you to add a statement piece of art that really stands out.
On the other side of the color wheel, you could go bold and paint one wall a signature color that will add a splash of color. If you choose to go with a color, choose it wisely. Sometimes, dark colors on all four walls could make the space appear smaller. You can find a paint finder tool to choose the right color for your room.
2. Hang some art or a decorative mirror
A picture is worth a thousand words, right? If you’re looking for small bedroom ideas to spice up your space, consider going art shopping and finding the perfect piece of art to add to one wall. You could buy a large statement piece or purchase several prints and make a photo collage. The idea here is to use art to make a statement in your small space.
Another thing to consider is adding a mirror to a wall. This could be a wall mirror or a standing mirror, but make it big! The mirror can help amplify the space and make it seem larger than it is.
3. Get some greenery
You don’t need a green thumb to add some greenery to your bedroom. Go to your local nursery and find a cactus, succulent or even a small tree to bring home to your room. You’ll want to consider things like how much light your room gets and how often you need to water the plant, but there is a plant for almost any situation. Greenery adds life, literally, to your space and that can make your small bedroom feel like a retreat.
4. Become creative with storage
One of the biggest problems with small spaces is the lack of storage options. Don’t fret, though! You can and must get creative when living in a small space. First, make use of the available storage you do have. Add boxes or bins to any shelf to reduce visual clutter. Next, consider propping up your bed to add more under-the-bed storage to hide and store items. You can also add furniture — like a dresser, bookshelf or desk — to decorate and organize.
Remember, clutter makes any space look smaller. So, you need to be organized and get in touch with your inner Marie Kondo to make your small bedroom appear larger.
5. Upgrade to multi-purpose furniture
Make your furniture multi-task! If you have the budget to buy some new furniture, invest in multi-functional furniture. For example, can your shelves double as a desk? Or can you buy a bed frame with built-in storage? Multi-purpose furniture is cool and it helps save on space, which is key to upgrading a small bedroom.
6. Add some height
It might sound counter-intuitive to add large furniture to a small room, but sometimes, larger furniture in a small space actually makes the room seem bigger. For example, we mentioned adding a mirror to your room earlier. Why not make that mirror tall and large to add some height and dimension to the space? Or, consider adding a piece of ladder furniture that adds height and doubles as storage?
7. Make use of tight spaces
The seventh small bedroom idea for decorating is to think of tight, small spaces in innovative ways. For example, do you have an extra closet in your room? Consider taking down the closet doors and converting that space to a mini office complete with a desk and chair. Do you have tall ceilings? Add a high shelf and use that for boxes and bins.
General tips for small bedroom living
Living in a small space can be frustrating if you aren’t organized. But, you can make it work and live in a fabulous small bedroom by following these three tips.
Stay clean and organized
Clutter is distracting and stressful and makes any place, regardless of size, seem smaller. If you live in a small apartment or have a small bedroom, make it part of your daily or weekly routine to clean and organize regularly. By keeping an orderly space, you’ll have a cleaner house and head.
Live minimally
Less is more, right? One thing to consider is the “one in, one out rule.” For example, if you purchase new clothes or a new piece of furniture, donate something old instead. This makes it so that you aren’t adding more stuff to your space but remain with the same amount of items, creating less clutter.
Add light and fresh air
Dark spaces can seem dreary, so make sure to turn on lights, add lamps or open window shades to bring in light. Likewise, prop open a window or add a fan to avoid a stuffy, cramped feeling in your bedroom.
Create your dream small bedroom
By incorporating one (or seven!) of these small bedroom ideas, you’ll create the cozy room of your dreams. Friendly reminder to check with your landlord and lease, though, before making any permanent alterations to your apartment. Once you get the green light, grab your paintbrush and paint away!
Still looking for that dream apartment to decorate? Start here.
Have you come across a Craigslist rental scam lately? Here are my tips to avoid Craigslist scams and real estate scams so that you can stay safe.
Over the past few weeks, we have been searching for the perfect rental home for us to move into, but sadly we have come across many Craigslist rental scams. We found many great homes, and actually signed a lease the other day on one (more information on that to come soon).
Even though we found a rental home, we came across many Craigslist scams and Craigslist rental scams firsthand. It led to us wondering “How do I avoid Craigslist rental scams?”
I only received around 10 emails back from potential landlords and three of those I knew were definitely scammers. There might have been others as well.
Due to this, I knew I had to create a post on the topic of rental scams.
You can find rental scams everywhere (Craigslist, Zillow, and more), and many people are duped every single day out of hundreds or sometimes thousands of dollars.
P.S. If you are looking for a rental, your credit score can be extremely important. You can check your credit score with Credit Sesame for free here.
Interesting articles on Making Sense of Cents that you may want to read:
How do Craigslist rental scams work?
There are cases where the person might not actually be a scammer, but you should be on high alert if you decide to continue through with a potential rental that you are unsure about.
Hopefully with my advice on renting on Craigslist tips below, you’ll be able to find a REAL rental.
Some scams that you may come across include:
Craigslist rental scams
Craigslist apartment scams
Craigslist housing scams
Craigslist vacation rental scams
Fake house ads on Craigslist
Rent to own scams on craigslist
If you’re wondering if Craigslist rentals are legit – yes, they are! But, you need to be careful.
Below, you’ll learn how to spot a scammer on Craigslist.
Related: What You Need To Know About Renting A Room In Your House
What happens if you get scammed on Craigslist?
If you get scammed on Craigslist, they may be taking your rent money, security deposit, or even your personal information. Plus, they may waste your valuable time, and you may even be thinking that you are truly moving into the rental property.
This can be heartbreaking, and you definitely do not want this to happen to you.
How can you tell if someone is scamming you on Craigslist?
1. They are showing you the home, but do they actually own it?
One of the many Craigslist rental scams I have been hearing about a lot lately is when a scammer seems legitimate and even shows you around the rental. You might believe they are the landlord since they somehow got into the rental, but that isn’t always the case.
Sometimes scammers will break into a back window or even steal the key from the actual landlord so they can show the rental to unsuspecting potential tenants. This can be a huge disaster, as many people will believe the scammer since they are pretending to be the landlord.
Another Craigslist scam I have heard about that is related to this is when a renter moves into a home, pays the deposit, rent, etc., only to find out weeks or months later that the actual owner is at their door. The owner might have been on a long vacation or they might have just let the home sit vacant while trying to sell it, and thieves noticed their absence only to take advantage of the situation. This can be bad as you will have to vacate immediately and you will be out of money, such as the refundable deposit you may have given to the scammer.
My rental search tip: Always make sure the person renting out the home is the owner or the property manager. There are many fake house ads on Craigslist. You can usually do a simple search on who owns the property by looking up city records. You also may be able to call the building’s manager (if there is one) and ask if the apartment is for rent and who is renting it.
2. A rental that seems too good to be true is often one of the many Craigslist rental scams.
This is how some rental scammers try to lure you in and an easy way to know how to spot a scammer on Craigslist. They will create a listing, make the rental sound amazing, offer it at a very low price, not require money upfront, and so on.
This is a clue that you might be the victim of a Craigslist scam. If the landlord makes it too easy for you to live in their rental, then you need to be very careful. Scammers are often hoping that someone will be caught up in a “great deal” and come running to them with cash.
My rental search tip: Always do your research before you give anyone money. You should check other listings in the area to see if the rental is comparable and you should also see if the place is actually for rent. In most cases, it is not.
Here’s one Craigslist scam email I received (I actually received this response for two different rentals I inquired about):
3. A scammer wants your information or money before you view the home.
If you are asked to fill out a rental application before you view a home, then you might be in the middle of one of the many Craigslist rental scams. The scammer is hoping that you will give them personal information, such as your bank account number, social security number, or something else. They will then disappear once they receive all of this information. This is a bad situation because you basically just gave your identity away.
Also, if you are asked to give money before you are allowed to view a home, then something is not right. This is most definitely a scam and you should avoid it. You should never have to pay loads of money in order to just view a home.
My rental search tip: You should always do your research, view the home, and more before you give out any extremely personal information. Occasionally, you may have to give your ID to the landlord, but other than that they should not need anything from you just to show you the rental house or apartment.
Here’s another Craigslist rental scam e-mail I received. This person sent me two e-mails so I just copied and pasted both e-mails into one so that you can easily read them both:
4. The landlord’s email has been compromised – Big Craigslist housing scams!
One scary Craigslist rental scam I recently heard about is when all of the information in a rental listing is correct. The home is actually for rent, the e-mail and phone number are real, and more.
However, when you e-mail the landlord you believe you are actually talking to them. It turns out that you are actually talking to someone who hacked into their e-mail. This can be a scary Craigslist scam as it can be hard to detect.
My rental search tip: Even though this Craigslist rental scam seems difficult, it can be easy to overcome. You should contact the landlord via the phone number that is listed on the real listing and talk to a real person. Then, you should verify everything that was discussed in the e-mails. Most of the time, landlords have no idea that their e-mail address was even hacked.
Related: Phone Scams: The Best Tips To Avoid Becoming A Victim
5. They give you a sob story.
Some rental scammers will give you a sob story in order to make you feel bad for them. But, think about it: why would a landlord need to tell you this at all in the first place?
It’s a business for them.
If they give you some sort of sad story, then it is most likely a scam. Lots of Craigslist rental scammers will give you a sob story such as having to move to take care of family, being forced to move due to the military, or something else.
Don’t believe it.
How do I verify a rental on Craigslist? How can you tell a scam on Craigslist?
You may be wondering “How do you know if a rental is legit?” or “How do I make sure a Craigslist rental is real?”
There are many different things to be aware of when looking for a rental online. Here are my general tips before falling for Craigslist housing scams or Craigslist apartment scams:
Always make sure the person showing the home is the landlord or property manager.
If a deal seems too good to be true, then it probably is.
If the landlord is trying to push a lot of urgency your way, then I would be wary. For example, if they say that they need someone to move in tomorrow because they are flying overseas, and that’s why they have such a good deal, then they may be a con artist.
Be careful with your personal information, so that you are not the victim of identity theft.
If anyone ever asks you to wire money, you should not. Most scammers will ask for money to be wired and this should be your first red flag that something is not right. Keep in mind that if you wire money, you CANNOT get it back. Too many people think you can get wired money back.
Does the listing and/or e-mail communication with the “landlord” have many misspellings? Does the e-mail refer to you as Sir or Madam? Do they say they are out of the country and cannot show you the home until you pay? Do they claim to be a missionary or a reverend? If any of these are true, then this is usually the sign of a scammer.
Does the person never want to meet in person? If you never meet the landlord, then it is most likely a Craigslist rental listing scam. The landlord or their property manager will want to meet you, not avoid you.
Do they only want you to peak through the windows in order to view the rental? This is a huge red flag if they never want to meet you and instead want you to only look through the windows. Legitimate landlords will want to meet you and rental ads that state otherwise are most likely fake.
Does the Craigslist home for rent seem like a really great deal? If so, you may want to ask yourself why they are offering such a great deal. Real owners don’t think you are doing them a favor. Instead, they see it as a way to make money.
Do they mention Western Union or receiving funds via money order? If so, then it may be a scam as scammers love to mention Western Union. You simply want to be careful if they ask for either of these.
Are they letting you skip any type of background check? Sometimes there are credit checks, background checks, and so on. If it is too easy to get the rental, then it is probably a scam.
Always trust your gut instinct as there are always other places to rent in the world.
As you can see, there are many ways to learn how to spot a rental scammer on Craigslist. There are many fake house ads on Craigslist, so you want to be careful.
Are Craigslist rentals legit? How do I know if a rental is legitimate?
Yes, Craigslist rentals cans be legitimate. I have personally found Craigslist houses to rent (and lived in it) through Craigslist.
Below, you will see how to tell if a Craigslist rental is legitimate or if it is a fake Craigslist ad, and how to spot red flags.
Are Craigslist rentals safe? Is renting from Craigslist safe?
Yes, Craigslist rentals can be safe. You simply need to follow the tips in this article so that you can stay away from Craigslist rental scams and find legitimate home rentals.
Why do people post fake rentals on Craigslist?
People post fake rental ads on Craigslist because they are scammers and are looking for easy money. Plus, some potential renters who may be looking for a new home may be a little desperate as well, because everyone needs a place to live in, of course.
Is it safe to rent a room from Craigslist?
Yes, it can be safe to rent a room from Craigslist. Follow the tips here, and make sure you get along with your potential future roommates.
You also want to be safe on Facebook Marketplace, and anywhere else where you may be looking at potential homes to rent.
Someone posted my house for rent on Craigslist, what do I do?
If you have a realtor or real estate agent and your house or condo are currently for sale, I highly recommend contacting them and seeing what you can do. This is because many times homes that are for sale will be listed for rent on Craigslist through a fake ad.
You should also report the fraudulent Craigslist ad to Craigslist. Doing this will help to curb Craigslist rental frauds and help anyone who may fall for the Craigslist rental scam.
You also will want to go to your local police department and attorney general to see what they can do for you as well.
How do I protect myself from Craigslist rental scams? How do I avoid getting scammed on Craigslist?
Don’t give money or any of your personal information (such as your bank account number, social security number, and so on) until you are 100% sure that it is a real rental on Craigslist.
Also, if the person requests money or your personal info from you before you even view the rental property, then I would be careful as well.
You will want to make sure you do your research before you give the person cashier’s checks, a PayPal account, or even Venmoing or sending a Zelle payment to them. Whatever way that they ask for payment, you simply want to be careful and spend your time to make sure that you are not dealing with a Craigslist scammer.
Unfortunately, there are many Craigslist rental scams on the internet which are scamming potential renters.
P.S. There are over 200 comments below (you may have to click “« Older Comments” to see all of them), and many of you have been sharing your Craigslist rental scam stories and screenshots of exact emails. This is a great way to learn how to catch a rental scammer on Craigslist. Let’s continue to help one another out, thank you!
How to spot Craigslist housing scams? How to spot a rental scammer on Craigslist?
I hope you enjoyed today’s article on how to find Craigslist rental scams. There are definitely many fake ads out there, but do not let a Craigslist scammer deter you. There are ways to learn how to avoid rental scams on Craigslist so that you don’t get scammed.
Instead, I recommend doing your research and being careful before you hand over money or start a wire transfer. You may want to ask locals about a specific rental property, search anything you can on Google to see if the rental pops up for you (such as if you can see any complaints for that specific address), reaching out to a property management company, and more. This is so that you can make sure you are talking to the true owner of the property or whoever works for them.
After all, you don’t want to give scam artists a security deposit, Moneygram, first month’s rent, application fee, cashier’s checks, or whatever else they want without some verification that it is all real.
And, if a landlord asks you to send over gift cards as a form of payment, it is most likely fake and you are dealing with a Craigslist scammer. I have never, never heard of a landlord asking for a gift card as payment. It can be easy to fall for a rental scam, especially in today’s rental market where there is no rental inventory, which can lead to a lot of desperation.
Also, please be careful and watch out for Craigslist sublet scams. You can use many of the same Craigslist rental scam tips above to avoid Craigslist sublet scams.
But, there are legitimate rentals on Craigslist, you simply need to be careful. This may mean making sure to meet the property owner face-to-face, doing some research on the contact information that you are given, and more before you give a personal check and last month’s rent.
I, personally, have found a home rental on Craigslist and it was a great home. You can find Craigslist apartment rentals, Craigslist house rentals, and more that are legitimate – you just have to be careful.
What Craigslist rental scams and Craigslist apartment scams have you seen or heard about? Have you wondered how Craigslist rental scams work? Have you ever been the victim of any type of scam?
Are you looking for ways to start improving your credit score?
Check your credit score with Credit Sesame for free!
Whether you want to believe it or not, your credit score can play a major role in your family’s life.
While you shouldn’t go crazy and completely obsess over improving your credit score, it is important to learn more about them due to the impact they may have.
Your credit score can influence the interest rate you receive on a loan, buying a home, finding a rental home, attaining certain jobs, your insurance rates, and more.
Even though your credit score can impact your life in a big way, that doesn’t mean it’s hard to improve your credit score. Yes, it can be easy to wreck your credit score, but it can be easy to improve your credit score as well.
Due to this, I believe a credit score can be used to a person’s advantage.
Below is my complete guide to credit scores, so you can improve your credit score, receive your annual free credit report, learn how to use your credit score to your advantage, and more.
Check your credit score with Credit Sesame for free!
Here is how to start improving your credit score:
What is a credit score?
A credit score is a three digit number showing others your creditworthiness, and is often used as an indicator of how risky you are.
There are three main credit bureaus, which is why you may occasionally see different numbers. The main three (Equifax, TransUnion, and Experian) calculate scores depending on the information they have about you, and your file may be slightly different at each of them.
What is a good credit score?
Lenders and people who are checking your credit score usually have varying opinions about what a good credit score is.
In general, though, a good credit score is usually 720+. The higher your number, the better your credit score.
Is it easy to damage your credit score?
Improving your credit score usually takes a little more work than it does to damage your credit score.
You may be hurting your credit score if:
You have a high utilization rate. Keeping your balances below 20% of what you can borrow is important. For example, if your credit card limit is $1,000, try not to have a balance over $200. Lenders like to see a low utilization rate as it shows that you are not maxing out your debt.
You cancel credit cards that may be helping your credit history.
You pay your bills late or not at all.
You never check your credit report and have errors listed.
Read more at These 4 Mistakes May Be Holding You Back From A Good Credit Score.
Can my credit score impact buying a home?
YES!
This is a big reason why improving your credit score is so important.
Your credit score can impact whether or not you are approved for a home loan.
Your credit score can impact how large of a home loan you are given.
Your credit score can impact the size of the down payment you are required to put down.
Your credit score can impact your interest rate.
Read more at How Your Credit Score Impacts Your Home Buying Process.
Why is improving your credit score important? What else can it impact?
There are many instances in which your credit score and/or credit report may be looked at, and sometimes they have nothing to do with a loan. It is important to work on improving your credit score, because you never know when you may need it.
Plus, it’s something you can personally control, so why not work on improving your credit score?
Home and car insurance – If you have home or car insurance, your rate may be calculated on a factor you didn’t know about – your credit score. If your credit score isn’t good, then you may actually be paying more because companies consider you to be riskier.
Employer – This may be shocking to hear, but there are some employers out there who will check your credit report (with your permission). Industries that often check your credit report include those dealing with financial services, chemical, and defense. I recently read a statistic that around 30% of companies will check a potential new hire’s credit report before making a hiring decision.
Renting a home – If you have decided you don’t want to own a home, do not think you have escaped having your credit history checked. Your landlord will most likely check your credit history. They will want to know if you pay your bills on time or if you have ever skipped one completely. This will say a lot about you as a renter, whether you want to believe it or not. If your credit history is not up to their standards, you may be denied the rental altogether, you may be asked to pay multiple months at once, or you may be asked to find a co-signer just in case you fail to pay your rent.
Credit cards – If you don’t care about credit, then you probably will not care about this one. However, if you want a credit card, especially one with a good rewards system in place, then you will want to work on improving your credit score. The good reward credit card offers are usually only available to those with good or excellent credit scores.
Loans (home, car, etc.) – If you apply for a loan, your credit score and credit history will definitely be checked. Before you are approved for a loan of any sort, the lending institution is going to thoroughly check your financial history so they don’t end up losing money on your loan.
The interest rate you receive – A good credit score can mean you qualify for a good interest rate, and a bad credit score may mean that you get a very high rate. I have seen a 24% interest rate for a car loan for someone before! A higher interest rate can mean paying thousands of dollars extra, so it is always best to work on improving your credit score.
How can I check my credit score and my credit report?
My favorite site for checking my credit score is Credit Sesame. Credit Sesame makes it extremely easy to check your score and both me and my husband have active accounts.
You can also receive one annual free credit report from the three main credit bureaus mentioned above. Yes, this means that you get one from EACH, so three each year. I recommend spacing it out so you can get one every 4 months. You can read more about this here.
What makes up a credit score?
There are five categories that make up your credit score. Your payment history and amounts owed equate to 65% of your credit history, but don’t forget the others as they still have an impact.
If you want to work on improving your credit score, you will want to keep the below credit score breakdown in mind:
35% Payment History. Your payment history has the biggest impact on your credit score. This includes if you pay your bills on time, if you have missed a payment, if any of your bills have been sent to collections, and so on.
30% Amounts Owed. This is the next largest category when it comes to your credit score. This includes your balances, your utilization rate, and more.
15% Length of Credit History. The age of your accounts come into play here. This is why it’s usually a good idea to keep a credit card that you’ve had for a long time. I still have a credit card I opened when I was 18. It has no rewards, but it improves my average account age. However, only do this if you know you won’t go into debt.
10% New Credit. This category includes things such as how many hard credit inquiries you have and how long it’s been since you last opened a new credit account. It is important to remember that checking your own credit score does NOT impact this category as long as you receive your credit report from a company that is authorized to give you your credit report.
10% Credit Mix. This includes the type of accounts you have, such as whether or not you have credit cards, a mortgage, car loan, and so on.
Check your credit score with Credit Sesame for free!
So, how can I improve my credit score?
After reading all of the above, I’m sure you’re wondering how YOU can increase your credit score.
Improving your credit score is not extremely difficult. Once you realize what can impact your credit score, you can make relatively easy changes that will begin to improve your credit score.
Here are my general tips for improving your credit score:
Make sure you pay all of your bills on time.
Regularly check your credit report. There is a chance that mistakes may pop up on your credit report, and this may be hurting you. If you find an error, you should fix it as soon as possible.
Keep your balances and utilization rate low. I recommend spending less than 20% of your available credit.
Ask for your credit limits to be raised.
Pay before your credit card balance is reported. Even if you pay your credit cards in full each month, your balances are still reported. To improve your credit score, you should pay your credit card in full before your balances are reported.
Keep your credit card accounts open if it makes sense (if you think you’ll go into debt with them open or if the annual fees aren’t worth it, you may want to think about closing them instead), so that you can lengthen your credit history.
When shopping for a loan, apply for loans within a short period of time instead of over several months.
This advice gives you the opportunity to improve your credit score so you can begin to use it to your advantage. Like I always say, though, make sure you are wise when it comes to your loan and credit card habits as you don’t want to go into debt.
Improving your credit score can be worthwhile, but taking on debt to do so is not.
Check your credit score with Credit Sesame for free!
Do you know what your credit score is? How has your credit score impacted you?
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.
Do you want to make your money work for you?
I know what you’re thinking—money doesn’t grow on trees.
It takes money to make money.
That is a true case, but it doesn’t mean you have to be a millionaire to start. You can invest $100 to make $1000.
But there are a few things that will help any of us start seeing some green: time, patience, and perseverance.
We all know that money is a powerful tool. It helps us get what we want, live the way we want to, and achieve our goals. But how do you make your money work for you?
If you’re new to financial success or are looking for some fresh ideas on increasing your wealth, then you are in the right place!
That’s where this post comes in! In it, we delve into the five best ways to grow your wealth and show you how they work.
How can you make your money work for you?
There are many ways to grow your wealth. You can invest in stocks, bonds, and other securities. You can also start your own business or invest in real estate. Whatever you choose to do, make sure you are diversified and have a plan.
Making your money work for you is all about creating passive income streams.
This means finding ways to make money without having to actively work for it. Some examples include investing in stocks, real estate, and businesses.
How to Make Your Money Work for You: The [Best Ways] to Grow Your Wealth.
Your money is a powerful tool that can help you save, invest and grow your wealth, but only when you know the ways to make it work for you.
This is something that many people don’t learn and don’t invest the time to understand.
The best way to grow wealth is by taking your time and doing the research necessary for you to understand what it takes. You have to know how much money you need, where it will come from, and how you will invest it.
#1 – Create Financial Goals
It’s important to have specific financial goals because they give you something to work towards and help keep you motivated. Having specific goals also makes it easier to measure your progress and see how far you’ve come.
To create specific financial goals, start by thinking about what you want to achieve.
Do you want to save for a down payment on a house?
Are you looking to pay off debt?
Looking to increase your saving percentage?
Or do you want to retire early?
Once you know what your goal is, break it down into smaller steps that you can take to get there. For example, if your goal is to save for a down payment on a house, your first step might be saving $2000 for a down payment fund. Then, once you have that saved up, your next step might be saving $1,000 for the down payment fund.
Keep breaking your goal down into smaller and smaller steps until it feels achievable.
When setting financial goals, avoid setting goals that are too vague or unrealistic. For example, don’t set a goal of “saving money” without specifying an amount or timeline. Also, avoid setting goals that are so small they’re not worth achieving (like saving $5 over the course of a year).
#2 – Develop Passive Income Streams
Passive income is a type of earnings that does not require active work to generate. This can include earnings from investments, rental properties, and other business ventures in which you are not actively involved.
There are several different types of passive income:
Interest and dividends from investments: This can include earnings from stocks, bonds, and other investment vehicles.
Rental income: This can come from renting out a property you own, such as an apartment or vacation home.
Business income: This can come from owning a business in which you are not actively involved in the day-to-day operations. For example, you could own a franchise or be a money-only investor.
Royalty payments: These are payments made to you for the use of your intellectual property, such as patents, copyrights, or trademarks, a book, or a song.
Other types of passive income include blog or affiliate revenue. For example, if you have a blog and it generates ad revenue or affiliate income from referrals to third-party products, that would be considered passive income.
Passive income is money you earn without having to work directly for it. It can come from any number of sources. Remember, passive income is different than active income, which is money you earn through a job or business ownership.
In fact, most millionaires have at least 3 passive income streams (source).
Passive income is the Holy Grail for online marketers. It’s automatic. Effortless. But, not at first. In the beginning, it’s grueling. I liken this to doing the most amount of work for the least initial return. However, over time as your passive income begins to increase, your reliance on an active income plummets.
That’s when the real magic starts to happen.
#3 – Plan for Each Dollar
The first step to making your money work for you is creating a budget. This will help you track your income and expenses so you can see where your money is going. You can use a budgeting app or spreadsheet to do this.
When it comes to managing your finances, it’s important to have a plan for each dollar that comes in. You should make conscious choices about where to spend your money and what type of accounts to use.
Your highest priorities should be determined by what is most important to you.
It is also important to remember that every penny counts- so use your money wisely!
#4 Pay Yourself First
One of the best ways to grow your wealth is to save first. This means putting away money into savings or investments before you spend it. This will help you reach your financial goals more quickly.
When you get paid, make sure to put some money into savings or investments before spending it. This way, you are prioritizing your own financial well-being.
Automating your finances is a great way to make sure your bills first are always paid on time and that you are saving regularly. You can set up automatic transfers from your checking account to savings or investment accounts
#5 – Get Out of Debt
Debt can be a major financial burden, preventing you from achieving your financial goals. It’s important to get out of debt as soon as possible so that you can free up your money to save and invest for the future.
In fact, this is one of the first steps we stress here at Money Bliss – pay off debt!
There are a few different ways to get out of debt. You can try negotiating with your creditors, consolidating your debts, or making more money to pay off your debts faster. Whatever method you choose, make sure you have a plan and stick to it.
There are a few things you should avoid when trying to get out of debt.
First, don’t miss any payments or make late payments, as this will damage your credit score.
Second, don’t use credit cards while you’re trying to pay off debt, as this will only add to your balance.
Finally, don’t take on any new debts while you’re trying to get out of debt – focus on paying off the debts you already have first.
#6 – Start an online business
This can be a great way to create passive income and build wealth over time. There are many different types of online businesses that you can start, so do your research and find the one that is best suited for you.
Starting an online business is a great way to make some extra money on the side. It can be done relatively easily and doesn’t require much upfront work. Once you have the foundation in place, it’s easy to start generating income without any additional effort.
In fact, learning how to make money online for beginners is a hot topic!
The internet provides a unique opportunity to start and grow an online business. With the right tools, you can use the internet to your advantage and build a successful business.
#7 – Invest in the stock market
There are many ways to invest in the stock market, but the most common is through buying and selling shares on a stock exchange. You can also invest in mutual funds, which pool money from many different investors and then invests it in a portfolio of stocks or other securities. Another way to invest is through exchange-traded funds (ETFs), which are similar to mutual funds but trade like stocks on an exchange.
Before you start investing in the stock market, there are a few things you should consider.
First, you need to decide what your investment goals are. Are you looking to grow your wealth over time, or do you need access to your money quickly?
Second, you need to understand the risks involved with investing in the stock market. While there’s always the potential for making money, there’s also the potential for losing money.
Finally, you need to research different investments and choose one that fits your goals and risk tolerance.
Investing in the stock market comes with a number of risks, including the potential for losing money. While there’s always the potential for making money, there’s also the potential for losing money. Before you invest, you should understand the risks involved and make sure you’re comfortable with them.
#8 – Automate your finances
Automating your finances means setting up automatic payments for your bills and other regular expenses. This can help you to stay on top of your finances and avoid late payments or overdraft fees.
There are a few different ways that you can automate your finances. You can set up automatic payments through your bank or credit card company. Alternatively, you can use a service like Quicken to track your spending and create a budget.
Automating your finances can save you time and money. It can help you to stay on top of your bills and avoid late fees or overdraft charges. Additionally, it can free up more of your time so that you can focus on other aspects of life.
#9 – Habit of Automatic Savings
Automatic savings works similarly to automating your finances, but instead of paying bills, money is automatically transferred into a savings account each month. This can help you build up your savings without having to think about it.
With automatic savings, you can grow your savings without extra work; however, if you need access to the money in your savings account quickly, it may take a few days for the funds to transfer back into your checking account.
Challenge yourself to save more than the average 5% personal saving rate.
Overall, automating your finances can be a great way to stay on top of your bills and save money. Just be sure to consider the pros and cons of each method before you decide which one is right for you.
#10 – Use a Rewards Credit Card and Pay It Off Each Month
When you use a rewards credit card, you earn points for every purchase you make. These points can be redeemed for cash back, merchandise, travel, or other perks. Some cards also offer bonus points for spending in certain categories, such as gas or groceries.
To get the most value from your rewards card, it’s important to pay off your balance in full each month. This way, you’ll avoid paying interest on your purchases and will actually save money by earning rewards.
This is something we do on a regular basis and helps us to pay for our travel.
There are both pros and cons to using a rewards credit card. On the plus side, you can earn valuable rewards just by making everyday purchases. And if you pay off your balance in full each month, you’ll avoid paying interest and will actually save money.
On the downside, if you carry a balance on your card from month to month, the interest charges will outweigh any benefits you earn from the rewards program. Additionally, some cards have annual fees that can offset any savings you might accrue from using the card.
#11 – Learning How to Budget
A budget is an estimation of revenue and expenses over a specified future period of time. A budget is often created annually, but may also be created more or less frequently like biweekly or by paycheck.
Budgeting is important because it allows you to track your income and expenses so that you can make informed financial decisions. It also enables you to save money by identifying areas where you can cut back on spending.
Simple Budgeting tips:
Make sure your income and expenses are realistic
Track your progress over time
Don’t be afraid to adjust your budget as needed
Keep your long-term financial goals in mind
Budgeting shouldn’t feel constricting – just that you are able to do what you want to do.
#12 – Save Your Money
Saving money is a key component of building wealth. You need to have money saved in order to invest, and you need to be investing in order to grow your wealth. There are a few different ways that you can save money.
One way to save money is to create a budget and stick to it. This will help you track your spending and make sure that you are not spending more than you can afford.
Another way to save money is to make sure that you are taking advantage of all of the tax breaks that are available to you. This can help you keep more of your hard-earned money in your pocket.
Finally, another way to save money is by automating your savings so that you do not have to think about it every month.
Try to save your money wherever you can, even if it is a small amount. Every little bit counts in the long run!
#13 – Now, Invest Your Money
Investing your money is one of the best ways to grow your wealth over time.
When you invest, you are essentially putting your money into something that has the potential to grow over time. This can be done through stocks, bonds, mutual funds, real estate, and other investments.
The key is finding an investment that has the potential for growth and then holding onto it for the long haul.
Especially learn how to flip money!
#14 – Put Money away for retirement
How much you need to save for retirement depends on a number of factors, including how long you expect to live and what kind of lifestyle you want in retirement.
A general rule of thumb is that you’ll need 70% to 80% of your pre-retirement income to maintain your standard of living in retirement.
There are a number of different options for where to save for retirement, including 401(k)s, IRAs, and annuities. Each has its own set of benefits and drawbacks, so it’s important to do your research before choosing one.
The main benefit of saving for retirement is that it gives you a nest egg to help cover expenses for retirement. Additionally, many employer-sponsored retirement plans offer matching contributions, which can help boost your savings.
#15 – Invest in yourself
The most important thing you can do with your money is to invest in yourself by getting higher education or learning new skills. By investing in yourself, you are ensuring that you will be able to earn a higher income and grow your wealth over time.
There are a few different ways you can invest in yourself.
One way is to invest in your education by taking courses or attending seminars that will help you learn new skills.
Another way is to invest in your health by eating healthy foods and exercising regularly.
Finally, you can also invest in your relationships by spending time with positive people who will support and encourage you.
Investing in yourself has many benefits that are normally overlooked.
First, it will help you earn a higher income which means you will be able to save more money and grow your wealth faster. Second, it will improve your health so that you can live a longer and happier life. Third, it will help improve your relationships so that you can have more supportive and positive people in your life.
This can help you earn more money over time and set you up for success.
Bonus Tip = Be Generous
When you give to others, you are actually helping yourself. Numerous studies have shown that giving makes us happier and can even improve our health.
There are many ways to be generous. You can give your time, your money, or your talents. You can also simply be kind and helpful to others. Whatever way you choose to give, make sure it is something that feels good for you.
Many people ask what to give and there is no one answer to this question. It depends on what you have to offer and what would be most helpful to the person or cause you are supporting.
Things to consider when putting money to work
When it comes to making money, there are a lot of different ways you can go about your little endeavor. But before we get into the specifics of how and when you should put your change to work, we have some general tips to help you along the way.
Where are you today?
First, start by looking at your current spending and saving habits. If you’re not saving anything right now, start small by setting aside $50 from each paycheck into a savings account. Once you have a cushion built up, you can start thinking about investing your money.
Also, think about your long-term financial goals and how much money you’ll need to save to reach them. Automate your savings so that it’s easier to stay on track.
How Much are You Spending?
You should also be mindful of your spending habits as they can have a big impact on your ability to grow wealth over time. Try to live below your means and avoid unnecessary purchases so that more of your money can go towards savings and investments.
It can also be helpful to create a budget so that you have a better idea of where your money is going each month. This will allow you to make adjustments as needed in order to free up more money for savings and investing.
Are you Investing?
Investing is one of the best ways to grow your wealth over time. When you invest, you’re essentially putting your money into something that has the potential to earn more money in the future. This can be done through stocks, bonds, mutual funds, and other investment vehicles.
It’s important to do some research before investing so that you understand the risks involved and don’t end up losing all of your hard-earned money.
Is Debt Holding You Back?
Last but not least, debt can also impact your ability to grow wealth over time. High-interest debt, such as credit card debt, can eat away at your savings and make it difficult to invest.
If you have high-interest debt, it’s important to focus on paying it off as quickly as possible. You may need to make some sacrifices in other areas of your life in order to do this, but it will be worth it in the long run.
How to Make Your Money Work for You FAQs
1. Invest in stocks: This is one of the most popular methods of growing wealth. When you invest in stocks, you are buying a piece of a company that will be worth more in the future. The key to making money with stocks is to buy low and sell high.
2. Invest in real estate: Another popular way to grow your wealth is to invest in real estate. When you invest in real estate, you are buying a property that will increase in value over time. The key to making money with real estate is to make sure your portfolio is set up for high probability of success.
3. Invest in bonds: Bonds are another way to grow your wealth. When you invest in bonds, you are lending money to a company or government that will pay you back over time with interest.
Saving money is one of the best ways to use your money. It allows you to have a cushion in case of an emergency, and it also allows you to save for future goals. There are many different ways to save money, but some of the best include setting up a budget and sticking to it, setting up a savings account, and investing in yourself.
Investing your money is another great way to use it. When you invest, you are essentially putting your money into something that has the potential to grow over time. This can be a great way to build your wealth over time and secure your financial future. Some of the best things to invest in include stocks, bonds, and mutual funds.
Of course, you can also use your money by spending it on things that you need or want. While this may not seem like the most productive use of your money, it is important to remember that spending is necessary in order to live a comfortable life. Therefore, it is important to find a balance between saving and spending so that you can enjoy both now and in the future.
Keep your money in a safe place.
Invest in a good financial institution.
Diversify your investments.
Review your insurance coverage regularly.
Have an emergency fund.
Money Works for You
In this article, we covered a few different ways to grow your wealth.
Making your money work for you is a great way to grow your wealth without having to put in a lot of extra effort. By following the tips and tricks in this guide, you can easily make your money work for you and watch your wealth grow over time.
If you are looking for where to put your money to make it work for you, we uncovered the 15 best ways to make your money work for you.
Whichever method you chose is up to you.
The best answer is to diversify your portfolio and create multiple streams of income.
So what are you waiting for? Get started today and see the results for yourself!
Know someone else that needs this, too? Then, please share!!
While you might be intimidated, it doesn’t have to be hard!
I learned how to build credit at 18 by opening a credit card offer that came in the mail. My first credit card had a small limit around $300.
I never maxed it out, and there were really no benefits. But, it didn’t have a monthly fee, and it helped me learn how to build credit fast.
My credit score is now over 800 and considered excellent.
I don’t rely on my credit score and credit history, but I know that it impacts my life in many different areas — from insurance, to loans, to my cell phone bill.
Whether you want to believe it or not, your credit score can play a major role in your family’s life.
While you shouldn’t go crazy and completely obsess over learning how to improve your credit score, it is important to learn what you can about your credit score and the impact it may have on your life.
Your credit score can influence the interest rate you receive on a loan or your home mortgage, finding a rental home, attaining certain jobs, your insurance rates, and more.
Because of this, I think that a credit score can be used to a person’s advantage.
Even though your credit score can impact your life in a big way, that doesn’t mean it’s hard to build your credit history and credit score. Yes, it can be easy to wreck your score, but it’s easy to learn how to build your credit score back up.
Check your credit score with Credit Sesame for free!
How to build credit.
What is a credit score?
Before we begin, I want to talk more about what a credit score is. If you want to learn how to build a credit score from scratch, then starting here is the key to understanding what you’re working with.
A credit score is a three digit number that shows others your creditworthiness, and is often used as an indicator to show how risky you are.
There are three main credit bureaus, which is why you may occasionally see different numbers. The main three (Equifax, TransUnion, and Experian) calculate scores depending on the information they have about you, so your history and score may be slightly different at each of them.
Related: How Do Credit Cards Work?
What is a good credit score?
Lenders and people who are checking your credit score usually have varying opinions about what a good credit score is.
In general, though, a good credit score is usually 720+. The higher your number, the better your credit score.
Is 600 a good credit score?
A 600 credit score is below average. But, do not fret. There are ways to increase your credit score.
Is it easy to hurt your credit history?
Learning how to build credit and improving your credit score usually take more work and time than it does to damage your credit score.
You may be hurting your credit score if:
You have a high utilization rate. Keeping your balances below 20% of what you can borrow is important. For example, if your credit card limit is $1,000, try not to have a balance over $200. Lenders like to see a low utilization rate, as it shows that you are not maxing out your debt.
You cancel credit cards that may be helping your credit history.
You pay your bills late or not at all.
You never check your credit report and have errors listed.
Can my credit score influence my home buying process?
Yes, for sure!
This is a big reason why learning how to build credit is so important. Your credit score can impact:
Whether or not you are approved for a home loan.
Your interest rate.
How large of a home loan you are given.
The size of the down payment you are required to put down.
Read more at How Your Credit Score Impacts Your Home Buying Process.
Why is improving your credit score important? What else can it affect?
There are many instances in which your credit score and/or credit report may be looked at, and sometimes it has nothing to do with a loan. This is why it is important to work on building your credit score, because you never know when you may need it.
Plus, it’s something you can personally control, so why not learn how to build credit and start working on improving it?
Home and car insurance – If you have homeowners or car insurance, your rate may be calculated on a factor you didn’t know about – your credit score. If your credit score isn’t good, then you may actually be paying more because companies consider you to be riskier.
Employer – This may be shocking to hear, but there are some employers out there that will check your credit report (with your permission). Industries that often check your credit report include those dealing with financial services, chemicals, and defense. I recently read a statistic that around 30% of companies will check a potential new hire’s credit report before making a hiring decision.
Renting a home – If you have decided you don’t want to own a home, you may still need your credit history checked. In fact, your landlord will most likely check your credit history. They will want to know if you pay your bills on time or if you have ever skipped a payment entirely. This will say a lot about you as a renter, whether you want to believe it or not. If your credit history is not up to their standards, you may be denied the rental altogether, you may be asked to pay multiple months rent upfront, or you may be asked to find a co-signer just in case you fail to pay your rent.
Credit cards – If you don’t care about credit, then you probably will not care about this one. However, if you want a credit card, especially one with a good rewards system in place, then you will want to work on improving your credit score. The credit cards with the best reward offers are usually only available to those with good or excellent credit scores.
Loans (home, car, etc.) – If you apply for a loan, your credit score and credit history will definitely be checked. Before you are approved for a loan of any sort, the lending institution is going to thoroughly check your financial history so they don’t end up losing money on your loan.
The interest rate you receive – A good credit score usually means you will qualify for lower interest rates, while a bad credit score means higher interest rates. I have talked to someone with a 24% interest rate on a car loan, all because they had a very low credit score. A higher interest rate means paying hundreds or thousands of dollars extra in interest, and this is why it’s so important to learn how to build credit
What makes up your credit score?
There are five categories that make up your credit score. Your payment history and amounts owed equate to 65% of your credit history, but don’t forget the others factors!
If you want to work on building your credit score, here are the following factors that go into your score:
35% Payment History. Your payment history has the biggest impact on your credit score. This includes if you pay your bills on time, if you have missed a payment, if any of your bills have been sent to collections, and so on.
30% Amounts Owed. This is the next largest category when it comes to your credit score. This includes your balances, your utilization rate, and more.
15% Length of Credit History. The age of your accounts come into play here. This is why it’s usually a good idea to keep a credit card that you’ve had for a long time. I still have the credit card I opened when I was 18. It has no other rewards than improving my average account age. However, only keep cards open if you know you won’t go into debt.
10% New Credit. This category includes things such as how many hard credit inquiries you have and how long it’s been since you last opened a new credit account. It is important to remember that checking your own credit score does NOT impact this category as long as you receive your credit report from a company that is authorized to give you your credit report.
10% Credit Mix. This includes the type of accounts you have, such as whether or not you have credit cards, a mortgage, car loan, and so on.
Check your credit score with Credit Sesame for free!
Here’s how to build credit from scratch:
After reading all of the above, I’m sure you’re wondering how you can build your credit score fast, especially if you have a low credit score or no credit at all.
Increasing your score and learning how to establish credit is not extremely difficult. Once you realize what impacts your credit score, you can make relatively easy changes that will begin to improve it.
Below are my general tips for building your credit score.
Get a credit card.
Okay, okay, some of you may be cringing at this tip. Credit cards are not for everyone, BUT if you know that you can be smart about it, opening a credit card is a way to build your credit history. It can one day lead to you being able to use your credit score and credit history to your advantage.
While your first credit card will probably have a low limit and a high interest rate, it can help you learn how to build credit.
If you are looking for options, I recommend reading Best Rewards Credit Cards | What You Need To Know.
And, I recommend reading Top 5 Credit Card Mistakes And How To Avoid Them before you get a credit card.
Now, there are other ways to learn how to build credit without a credit card. Continue reading below.
Pay your bills on time.
According to FICO, 35% of your credit score is determined by your payment history. One or two late payments most likely won’t prevent you from having a good credit score. However, continuing to miss payments most likely will.
No matter what the bill is, you should always pay it on time. Paying a bill late may lead to interest charges, late fees, and a drop in your credit score.
Yes, companies can report late payments to credit agencies. If you do happen to accidentally pay a bill late, do not panic, though. If you are quick enough, you can call the company and ask for some leniency so they won’t report it.
I once underpaid my monthly mortgage payment by $10. I must have clicked the wrong number because I’m still not even sure how that happened. Luckily, I caught it quickly enough and my mortgage company realized that it must have been a mistake. They waived any late fees and also did not report it to anyone.
Other related tip on how to build your credit score from scratch: Pay your credit card bill before your balance is reported. Even if you pay your credit cards in full each month, your balances are still probably being reported. Some people avoid this by paying their credit card bills twice a month to keep their utilization rate low.
Regularly check your credit report.
It’s important to check your credit report regularly because it may include errors that negatively affect your credit score. The sooner you fix those errors, the sooner you can improve your score.
My favorite site for checking my credit score is Credit Sesame. Credit Sesame makes it extremely easy to check your score and both me and my husband have active accounts.
You can also receive one annual free credit report from the three main credit bureaus mentioned above. Yes, this means that you get one from EACH, so three each year. I recommend spacing them out so you can get one every four months. You can read more about this here.
Keep your balances and utilization rate low.
If you have a credit card, then you have a credit limit. However, just because you are given this limit doesn’t mean you should try to reach it.
I recommend spending less than 20% of your available credit.
In fact, you should always try to be below 30% of your credit limit if you want to have a good credit score. So, if your credit limit is $1,000, you do not want to spend more than $300. Any more than that will impact your credit score.
It’s also important to note that even if you are paying your balance in full each month that going over 30% of your credit limit can still negatively impact you. This is because your balance is reported on a monthly basis to the credit bureaus. In this case, it is best to pay off your balance or at least some of it before your next credit card statement goes live. Paying off all or a portion of your balance before the rest of it is due will keep your utilization rate low.
If your credit limit is low, then you may even want to request an increase. Of course, only do this if you trust yourself not to spend more. The key here is to not it all!
Be mindful of your credit history.
Keeping credit cards open can lengthen your credit history, and this can improve your credit score. However, only do this if it makes sense for you. If you think you will go into debt or if the annual feels aren’t worth it, then you may want to think about closing your cards instead.
According to FICO, 15% of your credit score is from the length of your credit history. The longer your credit history then the higher your score may be.
If you want to learn how to build credit when you have none and you have old credit cards that carry no annual fees, you may want to think twice before you cancel them. Yes, closing them can help you simplify your life, but an old credit card may be lengthening your credit history and, therefore, improving your credit score.
Like I said, I still have the credit card I opened when I turned 18. The credit card stinks and pretty much offers no benefits. However, it’s the card I’ve had the longest. To keep it active, I just buy one thing a year (such as gum)!
Side note: There are many reasons why you may want to cancel your credit cards, though. If having credit cards leads to credit card debt (not being able to pay your balance in full every month), then it may be the best idea to cancel them.
Get your rent reported.
Did you know that paying your rent can help you improve your credit score?
If you have little to no credit or are struggling with poor or bad credit, by using ExtraCredit, you can report your rent and utilities to TransUnion® & Equifax®, so you can get payment history for bills you are already paying! Rent reporting can help you add more credit history and help you work your way to a strong credit profile.
You can learn more at What Is ExtraCredit? Here Are 4 Reasons You Need to Read This ExtraCredit Review.
How do I start building credit?
As a recap of the above, you can learn how to build your credit score by:
Getting a credit card (but be smart!)
Paying your bills on time
Regularly checking your credit report
Keeping your balances and utilization rate low
Being mindful of your credit history
Getting your rent reported
How can I build my credit if I have no credit?
As a personal finance blogger, I sometimes hear people say that you shouldn’t worry about your credit score because credit cards are horrible. However, I don’t completely agree with that.
Credit cards are dangerous for some people, but that’s not the case for everyone.
Learning how to start building credit and improving your score can end up saving you lots of money. It can lead to lower interest rates, lower down payments, and lead to more opportunities.
Having a good credit score doesn’t mean you use credit cards all of the time either, it means you’ve followed the tips in this article and have shown lenders, employers, and others that they can trust you.
Check your credit score with Credit Sesame for free!
Do you know what your credit score is? Do you think learning how to build credit is important?
Yesterday The Consumerist pointed to a couple of Curbly posts about how to buy stuff on Craigslist [one, two]. These articles have some good tips, but I think there’s more to say.
My Craigslist Experience
Cragislist is one of the seven wonders of the internet. You can use it to find a job, buy a car, get a date for Saturday night, and sell that old couch. The site is free to use for almost everything. It’s community-policed, which means spam is taken down as users flag it. Kris and I made extensive use of Craigslist when we bought our new house. Over the past three years we’ve purchased:
67″ x 36″ antique mirror with beveled edge: $45
Another mirror, battered but okay: $20 and a long wait in traffic
Solid cherry Dania shaker desk: $175 and buyer’s remorse
A housekeeper to perform a final, thorough cleaning when we moved out of our previous house: $75
A futon bed/couch in excellent condition: $100
“Cool, stout wooden chair” for my smoking porch: $25
A 30 x 60 folding table: $30
Two shelving units stolen from Borders by disgruntled employees: $20
Free-standing metal cabinet that matches those in our kitchen, delivered: $75
Newer double bed with metal frame: $50
Doctor’s balance scale: $30
Box of 40+ wine glasses: $20
An old rototiller: $50 (which I sold two years later for $30)
We’ve also swapped some stuff, too.
A dozen raspberry starts and a cubic yard (or more) of fresh manure, all delivered: six rose bushes from our garden
A 6mp digital camera: my Nintendo Gamecube
A personal computer: my Magic Online account
I traded a Wii game I didn’t like for one that I did
Every year I list our neighborhood garage sale on Craigslist. When our business needed to hire a truck driver, I listed the job on Craigslist. I use it to keep tabs on community activities and events.
Here’s an example of an actual Craigslist transaction: For two months, Kris watched for a mattress and bed frame. Beds came and went, but never exactly what she wanted. One afternoon her ideal bed finally appeared. She contacted the seller immediately and arranged for us to pick up the bed, which we did that night. I borrowed the van from work, we grabbed some cash from the ATM, and we drove to the seller’s house. We inspected the bed, and it met with our approval. The seller was friendly — he helped us load the bed into the van. We chatted a little. And then we were on our way. During this transaction, we did several things to make things smoother.
General Tips For Using Craigslist
Spend some time learning the site. Familiarize yourself with the interface (it’s fairly straight-forward). Pick a category to watch for a week so that you can get a feel for how things work.
It’s cool that you can subscribe to your favorite categories. This can get overwhelming, though. Do you really want to sift through a thousand lame free items every day? Of course not. But you might be keen on learning about every free piano that comes along, for example. Or maybe you want to see every job posting searching for a writer. You can subscribe to a feed of any Craigslist search. This is amazingly powerful. (It’s also a dangerous time-sink.)
Always be polite. People are grateful to deal with kind, helpful strangers. When a woman came to take 500 square feet of free sod we’d dug from our lawn, I spent an hour in the rain helping to load her trailer. Though the sod had been listed as free, she sent me $50 in restaurant gift certificates to thank me for helping her.
Don’t feel pressured. If you drive out to the seller’s location and find that the item is not as described, or that you’ve changed your mind, don’t feel obligated to buy. If a buyer arrives and tries to change the terms of the deal, call it off.
Tips For Buying on Craigslist
The most important thing to remember when looking for things on Craigslist is that you must be both patient and impulsive. This may seem like a paradox, but it’s true. First, you must know what it is you want. And then you must be patient, waiting for that thing to be listed. When you finally see the item available, send e-mail immediately or you may lose your chance. (An e-mail expressing interest is not a commitment to buy, but it puts you at the head of the line in most sellers’ minds.)
Be ready to purchase the item when you meet the seller. If you drive to look at a desk, be ready to pay for it and to haul it away. Sellers generally want to get rid of their stuff now. We’ve been able to buy stuff even when we weren’t the first to arrive with cash, but were the first to arrive with cash and a van.
Some people sell unwanted gift cards, generally for about 80-90% of their face value. For example, if you know that you’re making a trip to the hardware store for a home improvement project, check Craigslist first to see if there aren’t any gift cards that you might be able to use. Important: verify the balance on the gift card before purchasing it. Many cards contain printed instructions on how to verify the balance, but you might want to meet the seller at the store.
Negotiate. Offer the seller less than the asking price, especially if the listing is old. (This won’t work for a brand-new listing.)
Use cash and exact change when possible. Some sellers will take a check or give you change, but don’t count on it. Arrange the form of payment before you meet the seller.
Tips For Selling on Craigslist
Offer detailed descriptions. Provide essential information. Give the size, the color, the style, or any other relevant information a buyer might need to make a decision.
Be honest. You’re not going to fool anyone. If you say something is “like new” and a potential buyer shows up to discover it’s well-worn, you’re not going to make the sale and you’re going to have a cranky customer on your hands. Tell the truth.
You don’t need to post a photograph, but you’re going be more successful with certain items if you do. I spent two months searching for the perfect desk on Craigslist. There was a strange disconnect between the text people used to describe their desks and the actual desk as shown in a picture. I wasn’t about to bite on a post that didn’t include an image. But if you’re posting an ad for a used Nintendo Wii game, a photo isn’t required.
Ask a reasonable price. If you’re not sure what’s reasonable, watch Craigslist for a week or two to see what similar items fetch. If you price your item too low you’ll sell it but you will have left money on the table. If you price your item too high you’ll never get a response.
You will get many responses, but few will follow through. That’s just how Craigslist works. Don’t let it bother you. Be grateful for the few that do follow through.
Don’t let buyers talk you into alternate forms of payment. If you’re asking $250, don’t accept a trade for something you don’t need. I’ve made this mistake twice, and one time it really bit me. (I traded for a computer that didn’t work — long, stupid story.)
Take down your ad once you’ve sold the item.
From my experience, collectibles do poorly on Craigslist. It’s the wrong audience. I watch for comic books because I’m a collector. People have unrealistic expectations of what comics are worth and what the demand for them is. I would never try to sell comics on Craigslist. That’s what eBay is for.
Other Craigslist Resources
Here are additional resources to help you get the most out of Craigslist:
Craigslist is a cheap and fun way to get stuff you need, or to get rid of stuff you no longer want. But be careful. Don’t spend more than you should — it’s easy to get carried away!
A 20% down payment usually isn’t required to finance a home purchase, and most buyers who finance a home put down less.
But the 20% down payment isn’t dead yet. In fact, a growing share of buyers are making down payments of at least 20% to compete in today’s sizzling market.
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Competitive market prompts higher down payments
Realtors reported that 48% of their home buyer clients made down payments of at least 20% in the first quarter of 2021, up from 46% in all of 2020 and 40% in all of 2011, according to the National Association of Realtors’ Confidence Index Survey. Among first-time buyers, almost 28% put down at least 20% in the first quarter, up from almost 26% in 2020 and about 23% in 2011.
A larger down payment strengthens your offer because it assures the seller that you’re on solid financial ground and your financing is likely to go through.
For example, if the home appraisal comes in lower than the sales price, you’ll need to negotiate with the seller to lower the price or pay more money out of your own pocket. Lenders generally won’t approve a loan for more than the home is worth, minus the required down payment.
If you have more than enough for a lender-required down payment, you could use some of that money to make up the difference between the appraisal figure and sales price.
Still, it’s important to maintain perspective and make a down payment that’s right for you.
The average down payment on a house
Even though a greater share of buyers are putting down 20%, most first-time home buyers don’t make that oft-quoted benchmark.
Because outliers can skew an average, the telling figure for what other home buyers put down is the median down payment, meaning half paid that much or above, and half paid that much or below.
For first-time home buyers who financed the purchase, the median down payment was 7%, according to a 2020 survey by the National Association of Realtors. The median down payment for repeat buyers who financed was 16%.
Minimum down payment on a house
The required minimum down payment for a house depends on the type of loan and a lender’s criteria. Here are the minimum down payment requirements for the most common types of loans.
Conventional loans, which aren’t guaranteed by the federal government, can have down payments as low as 3% for qualified buyers. Some lenders offer down payment assistance grants to allow even lower down payments.
FHA loans, backed by the Federal Housing Administration, require a minimum 3.5% down. FHA loans allow lower minimum credit scores than conventional loans.
VA loans for military service members and veterans, and USDA loans for certain rural and suburban buyers, usually require no down payment. VA loans are backed by the U.S. Department of Veterans Affairs, and USDA loans are guaranteed by the U.S. Department of Agriculture.
Low minimum down payments: Nothing new
Mortgages with low down payment requirements have been around for decades.
The FHA has backed home loans with 5% down or less since the 1980s. Conventional loans have had them since the 1990s. And some first-time home buyer programs offer down payment assistance that can further reduce upfront costs.
“Some first-time home buyer programs offer down payment assistance that can further reduce upfront costs.”
Yet more than three-fifths (62%) of Americans think you need a down payment of 20% or more to buy a home, according to the NerdWallet 2020 Home Buyer Report. That’s likely because a 20% down payment on a conventional loan is considered an exemplar and often used to quote mortgage rates. And it’s an important criterion — with 20% down you can avoid paying for private mortgage insurance.
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Is it worth putting down 20%?
Aside from making your offer look stronger in a competitive market and avoiding mortgage insurance, making a 20% down payment has other advantages:
Your monthly payment will be lower.
You’ll likely earn a lower mortgage interest rate.
Lenders will be more likely to compete for your business.
How much should a first-time buyer put down?
There is no single right answer for everyone. Deciding how much to put down on your first house depends on your financial situation, how long you plan on living in the home, and the housing market in your area.
Here are some general tips:
Avoid draining your savings account for a down payment. You’ll want to have some money on hand for closing costs, homeowners insurance and property taxes.
Budget for things you’ll need to buy after moving in, like a lawn mower for that new lawn, and for home maintenance and repairs.
Earn more interest on what you are saving by stashing money in a high-yield savings account or certificate of deposit. See NerdWallet’s picks for the best high-yield savings accounts and, if you’re saving a sum for years ahead, consider the best CD rates.
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