It’s that time of year — time to weed out all the stuff in the Brokamp household to get ready for the first yard sale of the season. It’s a great way to de-clutter, make a few hundred bucks, and sadly realize how many of the past Christmas’ presents are already collecting dust from non-use.
While culling the bookshelves, I came across Younger Next Year: A Guide to Living Like 50 Until You’re 80 and Beyond, which came out in early 2005. While I was still in my 30s when it came out, it was one of the first books that got me thinking about how I need to start taking better care of myself. After all, if I’m going to spend decades saving for retirement, I want to be healthy enough to enjoy retirement once I get there.
Unfortunately, as we age, we accumulate some aches and pains, don’t have the energy we used to, and eventually rely on Lipitor, Celebrex, or some other drug that sounds like the villain in a science-fiction movie. Well, that’s just part of getting older.
Or is it? Not according to Henry Lodge and Chris Crowley, the authors of Younger Next Year. According to them, 50% of illnesses associated with aging (e.g., heart attacks, diabetes) can be eliminated, and 70% of “normal” aging (weakness, sore joints, apathy — the stuff that makes you feel old) is not aging at all, but really decay. And it’s optional.
When the book was written, Lodge was a 46-year-old doctor and faculty member at Columbia University’s College of Physicians and Surgeons. Crowley was his 70-year-old patient, a former Wall Street lawyer who retired in 1990. Although Crowley exercised occasionally, he was 40 pounds overweight and feeling adrift when he became Lodge’s patient. Lodge explained to Crowley how Americans get good medical care (they receive treatment after something’s gone wrong) but not good health care (help with leading a lifestyle that will ward off disease and degeneration).
Younger Next Year describes that lifestyle, summarized by “Harry’s Rules.” Follow them, the authors say, and you’ll turn back your biological clock — “become functionally younger every year for the next decade.” From the book:
Harry’s Rules
Exercise six days a week for the rest of your life. Don’t think of it as exercise. Think of it as sending a constant ‘grow’ message…as telling your body to get stronger, more limber, functionally younger, in the only language your body understands. Do it because it’s the only thing that works.
Do serious aerobic exercise four days a week for the rest of your life. Hard aerobics, working up a good sweat, is our favorite exercise rhythm because [it] brings out our youngest and best biology: strong, fast, energetic, and optimistic all day long. Tell your body it’s springtime.
Do serious strength training, with weights, two days a week for the rest of your life. Generally, we aren’t aware of nerve decay as we get older, but it’s the main reason our joints wear out, our muscles get sloppy, and our ability to be physically alert and powerful begins to fade. And it is reversible with strength training.
Spend less than you make. Time to quit playing and come inside. Come inside your income. Try to do it early. As with smoking, you can recover. It takes time and earlier is better, but do it.
Quit eating crap! Never go on a diet again. The only way to lose weight is to embark on a program of steady, vigorous exercise, avoiding the worst foods (french fries, almost all fast food, processed snacks with names that end with the letter “O”), and eating less of everything.
Care. There have to be people and causes you care about. Doesn’t seem to matter much what the causes are. They don’t have to be important to society or make money, as long as they’re important to you.
Connect and commit. There is a terrible temptation, in our 60s and 70s, to close up shop and narrow our lives. In most cases, retirement already does that, and it’s tempting to just go along with the program, get narrower and narrower. Well, don’t. It’s killing us. We have to exercise our social, pack-animal gifts as vigorously as we exercise our bodies. That means adding friends, doing more stuff, getting out there, and being involved.
But this isn’t just a fitness book; it’s about getting ready for, and getting the most from, retirement. It’s written mostly for over-50 men, but anyone can benefit from the advice. (Lodge and Crowley have written a follow-up book, Younger Next Year for Women.) The authors generally alternate chapters, with the doctor providing the science behinds his seven rules, and the patient giving the real-life, rollicking, often hilarious account of what it’s like to implement them.
Here’s the theory, in a nutshell: Due to evolutionary forces, humans are programmed to be active, eat certain foods, and remain socially connected. To do otherwise is to send a signal to your body that you’re ready to give up the ghost. “Your body and brains are perfect for their natural purposes, but none of them was designed for modern life: fast food, TV, or retirement,” writes Lodge. “In a paradox that you absolutely have to understand, endless calories and lack of exercise signal your body that you’re heading into a famine that you may well not survive, and in response, your body and brain head into a low-grade form of depression.”
Follow Harry’s Rules, and you can keep growing, remain energized, and stay physically and mentally mid-life long into your twilight. “Biologically, there is no such thing as retirement, or even aging. There is only growth or decay, and your body looks to you to choose between them.”
This is one book that will not make it into the Brokamp family yard sale. However, if you’re looking for a used bunk bed, impulsively bought juicer, or men’s Superman underwear (only worn twice — my wife hates them), then stop by our yard sale in a couple of weeks.
Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions.
This week’s episode starts with a discussion about new scams, including Google Voice and AI scams.
Then we pivot to this week’s money question from Jaime, who left us a voicemail:
“Hi, Nerds. Wanted to call in and ask a question. I’m looking for just an opportunity to supplement my income, and I came across one opportunity that’s called tradelines, and I was wanting your advice, your opinion, on tradelines, if it’s something worth doing. From my understanding, tradelines is when you sell your authorized user accounts on your credit card to people who need to boost their credit, for a certain amount of money a month. So, I thought it may be a good way to supplement my income, as well as that I do have a 815 credit score, and so, I was curious as to your guys’ opinion on the matter. So, thank you for answering it. Have a great day.”
Check out this episode on either of these platforms:
Episode transcript
Sean Pyles: Your credit report can help you borrow money, but what if you could use your credit report to earn money? Would you do it even if it was a little sketchy?
Liz Weston: Welcome to NerdWallet’s Smart Money podcast, where you send us your money questions and we answer them with the help of our genius Nerds. I’m Liz Weston.
Sean Pyles: And I’m Sean Pyles. Listener, I have a question for you. What are you thinking about — money-wise, I mean? Are you wondering how to buy a house in a still expensive market, or do you want to get serious about saving for retirement but aren’t sure how?
Liz Weston: Whatever your money question, the Nerds have your back. You can leave us a voicemail or text us on the Nerd hotline at 901-730-6373. That’s 901-730-NERD. You can also email us at [email protected].
Sean Pyles: This episode, Liz, Sara and I answer a listener’s question about making money from your credit report. But first, in our This Week in Your Money segment, Liz and I are talking about the scams you need to watch out for now.
Liz Weston: Yes, because scammers work hard, but the Nerds work harder. So, we’re going to give you the scoop on how fraudsters are attempting to strip you and your loved ones of your money and your personal information.
Sean Pyles: Indeed. So, Liz, what scams should our listeners be aware of?
Liz Weston: OK. According to the Identity Theft Resource Center, the top scam in 2022 was the Google Voice scam. And how it works is typically somebody will contact you on social media in response to a post, whether you’re selling something, trying to find a lost pet, something like that. But then the person will say they’re concerned about scammers, so they want you to confirm your identity through a text. You then get a text with a Google Voice verification code. And if you give it to them, poof, you’ve been scammed.
Sean Pyles: OK. So, you have been scammed through a text code. What’s going on there?
Liz Weston: When you give the scammer that verification code, they’re able to create a Google Voice account that’s connected to your phone number. The scammer can then use that voice account to scam other people or even get more information about you to try to get into your accounts.
Sean Pyles: Yikes.
Liz Weston: So, the bottom line is, yes, yikes is right. Don’t give strangers any verification code that you get through text. If it’s dealing with your bank accounts, your financial accounts, Google Voice, whatever it is, if the text comes through and a stranger wants it, ignore them.
Sean Pyles: And maybe avoid giving internet randos your phone number in general.
Liz Weston: Yeah, that’s a good idea.
Sean Pyles: Whenever I’m communicating with folks on apps, whether I’m trying to buy or sell something, I like to keep communication within that app. When someone’s trying to get you to communicate on a different platform, that to me is a red flag that they’re up to no good.
Liz Weston: Oh, yeah, that’s a really good point. And Sean, that wasn’t the only scary scam we learned about recently. Can you talk about artificial intelligence scams?
Sean Pyles: Yes. Artificial intelligence is being used by scammers now in a terrifying way. There is a growing number of AI voice spoofing scams, and here’s how it works. You might get a call from a sibling, a parent, friend, and they’re absolutely hysterical. They’ll be sobbing and saying that they’ve been kidnapped and they need you to wire money to them ASAP to free them. And of course, you want to do that because you want to free your loved one, but the truth is that they were never in danger. That wasn’t even your loved one calling you. It was a scammer using an AI-generated version of their voice and potentially a call spoofer to make it look like they were calling you directly.
Liz Weston: Oh, my God, that’s horrifying.
Sean Pyles: Yes. And what’s really scary is that in general, across the board, AI is developing faster than we can keep track of, and scammers are taking advantage of that. They’re using the content that you post online, things like videos on TikTok or audio that you’re recording on a podcast, for example, and they’re able to make a model of your voice, inflection and all. So, the example that I just gave shows how AI is being used in what’s called imposter scams, but AI is also being used in other types of scams, too.
Liz Weston: I’m having a moment here, Sean, it’s like, how much of our voice is out there, yours and mine?
Sean Pyles: A tremendous amount. Actually, I hope that no scammers are listening to this because it would be very easy for them to use our voice to do exactly what I just described there.
But there are some ways that we can protect ourselves, Liz, and anyone else listening. So, for AI voice spoofing, imposter scams specifically, one suggestion that sounds awfully dystopian and it kind of is, is that you need to make a safe word or phrase for yourself and your loved ones. This is a word or phrase that in an emergency your loved one could tell you or you could tell a loved one to confirm that it’s actually them and not a scammer calling. Ideally, this would be a few words that you can use in a conversation that wouldn’t be super obvious.
You might say something along the lines of, “Oh, my wallet is on the dresser.” Instead of saying like, “Banana, banana, banana.” That might throw people off and sound a little bit awkward on a phone call. But in general, folks should know that scammers are always going to be leveraging new technologies to rip you off, so it’s important to stay up to date on the latest scams.
Liz Weston: And I just want to drop in: We actually came up with a safe phrase when my daughter was a teenager and she wanted to leave a party or leave a friend’s house without alerting them that there was a problem. So, this isn’t something that’s way out of line. I think a lot of families do this anyway, but it’s something to talk about and make sure everybody remembers what that phrase is so that you can use it in case of emergency.
Sean Pyles: Absolutely. And now I want to zoom out a little bit and discuss the underlying technique that many scammers use to take advantage of you. This is something called social engineering. And it is essentially scammers attempting to manipulate you through social interactions. This can happen many different ways. It could be someone posing as your boss sending you a text message where they urgently need you to go buy them a bunch of gift cards. Or it could be that stranger messaging you online trying to get you to give a Google Voice verification code, like Liz mentioned earlier. The goal of the scammer is to manipulate your emotions through social interactions, to earn your trust or create a sense of panic that makes you reveal your personal information or send them money.
Liz Weston: And that sense of panic or that sense of urgency is key to the scam. So, anytime somebody is pushing you, pushing your buttons, trying to make you do something quickly, that’s a good time to step back or try to step back and take a breath and go, “Hey, this might be a problem.” And of course, if gift cards are involved, you know it’s a scam.
Sean Pyles: Yes.
Liz Weston: So, Sean, what can we do?
Sean Pyles: All right. I think folks should recognize that everyone is vulnerable to this. And that even you, our smart, savvy listener, could potentially fall victim to some social engineering. But owning your susceptibility and knowing how scammers will try to dupe you, can help you spot a scam before you give someone your personal information or money or both.
Liz Weston: And if you’re looking for a resource to help educate you about scams, I recommend AARP’s Fraud Watch. You don’t actually have to be retired to take advantage of this, but they do a really good job of keeping track of scams that are on the rise and educating you about your options. Also, if you are the victim of a scam, please report it to the Federal Trade Commission and the Identity Theft Resource Center.
All right, now let’s get onto this episode’s money question.
Sean Pyles: Sounds good. This episode’s money question comes from Jaime, who left us a voicemail. Here it is.
Jaime: Hi, Nerds. Wanted to call in and ask a question. I’m looking for just an opportunity to supplement my income, and I came across one opportunity that’s called tradelines, and I was wanting your advice, your opinion, on tradelines, if it’s something worth doing. From my understanding, tradelines is when you sell your authorized user accounts on your credit card to people who need to boost their credit, for a certain amount of money a month. So, I thought it may be a good way to supplement my income, as well as that I do have a 815 credit score, and so, I was curious as to your guys’ opinion on the matter. So, thank you for answering it. Have a great day.
Liz Weston: To help us answer Jaime’s question on this episode of the podcast, we’re joined by our dear Smart Money pal and regular host of the show, Sara Rathner. Hey, Sara.
Sara Rathner: Hey, everybody. Glad to be here.
Sean Pyles: Great to chat with you, Sara. So, the practice of selling authorized user slots on your credit cards to strangers is not new, but it is sketchy for a number of reasons.
Liz Weston: Yeah. First, we should back up and explain what an authorized user slot actually is. It’s basically the place where you add an authorized user, which is typically someone who you’ve added to your credit card who’s allowed to use your account to make charges but who isn’t responsible for making payments.
Sara Rathner: Becoming an authorized user on somebody else’s account can help your credit, assuming that primary user — that’s the person who holds the account originally — is responsible in their use of the card. And it’s a fairly common practice among people who actually know each other.
You see this a lot with parents and their children. Parents will add children as authorized users on their accounts until the child is old enough to get their own credit card account. That’s usually between the ages of 18 and 21. You might also add a relative or a close friend to your credit card this way, both to give them access to the card if they need it, and you have that agreement, and also to help them build credit.
And credit card issuers and credit scoring companies are basically cool with this. This is a feature that’s built into cards. And you can always opt to not give the authorized user an actual card. So, they are added to your account, but they don’t have a physical card with which to make any purchases. So, you’re building their credit without letting them spend your money.
Sean Pyles: And what’s most relevant to our listener’s question is that some companies have decided to turn this into a business. They sign up folks who are willing to rent out their authorized user slots and charge people who are trying to build their credit.
Sara Rathner: Right. And the thing is, the companies that do this typically keep the vast majority of the “rent.” They could charge up to $1,000 for one of your authorized user slots, but you only get $50 to $300, and they pocket the rest. But you have to do the work of contacting your issuer, adding the person as an authorized user, and then removing them when the rental period is done. And you can add an authorized user online pretty easily for the most part, but you may have to call and wait on hold to remove them. So, now we’re talking about a fairly decent amount of your time and effort for $50 to $300. Not great.
Tradeline sellers promise their users don’t get access to your credit card information and won’t make purchases, but you’re going to want to keep an eye on your transactions to make sure. And credit card issuers, even though they allow for authorized users, they’re not fans of this, obviously. If your issuer figures out what you’re doing, they could close your account, and that could hurt your credit score.
Sean Pyles: And again, you have a stranger attached to your tradeline, which just feels weird and gross to me.
Sara Rathner: Yeah, honestly, I wouldn’t even want most people I know to be attached to my tradeline, let alone complete strangers. No offense to literally everyone I know, but no, don’t touch my money.
Sean Pyles: There are also some ethical concerns around selling your tradelines. First, you are perpetuating and profiting off a system that makes people who are in a vulnerable position pay for access to better credit, at least on a short-term basis. Meanwhile, the person renting your tradeline may not be getting a long-term solution to their credit woes because after they are done renting your tradeline, that account comes off their credit reports and their credit could go right back to where it was originally. And then there are also the ethics of potentially violating the terms of your agreement with your credit card issuer.
Sara Rathner: Yeah. Tradeline sellers like to tout themselves as providing more equitable access to credit, which is complete bollocks, essentially. Can I say that word on this podcast? I know we’re a clean podcast, but I was trying to think of alternatives to the word I have in my mind. So, listeners, just envision what you think I was about to say and you’re probably right. There’s nothing equitable about charging a person $1,000 to build their credit, point blank. That is absolute nonsense. Another nice way to put that.
You can improve your credit score over time without buying a tradeline from a stranger. It’s not necessarily going to be free, I will get into that, but it’ll be a significantly lower cost, and you can often get that money back.
So, let me explain how. One way is to utilize what’s called a secured credit card. That’s a credit card where there’s typically no credit check required. You don’t have to have an established credit history. You could have bad credit as well. You put down a cash deposit, oftentimes it’s around $200, but there are some cards that have lower deposits. And if you have the money and you require a higher credit limit, then you can also put down more.
That cash deposit becomes your credit limit. That’s the amount that you can charge every billing cycle on your card. And then you use your card carefully and responsibly for a couple of months. Don’t charge more than maybe 30% of that total credit limit. Put one recurring charge on there, like a streaming service or your cell phone bill or something like that. Pay it off on time in full every month. And you’ll start to see within several months, you’re beginning to establish that credit history.
And when you reach a point where you’re ready to graduate to a more traditional unsecured credit card that doesn’t require that security deposit, you’ll actually get that money back. So, you’re essentially just fronting the money for yourself, rather than paying this separate entity money that you’ll never get back to supposedly build your credit.
Another option is something called a credit builder loan — that’s essentially a really small personal loan that you do pay interest on — and then you make regular payments, and then the loan is paid off. You do have to make interest payments on this. But it is, again, a more legitimate way to build your credit. So, that’s option two.
Option three is being added as an authorized user of a card held by somebody you actually know personally, a friend or a family member that you trust. So, those are three other options for you that will not cost you this outsized amount of money.
Sean Pyles: Yeah. And the impact of using a secured credit card or a credit builder loan will remain on your credit profile for years to come, unlike simply renting the tradeline, where it is again gone after you’re done paying for it.
Well, now let’s get to another part of our listener’s question, which was really just about how to supplement your income. And there are lots of ways to do it that are not as sketchy as the tradeline option that we have just gone deep into. Sara, I’m wondering if you have any thoughts about this or if you have had any success maybe working on a side hustle and supplementing your income in the past?
Sara Rathner: Yeah. I mean, so listen, here’s the thing, it’s really hard to make money for nothing. So, oftentimes, the most sustainable side hustles that can be the most lucrative actually utilize a skill that you already have. I am a writer. I have worked as a freelancer, so that’s been my side hustle. I even got into ghostwriting. And I got into ghostwriting for financial planners, which was how I learned so much about personal finance. That’s how I got my start. And so, if you have a skill that is something you can monetize, preferably not something that’s like a fun hobby, because when you monetize a hobby, it becomes a real drag.
But if it’s just a skill that you have, maybe you are good at home repairs and you can do little home repair jobs for friends and neighbors, dog walking, cat sitting, obviously, babysitting. There are lots of things that you can do that you can charge money for. So, start doing that. I mean, even helping friends clean out their basement and then charging them by the hour for that. If you’re a really organized person, that’s a great way to make money.
Sean Pyles: Yeah. I will say I’m wary of any sort of side hustle that markets itself as first and foremost being easy, because there’s usually some kind of catch, like they’re just a straight-up scam or a little weird, like you’re selling photos of your feet or something on the internet. So, some people are totally fine with that, that’s up to them. But you have to think about the trade-off. If something is easy, you’ll be doing something else a little bit different elsewhere.
And like you said, Sara, there are a lot of videos that I see in my TikTok feed that are like, oh, if you are a painter or if you’re into photography, you can just monetize that and set up an Etsy shop.
But when you turn your creative outlet into a source of income, it can really suck all the joy from it. So, even if that is a skill and it’s something you like to spend your time on — it’s nice to have some things that aren’t about making money and to have it be distinctly your own personal hobby. So, I would caution against trying to make money off of that if you have such a creative hobby.
Sara Rathner: Yeah. And sometimes creative hobbies like crafting, photography, things like that, there’s a fair amount of investment at the outset of buying equipment and materials that you need. So, it takes a long time to become a profitable professional photographer, for example. If you’re looking for a quick way to make money from a side hustle, you want to think about the initial investment. For me, side hustling as a writer meant using the laptop I already owned. So, that wasn’t too high of a lift for me. But if I decided to sell hand-knit sweaters on Etsy, then I would have to invest in the equipment, the yarn, which is expensive. And also, the time building up inventory and then selling it online. And probably, paying fees to whatever site I was using to make those sales. So, that’s what you want to think.
You want to think about that cost-benefit analysis of that side hustle, how much do you have to buy in to get started? Which brings us to another thing, multilevel marketing schemes. You know when you have to buy $10,000 worth of ugly leggings to keep in your garage, and then you try to sell them to all your neighbors, and all of your neighbors secretly hate you and talk about you behind your back? Don’t do that. We don’t like it. We’re not going to buy your ugly leggings.
Sean Pyles: And I have some other considerations for our listener or anyone else that’s really interested in supplementing their income, maybe starting a side hustle. And I think that’s important for them to determine if there’s a specific amount of money they want to earn monthly. Knowing that could help them narrow down their options in terms of what sort of side hustle they want to focus on. I’m just wondering, also, what’s driving their push for this. Is there some sort of budget shortfall that they have, too? And if so, could they maybe make up for that by cutting expenses?
But in terms of other side hustles, there are a few other parameters to think about besides how much they might want to earn monthly, like how much time do they want to spend on a side gig, how much effort do they really want to exert? These are things that come to mind for me because I’m someone who has done some side work in the past, and I kind of resented it. Because when I’m not working my 9-to-5 job, I want to have that time for myself. And having to then pick up another job after I’ve worked all day long, it just isn’t appealing for me personally. So I think it’s important for anyone who’s getting into this to just know what they do and don’t want to do around a side hustle.
Sara Rathner: That is absolutely valid. When I was doing the side hustle on top of a full-time job thing, I mean my life outside of work really took a hit. It was a substantial amount of time. And I was at a point in my life where I could dedicate the time to do it, but you get real tired. I mean, I’m not going to lie. So, that’s something to think about, how much additional working hours per week are you going to be adding on your plate? And if it’s the kind of thing where you tutor two kids for two hours a week, maybe that feels sustainable for you on top of your normal full-time job. But if you’re talking about an extra 10 to 20 hours a week of work or more, I mean that’s like taking on another full-time job, and everything else in your life is going to suffer.
Liz Weston: Well, speaking of jobs, you might have the opportunity to, if you do hourly work, you may be able to volunteer for another shift, or work more hours, or simply put more effort into getting a promotion at work so you can earn more money. Sometimes that’s a much more efficient way to go about increasing your income than picking up a side hustle.
Sara Rathner: Yeah. Or even job hunting and negotiating a higher salary in a new position, too.
Liz Weston: There you go.
Sean Pyles: I think there are some creative ways where you can get some, maybe, extra benefit from a side job that you pick up. One thing that I’ve considered in the past is actually picking up a part-time job at my local nursery, maybe working one day a week for a few hours. And as someone who’s really into gardening, if I could get a discount on their plants in addition to making a little bit more money, and getting to know more about these plants, and connect with people who are really into gardening in my community, that has a lot of benefits for me. And it would make the time I would spend working worth it if I were to do that.
Liz Weston: Oh, you’re reminding me. A friend of mine picked up a job with an airline largely for the travel benefits. So, she works I think about 20 hours a week. She has a lot of flexibility, and she can fly either for free or — get this — pay 60 bucks and go first class.
Sean Pyles: That’s pretty sweet.
Liz Weston: I would shift some luggage for that. That sounds like a pretty good deal to me.
Sean Pyles: That also raises the idea again of what are you getting besides the money from a side gig, that there are so many other things to weigh beyond just the time that you spend. How can you really make any sort of side gig worth it for you truly?
Sara Rathner: Yeah. And then you talk about supplementing your income, what are you going to do with that money? What’s your plan? Maybe you have some debts you need to pay off. Or if you’re bringing in an extra $100, $200 a month, is that money going into your debt, or is it easy to just justify spending more because you have a little extra money in your pocket? So, what has to come after all that extra work is the discipline to actually apply that money into a specific goal or a specific problem you’re trying to solve in your life with that extra money. So, definitely be really diligent about, “OK, this is how much extra money I’m earning every month. I’m putting it right into my credit card debt. I’m putting it right into my student loan. I’m putting it right into this savings goal that I have or an investing goal that I have. And I’m not just putting it into my checking account and then spending more money.”
Sean Pyles: All right. Well, Sara, thank you for talking with us.
Sara Rathner: Thanks for having me.
Sean Pyles: And with that, let’s get on to our takeaway tips, and I will start us off. Be skeptical of anyone promising “easy money.” Tradeline sellers make most of the profit and take none of the risk of adding strangers to your credit card’s authorized user slots.
Liz Weston: Next, beware of sacrificing your good credit for profit. If your credit card issuer shuts down your accounts, that could hurt your credit scores.
Sean Pyles: Finally, consider other options. There are many other side hustles that can supplement your income that are 100% aboveboard.
Liz Weston: And that’s all we have for this episode. Do you have a money question of your own? Turn to the Nerds and call or text us your questions at 901-730-6373. That’s 901-730-NERD. You can also email us at [email protected]. And visit nerdwallet.com/podcast for more information on this episode. Remember to follow, rate and review us wherever you’re getting this podcast.
Sean Pyles: And here’s our brief disclaimer. We are not financial or investment advisors. This nerdy info is provided for general educational and entertainment purposes and may not apply to your specific circumstances.
Liz Weston: This episode was produced by Sean Pyles and myself with the help of Tess Vigeland. Kaely Monahan mixed our audio. And a big thank-you to the thoughtful folks on the NerdWallet copy desk for all their help.
And with that said, until next time, turn to the Nerds.
Looking to learn how to become a sleep consultant? Here’s how you can find pediatric sleep consultant jobs and work from home.
Sleep is important for a baby’s growth and well-being. And, for the parents too!
But many times, parents struggle to help their child get the sleep that they need.
That’s where pediatric sleep consultants come in. They are experts who specialize in helping families with children’s sleep problems so that everyone can get a good night’s sleep. If you enjoy working with kids and want to make a difference in their lives, becoming a sleep coach could be a great new career choice.
Today, I have a helpful interview about how to become a sleep consultant with Jayne Havens. Jayne is a pediatric sleep consultant and founder of the Center for Pediatric Sleep Management (a baby sleep training program that can help you get started with this rewarding career).
Today’s interview on how to become a baby sleep consultant answers questions such as:
What is a sleep consultant?
What does a sleep consultant do?
Why do families need child sleep consultants?
How much does a sleep consultant earn?
How long does it take to be a sleep consultant?
Is there enough room for new sleep consultants?
Today’s in-depth interview will help you get started with learning how to become a certified pediatric sleep consultant and perhaps even introduce you to a new way to make money from home.
You can learn more about how to become a pediatric sleep consultant by downloading a free ebook from Jayne by clicking here.
How To Become a Sleep Consultant
1. Please give us a little background on yourself and how you got started as a sleep consultant.
My journey to becoming a sleep consultant began when my first child was born. He was a really good sleeper as a newborn, but then he hit that classic four month sleep regression that so many babies experience and as a new mother I had no idea what was going on! He went from sleeping through the night to waking every hour on the dot. He wasn’t hungry, a quick pop of the pacifier put him right back to sleep but I was exhausted.
I remember heading to the book store and sitting on the floor surrounded by books about infant sleep. I read everything I could get my hands on as I was motivated to get my baby sleeping again.
After much research, I figured it out. With guidance from books, and support from friends, I sleep trained my son. The experience was life changing.
Teaching my son to fall asleep and back to sleep independently was the best thing I could have done for him and our entire family. He was rested, and I was rested too.
I found it to be such an empowering experience that I decided to help friends. For years it was just a hobby. I would support friends and even friends of friends through the sleep training process. I was good at it, and it felt so nice to help other moms.
Four years later, my daughter was born and thankfully I knew so much more the second time around. I was able to establish healthy sleep habits for her early which was such a relief.
That being said, after four years of staying home with my children, I was itching to get back to work. My husband travels a lot for his job and it felt really impossible to head back to an office job with two young kids at home, so I decided to turn my passion into a career.
I went online, took a sleep consultant certification course and within a few months I got my business up and running. My intention was to have a bit of a side hustle or passion project but my business grew rapidly and within two years I was earning six figures in my business. It was such a blessing because I really was able to grow my business while being the primary caregiver for my children at the same time.
I love that my children are watching me grow a business. We have extra income to take more vacations, make updates to our home, and do all the things that we as a family like to do together.
2. What is a sleep consultant? What does a sleep consultant do?
A sleep consultant supports parents through the process of establishing healthy and independent sleep hygiene for their children.
Depending on the child’s age and the family’s unique circumstances, sometimes this just involves helping the family get into a good routine with naps and feedings during the day, sometimes it’s coaching parents through sleep training, and sometimes it’s supporting parents as they set what I like to call “loving limits” around bedtime with their older children.
A good sleep consultant will meet their clients where they are, and support them to reach their unique goals in a way that feels safe and comfortable for them.
Some sleep consultants will physically go to their clients’ homes and support the family in person, but most sleep consultants support their clients virtually.
At Center for Pediatric Sleep Management, we specifically teach the virtual model of the business. Our students learn how to get onto a discovery call and speak to a prospective client in a way that would make them want to hire you. You will learn how to write a written sleep plan, and coach your clients to achieve their personal goals. The beautiful thing about working as a sleep consultant is that this work can largely be done from your phone or tablet. You can set up FaceTime or Zoom meetings, or phone calls if you prefer. Our day to day support is largely provided via email and text!
3. Why do families need sleep consultants?
Families don’t necessarily need sleep consultants, but the service and support we provide is invaluable.
So many families are struggling to navigate their baby or toddler’s sleep. Their children are up sometimes a dozen times overnight and they lack both the information and support that is necessary to resolve this struggle. There is so much information online, and every single mom-friend is giving different advice.
Sometimes it’s so hard to figure out what to do!
A sleep consultant will look at the family’s unique set of circumstances and provide a plan that is tailored to their needs. Then once a strategy is in place, they will provide a high level of support as parents work to make changes in their home.
This combination of information and support is the perfect recipe for success!
4. How much does a sleep consultant earn?
Some sleep consultants do this work part time and others work full time.
When you work for yourself, the possibilities are endless.
Some graduates of Center for Pediatric Sleep Management make $500-$1,000 each month while doing this on the side of their full-time jobs while others make $15,000 each month or more doing this work full time.
We even have a graduate who earns $40,000 each month from selling online courses to parents who do not want to work 1:1 with a coach. Really anything is possible!
The key to growing a successful sleep consulting business is to take it one day at a time. Set micro-goals for yourself and allow yourself to grow at a pace that is realistic for you. If you keep working on your business and you are committed to your own success, you will achieve your own goals!
5. How long does it take to be a sleep consultant?
Center for Pediatric Sleep Management is a self-paced program and our students have lifetime access to the course curriculum and our Facebook group for students and grads.
The information is delivered via an online platform and the curriculum is a combination of reading and video content.
Everyone finishes their studies on a timeline that works for them, but we estimate the course to be about 50 hours of coursework.
Many of our students complete their training in 4-6 weeks. If you have a busy life and a hectic schedule, no problem. If it takes you longer to complete the course that is entirely ok.
6. How do you qualify as a sleep consultant?
You need no prior education to become a certified sleep consultant. The course curriculum is robust so you must be willing to work hard and learn.
7. Is there a demand for sleep consultants? Is there enough room for new sleep consultants?
Sleep consulting is an up-and-coming field.
Most new parents have never even heard of a sleep consultant so there is lots of room for growth in this field. There will always be way more tired parents than there are sleep consultants, so it’s up to us as sleep consultants to normalize this type of support and show parents why it’s life changing for them to hire a sleep consultant.
Just like with any profession, I don’t believe in an over-saturation of the market. Sure, there may be tons of lawyers, real estate agents, dentists, occupational therapists etc. but if you are good at your job, you can grow a clientele and a successful business.
There is not a finite number of seats at the table of success!
8. How does a sleep consultant find customers?
The secret to growing a successful consulting business is making sure that as many people as possible know that you have a business and how you can serve your target audience.
Some sleep consultants grow an audience on social media, connecting with prospective clients online.
Other sleep consultants really avoid social media and prefer to connect in real life. Pediatricians, occupational therapists, feeding specialists, preschool teachers, daycare directors, family photographers, little gym owners etc. are all great referral sources for sleep consultants.
If you are willing to network with professionals that already support parents in other capacities, you will have no trouble building a client base for your own business!
Once you have supported a handful of families, chances are they will have such a life-changing experience that they will scream your name from the rooftops! Client referrals are the best kind because these new families have already heard first hand how helpful you have been to someone they trust.
9. Do you need a college degree to become a sleep consultant?
No degree necessary!
10. Can you list the steps needed to get started as a sleep consultant?
The first step is to enroll in a sleep consultant certification course. Once you have enrolled, commit to finishing your course. Once you have completed your training and all assignments, the next step will be to get your business up and running.
This can feel daunting and overwhelming, but not to worry as it’s all outlined in the business section of the program. You will take care of some logistical tasks such as forming an LLC, setting up your business bank account and perhaps a website and social media accounts.
More importantly you will start making some connections. Announce to friends and family that you have launched your own sleep consulting business and don’t be afraid to ask people you know to share your business with their circle. Word of mouth is so powerful.
When you land that first client, make sure to take great care of them as you will want them to have a positive experience and share your name with their friends who may also benefit from your support.
11. What other tips do you have to share?
I always like to say, the secret to getting ahead is GETTING STARTED!
There is no sense waiting around as that will only delay your success. When you commit to starting something new, even if it feels a bit scary and outside of your comfort zone, that’s the first step that will be one of many that ultimately leads you in the direction you wish to go.
As entrepreneurs we all fear the unknown. We also fear failure. In order to succeed, you have to be willing to try!
12. Can you tell me more about the sleep consultant business training that you offer? Why did you decide to start a course?
I decided to create my own sleep consultant certification course because I noticed that there were some major gaps in other programs offered at the time.
Some courses only teach one approach, which is an approach that they deem to be the best. The problem with this is that there really is no one size fits all approach to sleep training. The key to success with this process really is meeting families where they are and coaching them through methods that align with their parenting style.
Forcing parents to implement sleep training techniques that don’t feel comfortable for them is the fast track to failure! At CPSM we are fully committed to teaching all sleep training methods and techniques. This best prepares our students for success!
I also noticed upon graduation from a sleep consultant certification course that many students were craving a higher level of mentorship and support than what was being provided through these programs. Students and graduates had questions that were being answered by others who didn’t necessarily have the experience or the qualifications to be giving sound advice. It felt like the blind leading the blind. When I launched my own program I knew I wanted to do it better. I am committed to making sure that my students always feel supported and that they always have answers to their questions.
Lastly CPSM places a very heavy emphasis on business building and entrepreneurship. I recognize that most who decide to become sleep consultants have no prior experience with launching or growing their own small business. This feels very overwhelming and scary to them. We address this head on inside our curriculum by teaching sales, marketing, business growth strategy and mindset work inside the course. Our students come to us as apprehensive and nervous beginners and we turn them into confident experts. It’s the greatest feeling in the world seeing their transformation before my eyes. I hope you will join us!
You can learn more about the course at Center for Pediatric Sleep Management.
Do you want to learn how to become a sleep consultant?
By Peter Anderson11 Comments – The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money. Last edited July 14, 2017.
Our economy is in a downturn, investments are tanking, and every day the market reaches new lows. It can be hard to stay focused through it all and not panic. Unfortunately it seems like most investors in the market HAVE panicked already, and their fear is self-fulfilling. They’re afraid the market will tank, so when they all panic and sell, it DOES tank.
If you want to retain your sanity during these hard times, there are a few things that you shouldn’t do.
credit: dipfan
7 Things You Shouldn’t Do In An Economic Crisis
You shouldn’t listen to the media: Remember the old saying, “If it bleeds, it leads”. The media will report the bad news first, and often gloss over the good or encouraging news. Try not to take the news reports too seriously as good reporting is becoming harder to come by.
You shouldn’t forget to be positive: If you can’t stay positive, and look at the silver linings of a situation, your feelings of loss and panic will start to surface. Remember that money doesn’t bring happiness, and that the market will rebound. It may not happen as quickly as we’d like it to, but it will come around.
You shouldn’t continuously check your 401k: If you’re like me, you can’t resist the urge to be constantly checking your 401k every day. The DOW dropped 400 points? Oh my gosh, I wonder how much money I lost today! Resist the urge to keep checking your balance. Make sure you have good diversification and good allocations, and then set it and forget it.
You shouldn’t count on the government to help you: Don’t waste your time waiting around for the government to turn things around, bring you a bailout plan, and turn things around. Things will only get better for you if you make things better yourself. Create your own bailout plan, make some extra income and make a plan to succeed!
You shouldn’t stop investing for retirement: The old investing adage says, “Buy low, sell high”. The markets are tanking right now, so you’ll probably be able to find some investments in good strong companies at a fraction of their normal price. Buy it while it’s low!
You shouldn’t try and time the market: It’s a fools game to try and time the market. It’s impossible to know when the market is at it’s lowest, and when it’s at the highest. I thought it was at the low point the other day, and its dropped over a 1000 points since then. Don’t try to beat the market. Invest for the long term. Put together a nicely diversified portfolio, and then let it ride.
You shouldn’t forget that it’s only money: No matter how bad things get, remember that the sun will rise tomorrow. Even if you lose it all, your heavenly father will still take care of you. “Therefore do not worry about tomorrow, for tomorrow will worry about itself. Each day has enough trouble of its own. Matthew 6:34”
Remember, this country has gone through hard times before, and we have always come out of it sooner or later. I have no doubt that this time will be the same.
So what are some things that you are going to try not to do during this economic crisis?
By Peter Anderson5 Comments – The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money. Last edited May 27, 2010.
Learning To Invest
A while back I talked about investing tips that we learned in our Financial Peace University class. Among the key things we learned was that you should be out of debt before investing (except mortgage), you NEED to diversify your holdings or risk losing it all, and only work with financial advisers with the heart of a teacher.
He also talked about his preferred method of investing – mutual funds. He believes that long term they hold the most value for the average consumer. There are a ton of other options out there, but they all have drawbacks and catches. Sticking with mutual funds is probably your best bet.
Before you even decide what mutual funds you want to invest in, you need to decide where you’ll be buying those shares. Ramsey suggests that people invest up until the maximum of their company match in a 401k, then switch to funding a Roth IRA. Once the Roth IRA is maxed out, switch back to the 401k all the way to the maximum. If you can, you should try to do this for 15% (or more) of your income.
I like Ramsey’s plan, and it certainly makes it easier for me as an investor to just go along with his plan as it has been tried and true for many, many people.
So what kind of funds should you buy in your Roth IRA or 401k?
Deciding what type of investments to choose within your Investment vehicle of choice can be a daunting task. There are international funds, small company funds, large company funds, etc etc. For a new investor it can be enough to make you throw up your hands and give up. I know I have been close to that point at different times in the past few months. Ramsey makes it a bit simpler for us and suggests that you follow this rule of thumb – 25% of your allocation should go to each of these categories:
Growth and Income Funds
Growth Funds
International Funds
Aggressive Growth Funds
Choosing such an allocation helps you to be diversified across a broad category of company types, and should help to keep your investment portfolio going up.
Are you obsessed with checking your balance like me? Just set it and forget it.
I know that one problem I’ve run into since starting to invest is that I constantly have to resist the urge to check my 401k balance, to see what funds have gone up, which have gone down, and then try to outguess the market by re-balancing the amounts. When the balances go up, it can be fun. But when the number in that account goes down as it has this past year, it can be quite scary.
I’ve found that the best thing that I can do is just make my investing automatic. I pay myself first, and then I only check my 401k every few months, instead of every day. I need to remember that investing is for the long term, and as long as I stick with it, and keep putting money in, I’ll be fine.
What is your investment strategy? Do you have a hard time not keeping a super close eye on your investments – and are you able to set it and forget it?
When you see an advertisement for a “free” business checking account, most of the time it’s not entirely “free.” After all, for these banks to stay in business, they have to make money off of you somehow!
A top priority in our list was to include banks that offered competitive business checking accounts for freelancers, small business owners, entrepreneurs, and growing businesses. Business checking accounts typically won’t provide account holders with an opportunity to earn interest and they’ll charge slightly higher fees, so our list focuses on those banks that keep their fees to a minimum and also highlights some that offer interest.
Even so, it’s important to always read the fine print before signing up for a new checking account. Here are the most important features to consider in a business checking account:
Balance and deposit requirements
Some banks charge a monthly fee if your business checking account’s balance falls below a certain threshold. It’s calculated on an average, by day, so as long as you’re maintaining a certain level of money in the account you should be fine. A bank may also require a minimum initial deposit, which may disqualify you from opening the account if you don’t have the money available.
On the flip side, some banks will actually reward you for having a high balance, much like they do with a personal checking or savings account (typically a higher interest rate). With business checking accounts, you may get a higher interest rate or even a reduction (or elimination) of some fees by carrying a large balance.
If you don’t see anything in the fine print about high-balance bonuses, then contact a service representative to see if they’re willing to give you a break if you agree to keep your balance above a certain amount.
Monthly maintenance fees
Monthly maintenance fees don’t exist with every business checking account. And those that do require a monthly fee may offer account holders an opportunity to waive the fee (typically by maintaining a minimum account balance). On average, these fees are typically $10-$15, but in some cases, they can jump as high as $50.
Before you sign up for a business checking account, confirm if there’s a monthly maintenance fee. If there is, see if there is an option to waive the fee by maintaining a minimum account balance or ask to have the fee waived.
Monthly transaction limits
With a business checking account, most banks will put a limit on the number of transactions you make every month. Seems kind of backward, doesn’t it? With a personal checking account, you’re often encouraged to make unlimited transactions, not limit them.
Limits placed on account transactions also don’t apply to just debit card charges. It usually includes things like deposits (both check and cash), withdrawals, checks written, and payments you make electronically.
Most banks will put a limit of up to 500 transactions, depending on the bank. On average, though, you typically won’t see a limit below 100 transactions per month. Expect the fees to be as high as 50 cents per transaction over the stated limit. That’s like a 25% surcharge on a $2.50 coffee.
It is possible to find unlimited transactions with a business account, but not easily. Some banks may offer an unlimited transactions option for a higher monthly fee, or you could find a bank that doesn’t have a limit on transactions at all. However, you’ll likely have to pay a higher monthly fee if you go that route. Alternatively, you could keep track of your transactions and stay below the allotted amount each month to avoid paying any monthly fee requirements.
What are the benefits of having a business checking account?
1. It keeps your personal and business finances separate
While technically (and legally), you can use a personal bank for your small business, it isn’t recommended.
That’s because mixing the two can make it difficult to track your income and expenses. And if you accidentally pay personal expenses from a business account, those expenses are subject to taxes and can convolute your books.
It’s best to have a separate, business-only bank account where you can do all of your business banking and ensure it’s kept separate from your personal finances.
Read more: How to separate your personal and business finances (and why you should)
2. It can help you manage your cash flow more effectively
Cash flow is the lifeblood of any business. If you can’t manage your cash flow effectively, your business will inevitably fail. That’s why finding the best business checking accounts is so important — so you can keep track of your incoming and outgoing cash. With these checking accounts, you can easily track your expenses and income, which can also help you get a loan for your business, if needed.
3. It can help you build business credit
One of the most important things you can do for your business is build credit. When you have good business credit, you’ll have a better chance of qualifying for a loan or line of credit should you ever need them. It can also help you get better terms on those loans.
One of the best ways to build business credit is to open a business bank account. When you have a business bank account, it shows that you’re a legitimate business and helps build your credit history. If you’re thinking about opening a checking account, make sure you choose a bank that reports to the major credit bureaus, so you can build your business credit history every time you make a deposit.
Read more: How to build and establish business credit
4. It can offer additional perks, such as rewards programs or interest-earning potential
The best business checking accounts will also often offer additional perks that can help your business. For example, some banks offer rewards programs that give you cash back or points for every purchase you make. Others may offer interest-bearing accounts, which can help you earn money on your deposited funds.
What do you need to open a small business checking account?
There are a few requirements you’ll need to open a business checking account, which may (or may not) include:
A business license or incorporation documents – The business account will need to be opened in the name of your business. This is why it’s important to have your business license or incorporation documents handy.
Your Employer Identification Number (EIN) – Your EIN is a nine-digit number that is assigned to a business, also known as a federal identification number.
A government-issued ID – Your driver’s license will typically meet this requirement.
The bottom line
It shouldn’t matter if you’re an established small business or a brand new blog. If you have a business, you’re a business owner. As such, you should find one of the best business checking accounts on the market to keep your personal and professional finances separate.
Every business has different needs, and every bank account offers different services and features to meet those needs. Before you sign up for a business checking account, be sure to do your research. Look for details like fees and transaction limits. See if you can find an account that offers interest or cash back. Consider multiple options to make sure you find the account that best suits your business.
Featured image: Cast Of Thousands/Shutterstock.com
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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!!
By Jay Peroni6 Comments – The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money. Last edited March 2, 2013.
What Does The Bible Have To Do With Finances?
The Bible is very clear about how we should handle our finances. God wants to abundantly bless those who obey His Word in this all-important area. Why do you think there are more than twenty-three hundred verses in the Bible about money? Is it a coincidence?
I am convinced that the majority of financial problems facing Americans today are the result of a failure to obey God’s provision of guidelines concerning how He wants us to manage the money He entrusts to us. This failure in turn limits His ability to bless us financially.
As a parent, do you reward your children for foolish behavior or do you sometimes allow them to endure pain so they will learn lessons? God uses money to teach us lessons in life. Jesus spent a considerable amount of time addressing finances in His teaching because He knew that how we handle money reveals our values and priorities.
Do Your Values Reflect The World’s Priorities?
Let me ask you an important question: How do you feel about the moral direction of our country? Are you saddened by any of the items on the following list?
The rising number of abortion clinics and facilities
The increased activity of “pro-abortion” activist groups
The shady, deceptive practices being used by the pornography industry
The number of deaths caused by the tobacco industry
The number of families being torn apart by addictions ranging from alcohol and drugs to gambling
The promotion of homosexuality
If any of these issues deeply sadden you, think of how God must view His creation being destroyed by these issues. It breaks His heart. If Jesus were an investor today, would He place money in any company involved in those areas? Would He choose to start a business of His own that was involved in any of these areas?
The answer to both questions is an emphatic no, but you may be unknowingly profiting from these industries. God has entrusted you with His resources, and it is your duty to be a wise and faithful manager of the assets He has provided you. In order to do this, you will need to follow biblical principles. As a Christian and an investor, it is more important how you make your money than how much money you make.
There is no doubt that sinful activities can be extremely profitable, but if you can invest in a manner that avoids industries that blatantly oppose God’s Word and still make a good profit, why would you choose any other way? Do you think God is more concerned about the amount of money you earn or the manner in which you earn it? How we invest money is a true measure of the values we hold dearly. If we stray from God’s values should we really be surprised when things fall apart?
The World vs. the Word
You may be confused as to how to manage your money simply because you have taken the world’s advice. You may have formed your financial habits from the actions and advice of your parents, friends, school, and the media. How successful has that been for you? For many, the approach is simply not working. Why are so many failing?
When we have an educational system in America that does very little to teach people the basics of financial management, a church that shies away from financial discussions, and an abundance of confusing, contradictory messages from the media and so-called experts, it is no surprise the average Christian is confused about where to turn for advice!
Choosing the world’s way of handling finances over God’s way is a recipe for disaster. Fear and greed are the motivating advice being sold by much of Wall Street. This advice can lead to financial ruin. Many become so confused that they choose to go it alone and rely on the banks to tell them what they can and cannot afford. They may choose to make financial decisions based on the latest advice in Money magazine, on the radio or TV, or their coworkers’ suggestions.
Rather than knowing for themselves where they stand financially, they listen to bad advice. Hosea 4:6 reads, “My people are destroyed for lack of knowledge” (NIV).
The majority of people have no financial plan or have built their plan on the ways of the world. If what we’ve been doing so far it isn’t working, we need to change direction. Change begins with looking at God’s Word.
Biblical Wisdom On Investing
On diversifying: “Give a portion to seven, or even to eight, for you know not what disaster may happen on earth” (Ecclesiastes 11:2 ESV).
On seeking advice: “Without counsel plans fail, but with many advisers they succeed” (Proverbs 15:22 ESV).
On being steady, patient, diligent, and faithful: “The plans of the diligent lead surely to abundance, but everyone who is hasty comes only to poverty” (Proverbs 21:5 ESV); and “A faithful man will abound with blessings, but whoever hastens to be rich will not go unpunished” (Proverbs 28:20 ESV).
On screening your investments: “You must not bring the earnings of a female prostitute or of a male prostitute into the house of the LORD your God to pay any vow, because the LORD your God detests them both” (Deuteronomy 23:18 NIV).
Ever forget your wallet when making a grocery store run? Or maybe you need to pay your friend back for those T-Swift concert tickets, but sending them cash is a hassle.
Payment apps take care of these problems by storing your payment cards and allowing you to quickly spend and send money without going to an ATM.
There are dozens of payment apps to choose from, so we’ve found the top 10 apps that offer low fees and flexibility for your payment needs.
What’s Ahead:
Overview: 10 best payment apps
Best for Google users: Google Pay
Best for Apple users: Apple Pay
Best for Samsung users: Samsung Pay
Best for low-fee transactions: PayPal
Best for sending money to other countries: Xoom
Best for sending small amounts of money: Venmo
Best for sending small amounts internationally: Western Union
Best for easy account setup: Cash App
Best for credit union members: Zelle
Best for Facebook and Instagram lovers: Meta Pay
Google Pay: Best for Google users
Compatible with: Android and iOS
Payment limits: You can send up to $5,000 in one transaction (or $500 if not verified). There is a $2,000 purchase limit, and $2,500 daily purchase maximum.
Cost to send money: No fees, but doesn’t allow you to use a credit card to send money to friends and family.
Google Pay is a simple-to-use app for Android and iOS users that offers quick payment options at checkout, both in stores and online. Google Pay is accepted at most digital checkout locations in grocery stores and other retail locations, making it an easy way to pay without pulling out your wallet.
Google pay can store your payment cards, such as debit and credit cards, and allows purchases via ACH or attached card without additional fees. Google Pay also allows you to send money to family and friends for free, though withdrawing funds to an attached debit card comes with a 1.5% fee (or $0.31, whichever is greater).
Google Pay is available for free to download and it directly integrates with your Google account. This means you can sync your Google Pay account across multiple devices, including your phone, tablet, and computer (using Google Chrome).
Visit Google Pay to learn more.
Apple Pay: Best for Apple users
Compatible with: iOS
Payment limits: Up to $10,000 per message and $10,000 in a seven-day period.
Cost to send money: 1.5% fee for instant transfer withdrawals.
Apple Pay is a mobile payment app for iOS which allows you to make payments in stores and online, as well as send money to others. Apple Pay stores credit cards and debit cards, and also has a built-in wallet that can be used to make payments or transfers.
Apple Pay is connected to the Apple Cash service, which allows users to pay iMessage contacts directly through a message. Apple Pay can be used on iOS devices, Apple Watch, and on Mac computers.
There are no fees to send money to family and friends via bank account or debit card, but there is a 3% fee for payments made by credit card. And there is a fee charged for instant transfer withdrawals from your Apple Cash account balance. The fee is 1.5% of the transaction, with a minimum $0.25 charge, and maximum of $15.
Visit Apple Pay to learn more.
Samsung Pay: Best for Samsung users
Compatible with: Select Samsung devices
Payment limits: Lite limits receiving money to once per day. You can send money eight times per day, 10 times per week, or 15 times per month and total transactions cannot exceed $500. Limits can be raised by providing more personal information.
Cost to send money: Samsung states fees may apply but doesn’t divulge what those fees are, so watch closely.
Samsung Pay is a mobile app for select Samsung devices that offers touch-free checkout in stores. Samsung Pay is now part of Samsung Wallet, which can store your payment cards, such as debit and credit cards, as well as store loyalty cards and even gift cards.
Samsung Pay also offers a rewards portal, giving users cash back for shopping through the Samsung Pay app. The app is available for free to download on select Samsung devices and does require a Samsung account to use. But the wallet will sync between your Samsung devices, keeping your payment options available on all of them.
To send money to friends and family you will also need a Samsung Pay Cash Account. There are two plan levels, lite and full.
Visit Samsung Pay to learn more.
PayPal: Best for low-fee transactions
Compatible with: Android, iOS
Payment limits: No limits on total money you can send from your verified account. Up to $60,000 in a single transaction, but may be limited to $10,000.
Cost to send money: If paying with a credit card, debit card, or PayPal credit you pay 2.9% plus a fixed fee. 1.75% for instant transfers ($0.25 min, $25 max).
PayPal is one of the original peer-to-peer payment apps, offering direct transfers from your debit card or bank account to family and friends for free. PayPal is also available with merchant accounts, allowing businesses to accept payments and manage payments to employees and contractors.
PayPal offers unlimited transfers to verified accounts. You can send up to $60,000 in a single transaction, but you may be limited to $10,000. There may also be additional verification needed on larger transactions.
Fun fact: I bought a used car by transferring funds through PayPal. It only took a few days, but additional verification was needed.
PayPal is available on most iOS and Android devices and is free to download. There are fees for paying with a credit card (2.9% plus a fixed fee), or for business payments. And PayPal also charges for instant transfer withdrawals to your bank account, charging 1.75% (minimum $0.25, maximum $25).
Visit PayPal to learn more.
Xoom: Best for sending money to other countries
Compatible with: Android, iOS
Payment limits: Initial limits are $2,999 in 24 hours, $6,000 in 30 days, and $9,999 in 180 days. Can increase limits by giving Xoom more personal information.
Cost to send money: Cost varies depending on which country you’re sending money to.
Xoom is an international money transfer service that is a subsidiary of PayPal. Xoom supports over 160 countries around the globe and is available in 14 languages. Xoom users pay low exchange rates to send money internationally.
Xoom is a mobile app that is available on both Android and iOS devices. Users can deposit funds with a debit card or bank account, or use their PayPal account balance. Xoom also offers an international bill pay feature within the app.
Xoom charges fees based on the currency being sent to the country you are sending money to. Money can be sent to family or friends and arrives instantly in most cases, but some transfers might take two to four business days to complete.
Visit Xoom to learn more.
Venmo: Best for sending small amounts of money
Compatible with: Android, iOS
Payment limits: $299.99 weekly, but can be raised to $60,000 weekly with additional verification.
Cost to send money: $0 if purchasing from authorized merchants, 3% if paid by credit card, 1.75% fee to transfer Venmo balance out of Venmo ($0.25 min, up to $25 max).
Venmo is another PayPal subsidiary company and payment app that is ideal for smaller transfers between family and friends. But Venmo also offers merchant services, allowing you to checkout at online retailers using the app.
Venmo allows you to pay with your bank, debit card, credit card, or Venmo balance, and you can transfer up to $999.99 per week ($19,999.999 for verified accounts). There is a $5,000 limit per transfer.
Venmo charges a 3% fee for transfers using a credit card, but no fees for using your debit/bank account/Venmo balance. There are no fees for standard withdrawals from the account, but there is a fee of 1.75% (minimum $0.25 fee, maximum $25 fee) for instant transfer withdrawals.
Visit Venmo to learn more.
Western Union: Best for sending small amounts internationally
Compatible with: Android, iOS
Payment limits: $3,000 limit per transaction. Can be raised to $50,000 by providing additional information.
Cost to send money: Varies based on currency, amount, and location.
Western Union is a well-known money transfer company that now offers a digital payments app for sending smaller amounts. Users can send up to $500 daily through Western Union to over 200 countries around the globe.
The app is available on iOS or Android devices, and accounts can be funded via bank account, debit card, or credit card. Currency exchange rates are available in real-time within the app, and it also offers international bill pay as well. And you can send money directly through the Western Union mobile wallet to users in supported countries who also have the wallet installed.
Fees are charges based on the currency exchange rate, amount, transaction type, country of origin, and the country you are sending money to. There is a $3,000 limit for sending money, but this can be increased to $50,000 with additional verification.
Visit Western Union to learn more.
Cash App: Best for easy account setup
Compatible with: Android, iOS
Payment limits: Initial limit of $250 per transaction or seven-day period. Limits can be raised by providing more personal information.
Cost to send money: Free using debit card. 3% fee if sending by credit card. $2.50 ATM fee (can be waived if $300 in direct deposit per month).
Cash App is a simple-to-use payment app that allows you to open an account with just your phone number and a linked debit card. Cash App is owned by payments company Square, and allows users to pay via a user’s $Cashtag, phone number, or QR code. Cash App also supports international transfers between the U.S. and U.K. with no additional fees.
There are no fees to send and receive payments via debit card, credit card, or Cash App balance, and a 3% fee for using a credit card. There are also fees for instant withdrawals or ATM withdrawals. The instant withdrawal fee varies from 0.5% to 1.75% with a minimum fee of $0.25 per withdrawal. ATM fees are $2.50 per transaction, but are waived for users that receive $300 (or more) per month in direct deposit to Cash App on a monthly basis.
Cash App limits sending money to $250 per seven-day period, and receiving money to $1,000 per 30-day period. These transfer limits can be increased by providing more personal information, such as your date of birth and the last four digits of your Social Security number.
Visit CashApp to learn more.
Zelle: Best for credit union members
Compatible with: Depends on bank or credit union’s app
Payment limits: If your bank or credit union doesn’t offer Zelle, your limit is $500 per week. If they do, contact your bank or credit union for limits.
Cost to send money: Zelle doesn’t charge fees, but your bank or credit union may.
Zelle is not your typical payment app. It is directly linked to your credit union or banking app, and can be used to send payments for free.
Fun Fact: I use Zelle to pay my landlord every month.
Zelle does not charge fees, and is only used with a participating bank account, or directly with your debit card. You can pay family and friends if they have access to Zelle within their banking app, and transfer funds directly to them.
Zelle does not allow you to link or pay with credit cards, and all balances are stored directly within your bank account, and not on the Zelle platform. Payments are initially limited to $500 for Zelle users without a participating bank, but if you are using Zelle within your banking app, you will need to contact your bank about the payment limits.
Visit Zelle to learn more.
Compatible with: Android, iOS, but users must have a Facebook or Instagram account.
Payment limits: $2,000 for unverified users, $10,000 for verified users in a 30-day window.
Cost to send money: No fees, but you can only use a debit card or PayPal account to fund transfers.
Meta Pay offers no-fee money transfers using your debit card or PayPal. You can use Meta Pay within the Facebook app, the Facebook Messenger app, and through Instagram. Payments may take some time to arrive, though, as payments may not clear for up to five business days.
Meta Pay is integrated into the Facebook Marketplace, allowing you to check out with Meta and make no-fee payments quickly. Meta Pay is also being integrated into other online retail shops, allowing you to pay by logging in with your Facebook or Instagram account.
You cannot connect a credit card directly, but Meta Pay does integrate with PayPal, which allows you to pay with a card. Payments are limited to $2,000 for unverified accounts, and up-to $10,000 for verified accounts within a 30-day window.
Visit Meta Pay to learn more.
What are payment apps?
Payment apps allow you to make payments using your phone
These apps can make paying at the store easier if you’re always fumbling through your bag trying to find the right card to pay with. Payment apps generally allow you to link your credit cards or bank accounts to the app. Then, you can make payments directly from the app without having your credit card, debit card or checks present.
Depending on the app you download and your phone, you may be able to pay by tapping your phone at a point of sale rather than swiping a credit card. Other payment apps or phones could allow you to pay by displaying a code that the cashier can scan.
Payment apps allow you to send money to friends and family
The apps generally allow you to send money to an email address or a phone number but other apps let you send money to your friends through social media, too.
It’s important that you look into the details of how payment apps work. Most payment apps allow you to make and receive payments for free if you’re using a bank account or an in app balance. However, if you use a credit card, you may have to pay a fee to send or receive money.
Additionally, apps may charge other fees if you want to move the money out of your app account and into your bank account. Apps may also have limitations as to how much money you can send within a given day, week or month.
What to look for in a payment app
Compatibility
Not all payment apps work on all devices Some are iOS only (Apple Pay), while others offer limited compatibility with certain operating systems. Make sure the payment app your choose works with all of the devices you plan on using it with.
Fees
While many payment apps do not charge fees, there are caveats to each (they have to make money somehow, right?) Look for fees when sending money, especially if you are thinking of using a credit card. And make sure to select “family & friends” when sending money to avoid fees and tax implications.
Limits
If you are planning to use a payment app regularly, make sure you know the limits. While some allow you to send $10,000 or more, some have much smaller payment limits. And the limits on these apps are typically confined to a window of time, such as 7 days or 30 days. Understanding the limits can help you choose the best app for your personal needs.
Security
While most payment apps offer encrypted payments and don’t store your payment information directly, it’s important to find an app that publishes security details publicly. This helps ensure your bank accounts and credit cards are stored safely. Also, only use apps that offer pin numbers or biometric access controls, further protecting your money if you accidentally lose your phone.
Summary
Payment apps make paying for your purchases or sending money to family & friends easier than it’s ever been. With direct connections to your accounts, you can quickly send money or “tap to pay” at your local store, without worrying about forgetting your wallet or having to withdraw cash.
But not all payment apps are created equal, and you’ll want to check into the fees and limits of each to make sure you don’t get ripped off. And, as always, keep your apps protected by enabling features like biometric access controls, two-factor authentication, and lock screen controls on your device.
As a personal finance blogger, I come across many great websites and apps. I always try to stay updated on the latest and greatest apps, money-saving companies, and more, as I believe they can help a person improve their financial situation.
Whether they make managing your money easier, allow you to make or save more money, simplify financial tasks, or something else, there are many benefits to all of the companies that I have listed below.
Every little bit counts and taking part in many of the websites or apps below may be things that you may not have tried yet. You never know how much money they may allow you to save or make, which may completely change how you think about your finances.
There are affiliate links in this blog post, but these are all products and services that I recommend. I wouldn’t put anything in a blog post that I haven’t verified and/or personally used.
Enjoy!
Have Digit trick you into saving more money.
I recommend looking into Digit if you want to trick yourself into saving more money. I have an account and it’s already helped me save a little more as well.
Digit is a free service that looks at your spending and transfers money to a savings account for you. Digit makes everything easy so that you can start saving money with very little effort.
Read Digit Review – A New Way To Save Money.
Related: Yotta Savings App Review – Win up to $10 million weekly by saving in an FDIC insured account
Use Bluehost to start a blog.
There are many ways a blog may be able to help you make and save money.
I know many people who have started a blog and are making thousands of dollars a month. Plus, it’s a lot of fun!
I now earn around $50,000 a month from my blog, and I expect that to double in 2016. I also travel full-time and am happier than ever!
If you are interested in starting a blog of your own, I created a tutorial that will help you start a blog of your own for cheap, starting at only $3.49 per month (this low price is only through my link and for a limited time) for blog hosting. In addition to the low pricing, you will receive a free blog domain (a $15 value) through my Bluehost link if you purchase at least 12 months of blog hosting.
Switch to Republic Wireless and save money on your cell phone.
If you have a cell phone, I recommend checking out Republic Wireless for a more affordable plan.
Republic Wireless is a service I’ve been using for over one year now and I’m still very pleased with the service. They have monthly cell phone plans as low as $10 per month. Yes, TEN DOLLARS!
Read Save Over $2,000 A Year With Republic Wireless Review.
Shop with Ebates and get cash back.
I had to include Ebates today in this blog post since the holidays are quickly approaching. Ebates is a great site to be using when you are shopping for the holidays.
Ebates allows you to earn free cash money for spending like how you normally would online. All you do is click on a store that you want to shop through (they have tons of stores such as Kohls, REI, Toys R Us, etc.), and shop just like how you normally would. Ebates makes a commission for referring you to the store you just shopped at, and they give you some of that money back as a thank you.
Plus, when you sign up through my link, you receive a free $10 gift card to Macys, Walmart, Target, or Kohls!
Read my Ebates review Use Ebates For Free Cash Back.
Plan your meals with $5 Meal Plan.
I joined $5 Meal Plan earlier this year in order to help me eat at home more and cut my food spending. It’s only $5 a month (the first four weeks are free too) and you get meal plans sent straight to you along with the exact shopping list you need in order to create the meals. The meals are easy to make, affordable, and delicious!
You can sign up for $5 Meal Plan here.
Take surveys for extra money.
Survey sites are great because they allow you to have the ability to make extra money while doing it all from the comfort of your home.
Some survey sites I recommend include:
It’s best to sign up for as many as you can as that way you can receive the most surveys and make the most money. These are all legitimate survey sites and occasionally you may receive free items to test out too.
Related: 12 Paid Survey Sites To Make $50+ Per Month
Get rewarded for being online.
These three sites are fairly similar so I’m grouping them all together.
Swagbucks is an easy way to earn Amazon gift cards with very little work. Swagbucks is just like using Google to do your online searches, except you get rewarded points called SB for the things you do through their website. You can also receive points for taking surveys, watching videos, and more. Then, when you have enough points, you can redeem them for cash, gift cards, and more. You’ll receive a free $5 bonus just for signing up through my link!
Another one you may be interested in related to this one is Nielsen Digital Voice. Digital Voice is a part of Nielsen, which I’m sure you’ve heard of. All you have to do is surf the web and you may be able to start earning money.
InboxDollars is the last of the online rewards websites that I recommend. You can earn cash by taking surveys, playing games, shopping online, searching the web, redeeming grocery coupons, and more. By signing up through my link, you will receive $5 for free just for signing up!
Related: 30 Best Money Making Apps
Improve your credit score with Credit Sesame.
With Credit Sesame, you can get your credit score for free, with no catch. Your credit score can impact whether or not you are approved for a loan, whether you are hired at certain jobs, your interest rate, and more. It’s relatively easy to raise your credit score, so you should start doing so today.
Read How Your Credit Score Affects Your Life + Credit Sesame Review.
Use Personal Capital to manage your finances better.
Personal Capital provides free financial software somewhat similar to Mint. Personal Capital is much more detailed, though, and due to that between the two I would definitely choose Personal Capital.
You can track your net worth, your cash flow, your portfolio, your investments, and more. Personal Capital pretty much picks up in the main area that Mint is not the greatest in, which is investment planning.
Read Personal Capital Review – An Easier Way To Manage Your Finances.
Save money by shopping with Flipp.
Flipp is a new app that I recently heard about. In case you’re not familiar with the app, Flipp is a free shopping app that brings the weekly shopping circular to your mobile device. With Flipp, shoppers can have seamless access to their favorite circulars and all the savings without lugging around paper or missing a good deal!
The app is also extremely easy to use. With Flipp’s shopping list feature, you can quickly find the best deals for your weekly essentials. Once you’re in the store, you can easily check off items from your list, which is built right into the app. This way you can pick up everything you need and also stick to your list.
You can download Flipp for Apple or Android.
Cancel cable and get a digital antenna.
We got rid of cable earlier this year and we even got rid of Netflix last month. Now, we just have a digital antenna and it’s all we need.
Digital antennas are very affordable and there is no recurring cost with them. You just buy the antenna once and you can get great quality TV and many channels for free.
You can buy a digital antenna here. That is the same exact one I have.
Read more at Cut Cable, Use A Digital Antenna, and Save Thousands.
Refinance your student loans with Credible.
If you have student loans, you may want to look into Credible.
I highly recommend Credible for student loan refinancing. You can lower the interest rate on your student loans significantly by using Credible which may help you shave thousands off your student loan bill over time.
Related: 20 Best Money Saving Apps
What other sites do you recommend so that a person can save or make more money?