Today, Bank of America reached a historic agreement with the U.S. Department of Justice to pay the largest settlement in U.S. history related to toxic mortgage loans it knowingly sold to investors.
In short, the company admitted that it misrepresented the quality of the loans it packaged and sold to investors via its Merrill Lynch and Countrywide Mortgage brands, as well as through Bank of America.
Additionally, the bank has taken responsibility for its faulty loan origination practices that resulted in Fannie Mae, Freddie Mac, and the FHA taking on countless bad loans that eventually hurt American taxpayers (not to mention homeowners).
The bank also settled a case with the SEC in which it knowingly “shifted the risk” of wholesale loans originated by mortgage brokers that were described internally as “toxic waste.”
Simply put, the bank and its affiliates made trillions of very bad loans that they tried to pawn off, and now they must pay.
Speaking of payment, the company has agreed to pay $9.65 billion in cash, including $5.02 billion in civil monetary penalty and $4.63 billion in compensatory remediation payments.
Additionally, BofA will provide $7 billion in consumer relief, which will come in the form of loan modifications, including principal balance reductions, forbearance, and second mortgage extinguishments.
How Does a 2% Interest Rate Sound?
Thanks to a major settlement with the Justice Department
Related to its questionable loan origination practices
Bank of America will offer some lucky homeowners
2% mortgage rates on fixed mortgages
Most significantly, some lucky homeowners will receive principal reductions that lower their loan-to-value ratio to 75%. But that’s not all. They’ll also receive a 2% interest rate on their mortgage that is fixed for the life of the loan.
The Department of Justice provided an example where a homeowner with a $250,000 mortgage balance would see it fall to just $112,000 on a property worth only $150,000 today.
That’s a pretty good deal, regardless of what may have happened to the homeowner.
Let’s be honest, a lot of borrowers knew they weren’t providing proper income documentation either, or that their home appraisal was a tad bit steep. But I’m sure they looked the other way, just like everyone else at the time.
The DoJ also negotiated a tax break for those who receive relief under the settlement assuming the Mortgage Forgiveness Debt Relief Act isn’t extended.
They created a so-called 25/25 Tax Relief Fund where 25% of the value of the relief will be made available to offset any tax liability, up to $25,000. But the amount of money set aside is limited, so not all homeowners will be able to take advantage.
During his speech, Associate Attorney General Tony West called on Congress to extend the Act so homeowners won’t be on the hook for phantom income.
Bank of America will also be required to provide more low- to moderate-income mortgage originations, expand affordable housing initiatives, and provide community reinvestment for neighborhoods experiencing or at risk or urban blight.
The settlement is expected to reduce the company’s third quarter pre-tax earnings by $5.3 billion and reduce earnings per share by 43 cents.
Obviously the stock was up on the news, because that’s how the stock market works. But really, investors are probably happy to see the bank move forward from the mortgage mess once and for all.
And its current price of under $16 a share is still just a fraction of what it was during the previous housing boom when shares traded in the low $50 range.
Bank of America Mortgage Rates Are Fairly Competitive
While Bank of America’s standard rates are pretty competitive
You might find a better deal with a non-household name
And receive a better overall home loan experience
Sometimes smaller is better if you want a more personal touch
At the time of this writing (June 5th, 2018), Bank of America was offering a 30-year fixed mortgage at 4.625% with 0.414 mortgage points. It works out to an APR of 4.798%.
They also have a 20-year fixed at 4.375% (4.638% APR) with 0.655 mortgage points.
And a 15-year fixed is being offered at 4% even (4.339% APR) with 0.699 mortgage points.
Bank of America also offers ARMs, including a 10/1 ARM, 7/1 ARM, and a 5/1 adjustable-rate mortgage.
As of 6/5/18, they were priced at 4.125% (4.659% APR), 4% (4.711% APR), and 3.875% (4.774%), respectively. As you can see, the APR of each product is very similar, so it’s important to look at all the details when deciding on a loan product.
For the record, their advertised rates tend to require a credit score of 740 or higher and a minimum 20% down payment.
Most lenders, including Bank of America, assume you’re a pristine borrower so they can advertise the lowest mortgage rates possible.
A secured loan is a type of debt backed by collateral, which is something you own, such as a house, car or savings account. There are different types of secured loans, but they all have one thing in common: If you fail to repay the loan, you can lose your asset.
How much you can borrow: Loan amounts vary with secured loans and are often determined by the value of the collateral. For example, a secured home loan, or mortgage, typically covers the value of the house minus your down payment. The same goes for an auto loan. A pawn lender puts a price on your property and loans that amount.
Rates and terms: Rates and repayment terms vary on secured loans, but larger loans generally have lower rates and longer repayment terms. A pawn loan may have a triple-digit interest rate and be due in a month, while a mortgage may have a single-digit interest rate and be repaid over decades.
Secured loans also tend to have lower rates than unsecured loans because pledging collateral gives the lender something to take and sell if you fail to repay, lowering the lender’s risk of losing money.
How do secured loans work?
Banks, credit unions and online lenders offer secured loans. The lender typically reviews your collateral, credit and finances to determine your eligibility. The process often includes a hard credit inquiry, but some secured loans don’t require it.
Most secured loans have fixed interest rates, meaning you’ll repay the loan in equal monthly installments. If the lender reports payments to the three major credit bureaus, on-time payments will build your credit, but missed payments will damage it. After multiple missed payments, the lender can take your collateral.
🤓Nerdy Tip
Car title and pawn loans are examples of no-credit-check secured loans. To make up for the risk of not checking how you’ve previously managed credit and assessing your ability to repay the loan, these lenders charge triple-digit rates that make the loan difficult to repay.
Types of secured loans
Secured loan type
Collateral
When to use
Your 401(k).
You want a low-rate loan with no credit check.
You’re comfortable repaying the loan in full — or paying a penalty — if you leave your company.
Taking the loan outweighs earning compound interest on savings.
The vehicle you’re purchasing.
To finance a new or used vehicle.
Your vehicle.
You need funds fast and feel confident you can repay the loan.
After you’ve ruled out less expensive options.
Your certificate of deposit.
You have a certificate of deposit.
You need a low-rate loan quickly.
You’re comfortable with the risk of losing the CD.
Your crypto.
You don’t want to sell your crypto.
You need a fast, no-credit-check loan.
You’re comfortable adding more crypto if its value drops.
Your home.
You have enough equity in your home to borrow against.
To finance home improvement projects and deduct the interest on your taxes.
The home or property you’re purchasing.
To finance a house.
A personal item.
You need a small loan quickly.
Pledging a personal item is worth the risk of losing it.
You don’t want to sell anything.
Typically a vehicle, savings or investment account.
As a lower-rate alternative to an unsecured loan.
You’re comfortable with the risk of pledging collateral.
Frequently asked questions
Is a payday loan secured or unsecured?
Payday loans are unsecured because you don’t need to provide collateral to get one. Instead, a payday lender may ask for access to your bank account and withdraw the loan amount, plus a fee, on your next payday.
Is a small business loan secured or unsecured?
Small business loans can be secured or unsecured. Lenders typically accept property or equipment as collateral. A lender may require a UCC lien on either loan type, which allows the lender to claim your business assets if you default.
Is a personal loan secured or unsecured?
Most personal loans are unsecured, but some lenders offer secured personal loans. Lenders typically accept a vehicle, savings or investment account as collateral on a secured loan.
Are student loans secured or unsecured?
Private and federal student loans are unsecured, meaning you can’t add collateral to the application. Student loan borrowers who need help qualifying may add a co-signer with a strong credit profile.
🤓Nerdy Tip
Collateral is the key to knowing whether a loan is secured or unsecured. If you’re pledging something the lender can take upon failure to repay, it’s a secured loan.
Pros and cons of secured loans
Pros
Rates can be lower than unsecured alternatives.
Credit requirements may be softer.
Fixed rates keep monthly payments predictable.
Cons
You risk losing your collateral if you fail to repay the loan.
Funding time may be slower while the lender assesses collateral.
How to get a secured loan
Check your finances. Review your budget before getting any loan to understand how much you can put toward monthly repayments. Use a loan calculator to see how the interest rate and repayment terms affect the monthly payment. Check your credit reports for any errors or past-due accounts you can resolve before applying. You can get your reports for free at AnnualCreditReport.com or on NerdWallet.
Review the collateral. If you’re using collateral to lower your rate or get a larger loan, check its value before you apply. You can use an online pricing guide to check a car’s value for an auto-secured loan, review your savings and investment accounts for an account-secured loan or take a personal item to multiple pawn shops to see which gives the highest valuation.
Compare lenders. Look for a secured loan with a low rate and affordable monthly payments. Lenders may weigh collateral, credit and income differently, so it pays to compare. If your bank or credit union offers secured loans, start there to see if they’ll include customer perks or discounts.
Apply. The application process is different for all types of secured loans. You may be able to get a secured loan online, while some banks and credit unions require an in-person visit. Applications for a secured loan may take longer than an unsecured loan because the lender must evaluate your collateral.
What if you don’t repay a secured loan?
If you default on a secured loan, the lender can repossess your asset, sometimes without notice. If your home goes into foreclosure, you may end up in court.
In addition to losing your collateral, your credit and finances could suffer for years. Here are some potential consequences:
Repossession or foreclosure on your credit report for up to seven years.
Difficulty accessing credit in the future.
Still owing money on repossessed assets.
Filing for bankruptcy to keep your property.
Tips to avoid defaulting on a secured loan
Communicate with your lender. There are no consequences to your credit or finances for telling your lender you’re concerned about missing a payment as long as you call before you miss it. The lender may even be able to help: Some companies have hardship programs that include payment deferrals or lower monthly payments.
Request a new payment date. If you’ve got a new job or added bills that make the loan’s payment date challenging to honor, request a different payment date. You may also be able to change the payment frequency.
Seek credit counseling. A nonprofit credit counseling agency can provide budgeting help, debt management plans and housing counseling. Some assistance may be free.
Ask for help. If a trusted friend or family member can provide financial assistance, ask for it. Though it may be a difficult request, it could keep you from losing your property or savings.
A city that needs no introduction, Las Vegas is a glittering oasis in the heart of the Nevada desert. From its inception as a humble railroad stopover to becoming a global entertainment icon, Las Vegas has etched its name into the annals of history. Instantly recognizable for its neon-lit skyline, iconic resort casinos, and high energy, Las Vegas is where fantasy becomes reality. But what exactly is Las Vegas known for? Whether you’re looking to rent an apartment in Las Vegas or purchase a home in the area, prepare to uncover what makes this beautiful city what it is today.
World-class casinos
Las Vegas boasts several famous casinos that have become synonymous with luxury, excitement, and indulgence. From the Flamingo, the first major resort on the Strip, to the Bellagio with its famous dancing fountains, these casinos offer numerous gaming options, from slot machines and table games to poker rooms and sports betting. Each casino has its unique theme and atmosphere, transporting visitors to different corners of the world. Not to mention, the architecture, interior designs, and entertainment options, including live performances and celebrity chef restaurants, make Las Vegas casinos a haven for those seeking a one-of-a-kind entertainment experience.
Being a global entertainment epicenter
From residency shows featuring artists like Kelly Clarkson, Elton John, Adele, and Luke Bryan, to Cirque du Soleil productions such as “O” and “Mystère,” the city’s theaters and venues offer many different types of live entertainment. Beyond music and theater, Las Vegas has many attractions along or close to the strip, including the Bellagio Fountains, the High Roller observation wheel, and the Mirage Volcano. The city’s nightlife is equally renowned, with its vibrant nightclubs and bars drawing international DJs and partygoers.
Thrilling outdoor adventures
Las Vegas offers exhilarating outdoor adventures for those exploring the surrounding region. Within a short distance, visitors can go on desert excursions, such as off-roading adventures in rugged terrains, guided ATV tours through Red Rock Canyon’s stunning landscapes, or even dune buggy rides across the sand dunes of the Mojave Desert. For the more adventurous, opportunities for rock climbing, hiking, and rappelling in nearby canyons like the picturesque Valley of Fire provide a unique blend of adrenaline and breathtaking scenery. Additionally, the nearby Colorado River invites visitors to engage in activities like kayaking, paddleboarding, and even white-water rafting.
The Las Vegas Strip
The Las Vegas Strip is a world-famous thoroughfare stretching approximately 4.2 miles along Las Vegas Boulevard South. This iconic street features resort casinos, dazzling neon lights, and bustling crowds. Each resort along the Strip has its own unique theme, from the elegant Venetian with its intricate replica of Venice’s canals to the pyramid-shaped Luxor and the extravagant Paris Las Vegas. The Strip is not only a hub of gambling and gaming, but it also offers entertainment, from mesmerizing theatrical productions to world-class concerts by renowned artists.
Unique landmarks
Las Vegas has unique landmarks that contribute to its distinctive and iconic character. The famed Las Vegas Strip is a remarkable landmark, but there are many other attractions to check out. Some of which include the Neon Boneyard (which showcases a dazzling collection of vintage neon signs), the “Pawn Stars” Gold & Silver Pawn Shop, and the unconventional and artistic Container Park.
Fine dining
Las Vegas has established itself as a global culinary destination, offering an exquisite array of fine dining experiences. Renowned for celebrity chef restaurants, the city boasts a culinary landscape where innovation meets luxury. From the elegant and contemporary ambiance of Joël Robuchon at the MGM Grand to the sophisticated Italian cuisine of Carbone at ARIA, these establishments elevate dining to an art form. Notably, the Wynn and Encore resorts house a collection of fine dining gems, including SW Steakhouse and Wing Lei, the first Chinese restaurant in the U.S. to earn a Michelin star.
Fremont Street
Often referred to as the “original Las Vegas,” Fremont Street boasts a rich history dating back to the city’s early days, lined with vintage casinos, neon signs, and a distinctive retro charm. The renowned Fremont Street Experience, a massive canopy of LED lights, hosts dazzling light shows and concerts, immersing visitors in a visual display. The street is also home to some of Las Vegas’s oldest and most iconic casinos, including the Golden Nugget and Binion’s. Street performers and live music are common throughout all parts of the day.
Whether you got a new job and are looking for somewhere to stash your paycheck, or are just looking for a new bank that better meets your needs, you may have spent some time considering where to open up a bank account.
While there are many private banking options to choose from, not all of them effectively meet customers’ needs. Many Americans are interested in consumer-friendly banks that are accessible and have low or no fees, while others look for banks that have local roots or more ethical behavior than bigger nationwide banks. Still, other Americans are unbanked, meaning that they don’t have access to any checking or savings accounts with a bank or credit union.
What’s Ahead:
What is public banking?
Representatives Rashida Tlaib and Alexandria Ocasio-Cortez have recently introduced legislation that could provide a promising alternative to traditional banks.
The Public Banking Act would establish a grant program that would allow for the formation of state and locally administered banks. While this act wouldn’t establish new public banks in and of itself, it would make it easier for public banks to form and to become insured by the FDIC.
These public banks would operate as nonprofits, and wouldn’t charge any monthly maintenance fees or require minimum deposits. That would make them accessible to citizens who find themselves shut out of the current banking system.
Since they wouldn’t be as focused on turning a profit as traditional banks, public banks could also provide lower interest rates for small businesses and public infrastructure projects, investing in local communities and cutting out Wall Street middlemen.
How does public banking work?
Public banking would function as a public service, like post offices or fire departments. In fact, in many countries, public banking is often directly tied to the postal system. The United States even had its own postal banking system from 1911 to 1966.
Today, there is one public bank operating in the United States, the Bank of North Dakota.
Unlike privately owned banks, public banks aren’t beholden to shareholders or required to turn a profit at the expense of ordinary consumers. Instead, these banks are able to charge lower fees and lend money at lower rates to local consumers and businesses.
Public banks can receive deposits from local and state governments in the form of tax revenue and other government income, and can also partner with existing local banks to fund a variety of projects.
How public banking could affect your finances
For many people, banking with a public bank would be pretty similar to banking with a traditional for-profit bank. Some of the potential benefits of public banking could include providing access to banking for more Americans, investing in local and community projects, and effectively delivering relief funds and government payments.
Helping unbanked and underbanked Americans
As of 2019, approximately 7.1 million American households were unbanked, meaning that no member of the household had a checking or savings account with a bank or credit union. For many Americans, high minimum deposit requirements prevent them from opening an account, while others cite excessive fees and a lack of trust in private financial institutions as reasons why they do not have a bank account. When money is tight, these Americans often rely on alternative services, like payday loans or pawn shops, with high fees and punishing interest rates.
Public banks would charge no monthly maintenance fees and have low or no minimum deposit requirements, making them accessible to many Americans who currently fall through the cracks of the private banking system. Public banking would also provide an alternative for Americans who have bank accounts but are currently dissatisfied with their bank or unable to qualify for other financial products.
Investing in local communities
Because public banks would not be compelled to pursue sky-high profits, they could offer loans at low interest rates to fund local businesses and public infrastructure. These could include projects like affordable housing and renewable energy. Some public banks, like the Bank of North Dakota, also offer low-interest loans to students and other specific groups.
Public banks would cut out the middleman and keep funds local, instead of profiting national banks, executives, and shareholders.
Effectively distribute relief funds
During the pandemic, millions of Americans were eligible for relief funds and stimulus checks to help them weather the turbulent economic times. While some Americans were able to receive funds directly to their bank account through direct deposit, others were mailed paper checks they had to cash, often accompanied by high check-cashing fees. Still, other Americans waited weeks or months for their funds to arrive, during a time when money was tight.
Public banks would be one way to easily and effectively distribute funds to Americans, without relying on private institutions. They would expand access for Americans without bank accounts and would prevent predatory services from taking a chunk out of much-needed relief funds.
Better for the environment
Another way public banks would operate differently than private banks is in their effect on the environment. The Public Banking Act would prohibit public banks from investing in fossil fuel projects, and would instead provide public banks with the capability to issue low-interest loans for environmentally-friendly projects.
This puts public banks in stark contrast to private banking behemoths, who have invested over 2.7 trillion dollars in fossil fuels since 2016, according to a report from the Rainforest Action Network.
A public alternative to big banks
Public banks wouldn’t replace big banks; instead, they’d provide an alternative for consumers dissatisfied with the status quo. This would give Americans the ability to choose between for-profit banks and local, community-driven public banks.
In some cases, public banks could even partner with existing local banks to more effectively distribute funds. Public banking wouldn’t solve all of the financial industry’s problems, but it could provide a more ethical alternative to the current options.
Drawbacks of public banking
While public banks attempt to solve many of the problems of the current banking system, they’re not entirely without flaws. Some potential drawbacks to public banks include potential lack of oversight and insufficient funds, as well as the inherent risk that all banks, public or private, face when it comes to lending money that may not be paid back.
Alternatives to public banking
For now, public banks still aren’t an option for the vast majority of Americans. However, there are some banking options that beat the competition when it comes to consumer-friendly policies, low fees, and ethical behavior.
Credit unions
Credit unions share some similarities to public banks in that they aren’t beholden to shareholders and executives, and often have local roots and programs that benefit the community. Like public banks, credit unions are not for profit, but instead of being owned and operated by local or state governments, credit unions are cooperative institutions owned by members.
Credit unions also often feature lower fees and rates than for-profit banks. Some federal credit unions even offer Payday Alternative Loans, which allow cash-strapped consumers to borrow money at lower rates than predatory payday loans.
Low-fee banks
In recent years, consumer-friendly, low-fee banks have proliferated as an alternative to big banks with exorbitant rates and fees. Many of these banks primarily operate as online banks, with simple websites and mobile apps designed to make navigating the banking process easier for consumers.
Ethical banks
Many big banks make harmful investments in areas like fossil fuels and for-profit prisons. While these investments are good for a bank’s bottom line, informed consumers may be interested in more ethical alternatives.
Companies like Aspiration, Amalgamated Bank, and Beneficial State Bank are B Corp certified, which means that they meet high standards for social and environmental performance, transparency, and accountability.
Some banks, like Sunrise Banks and First Green Bank, are members of the Global Alliance for Banking Values, which is a network of banks around the world that are committed to community investments and driving positive change.
Still, other banks are designated as Community Development Financial Institutions, or CDFI. These banks are dedicated to providing banking access for low-income and marginalized individuals and communities. Banks like City First Bank of DC, Southern Bancorp, and VCC Bank are all CDFIs.
Summary
While the Public Banking Act is still only a bill, it represents a promising alternative to traditional banking for millions of Americans. This piece of legislation would also complement other related policy proposals, such as postal banking and the Green New Deal. In the meantime, there are still a variety of banking options with low fees and ethical investment practices for consumers who qualify.
Inside: Are you looking for ways to make money quickly and easily? This guide has a variety of tips and tricks to help you make 1000 a day.
Making money is something that everyone is interested in. And why wouldn’t we be? Money gives us the ability to buy the things we want, travel, and live a lifestyle that most people can only dream of.
But what if I told you that it was possible to make $1000 a day? Would you believe me?
Well, in this blog post, I’m going to show you some of the best ways to make money really fast.
So if you’re looking to make some quick cash or consistent income, then this is the post for you!
In this post, I will share with your some of the best ways that I know of to make money $1k a day on a regular basis.
So if you’re ready to learn how to make 1000 a day, then let’s get started!
Is it possible to make $1000 a day?
Yes, it is possible to make $1000 a day.
In fact, this is something I regularly do (see picture to prove it).
However, achieving this goal requires commitment, hard work, and a solid plan. Factors that contribute to achieving this goal include finding a method that works for you, sticking with it, and putting in the necessary effort.
Additionally, having a unique skill set and interest in a particular method can increase the chances of success.
How to make $1000 a day?
Making $1000 a day is an appealing goal for many people, whether it’s a one-time need or a consistent source of income. Fortunately, there are several ways to achieve this goal.
Here are the top ways to make $1000 a day:
Start a high-paying job: Some jobs pay over $300k a year, and while they may require advanced degrees and education, there are also a few that don’t require a college degree.
Offer high-value services: You can offer services such as pet-sitting, tutoring, design work, or writing to make money.
Start a business: You can start a business that generates $1000 a day, such as a digital marketing agency, freelancing, or a service-based business.
Sell items you no longer need: You can sell items on eBay, Craigslist, or other online marketplaces to make quick cash.
Let your money work for you: You can invest in stocks and shares, real estate, or property to earn upwards of $1000 a day.
While each method has its own advantages and disadvantages, with the right strategy and dedication, making $1000 a day is achievable.
So, get started today and see how much money you can make.
Are you passionate about words and reading?
If so, proofreading could be a perfect fit for you, just like it’s been for countless of readers! Learn how you can create a freelance business as a proofreader.
Check out this free workshop!
Bookkeeping is the most stable, reliable & simple business to own. This is how to make a realistic income -either part-time or full-time.
Find out TODAY if this is THE business you’ve been looking for.
Best ways to make 1000 a day
We’ve compiled a list of our favorite ways to make money really fast – specifically $1k a day!
Many times, you will have to invest 100 to make 1000 a day.
If you’re looking for ways to make some extra cash, or even earn a full-time income, this post is for you.
1. Freelance Writing
Freelance writing is a great way to make extra money or even replace your full-time job. There are various types of content that freelance writers can specialize in, such as long-form content or shorter direct-response copywriting.
With freelance writing, you can earn over $.50 or even $1 per word, which means that a 1,000-word article could net you $1,000 quickly.
To start, you need to establish a portfolio of your work to pitch to new clients. This portfolio should include links to any relevant articles or copy you’ve written that’s related to the client you’re pitching. If you don’t have a portfolio yet, you might need to do some work at lower rates to get your foot in the door.
Even if you don’t consider yourself a writer, don’t strike it off the list just yet. With the right approach and mindset, anyone can become a successful freelance writer.
2. Crafting
Crafting offers many benefits beyond just making extra cash. It allows for flexibility in your schedule, creativity in your work, and the ability to turn a hobby into a lucrative business.
If you are creative and have a talent for creating handmade items, then starting a crafting business is the perfect way to monetize that skill by doing something you enjoy. There are plenty of crafts to choose from and you may even become an instructor!
The most difficult side is you are trading your time for money and it may be difficult to scale.
3. Day Trading Stocks
Day trading stocks is a high-risk, high-reward investment strategy that involves buying and selling stocks within a single trading day. It requires a great deal of knowledge, discipline, and risk management to be successful.
However, there is a large group of us who have made the $1000 in a day club.
Successful day traders use a combination of technical analysis, risk management, and discipline to make profitable trades.
This choice requires discipline, a proper trading education, knowledge, and risk management.
Trade and Travel with Teri Ijeoma is a popular course that investors can take to learn about trading stocks and options and begin their journey to making $1,000 a day.
4. Trading Options
Trading options can be a lucrative way for seasoned investors to make money.
With options, investors can speculate on different stocks with only a fraction of the investment capital needed to buy the stocks outright.
Investors who are familiar with investing in individual stocks can take the next step in the process by trading options. While options may seem exotic on the surface, they are a common tool used by seasoned investors and are especially valuable during volatile activity in the stock market.
To trade options successfully, investors need research skills, investing knowledge, discipline, and patience.
Trading options can be a high-risk option, especially for those who lack expertise in the area. However, it can be extremely lucrative for those who have experience and knowledge in the stock market.
Investors should consider taking courses to learn more about trading options.
5. Youtube
YouTube can be a great source of income for those who are willing to put in the effort to create quality content. It offers multiple ways to generate revenue, including sponsorships, affiliate marketing, and Google Adsense.
With the right approach, it’s possible to make $1000 or more per day on YouTube.
Remember, success on YouTube takes time and hard work, but the potential rewards are significant.
6. Selling on Amazon
Selling products on Amazon can be a highly profitable business opportunity.
Amazon FBA, or Fulfilled by Amazon, is a business model where you send your inventory to Amazon warehouses and they handle the rest, including storage, shipping, customer service, and returns.
This makes it a great option for digital nomads and those looking to scale their business quickly.
With an average profit margin of $20 per sale, it’s possible to make $1,000 per day by selling just 5 units per day of 10 different products.
7. Sell Printables Online
Selling printables online has become a popular way to make passive income.
With the rise of digital products, creators can sell anything from coloring pages to budget spreadsheets on platforms like Etsy. Thousands of creators make a living selling digital products, and it’s easy to see why.
Learn how these sellers got started.
The key is to pick a topic you’re knowledgeable in and passionate about, so you can create high-quality products that people will want to buy.
8. Dropshipping
Dropshipping is one of the best ways to make $1000 a day, especially for those looking to start a business with minimal initial investment.
This business model allows entrepreneurs to sell products to customers without ever holding a single piece of stock.
Dropshipping is a viable and profitable business model that can generate high profits without the hassle of managing inventory. With the right niche, platform, supplier, and marketing strategy, entrepreneurs can make $1000 a day or more with dropshipping.
9. Consulting
Consulting is one of the best ways to make $1000 a day!
It’s a lucrative career option that allows you to provide expert advice to clients and help them solve problems.
The first step to becoming a consultant is to determine your area of expertise. This could be anything from personal finance to marketing to human resources. Your expertise should be something that you have significant knowledge and experience in.
One of the most important aspects of becoming a consultant is building your network. This includes reaching out to potential clients, attending networking events, and connecting with other professionals in your field.
10. Become a Virtual Assistant
Being a virtual assistant can be a great way to make money while setting your own hours.
As a virtual assistant with no experience, you can work from home and typically on your own schedule. You can choose to work part-time or full-time based on your availability and the workload of your clients.
The tasks that you are asked to perform as a virtual assistant can vary widely, but commonly needed skills include administration, accounting and bookkeeping, marketing, communications, customer service, and many other capacities.
You don’t need special skills or training for this job, as most clients will bring you up to speed on what they need to do. However, having organizational, communication, and time-management skills can be helpful.
Check out the checklist to get started as a virtual assistant.
11. Side Hustles
Side hustles are a great way to earn extra income and supplement your regular income. With a little effort and some creativity, you can make up to $1000 a day with certain side hustles.
Here are some of the best side hustles that can help you achieve this goal:
Deliver food: You can make good money by delivering food with these apps. You can choose your own hours and work as much or as little as you want. DoorDash is a great option.
Drive with ridesharing apps like Uber and Lyft: If you have a car and some free time, you can earn money by driving people around. You can make up to $1000 a day, depending on how much you work.
Pet sit or walk dogs: If you love animals, you can make money by pet sitting or dog walking through Rover.com. You can earn up to $50 per day, depending on the services you offer.
Babysit or tutor: If you have experience with children or are good at a particular subject, you can offer your services as a babysitter or tutor through Care.com. You can make up to $50 per hour, depending on your qualifications.
Side hustles are a great way to make extra money and reach your financial goals.
12. Start a Business
Starting a business is one of the most effective ways to make 1000 dollars a day on a regular basis. However, it requires careful planning and execution to succeed.
The first step is to research the market and identify a profitable business idea and build it to profitability.
Challenges may arise, such as competition, financial setbacks, and marketing difficulties, but with persistence and determination, you can overcome them and achieve financial success.
The potential for significant financial gain from starting a successful business is immense, making it a worthwhile endeavor for anyone willing to put in the effort.
13. Yard Work
Yard work is an excellent way to make $1000 a day, especially if you have some extra time and don’t mind getting dirty.
If you want to get up and running quickly, there is nothing better than a local side hustle to earn extra money such as mowing lawns in your neighborhood.
Mowing lawns is not only a great side hustle for adults but also for teens. For an average size lot, you could expect to make at least $35. If you could line up a few lawns each weekend, you could easily make an extra $1000 each month.
Landscaping, leave pickup, and bush trimming are all simple tasks that you can complete quickly if you have the right equipment. You can choose to set an hourly rate or get paid for the entire job, depending on the task.
You may have to start hiring crews in order to hit $1k a day.
14. AirBnb or VRBO Rentals
Airbnb or VRBO are popular platforms for renting out your property to travelers.
Many successful hosts have earned $1000 or more per day because they have accumulated more than one property.
One tip for success is to garner excellent reviews that people want to come back time and time again.
15. Affiliate Marketing
Affiliate marketing is a lucrative way to make money online and has the potential to earn you $1000 a day.
This works well for influencers who have a reach of thousands of people. Another way is creating a niche website that focuses on a specific product or market segment.
It’s essential to promote products effectively to generate revenue. Successful affiliate marketers have earned six figures or more per year.
16. Flip Products or Retail Arbitrage
Retail arbitrage is a popular business model that can help you make $1,000 per day or more. The premise is simple – buy or find things cheap and resell them for a higher price.
This is a great example of how to flip money.
To be successful, you’ll need to have an eye for the right product and do product research to choose products that will sell.
Here is a list of the most popular items to flip.
17. Pickup Services
Pickup services refer to businesses that provide transportation and delivery services for goods, furniture, or other items. These services are in high demand, especially in urban areas where people are always on the move and need help with moving heavy or bulky items.
Starting a pickup service business requires some equipment, such as a truck or van, and marketing strategies to attract customers.
So, if you are looking for a new side hustle or business opportunity, consider pickup services as a viable option.
18. Casino Gambling
While casino gambling is not a recommended way to make $1000 a day, it is still worth mentioning as a potential option.
However, it is important to note that gambling should always be done responsibly and within one’s means.
If you are considering casino gambling as a way to make quick money, it is essential to understand the most profitable games and their strategies. Here is an ordered list of the best casino games to play to make money:
Blackjack: This game has one of the lowest house edges, making it a popular choice for professional gamblers. The objective of the game is to beat the dealer’s hand without going over 21. The key to winning at blackjack is to use basic strategy, which involves making the mathematically correct decisions based on the dealer’s upcard and your own hand.
Craps: This game has a low house edge and offers a variety of betting options. The objective of the game is to predict the outcome of a roll or series of rolls of the dice. To win at craps, it is essential to understand the different bets and their odds and to follow a betting strategy that suits your playing style.
Baccarat: This game is easy to learn and has a low house edge. The objective of the game is to bet on the hand that will have a total of 9 or closer to 9. The key to winning at baccarat is to understand the different bets and their odds and to follow a betting strategy that suits your playing style.
When playing these games, it is important to practice good bankroll management by setting a budget for yourself and sticking to it. It is also crucial to know when to quit to avoid losing money.
A winning streak can lead to making $1000 a day, but it is important to be cautious and not get carried away.
19. Freelance Graphic Design
Graphic designers create visual concepts using computer software or by hand to communicate ideas that inspire, inform, and captivate consumers. They work on various projects such as branding, marketing materials, website design, and more.
Freelance graphic design is a lucrative option because there is always a demand for graphic design services, and businesses are willing to pay top dollar for high-quality designs.
By building a strong portfolio, staying up-to-date with the latest design trends, and providing excellent service to your clients, you can earn a substantial income as a freelance graphic designer.
20. Make Money Flipping Items
Flea market flipping is a great way to make some extra cash on the side or even turn it into a full-time business. It involves buying items for a low price and reselling them for a profit.
One couple, Rob and Melissa Stephenson, have become full-time flea market flippers and even host their own website, Flea Market Flipper, to help others find success in the venture. They offer several courses to help individuals turn this into a serious side hustle or even a full-time business earning six figures.
Learning from successful flea market flippers like Stephenson’s can be a great way to get started. They have the skills and knowledge to help individuals find valuable items, network, and use social media and photography to their advantage.
21. Photography
Photography is a lucrative career option that has the potential to generate high income or as a side hustle.
There are different types of photography that one can explore to make money, including wedding photography, family photography, real estate photography, and stock photography.
By building a strong portfolio, networking, finding clients, investing in high-quality equipment, and constantly improving your skills, you can become a successful photographer and make a great income. Don’t underestimate your potential in this field.
22. Rental Income
Passive income through rental properties is a great way to generate consistent long-term income. Here are the steps to follow in order to make $1000 a day through rent income:
Find a suitable property: Look for properties that are priced reasonably, require minimal renovations, and are located in areas with high rental demand. You are likely to start making $1000 a month.
However, the earning potential is dependent on the ability to scale multiple properties, keep them occupied, and increase monthly income streams.
Investing in rental properties can be a lucrative and rewarding experience for those willing to put in the effort.
23. Amazon Merch
Amazon Merch is a platform that allows you to create and sell your own merchandise on Amazon. It’s an excellent way to make money because Amazon handles all of the heavy lifting, such as printing, shipping, and customer service.
Using Amazon Merch, you can sell a variety of products from t-shirts to phone cases, and best of all, you don’t need to invest in inventory or equipment.
All you need to do is create the designs.
Successful Amazon Merch sellers include graphic designers, artists, and entrepreneurs who have created unique and appealing designs that resonate with their target audience.
24. Creative Skills like Video Editing
Creative skills can be a valuable asset when it comes to generating income. Video editing is another skill that can be monetized.
With the rise of video content, businesses, and individuals are always in need of skilled video editors. One can offer video editing services for YouTube creators, and businesses, or even edit personal videos for clients.
Freelance platforms like Upwork and Fiverr are great places to find video editing jobs.
25. Fashion Design
Fashion design is one of the most lucrative ways to make money, and it’s an industry that’s always in demand.
Whether you’re interested in starting your own fashion label, working for a fashion house, or becoming a freelance designer, there are plenty of opportunities to make a living in this field.
Marketing yourself is also key to success in fashion design. Use social media platforms like Instagram and Pinterest to showcase your work and build a following.
Networking is also an important part of building a successful career in fashion design. You must stay up-to-date on industry trends, make valuable connections, and potentially land new clients or job opportunities.
Create a website or blog where you can share your designs, offer fashion tips, and connect with potential clients.
Pay attention to industry trends, stay creative and original, and focus on developing your skills and building your brand. Then, there are plenty of opportunities to make a living in this exciting and dynamic industry.
26. Start a Blog
Many people say blogging is dead. But, it’s not.
Starting a blog can be a great way to share your interests, skills, and experiences with others while also creating a new income stream for yourself. The flexibility of blogging allows you to turn your current job or passion into a successful blog.
However, starting a blog can be challenging, and it requires technical knowledge, writing ability, social media skills, and topical expertise.
Once you have started your blog, it’s essential to treat it like a business and monetize your content.
27. Self-Storage Business
Self-storage business is a lucrative venture that involves renting out storage units to customers who need extra space for their belongings. These businesses are in high demand, especially in urban areas where living spaces are often small and cramped.
In fact, the self-storage business is expected to bloom to $64.17 billion by 2026.
Starting a self-storage business can be a profitable venture if done correctly.
28. Invest in Cryptocurrencies
Cryptocurrencies have gained popularity as a potential source of significant income. Bitcoin, Ethereum, and Litecoin are some of the best cryptocurrencies to invest in.
To invest in cryptocurrencies, one must first set up a digital wallet and choose a reputable exchange such as Coinbase or Bitstamp.
It is important to research the market and understand the volatility of cryptocurrency before investing. While the potential for high returns exists, it is important to approach cryptocurrency investing with caution.
29. Invest in Real Estate
Investing in real estate can be a lucrative way of making money.
To make $1000 a day through real estate investing, there are several steps you can take.
First, set aside a few hundred dollars each month to invest in real estate over time.
Second, consider the different types of real estate investments available, such as rental properties, commercial properties, and fix-and-flip properties. Each investment type has its own advantages and disadvantages, so it’s important to research and choose the one that fits your financial goals.
Third, consider investing in real estate investment trusts (REITs) or crowdfunding platforms like Fundrise, which allow you to invest in real estate without purchasing a property.
Remember that investing in real estate carries a degree of risk, so it’s important to do your research and seek advice from successful real estate investors.
30. Make Money on the Internet
Making money online has become a popular option for those looking to earn a substantial income. The internet provides a wealth of opportunities for anyone with an internet connection and a bit of creativity.
You need to learn how to make money online for beginners.
There are so many options today and you never have to leave your house!
When it comes to making $1000 a day online, it’s important to acknowledge that it’s not a quick or easy process. It takes time and effort to build a successful online business or generate significant income through freelance work or other online opportunities.
However, with dedication and hard work, it is possible to achieve your financial goals.
How to make $1,000 really fast?
If you’re in a financial bind and need to make $1,000 quickly, there are several options available to you.
Here are the top ways to make $1,000 a day quickly:
Sell items on eBay or Craigslist: If you have items that you no longer need, consider selling them online. This could include clothes, furniture, or electronics. This is a quick and easy way to make money fast.
Offer freelance services: You can offer services such as tutoring, design work, or writing. If you have a specific skill or talent, you can find customers online who are willing to pay for your services.
Do odd jobs for people in your community: You can offer to mow lawns, rake leaves, or shovel snow for a fee. This is a great way to make money quickly, especially if you live in an area with a lot of homeowners.
Participate in paid focus groups or surveys: This is a great way to make money quickly without leaving your home. Companies are always looking for feedback on their products and services, and they are willing to pay for it.
Rent out a room in your home on Airbnb: If you have a spare room in your home, you can rent it out on Airbnb and make money quickly. This is a great option if you live in a popular tourist destination.
Manage social media accounts: Many businesses need help managing their social media accounts, and they are willing to pay for them. If you have experience with social media, this could be a great way to make money quickly.
Start a blog: If you have a passion for writing or a specific topic, you can start a blog and sell advertising space or products/services to your readers. This takes some time to build up, but it can be a lucrative way to make money in the long run.
Sell handmade crafts or goods online: If you’re crafty, you can make items and sell them online, such as on Etsy. This is a great way to turn your hobby into a money-making opportunity.
Borrow money from friends or family: This is not an ideal option, but if you’re in a bind and need money quickly, consider asking for a loan from someone you trust.
Pawn items for cash: This is a last resort option, but if you have items of value, you can pawn them for cash quickly.
Don’t be afraid to try different methods and see what works best for you.
This is the perfect side hustle if you don’t have much time, experience, or money.
Many earn over $10,000 in a year selling printables on Etsy. Learn how to get started by watching this free workshop.
If you’ve ever wanted to make a full-time income while working from home, you’re in the right place!
This intensive training combines thousands of hours of research, years of experience in growing a virtual assistant business, and the power of a coach who has helped thousands of students launch and grow their own business from scratch.
FAQ
Passive income is a form of earnings that is generated without active involvement.
It is a way to make money while you sleep and can provide financial stability and independence.
This is one of three types of income and the one you want to strive towards building.
Ultimately, the best side hustle for making $1000 a day is one that meets your needs and interests while providing a good return on investment.
Here are several factors to consider before choosing the best option.
Think about your skills, interests, and availability. If you have a full-time job, you may want to consider a side hustle that allows you to work flexible hours.
Next, consider the earning potential of the side hustle you are considering. Some side hustles pay more than others, and you want to choose one that will give you the highest return on investment.
Additionally, consider the start-up costs associated with the side hustle. Some require significant investment, such as buying a car for ride-sharing apps or purchasing an online course.
Most importantly, choose a side hustle that aligns with your passion and expertise. This will make the work more enjoyable and increase your chances of success.
There are many ways to make money from your expertise.
You can start a consulting business, offer services such as coaching or speaking, create and sell information products, or build a following and sell advertising or sponsorships. The possibilities are endless.
What’s important is that you start somewhere and then take action to turn your expertise into cash.
Ready to Make 1000 in a Day?
There are many ways to make money quickly and easily.
The best way to make money fast is to find a way that best suits your skills and interests.
Whether it’s graphic design, content creation, photography, or trading stocks, there are plenty of opportunities to turn your passions into profit. So, start honing your skills and explore the endless possibilities of the gig economy.
Learning how to make quick money in one day is possible. You just need to be determined and disciplined.
So, which method do you choose on how to make $1k a day?
Know someone else that needs this, too? Then, please share!!
There are many reasons you might want (or need) to sell your engagement ring. It may be divorce, a called-off engagement, financial need, or even a setting that just isn’t matching your vibe.
To be sure that you get the most money for your ring, you’ll want to collect all the information you can about it, get it ready for sale, and decide where you would like to sell it.
What’s Ahead:
1. Collect as Much Information as Possible About Your Ring
Before you can sell your ring, you need to know exactly what it is that you’re selling. You’ll want to collect as much information about your ring as you possibly can.
Here’s what you should know before listing your ring for sale:
What It’s Made Of
Engagement rings can be made out of almost any material, from diamonds and gold to plastic and sugar.
Before selling your ring, make sure that what you have to sell is what you think it is. It would be a shame to go in with unrealistic expectations just because someone embellished the truth about the origins of your diamond.
To be sure of what you have, refer to the paperwork that came with the ring. If you don’t have it, you will want to visit an appraiser. You can find appraisers in any major jewelry chain.
Read more: 6 Meaningful Alternatives to Diamond Engagement Rings
What Condition It’s In
The condition of your ring is going to be a major factor in its value. If the silver is tarnished and your stone is offset, you will either need to fix it to add to its value or lower your expectations for its price.
Remember, always weigh the cost of the repair and how much value it’s likely to add to your ring.
What It’s Worth
Having your ring appraised is one of the easiest and most accurate ways to find out how much it’s worth. If you have the time, having it appraised by multiple different jewelers can help you find the best average asking price.
Getting your ring appraised is especially important if your ring is an heirloom piece or second-hand, as the history of these pieces isn’t always clear. Plus, a ring’s value will change over time due to factors like inflation and the value of precious metals and stones.
Read more: How To Sell Your Inherited Valuables
2. Decide How and Where You Would Like to Sell It
There are many different options when it comes to where to sell your engagement ring. Each has its own advantages and disadvantages.
Private Sale
Private sales are likely where you’ll make the most for your ring because you’re cutting out the middleperson and selling directly to the consumer. You can sell on sites like Etsy, eBay, and Facebook Marketplace.
Pawn Shops
Pawn shops will be your quickest turnaround in terms of how long it takes to sell your ring. You can walk into most pawn shops, get the ring appraised, and leave with cash in-hand all on the same day.
But here’s the catch: you’ll only get a small percentage of how much the ring is worth. The pawn shop will need to make money, so they won’t offer you full value.
Local Jewelers
Many jewelry stores will buy back rings in good condition. You’ll meet with an appraiser at the store and they’ll buy it back for a fraction of the price, similarly to pawn shops.
Again, the jewelry store will need to make a profit, so you won’t be getting the full value for your ring.
Jewelry Auctions
An auction house is another option for selling your ring. It’s the most comprehensive option, as the auction house does the advertising, appraising, and selling for you.
You’ll pay a price to have them sell your ring, but if it’s extremely valuable, you’re better off leaving it with an auction house, as they can find the high-powered clients.
Consignment Shops
Consignment shops are similar to auction houses but many operate entirely online. Consignment shops will typically handle the selling process for you, for a percentage of the sale price.
Read more: Forget Craigslist: 7 Safer Alternatives for Buying and Selling Online
3. Get Your Ring Ready to Sell
One of the best ways to make sure you get the most for your ring is to make it as presentable as possible. Make sure you:
Get It Cleaned and Repaired
Ring cleanings are often free, especially if you have it done where the ring was purchased. Tiffany is a good example of this, offering complimentary cleaning for all Tiffany & Co. products.
Cleaning your ring can be done at home, but be very careful. You don’t want to do anything that could damage the stone or setting, which would drive down the price.
If Listing Online, Create a Compelling Ad
If you’re taking the DIY approach and listing your ring online, make sure the ad accurately describes your ring. There’s no use in embellishing the truth, as anyone who comes to see the ring will likely notice the false advertising.
Additionally, take good photos of the ring in proper lighting. As with any ad, the better the pictures, the more appealing the product looks, and the more buyers you’ll attract.
Gather Any and All Paperwork You Have
Most sellers will want a paper trail to ensure they’re not overpaying for a ring. Before you sell, make sure you have all the original paperwork to give to the new buyer.
If you don’t, return to the store where it was bought and see if they have a record of the sale.
4. Sell Your Ring!
We’ve finally made it to the part where you get money in-hand. But, before you blindly accept a wad of cash, there are just a few small tasks that need to be taken care of.
Consider Drafting a Bill of Sale
Drafting a bill of sale can protect you and your buyer from any miscommunications.
List out who is selling the ring (you), who you’re selling it to, and how much you’re selling it for. If there are any other agreements you’ve come to, make sure those are listed as well. It can be a simple handwritten bill of sale, just make sure you sign it.
Meet in a Neutral Place
If you have to meet with a potential buyer in-person, avoid meeting at your home. Meet in a public place and even consider bringing someone along with you. It never hurts to be cautious.
Summary
Selling your engagement can be an emotionally charged situation, so taking your time with the sale can help ensure you’re getting the price you deserve.
When you’re ready to sell, there are options for every type of seller. If you want to be heavily involved in the process, listing the ring for sale on your own can mean a higher price tag. If you don’t want to spend the time researching and listing your ring, consider pawn shops, consignment shops, and auctions.
A cash deposit of more than $10,000 into your bank account requires special handling. The IRS requires banks and businesses to file Form 8300, the Currency Transaction Report, if they receive cash payments over $10,000. Depositing more than $10,000 will not result in immediate questioning from authorities, however. The report is done simply to help […]
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You know whatâs great? Having a job that allows you to use your skills, pursue your passions, and make money on your own terms. Whether youâre a dreamer looking to build a career off your skillset or an entrepreneur searching for a new side hustle, a self-employed job can get you to your goals. Part-time, […]
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When you think of gold, what comes to mind? Eighteen-karat gold jewelry? Gold bricks stacked high in a vault? Sacks of gold coins used for bartering or paying tax collectors in Robin Hood’s days? Or a sensible part of a modern investor’s asset allocation strategy? Although global economies do not depend upon gold in the […]The three primary ways to invest in gold are to buy physical gold bullion, gold futures, or gold stocks and ETFs. What are the pros and cons?
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People yearn for hidden knowledge–the secret sauce! But personal finance doesn’t have to be complicated. The secret sauce of personal finance is simple.