The median-income household could afford a home priced at no more than $350,000, coincidentally the median sale price of an existing home. “If housing is appropriately valued, house-buying power should equal or exceed the median sale price of a home. At a national level, the housing market is neither overvalued nor undervalued by this metric,” … [Read more…]
Net asset value (NAV) is an important metric for knowing how much each share of an investment fund, like a mutual fund or ETF, is worth. However, NAV alone cannot tell investors everything they need to know about potential investments.
Calculating NAV is helpful for fund valuation and pricing. Still, there are times when it is more beneficial to look at other aspects of a fund, like total return, to determine investment opportunities. Nonetheless, investors need to know how to calculate NAV, when it makes sense to use it, and why.
What Is Net Asset Value (NAV)?
Net asset value, or NAV, represents the value of an investment fund. NAV, most simply, is calculated by adding up what a fund owns (the assets) and subtracting what it owes (the liabilities).
NAV is typically used to represent the value of the fund per share, however, so the total above is usually divided by the number of outstanding shares. This makes it easier for investors to value and price the shares of a fund. Mutual funds, for example, use per-share NAV to determine their share price.
The NAV will also change daily because an investment fund’s assets and liabilities change daily based on market prices.The assets of an investment fund include the daily market value of the fund’s holdings, which are usually securities like stocks and bonds. The liabilities of a fund are usually debts owed to financial institutions and expenses, like salaries, operating costs, and other fees.
The Securities and Exchange Commission (SEC) requires that mutual funds calculate their NAV at least once each business day. Most mutual funds perform their calculations after the major U.S. securities exchanges close for the day.
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NAV Formula
Net asset value, as mentioned above, is calculated by taking a company or investment fund’s total assets and subtracting its liabilities. This figure is usually divided by the fund’s number of outstanding shares because NAV is generally represented on a per-share basis. The formula looks like this:
NAV = (Total Value of Assets – Total Value of Liabilities) / Number of Shares Outstanding
How NAV Is Used for Investments
NAV can be used for investments, and by investors, in a number of ways, often depending on the specific type of asset an investor is analyzing. It can give investors insight into a fund’s performance, but doesn’t necessarily tell the whole story.
Mutual Funds
Mutual funds are usually open-ended funds, meaning that investors buy and sell shares of the fund from the fund directly and not on an exchange like a stock. Because these funds don’t trade on an exchange for market prices, NAV is used to price the fund’s shares.
Mutual funds calculate their NAV per share daily, usually at the end of the business day, and that is the price an investor will pay to buy or sell shares in the fund. Every mutual fund company has its own cut-off time for buying and selling shares. After that time, investors buying or selling shares will get the fund’s NAV for the day after their transaction order is received.
💡 Recommended: Understanding the Different Types of Mutual Funds
ETFs
Exchange-traded funds (ETFs) and closed-end funds are similar to traditional mutual funds, but one big difference is that investors can buy and sell ETFs throughout the trading day for a market price and not the NAV per share. Investors can make buy and sell orders for traditional mutual funds once per day and only at their published NAVs.
ETFs are still required to calculate the fund’s NAV once per day, like a mutual fund. Additionally, an ETF’s NAV is calculated approximately every 15 seconds over each trading day and published on various financial websites.
Because ETFs tend to trade at a premium or a discount to their NAV, traders often compare market prices and NAV to take advantage of the differences and make investment decisions.
Example of Calculating Mutual Fund NAV
As an example of calculating mutual fund NAV, imagine that mutual fund XYZ has $100 million worth of investments in different securities, based on the day’s closing prices for each security, and $10 million in liabilities and expenses. The NAV for this fund would be $90 million. If the fund has 5 million shares outstanding, the NAV per share for mutual fund XYZ would be $18.
The NAV for mutual fund XYZ can be calculated using the above formula:
NAV = ($100,000,000 – $10,000,000) / 5,000,000 = $18
How to Interpret NAV Results
A fund’s NAV alone doesn’t tell investors much; a high NAV for one fund is not necessarily better than a low NAV in another fund. Similar to stock prices, a high stock price doesn’t necessarily mean the stock is a better investment than a stock with a lower price.
Looking at a fund’s NAV and comparing it to another fund does not provide investors insight into which fund is the better investment. It’s more important for investors to look at NAV alongside other factors, like the fund’s past performance, the allocation of securities within each fund, and how it performs compared to benchmark indices like the S&P 500 Index.
💡 Quick Tip: How do you decide if a certain trading platform or app is right for you? Ideally, the investment platform you choose offers the features that you need for your investment goals or strategy, e.g., an easy-to-use interface, data analysis, educational tools.
Why Do NAVs Change?
A mutual fund’s NAV will likely change every trading day because the prices of securities in which the fund invests are likely to change every trading day, affecting the total assets in the fund. It’s also because the number of outstanding shares held by investors often changes daily, as new investors buy shares and existing investors sell.
Other factors can also impact a fund’s NAV. For example, the fund’s management fee and additional fees that add up to the fund’s total expense ratio will come out of the fund’s total assets, thus affecting NAV. In addition to management fees, expenses can include costs related to the administrative, compliance, distribution, management, marketing, shareholder services, and record-keeping of the fund. It’s common practice for mutual funds to assess this debit on the fund’s assets every trading day.
When NAV Isn’t Everything
If a mutual fund invests in dividend-paying stocks or fixed-income assets, these securities’ dividends and interest payments go to the investor. Additionally, a mutual fund may distribute realized capital gains to shareholders. These payouts reduce the fund’s assets and result in a lower NAV. Because these benefits lower a fund’s NAV, it shows that NAV may not be the only figure to pay attention to when analyzing the performance of a fund.
When analyzing the performance of mutual funds, it can make sense to look at metrics other than NAV alone, like investment yield and the funds’ total return. The total return considers capital gains and losses from all of the securities the fund invests in, as well as the dividends and interest earned by the fund, minus the fund’s expenses.
The Takeaway
Net asset value, or NAV, is a daily calculation that can track the value of a mutual fund, ETF, or money market fund. But while this figure can be helpful to gauge a fund’s performance, it isn’t the only metric that investors should consider. Total return, yield, and fees are also important figures when making mutual fund investing decisions.
Remember that NAV itself doesn’t tell an investor everything that they need to know, but is just one metric or data point that can be used along with an array of others to analyze funds.
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FAQ
Is net asset value the same as price?
NAV and share price are two different things. Net asset value is the value of the investments within a fund, or the value of a portion of the fund. The share price of a fund, though it may be related, is different from that value.
Why is net asset value important?
Net asset value is important for investors because it describes the total equity or value of a fund. It can help determine the value a share of a fund has, and can help investors evaluate the overall value of an investment.
Is high NAV good or bad?
NAV on its own doesn’t tell investors a whole lot, so whether NAV is high may not be good or bad. What’s more important is how high a fund’s NAV is relative to other metrics, which may include its market price.
Is it good to invest when NAV is down?
If a fund’s NAV is down, that could be a sign that the fund’s performance is suffering. But it doesn’t necessarily mean that it’s a good time to invest in that fund, or a bad time to do so – other metrics must be considered along with NAV, at any given time, to determine whether an investor wants to alter their position.
What is an example of a NAV?
An example of NAV could be $18, and that would be calculated looking at a fund’s underlying securities. You’d need to rope in assets and liabilities, and calculate accordingly to find NAV. Again, $18 is just an example, as NAV could be any dollar figure as it relates to the fund’s assets and liabilities.
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Living in Arkansas means immersing oneself in the tranquility of its natural landscapes, from the majestic Ozark Mountains to the winding rivers and lush forests. Whether experiencing the vibrant energy of Little Rock, the state capital and cultural hub, or savoring the quaint charm of Fayetteville, there is a lot to explore in this state. However, there are cons to living in Arkansas. In this ApartmentGuide article, we’ll uncover the pros and cons of living in Arkansas, so you can learn what life is like in “The Natural State.”
Renting in Arkansas snapshot
1. Pro: Rich natural beauty
Iconic landmarks like the Ozark Mountains, Buffalo National River, and Hot Springs National Park showcase the state’s geological and ecological diversity, attracting visitors from around the world. For example, the Ozark Mountains offer scenic hiking trails, breathtaking waterfalls, and ancient caves, providing opportunities for outdoor exploration and adventure amidst the state’s natural beauty.
2. Con: High humidity
Arkansas experiences high humidity levels, particularly during the summer months, which can create discomfort and exacerbate heat-related illnesses for residents. Cities like Little Rock and Fayetteville often contend with muggy conditions and oppressive humidity, making outdoor activities challenging during the hottest times of the year.
3. Pro: Low cost of living
Arkansas has a low cost of living, making it an affordable place to reside. Major cities in Arkansas like Little Rock and Fayetteville provide access to affordable housing options, with median home prices and rental rates below the national average. For instance, the median home price in Fayetteville is $365,000, making homeownership attainable. Rental prices are also affordable with an average price of $920 for a one-bedroom apartment in Fayetteville.
4. Con: Limited public transportation
Arkansas has limited public transportation options, especially in rural areas, which can hinder residents’ mobility and access to essential services. For instance, North Little Rock has a transit score of 19, meaning there is minimal public transportation options available. This lack of public transportation infrastructure can pose challenges for individuals without access to private vehicles.
5. Pro: Southern hospitality
The state is known for its genuine southern hospitality, where residents embody warmth, friendliness, and generosity towards others. Whether in small towns like Bentonville or larger cities like Jonesboro, Arkansans welcome visitors and newcomers with open arms, fostering a strong sense of community and belonging.
6. Con: Natural disasters
Arkansas is susceptible to various natural disasters, including severe storms, tornadoes, floods, and occasional earthquakes, which can pose significant risks to residents and property. While emergency preparedness efforts and warning systems help mitigate risks, natural disasters remain a concern for residents living in Arkansas.
7. Pro: Outdoor recreation
Arkansas has abundant opportunities for outdoor recreation, with its scenic landscapes, extensive trail systems, and picturesque lakes and rivers. For instance, destinations like the Ouachita National Forest and Lake Ouachita State Park offer pristine wilderness areas and recreational amenities, allowing residents to connect with nature.
8. Con: Limited job opportunities
Arkansas faces limited job opportunities in certain sectors, particularly in industries such as technology and finance, which may offer fewer employment prospects compared to other states. For instance, cities like Pine Bluff and El Dorado may have fewer job openings in high-tech fields like information technology and biotechnology.
9. Pro: Delicious food scene
Arkansas has a delicious food scene, characterized by its southern comfort cuisine, barbecue traditions, and farm-to-table dining experiences. For example, the annual World Championship Duck Gumbo Cookoff in Stuttgart showcases the state’s love for duck hunting and Cajun-inspired cuisine, attracting chefs and food enthusiasts from near and far to savor the flavors of Arkansas.
10. Con: Economic dependence
Arkansas’s economy is significantly dependent on industries like agriculture, manufacturing, and retail, which can leave it vulnerable to economic fluctuations. For example, cities such as Fort Smith and Jonesboro heavily rely on manufacturing, while agricultural areas like Forrest City depend on farming.
11. Pro: Hunting and fishing
Arkansas offers exceptional hunting and fishing opportunities, with its abundant wildlife, diverse habitats, and well-managed conservation areas. The state is renowned for its world-class duck hunting in the Mississippi Flyway and trophy bass fishing in lakes like Lake Ouachita and Bull Shoals Lake.
12. Con: Rural isolation
Methodology : The population data is from the United States Census Bureau, walkable cities are from Walk Score, and rental data is from ApartmentGuide.
Should we elaborate further? Mortgage rates are now topping 7.5%, the highest levels seen this year. You’d think the sales rate would be slowing, but there aren’t signs of it. It’s possible that sales will slow, but maybe it takes a few more weeks to manifest than expected.
At Altos Research, where we track every home for sale in the country each week, the data so often defies expectations or changes very quickly. By tracking the pricing, supply and demand, sales and changes in the data, you can immediately understand it as it happens. Let’s look at the details of the U.S. housing market at the end of April 2024.
Housing inventory
There are now 556,000 single-family homes on the market. That’s up 2.4% from last week, with slightly more than 13,000 additional properties on the market now than a week ago.
Unsold inventory now is almost 32% higher than at this time last year — and it’s 90% higher compared to the end of April 2022. Two years ago, inventory was jumping along with mortgage rates. But that’s not what’s occurring now as the increases are more steady.
This is one way to illustrate that consumers are more sensitive to changes in rates than to the actual levels. Rates are higher now, so unsold inventory is higher. But two years ago, rates were climbing by 20 basis points or so each week for much of the spring. Rates were climbing rapidly and so was inventory. Now the increase in both of these lines is slower.
In 2022, there were record-low numbers of unsold homes on the market, but the numbers were climbing rapidly, with 18,000 to 20,000 properties added each week. Today, we’re adding 13,000 per week. While interest rates and inventory are rising in 2024, they were doing so much more quickly two years ago. The change in rates is what drives change in behavior.
New listings
There were 72,000 new single-family listings unsold this week, Another 21,000 homes were newly listed and already under contract (what are known as immediate sales) for a total of 93,000 new sellers this week. That’s much more than at any point of 2023. You have to go back to July 2022 to find this much seller activity in a given week.
So, why is the seller volume increasing, where is it coming from and is it time to panic?
First, keep in mind that immediate sales are still at a reasonably healthy level. Plenty of homes are receiving offers and going into contract immediately upon being listed — 21,000 this week, or 22.5% of the market.
Next, keep in mind that there are still 20% fewer sellers each week than there would have been in a “normal” year prior to the COVID-19 pandemic. There are not a lot of sellers. It’s just that in the past decade as mortgage rates fell, more real estate began to be hoarded and fewer sales took place. In the accompanying video, you can see the relative levels of new weekly listings. Seller volume is still running pretty low because homeowners have such a good deal with their low mortgage rates that they don’t want to sell.
Fixed mortgage rates mean fixed costs for most homeowners. Fixed costs theoretically means they won’t ever have to sell. But in areas where costs are rising — due to higher property taxes, insurance hikes or other rising maintenance expenses — homes are more likely to hit the resale market.
Right now, this is most obvious in Texas and Florida. Over the past year, 40% of the inventory increase at the national level has come from these two states. Texas and Florida combine for 29% of the country’s active listings and 16% of its population, so outsized gains are happening in these place. For example, if you have a second home in southwest Florida that you only use occasionally and your insurance costs tripled this year, it’s very tempting to sell. And some people are doing so.
The opposite trend is happening in New York, which has the fewest available homes per capita right now. That dubious distinction is usually reserved for California. New York has slightly fewer homes on the market than at this time last year, whereas Florida now has 59% more.
The takeaway here is that inventory gains are happening pretty much everywhere but at a significantly higher rate in the Sun Belt states — from Florida to Texas and Arizona.
Pending sales
There are 398,000 single-family homes under contract now — a few percentage points more on a year-over-year basis. These homes in the pending-sales stage will mostly close in May.
This is slight seller growth but not a pullback, even with April’s mortgage rate increases.
Frankly, this pace could’ve been expected to reverse, but it hasn’t happened yet. In 2022, sales dwindled in the second half of the year and have yet to recover. The video above illustrates how quickly home sales slowed as mortgage rates rose — especially in June and September 2022.
This year, the trajectory is staying surprisingly positive. As the average rate jumped from 7% to 7.5%, that slowdown could’ve been expected to happen again. If the market gets lucky and rates don’t climb past 8%, then the sales rate might continue to slowly recover by later this summer. But rates could keep climbing. The macroeconomic data keeps coming in strong and we’ll just have to watch to see what happens.
There were 76,000 new contracts started this week for single-family homes in the U.S. That’s more than in any week for all of 2023. It’s strong growth — 9% more than the same week a year ago. Sales volume typically peaks at the end of June, so we likely have more growth to come in the spring market. And the weekly new pending sales count is already ahead of the best weeks posted last year.
Home prices
The median price of homes under contract is now slightly more than $399,900, good for 5% year-over-year growth. What’s being tracked here is the final asking price for the homes that went into contract. This is the earliest proxy for the final sales price. Any given home may sell for more or less than asking price, but in aggregate, the actual sales price is very close to this pending sales price.
Altos Data watches several measurements of home prices. There’s asking prices, or what you’ll see if you’re shopping the market today. The median price of all homes on the market right now is just under $445,000 and is only 1% higher than in April 2023.
The price for a new listing is the best leading indicator, and there are the prices of the set that is being purchased, which is what we’re looking at here. These are all useful indicators of home prices.
Historic data shows, for example, precisely when home prices fell in June and September 2022. At that time, there were large jumps in seller inventory coupled with sudden, additional spikes in mortgage rates. So, homebuyers adjusted their expectations and prices dropped. We’re on the alert for these price declines today but have yet to see them.
Price reductions
While watching for leading indicators for changes in sales prices, we saw a meaningful uptick in price reductions. This week, 32.5% of the homes on the market included a price cut. That’s up 50 basis points from last week and is 340 bps more than at the end of April 2023.
This week last year was the final decline of the spring season. Pricing was much firmer last year, but the share of homes with price cuts in 2024 have increased for 10 weeks. It’s a much slower season compared to last year and spring is when the most upward pressure on home prices typically happens.
But price cuts are on the rise. The curve this year is following a very clear seasonal trend. Home prices are not crashing and there’s no signal anywhere in the data that a crash is imminent. But there are more homes with price cuts now than in April of any recent year, so that’s a pretty weak signal.
In the price reductions chart of the accompanying video, notice how this year’s curve is elevated above that of any recent year. There are more homes on the market with price cuts today than in any April in more than a decade — even though this rate is not climbing nearly as quickly as it did two years ago when the market changed.
If you look at the local data, you’ll see that the Florida markets are dominating in terms of price cuts. More than 50% of the homes on the market in most of the major Florida metro areas have had price cuts. Inventory is up and prices are lower on an annualized basis. Nationally, however, the data is balanced out by many markets, such as those in the Northeast, where inventory is still very low.
If mortgage rates keep climbing, we could more than 40% of U.S. listings with price cuts by the latter portion of summer. That would likely be a negative indicator for future sales prices — i.e., home price declines. As mentioned earlier, home prices today are higher than they were a year ago (by 1% to 5%, depending on which measurement is used). But the price-reductions trend seems like it is poised to slow down. It looks as if home prices in 2024 will remain flat, at best, although 2023 offered a surprise and that could happen again as this year unfolds.
Those rates have spiked since 2022 amid efforts by the Federal Reserve to tackle surging inflation – but while the central bank was widely expected to introduce rate cuts in the second half of this year, those hopes have receded somewhat amid surprisingly high recent consumer price index (CPI) readings. The core CPI, which excludes … [Read more…]
Do you want to learn how to sell gold for cash? Selling your gold can be a quick way to make extra money and potentially turn a profit depending on if the price of gold increased. Whether you have gold jewelry, gold coins, gold bars, or even dental gold, you can most likely make extra…
Do you want to learn how to sell gold for cash?
Selling your gold can be a quick way to make extra money and potentially turn a profit depending on if the price of gold increased.
Whether you have gold jewelry, gold coins, gold bars, or even dental gold, you can most likely make extra money from it.
In this article, we’ll go over the strategies to turn your short stories into a profitable side hustle, and you will learn:
List of the best places to sell gold
How to calculate how much your gold is worth
What place gives you the most money for gold
If you have to pay taxes for the gold
Recommended reading: Where To Sell Jewelry: 12 Best Places For Extra Money
Best Places To Sell Gold For Cash
Here’s a list of the 11 best places to sell gold for cash.
1. Worthy
Worthy is an online auction platform specifically for selling jewelry and this is usually the best place to sell gold jewelry for cash. They buy jewelry (bracelets, rings, necklaces, etc.), diamonds, watches, platinum jewelry, and other valuables. The platform helps connect you to a group of professional buyers which may lead you to getting a better price for your gold.
This is one of the best places to sell your gold due to the convenience and reliability of the website. Worthy is built with the seller and buyer in mind, making it as easy as possible to buy and sell jewelry.
Here’s how to sell your gold on Worthy.
Tell Worthy about the item by answering a few basic questions.
Schedule shipping of the item via FedEx. Item is insured FedEx shipping by Worthy (and it is free shipping).
Worthy prepares the sale by cleaning and photographing items for you.
An online auction takes place where you can select a reserve price and the highest offer wins.
Once your gold is sold, you’ll receive payment via bank transfer, PayPal, or check.
You can start selling your gold jewelry on Worthy by clicking here.
Recommended reading: Worthy Review – Is Selling Jewelry On Worthy Legit?
2. Cash For Gold USA
Cash For Gold USA is an online platform that buys gold, such as gold jewelry and gold coins, with benefits such as being A+ on BBB, $100,000 insurance on every shipment, with over $150 million bought and sold on the website.
Here’s how Cash For Gold USA works:
Enter your shipping info to receive a free appraisal kit. Send your gold to Cash For Gold USA.
Receive an appraisal from Cash For Gold USA within 24 hours of them receiving your kit.
Accept an offer and get paid via direct deposit, PayPal, virtual credit card, or check.
Cash For Gold USA even has a gold calculator on their home page that gives you a rough estimate of what you can get for your gold. If you do not like the estimate or no longer want to sell your gold, you can decline the offer and Cash For Gold USA will return your item free of charge.
3. Express Gold Cash
Express Gold Cash is a reputable online platform for selling gold (even dental gold!). With over 5,000 positive Trustpilot reviews, you can feel peace of mind knowing you’re working with a reputable gold dealer.
This is how Express Gold Cash works:
Request a free appraisal kit with a prepaid FedEx return label.
Send Express Gold Cash your gold. Packages are insured up to $5,000, so keep that amount in mind.
Once received, Express Gold Cash will calculate the cash value and send you an offer that you can accept or decline.
4. The Alloy Market
Alloy is an online market that offers a seamless way to sell your gold for cash. Similar to Express Gold Cash and Cash For Gold USA, Ally works by sending in your gold via appraisal kit. Alloy covers shipping and up to $100,000 insurance at no cost to you.
Once receiving your package, Alloy will inspect, weigh, and test the gold to give you an accurate valuation. Once the team appraises the items, an Alloy Advisor will reach out to you and give you a cash offer. The Alloy Advisor can also answer any questions you may have.
Once you accept an offer, the payout is processed. How quickly you get your money depends on which payment option you choose. Choosing PayPal or Venmo pays out immediately.
5. Local Pawn Shops
Selling your gold to a local pawn shop is one of the quickest ways to get cash. Research local pawn shops in your area and check for reviews and recommendations from friends or family. Check current market prices for gold to get an idea of what your gold is worth. Bring your gold to the pawn shop for assessment where the pawnbroker will check for quality, purity, and weight of the gold.
The pawnbroker will give you an offer. If you don’t like the offer, you can negotiate for a higher price. If you accept the offer, the pawnshop will give you cash on the spot. If you pawned your items instead of selling them outright, you’ll need to repay the loan amount plus any interest fees within the agreed loan period.
6. Consignment Stores
A consignment store is a popular spot for selling gold for cash if you’re looking for a hands-off approach to selling your gold. Consignment stores work by handling the selling process on your behalf and in exchange, the consignment store earns a percentage of the sale price of your item.
To get started, research consignment stores in your area and look for places with good reviews and recommendations.
Once you find one (or some) that you’re interested in, give them a phone call and ask them about their terms and fees. You should prepare your gold items before taking them in by cleaning and making them presentable.
Bring your gold to the consignment store where they may assess the quality and condition of the item. Once that is finished, you’ll likely sign a consignment agreement with the store which includes the agreed-upon sale price, fees, and consignment period.
Once your gold is sold, the consignment fee will be deducted from the sale price and provide you with the remaining amount.
7. Local Jewelry Stores
Selling your gold to a local jewelry store is a convenient option if you want to make cash quickly.
You can start by researching local jewelry stores in your area to see if they buy gold. Also, make sure the jewelry store has good reviews and recommendations.
I recommend that you write down the details of the gold you want to sell such as the weight and purity, and then check the current market price of gold. Then, call local jewelry stores to see if they have specific days or times when they handle gold buying.
8. Local Coin Shops
If you want to sell your gold right away, a local coin shop may be a good option.
To get started, research local coin shops and check the reviews. Gather important details about your gold including its weight, purity, and any certificates or special documentation. Then, get in touch with local coin shops and schedule an appointment if necessary.
Before going to any local coin shops, check the current market price of gold to get a rough estimate of what gold is worth.
You may want to negotiate the price if the shop’s buying policies allow it. Shops need to make a profit when reselling these items, so keep that in mind when getting your offer. Online buyers may pay you more for your gold coins due to having less overhead costs, but going to a local coin shop may be easier or faster because you don’t have to ship anything.
9. eBay
eBay is another option for selling your gold jewelry. eBay has the benefit of an international customer base which may increase your profit.
To get started selling on eBay, research the current market price of gold to give you an idea of what you should sell your gold for.
In your eBay listing, use a descriptive title including the gold, weight, and purity. The description should include detailed info about the piece of gold including weight, purity (18k, 24k, etc.), dimensions, and certificates of authenticity. Include high-quality photos of the gold including close-ups. Share the condition the item is in and if it’s new, used, or like new.
10. JM Bullion
JM Bullion is a website that buys gold for cash. This site is rated 4.8 on Shopper Approved with over 370,000 reviews.
To get started, you need to create an account at JM Bullion. Similarly to other gold buying platforms, JM Bullion sends you a prepaid shipping label and package mailer so that you can send them your jewelry.
Once JM Bullion receives your package, they’ll get started inspecting your item and approving the sale. After approval, payment will be issued to you.
11. Luriya
Luriya is a New York-based jewelry buyer who has in-store appointments or mail-in kits to sell jewelry.
To get started, you can request a mail-in kit from Luriya and send your jewelry to them. The mail-in kits are insured for up to $1,000, but you can pay extra to have your items insured for up to $1,000,000.
Once the item is received, Luriya will contact you to confirm they’ve received it. Within 24-48 hours, you’ll have an offer.
How much will I get if I sell my gold?
The amount you’ll receive from selling your gold will depend on factors such as:
Purity and weight of the gold
The current market price of gold
Buyers fees (pawn shops and jewelers often charge a fee for their services)
Local market demand
To get an idea of how much you’ll receive for your gold, weigh your gold in grams. Check the purity and identify the karat of your gold. Once you know this information, you can research current gold prices which are usually quoted per ounce or gram.
You can also calculate the value of your gold with this equation:
Multiply the weight of gold by its purity (percentage of pure gold) and then by the current price of gold per gram or ounce.
Understand that this is just a ballpark estimate to give you an idea and isn’t the exact amount you’ll receive.
Also, I do want to say that online gold buyers many times will pay more because as an online purchaser, they have lower operating costs.
Now, if we’re talking gold jewelry, then the amount will be a little different. This is because the value of jewelry can depend on so many things, such as the brand, quality, and more. To get the best price for your gold jewelry, then you may want to compare offers and shop around.
Frequently Asked Questions
Below are answers to common questions about how to sell your gold for cash.
What place gives you the most money for gold? Where can I convert gold to cash?
The place that gives you the most money for your gold include options like local jewelry stores or pawn shops, auction sites like Worthy, and gold buyers and dealers.
To maximize your earnings for selling your gold, get quotes from multiple buyers to compare prices. Make sure any buyer you talk to is reputable and licensed and check with organizations like Better Business Bureau for complaints.
How much is 14k gold worth today? How much is a 14K gold necklace worth at a pawn shop?
The value of 14k gold fluctuates daily based on the current market price of gold. As of April 2024, 14k gold price per gram is $43.68.
How much you’ll get at a pawn shop depends on their fees and overhead costs. Get quotes from multiple pawn shops and dealers to compare offers to ensure you’re getting a fair price.
Do I have to pay taxes when I sell my gold?
Gold is considered an asset, so any profit you earn from selling your gold is taxed by the IRS. How much you owe depends on factors like:
How long you had the gold before selling
How much of a profit you make
Your tax filing status
Is it better to sell gold jewelry or pawn it?
Whether or not you should sell gold or pawn it depends on how quickly you need cash. If you need cash quickly, pawning gold jewelry at a pawnshop can get you cash quickly, even within the hour.
When you pawn gold (this is different from selling gold to a pawn shop), you’ll receive a loan amount based on the appraised value of the item. You’ll need to repay the loan, interest, and fees within the loan period to get your gold back.
If you’re not in a rush to get cash now, it may be better to sell your gold jewelry as you’ll likely get more cash this way.
How do pawn shops determine the value of gold?
Pawn shops determine the value of gold based on several factors, including:
Purity of the gold
Weight of the gold
Current market prices
Condition of the item
What are the best places to sell gold for cash online?
The best places to sell gold for cash online include places like:
Cash for Gold USA
Worthy (if you want to sell gold jewelry for cash)
Express Gold Cash
eBay
Each platform has different fees, so make sure to read the fine print clearly and research reviews for each website from Better Business Bureau. You’ll also want to think about factors like shipping costs, insurance coverage, and payment methods for each website.
Where can I sell gold for cash near me?
To sell gold for cash near you, there are a few options to try selling at. Here are some places you can sell gold for cash near you.
Local jewelry stores
Pawn shops
Coin shops
Gold buyers and dealers
Local precious metals refinery
Best Places To Sell Gold For Cash – Summary
I hope you enjoyed this article on the best places to sell gold for cash.
If you want to sell your gold for cash and get the most money, you can try selling your gold on auction sites like Worthy or gold dealers. Evaluate your gold items based on purity and weight to get a better idea of how much your gold is worth.
I also recommend getting multiple quotes to compare offers so you get the best deal for your gold. Take the time to understand any fees that may impact your profit like overhead costs at pawnshops and other buyer fees.
Housing affordability dipped in March on both a monthly and yearly basis, according to a new report by First American.
Affordability fell by 0.1% compared with February, according to the First American Real House Price Index (RHPI). On an annualized basis, affordability fell by approximately 5%. Meanwhile, mortgage rates also rose over the course of the month.
The RHPI measures the price changes of single-family properties throughout the U.S., adjusted for the impact of income and interest rate changes on consumer homebuying power over time at the national, state and metro-area levels.
“Two factors drove the year-over-year decline in affordability – a 6.2% annual increase in nominal house prices, and a 0.3 percentage point increase in the 30-year, fixed mortgage rate compared with one year ago,” Mark Fleming, First American chief economist, said in a statement.
“For home buyers, holding prices constant, the only way to mitigate the loss of affordability caused by higher mortgage rates is with an equivalent, if not greater, increase in household income,” Fleming said. “Even though household income increased 3.7% since March 2023 and boosted consumer house-buying power, it was not enough to offset the affordability loss from higher mortgage rates and rising nominal prices.”
Consumer homebuying power, which represents how much one can buy based on changes in income and mortgage rates, decreased 0.1% between February and March 2024 but increased 0.8% year over year. The median household income has increased 3.7% since March 2023 and 90.2% since January 2000.
West Virginia, New Mexico, New Jersey, Massachusetts and Indiana posted the largest year-over-year increases in the RHPI. Meanwhile, Washington, D.C., and Colorado posted year-over-year decreases.
Among the metros tracked by First American, Memphis, Tennessee; Boston; Providence, Rhode Island; Buffalo, New York; and Cincinnati posted the highest year-over-year gains in the RHPI. Meanwhile, Denver and Portland, Oregon, posted year-over-year losses.
In March, the housing market was almost overvalued at a national level, but a surprisingly large number of markets remain significantly undervalued, according to First American.
Among the top 50 markets tracked, 22 were overvalued in March, meaning that the median existing-home sale price exceeded home purchasing power.
The market with the highest overvaluation was San Jose. There, the median consumer home purchasing power in March was $723,000, significantly below the median sale price of $1,430,000.
“In markets considered overvalued, the chronic housing supply shortage is preventing prices from adjusting downward enough to reflect the affordability reality,” Fleming said. “Additionally, house prices are ‘downside sticky.’ Home sellers would rather withdraw from the market than sell at lower prices.”
“The good news is that most of the markets we track remain undervalued by this measure, and nine markets were undervalued by $100,000 or more,” Fleming added. “Detroit, Philadelphia, and Cleveland are markets considered undervalued by an average of $145,000.”
Mortgage rates continued their climb past the 7% threshold this week, sidelining price-sensitive buyers in their wake.
The rate on the 30-year fixed rate mortgage rose to 7.17% on Thursday, up from 7.1% the week prior, according to Freddie Mac. Rates surged past 7% last week for the first time this year following a government report showing inflation remained hotter than expected.
A separate measure, which tracks rate changes daily, revealed even bigger swings. The daily rate on the popular 30-year fixed loan was 7.52% on Thursday, the highest reading since November 2023, according to Mortgage News Daily.
The uptick in rates was a sour note for would-be buyers hoping to get into the spring market, forcing some first-time and repeat buyers back on the sidelines.
Any hope of seeing rates stabilize will be contingent on inflation, said Jiayu Xu, an economist at Realtor.com.
“Unfortunately, the rising mortgage rates occurred during what is typically a busy time in the housing market, potentially giving pause to prospective homebuyers as they weigh their purchasing decisions,” Xu said. “Despite the increased mortgage rates leading to higher costs, it could also suggest a less competitive market where opportunities may exist for some homebuyers.”
Read more: Mortgage rates today, April 25: Rates increase for the 4th straight week
Buyers backpedal as rates soar
Demand for mortgages slowed last week as mortgage rates hit their highest levels since late 2023.
The volume of applications to purchase a home fell 1% during the week ending April 19, according to the Mortgage Bankers Association (MBA) weekly survey of applications. Overall, applications were down 15% compared to one year ago.
Those purchasing turned to government-backed loans or adjustable-rate mortgages (ARMs), which offer slightly lower interest rates.
The ARM share of applications increased nearly 8%, the MBA noted, which was consistent with the uptick in rates as buyers searched for any measure of relief. The FHA share of applications also registered a modest uptick, rising roughly 13% for the week ending April 19.
But homebuyers weren’t the only ones halted by the uptick in mortgage rates. Refinance applications fell 6% last week, the MBA found, as homeowners lost hope of snagging a lower rate.
While mortgage rates are partially to blame for the lull in demand, the limited supply of homes on the market is a big factor. There’s still more demand than there is supply, keeping home prices from edging down.
It’s also fed the lock-in effect.
“The jump in mortgage rates has taken the wind out of the sails of the mortgage market,” said Bob Broeksmit, CEO and MBA president. “Along with weaker affordability conditions, the lock-in effect continues to suppress existing inventory levels as many homeowners remain unwilling to sell their home to buy a new one at a higher price and mortgage rate.”
Read more: Mortgage rates top 7% — is this a good time to buy a house?
A silver lining in new construction
While inventory of previously owned homes continues to hover near 30-year lows, sales of newly built homes in March surpassed expectations, seeing the largest increase since December 2022.
Sales of newly built, single-family homes in March rose nearly 9% to 693,000 on a seasonally adjusted annual rate, according to data released this week by the US Census Bureau and US Department of Housing and Urban Development.
The pace of new home sales last month was up just over 8% from a year earlier, though experts predict it may moderate.
Still, new homes represent a cushion for buyers facing low inventory on the existing home side.
New single-family home inventory in March sat at 477,000, up nearly 3% from February. That represents about 8 months of supply at the current building pace. As for existing single-family homes, data from NAR shows there were just over 3 months of supply in March — at least 5 to 6 months represent a balanced market.
Overall, the inventory of newly built homes in March was up just over 10% annually.
According to Sam Khater, Freddie Mac’s chief economist, buyers are coming to terms with higher rates, as evidenced by the recent uptick in sales for new homes.
“Despite rate increases more than half a percent since the first week of the year, purchase demand remains steady,” said Khater. “With rates staying higher for longer, many homebuyers are adjusting.”
Gabriella Cruz-Martinez is a personal finance and housing reporter at Yahoo Finance. Follow her on X @__gabriellacruz.
Click here for real estate and housing market news, reports, and analysis to inform your investing decisions.his
Tony Anderson/GettyImages; Illustration by Hunter Newton/Bankrate
Key takeaways
HFA loans are mortgages available solely through state housing finance agencies.
Geared toward first-time and low- to moderate-income homebuyers, HFA loans feature low down payments, competitive interest rates and down payment and closing cost assistance.
HFA terms and qualifications vary by state, which may impose income and purchase price limits on borrowers.
No, “HFA loan” is not a misidentification of the better-known FHA loan. It’s a wholly different type of mortgage, offered through state housing finance agencies (HFAs) in partnership with major loan providers Fannie Mae and Freddie Mac. HFA loans help make homeownership more affordable for first-time homebuyers and low- to moderate-income borrowers, thanks to their reduced interest rates and closing costs, as well as their down payment assistance options.
What is an HFA loan?
HFA loans are conventional mortgages, issued by private lenders, which must conform to guidelines set by Fannie Mae and Freddie Mac.
HFAs support affordable housing initiatives, including helping homebuyers, homeowners and renters. While their exact function and relationship to their state government varies, HFAs typically act as independent organizations, overseen by a board of directors appointed by the state’s governor. They might be referred to as the state’s housing “authority,” “commission,” “corporation” or “department.”
Fannie Mae and Freddie Mac are two government-sponsored enterprises (GSEs) that back much of the mortgage market in the U.S. They work with state housing authorities (HFAs) nationwide to offer these loans. Fannie and Freddie design the loans and their terms, but neither they nor the state directly funds them or deals directly with applicants. Instead, they work through a selection of approved, private mortgage lenders.
How does an HFA loan work?
HFA loans come with many caveats. You have to meet your state program’s requirements for income and homeownership status (you typically can’t have owned a house within the past three years.) And you’ll probably need to take a homebuyer education course designed to prepare you for the homebuying process.
Once you’re approved, you can often finance the down payment with down payment assistance, which is provided through the HFA. The assistance could be in the shape of a second mortgage (with very generous terms), a forgivable loan (that doesn’t need to be repaid in full or in part if you meet certain conditions), or even an outright grant (like HFA Preferred grants), depending on what that particular state authority offers. Often this assistance is only available if you are financing with an HFA loan.
HFA loan requirements
To qualify for one of these mortgages, you generally must meet a few basic HFA loan requirements:
Down payment: 3 percent for single-family homes
Credit score: at least 620
Debt-to-income ratio: 45 percent
Occupancy requirement: At least one borrower must use the home as a primary residence
Your local HFA may have extra minimums you must meet. Often, you need to be within certain income and purchase price limits that vary by county/municipality and household size. And of course, you have to be buying the home within the state.
Types of HFA loans
There are two types of HFA loans: Fannie Mae’s (called HFA Preferred) and Freddie Mac’s (known as HFA Advantage). Some states offer both HFA Preferred and HFA Advantage loans; some opt to go with one type exclusively. Here’s how the two types compare.
Fannie Mae’s HFA Preferred
Freddie Mac’s HFA Advantage
Loan type
Conventional
Conventional
Rate type
Fixed rate
Fixed rate
Minimum down payment
3 percent
3 percent
Distinct features
These loans also allow for limited cash-out refinancing
People who do not plan to live in the home can serve as co-borrowers
HFA vs. FHA mortgage loans
An HFA loan and FHA loan might sound the same — and have similar characteristics, like a low down payment — but they are two separate types of mortgages. Let’s dive into some of the similarities and differences.
HFA loans
FHA loans
Sponsoring entity
State housing finance agencies (HFAs)
Federal Housing Administration (FHA)
Available from
State-approved lenders
Banks, credit unions, mortgage companies and other businesses that offer mortgages
Minimum down payment
3 percent
3.5 percent
Minimum credit score
620
580
Income and purchase price limits
Often imposed
Not often imposed
Mortgage insurance
Yes, but like with other conventional loans, private mortgage insurance (PMI) is cancellable once you have built up 20 percent equity in your home
Mortgage insurance premiums (MIP) required; may be permanent or cancellable, depending on the down payment size
HFA loan pros and cons
An HFA mortgage has its pros and cons to consider before deciding if it’s the best choice for you:
Pros of HFA loans
Low down payment requirement and closing costs: With an HFA loan, you can put down as little as 3 percent. Closing and upfront fees tend to be low.
Financial assistance: Many HFAs offer assistance with closing costs or down payments.
Lower mortgage insurance costs/easier insurance elimination: HFA loans charge less for mortgage insurance and eliminate insurance payments automatically upon reaching 80 percent loan-to-value (LTV) ratio. Other programs, like FHA loans, make it harder — if not impossible — to get out of mortgage insurance, as long as the loan is active.
Cons of HFA loans
Not widely available: You can only get an HFA loan from your local state agency. Other types of loans are more widely available.
Income limits: HFA loans are for people with incomes lower than the median of their geographic area.
Inconsistent rules: Each HFA can set different rules and requirements, so you need to check with your specific HFA to learn if you’re eligible.
Higher credit score requirements: Though low, HFA loans have higher credit score minimums than some alternatives like FHA loans.
Who is an HFA loan best for?
Getting an HFA loan might be a better idea for certain people. Consider an HFA loan if you fall into at least one of these categories:
First-time buyers. The definition is broad enough to include first-time homeowners and buyers who haven’t owned a home in the past three years.
Those with moderate incomes. To qualify, your income must fall within the HFA’s income limits, which are typically set yearly and vary from state to state — and even counties within the state. Those with high incomes should look elsewhere.
Owner-occupants. HFAs aren’t available for investment properties or vacation homes. Rather, they’re for principal residences.
House hackers. HFA loans do allow purchases of two- to four-unit residences, meaning you could finance a duplex, divided townhouse or small apartment building. You’d just need to occupy one unit and rent out the rest, a strategy sometimes known as “house hacking.”
How to apply for an HFA loan
Explore your HFA’s options. Each HFA has its own requirements for HFA loans, and could also offer alternative programs and assistance. You can find your HFA’s website through our guide to first-time homebuyer programs by state.
Contact the state housing authority. Depending on the HFA, you can either fill out a form online to get in touch for more information, or call the agency directly.
Find an approved mortgage lender. HFA loans are only offered through lending partners approved by your HFA. You can find a list of these lenders on your HFA’s website.
Compare lender reviews and testimonials to help narrow your options. From there, you can move forward with a preapproval and application, and a homebuyer course, if needed. When you apply for an HFA loan, be prepared to provide all of your financial information, including paystubs and tax returns.
Other low-down payment mortgages
Whether you’re a first-time or repeat homebuyer, there are several other low down payment mortgage options. Some of the most popular include:
FHA loans: More widely available than HFA loans. Lower credit score requirements. 3.5 percent down payment requirement.
VA loans: Only available to veterans and service members. No down payment requirement.
USDA loans: Only available in specific areas. No down payment requirement.
HomeReady/Home Possible loans: 3-5 percent down payment required. Lower mortgage insurance costs. Income limit of 80 percent of the local area median income.
Conventional 97 loan: Conventional mortgage with 3 percent down payment requirement.
HFA loan FAQ
HFA mortgage rates can vary with market rates and the HFA you work with. They tend to be quite competitive with national average rates. To find up-to-date rates, contact your state’s HFA.
Yes, you can use down payment assistance when applying for an HFA mortgage. Your HFA may be able to help you find assistance.
Yes, HFA mortgages require mortgage insurance payments. You can get out of these payments once you reach an 80 percent LTV ratio or 20 percent home equity.
Yes, it is possible to refinance to an HFA loan. Depending on the type of HFA loan you have, you may or may not be able to take cash out during closing.
Do you want to learn how to turn $1,000 into $10,000? Turning $1,000 into $10,000 might seem like a big challenge, but it’s possible with the right plans and some creativity. Whether you want to make extra income, run a full-time business, or if you are just looking to learn how to turn your $1K…
Do you want to learn how to turn $1,000 into $10,000?
Turning $1,000 into $10,000 might seem like a big challenge, but it’s possible with the right plans and some creativity.
Whether you want to make extra income, run a full-time business, or if you are just looking to learn how to turn your $1K into $10K quickly, there are many options that may interest you.
Best Ways To Turn $1,000 Into $10,000
Below are the best ways to turn $1,000 into $10,000.
Recommended reading: 22 Ways To Make Money Online Without Paying Anything
1. Flip items for profit
Turning your $1,000 into $10,000 might sound like a dream, but one practical way to work toward this goal is by flipping items for profit. Start by searching your home for things you don’t use anymore.
You’d be surprised how much money you can make from selling stuff like old phones, laptops, fancy clothes, and even that couch you never sit on.
I have flipped many items for resale over the years, and I even had a small reselling business at one point. It’s a fun way to make extra money!
Here are some ideas:
Sell electronics and furniture – Websites like Craigslist and Facebook Marketplace are perfect for selling bigger things like furniture due to easy local pickups. Make sure your items are in good shape to get the best price.
Fashion and accessories – For clothes, especially if they’re branded, platforms like eBay or Facebook Marketplace are great. These sites help you reach a wide audience and ship items easily. And for those special pieces of jewelry you never wear, a site like Worthy can help you find them a new home.
Yard sales – Sometimes old-fashioned is best. A yard sale can be a quick way to make money, especially when you have lots of items. You might get less money per item, but it adds up!
Then, to take it a bit further, you can start buying items to flip for a profit. So, you might find furniture that needs a little bit of cleaning up, high-end clothing that needs to be repaired, or an appliance that needs a new part. Fix them up and sell them for a higher price.
One of my friends does this for a living.
Some of the best flipped items that they’ve done include:
An item that they bought for $10 and flipped for $200 just 6 minutes later.
A security tower they bought for $6,200 and flipped for $25,000 just one month later.
A prosthetic leg that they bought for $30 at a flea market and sold for $1,000 on eBay the next day.
2. Start an online business
Launching your own online business is a solid path to multiply your money.
Some service-based businesses you can try include online businesses such as freelance writing, proofreading, transcription, or bookkeeping, as well as in-person businesses like car detailing, meal prep service, lawn care, dog walking, tutoring, and local tour guide.
These are in high demand and don’t require much to start – usually just a good laptop or some equipment (like car washing soap and a sponge).
To start your own business with just $1,000, marketing is key. You can use social media to reach your target audience (such as by simply just posting something on your personal Facebook page) or add flyers to local bulletin boards.
3. Real estate investing
There are many ways to turn $1,000 into $10,000 in real estate.
I’ve tried out a few real estate side gigs myself, and I know plenty of others who do the same. Starting in real estate doesn’t have to be expensive. There are several side hustles in real estate that you can begin even if you’re new or working with a tight budget.
These include:
House hacking – Buy a home, live in part of it, and rent out the rest. This way, other people’s rent helps pay your mortgage. Look for multi-unit properties where you can stay in one spot and lease the others.
REITs, or Real Estate Investment Trusts, are another way to dive in. These trusts own types of properties, from apartments to shopping centers. When you invest in REITs, you spread your money across different properties without the hassle of managing them.
Airbnb rentals open doors to earning from a spare room or your entire place for travelers. Set up your space to be cozy and welcome guests looking for a stay. Remember to look into the laws in your area about renting your place, and set a competitive price to attract visitors.
Rent out your storage space – Rent out your unused land or space for storage to earn extra income. Whether it’s a parking spot, closet, basement, attic, or any unused area, people are looking for storage and are willing to pay for it. List your space on platforms like Neighbor to earn anywhere from $100 to $400 or more monthly, depending on demand and the size of the space you offer.
Flipping homes – Flipping residential properties will typically cost you a lot more than $1,000 to get started, but I still wanted to include this because this is a popular way to turn a small amount of money into a lot. If you’re handy and love a project, buy a house, fix it up, and sell it for more. You’ll also want to pay attention to things like location and opportunity in the market.
You can learn more about this at 23 Best Real Estate Side Hustles.
4. Peer-to-peer lending
Turning $1,000 into $10,000 might seem like a dream, but you can try peer-to-peer (P2P) lending platforms to help grow your money. These platforms connect people who want to borrow money with those who are willing to lend it.
Peer-to-peer lending is like helping out a friend who needs a loan. For example: You have extra money and a friend asks to borrow some. You lend it to them, and they pay you back with interest – more than what you gave them. P2P lending works similarly but on a bigger, online level where individuals lend money to others through a platform, earning interest on the loans they provide.
Getting started with peer-to-peer lending is fairly straightforward. Here’s how:
Choose a reputable P2P platform that fits your needs.
Deposit your $1,000 to fund loans.
Before committing, make sure to read and understand all terms and conditions, including the potential earnings and risks.
The interest you earn from the loans becomes your profit over time.
Remember, investing has risks and loans might not be paid back, impacting your return.
5. Stock investing
Stock investing is an investment strategy when you buy a share of ownership in a company, like Microsoft, Apple, or Tesla. Individual company stock prices can go up or down, but if it goes up, then you may be able to turn $1,000 into $10,000.
This may take a year, 10 years, or even longer. All stocks are different, but it is possible to learn how to turn $1,000 into $10,000 in stocks.
Stocks give you a chance to make more money than by just putting it in the bank. Over time, companies grow and can pay you back more than what you started with.
Usually, long-term investors (this is the type of investing I personally do) like to diversify their portfolios so that all of their eggs aren’t in one basket. This way, if one company doesn’t do so well, then you won’t lose all your money.
One option is to invest in funds (like exchange-traded funds or mutual funds) instead of individual stocks. A fund is a bunch of stocks wrapped up in one package and this can make things less risky for you.
Recommended reading: How To Start Investing For Beginners With Little Money
Note: Some people do short-term investing to make money in the stock market. Yes, this is another way, but you’ll want to do a lot more research about your investment decisions, the different fees you may come across, understand your risk tolerance, and more before opening up a brokerage account. This is because while the right strategy can make you money in the stock market, the wrong strategy can lose you a ton of money.
6. Create digital products
Creating digital products is a way to turn your $1,000 into $10,000 (and even make passive income). By designing products that people can download and use, you tap into a market with very low overhead costs.
You can start by thinking about what skills or knowledge you have that others might pay for. It could be anything from a guide on how to care for exotic plants, templates for social media branding, weekly routine printables, printable wall art, and more.
Your earning potential can vary, and digital product sellers can typically start this business side hustle with little needed.
You can learn more about this at How I Make Money Selling Printables On Etsy.
7. Flip domains
Flipping domains is similar to flipping houses: You buy domain names at a lower price and sell them for more. Domain names are the web addresses people use to visit websites.
For example, my domain name is “makingsenseofcents.com.”
Now, this can be risky, because you don’t know what domains will eventually sell. Someone has to want it in order for you to sell it.
Some ways to brainstorm domain ideas include looking for catchy, short, and easy to remember names. Think about what’s trending or might become popular soon.
You can hold on to the domains until you’re ready to sell, or you can list them on sites like Flippa right away.
Just like with all ways to make money (especially if you want to turn a small amount of money into $10K), this is risky. You have to be smart with the domain you choose to buy (and a little lucky), and there can be legal issues as well, such as trademark problems.
Recommended reading: How I’ve Made $80,000 Selling Blogs
8. Start a blog
Starting a blog can be a great option if you’re looking to grow your $1,000 into $10,000.
A blog is essentially an online journal or informational website where you share your thoughts, knowledge, or experiences. You create posts that people can read, engage with, and share. And yes, blogging can be profitable!
Blogging is what I personally do to make money online, and I started by spending $0, actually. It took me around 2 years to start making $10,000 each month.
I started this website, Making Sense of Cents, back in 2011, and it has helped me earn over $5,000,000 since then. I started my blog on a whim to share my own money journey, not even knowing that people could make money with websites.
You can learn how to start a blog with my free How To Start a Blog Course (sign up by clicking here).
Frequently Asked Questions
Below are answers to common questions about how to turn $1,000 into $10,000 (and other ways to grow your money).
How to turn $1,000 into $5,000 in a month?
Turning $1,000 into $5,000 in one month would be hard but not impossible. You could create a product that you sell (such as an online course), sell something that you already make (for example, if you are a photographer, you may be able to sell prints of a picture that you’ve taken), buy something to flip and resell for a higher price, and more.
How to turn $1,000 into $10,000 in 6 months?
Increasing your money to $10,000 in six months can be challenging but may be possible. You might look into starting a side business such as selling items online.
How to invest $1,000 dollars and double it?
To double your $1,000, investing in a diversified portfolio of stocks and bonds could be a smart move, with the potential to grow over time. With this, though, patience is key, as doubling your investment won’t happen overnight.
How to use $1,000 dollars to make money?
There are many ways that you can use $1,000 to make money. You could start a business, such as a website, an online store, an in-person business like a lawn mowing business, an at-home business selling dog treats, or even a business where you sell soy candles at craft fairs. You don’t need to spend a ton of money to start your business, just $1,000 or less can help you start many different business ideas.
How To Turn $1,000 Into $10,000 – Summary
I hope you enjoyed this article on how to turn $1,000 into $10,000.
There are many ways to turn $1,000 into $10,000 such as investing in real estate or stock, starting an online business like a blog, and even reselling items for profit.
For me, I was able to start my own online business for less than $100, and I have turned it into a business that has earned me well over $10,000 a month for many years now – so I know that it is possible to get started with a low amount of money.
If you have a financial goal where you need to make more money, then there are plenty of side hustles, home-based businesses, and other ways to make money.