Back in December 2020, my girlfriend Annie and I started taking the steps needed to become homeowners. After getting pre-approved, we started looking into single-family homes in Connecticut, but shortly after realized that we couldn’t afford it comfortably if we wanted to eat every day. After some bumps in the road, learning the ins and outs of the home buying process, and keeping our options open – we were able to close on our first home on June 1, 2021.
The Wake-Up Call
There were slim pickings on the market for single-family houses – seriously, it was bad! Small 1-2 bedrooms that were not in the best shape were the most affordable option.
I spent months disappointed in the housing market and kept asking myself, “how can anyone afford this?” and “is there a smarter way to do this?”
I’m 25 years old and make less than 50K a year. I’ve never owned a home or started a business, but I know how to research and fall down YouTube rabbit holes to get the information I needed.
I read Robert Kiyosaki‘s book, Rich Dad Poor Dad – which sparked my interest in real estate investing and the idea of building passive income to achieve financial freedom. After reading the book, I signed up for a few webinars where I learned about house hacking.
We shifted our perspective – instead of stressing to find an affordable home, we started running numbers and viewing it as a business investment.
The Search
We knew we wanted to go the investment property route – we’d purchase a multi-family property and live in one of the units while renting out the others. This was to help offset the cost of the monthly mortgage payment and start building passive income in the process.
I ran numbers on all the affordable duplexes and triplexes in my area and came down to four reasonably priced properties. I booked showings for all of them in one day – which I 10/10 don’t recommend doing. I was exhausted driving from Wilton to Naugatuck, Naugatuck to Milford, and then shooting over to Norwalk and then back to Wilton.
All but one of the properties I viewed were duplexes and there was one 4–plex. The 4-plex in Naugatuck was the only property we saw that had potential. The units were well-maintained and fully occupied for over ten years. The building itself was built in 1852 – at most, it required some updates to modernize it. We put in an offer, and it was accepted!
The Inspection
If I learned anything in my research, it was about the value of a home inspection. I hired Chris Girlamo from Revere Inspection, LLC to get a better picture of the work we would need to do on the property.
The inspector did a general property inspection, tested for lead and termites, checked the roofing, HVAC, plumbing, and electrical systems.
Overall, the property was in great condition, but it did have three sets of exterior stairs that were unsafe and out of code. Our realtor Patrick Blois negotiated with the seller to have a credit of $9,500 issued to repair the stairs.
Aside from that and a few dead trees on the property that we needed to remove, we just needed to figure out whether or not there was an oil tank underground. The seller had no knowledge of an underground oil tank, so we had to hire an oil tank inspector to scan the ground.
Our biggest fear was the inspector finding an oil tank underground because it would be costly and could even lead to environmental issues since there is a creek to the right of the property.
Thankfully, there was no oil tank found under the property, and from that point on, everything else was smooth sailing.
Closing
We closed on our home on June 1, 2021. The home closing wasn’t the end of this journey, but it was the start of something new. We spent the first two weeks caulking, painting, and redoing the flooring in our unit. The apartment is almost done, we need to finish updating the bathroom and kitchen, but we’re on track to finish everything by the end of September! Once our unit is done we’ll do some minor updates on the other 3 units.
Despite the ups and downs of stress and anxiety throughout the home buying process, I’m happy we took the route we did. Not only are my partner and I homeowners, but we’re also investors who have great tenants and are only paying $200, before increasing rent, between both of us for our mortgage.
This process showed me that buying a home as a millennial is realistic. If you don’t make a significant annual income and aren’t afraid of giving a property a little TLC love, house hacking is a great way to achieve homeowner status!
Before vs. After Gallery:
Unit #4
Living Room
Before
After
Before
After
Bathroom
Before
After
Before
After
Bedroom #1
Before
After
Before
After
After (Night Version)
After (Night Version)
Bedroom #2
Before
After
Before
After
Exterior Stairs
Stair Case #1
Before
After
**We decided to change the direction of the stairs to avoid getting hit on the gutter when going up.**
Stair Case #2
Before
After
Stair Case #3
Before
After
Still in progress:
Stairs/ Upstairs Hallway
Before
Before
Kitchen
Before
Before/ In-progress
Who we worked with:
Realtor – Patrick Blois https://www.coldwellbankerhomes.com/ct/stamford/agent/patrick-blois/aid_233675/
Home Inspector – Chris Girlamo – (203) 273-1167 https://www.revereinspection.com/
Electrician – John Balzano Electric (203) 910-9139
Plumber – Vinny Costello – (203) 206-8597
Carpenter – Erik Jacobson – (203) 592-4242
Windows – Jay Craig/ Anderson Renewal – (203) 243-3209
How To: Make
Your Money Work for You with Cash-Out Refinance Funds
Whether you just bought a new home or have been an established homeowner for years, chances are you’ve heard of refinancing as a viable option to make your property more affordable. But did you know that you can refinance to tap into the value of your home and gain money to put toward just about anything?
It’s possible
with cash-out refinancing. Let’s take a few minutes to explore just some
of the many opportunities you’ll have with cash-out refinance funds.
What is a
Cash-Out Refinance?
Simply put, a cash-out refinance is when you replace your current mortgage with something bigger and take the difference in a lump sum of cash.
An example: you have a mortgage with a remaining balance of $170,000 and get a new loan of $200,000 with a cash-out refinance. This would leave you with $30,000 in cash to put toward anything you want!
Of course, it’s
important to remember that you’ll still have a mortgage to pay off after
cash-out refinancing. Since you’ll increase your loan amount to include the
cash you’d like to take out, your mortgage payment may be slightly higher;
however, if you’ve already paid down a significant amount of your loan, the
difference in payment may not even be noticeable. The amount of cash you get
from this type of refinancing will also depend on the value of your home, the
lender you do business with and more – so be sure to review your financials and
speak with an advisor to determine whether cash-out refinancing is the right
option for you.
Now that we’ve
covered the basics, it’s time to see some of the best ways you can utilize
cash-out refinance funds as a long-term source of income.
Invest in
another property
Depending on the
amount of cash you get from refinancing, you can invest in a secondary property
that could provide reliable income for years. This could be as simple as owning
a single-unit apartment or more involved with properties like multi-family
homes. Regardless, renting out space is almost never a bad idea if you’re
looking for passive income – and cash-out refinance funds can get you there.
Here’s a couple of ideas with proven success to get you started:
House Hacking: invest in a multi-family
home and live in one of the units, using the passive income generated by your
tenants to pay off your mortgage. Normally this is done at a primary residence,
but the same principle still applies; you can use the cash-out refinance funds
from your primary home to purchase a second rental property as a source of
income. Learn more about the benefits of house hacking here.
The B.R.R.R.R. Method: buy, rehab, rent,
refinance, repeat – a great method for those interested in building wealth with
a more disciplined approach to real estate. If you have the funds available to
you, you may consider buying a home, making renovations, renting it out,
refinancing it when the time is right, and using those refinance funds to do it
all over again. In the right circumstances, the B.R.R.R.R. Method can be a
great source of income that grows with each property purchase. Learn more about it
if you’re interested!
If you do choose
to dedicate your cash-out refinance funds to property investment, be sure to
consider the same things you did when you purchased your first home. Proper
care and a great location will go a long way when your listing is on the market
– and if your investment property checks all the boxes, it’ll offer reliable
monthly income for years.
Consolidate
your debt
Among the most popular uses of cash-out refinance funds is debt consolidation – the act of moving high-interest debt to long-term, low-interest debt to save on interest in the long run. This is a great option for those who may be struggling with credit card debt; with the current credit card interest rate at an average of about 16 percent, it could take years for cardholders with outstanding debt to pay it off. But with a cash-out refinance, you can take a slight increase in your mortgage and do away with those interest costs entirely.
Let’s say you
have a credit card that’s gained a significant amount of debt. Even if you
reliably meet your minimum payment requirement, that debt will continue to rise
based on your interest rate and will result in you taking longer to pay off the
loan. Let’s also say, however, that you did a cash-out refinance that put that
$30,000 from our earlier example right into your pocket; you may be getting a bigger
mortgage by refinancing, but you can use the cash sum to pay off your credit
card debt and prevent years of interest costs – that’s a lot of savings in the
long term.
Of course, this
only works if you’re a disciplined spender and know not to fall back into
credit card debt after paying it off. Speak with a financial advisor
to evaluate your situation and determine whether this would be the right use of
cash-out refinance funds for you.
Purchase collectibles,
antiques or memorabilia
Everyone has
their thing – and for some, it’s buying physical objects at auction for a
significant price. Despite our continuous transition into a digital-focused
culture, many find value in owning props, memorabilia, collectibles, antiques
and more. If you have the cash-out refinance funds to spare, it may not be a
bad idea to put some toward things that may have a higher value in the future.
Here’s an
example: a 2003-2004 LeBron James basketball card sold for
$1.8 million in July 2020. That’s a significant value increase over a span
of about 17 years – and that’s just for a modern trading card!
Here’s another,
more extreme example: just this month (August 2021), a Honus Wagner baseball
card issued sometime between 1909 and 1911 sold
at auction for $6.6 million, making it the most valuable sports card to
date. We can’t all wait 100 years to sell our collectibles, of course, but it’s
important to recognize that these physical things can gain immense value over
time.
So if you’re
looking to put your cash-out refinance funds toward collectibles, always aim to
make a return on your investment and know that it might not happen for a long
time. Make sure you have faith in the collectibles you invest in and most
importantly, do research! Objects related to events that are prominent right
now will likely grow in value over time as demand increases and availability
decreases. And as long as you verify the legitimacy of your collectibles, you’ll
be setting yourself up for a future return on your investment – especially if
you find the right buyer.
Do nothing,
but make money anyway with high-yield savings
If you’re not
sure how to use your cash-out refinance funds, you can deposit them into a
high-yield savings account that will accrue interest over time. Unlike
traditional savings accounts, these include significantly higher rates that
apply not only to your principal balance, but to the interest your account
earns as well. And depending on how often your interest compounds, you’ll earn much
more than a standard savings account by simply letting that money sit in the
bank.
For example, a certificate
of deposit (CD) is ideal for anyone interested in earning high-yield savings
with minimal risks. CDs are federally insured and often remain at the same rate
for the duration of their term. To some a fixed rate may seem unattractive, but
consider this: if you have an excess of cash-out refinance funds, why not put a
small portion of it toward a passive source of income? Even just a few years of
having funds in a CD will result in a noticeable return – even more so if you
work with the right lender and get a good rate.
It’s important to
note that not all high-yield savings accounts offer fixed rates. Depending on
your lender, some may involve more risk with a variable rate that could
fluctuate and change. As with all financial decisions, it would be beneficial
to meet with an advisor to determine if this would be the right investment
opportunity for you.
Wrapping up
At the end of
the day, cash-out refinance funds can be used for almost anything – but if
you’re going to use them, be sure to put them toward something that will
improve your financials, serve as a money-making investment, or both. A few
viable options include:
Investing in secondary/multiple properties
Purchasing collectibles to sell for more at a
later date
Consolidating debt to save on interest
Taking advantage of high-yield savings accounts,
and
Renovating your home to increase its future
value
As long as
you’re in a good position to refinance, cashing out on part of your home’s
equity can be a great move to build long-term wealth. If cash-out refinancing
sounds right for you, contact a
Total Mortgage loan officer and get started today.
Call it a sign of the times, or perhaps the power of the sharing, or “gig” economy. You can now officially use Airbnb income to qualify for a mortgage refinance with select lenders.
Yes, if you’ve been renting out your home, or a part of your home via the short-term rental company Airbnb, you might be able to use that income to help qualify for a mortgage.
This could be especially helpful now that mortgage rates have shot up from recent lows, giving homeowners that extra little bit of income to ensure their DTI ratio doesn’t exceed the maximum.
Airbnb Mortgage Pilot Program Backed by Fannie Mae
Airbnb has teamed up with Fannie Mae
And lenders Quicken Mortgage, Better Mortgage, and Citizens Bank
To make it easier to use Airbnb income to qualify for a home refinance
Can use rental income to lower your DTI if you’ve been renting your primary residence for at least 12 months
Initially, three mortgage lenders will take part in the pilot project backed by Fannie Mae, with others likely to join in the future if all goes well.
They include the likes of Quicken Loans, currently the largest home loan lender if you consider the fourth quarter of 2017, Better Mortgage, and Citizens Bank.
For obvious reasons, the program only works for refinance applications because you have to be an existing homeowner to show any sort of Airbnb rental history.
Speaking of history, you need some of it to use the Airbnb rental income to qualify for the refinance.
If you’ve been renting part or all your primary residence for at least 12 months, these mortgage lenders can consider the income for qualification purposes.
As noted, that can be helpful if your income is lacking otherwise, and you need an extra boost to get over that DTI hurdle.
Additionally, and perhaps more importantly, the lender will consider the property your primary residence (assuming you actually reside in it too), as opposed to an investment property.
This is a big plus because mortgages on investment properties come with many more restrictions (such as limited LTV ratios) and significantly higher mortgage rates.
Better Mortgage, one of the initial participants, says it’ll average Airbnb income over the past 24 months, derived from a “Proof of Income” statement from the company.
If you’ve only got 12 months of rental history via the company, they’ll only be able to consider 75% of the income for qualification purposes.
This additional money can be used to qualify for both a rate and term refinance or a cash out refi.
Quicken says the program provides a new opportunity for homeowners who wish to tap their equity, possibly enabling them to improve their properties so they can rent them out for even more on Airbnb.
Why the Airbnb Mortgage Program Should Work
The key to success here
Is that it’s documented and there’s a history of earnings
If you can prove that you should be able to use the income
Because it demonstrates the ability to earn similarly on an ongoing basis
You might be thinking this is crazy? How can someone rent out their primary residence on Airbnb and still call it a primary residence, and on top of that, use the income toward mortgage qualification?
I was skeptical at first too, but it’s fully documented and requires history as a landlord, or sorry, host.
If anyone could just rent out their house once or twice and then say they do that every month and use the proposed income, it would be a throwback to mortgage lending in the early 2000s.
But as stated above, you do need documented history and the lenders will require that Proof of Income form from Airbnb.
Additionally, Airbnb has to be legal where you reside – this isn’t the case in all cities.
There probably is some added risk to it, but you could argue that any source of income is risky if it’s not outright guaranteed, like most jobs we have.
The question is if lenders will charge for this risk, or pass along some of this unknown risk via a slightly higher mortgage rate. That’s unclear, but you won’t really know if you don’t compare rates. Of course, with only three lenders to choose from, you might not have a choice.
If you recall, back in 2016 Airbnb was actually messing up mortgage applications because lenders didn’t know how to treat the income earned from the rentals.
So if nothing else, this should ideally lead to improved underwriting guidance regarding the new trend of renting out everything you own.
Update: Quicken Loans has announced a similar partnership with Vrbo that will allow rental income earned through the platform to be used as qualifying income for a mortgage refinance.
Although it may seem to be at odds with convention, a growing number of renters are buying second, vacation properties even before they purchase their primary residence.
Real estate industry watchers say the trend is borne from the COVID-19 pandemic, and that with remote work now a permanent fixture of many people’s lives, they’re taking advantage of market opportunities to buy small getaway homes that they intend to use primarily for vacations.
Apartment Therapy reported that many of these second-home first buyers are drawn to country cottages and cabin lodge-style homes even while they continue to rent an apartment or home in the city as their primary residence. One factor driving this is that the housing market is red-hot right now and there’s a very limited supply of homes in many markets. But that isn’t always true for some more remote destinations that may serve as an appealing getaway for many urban dwellers.
Jamie Manning, who runs the real estate blog Exposed Brick DC, told Apartment Therapy that she never expected to buy her vacation home in Charlottesville, Va., before purchasing a primary residence in the Washington D.C. area, where she lives. She said she and her partner see their new property as a “true second home” where they can spend weekends and possibly work remotely during the week, whenever they want a break from the city.
“This idea had been on our radar because real estate costs are so high in D.C. that we felt buying here may not be realistic,” Manning told Apartment Therapy. “We have been diligent and saved and were anxious to make some kind of real estate investment. We were craving a change of scenery and a different pace of life.”
The Mortgage Source reported that many buyers are hoping to buy now due to the low interest rates on most mortgages, that some experts say may not last. But they may be priced out of buying in the area they lives due to escalating home prices in competitive markets.
So the idea of buying a second home first means that first-time buyers can invest in real estate while they continue to live in the city, renting a home there. While people would obviously need a large enough income to be able to pay off a mortgage and rent at the same time, Lisa Greene-Lewis, a certified public accountant, told The Mortgage Source there are some financial benefits to be had from such a situation. For example, buyers can deduct the mortgage interest on a vacation home just as it’s possible to do so on a primary residence, and then deduct property taxes up to the cap, Greene-Lewis said.
Another benefit for second home buyers is that they can rent out those properties when they’re not using them themselves as a source of supplemental income.
Real estate professional John Coleman told Apartment Therapy that many of his first-time buyer clients were excited to purchase a home during the pandemic because their travel options elsewhere are very limited.
“Buying and renting out on Airbnb has been very lucrative for some, and it will be interesting to see if that can hold up moving forward,” Coleman said.
Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected]
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It is no secret that the internet is changing how money is made forever.
This has caused a boom in many businesses and people the ability to make money online, which is a huge benefit for you!
This trend will only continue as technology improves. If it feels daunting to jump onto this new bandwagon right now, don’t worry; we have some tips that can help you double your 10k in the next few weeks or years.
I am going to show you how to double your money so that you can retire early, pay off debt and invest in the stock market.
A lot of people would say this is impossible, but I’m not just showing it–I’m proving it!
We all have said it takes money to make money and while that is true. It is easy to start doubling your money with just $10K.
What if, right now, you decided to double your 10K by the end of the year? Maybe, you want to hit a major goal and make a huge change in only 8 short weeks?
Making money is not a difficult task. Too often, people become impatient and think that they can simply make money without putting in the effort. This is not true.
Cash is a tool and nothing more. Once you understand this concept, you can begin to figure out how to make more money. Additionally, it’s important to appreciate that it takes time to make money – don’t expect to become a millionaire overnight.
Here is a realistic guide to help you work towards that goal.
Be sure to decide which strategic way to double $10k quickly works best for your personality.
The 10K of your dreams seems impossible.
How can I double $10000 fast?
There is no one-size-fits-all answer to this question, as the best way to double your money will vary depending on your individual circumstances and goals. However, some general tips include developing a growth mindset around money, finding ways to make more money, and investing in yourself and your skills.
Keep in mind that $10,000 is not a lot of money to double in a short period of time.
How long does it take to double 10k?
The answer to this question is dependent on a number of factors.
The most important factor is the amount of time it takes for your investments to double.
If you are investing in stocks, you can quickly double 10K with an options contract within 2-3 days. If you are looking at other avenues, it will depend on how you choose to double your money.
Typically, people start seeing results in approximately 4 to 6 months to double 10k.
If your eyes are set on this, then make sure to write down one of the millionaire quotes for motivation.
What to do with 10k?
Now that you’ve earned an extra 10k, you may be wondering what to do with it.
You could save it, spend it, or invest it, but there are a few other things you could do as well.
Here are some ideas on how to make the most of your money and grow it even more.
How can I Double my Money?
There are many ways you can double your money in a short amount of time.
I am passionate about exploring the best ways to make money online. In this article, I will share some tips on how you can double your money relatively quickly. However, please keep in mind that these are general ideas to get you started.
Specifically How to Double 10k Quickly?
If you are serious about how to double your 10k fast, you will need to dedicate time on a regular basis to the tasks needed to reach your ambition. The key is to do it daily in order to keep the momentum of your progress going.
Earning money is a mindset.
To double 10k quickly, learn how to change your mindset about money.
Although doubling $10,000 may seem difficult, it can be done with the right approach.
If you have $10,000 and want to double it within a month or a few months, here are a few realistic strategies to help you reach your goal.
Idea #1 – Swing Trading with Stocks
Swing trading is a technique that allows investors to hold onto stocks for a period of time, typically two to four days. During this time, the trader watches for specific price patterns and buys or sells shares based on their analysis.
One former assistant principal, Teri Ijeoma, changed her life when she left her job as an educator and become an active trader.
Check out: My Personal Trade and Travel Review
This type of trading can be very profitable if done correctly, as it allows the trader to make twice their investment in a short amount of time.
The key is you must learn how to invest in stocks for beginners. This is one step many people overlook when they are focused on doubling their money. Either you will get lucky or you will have a huge loss. Take time and become educated on swing trading stocks.
Related Reading: How Fast Can You Make Money in Stocks?
Idea # 2- Cryptocurrencies
Cryptocurrency is a digital or virtual asset that uses cryptography for secure transactions. Cryptocurrencies are growing in popularity and may become a major part of society. Bitcoin, the first and most well-known cryptocurrency, has seen its value skyrocket in recent years.
Cryptocurrencies are often unstable because they are not regulated by any government or financial institution, and thus their value can change rapidly. However, the potential for reward is high, making cryptocurrency an attractive investment option. Because of this, cryptocurrency investments are often seen as riskier than traditional investments, but also have the potential for greater returns.
Before investing in cryptocurrency, do your research and be sure you understand the risks involved. There are many educational resources available to help you get started.
Idea # 3 – Flip Items for a Profit
Retail arbitrage is a practice where an individual or company purchases a popular product at a discounted price and then resells it for profit at another online retailer. This can be done on marketplaces like Craigslist, eBay, and Facebook Marketplace.
This is a great way to make some extra money on the side. You need some time and a willingness to invest, but if you find the right deals, you can make a good return on your investment.
Many people have great success by flipping items from auctions, free groups, or local goodwill store.
Check Out: Flea Market Flipping
Idea #4 –Resell Products on Amazon FBA
Amazon FBA is a service for independent entrepreneurs who want to start their own e-commerce business. They can offer products on Amazon and work with Amazon directly to fulfill orders, collect payments, and provide customer service. By doing this, they don’t have to worry about the inventory and can focus on other aspects of their business.
This is another avenue for selling your flipping treasures.
There are a few ways to make money through reselling products. You can either find products to sell on Amazon or Ebay, or you can dropship products from a supplier. If you want to find your own products to sell, you’ll need to do some research on what is selling well and what prices are competitive. If you want to dropship, you’ll need to find a supplier and create an account with them.
Idea #5 – Start a Business or Invest in a Franchise Company
Starting a business is not easy. It requires a lot of work and effort, but if you’re willing to put in the time and effort it can be very rewarding.
Starting your own business is one of the most difficult things you can do, but it’s also one of the most rewarding. There are many different businesses you can start that have low overhead costs, so it’s a great way to get started.
Think of the things you enjoy doing or any hobbies you have. Look for business opportunities that line up with your interests. Then, it makes working much easier.
Here are great ways to make money on the side:
It is possible to make more money on your business than you make more money in your current job or career.
Idea # 6 – Real Estate Portfolio
Real estate is a recession-proof business.
There will always be people who need to rent or buy dwellings in boom or bust economic times.
Real estate can be a lucrative investment, but it is not without risk. A lot of people have invested in real estate and lost money, but an investor who does their research and finds a good deal can make a lot of money.
Idea # 7 – Increase Your Income
If you’re not happy with your current income, don’t worry! You can increase it this year.
This is the year that many experts are predicting will see the biggest wage growth in years. So start planning now and you could see a significant increase in your take-home pay.
More than likely, this could be your seed money of $10k to fund the start to doubling your money and making $20k.
Related Reading: How Much Do I Make Per Year?
Idea #8 – Advertise and Gain Clients
If you are a small business owner, then this one is for you. Start advertising as a way to gain more customers.
There are a number of ways to make your services more accessible and appealing to potential clients. One way is to spend money on promotions and advertising. Advertising can be effective in reaching your goals, surpassing your double your money goal of $20,000 in revenue.
There is no doubt that advertising your services will increase the number of customers you have. The more people who know about your business, the more likely they are to use it. And as we all know, the more customers you have, the quicker you earn more money.
It’s a simple equation: More customers equals more money.
Idea # 9 – Invest in Stock Market – ETFs & Index Funds
Investing in the stock market is a process that requires careful consideration and research. Index funds have become an increasingly popular investment option for many investors. ETFs are known as Exchange Traded Funds, which are also a popular investment option.
Both index funds and ETFs provide investors with the ability to invest in a diverse range of stocks, making them ideal for any investor who is looking to diversify their portfolio.
Investing in an index fund is one of the best ways to build wealth over time.
This is probably the slowest way to make money quickly in the stock market, but it comes with less risk.
With a mutual fund, you are essentially investing in many different stocks, which means that you get to choose how much your investments grow each day. This can be a great way to ensure that your money is working for you – and growing – even when you’re not able to actively monitor it yourself.
Just to know, investing in bonds will eventually double your money, but it will take more time as the rate of return is less.
Idea #10 – Start a Mining Farm
Cryptocurrency mining is a process by which new coins are introduced into the market. In order to do this, miners use computers to solve complex mathematical problems in order to receive rewards in the form of new coins. A cryptocurrency mining farm is a way to pool together multiple computers in order to increase the chances of solving these problems and receiving rewards.
Starting a mining farm is a process of investing in cryptocurrency or blockchain technology.
Mining farms can be started with as little as $500, and they are commonly used to mine cryptocurrencies like Bitcoin, Ethereum, and ZCash. Although the process of mining cryptocurrency is not always easy, it can be lucrative for those who invest in the process.
Starting a cryptocurrency mining farm can be lucrative, but it’s important to do your research first. The farm will require a lot of power and will have a rate of return of around 18% (source).
Idea #11 – Share Cash with P2P Loans
Peer-to-peer lending is the act of lending money to borrowers through a P2P lending website. These websites act as an intermediary between lenders and borrowers, and most sites allow you to lend money to a dozen or two applicants. The interest rate you earn on your loan depends on the P2P website you register with, but it typically falls between 3% and 36%.
When considering a P2P loan, it is important to remember that you are entrusting your money to a stranger. Because of this, it is crucial to take the time to review and assess as many applicants as possible in order to find someone who you feel is most likely to pay back their loan.
P2P loans can be arranged without any collateral or credit check.
Idea #12 – Buy Initial Public Offerings
When a company decides to go public, it sells shares of its stock to the public. This is a way for the company to get more money, and it also allows people who invest in the company early on to make a lot of money if the stock prices rise.
The share price of a company can be very volatile when it first goes public. This can lead to significant growth for the company as investors buy and sell shares rapidly. However, this volatility can also lead to losses if the share price falls abruptly.
You must know the underlying stock value before looking at IPOs as a way to double your money. Many current stockholders are required to hold their stocks for a certain number of days after the IPO. Typically, the stock price falls after the hold period expires.
Idea #13 – Make Money with Airbnb
There are a number of ways to make extra money, and renting out a room at Airbnb is one of them. You can also learn how to make money from home by becoming an Airbnb host.
By doing this, you can provide a valuable service to people who are looking for a place to stay, and you can also make some extra money on the side.
Learn how to start hosting with Airbnb today.
Idea #14 – Flip Some Furniture
Flip furniture is very trendy right now. There has been a recent resurgence in popularity for antique and vintage furniture, and people are buying pieces and restoring them themselves. This can be a great way to make additional money without spending a lot of money.
There are a number of ways to quickly turn a profit by flipping furniture.
Spend some time researching the best methods and finding a niche in the market that you can exploit. With a bit of hard work, you can easily double your investment in no time.
When you are looking for furniture to flip, it is important to do your research and become familiar with the different places you can find quality pieces at a low cost. Local antique stores will often have hidden treasures, so be sure to check them out. Additionally, watch for yard sale notices in your area; people are often willing to sell high-quality furniture at a fraction of the price. Finally, estate sales can be a great place to find unique furniture pieces that you can resell for a profit.
There are many ways to sell furniture, but when you are starting out, it is best to use popular platforms like Facebook Marketplace, NextDoor, Craigslist, and others. Once you have more experience, you may want to create a website and online storefront.
This can be a fun and lucrative way to grow your money.
Idea #15 – Pay Off Debt Strategy
This idea of getting out of debt may seem backward, but this is one of the fastest ways to find extra money in your budget.
There is no doubt that paying off your debt is one of the smartest things you can do for your financial future.
Not only does it reduce the amount of interest you are paying each month, but it also frees up more money to save and invest. Additionally, by paying off high-interest debt first, you are essentially making an investment with a very high return rate.
Once your debt is paid off, you can save your first $10000 which you can now use to quickly double to $20000. This will help you achieve your financial goals faster.
Idea #16 – Online Courses & Coaching Programs
Coaching is a huge business – reaching $11 billion in 2022 (source). People are actively searching for coaching and online courses for personal development.
Coaching programs are designed to provide guidance and support for individuals in order to improve their skills, knowledge, or habits. Coaching programs can take the form of one-on-one sessions or group sessions. Some coaching programs are designed for specific topics like career development, personal growth, or relationship issues.
If you don’t want to work one-on-one as a coach, you can create an online course that can be viewed at any time.
If you have passion, you can likely find people that want coaching.
Idea #17 – Buy a Fancy Car and Uber
You could buy a new, luxury car and become an Uber driver. This would allow you to make money while driving people around in your fancy car.
If you’re looking to make some extra money, driving a luxury car for Uber could be a great way to do it. Not only will you make more per trip, but you’ll also get to drive a nicer car. Keep in mind that if you drive full-time, you could easily double your $10,000 investment.
Driving a luxury car for Uber can get you up to 50% more fares. The extra money can be great for those looking to upgrade their lifestyle or simply want to make some extra cash on the side.
If you want to buy a fancy car and use it for Uber, make sure you have the appropriate insurance. This will protect you in case anything happens while driving.
Idea #18 – Learn a New Skill
A new skill can help to increase your income by allowing you to do things that you couldn’t do before. For example, learning how to code can allow you to start a new career in tech or programming.
Additionally, many skills have the potential to double your income quickly if you are able to find a way to use them in high-demand areas.
It is always a good idea to invest in learning new skills.
There are many places where you can learn, including online and in-person courses. The key to success is jumping in with both feet and really dedicating yourself to learning the skill set. Once you have it down, new opportunities for income will be available.
Idea #19 – Work More Overtime
Working overtime is a great way to earn extra money. You can earn up to double-time pay for working more than 8 hours in a day or 40 hours in a week.
Overtime is becoming more common, so be sure to ask your employer if you can work some extra hours.
In order to make $10,000 in one month from overtime, you would need to figure out how many extra hours per work you need to work.
Idea #20 – Some Gambling?
This is the RISKIEST option of all of them. And highly not recommended as a strategic way to double $10k quickly.
Gambling is a way to risk cash in the hopes of making more cash.
While it can be thrilling and exciting, it’s important to remember that gambling is also a form of entertainment that comes with risk. If you’re able to afford it, gambling can be a way to double your money- but be aware that you could also lose everything you put in.
What is the quickest way to double your money?
How to double your money quick is simple. You need to side hustle and start a business.
Also, the stock market is a simple way to double your money with the rule of 72.
Following billionaire morning routines can be helpful in setting up solid habits for success.
How can I double my money in 24 hours?
The answer to this question is simple… Doubling the money in 24 hours is not practical or doable. You might be able to double your money in 24 hours, but it’s also possible that you could lose everything in one day.
Pay attention to scams if you think you can double your money in 24 hours.
You are better off learning how to make 10k a month.
Which investments are the safest and which are the riskiest?
First of all, it depends on your education, experience, and background.
The best way for someone to double their income is by leveraging their time with the right strategies.
Investments that are considered safe are investments that have an average return on investment of about 8-12% per year. Investing in index funds and ETFs typically have a lower risk. Investing in individual stocks is riskier, but they have an average return on investment of about 10-75% per year.
The riskiest option is the idea that you don’t understand how to double your money and you could end up losing more money.
Best Way to Invest 10K
The best way to invest 10,000 is through stocks. Investing in stocks can be risky and make you lose money, but it also has a high potential for gaining value.
As such, this topic needs to be done in more depth to understand how investments in the stock market work. For now, here are some articles to start to understand the returns of stock investing.
Learn all of the ways you can learn how to invest 10k.
You must do your research on companies, know your risk tolerance, understand the volatility of the markets, and be wary of the news.
Which Strategic Ways on How to Double my Money Quickly will you Pick?
You can choose from many classic way and options, but here are a few that we think would be the most effective.
Thankfully, there are many ways to make money online. But when it comes to making a quick buck, which approach should you take?
In this post, we have outlined the 20 popular routes to double your $10k fast. Your retirement plan relies on your investment of 10k.
However, any of these options is a time-consuming process that takes a lot of hard work and dedication. So, you cannot quit halfway through when things get tough.
This is what you want to do in order to be financially secure and take care of all your needs.
Be successful in doubling your 10k by setting a deadline to make it happen.
Then, your next goal will be how to turn 10k into 100k.
Know someone else that needs this, too? Then, please share!!
Today, I have an inspiring story from a blogger. Cassie paid off $10,000 in debt in 10 weeks and shows how you can make this a reality too. Enjoy!
In September of 2015, my wife and I officially tied the knot and, as perfect as it all was, when we returned to our home after our honeymoon we had to take a serious look at our finances. What we found shocked us.
We had known from the get-go that we both had student debt. We both attended a private, Christian college where we met and we both continued on to receive our master’s degrees. While we knew we had student debt, we had always assumed that we would simply pay the minimum until it was gone and that would be that.
What did we find when we did the math? It turns out that my wife and I owe a grand total of almost $200,000 in debt (OUCH!). Even worse? The minimum payments don’t even begin to cover the interest which means that no matter how many payments we make, we will never escape from this debt’s grasp.
Unless…
One of my favorite Dr. Seuss quotes comes from the Lorax, “Unless someone like you cares a whole awful lot, nothing is going to get better. It’s not.”
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Now, I know that this quote is referring to saving the world, but I think it’s applicable to paying off debt too. Debt can be all-consuming and debilitating, but unless you care about fixing it, it’s not going to get any better.
The thing with debt is that unless you truly work toward eliminating the problem, the problem is not going to go away. It’s certainly not an easy-fix sort of thing. Unless you truly care about getting the weight of debt off your shoulders, you’ll be trapped.
My wife and I do care about paying off our debt because we realize how much it is holding us back – we are unable to afford a house, put money into retirement, or start a family.
That’s why we made the decision to begin aggressively paying off our debt. Do you know what happened when we made that decision? We began crushing the debt that had been, only recently, crushing us.
In our first ten weeks of debt repayment, we paid off a whopping total of almost $10,000! How did we do it? Well, it’s simple: create a budget and a plan, develop a side income, and learn how to live frugally.
Related tip: Check your credit score with Credit Sesame for free!
Creating a Budget & a Plan
Developing a budget was the first step. My wife and I spent an entire month simply monitoring our spending without changing our habits. Why did we do this? Well, we wanted to see where our money was going.
What we realized is that our money was going everywhere. We were spending outrageous amounts of money for things that we didn’t even realize we were getting! Sure, some of it was important (food, certain bills, etc.), but there was so much that was unnecessary. The couple of dollars here and there for snacks and beverages (when we have these at home), the fast food or restaurants in place of dinner at home, or the subscriptions that we had forgotten we had that were still charging us monthly.
Once we realized that our money was everywhere, we knew we needed to put it into place. We created an excel document to organize our income, budgets, and debts (I love organizing things). We determined what we needed to keep to survive, what the minimum payments for our debt were, and other costs we absolutely have to have.
We wrote it all down and made important decisions as to how much we would spend on food, how much we were willing to pay for gas, etc. This was our budget. If we followed our budget, we knew we could put a significant amount of extra cash toward our debt (which is exactly what we want to do).
The hardest part about developing a budget, though, is not actually the planning, but the sticking to it. The problem we have is that when we try to follow our budget with our debit cards, we somehow always end up off. This time, we knew that we had to do our budgeting right. We pulled out some business envelopes, withdrew some cash, and began using the cash envelope system for our budget.
Almost like magic we were able to stick to our budget – better than ever before. The reality is that plastic money is easy to overspend, but when you have cold, hard cash in your hands, it’s hard to not notice it leaving. When it’s gone, it’s gone.
Developing a Side Income
The second step we took toward aggressively paying off our student debt was to develop a source of income on the side. For me, that meant blogging. I worked as hard as I could to develop a blog that focused on my goals, that inspired people, and that helped people to reach their dreams of becoming financially free.
My wife and I both work with a caterer as we are able in order to earn a little extra money. Each event lasts around six-seven hours and pays us each $100, but we can only score around one to three events per month. Jobs such as dog walking, house / babysitting, and even renting out space are great ways to make a few extra bucks within your community.
We also have started freelancing and taking up positions in the virtual assistant world. My wife has started working longer hours and taking “on-call” shifts. We sell items from our home that we no longer need and we utilize companies that offer legitimate ways to make money online. I test them out and share them on my blog for my readers to see and utilize.
Basically, we are doing whatever it takes to earn an extra income and then ensuring that the entirety of that income goes straight toward our debt repayment goals.
Related tip: You can answer surveys and make extra money! The companies I recommend include: American Consumer Opinion, Swagbucks, Survey Junkie, Pinecone Research, Prize Rebel, and Harris Poll Online. They’re free to join and free to use! You get paid to answer surveys and to test products. It’s best to sign up for as many as you can as that way you can receive the most surveys and make the most money.
Learning How to Live Frugally
Earning an extra income can only get you so far if your spending is too high. Therefore, we also spent a lot of time learning how to live frugally and sharing it on the blog. We are learning new ways each and every day to reduce our spending and live our lives to the fullest on a frugal budget.
Some of our favorites in the kitchen include baking our own bread (which saves us over $250), making our own pasta (which saves us over $100), growing our own vegetables (which saves us hundreds), and learning how to can (which saves us tons)! While each of these individually may not seem like a lot, when added together the savings can be incredible.
The frugal living tips don’t have to end in the kitchen, though. My wife and I are learning great ways to save thousands per month by cutting the cord on cable and other subscriptions, reducing our cell phone bill, and even finding new ways to entertain ourselves that don’t cost money.
As Dave Ramsey so eloquently puts it: “Live like no one else, so later on you can live like no one else.”
Living a frugal lifestyle means making cleaning supplies and hygiene products instead of buying them, making food from scratch instead of eating out, and playing board games instead of going to the clubs. It’s a lot of cutting now, but by living like we are broke, we are putting money toward debt so that later we can live the way we want to live.
How We Paid Off Almost $10,000 in Debt in 10 Weeks
Ever since we started paying off our debt aggressively, we have been competing against ourselves. When we paid off $3,000 in one month, we knew that we could do better the next month and so we did.
It took ten weeks before we had paid off almost $10,000, but the next ten weeks will be even better, we can assure you of that. How? Because we are working as hard as we can to budget, to be frugal, and to earn extra money – no matter what it takes.
The ultimate goal here is to pay off our debt as quickly as possible and that’s exactly what we are doing. We are not putting a date on our debt repayment because we don’t want to limit ourselves to that date. We want to work to surpass any dates that could have been put down and by sticking to our budget, earning side incomes, and living frugally, we can do it.
Author bio: Cassie Jahn is the author of a DIY blog devoted to living life to the fullest on a frugal budget. DIY Jahn began to help Cassie to stick to her plan to aggressively pay off her student loans, in hopes to inspire others to do the same.
How much debt do you have? Are you trying to eliminate it?
If you are new to Making Sense of Cents, I am all about finding ways to make and save more money. Here are some of my favorite sites and products that may help you out:
Find ways to make extra money – Here are over 75 different ways to make extra money.
Cut your TV bill. Cut your cable, satellite, etc. Even go as far to go without Netflix or Hulu as well. Buy a digital antenna (this is the one we have) and enjoy free TV for life.
Start a blog. Blogging is how I make a living and just a few years ago I never thought it would be possible. I earn over $100,000 a month online through my blog and you can read more about this in my monthly online income reports. You can create your own blog here with my easy-to-use tutorial. You can start your blog for as low as $2.75 per month plus you get a free domain if you sign-up through my tutorial. Also, I have a free How To Start A Blog email course that I recommend signing up for.
You should know your credit score – Check your credit score with Credit Sesame for free!
Answer surveys. Survey companies I recommend include Swagbucks, Survey Junkie, American Consumer Opinion, Pinecone Research, Opinion Outpost, Prize Rebel, and Harris Poll Online. They’re free to join and free to use! You get paid to answer surveys and to test products. It’s best to sign up for as many as you can as that way you can receive the most surveys and make the most money.
You can save money and get cash back at the grocery store. Read my review and learn how to here.
Sign up for a website like Ebates where you can earn CASH BACK for just spending like how you normally would online. The service is free too! Plus, when you sign up through my link, you also receive a free $10 cash back too!
Save money on food. I recently joined $5 Meal Plan in order to help me eat at home more and cut my food spending. It’s only $5 a month and you get meal plans sent straight to you along with the exact shopping list you need in order to create the meals. Each meal costs around $2 per person or less. This allows you to save time because you won’t have to meal plan anymore, and it will save you money as well!
I highly recommend Credible for student loan refinancing. You can lower the interest rate on your student loans significantly by using Credible which may help you shave thousands off your student loan bill over time.
Try InboxDollars. InboxDollars is an online rewards website I recommend. You can earn cash by taking surveys, playing games, shopping online, searching the web, redeeming grocery coupons, and more. Also, by signing up through my link, you will receive $5.00 for free just for signing up!
Rental season is just around the corner! It’s time for a good spruce-up. Get your home summer-ready with these tips.
Give the place a deep cleaning: Whether you hire professionals or do it yourself, you’ll need to thoroughly clean your home. This includes: ● Wiping down kitchen appliances, cabinets, and furniture ● Cleaning out the inside and outside of the refrigerator ● Scrubbing the kitchen floor ● Emptying the dishwasher ● Dusting and vacuuming the living room and bedrooms ● Emptying all trashcans ● Scrubbing the floors, showers, toilets, and sinks in the bathrooms ● Giving walls a fresh coat of paint.
Organize room by room: Reduce clutter throughout your home to make it as livable and presentable as possible. Take out any furniture or items that won’t add to the vacation experience. Remove all valuables, including anything that has sentimental value, is irreplaceable, or contains your personal information.
Stock up on the essentials: You’ll need to provide your renters with bed linens, towels, hand soap, dishes, and cookware (at the very least). Make sure to have at least two sets of everything for each person. Make sure all of your electronics are in working order and light bulbs have been replaced. If necessary, upgrade your flat pillows, low-thread-count sheets, and anything that has a tear or crack.
Add a few personal touches: Make this feel like a home away from home with some simple additions. Here are a few ideas: ● Board games and cards (especially for rainy days) ● Books, magazines, and movies ● Tour guides and coffee table books ● Decorative throw pillows ● Artwork or photography on the walls
These tips may make your guests feel right at home!