“Until he got all rich and fancy so that he no longer understands the common person’s plight.
Stash probably doesn’t even practice any of these money-saving things he preaches any more!”
When I read things like this, I can’t help but laugh. Because on the one hand, when you put a bunch of personal life details online like this, being misunderstood is just part of the package. But on the other hand, if the critics could peek in and see our real lives – not just mine but those of all the Mustachians – they would have to give up their conspiracy theories and accept the fact that this stuff just works.
Because really, not much has changed when it comes to the basics. Like many MMM readers over the past twelve years, my total wealth level has increased pretty regularly. But also like many of us, I haven’t felt the need to change very much about my spending because I was doing my best to live an enjoyable life in the first place.
How have so many people found such great success? I think we Mustachians have something that’s a bit more rare and special than standard financial advice, which is what makes it work so well:
Standard Advice: Slash your spending and make sacrifices until you reach a certain savings percentage, and beyond that it doesn’t matter, it’s all personal choice. More income? Great, that means you don’t have to sacrifice as much! FatFIRE for everyone!
Mustachianism: Cultivate a love of efficiency, creativity, self awareness, and self improvement. Use this knowledge to improve your life in all ways, including those which help you live better even as your monthly expense rate drops over time.
So what does this mean in practice?
Well, I’ll give you some examples from my own present-day life. Things I do because I happen to enjoy them, which also happen to save a lot of money. Some of these are normal, some are silly and may end up in some future gossip magazine hit piece, but all of them happen to work for me, so the critics can be damned.
As I list each item, I’ll include an estimate of how much the activity saves me per decade, because you should always think at least in terms of decades.
To make that calculation yourself, just use the “rule of 172” – take a monthly expense and multiply it by 172 to estimate how much it would compound into over ten years, if invested.
1) Fixing my own House (and everybody else’s too)
Construction projects from recent years, at home and around the state.
I’m a big believer in self-sufficiency, and working to build up the skills to manage the most important parts of your own life without depending on too many things (or people) that are outside of your control. In other words, one giant recipe for a happy life is simply to Become a Producer of the Things You Most Enjoy Consuming.
And in my case, I happen to love houses. I like living in beautiful, functional spaces and sharing them with friends. But most houses are ugly and poorly designed when you buy them, so I realized that I also love solving problems and redesigning old buildings to become new again. I enjoy this process so much that I spend most of my free time doing it – on both my own properties and the homes of friends.
And I love teaching other people to gain power over their own houses too. It’s amazing how great people feel as they lose their fear and dependence on outside contractors, and gain the ability to fix and maintain things with their own two hands.
Savings: An average of $20,000 per year = $287,000 per decade
2) Craigslist and Community
Members of our coworking space, swapping valuable free stuff every day.
You know what’s great? Having so much money that you can buy whatever you want – high quality things which get delivered to your front door the very next day.
You know what’s even better? Not buying some of those new things, and instead finding ways to share, repurpose and buy equally high quality items from other people who don’t need them any more. All while building up your own community and creating new friendships in the process.
Craigslist, Facebook Marketplace, and even NextDoor all have Buy Nothing groups for most areas. In the MMM-HQ community, we run a Discord server with about 200 local people, who chat around the clock on a wide range of subjects. They help each other with major projects in one channel called #diyhowto, and give away and sell things on #forsale and #buynothing.
Although our private Discord group is my favorite, I also use Craigslist regularly, and probably save (and earn) a few thousand every year thanks to the habit:
Savings: About $42,000 per decade
3) Bikes over Cars
Sure glad I’m not stuck in a Jeep on these off-road trails!
We all know that Mr. Money Mustache’s biggest contribution to personal finance is to insist that bike transportation is the best way to get around. And I still feel this way. As we learned in The True Cost of Commuting, cars cost at least 50 cents per mile to operate, while bikes are much cheaper, mainly due to reduced depreciation and maintenance costs (which are even bigger than the gas savings).
I do still use bikes (or walking) for at least 95% of my local trips these days, but because I live in the center of a small city, my life is pretty local. So this still only adds up to about 2000 miles per year, a savings of “only” $14,000 per decade.
But when you choose active transportation, there’s much more to the picture than just cutting your car expenses. You’re changing everything about your physical and mental health picture for the better, which brings us to the next point of…
4) Muscle over Motor
Digging out the crappy old window wells to build a bigger terraced garden.
Although I’m no competitive athlete, whenever I see an option to make my body work a bit harder, I usually take it. Stairs instead of elevators, running the golf course instead of using a golf cart, moving my own furniture and appliances instead of calling a mover, shoveling snow and raking leaves instead of using a machine.
When I face a decision like this, I simply ask myself the question:
“Well, Mustache. Do you want MORE health and fitness, or LESS?”
Putting it in that context makes the answer obvious. Every bit helps, because when it comes to your body, the rule is pretty much use it or lose it.
But how much money does this save? There’s no real way to calculate it exactly, but I like to think of it this way: The US average health care spending is about $13,000 per person per year. My lifetime costs due to illness or medication so far have been just about zero, plus I know I’ve had more energy and greater productivity due to being healthy. Let’s just put it very conservatively and set the estimated savings and benefits at $10k per year which means
Estimated Savings: $140,000 per decade.
5) Saving Energy by Running my home like a Glamping Retreat
Outdoor cooking, showering, laundry and even a homemade gym? Why not?!
Here’s where things get a bit silly, but my level of joy is actually at its greatest.
My personality type is probably a weird combination of an engineer, a carpenter, an artsy hippie, and a mad scientist. Oh, and a devoted homebody too. Because of this, my favorite activity most days is to just run around my house taking care of things and trying new little experiments and improvements.
Sometimes I’ll cut a few big holes on on the South side of the house and install sliding doors and big windows to allow nice sunbeams and passive solar energy to get into my house and give me free heat in the winters. Other times it’s just smaller things to save energy and live more at at one with the seasons of my area:
optimizing the use of air conditioning by running fans at night and building heat tolerance during the days (we set the A/C to only kick on at about 80F)
Enjoying most of my showers outside, with free hot water from the 100 foot garden hose that happens to be coiled in a sunny spot
Cooling myself and get free energy boosts by jumping in the “cold plunge”, which is simply an unheated hot tub I have set up in my back yard
Doing most of my cooking and dining outdoors with an induction cooktop, gas grill, espresso machine, and mini convection toaster oven deal that I keep set up outside during the warmer months of the year
Drying 99% of my loads of laundry out on the line instead of using the clothes dryer
I even charge my car with a little off-grid array of solar panels set up in the driveway (from Craisglist, of course!), which gives me free electricity for driving without going through the permit-hell hassle of a full grid-tied system in my city’s currently solar unfriendly environment.
Even taken all together, these things are pretty small – the average combined gas and electric bill for my area is about $250 per month, while my usage adds up to about $75. So while we’re only saving about $30,000 per decade for what sounds like a lot of work to most people, I consider this to be the biggest win because I enjoy living in “MMM’s Energy Efficiency Playground” so much.
6) Local Living over Constant Travel
This little lake right behind my house is a great daily “vacation” which allows me to savor home life more and travel a bit less.
“Hey, we’re having a big back yard pool party next weekend to celebrate Amy’s graduation from kindergarten, can you make it?”
“OH NOOOO!!! We will be off in at Disneyland that whole week! We planned the trip months ago, I wish we could make it!
As I type this in the height of the summer season, I really feel this effect at its fullest: almost all of my friends are off on trips, and my guest suite here at home is almost constantly full. People are traveling a lot, and many of them sound like they wish they could spend a few more of their precious summer weeks and weekends at home.
I’ll let you in on a little secret: you can! The trick is saying, “no thanks” more often to plans that involve you being away, and “yes please” to things that let you stay at home. The benefits are numerous:
You nurture your local friendships more and meet new people who live nearby
You spend way less money on plane tickets, hotels, restaurants gasoline, and car repairs
Your levels of health and fitness can go way up because you aren’t missing workouts and spending hours sitting in plane and car and bus seats. And you can better control your meals – more salads with grilled salmon, less McDonald’s and Pizza Hut
You sleep better
And you have more time to take care of projects around your house where you learn more skills which compound for life
Estimated Savings: Even if you replace just two weeks of travel for a family of four, with equivalent time at home you might save $5,000 per year in direct costs and a further $5,000 per year in incidental benefits like the health and local friendships. This would work out to a shocking $143,000 per decade of wealth increase!
Of course, travel is generally a good thing for broadening the life experience of you and your kids. It’s worth spending on, lavishly at times. But the key is to balance it out and be discerning, keeping the most enriching trips and pruning a few off the bottom of the list. And remembering that home time is valuable and healthy too.
And Whoa! We’ve already built up a huge list and I feel like I was just getting started.
Cutting a friend’s hair at a group event: entertainment, education and free haircut in one!
Taken all together, we’ve already detailed things that compound to $656,000 every decade, which already more than double the median wealth that most American seniors have as they cruise nervously into their retirement years – after over 40 years of work!
And now that I’ve been writing this blog for over ten years myself, I can safely say that over $656,000 of even my most recent worth increases are directly attributable to these simple habits. The same ones many of us have been enjoying and preaching about all along, both before and after our retirement dates.
If money is in genuinely short supply, you could go a lot further than the examples in this article. And indeed, there’s a lot more laid out in this blog or the MMM Boot Camp email series.
But one of the points of Mustachianism is that you usually don’t have to try all that hard. Just tweaking your lifestyle to be slightly less ridiculous and more efficient than average is usually all it takes.
—
In the comments: what are your quirks and frugal indulgences? The things you do now to save money, or things you still do even after it’s no longer about the money? I often wonder how widespread this frugality-just-for-fun is. But since we Humans are a naturally curious and problem solving species in our natural state, I suspect there are many more of us out there.
A low credit score may not keep you from getting all types of loans. In fact, some lenders provide loans specifically for people with bad credit. These can include personal loans for bad credit, “buy now, pay later” plans and cash advances from mobile apps.
Here are several types of loans for bad credit (a score below 630), why they’re worth considering and their potential risks.
Personal loans for bad credit
Some online lenders tailor personal loans to borrowers with low credit scores. Bad-credit personal loans can be $1,000 to $50,000, come as a lump sum and are repaid in equal installments over about one to five years.
Why they work: Reputable personal loan lenders cap annual percentage rates at 36%, which is the highest rate consumer advocates say affordable loans can have. They can be large enough to cover expensive home repairs and are typically funded within a few days of approval, making them a viable emergency financing option.
Possible risks: Having bad credit means you’ll qualify for an APR near the top of a lender’s range. Although other bad-credit borrowing options have higher rates, a 20% or 25% APR on a $5,000 loan is still expensive.
Family loans
It may be difficult to ask a friend or family member to lend you money, but it may also be the easiest and least expensive financing option. You can draw up a formal family loan agreement that includes what the funds will be used for and how they’ll be repaid.
Why they work: A friend or family member is unlikely to have a minimum credit score requirement or charge interest, as many other lenders do.
Possible risks: Mixing relationships and money can be dicey, and a loan gone awry may cause conflict.
Small bank and credit union loans
Some banks and credit unions offer small loans of a few thousand dollars or less to customers. Major national banks like U.S. Bank, Bank of America and Wells Fargo offer small-dollar loans, and some credit unions offer payday alternative loans or similar products.
These loans cost less in interest than most other types of bad-credit loans, have repayment terms of a few months, and lenders may look beyond your credit score to qualify you.
Why they work: Because small bank and credit union loans have low rates and long repayment terms, they’re more affordable than small-dollar high-interest loans offered by some online lenders.
Possible risks: Small bank loans and some payday alternative loans are only offered to existing customers. Though your credit score may not be the only — or even a major — factor a lender considers for these types of loans, it may carry some weight on the application.
Buy now, pay later loans
Buy now, pay later apps allow shoppers to split up a large purchase into smaller payments at checkout. The popular pay-in-four plans require a shopper to pay 25% of the cost upfront and cover the rest of the purchase in three biweekly installments. BNPL apps usually don’t do a hard credit check to approve customers.
Why they work: A BNPL plan can reduce the stress of a necessary, urgent expense like a mattress or laptop. Because the pay-in-four plans are interest-free, BNPL can be a no-cost financing option.
Possible risks: Most major retailers, including some grocery stores, offer this type of payment plan, which can make it easy to rely on them for everyday expenses. Frequent BNPL use can lead to overspending and cause people to lose track of upcoming payments. Some apps report payments to the credit bureaus, so missed payments can hurt your score.
Cash advance apps
A cash advance app is a mobile app that provides a small advance — often $500 or less — on your next paycheck. These apps use transaction history from a connected bank account to determine whether you qualify for an advance and how large it should be. There is no credit check, so your score isn’t a factor. The app takes repayment on your next payday.
Why they work: Loan apps can provide an advance within a few days after you request it, or instantly for a fee. Advances can be large enough to cover a modest vet bill or auto repair, or to bridge a brief income gap.
Possible risks: Cash advance app fees — including fast-funding fees and requested tips — coupled with short repayment terms make them difficult for some borrowers to repay without foregoing other necessary expenses or borrowing again shortly after.
Payday loans
Payday loans are small loans with high fees that are repaid quickly after you borrow. You can get a payday loan online or in person and the lender typically requires a post-dated check or access to your checking account to withdraw funds on your next payday.
Why they work: Payday loans are fast and easy to get. Lenders don’t check your credit or report payments to the credit bureaus.
Possible risks: These costly loans are difficult to repay in a short period, so borrowers often end up borrowing again to pay off the original loan or cover regular expenses. Because payday loan borrowers frequently end up in a debt cycle, these loans should be a last resort in a true emergency.
🤓Nerdy Tip
Car title loans and pawn loans are similar to payday loans. They frequently have triple-digit interest rates and short repayment terms, but they require a valuable item as collateral — your vehicle in the case of car title loans, or a personal item for pawn loans. Though these are both fast-cash options for bad-credit borrowers, they’re difficult to repay on time, and failure to pay them means losing the item you provided as collateral. NerdWallet recommends avoiding these loans if possible.
Nonborrowing options for bad credit
Payment plans: If you’re struggling to make a mortgage, utility or doctor bill payment, consider asking to set up a payment plan. Many creditors have hardship plans available for those experiencing financial difficulties, as do many utility companies and physicians’ offices. Request a payment plan before going into debt to cover bills.
Other ways to make money: If you have the luxury of time, consider ways to make quick cash. Options include selling clothes, delivering food, taking online surveys or listing a room on Airbnb.
Get help from the government: Some government programs can help with utility bills and groceries, child care and a down payment on a home.
Local financial assistance programs: A local charity, nonprofit or food bank may help cover some of your financial burden while you focus on a pressing expense. Search NerdWallet’s database of financial assistance programs for local organizations that offer relief.
The typical cost of a home solar panel system in Louisiana was $37,053 in the second half of 2023 before incentives, according to data from EnergySage, a solar and home energy product comparison marketplace.
Hot, humid summers are common in Louisiana, and air conditioning use can contribute to high electricity bills. Solar panel systems can offset some of these costs. However, compared to many other states, most of Louisiana has a lower payback rate for electricity sold back to the grid, which decreases long-term savings and can make solar a less cost-effective option.
Solar costs in Louisiana at a glance
Typical cost of home solar system before federal solar tax credit
Typical cost of home solar system after federal solar tax credit
Median cost per watt
Average system size
Source: EnergySage, a solar and home energy product comparison marketplace founded in 2012. Data is from the second half of 2023.
Louisiana’s average cost per watt for residential solar panels is $3.10. This was slightly higher than the national average of $2.96 in the second half of 2023. Solar panel systems are slightly larger than average in Louisiana at 12kW compared to the national average of 11.6kW.
In some states, you might be required to pay for infrastructure upgrades your utility company deems necessary for activating your system. This happens more in rural zones where grid equipment hasn’t been updated in a while. In Louisiana, large interconnection charges for upgrades are rare.
Lower demand after rising interest rates
Buying a residential solar system in cash is an option for some. However, many cannot afford solar panels without a loan, and that is reducing demand in Louisiana for solar panel systems. Between the first half and second half of 2023, prices per watt in Louisiana have held steady. But for those taking out loans, interest rates can increase overall costs.
“Interest rates are really high right now, so financing residential solar is challenging, and can eat into some of the savings,” says Rebekah Olinde, a solar consultant for South Coast Solar, a solar installer in Louisiana. “I’ve seen the impact of those interest rates both on savings projections and on decision-making.”
Net metering in Louisiana
In most parts of Louisiana, there’s no longer one-to-one net metering, a billing system that allows homeowners to sell excess solar generated from solar panels at retail rates, making solar more cost-effective.
“The net metering policy for most of Louisiana changed in 2019. For any system installed after that, excess solar is now exported back to the grid at the avoided-cost rate, instead of at the retail rate,” says Olinde, noting there are some exceptions.
The avoided-cost rate, or wholesale rate, is much lower than the retail rate. The new policy
means that affected homeowners won’t see as much in long-term electricity bill savings with solar panels. Using a solar battery to store excess electricity could increase those savings, though it would add to equipment costs.
The retail rate and the avoided-cost rate change over time. The Public Service Commission of Louisiana offers a schedule of avoided-cost rates for different energy providers, as of early 2024. These rates are all under 3 cents per kilowatt-hour. The retail cost of electricity is much higher at about 13 cents per kWh, based on EnergySage data.
Property tax exemption
Like many states, Louisiana does not factor solar panels into the valuation of homes for property tax purposes.
This can essentially give you a break on your property taxes. Solar panels could potentially increase the value of your home if you choose to sell it in the future.
Energy storage in Louisiana
Some form of energy storage is a common feature of residential solar panel systems in Louisiana. In areas where full net metering isn’t available, a solar battery can allow homeowners to store and use excess power as needed, reducing their electricity bills. It can also be used as a source of backup power in the case of a power outage. In Louisiana, a typical solar battery costs $13,995 after the federal solar tax credit, according to EnergySage data from the second half of 2023.
Frequently asked questions
How should you choose a solar panel installer in Louisiana?
Gather multiple bids and compare them before making a decision. Consider factors like online customer ratings and how long companies have been in business. Be cautious about working with companies in Louisiana that send door-to-door salespeople to suggest putting solar panels on your roof; these companies often don’t give you the most competitive bids.
Can all roofs hold solar panels in Louisiana?
Solar installers may be reluctant to install on particular kinds of roofs, such as Spanish tile. The installation process can break the tiles and require expensive repairs, but it can be done.
Looking for the best ways to get free money from the government? Getting free money from the government might sound too good to be true, but there are actually several ways you can receive financial assistance. From helping with monthly expenses to finding unclaimed funds, these programs and resources can be a big help. The…
Looking for the best ways to get free money from the government?
Getting free money from the government might sound too good to be true, but there are actually several ways you can receive financial assistance. From helping with monthly expenses to finding unclaimed funds, these programs and resources can be a big help. The key is knowing where to look and meeting eligibility requirements.
This article will show you different ways to get extra money from the government. Whether you need help with your bills or want to get back money that belongs to you, there are many options for you.
Best Ways To Get Free Money From the Government
Below are the best ways to get free money from the government – for housing, children, health insurance, food, and more.
1. Apply for unemployment benefits
If you lose your job, you might be eligible for unemployment benefits. These benefits can help you cover some of your expenses while you look for a new job.
To qualify, you usually need to have worked a certain amount of time in the past year. Each state has its own rules, so you should check your state’s specific requirements.
You can apply for unemployment benefits online or by phone, and be ready to provide details about your recent jobs and earnings. This will help determine how much you can get each week.
The benefit amount is based on a percentage of your earnings from your previous job. It can range from about 40% to 60% of your past earnings. This money can be a helpful bridge while you search for new work.
Each week, you’ll need to report if you’re still unemployed and looking for a job. Some states may also ask you to document your job search activities so it’s important to follow these rules to keep receiving benefits.
Unemployment benefits probably won’t cover all your expenses, but they can make a tough time a little easier. Remember to apply as soon as you lose your job to start getting support right away.
2. Check for child tax credits
Child tax credits can be a big help for families.
You might be able to get money back from the government if you have kids such as for childcare or for just having children. The amount you can get depends on your income and the number of kids you have.
The Child Tax Credit now gives up to $2,000 for each child.
Make sure you check if you qualify for these credits. You can find out more by visiting the IRS website or talking to a tax expert.
3. Women, Infants, and Children (WIC)
The Women, Infants, and Children (WIC) program helps pregnant women, new mothers, and young children get healthy foods. This program is a great way to get extra help when you need it the most, and this is free government money for low-income families. It’s focused on keeping you and your little ones healthy and well-fed.
If you’re pregnant, you can get help right away and continue to receive it for up to six months after giving birth. If you have children, they have to be under the age of 5.
To qualify, you need to meet income guidelines and show that you are at nutritional risk. This can include being underweight or having a diet low in essential nutrients. WIC then provides monthly benefits that can be used to buy specific foods like milk, eggs, and fruits.
To apply, you need to contact your state or local WIC office (you can start by Googling “WIC + your state name”). They will tell you what documents to bring and where to go for your appointment.
4. Use SNAP for food assistance
SNAP stands for Supplemental Nutrition Assistance Program. It’s a government program that helps low-income families buy healthy food. If you qualify, you get an EBT card loaded with funds every month.
Using SNAP is easy. You can use your EBT card at most grocery stores and it works just like a debit card.
To qualify for SNAP, you need to meet certain income and other eligibility requirements. These can include having a low income based on your household size.
SNAP can be a huge help if you’re struggling to afford groceries. It allows you to buy essential foods like fruits, vegetables, meats, and dairy products.
5. Free and reduced breakfast and lunch at school
Your child may be able to get free or reduced-price meals at school through several programs, and these programs make sure kids have healthy meals every day.
The most well-known program is the National School Lunch Program (NSLP). It provides low-cost or free lunches to millions of children in public and nonprofit private schools.
Schools many times also have the School Breakfast Program. This is similar to the lunch program but focuses on providing a nutritious morning meal.
In addition to these programs, there is the Special Milk Program. This program provides milk to children who do not participate in other meal programs.
Some schools offer the Community Eligibility Provision (CEP). This allows schools in high-need areas to serve breakfast and lunch at no cost.
To find out if your child is eligible, check with your school. They can guide you through the application process and let you know what your child qualifies for.
6. Seek Temporary Assistance for Needy Families (TANF)
Temporary Assistance for Needy Families (TANF) is a government program that can help you if you’re facing hard times. It provides financial aid to families with children who are struggling to make ends meet and can help with childcare, job training, and finding work.
To apply for TANF, you need to contact your local TANF office. They will help you through the application process and let you know what documents you need.
It’s important to know that each state runs its own TANF program, so the benefits and services might vary. Be sure to ask your local office (you can also reach out to the U.S. Department of Health and Human Services) what specific help they can offer.
7. Low-Income Home Energy Assistance Program (LIHEAP)
If you need help paying your energy bills, you might qualify for the Low-Income Home Energy Assistance Program (LIHEAP). This program helps low-income households with their heating and cooling costs.
LIHEAP provides federal funds to reduce energy costs. This can include help with your energy bills and dealing with energy crises.
You can also get help making your home more energy-efficient. This is known as weatherization and might include things like adding insulation or fixing drafty windows.
8. Early Intervention and Head Start
Early Intervention services are great for families with young children who have special needs. These services help kids from birth to age three. They offer things like speech therapy, occupational therapy, and more. Most services are free, and others have a sliding scale fee. They make sure your child gets the help they need, even if you can’t pay.
Head Start programs are for kids aged three to five. They help with early learning and development. Head Start also supports families with health and dental services.
Both Early Intervention and Head Start focus on getting kids ready for school. They help children learn and grow in important ways and also support families by connecting them to resources they may need.
You can usually self-refer your child to these programs (each state has its own), or ask your pediatrician for a referral.
9. Apply for college grants
College grants are a great way to get free money for school. Unlike loans, you don’t have to pay back grants. They can help cover your tuition, books, and other school expenses.
One of the most well-known grants is the Pell Grant. For the 2023-24 school year, the maximum Pell Grant is $7,395. This grant is for students with financial need.
Another option is the Federal Supplemental Educational Opportunity Grant (FSEOG). This is for students with exceptional financial need. The amount you can get depends on your school and your financial situation.
To apply for these grants, you’ll need to complete the Free Application for Federal Student Aid (FAFSA). The FAFSA helps the government determine how much aid you qualify for.
Many states and schools also offer their own grants. Check with your school’s financial aid office to see what you might be eligible for. It’s a good idea to apply for as many grants as you can.
Grants can make a big difference in paying for college, so it’s worth the effort to apply. Make sure to look for scholarships too!
10. Public Student Loan Forgiveness (PSLF) program
The Public Student Loan Forgiveness (PSLF) program can help if you work in public service. This includes jobs like teaching, nursing, firefighting, and more. If you work in these fields and have federal student loans, you may be able to get your remaining loan balance forgiven after ten years of payments.
To qualify, you must work full-time for a qualified government or nonprofit organization. You also need to make 120 qualifying monthly payments under a qualifying repayment plan. Only payments made after October 1, 2007, count toward the 120 payments required.
The program mainly benefits people who work in low-paying, but important, public service jobs. It’s a way to give back while also getting financial relief. Though the application process can be long and require careful tracking, many find the effort worth it when their loans are wiped out.
11. Claim Earned Income Tax Credit (EITC)
The Earned Income Tax Credit (EITC) gives low- to moderate-income workers and families a tax break.
If your income is under a certain amount, you might qualify. This credit can either reduce the taxes you owe or increase your refund. For 2024, the EITC amounts can go up to $3,995, based on your income and family size.
To claim the EITC, you need to file a tax return, even if you do not owe any taxes. You should fill out Form 1040 and a Schedule EIC if you have qualifying children.
12. Get housing vouchers
Housing vouchers are a great way to get help with rent. They are commonly known as Section 8. These vouchers help low-income families, seniors, and people with disabilities afford safe and decent housing.
To get a voucher, your income must be below a certain level and this varies by location and family size.
With a voucher, you can choose any housing that meets program requirements. This gives you some freedom to pick a home that suits your needs best. The government will pay part of the rent, making it more affordable for you.
13. See if you qualify for down payment assistance
Buying a home can be tough, especially when it comes to saving for a down payment. That’s where down payment assistance programs can help prospective homeowners.
These programs come in many forms. You might find grants, loans, or other types of aid to help you with the down payment. Each state offers different programs and some are more generous than others.
To qualify, you’ll need to meet certain requirements. These can include income limits or being a first-time homebuyer.
14. Apply for Supplemental Security Income (SSI)
Supplemental Security Income (SSI) is a program that gives monthly payments to people who are disabled, blind, or over 65 and have limited income. You may get help with food, rent, and medical bills.
To apply for SSI, visit the Social Security Administration (SSA) website. There, you can find the application forms and details about the process. You may need to provide information about your finances and living situation.
The application can be done online, by phone, or in person. If you’re under 18 or applying for someone under 18, there are special forms for children.
15. Look for health insurance in the marketplace
We all know that health insurance can be very expensive. Before you skip it, I highly recommend comparing pricing of health insurance on the Health Insurance Marketplace to see if you can find something more affordable for you and your family.
It’s a great way to get coverage and possibly save money. Sometimes, if you qualify, you can get free or low-cost health insurance plans.
Go to Healthcare.gov to start, and each state has its own Marketplace, so follow the specific steps for your state. It can be a little confusing, so make sure you have no distractions and can spend some time doing this.
During the open enrollment period, you can choose a new plan or keep your current one. If you’ve had a big life event, like losing your job, you might qualify to sign up outside the usual enrollment times.
16. Medicaid
Medicaid is a state and federal program that helps people with low incomes get health care. If you qualify, you can receive free or low-cost medical services, like doctor visits, hospital stays, and even prescription drugs.
Medicaid is especially helpful for families, pregnant women, seniors, and people with disabilities.
One of the best parts is that Medicaid covers a wide range of services – you can get help with dental care, mental health services, and even long-term care.
Your income and family size usually determine if you can get Medicaid.
17. Search for unclaimed money
You might have unclaimed money waiting for you. This money comes from many sources like unpaid wages, forgotten bank accounts, or unclaimed insurance benefits.
You can check by going to unclaimed.org, the website managed by the National Association of Unclaimed Property Administrators (NAUPA).
Each state has its own database for unclaimed property. Check your state’s website to see if there is money owed to you.
Frequently Asked Questions
There are several ways you can get money from the government to help with different needs, like paying for food or getting extra support if you don’t make a lot of money.
What ways can I get money from the government?
There are many ways to get free government money. You can apply for unemployment benefits if you lose your job. Families can also check for child tax credits, which give extra money for children. Programs like WIC and SNAP can help with paying for food, and students can get free and reduced breakfast and lunch at school.
How can I get help from the government if I don’t make a lot of money?
Low-income families can use programs like WIC (Women, Infants, and Children), SNAP (Supplemental Nutrition Assistance Program), TANF (Temporary Assistance for Needy Families), LIHEAP (Low-Income Home Energy Assistance Program), and more to get help from the government if they don’t make a lot of money.
How can I borrow money from the government?
The government offers student loans for education through programs like FAFSA. Small businesses can apply for loans from the Small Business Administration (SBA). There are also some loan programs based on specific needs like starting a farm or buying a home.
What is FAFSA?
FAFSA stands for Free Application for Federal Student Aid. It’s a form that students fill out to get financial aid for college. It can help you get grants, loans, and work-study opportunities to pay for your education.
Can I borrow money from my social security benefits?
No, you cannot borrow money from your Social Security benefits. Social Security is designed to provide income during retirement or if you become disabled, so it’s not a source of loans or advance cash.
Is there free grant money for bills and personal use?
Yes, there can be grants for specific needs like paying utility bills or home repairs. You might also find grants for education, food, and health care. Check with local and federal agencies to see if you qualify for any of these grants.
How do I find out if I qualify for any government assistance?
You can visit government websites or contact local agencies. Many state and local governments have online tools to check your eligibility. It’s also helpful to reach out to community organizations that can guide you through the application process.
How To Get Free Money From the Government – Summary
I hope you enjoyed this article on the best ways to get free money from the government.
There are many ways to get free money from the government, such as for housing, to help pay for your children’s expenses, to afford health insurance, to buy food, and more.
Note: There may be changes or updates to the free government programs above. I recommend contacting the program to learn more. Also, please be sure to stay safe with your sensitive information and only use official websites (look for .gov websites and official government organization websites to start with to avoid scams).
What do you think of these free government programs? Have you ever used any of the ways above to get free money from the government?
An essential aspect of being a successful landlord is being strict with your tenants. Letting tenants walk all over you can lead to a multitude of problems, and it’s crucial to enforce your rules and leases diligently. Here’s why you need to be strict and how it can actually benefit your business and your tenants in the long run.
Table of Contents
Video: Why Landlords Must Be Strict
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The Importance of Enforcing Lease Agreements
One of the key reasons to be strict with tenants is to maintain order and respect for the lease agreements. For example, I allowed tenants to temporarily park in a car wash area while it was out of order.
However, they took advantage of this leniency, started performing car repairs, and left paint all over. This incident highlights the old adage: if you give an inch, they’ll take a mile. It’s vital to adhere strictly to lease terms regarding parking, property use, rent payments, and late fees to prevent such issues.
Top 5 Mistakes Landlords Make
Addressing Issues Promptly and Firmly
When tenants violate lease agreements, addressing the issue promptly is crucial. In the case of the car wash situation, we posted notices and warned the tenants about towing their cars.
Despite initial verbal and written warnings, it wasn’t until we took the more severe step of posting tow stickers that the cars were finally moved. This approach applies to other issues such as late rent and property misuse.
The Role of Property Managers
If you find it challenging to be strict, hiring a property manager can be an effective solution. A property manager can enforce the rules impartially, citing you as the authority behind the decisions.
This arrangement helps avoid personal conflicts and ensures that tenants understand the seriousness of their violations. It’s okay to recognize if you’re not naturally strict and find someone who can handle this aspect of the business for you.
How to Find a Great Property Manager
Protecting Your Investment and Other Tenants
Being strict is not just about maintaining order; it’s about protecting your investment and ensuring a peaceful living environment for all tenants. In another instance, cars parked illegally blocked trash collection, causing significant issues. We left notices and sent letters, and we posted no parking signs. The tenants did not get the message until their cars were towed. That also sent a message to other tenants that we were serious and we have not had that problem since.
How I Made 2 Million Dollars From a Single Rental Property
Dealing with Late Rent and Evictions
Late rent payments are a common issue, especially post-COVID, with some tenants expecting continuous assistance. It’s imperative to address late payments immediately by issuing notices and charging late fees. Allowing tenants to pay late without consequences can lead to a cycle of non-payment, ultimately hurting your business.
In Colorado, for example, you cannot evict tenants for not paying late fees, only for not paying rent. This underscores the need to act quickly and enforce payment rules strictly.
Screening Tenants Thoroughly
Properly screening tenants before they move in can prevent many issues. Conducting background checks, credit checks, and verifying references are crucial steps. Even with these precautions, about 10% of tenants might still cause problems, but without screening, this number could be significantly higher. Relying on gut feelings instead of data can lead to poor decisions and long-term headaches.
What is the Best Way to Screen Tenants for Rentals?
Understanding and Adhering to State Laws
Finally, always ensure that your actions comply with state laws and regulations, which are constantly evolving. Consulting with attorneys and accountants can help you navigate these complexities and avoid legal pitfalls.
Tools like DoorLoop, which is the property management software I use, can help.
Conclusion
Being a landlord is not just about owning property; it’s about managing it effectively and maintaining good relationships with your tenants. Being strict with your tenants is essential for the smooth operation of your business and the well-being of all your tenants. It might not always be fun, but it is necessary. By setting clear boundaries and enforcing them, you can run a more efficient and successful property management business.
Have you had a bad situation with a tenant? Let me know in the comments below!
Looking for ways to make money by driving? There are many opportunities to make money just by driving your car. Whether you prefer delivering packages, giving rides, or even doing tasks for others, there are many gig apps and services that can help you get started. A lot of people are earning good money just…
Looking for ways to make money by driving?
There are many opportunities to make money just by driving your car. Whether you prefer delivering packages, giving rides, or even doing tasks for others, there are many gig apps and services that can help you get started.
A lot of people are earning good money just by using their own cars for different jobs. You can pick your hours and choose the kind of work you like, so driving can be a great way to earn extra income without messing up your daily schedule.
Best Ways To Make Money Driving
Below are the best ways to make money driving.
1. HopSkipDrive
HopSkipDrive is a great way to make money if you like driving and working with kids. HopSkipDrive provides safe and reliable rides for schools and families. They help schools meet their needs for school transportation as well as help with school bus driver shortages. This app is designed for students who cannot use regular bus routes or need extra help with transportation.
The company pays much more than other ride-sharing services.
You can earn around $50 per hour as a CareDriver. This is higher compared to Uber or Lyft. HopSkipDrive sometimes has special promotions where new drivers can earn $500 for 10 trips in their first 14 days, completing a certain number of rides before 8 a.m. and so on.
Becoming a driver has many steps, but it’s for good reasons. You’ll need to complete online orientation, background checks, and a vehicle inspection. This process makes sure drivers are safe and reliable for the children that they are driving.
The company has flexible hours. You can choose when you want to work. This makes it easy to fit into your schedule.
HopSkipDrive is currently available in many states such as Colorado, California, Washington, and Texas.
2. Deliver groceries with Instacart
Delivering groceries with Instacart is a great way to make money driving. You can work as a full-service shopper or an in-store shopper. Full-service shoppers both shop and deliver the groceries. In-store shoppers stay inside the store and prepare orders for pick-up.
To start, you must be at least 18 years old. You’ll need a smartphone to use the Instacart app. You’ll also need a car to deliver groceries if you choose the full-service option.
When you sign up, Instacart will send you a payment card. You’ll use this card at the store to pay for groceries. This card arrives about 5 to 7 days after you complete the sign-up.
Flexibility is a huge perk because you can choose when and how much you want to work. This makes it easy to fit around your schedule. You could work a few hours on weekends or even fill gaps between your main job hours.
Being an Instacart shopper means that attention to detail is important. Customers count on you to pick the best items, like fresh produce and correctly labeled products. Good service can lead to better tips and higher ratings. It’s not as easy as just throwing items in a cart and buying them – I have had careless shoppers in the past, and when that happens, it’s just a waste of my time because I still have to go to the grocery store to fix their mistakes.
You can learn more at Instacart Shopper Review: How much do Instacart Shoppers earn?
Another popular option for grocery deliveries is Shipt. I have not used this before, but it is owned by Target and many people like it.
3. Deliver with DoorDash
Delivering with DoorDash is a popular way to make extra money driving. As a Dasher, you can work whenever you want. There are no set hours, so you can fit it around your schedule.
You can use any car or even a bike (in certain cities). This gives you a lot of flexibility. Plus, it’s easy to sign up and start delivering quickly.
Dashers earn money through base pay, tips, and extra incentives. The base pay is what you earn for each delivery. You also keep 100% of your tips, which can add up.
Many Dashers earn around $15 to $20 per hour. This can vary depending on where you live and how busy it is.
Delivering food to customers is simple. You just have to pick up the order from a restaurant and drop it off at the customer’s address. DoorDash provides you with all the instructions and directions you need.
If you enjoy driving and want to make some extra cash, DoorDash is a great option. It’s simple, flexible, and you can start earning quickly.
Please click here to sign up for DoorDash.
Note: There are many other food delivery apps such as Grubhub, Uber Eats, and Gopuff (mainly snack delivery) that you can also do food delivery service with too.
4. Ridesharing
Ridesharing can be a great way to make extra money. Apps like Uber and Lyft let you use your car to give people rides.
The best part is that rideshare drivers can work whenever they want. This flexibility means you can drive in your spare time or make it a full-time job.
To get started with rideshare apps, you need to sign up and create an account. You’ll need to provide some information and upload documents like your driver’s license and insurance.
One way to earn more is by driving during peak hours. These are times when people need more rides, so prices go up. Friday and Saturday nights are some of the busiest times.
Another way to earn more is by driving in busy areas or near popular events because this can help you get more rides in less time.
5. Work for Amazon Flex
Amazon Flex is a great way to make money by delivering packages. Amazon Flex drivers can earn between $18 and $25 an hour, and this depends on where you live and demand.
You use your own vehicle to deliver packages (you need a 4-door, midsize sedan or a larger vehicle, such as an SUV). This means you will need a reliable car and a smartphone to use the Amazon Flex app.
You pick your own schedule with Amazon Flex so this makes it perfect for busy people. You can reserve blocks of time in advance or choose them each day.
To work for Amazon Flex, you need to be 21 or older. You also need a valid driver’s license and insurance.
6. Deliver RVs
Delivering RVs can be a fun way to make money while seeing the country. You get to travel to different places, driving different types of RVs from one location to another.
To start, look for companies that specialize in RV transportation. These companies need drivers to move their RVs around. You can also check with RV dealerships because they sometimes post job listings for delivery drivers.
Many companies require you to have a Commercial Driver’s License (CDL). This is important because many RVs are large and need skilled drivers. Check your state’s requirements and whoever you would be working for to see what you need.
After you’re hired, you will be transporting RVs to different places. This might include taking new RVs to buyers or moving rental RVs to different locations. Make sure you know how to handle the RV you’re driving, whether it’s a small campervan or a large motorhome.
Delivering RVs gives you the chance to make money while traveling. You’ll get to see new places and have some fun experiences along the way.
We have met and seen many people transporting RVs over the years (we RVed full-time for many years, and now we RV part-time!), and it has always seemed like a nice gig. In fact, someone drove our newest RV to deliver it to the dealership that we bought it from!
Recommended reading: 11 Ways To Get Paid To Drive A Car Across The Country
7. Work as a medical courier
Becoming a medical courier is a great way to make money while helping people. Medical couriers deliver important items like medication, medical supplies, and lab samples.
Many places hire medical couriers. These include:
Hospitals have couriers to move medical samples, documents, and medications between buildings.
Pharmacies hire couriers to deliver prescriptions to patients who can’t come in.
Labs need couriers to pick up and drop off medical samples for testing.
Home healthcare agencies use couriers to bring medical supplies and medications to patients at home.
Medical supply companies need couriers to deliver equipment and supplies to healthcare places and patients.
8. Drive for a rental car company
Driving for a rental car company is a great way to make money driving. Companies need help moving their cars from one location to another.
Sometimes, rental companies need cars moved across the country. For example, they might need more cars in Florida during the winter.
You can also help by delivering cars to repair shops. After repairs, you can drive them back to the rental office.
9. Advertise with Wrapify
You can make extra money by advertising on your car with Wrapify.
It’s simple and easy! First, you sign up on the Wrapify app. After passing a background check, you’re ready to start earning.
With Wrapify, you drive your usual routes and the app tracks your mileage. The more you drive, the more you can earn.
Full car wraps pay the most, up to $452 a month. Partial wraps pay less, about $196 to $280 each month. It’s passive income for just driving your car.
There are many other car advertisements platforms, such as Carvertise, Nickelytics, StickerRide, and Stickr.
Recommended reading: 6 Best Ways To Get Paid to Advertise On Your Car
10. Truck driver
Driving a truck across the U.S. is a way to make money while driving. The demand for safe truck drivers keeps growing.
To get started, you need a Commercial Driver’s License (CDL). It’s required for all truck driving jobs. You can apply to trucking companies to work as a company driver.
Starting salaries for truck drivers range from $30,000 to $45,000 per year. Experienced drivers can make up to $80,000 or more annually.
Owning your own truck can increase your earnings even more. Owner-operators tend to make higher rates since they take jobs as needed.
11. Rent out your car
You can make money by renting out your car when you’re not using it. Many car-sharing platforms make it easy to get started. Some popular options include Turo and Getaround, which help you earn extra cash by renting your car to people in your area.
You just need to list your car, set your price, and wait for renters. It’s a simple way to turn your car into an income source.
You do want to remember to check your insurance and make sure it covers rentals. You want to be protected in case anything happens while someone else is driving your car.
12. Help people move
Moving can be very stressful for many people, and they tend to need help to move boxes and furniture. This is where you come in.
If you have a pickup truck or cargo van and some muscle, you can sell moving services. People are willing to pay for the convenience of having someone else do the heavy lifting.
I know for me, I hate moving, so I much prefer to pay someone to help me with this.
13. Deliver with Roadie
Roadie is a great platform to make money with your car, and it is owned by UPS. The company partners with businesses for same-day and local next-day deliveries, using regular passenger vehicles. You can deliver a wide variety of items, from luggage to lawn mowers and more.
Roadie gives you the flexibility to choose deliveries that fit your schedule. You can decide when and how often you want to work. The app is easy to use, and you can see real-time tracking for your deliveries. This helps you manage your time effectively and plan your route.
Some deliveries pay more if the items are larger or heavier. You can earn an average of $12 per trip on local deliveries, and more on multi-stop trips. Plus, this is one of the best driving apps to make money on the same day.
14. Taxi driver
Becoming a taxi driver can be a good way to make money driving. You’ll need a clean driving record and a reliable car. In most places, you’ll also need a special license. This usually means passing an exam and possibly a background check.
Working for a taxi company means they might provide the car. You’ll just drive and get paid. If you drive your own car, you keep more of the money but pay for gas and maintenance.
Some drivers make even more by working during busy times. Think weekends, holidays, and big local events. The faster you get passengers to where they need to go, the more passengers you can pick up.
Frequently Asked Questions
There are many ways to make money driving, from delivering food to ridesharing. Here are answers to common questions about how to make money driving.
Can you make money driving?
Yes, you can make money driving by delivering groceries with Instacart, driving for apps like HopSkipDrive, or delivering with DoorDash. You can also choose ridesharing or working for services like Amazon Flex.
What app pays you to drive?
Several apps pay you to drive such as Uber and Uber Eats, which let you drive passengers or deliver food. The Roadie app lets you deliver items on your chosen routes. There are many more apps that pay you to drive, such as Instacart and Turo too.
How to make a living as a driver?
To make a living as a driver, consistency is key. You can combine multiple apps like Uber, DoorDash, and Amazon Flex. Each app has different opportunities and peak hours. Working during busy times can increase your earnings.
How can I make money on the road?
There are many ways to make a living on the road, such as by delivering RVs to RV dealerships, wrapping your car with an advertisement, or even becoming a truck driver.
How can you make extra money by driving your car across the country?
Driving your car across the country can also make you money. Services like Roadie let you deliver long-distance items. You can also start a moving company and help people relocate. Each trip can be a paid gig, making it a good way to earn while traveling.
How To Make Money Driving – Summary
I hope you enjoyed this article on how to make money driving.
There are many ways to make money while driving such as with apps to make money with your car like HopSkipDrive, Instacart, DoorDash, Uber, Lyft, Amazon Flex, and Roadie.
There are also ways to make money driving that don’t involve an app, such as delivering RVs to dealerships, working as a medical courier, driving for a rental car company, placing an advertisement on your car, becoming a truck driver, helping people move, and becoming a taxi driver.
Whether you’re looking for driving side hustles in the gig economy or if you are looking for a full-time career, there are many ways to make money driving.
Borrowing against home equity can put cash in your hands when needed. But how soon can you pull equity out of your home after purchasing it?
You might be surprised to learn that there’s no minimum waiting period to access your home equity. You’ll need to meet a lender’s other conditions and requirements to qualify for a loan against your equity, but you can decide when it makes sense to borrow against your home.
What Is Home Equity?
How is home equity explained? Equity is the difference between your home’s value and the remaining amount due on the mortgage. In simpler terms, equity represents the portion of the home that you own.
Home equity accumulates as your mortgage balance goes down and your property’s value goes up. As of March 2024, the average equity value among 48 million U.S. homeowners with mortgages was $206,000, according to the ICE Mortgage Monitor.
It’s possible to have negative equity in a home. That scenario can occur when you owe more on the mortgage than the home is worth. This is also referred to as being upside down or underwater on the mortgage. That’s important to know if you’re calculating how home equity counts in your net worth.
First-time homebuyers can prequalify for a SoFi mortgage loan, with as little as 3% down.
Ways to Access Home Equity
There are several options for borrowing against your equity. The most common are a home equity loan, a home equity line of credit, and a cash-out refinance.
Home Equity Loan
A home equity loan allows you to withdraw your equity in a lump sum. Home equity loans typically have fixed interest rates and your repayment term may last up to 30 years. A home equity loan is a type of second mortgage that doesn’t affect the terms of the loan you took out to purchase the property. Your home serves as collateral for the loan. If you default on the payments, the lender could initiate a foreclosure proceeding against you.
Home equity loans offer flexibility since you use the money any way you like. Some of the most common uses for home equity loans include:
• Home repairs and maintenance
• Home improvements
• Debt consolidation
• Medical bills
• Large purchases
Interest on a home equity loan may be tax-deductible if the proceeds are used to “buy, build, or substantially improve the residence,” according to IRS tax rules. This rule applies through the end of 2025.
Home Equity Line of Credit
A home equity line of credit (HELOC) is a revolving line of credit that you can draw against as needed. HELOCs tend to have variable interest rates, though some lenders offer a fixed-rate option.4 When you take out a HELOC, you have a draw period in which you can access your line of credit and a repayment period when you pay it back. You pay interest only on the portion of your credit line that you use.
HELOCs can be used for the same purposes as a home equity loan. A HELOC may offer a lower interest rate than a home equity loan, depending on the overall rate environment. However, your payment isn’t always predictable if you have a variable interest rate.
Cash-Out Refinance
Cash-out refinancing replaces your existing mortgage loan with a new one while allowing you to withdraw some of your equity in cash at closing. A cash-out refinance loan isn’t a second mortgage; it takes the place of your original purchase loan. The balance due is higher to account for the amount of equity you withdraw in cash.
A cash-out refinance loan may have a fixed rate or an adjustable rate. Fixed-rate loans typically have repayment terms extending from 10 to 30 years. If you choose an adjustable-rate mortgage (ARM), you might be able to select a 3/1, 5/1, 7/1, or 10/1 ARM.
The first number represents how long you have to enjoy a fixed rate on the loan; the second number is how often the rate adjusts on an annual basis. So, a 10/1 ARM would have a fixed rate for the first 10 years. Then the rate would either increase or decrease once a year annually for the remainder of the loan term.
Requirements to Tap Home Equity
Qualification requirements for a home equity loan, HELOC, or cash-out refinance loan vary by lender. In most instances, you’ll need to have:
• A credit score of 660 or better
• At least 20% equity, though some lenders may go as low as 15%
• A debt-to-income (DTI) ratio below 43%
Essentially, lenders want to make sure that you have sufficient income to make the payments on a home equity loan and that you’re likely to pay on time.
Lenders use your combined loan-to-value (CLTV) ratio to measure your equity. Your loan-to-value (LTV) ratio measures your home’s mortgage value against the property’s appraised value. The current loan balance divided by the appraised value equals your LTV.8 Combined LTV uses the balance of all loans, including first and second mortgages, to measure equity. This number can tell you how much of your equity you can borrow. Most lenders look for a CLTV in the 80% to 85% range, though it’s possible to find lenders that allow 100% financing.
Recommended: Understanding Mortgage Basics
Factors That Impact Timing
How soon can you get a home equity loan? Technically, right away. But the more important question to ask is whether it makes sense to access your equity sooner or later.
If you’ve just purchased a home, you may not have much equity built up yet. You may need to wait a few months for some equity to build up before borrowing against it. Your choice of lender could also make a difference. If a lender requires a home equity waiting period, you might have to wait until it ends to borrow.
Here are some questions to ask when deciding if the time is right to withdraw equity:
• What will you use the money for?
• How much do you need to borrow?
• Which borrowing option makes the most sense?
• How much can you afford in additional monthly mortgage payments?
Risks of Borrowing Too Soon
Just because you can get a home equity loan or HELOC right away doesn’t mean you should. There are some risk factors to consider if you’re thinking about an equity withdrawal.
• Having less equity in the home can mean a higher LTV, which could make it harder to qualify.
• Should your home’s value drop after borrowing, you could end up underwater on the mortgage.
• If you only recently bought the home, you may not have a firm idea of your maintenance and utility costs, which could make it difficult to estimate how much you can afford in additional mortgage payments.
• Your credit score may need time to recover so you can qualify for the best rates if you just signed off on a purchase mortgage loan.
Using a home equity loan or HELOC calculator can help you estimate what your payments might be. You can then add that to your existing mortgage payment to get an idea of what you’ll pay overall and what’s affordable for your budget.
Alternative Options
If you need to borrow money for home repairs, home improvements, or any other purpose, your equity isn’t the only option. You might consider these alternatives instead.
• Personal loan. A personal loan allows you to borrow a lump sum and repay it with interest over time. Personal loans are typically unsecured, meaning you don’t need collateral and your home isn’t at risk if you’re unable to pay for any reason.
• Credit card. Credit cards can be a convenient way to pay for large purchases, home improvements, or emergency expenses. Choosing a card with a 0% introductory APR on purchases can give you time to pay them off interest-free.
• 401(k) loan. If you have a retirement plan at work, you might be able to borrow against it. However, that’s usually not ideal since any money you take out won’t benefit from compounding interest, which could shortchange your retirement.
• Home equity conversion mortgage (HECM). Eligible seniors 62 and older can get a home equity conversion mortgage to withdraw equity. You can also use an HECM for purchase loan to buy a home. A home equity conversion mortgage requires no payments as long as the homeowner lives in the property, with the balance due when they sell the home or die. Compare an HECM vs. reverse mortgage to see if you’re eligible.
You might also ask friends and family for a loan or sell things you don’t need to raise funds. Taking on a side hustle or part-time job could also bring in extra income so you don’t need to borrow.
The Takeaway
Withdrawing equity from your home can give you access to cash when you need it. In addition to getting the timing right, it’s also important to shop around and find your ideal lender. Comparing rates, terms, credit score requirements, and CLTV requirements can help you find the best loan for your needs.
SoFi now offers flexible HELOCs. Our HELOC options allow you to access up to 95% of your home’s value, or $500,000, at competitively low rates. And the application process is quick and convenient.
Unlock your home’s value with a home equity line of credit brokered by SoFi.
FAQ
How long after purchasing a home can you pull out equity?
There’s generally no set period for how soon you can take equity out of your home after purchasing it. Your ability to borrow can depend on your credit scores, debt-to-income ratio, and how much equity you’ve accumulated in the home.
Are there fees to tap home equity?
Home equity loans, HELOCs, and cash-out refinance loans can all have closing costs just like a purchase loan. Some of the fees you’ll pay can include appraisal fees, inspection fees if an inspection is required, attorney’s fees, and recording fees. You’ll need to pay certain fees out of pocket but your lender may allow you to roll other closing costs into the loan.
How fast can I get a home equity loan?
It’s possible to get a home equity loan as soon as you purchase your home. You’ll need to meet a lender’s minimum requirements to qualify for home equity financing. Getting approved may be challenging if you have a low credit score or only a small amount of equity in the home.
Photo credit: iStock/DjelicS
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*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
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You may discuss with your loan officer whether a SoFi Mortgage or a home equity loan from Spring EQ is appropriate. Please note that the SoFi member discount does not apply to Home Equity Loans or Lines of Credit brokered through SoFi. Terms and conditions will apply. Before you apply for a SoFi Mortgage, please note that not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan applicant’s credit, income, property, and loan amount. Minimum loan amount is $75,000. Lowest rates are reserved for the most creditworthy borrowers. Products, rates, benefits, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility-criteria.
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Looking for a low-stress job that pays well? This list has you covered. These 10 jobs offer good pay without the stress of a typical 9-5. Perfect for those seeking flexible hours or needing low-stress work for health reasons. Find a job that fits your lifestyle and start enjoying a better work-life balance.
Massage Therapist
Image Credit: Pixelshot.
A massage therapist helps people relax by working on their soft tissues and joints. They need to know anatomy and medical procedures and often work in calm places like spas or clinics. This job is low-stress and pays well and is easy to get training..
Electrician
Image Credit: Kadmy from Getty Images Pro.
An electrician is a skilled worker who only needs a few years of training. After an apprenticeship, they can work with electrical tools and circuits. This job pays well and doesn’t require many qualifications.
Librarian
Image Credit: Adamkaz from Getty Images Signature.
Librarians help people find information and manage collections. They work in a calm environment and often have time to read. This job is low-stress and pays well, making it a great choice for those who love books.
To learn more: 50+ Best Low Stress Jobs After Retirement
Dental Hygienist
Image Credit: Piksel from Getty Images.
A dental hygienist cleans teeth and teaches patients about oral hygiene. With a two-year degree and state licensure, this low-stress job offers a good work-life balance and pays well.
Virtual Assistant
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A virtual assistant provides remote administrative, creative, or technical help. Working from home, they avoid office politics and can enjoy a flexible schedule. Very popular for stay-at-home moms.
To learn more: 14 Best Virtual Assistant Jobs with No Experience Required
Makeup Artist
Image Credit: Drazen Lovric from Getty Images Signature.
A makeup artist enhances clients’ appearances with cosmetics. They work in salons or as freelancers in the beauty, fashion, and entertainment industries. Basic communication skills are needed, but no formal education is required. Just style!
To learn more: Best Online and Side Hustles for College Students: Ideas for Fast Money
Plumber
Image Credit: Pixelshot.
A plumber installs and repairs pipes and fixtures, ensuring water flows where needed. With apprenticeship training, plumbers can enjoy a well-paying job without a degree.
Photographer
Image Credit: Alliance Images.
A photographer captures moments and memories. Good skills in composition, lighting, and timing are essential. Training in art and design helps, but a degree is not needed. This job has good demand and many niches to seek.
To learn more: 25 Best Jobs for Moms With No Degree: Balancing Family and Career
Solar Photovoltaic Installer
Image Credit: Zstockphotos.
Solar photovoltaic installers set up solar panels on buildings. They need to understand electrical wiring and troubleshooting. Due to a labor shortage, this job pays well and is low-stress if you like climbing on roofs.
To learn more: 43 Best Side Hustles for Men to Make Money
Radiologic Technologist
Image Credit: SimpleFoto.
Radiologic technologists use imaging techniques like X-rays and MRIs to help diagnose and treat diseases. They work closely with doctors and need good communication skills. An associate’s degree is required.
Find More Low Stress Jobs that Pay Well
Image Credit: Drazen Zigic from Getty Images.
Discover more low-stress jobs that pay well without needing a degree. These jobs offer minimal stress and plenty of growth opportunities, making them great choices for a new career.
To learn more: Best 30 Low-Stress Jobs That Pay Well Without a Degree
Know someone else that needs this, too? Then, please share!!
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Looking for second job ideas to increase your income? You’re not alone. Many people look for side gigs to help pay bills, save for big purchases, or simply have extra spending money. Finding the right second job and making extra income can make a big difference in your financial life. With so many options available,…
Looking for second job ideas to increase your income? You’re not alone. Many people look for side gigs to help pay bills, save for big purchases, or simply have extra spending money.
Finding the right second job and making extra income can make a big difference in your financial life. With so many options available, there’s likely something that fits your skills and schedule. Whether you want a job you can do from home or one that gets you out and about, there’s a side job out there for you.
For me, I was able to find a second job and it completely changed my life. In fact, it’s how I paid off my $40,000 in student loans in just 7 months. Making extra money also helped me to stop living paycheck to paycheck and to save more money!
Best Second Job Ideas
Below are the best second job ideas:
1. Blogger
Blogging used to be my side hustle and it is now my full-time job where I have earned over $5,000,000 over the years.
I started Making Sense of Cents just as a hobby, and it eventually turned into my second job. I didn’t know that blogs could make money or that it could become my full-time job. I didn’t even understand what a blog was or how it worked.
Starting a blog can be a great way to earn extra income. You can write about topics you are passionate about, such as travel, food, or personal finance. The best part is that you have the freedom to work on your blog whenever you have free time.
For me, it was a great second job because I could work on my blog before I went to my day job, during my lunch break, after I got home from work, and on the weekends. You get to make your own schedule, so that is a huge plus!
You can learn more about how to begin in my free How To Start a Blog Course here.
Here’s a quick outline of what you will learn:
Day 1: Reasons you should start a blog
Day 2: How to choose what to blog about
Day 3: How to create your blog (you’ll learn how to start a blog on WordPress)
Day 4: How to make money blogging
Day 5: My tips for making passive income from blogging
Day 6: How to grow your traffic and followers
Day 7: Extra blogging tips to help you be successful
2. Proofreader
Being a proofreader is a great second job idea. It’s perfect if you love reading and have a good eye for catching mistakes. You get to find errors in spelling, grammar, and punctuation.
You can work from home as a proofreader. Many companies and websites offer remote proofreading jobs. Some popular platforms include Upwork, FlexJobs, and Scribendi.
You might proofread books, articles, or even student papers. The work can be flexible, letting you choose when to work. This makes it easy to fit into a busy schedule.
Proofreaders can earn a decent amount of money. Some jobs pay by the hour, while others pay by the project. According to some sources, full-time proofreaders can make around $50,000 per year. Even if you don’t work full-time, you can still make a good side income.
I personally have a proofreader for my blog, and I know many others who have proofreaders for their businesses as well. It’s a very much-needed and in-demand job.
You can learn more at How To Start A Proofreading Business And Make $4,000+ Monthly.
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This free training teaches you how to start a proofreading side hustle (and how to earn $1,000+ per month!), even if you are brand new and don’t have any previous proofreading experience.
3. Take online surveys
Taking online surveys can be a simple way to earn extra money in your spare time. Companies want to know what you think about their products, services, or marketing campaigns.
Many websites offer paid surveys. You can sign up for these sites and start taking surveys right away. Each survey usually takes a few minutes to complete.
You might earn anywhere from $0.50 to $5 per survey, depending on the length and complexity.
The survey companies I recommend signing up for include:
American Consumer Opinion
Survey Junkie
Swagbucks
InboxDollars
Branded Surveys
Prime Opinion
Five Surveys
PrizeRebel
Pinecone Research
Online surveys can be done from anywhere with an internet connection, making it easy to fit around your other commitments. Just remember, while this can add up over time, you will not make a full-time income from just taking surveys.
I have taken many, many surveys over the years, and what I like about them is that you can do them on your own schedule – in the mornings, during your lunch break, before you go to bed – whenever. There is no strict schedule and they are super easy to do.
4. Dog walker or pet sitter
Becoming a dog walker or pet sitter is a great way to make extra money. You can set your own schedule and enjoy spending time with furry friends. Plus, many people need reliable pet care (I have personally found it hard to find a good dog sitter in the past, so I personally know that there is a lot of demand for this second job!), so there are plenty of opportunities.
Using dog walking apps like Rover, you can easily find clients. These platforms connect you with pet owners in your area. Depending on how much time you invest, you could potentially earn between $400 and $1,000 a month.
When I have had dog sitters in the past, I was paying around $100 a day for my two dogs to be watched in the person’s home. So, a 10-day trip earned the person $1,000.
Taking care of animals can also be very rewarding. You get to exercise while walking dogs and enjoy the company of pets. It’s a job that keeps you active and can be a lot of fun if you love animals.
No special skills are needed, but being responsible and loving pets is important. You must be punctual and trustworthy since pet owners rely on you to take care of their animals.
My mother-in-law as well as my sister are both dog walkers and pet sitters and enjoy what they do.
5. Virtual assistant
Being a virtual assistant is a great second job idea. You can help businesses and professionals with tasks like managing emails, scheduling appointments, and handling social media. This role tends to have flexible hours, making it easier to fit into your schedule.
One of my first side jobs was working as a virtual assistant. It was a fun and flexible way to earn extra money. There are many kinds of virtual assistant jobs. The money I made helped me pay off my student loans quickly, stop living paycheck to paycheck, and become my own boss. I think it’s a great way to make money, whether you want a part-time or full-time job.
Starting as a virtual assistant can be easy. Websites like Upwork, FlexJobs, and Indeed have listings for virtual assistant jobs. You just have to set up a profile and start applying. For me, I also let my friends and those in my industry know that I was growing my virtual assistant business, and that helped me find jobs as well.
A virtual assistant’s tasks can include:
Managing social media accounts
Scheduling travel and appointments
Managing email inboxes
Organizing events
Communicating with clients
Ordering supplies
Managing calendars
Handling logistics
Coordinating Zoom calls
Moderating online forums
Running personal errands
Answering customer service questions
Performing data entry
Managing websites
Creating presentations
Sending invoices
Now, one virtual assistant most likely won’t do all of these tasks – it simply depends on what the company or person is looking for.
Learn more at Best Ways To Find Virtual Assistant Jobs.
6. Graphic designer
You can make extra money as a graphic designer, and this can be a good second job idea if you want to work from home. A graphic designer is what you think – they design different kinds of graphics.
One way is to create design templates. These can be for websites, social media, or even printable designs. You can sell these templates online and get paid each time someone buys them.
Another option is freelance work. You can sell services like logo design, branding, or social media graphics, and you can find clients on sites like Upwork or Fiverr.
7. Social media manager
Social media managers handle different social media platforms for businesses.
Your job can include creating content, posting updates, and responding to followers. You might also need to analyze data to see what posts are doing well and which ones are not.
They work for one company or multiple clients. It’s important to have good communication skills and a creative mindset. Some social media managers also do graphic design or video editing for their social media posts.
Being a social media manager can be fun and flexible. You can usually work from home and set your own hours. This control and flexibility make it an excellent job for people looking to earn extra income on their own terms.
For me, I have been a social media manager in the past as a second job. It was great as a flexible side hustle!
8. Online tutor
If you enjoy teaching and have a strong understanding of a subject, you can try finding online tutoring jobs. Online tutoring lets you share your skills and help students from anywhere, and you can tutor kids in math, science, and reading, or even help them prepare for tests like the SAT or ACT.
Platforms like Wyzant and Tutor.com connect you with students looking for help. You create a profile, list your skills, and set your rates. Most tutors charge between $30 and $60 per hour. Teaching English as a second language is also a popular option. Many companies need English tutors to teach students abroad.
Online tutoring is flexible because you can choose your own hours and work from home. This makes it easy to fit around your teaching job or other responsibilities. Some tutors even make up to $1000 a week by dedicating just a few hours each day.
9. Bookkeeper
Becoming a bookkeeper is a great second job, and it can typically be done from home.
Bookkeepers keep track of financial records for businesses. This could include recording transactions, managing payroll, and preparing financial reports.
You don’t need a special certification to become a bookkeeper, making it easier to start.
The best part is that you can do this job from anywhere with just a laptop and some software. This flexibility means you can work from home or even when you’re traveling.
Since bookkeeping services are always in demand, you can find clients easily. This can be a very profitable side hustle. Some bookkeepers even charge $60 an hour or more.
Learn more at How To Find Online Bookkeeping Jobs.
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This free training will teach you what you need to know to become a virtual bookkeeper and make money from home.
10. Freelance writer
Working as a freelance writer is a great way to make extra money.
Freelance writers are self-employed and work for magazines, blogs, websites, companies, and more. A lot of what you read online today is written by a freelance writer.
I have been a freelance writer for many years, and I really enjoy it. I have written for many different websites and companies, and I make good money doing so.
You can write from home, at your own pace, and choose projects that interest you. Many companies need blog posts, articles, web content, and social media posts.
11. Photography
Getting paid to take pictures is a popular second job idea.
What’s great is that there are many ways to get paid for photography, such as:
Stock photos – Stock image websites are popular places for photographers to sell their pictures. These sites let customers buy royalty-free photos for personal or business use. Websites, TV shows, books, social media accounts, and more use stock photos all the time. Some popular stock photo websites are Shutterstock, iStock by Getty Images, Adobe Stock, and Dreamstime.
Portraits and event photos – As a photographer, you can focus on taking portraits and event photos. This area is in high demand, especially for weddings, elopements, birthdays, and corporate events.
Post pictures on Instagram or Facebook – Social media platforms like Instagram are great for sharing your pictures and gaining followers. Many people make a full-time income from their Instagram accounts. They do this through sponsored partnerships with companies, affiliate marketing, and selling their own products.
12. Personal trainer
Becoming a personal trainer is a great second job idea. You can help people get in shape while earning extra money.
You can work at a gym or do private sessions at clients’ homes. Some trainers also provide online coaching, which gives you more flexibility.
Personal trainers sometimes create workout plans tailored to each client’s needs. They might also give advice on nutrition, and this way, they can help clients with both exercise and diet for better results.
Personal training can be done part-time, which makes it a good fit if you have another job. Many people want training in the mornings, evenings, or weekends.
13. Etsy seller
Starting an Etsy shop can be a fun and rewarding second job. If you enjoy crafting or creating handmade items, this might be perfect for you. Etsy is a popular online marketplace where you can sell unique products.
There are many things you can sell on Etsy, such as:
Etsy can be a great way to turn your hobbies into extra income.
You can learn more at How To Sell On Etsy Successfully: A Beginner’s Guide.
Do you want to make money selling printables online? This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.
14. Babysitter
Babysitting is a great way to earn extra money. You can choose your own hours, making it easy to fit it around your main job or school.
Parents always need trustworthy people to watch their kids, and they might need help for an evening out or during the day if they work long hours.
As a babysitter, you can earn around $15 to $25+ per hour, depending on your experience and location. Some families might even pay more if you have special skills, like CPR training or if you are watching multiple children.
You can find babysitting jobs through local community boards, babysitting apps, or word of mouth. Sometimes, friends or family might also need help.
15. Delivery driver
A delivery driver job is one of the most popular side hustle ideas. You don’t need a lot of experience to get started, and all you need is a vehicle and a driver’s license. Many services, like DoorDash, Uber Eats, and Instacart, let you choose your own hours. This flexibility is perfect if you have a busy schedule.
You can deliver different items depending on the service you work for. Some companies focus on food delivery, while others may deliver groceries or packages.
The pay can vary based on where you live and how much you work. Some drivers make around $15 to $25 per hour including tips.
16. Bartender
Bartending is a flexible and fun second job. You can work at bars, restaurants, or special events like weddings.
Some bartender jobs don’t require a lot of experience. You usually have to start as a barback, helping with stocking and cleaning, then learn to make drinks. Then, you may be able to move up and find a part-time job as a bartender.
17. Transcriptionist
Being a transcriptionist can be a great second job. Transcriptionists listen to audio recordings and type out what they hear. It’s a simple job and doesn’t require a lot of training.
You can do this job from home and all you need is a computer and good internet. This makes it a flexible option where you can work on transcriptions during your free time or on weekends.
There are usually some requirements. Many places want you to type fast and accurately. For others, you might need to pass a background check or transcription tests.
You can learn more at 18 Best Online Transcription Jobs For Beginners To Make $2,000 Monthly.
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In this free training, you will learn what transcription is, why it’s a highly in-demand skill, who hires transcriptionists, how to become a transcriptionist, and more.
18. Rent your extra space
Do you have an extra room, basement, or garage? Renting out your extra space can be a great way to earn some extra cash each month passively.
You can list your spare room on websites like Airbnb or Vrbo if it’s a room or apartment.
If you have a garage or storage space, you can rent it out for storage. Websites like Neighbor allow people to find storage options nearby.
Before you start, check local laws and regulations. Some areas have rules about renting out space, so it’s important to be informed.
19. Handyperson
Being a handyperson can be a great way to make extra money. You can help people fix things around their homes, such as fixing leaky faucets, repairing doors, or assembling furniture.
You don’t need fancy tools for many jobs, just a good set of basic tools.
Many people need small repairs done but don’t have the skills or time. That’s where you come in. You can find clients through local ads, word of mouth, or online platforms like Taskrabbit.
Working as a handyperson has flexibility too and you can choose jobs that fit your schedule.
20. Rideshare driver
Apps like Uber and Lyft allow you to drive people around and get paid for it.
One of the best parts about driving for rideshare apps is the flexibility. You can set your own hours and work whenever you want.
Most rideshare companies have an easy sign-up process. They usually require a background check, a valid driver’s license, and a car that meets their standards. Once approved, you can start accepting rides and earning money.
The earnings vary depending on your location, the time of day, and how many hours you drive. Some drivers make a nice side income by working during peak hours when rates are higher.
21. Restaurant server
Being a restaurant server can be a great way to earn extra money and is popular for evening second jobs. Many restaurants have flexible hours, which is perfect if you need to juggle another job or school.
Servers often get tips, so your income can vary day to day. Some nights are busier and can bring in more money.
22. Clean houses
Cleaning houses is a good way to earn extra money with a second job. You can work on the weekends or after your regular job.
Plus, you can choose your clients and set your own hours.
To get started, all you need are basic cleaning supplies. You can sell your services to friends and family first. Word-of-mouth is powerful, and you might get more clients through recommendations.
23. Write book reviews
If you enjoy reading and sharing your thoughts about books, you can earn money by writing book reviews. Authors and publishers value your honest opinions because they help other readers decide what to read next. Readers also enjoy reading these reviews, making it helpful for everyone involved.
Here are some websites where you can earn money by writing book reviews:
OnlineBookClub.org – They provide free books at first. After your first review, you can earn cash for each review you write, typically between $5 and $60.
Kirkus Media – They look for reviewers for both English and Spanish books, especially for the Kirkus Indie section. Reviews are around 350 words and due two weeks after the book assignment. They cover all genres, with over 10,000 books reviewed annually.
Upwork – Create a profile and set yourself up as a book reviewer. This freelance platform allows you to set your own rates, with book reviewing rates ranging from $15 to $75 per hour.
The US Review of Books – They hire freelance writers for 250- to 300-word reviews that go beyond summary to provide insights into the book. Applicants need to submit a resume, writing samples, and references.
Reedsy Discovery – Review books before they are published and earn through tips from readers, typically ranging from $1 to $5 per review. It’s a way to influence which books gain popularity early on.
Other opportunities – Websites like Booklist (pays $15 per review, focused on short reviews for libraries), BookBrowse, Women’s Review of Books, and Publishers Weekly also pay for book reviews and are actively looking for new reviewers.
You can learn more at 16 Best Ways To Get Paid To Read Books.
24. Mow lawns
Mowing lawns can be a great second job. It’s simple, flexible, and very profitable.
You can start with not a lot of money too. For example, if you already have a lawn mower, you’re ready to go, and you can start by seeing if anyone in your neighborhood needs their lawn mowed.
Pricing your services depends on the size of the lawn and the complexity of the job. Some lawns might be easy and quick, others might take more time. Many people charge between $40 and $50+ per lawn.
Frequently Asked Questions
When looking for second job ideas, it’s important to find something that fits your schedule and goals. Here are answers to some common questions about picking the best side gig and managing two jobs.
What is the best 2nd job to have?
The best second job depends on your interests and skills. Some popular side hustle ideas include blogging, proofreading, taking online surveys, dog walking or pet sitting, and being a virtual assistant. These jobs have flexibility and can often be done from home.
What are some good jobs I can do at night after my day job?
Jobs you can do at night include customer service representative, security guard, bartender, or freelance work like writing and graphic design. These jobs usually have evening shifts or can be done remotely, fitting in well with a daytime schedule.
What are some good second jobs at night from home?
If you want to learn how to make extra income while working full-time, then my favorite way is to find good second jobs that you can work at night from home. This way, you don’t have a commute and it won’t interfere with your day job. Some good evening jobs from home include blogging, taking surveys, proofreading, bookkeeping, writing book reviews, and transcribing.
How can I make an extra $1000 a month?
To make an extra $1000 a month, you may want to try freelance writing, virtual assistant work, or becoming a part-time tutor. These jobs can pay well and offer flexible hours, allowing you to work around your primary job.
How can I make an extra $2000 a month?
Earning an extra $2000 a month may require a higher-paying side gig. Options include freelance web development, consulting, or starting a small business like dropshipping. These jobs can have higher earnings but may require more specialized skills or time investment.
How to get a second job with a 9-5?
You can get a second job with a nine-to-five by looking for evening or weekend positions and looking for jobs with flexible hours such as bartending, retail cashier, or working as a rideshare driver. Online jobs like tutoring or freelancing can also have nice flexibility to work after your main job.
What is the highest paying side hustle?
The highest-paying side hustles can include freelancing in tech fields like software development, graphic design, or consulting. Real estate investment, if you have the money to start investing, can also be very high paying.
Do you get taxed more if you have two jobs?
Having two jobs can put you in a higher tax bracket, meaning you might pay more in taxes. It’s important to understand how this affects your overall earnings. I recommend talking with a tax professional to talk about your tax situation and to make sure that you aren’t overpaying (or underpaying!).
How will my employer know if I have a second job?
Your employer may know if you have a second job if it affects your primary job performance or if you disclose it. Some employers also run social media checks to see if they can learn anything about you that may hurt their business. You may want to check your employment contract if you are worried, as some employers may have clauses about working multiple jobs.
Is having two jobs worth it?
Having two jobs can be worth it if you need extra income for savings, paying off debt, or reaching financial goals. It requires good time management and can be tiring, but many find the financial benefits to be rewarding. For me, I found having more than one job well worth it because it allowed me to pay off my student loan debt quickly, save more money, and pursue my passions.
Second Job Ideas – Summary
I hope you enjoyed this article on the best second job ideas.
As you can see, there are many popular second job ideas that may interest you. From online jobs like blogging, proofreading, and bookkeeping to in-person jobs like personal training, delivery, restaurant jobs, and more, there are many ways to make extra money so that you can reach your goals.
If you need a second job while working full-time, you are not alone. Many people are in your shoes. I recommend finding something that best fits your schedule and is at least somewhat flexible so that you aren’t making yourself too tired.
For me, I have had many side jobs. One thing that has always helped me is to make sure that it would fit with my day job and be flexible – because my day job did come first. Plus, I didn’t want to waste more time than I would need to by commuting back and forth or doing things that weren’t needed.
Mortgage rates were mostly higher versus last week, according to rate data collected by Bankrate. Average rates for 30-year fixed, 15-year fixed and jumbo mortgages moved higher, while 5/1 ARM rates decreased.
Inflation has cooled somewhat, but homebuyers are still feeling crunched by high prices and rates. At the close of the Fed meeting on June 12, policymakers chose to hold rates at current levels.. The next Fed meeting concludes July 31.
“With [the June 12] announcement, the Fed confirms its higher-for-longer position on interest rates,” says Dr. Selma Hepp, chief economist at CoreLogic. “But the stance is looking more untenable as more American households continue to pull back on spending. As more economic indicators begin to confirm this and unemployment begins to rise, the Fed will then look to cut rates. What’s not clear yet is when exactly the disinflation signs will be consistent enough for the first rate cut — we hope it’s still this year.”
Often, though, the decision to buy a home isn’t based on what’s happening in the economy — it’s more personal. Depending on your situation, it might make sense to take a higher rate now and refinance later. This way you can start building equity, rather than hoping for a future of more favorable rates and home prices that might not materialize.
Rates last updated July 5, 2024.
The rates listed above are Bankrate’s overnight average rates and are based on the assumptions indicated here. Actual rates displayed within the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Friday, July 5th, 2024 at 7:30 a.m. ET.
Today’s 30-year mortgage rate goes up, +0.08%
The average rate for a 30-year fixed mortgage for today is 7.08 percent, an increase of 8 basis points over the last seven days. Last month on the 5th, the average rate on a 30-year fixed mortgage was lower, at 7.05 percent.
At the current average rate, you’ll pay $670.68 per month in principal and interest for every $100,000 you borrow. That’s up $5.38 from what it would have been last week.
The 30-year mortgage is the most popular home loan, and it has a number of advantages. Among them:
Lower monthly payment: Compared to a shorter term, such as 15 years, the 30-year mortgage offers lower, more affordable payments spread over time.
Stability: With a 30-year fixed mortgage, you lock in a set principal and interest payment, making it easier to plan your housing expenses for the long term. Remember: Your monthly housing payment can still change if your homeowners insurance premiums and property taxes go up or, less likely, down.
Buying power: With lower payments, you might qualify for a larger loan amountor a more expensive home.
Flexibility: Lower monthly payments can free up some of your monthly budget for other goals, like building an emergency fund, contributing to retirement or college tuition, or saving for home repairs and maintenance.
Learn more: What is a fixed-rate mortgage and how does it work?
15-year mortgage rate moves up, +0.06%
The average rate for the benchmark 15-year fixed mortgage is 6.53 percent, up 6 basis points over the last seven days.
Monthly payments on a 15-year fixed mortgage at that rate will cost roughly $873 per $100,000 borrowed. That may squeeze your monthly budget than a 30-year mortgage would, but it comes with some big advantages: You’ll save thousands of dollars over the life of the loan in total interest paid and build equity much faster.
5/1 ARM moves down, -0.07%
The average rate on a 5/1 adjustable rate mortgage is 6.52 percent, falling 7 basis points from a week ago.
Adjustable-rate mortgages, or ARMs, are mortgage terms that come with a floating interest rate. To put it another way, the interest rate will change at regular intervals, unlike fixed-rate mortgages. These loan types are best for those who expect to sell or refinance before the first or second adjustment. Rates could be materially higher when the loan first adjusts, and thereafter.
While borrowers shunned ARMs during the pandemic days of super-low rates, this type of loan has made a comeback as mortgage rates have risen.
Monthly payments on a 5/1 ARM at 6.52 percent would cost about $633 for each $100,000 borrowed over the initial five years, but could ratchet higher by hundreds of dollars afterward, depending on the loan’s terms.
Current jumbo mortgage rate moves upward, +0.04%
Today’s average rate for jumbo mortgages is 7.14 percent, an increase of 4 basis points over the last week. Last month on the 5th, the average rate on a jumbo mortgage was higher at 7.16 percent.
At the current average rate, you’ll pay a combined $674.73 per month in principal and interest for every $100,000 you borrow. That’s an additional $2.70 per $100,000 compared to last week.
Mortgage refinance rates
Current 30 year mortgage refinance rate climbs, +0.12%
The average 30-year fixed-refinance rate is 7.11 percent, up 12 basis points compared with a week ago. A month ago, the average rate on a 30-year fixed refinance was lower at 7.08 percent.
At the current average rate, you’ll pay $672.71 per month in principal and interest for every $100,000 you borrow. That’s up $8.08 from what it would have been last week.
Where are mortgage rates going?
The rates on 30-year mortgages mostly mirror the 10-year Treasury yield, which changes with the market. The yield curve is a tool used by investors to predict where interest rates could be headed.
“The yield curve remains inverted — no surprise here,” says Ken Johnson of Florida Atlantic University. “Until the yield curve reverts to its normal upward slope, we will not see significant downward pressure on mortgage rates.”
Besides bond yields, the Federal Reserve’s key benchmark rate also has an impact. The Fed has held this rate at a 23-year high since July 2023.
If and when the Fed cuts interest rates depends on evolving economic data, such as inflation and the jobs market. While inflation has dropped from its height in 2022, it’s still well above the Fed’s target rate of 2 percent. Unemployment is still low, though in May it hit 4 percent for the first time since 2022.
“Much like that flight where departure keeps getting delayed 15 minutes at a time with no end in sight, the timetable for when the Fed begins to cut rates is equally uncertain,” says Greg McBride, CFA, Bankrate’s chief financial analyst.
While the Fed bases its decisions on rate changes due to broader economic factors, your rate is also affected by personal finances. Depending on your credit score, down payment, debts and income, you could be quoted a rate that’s higher or lower than the trend.
What current rates mean for you and your mortgage
Mortgage rates fluctuate daily, but it appears that, for now, they will remain above the historical lows of recent years. If you’re shopping for a mortgage, it might be wise to lock your rate when you find an affordable loan. If your house-hunt is taking longer than anticipated, revisit your budget so you’ll know exactly how much house you can afford at prevailing market rates.
Keep in mind: You could save thousands over the life of your mortgage by getting at least three loan offers, according to Freddie Mac research. You don’t have to stick with your bank or credit union, either. There are many types of mortgage lenders, including online-only and local, smaller shops.
“All too often, some [homebuyers] take the path of least resistance when seeking a mortgage, in part because the process of buying a home can be stressful, complicated and time-consuming,” says Mark Hamrick, senior economic analyst for Bankrate. “But when we’re talking about the potential of saving a lot of money, seeking the best deal on a mortgage has an excellent return on investment. Why leave that money on the table when all it takes is a bit more effort to shop around for the best rate, or lowest cost, on a mortgage?”
More on current mortgage rates
Methodology
Bankrate displays two sets of rate averages that are produced from two surveys we conduct: one daily (“overnight averages”) and the other weekly (“Bankrate Monitor averages”).
The rates on this page represent our overnight averages. For these averages, APRs and rates are based on no existing relationship or automatic payments.
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