smart Archives - Page 3 of 334

Apache is functioning normally

April 23, 2024 by Brett Tams

Inside: Learn how to save money quickly, even on a tight budget. Get practical tips for how to save money fast on a low income. Simple savings ideas to implement today.

Saving money on a tight budget can feel like a high mountain to conquer, especially when you’re trying to do it fast.

Many people earn just enough to cover their essential costs, leaving little room for savings. However, with the right strategies, saving money fast on a low income doesn’t have to be a pipe dream.

This is something I started when we decided to pay off debt. Then, we choose to continue saving that money and investing it.

By understanding the flow of your money – where it’s coming from and where it’s going – you can make informed decisions that maximize your savings potential.

By prioritizing your spending and forecasting future expenses, budgeting can reduce the stress of financial uncertainty and introduce a sense of control and confidence in your money management skills. Thus, leading to you starting to save.

What is the best way to save money on a low income?

On a low income, the best way to save money is to thoroughly understand your expenses and prioritize your needs over wants.

In addition, by planning and tracking your finances meticulously, you can identify where each penny is going. Thus, allowing you to analyze your expenses. Once you have a clear picture of these, start looking for areas to trim down.

Remember, saving money is about being proactive and consistent. These small but steady steps can build up over time to help you save money fast, even on a low income.

How to Save Money on A Fast Income

1. Start with Clear Priorities

Before you can decide where to cut costs or how to allocate your funds, you need to know what’s most important to you.

What is your why for doing what you need to do? Is it building an emergency fund, saving for a down payment on a home, or maybe preparing for retirement?

Whatever your goals, outline them clearly. This is how you will save money.

2. Budgeting effectively to manage finances

To budget effectively on a low income, it all starts with a cold, hard look at your numbers.

Begin by listing all sources of income – that’s your foundation.
From each paycheck or income stream, subtract your non-negotiable expenses such as rent, utilities, transportation, and debt payments. What you have left is your discretionary income.
Then, it’s time to categorize and prioritize. Group your expenses into necessities and nice-to-haves. If your essentials consume most of your income, you’ll need to scrutinize the nice-to-haves list.

Every dollar saved from unnecessary splurges is a dollar that can be put towards your savings.

Use budgeting apps or tools to keep a real-time record of your spending. These can help you stay disciplined and provide a visual reminder of your progress.

3. Track and Slash Unnecessary Expenses

Now, you must meticulously and ruthlessly cut out the non-essentials.

Identify patterns and spot the recurrent, unnecessary expenses that are draining your funds.

Do you subscribe to multiple streaming platforms?
Are you forking out cash for a gym membership you barely use?
Are those daily specialty coffee drinks adding up?

It’s time to slash these expenditures.

Cutting these expenses is like giving yourself a raise.

4. Lower Housing Expenses Without Compromising Comfort

Living in smaller, more affordable housing to decrease rent or mortgage might be exactly what you need.

Opting for a smaller, more affordable space is a practical approach to significantly lower your rent or mortgage payments. When you choose to live in a compact setting, not only do you reduce the square footage costs, but often, utility and maintenance expenses decrease as well due to the reduced size of the living area.

If you are renting, try to negotiate your rent or lease terms with your landlord – they might be willing to offer a discount to keep a reliable tenant, or you may be able to agree on lower rent for a longer lease commitment.
If you’re a homeowner, explore the possibility of refinancing your mortgage to take advantage of lower interest rates. Alternatively, consider renting out a room or a portion of your living space, as the additional income can offset your mortgage or maintenance costs.

5. Save Money on Utilities with Simple Home Adjustments

Saving money on utilities might sound challenging, but you can often achieve substantial savings with a few strategic home adjustments. Let’s explore some cost-effective strategies and modifications you can make to your living space that could help reduce your bills.

Energy Efficient Appliances: Swapping out older appliances for Energy Star-rated ones leads to significant reductions in electricity use and water consumption.
Smart Thermostats: Installing a smart thermostat allows you to programmatically control your heating and cooling based on your schedule and preferences, potentially saving you a bundle on your energy bills.
LED Lighting: Switch to LED bulbs, which are more energy-efficient than traditional incandescent ones and have a longer lifespan, saving you on replacement costs as well as your electric bill.
Insulation Upgrades: Proper insulation keeps your home warm in the winter and cool in the summer, reducing the need for excessive heating or air conditioning.
Water-Saving Fixtures: Low-flow showerheads and faucet aerators reduce water usage, preserving this precious resource and lowering your water bill.

Not only do these simple home adjustments lead to savings on your utility bills, but they also contribute to a more environmentally friendly lifestyle.

6. Cooking at home instead of eating out

Cooking at home instead of dining out is an excellent way to save money, especially on a low income. When you eat at a restaurant, you’re not just paying for the food; you’re also covering the cost of service, ambiance, and the establishment’s overhead.

Plan a balance between meal prepped home-cooked meals and the occasional dinner out to keep your budget in check while still enjoying life’s little pleasures. Here are some frugal meals to get you started.

Remember, you don’t have to eliminate eating out entirely.

7. Canceling unused subscriptions and memberships

Stop draining money on services you don’t actively use. It’s surprisingly easy to forget about these auto-renewing expenses, so taking the time to audit your subscriptions can reveal opportunities for savings.

Recently, we tracked over $100 a month in my mother-in-law’s unused subscriptions and membership!

As such, it’s important to periodically evaluate your subscriptions and memberships to ensure they are still serving your interests and goals. If not, give yourself permission to cancel and save that money for something that offers tangible benefits in return.

8. Buying quality items that last longer

Investing in quality items that last longer is a strategic way to save money over time. While the initial cost may be higher, durable products can prevent the cycle of frequent replacements, ultimately contributing to long-term savings and less waste.

Remember, not every purchase necessitates the highest quality option. Examine which items you frequently use and can benefit from in the long run. For instance, driving a Toyota or buying higher quality shoes.

Once you’ve identified these, invest in quality for those and enjoy the satisfaction of a purchase that lasts.

9. Optimize Grocery Shopping

To optimize grocery shopping and manage your food budget effectively, start by thoroughly checking your current pantry supplies and making a precise shopping list to deter impulse purchases.

Utilize coupons and enroll in local store loyalty programs for exclusive discounts.
Embrace meal planning to avoid unnecessary spending.
Consider incorporating meatless meals, as this can contribute to consistent savings over time due to the typically higher cost of meat compared to vegetables and other plant-based options.
Plan meals around these cheap foods when you are broke.

By shopping smartly, you have the power to drastically lower your monthly food bill. Just remember, the key is preparation and discipline.

10. Repairing items instead of replacing them

Repairing items instead of replacing them can be a significant money-saving tactic, especially when budgets are tight. It’s often more cost-effective to fix a piece of furniture, mend a garment, or troubleshoot an appliance than it is to buy new one.

Consider the condition and value of each item before deciding to repair it. If the cost of repair approaches the price of a new item, or if it’s beyond your skill set, researching community resources or seeking professional help may be a wise choice.

11. Practicing the 30-day rule for non-essential purchases

Putting the brakes on impulsive buying can significantly boost your savings, and practicing the 30-day rule is a tried-and-true method to control those urges.

Before you make any non-essential purchase, wait 30 days.

If after a month you still feel the purchase is necessary or meaningful, then consider buying it.

Remember that the goal isn’t to deny yourself enjoyment but to ensure that each purchase is considered and valued. This conscious approach can lead to more satisfaction with the items you do choose to buy and a healthier bank balance.

12. Skip the Car Loan

Opting out of a car loan and finding alternative modes of transportation, such as cycling, walking, or using public transportation, can lead to significant financial savings.

Without a car payment, individuals can redirect the funds that would have gone towards monthly installments, insurance, and maintenance into their savings account.

This strategy can be particularly impactful for those with a goal in mind or working with a low income, as every dollar saved moves them closer to financial stability. Furthermore, the elimination of auto loan interest charges and potential debt can provide a more secure financial footing and peace of mind.

13. Using public transportation or carpooling to reduce fuel costs

Utilizing public transportation or carpooling can be significant in reducing fuel costs, particularly when you’re committed to saving money on a low income. These alternatives to solo driving not only save on fuel but also on parking fees, and wear and tear on your vehicle.

Another option is embracing car-sharing services, especially if you find that you don’t require a car on a daily basis. Services like Turo and Getaround offer the flexibility of having a car when you need one without the constant financial responsibility associated with ownership.

Remember, it’s all about what suits your lifestyle and frequency of need. By assessing how often you need a vehicle and comparing it with the total costs of ownership, car-sharing could be an excellent way to save money.

14. Selling unused or unwanted items for extra cash

Selling unused or unwanted items is a fantastic way to declutter your space and earn extra cash. You might be surprised how much money you can make by letting go of things you no longer use or need. From clothes you’ve outgrown to homeware that’s gathering dust, each item sold can inch you closer to your savings goal.

Take advantage of this opportunity; a thorough home audit could reveal a treasure trove of sellable items right under your nose. Not only does this increase your income, but it also helps you consider future purchases more carefully.

15. Taking advantage of free entertainment and community events

Leveraging free entertainment and community events is a delightfully frugal way to enjoy yourself without breaking the bank. From concerts and exhibitions to workshops and meet-ups, there’s often a wealth of activities that won’t cost you a penny.

In fact, here at Money Bliss, I have the most popular list of things to do with no money.

With a little creativity and resourcefulness, you can uncover a variety of enjoyable and inexpensive things to do.

16. Automating savings to ensure consistent contributions

Automating your savings is a hassle-free way to ensure you consistently contribute to your financial goals.

By setting up an automatic transfer from your checking account to a savings account, you’re essentially paying your future self first.

This ‘set and forget’ approach helps grow your wealth with minimal effort.

17. Negotiating bills and asking for better rates

Many service providers are open to negotiating prices if it means retaining a customer. Whether it’s your cable package, insurance, or even a credit card interest rate, it’s worth having the conversation.

Remember, the worst they can say is no. But often, companies will offer helpful options when they realize you are considering alternatives due to cost concerns.

One phone call could save you $1000 a year – just like when I decreased my cable bill!

18. Evaluating insurance policies for potential savings

When evaluating insurance policies, it’s critical to regularly assess your coverage needs and shop around for the best rates. Comparing policies from different providers annually can reveal opportunities for lowering premiums or finding more suitable coverage.

Utilize online tools and independent insurance agents to ensure a comprehensive review of available options.

Remember to inquire about bundling policies, as this can often lead to significant savings while consolidating your insurance needs effectively.

19. Meal Planning and Prep: Strategies to Reduce Food Waste

By allocating some time each week to plan your meals, you can ensure that you only buy what you need, thereby minimizing waste and cost.

Learning to meal plan starts with looking at a calendar and a local sales flyer to find the low cost deals.

By creating a weekly plan and incorporating budget-friendly recipes, you can not only eat healthier but also avoid the costlier option of dining out.

20. Forgo single use items

By choosing reusable items over single-use ones, you cut down on waste and habitual spending on disposables. This is also known as frugal green.

For instance, investing in a reusable water bottle, rather than buying single use water bottles.

By integrating sustainable products into your life, you also promote a culture of conservation and mindfulness, inspiring others to make eco-friendly choices.

21. Shopping for groceries with a list to avoid impulse buys

This is key! Especially when shopping with kids or a significant other!

Shopping for groceries with a list is a golden rule to avoid impulse buys, which can quickly derail your budget. By planning your purchases beforehand, you stick to the essentials and resist the temptation of sale items that aren’t on your list or don’t fit your meal plan.

Bonus Tip: Remember to always shop on a full stomach – hitting the grocery store hungry is a surefire way to end up with impulse purchases that aren’t on your list!

22. Buying generic brands instead of name brands

Opting for generic brands rather than name brands is a straightforward and effective way to save money on everything from groceries to over-the-counter medications. These products are often of similar quality and effectiveness but come at a significantly lower cost.

By making the switch to generics, especially for regularly used items, the aggregate savings can be substantial over time.

23. Making bulk purchases for commonly used items to save on cost-per-unit

When you buy in larger quantities, the cost per unit typically decreases, leading to savings that add up over time. Bulk buying works best for non-perishable goods or products you use consistently.

Make a point of buying non-perishable items or products with a long shelf life in bulk to avoid waste and ensure that you truly save money with each bulk purchase.

Just make sure you are going to use it!

24. Cutting costs on personal care by DIY methods

DIY methods for personal care are not just a trend – they’re a practical and often healthier alternative to store-bought products. By creating your own beauty and personal care items, you can significantly trim costs and take control of what goes on and into your body.

Even if you’re not the crafty type, consider starting small with something like a DIY sugar scrub or homemade toothpaste. This is something I did over ten years ago. You might discover a new hobby that enhances both your well-being and your budget.

25. Regular maintenance of vehicles and appliances to prevent costly repairs

Keeping on top of maintenance schedules helps prevent major breakdowns that can lead to expensive repairs down the line.

By making regular maintenance a non-negotiable part of your routine, you protect your investments and save yourself from future financial headaches.

I keep a list in my digital to do list, so I never lose track.

26. Shopping at thrift stores, garage sales, or second-hand websites

Shopping at thrift stores, garage sales, or second-hand websites is an excellent way to acquire items at a fraction of the retail cost. Not only are you being financially savvy, but you’re also participating in the circular economy, reducing waste, and often supporting charitable causes.

Shopping second-hand first is not just about saving money—it’s a lifestyle choice. With patience and persistence, it’s amazing what quality items you can find without impacting your wallet heavily.

27. Learning basic sewing to repair clothes

Mastering the basics of sewing to mend your clothes is a skill that pays off in multiple ways. You save money by extending the life of your garments, reducing waste, and developing a practical capability that can come in handy in various situations.

Honestly, sewing a piece of clothes is a very simple thing. Something that must be learned by the younger generations.

Consider setting aside some time to learn sewing basics via online tutorials, community classes, or even from a friend or family member—it’s a practical step toward financial savings and sustainable living.

28. Utilizing coupons and discounts for shopping

Using coupons and discounts strategically can lead to significant savings on your shopping bills. With a little planning and some savvy shopping techniques, you can ensure you never pay full price for essentials and other purchases.

Remember to only use coupons for items you were already planning to purchase; otherwise, you’re not saving money, you’re just spending less on something extra.

29. Consolidating debt to reduce interest rates

Debt consolidation can be a strategic financial move to lower your overall interest rates and simplify your monthly payments. By combining your debts into one loan with a lower interest rate, you can streamline your bills and potentially save significant amounts of money over time.

Make sure to shop around for the best debt consolidation options and read the fine print. The goal is to find a consolidation plan that truly puts you on a faster track to being debt-free without any hidden costs.

30. Tackle High-Interest Debts First to Free Up More Cash

Addressing high-interest debts is paramount in optimizing your financial strategy. Such debts, often from credit cards or payday loans, can spiral out of control if not managed promptly due to their compound interest rates, which can quickly exceed the original amounts borrowed.

This is known as the debt avalanche.

By zeroing in on high-cost debts, you ensure your income is spent more effectively and not wasted on steep interest fees, accelerating your path to financial freedom.

31. Choose the Right High-Yield Savings Account for Your Emergency Fund

Selecting the right high-yield savings account for your emergency fund is an essential move for growing your savings. High-yield accounts offer interest rates significantly higher than standard accounts, ensuring your emergency fund doesn’t stagnate and keeps pace with inflation as much as possible.

This is one of the bank accounts you need.

32. Implement The Envelope System

The Envelope System is a budgeting method that involves physically dividing your cash into envelopes for different spending categories.

Utilizing the cash envelope system promotes disciplined spending by providing a tangible limit on various expense categories, ensuring you stay within your pre-determined budget and facilitating more intentional money management.

This method also offers immediate visual feedback on spending patterns, which can lead to better financial habits and incremental savings as any leftover cash from each envelope can be added directly to a savings fund, making the act of saving more rewarding and motivating.

33. Using cash -back envelopes to track spending

The use of cash-back envelopes takes the traditional envelope budgeting system a step further by rewarding yourself with savings.

Whenever you spend less than the allocated amount in a budget category, you place the cash difference into a “cash-back” envelope, which can be used for saving or investing.

Adopting the cash-back envelope strategy can provide a rewarding twist to budgeting, making it a fun challenge to spend less and save more.

Boost Your Income: Creative Side Hustles and Opportunities

Boosting your income can provide substantial financial relief, particularly when you’ve maximized your ability to cut costs and still find your expenses stretching your budget thin.

Generating extra income, be it through a side hustle or achieving a raise enhances your ability to save and invest.

With additional streams of revenue, you gain more financial flexibility to achieve goals like paying off debt faster, saving for a significant purchase, or building an emergency fund.

Finding a side hustle or part-time job for additional income

Exploring a side hustle or part-time job is a proven way to supplement your income. In today’s gig economy, there are numerous opportunities for flexible work that can be customized to fit your skills and schedule.

A side hustle can not only pad your wallet but also provide an outlet for creativity and passion, possibly even offering a new career trajectory down the line.

Explore Gig Work and Passive Income Streams

Exploring gig work and passive income streams can accelerate your savings efforts, especially when your regular income isn’t enough to reach your financial goals. These alternative income ideas often provide the flexibility to work on your terms and build up earnings over time.

These revenue channels provide a proactive approach to increasing your disposable income. Researching and choosing the best options for your skills and financial situation can help you build a sound extra income strategy.

Take Advantage of Bank Bonuses and Credit Card Bonuses

Banks often offer attractive incentives to new customers, and high-interest savings accounts can grow your deposits at a faster rate than traditional accounts. The same is true for credit card issuers offering big bonuses.

Taking time to research the best offers and account terms can net you a nice bonus and put your money to work earning more money.

Learn How to Invest Your Money

Learning how to invest your money is paramount to building wealth over time. While it can seem intimidating at first, understanding the basics of investing can enable you to take advantage of compounding interest and market growth to increase your savings exponentially.

Start small, stay disciplined, and continually educate yourself as you grow your investment portfolio. Over time, your investments can become a significant source of wealth and financial security.

Learn how to invest in stocks for beginners.

FAQs: Navigating the Path to Low-Income Savings Success

Saving money when your income barely covers your fixed expenses requires a strategic approach. Begin by scrutinizing your budget to cut any non-essential costs.

Look for ways to reduce your fixed monthly expenses, like negotiating bills or refinancing loans.

Every small change can contribute to your savings, so focus on making incremental adjustments that together can enhance your financial situation.

Even when funds are tight, saving money is possible by making small but impactful changes.

Prioritize reviewing your expenses and identifying areas to cut back, such as non-essential subscriptions or eating out.
Round up loose change or small amounts from your daily transactions into savings.
Seek free entertainment options and consider generating additional income through side hustles or selling items you no longer need.

Each penny saved is a step towards your financial cushion.

Setting Realistic Savings Goals and Celebrating Milestones

Setting realistic savings goals is a key to financial success, particularly when managing a low income.

Determine what you can feasibly save without overstretching your budget. Whether it’s $5 or $50 per week, every bit helps.

Celebrating your achievements, no matter how small, can inspire continued discipline and dedication towards your financial objectives.

Being realistic and flexible with your budget will help you manage your finances more efficiently, ensuring that you set aside money for future growth, even when funds are tight.

This is a great step towards habits of financially stable people!

Did the post resonate with you?

More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!

Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.

Source: moneybliss.org

Apache is functioning normally

April 23, 2024 by Brett Tams

Want to learn how to make $5,000 fast? Whether you’re in a rush to meet a financial goal this week or aiming for a steady income of $5,000 per month, there are several ways to make it happen. You’ll find different options, from short-term jobs that pay a lot at once to long-term ideas that…

Want to learn how to make $5,000 fast?

Whether you’re in a rush to meet a financial goal this week or aiming for a steady income of $5,000 per month, there are several ways to make it happen.

You’ll find different options, from short-term jobs that pay a lot at once to long-term ideas that bring in money regularly. And, sometimes, combining a few methods can help you reach $5,000 faster.

If you’re looking to make $5,000 fast, you’re not alone. Many people need a big amount of money quickly – for unexpected costs, important purchases, just to save up, or simply to make a stable amount of money regularly.

Best Ways To Make $5,000 Fast

Below is how you can make $5,000 fast.

1. Flip items for resale

If you want to learn how to make $5,000 without a job, then one way may be to flip items for resale.

Flipping items for resale means you buy things at a low price and sell them for more. This could be handmade goods, vintage items (like old games, cameras, clothing, etc.), furniture, sports equipment, appliances, and more.

Look for undervalued items at flea markets, garage sales, yard sales, and thrift stores, and then sell them for a profit. This job involves having an eye to spot valuable items that you think can be resold at a higher price.

You can resell items on eBay, Craigslist, Facebook Marketplace, and more.

I have flipped many, many items for resale over the years, and I think it’s a great way to work from home and make money on your own schedule.

Recommended reading: How Melissa Made $40,000 In One Year Flipping Items

2. Freelance online work

Making $5,000 a month from home is possible by becoming a freelancer.

Freelancers are people who run their own businesses and provide services to other businesses or clients on a contract basis. As a freelancer, you might be hired for onetime projects by businesses or you could secure long-term contract work with a company.

Online freelancing jobs include:

And more.

You can find freelance gigs through networking, reaching out to possible clients through email or phone, creating a freelance listing on Fiverr, searching for gigs on Upwork, and more.

I have personally been a freelancer for years (mainly freelance writing, and, in the past, I have also done freelance social media management), and it’s a great way to earn income while still being your own boss with a flexible schedule.

Recommended reading: 16 Best Freelance Jobs & How To Get Started

This free 76-minute workshop answers all of the most common questions about how to become a proofreader, and even talks about the 5 signs that proofreading could be a perfect fit for you.

3. Pet sit and dog walk

Rover is a website that connects pet owners with pet sitters and dog walkers. You can work this job on weekends all year round or choose to be available only during the summer months – it’s flexible and up to you.

Getting started on Rover is simple. You create a profile highlighting your experience with pets and the services you offer, such as dog walking, pet sitting, and house sitting.

After setting up your profile, customers will send you requests, and you can discuss pricing with them. Rover handles payment processing, and you’ll receive payments directly into your account.

I have two close family members who are professional dog walkers, and they both love this side hustle.

Recommended reading: 7 Best Dog Walking Apps To Make Extra Money

4. Short-term rental your home

If you have a spare room in your home that you’re not using, you may want to try renting it out either on a short-term basis through Airbnb or Vrbo or by finding a long-term roommate to make extra cash.

I’ve rented out rooms multiple times before to roommates, and it’s a great way to earn extra income from unused space.

Recommended reading: What You Need To Know About Renting A Room In Your House

5. Deliver food

If you’re looking to make $5,000, finding a food delivery driving gig is a good option.

With companies like DoorDash, Uber Eats, and Instacart, you can start earning money by bringing people their favorite food. It’s flexible too, so you decide when you work and for how long.

Delivery services like Instacart hire personal grocery shoppers, and the average shopper earns $15 to $20 per hour delivering groceries. Drivers are paid per order, and you keep 100% of your tips. You can also pick your own schedule, which means teachers can work in the evenings or weekends, or only during the summer if they prefer.

6. Sell high-value items

If you’re looking to make a quick $5,000, selling high-value items can be a smart move. Take a look around your home; you might have things you don’t need that others are willing to buy for a good price.

You could sell an old cell phone, laptop, camera, designer clothes, your car, and more.

There are many different buyers for high-value items – from people like you and me on Facebook, to pawn shops, eBay, and more.

7. Tutor

Tutors who specialize in subjects such as math, language, science, graphic design, and more help students improve in those areas.

And, some tutors can make money rather quickly, such as one who specializes in college courses or high-level exams.

Becoming an online tutor depends on the subject you want to teach. Experience in the field is usually required, but there are opportunities for beginners as well. Tutors who teach advanced subjects like calculus or college entrance exams generally earn more than those teaching simpler topics.

Tutoring rates can range from $15 to over $100 per hour, depending on the subject and where you sell your tutoring services.

8. Stock photo photography

Stock image websites are popular platforms where photographers can sell their pictures. Customers can buy royalty-free photos for personal or business use, and these images are commonly used in websites, TV shows, books, social media, and more.

One advantage of using stock photo sites is that they can generate passive income. You can take pictures, upload them, and potentially earn money from them for months or even years. You’ll earn a commission every time someone downloads your photos.

Some well-known stock photo websites include Shutterstock, iStock by Getty Images, Adobe Stock, and Dreamstime.

In the world of stock photography, quality is important, but quantity matters too. The more pictures you have in your stock photo portfolio, the more potential you have to earn money.

Recommended reading: 18 Ways You Can Get Paid To Take Pictures

9. Sell an online course

Creating and selling an online course can be a great way to make money quickly, especially if you have knowledge or skills in a high-demand area.

If you have expertise in a certain subject, you can create and sell an online course. Platforms like Teachable and Udemy allow you to develop, host, and sell your course to students. While you may not earn $1,000 immediately, having students enroll over time can generate a substantial income.

I have an online course that I personally sell, Making Sense of Affiliate Marketing. I have also taken many online courses, such as on helping my toddler get better sleep, speech therapy for parents, business courses, blogging courses, and so much more.

There are many different subjects you can teach in an online course, including:

Painting
Music lessons
Exercise
Parenting
Languages
Photography and photo editing
Plants and gardening
Baking and cooking
Arts and crafts

10. Rent out your unused storage space

Just like Airbnb transformed the way you can earn money from your spare room, peer-to-peer storage platforms are doing the same for your unused spaces.

If you have extra space at home, consider renting it out to local people for storage. This could be a garage, driveway, closet, basement, or attic.

While making $1,000 in a single day from this may be challenging, renting out your space can provide a steady, long-term income when combined with other income sources.

You can use a website like Neighbor to list your available space for rent, potentially earning up to $15,000 per year.

11. Sell your jewelry

If you need to learn how to make $5,000 dollars in a day, then one option is to sell any expensive jewelry that you may have.

If you’ve got jewelry you no longer wear, selling it can be a quick way to earn some cash. You might have pieces like engagement rings, necklaces, or bracelets tucked away.

Recommended reading: Where To Sell Jewelry: 12 Best Places For Extra Money

12. Flip real estate

Flipping real estate means buying homes that need fixing, making improvements, and selling them for a profit. This can be a way to make $5,000 (and well over that if you are smart and careful!).

To do this type of real estate investment successfully, you may start by focusing on making cost-effective improvements, especially in areas like the kitchen and bathrooms, and address any major structural or safety issues.

Recommended reading: 23 Best Real Estate Side Hustles To Make Extra Money

14. Sell printables

If you’re looking to make $5,000 online, selling printables is an option.

Printables are digital files that customers can download and print at home, such as grocery shopping checklists, monthly budget planners, wedding invitations, wall art, and more.

I buy printables all the time, and actively search them out at least a few times a month. And, I’m not alone – many people buy printables frequently as well!

I recommend signing up for the Free Workshop: How To Earn Money Selling Printables. This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.

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.

15. Help businesses with their Facebook ads

Managing Facebook ads for local businesses is an online job where you can earn at least $1,000 per month per client.

Local businesses want to expand their audience through Facebook ads, but many don’t have the expertise to do it effectively. That’s where you come in. By learning this skill, you can sell your services to small businesses and help them reach more customers online.

Plus, this can be a part-time job that you do in your spare time or even a full-time job.

16. Write an ebook

Creating your own ebook can be a way to earn money online, and you likely have knowledge to share (even if you don’t realize it!) or a good story to write about.

Platforms like Amazon KDP (Kindle Direct Publishing) allow you to reach a wide audience without a traditional publisher.

Examples of genres you can write in include romance, travel, self-help, sci-fi, and more.

17. Blog

If you want to learn how to make $5,000 from home, then one of my favorite ways is to start a blog.

Now, starting a blog doesn’t instantly make you $5,000 because it takes time to set it up. However, with time and effort, some bloggers can make $5,000 a month in the future.

A blog is a website filled with articles, similar to what you’re reading now. You can start a blog on various topics like personal finance, recipes, travel, pet care, family life, and more.

You can earn money from a blog by partnering with companies for sponsorships, displaying ads, engaging in affiliate marketing (like promoting products on Amazon), and selling items such as ebooks, candles, T-shirts, and other products directly through your blog.

Blogging is my primary source of income, and I make well over $5,000 a month online. It took about six months to earn my first $100 from my blog, so getting started requires some patience. It then took me about a year to reach a monthly income of around $5,000 from blogging.

You can learn how to start a blog with my free How To Start a Blog Course (sign up by clicking here).

Want to see how I built a $5,000,000 blog?

In this free course, I show you how to create a blog, from the technical side to earning your first income and attracting readers.

18. Affiliate marketing

Affiliate marketing is a way to earn money by promoting products or services online, and it’s one of my favorite ways to make $5,000 (or more) fast online.

Affiliate marketing is when someone buys a product through a referral link you share, and you earn a commission.

To start, you will want to find products you genuinely like and believe others will benefit from. Then, sign up for their affiliate program, which will provide you with a unique affiliate link. This link tracks the clicks and purchases made from your recommendation.

Recommended reading: Affiliate Marketing Tips For Bloggers – Free eBook

19. Sell on Amazon

Starting your own Amazon FBA (Fulfillment by Amazon) business can be a great way to make $5,000 fast.

You can sell items from household goods to clothes, games, electronics, and more.

Selling on Amazon FBA works by you sending the items you want to sell to an Amazon fulfillment warehouse. Amazon stores these items for you until they sell on their platform.

When an item sells, Amazon handles the shipping and sends it directly to the customer. This means you don’t have to worry about packing and shipping the sold items yourself.

Recommended reading: How To Sell Items On Amazon FBA

20. Start a YouTube channel

Creating content for your own YouTube channel can be a fun way to work toward making $5,000 fast.

You can create a YouTube channel about topics such as finance, home improvement, travel, toys, pets, and more. There’s a YouTube channel for almost every interest these days.

Like blogging, this isn’t a guarantee that you’ll make money, and it will definitely take time to reach $5,000. But, it can be a lot of fun, and you get to be your own boss.

21. Buy a business that already makes income

Buying a business that’s already bringing in money is a way to possibly skip the tough start-up phase and have a business that is making over $5,000.

Now, existing businesses are typically expensive – someone has done a lot of hard work building a business over years and years, after all. They can cost anywhere from a few thousand to millions or even billions of dollars.

You can start by looking at online marketplaces like BizBuySell or Flippa. They list all kinds of businesses for sale, and you’ll see lots of options from online sites (like retail stores and blogs) to local shops (like bike shops, clothing stores, toy stores, and laundromats).

An example – I was recently in a small local bike shop, and they told me that it was for sale. They earned around $20,000 a month (I’m not sure if that was before or after expenses or anything else), and their shop was for sale for around $500,000. You got all the bikes, parts, customers, etc. with the sale. The building wasn’t owned by them, they had monthly rent and other bills to pay. I’m not going to say if this was a good or bad deal – it’s just an example of a real business that is for sale that I recently came across.

22. Consulting

Consulting is when you provide expert advice to individuals or businesses facing challenges. Consultants use their knowledge to understand problems, give advice, and help clients make better decisions from an outside perspective.

Consultants work in fields like management, finance, technology, or marketing. They focus on areas like strategy, process improvement, or restructuring to help clients achieve their goals effectively.

Here’s an example of how a consulting gig works: A company is struggling with managing its products and deliveries. They bring in a consultant who knows a lot about solving these issues. First, the consultant looks at how things are currently done. Then, they suggest better ways to store and ship items. The consultant helps put these ideas into action and teaches the company’s team how to use the new methods. Even after the changes, the consultant keeps an eye on things to make sure everything works well. This helps the company save money and makes sure that customers get what they need on time.

23. Detail cars

Starting a mobile car detailing business can be a way to earn money quickly. After all, you don’t need a lot to get started, and people are always wanting a good detailer to clean their car.

You’ll want to start by getting quality cleaning supplies like car shampoo, wax, and microfiber towels. You can then set fair prices based on what others charge nearby and promote your services on social media and with local businesses.

24. Rideshare driving gigs

Driving for a ride-sharing service like Uber or Lyft can be a way to reach your $5,000 goal quickly.

Here’s how you can work toward earning $5,000 with Uber or Lyft:

Drive during peak hours when demand is high, such as weekend nights, rush hours, or during busy events in your city.
Maximize your earnings by strategically positioning yourself in high-demand areas where there are plenty of potential riders, like near popular restaurants, bars, or events.
Take advantage of Uber’s driver bonuses, which may include incentives for completing a certain number of rides or driving during specific times. For example, you might earn an extra $10 for completing three rides in a row during rush hour.

While you won’t make $5,000 in one day, driving for a ride-sharing service can be a flexible way to earn money and work toward reaching your financial goal over time.

Frequently Asked Questions

Below are answers to common questions about how to make $5,000 fast.

What are some ways to earn an extra $5,000 quickly?

If you need to make an extra $5,000 quickly, then selling expensive items that you already own is usually the fastest thing that I recommend doing. This is because you may have expensive things in your home already – like jewelry or electronics – that you can sell and get paid for within just a few days.

Can I make $5,000 in a single day and how?

Making $5,000 in a single day is hard but not impossible. It may require a combination of having high-value items to sell or landing a big client for your freelance business. It’s about making the right move at the right time with the resources you have.

How can I double $5,000 dollars?

There are many ways to double $5,000 dollars, but it will depend on how much time you have to double your money, as well as how much risk you want to take on. Some ways will be much more risky than others, such as by investing in stocks or real estate. Due to this, it’s important to research and consider your risk tolerance before investing your money.

How can I make $5,000 in a month?

Ways to make $5,000 in a month can include freelance writing, blogging, proofreading, bookkeeping, and more.

How to make $5,000 fast without a job?

If you want to make $5,000 fast but not get a job, then the fastest thing to do is typically to sell items around your home that you already have, such as jewelry or electronics. You can also combine a bunch of different side hustles, such as freelancing, selling stuff, running a business, flipping real estate, and even small things like taking online surveys (like Survey Junkie for free gift cards).

How to make $5,000 a day online?

Some ways to make $5,000 a day online may include selling courses or other digital products. Now, this will not be an easy thing to do, and it will require a lot of hard work (as well as some luck).

How To Make $5,000 Fast – Summary

I hope you enjoyed this article on how to make $5,000 fast.

As you read above, there are many different ways to make $5,000. Some are faster than others (such as selling expensive items that you already own), and others may be more of a full-time career (such as freelance proofreading).

What do you want to do to make $5,000 fast?

Recommended reading:

Source: makingsenseofcents.com

Apache is functioning normally

April 23, 2024 by Brett Tams

Discover methods to achieve financial harmony in relationships and why fiduciary advisors are often considered trustworthy.

Sara’s Corner: How can couples equitably share the mental load of managing finances? Can you trust fiduciary financial advisors? Hosts Sean Pyles and Sara Rathner begin with a discussion about the division of financial responsibilities among couples to help you understand how to create financial harmony in your relationship.

Today’s Money Question: Elizabeth Ayoola joins Sean to explain how you can choose a financial professional to work with, starting with an in-depth look at different types of fiduciaries including Certified Financial Planners (CFPs), financial coaches, and financial therapists. They discuss the nuances of fiduciary compensation structures and explain how you can advocate for yourself when selecting a financial advisor to work with.

Check out this episode on your favorite podcast platform, including:

NerdWallet stories related to this episode:

Episode transcript

This transcript was generated from podcast audio by an AI tool.

Sean Pyles:

Do you know which financial advisors you can trust and which might just be looking to make a buck? Well, this episode will help you sort the good from the sketchy in the world of financial advice.

Sara Rathner:

Welcome to NerdWallet’s Smart Money Podcast, where we help you make smarter financial decisions one money question at a time. I’m Sara Rathner.

Sean Pyles:

And I’m Sean Pyles. This episode, we’re joined by our co-host Elizabeth Ayoola to answer a listener’s question about fiduciary financial advisors. Are they all they’re hyped up to be and how do they compare to other folks looking to make money from giving advice?

Sara Rathner:

I would say the answer to those questions are usually, and they’re better, but I don’t want to steal your and Elizabeth’s thunder.

Sean Pyles:

I appreciate the restraint, Sara, even though you did just say those things.

But anyway, before we get into that, we’re going to hang out for a bit in Sara’s Corner. This is a thing I just made up where we hear from Sara about something that she recently wrote. Sara’s Corner, it’s cozy here.

Sara Rathner:

I mean, I do keep a blanket on the back of my desk chair, so it is cozy here.

Sean Pyles:

Sounds nice.

Sara Rathner:

Yeah. My corner is cozy and also may be full of emotionally fraught conversations because I do really like to write about couples and money, so let’s bring on the fighting.

Sean Pyles:

Yeah, that’s a good combination, I’d say.

So Sara, you recently wrote an article about how couples can share the mental load of money management. So to start, what inspired you to write this article? Are you giving us a peek into the Rathner household?

Sara Rathner:

Maybe a little deep down, but honestly, it’s really about what my social media algorithms are serving up lately, besides baby sleep experts and a little bit of Zillow Gone Wild, which is an account I highly recommend. So fun. You never know when an indoor pool’s going to pop up.

There are quite a few people who are influencer-type personalities who discuss topics like the mental load and emotional labor within families and within households, and it got me thinking about something that causes a lot of fights about who’s handling what task, and that is, as always, money.

Sean Pyles:

So in your article, you write that “Couples can fall into unproductive patterns that can lead to conflict, resentment, and even willful ignorance.” And this goes beyond money in a lot of relationships, and I do feel like this is something that anyone who’s been in a long-term relationship can relate to. So can you give us an example of one of these unproductive patterns and how can they be damaging to a relationship?

Sara Rathner:

One source I interviewed talked about what they called a manager-follower dynamic where one person in the couple is in charge and they delegate tasks to their significant other, and that’s fine at work. At home, it could also be fine depending on the task, but sometimes it could get a little icky, and even if one person is handling 100% of a task, you are both benefiting equally from that labor.

Sean Pyles:

Yeah. That reminds me of friends I’ve talked with who have found themselves in relationships with partners who really want a parent more than an actual partner, and that can be exhausting to deal with.

Sara Rathner:

Yeah, it’s totally fine to divvy up a task and have one person kind of be like, “I’m the point person for this, so if you have any questions about it, come and ask me,” but you’re agreeing to that together. It’s not this automatic, “Well, I’m the more adulty adult here and you act like a child, so I’m going to be your parent.” That’s a really gross dynamic to have in any romantic relationship. If you are in that right now, I don’t know, reconsider.

Sean Pyles:

Yeah, it can really strip away the romance from that relationship.

Sara Rathner:

Yeah, there’s nothing romantic about constantly reminding your partner to pick up their damn socks already. Adults can put socks in hampers, I’m just saying.

Sean Pyles:

That’s very true. Well, the hard thing is that with money, this can be a really easy dynamic to slip into because one person might know more about managing money than the other, so they end up just taking on all the money tasks or they delegate specific tasks to their partner, and if only one person knows about the finances of the household, that can be a very risky situation for both parties in the relationship.

Sara Rathner:

Exactly. And again, it’s totally fine and totally normal for one of you to feel more confident dealing with money. Maybe you’ve just managed your money differently back when you were single, maybe you work in finance. That is normal, but it’s still both of your responsibility.

And the same source that told me about the manager-follower dynamic also said to me that like any task, money tasks are things that you can learn by doing. So even if you are the less confident one in your relationship when it comes to these kinds of responsibilities, you can still grow your skill set. You can learn by doing. And so as you go forward in the future, you can take on more and more tasks with confidence and not fall into that dynamic where you’re constantly relying on the other person to tell you what to do.

Sean Pyles:

Let’s turn to some solutions. You first suggest that couples approach money as equals, which sounds great. Is the idea here that no one person in the relationship should have more power over their finances than another?

Sara Rathner:

Absolutely. The dynamic where one person handles everything and the other person could not be bothered to know the passwords to any accounts is not good. That’s not a healthy dynamic. At best, it’s unfair. The division of labor is, in that case, is putting a lot of that work on only one person’s shoulders, and at worst, it could be a sign of financial abuse. Withholding your partner’s access to finances is sometimes a situation where you are dealing with abuse and that’s something to keep your eyes open about. But even if your partner is totally happy to hand off the work and know nothing of the household finances, they could end up in a really tough spot if your relationship ends, either through divorce or breaking up or even if the partner passes away.

Sean Pyles:

So it might be a good idea for couples that are living together, have a long-term relationship, and have somewhat intermingled finances to even know the logins to each other’s accounts. Is that something that you’ve explored too?

Sara Rathner:

Yeah, you could even use a password manager to do that because you can share passwords with each other very easily or you could be really lo-fi about it and just have a list stored in a secure place like a safe that you keep updated once a year. You definitely want to both be equal partners in access to the money even if you don’t necessarily divvy up those month-to-month or week-to-week tasks equally.

Sean Pyles:

Well, what about actually getting those money tasks done? How should couples determine who does what?

Sara Rathner:

Well, this is where the whole money date thing comes, and we talk about this a lot. Sit down, pour yourself the beverage of choice, a cup of tea, a glass of wine, and have a chat about what bills are due, what savings goals you have, which kid has outgrown their clothes and needs to go shopping because that’s also a financial thing, all those sorts of money-related responsibilities that you have coming up in the next week, the next month, even the next three months. And in that conversation, you can also divide up the tasks.

Sean Pyles:

And it can be helpful to have different types of meetings at different times. Maybe once a quarter you have a higher-level meeting where you think about where you want to be at the end of that quarter or at the end of the year. And then at the beginning of each month, you can think, “Okay, here are the things we need to get done this month,” and then maybe even on a weekly basis, you can think more tactically around, “Okay, we need to get a bunch of whatever thing at Costco this week and that’s going to be a bigger bite out of our grocery budget, so let’s make sure we make room for that,” just so you have different conversations at different levels as you are managing your finances together.

Sara Rathner:

Yes, and I like to think of it in terms of that timeframe. What has to be done in the next few days, what has to be done this month, and then what’s a longer-term conversation?

Sean Pyles:

Well, this reminds me a little bit about how my partner and I manage other household tasks like doing the dishes, for example. In general, in our household, whoever cooks dinner does not have to load the dishwasher, and if you load the dishwasher, you don’t have to unload the dishwasher when it’s clean. And for us, it really comes down to being about balance.

Sara Rathner:

Exactly. And by splitting up responsibilities this way, you’re also acknowledging the labor that the person who cooked is performing. You do the dishes because you respect the work it took for the other person to cook. And in my house, because we have the baby to wrangle, I do most of the cooking. While I am doing that, my husband is handling the child care because I don’t want to stop cooking to change a dirty diaper because that’s unsanitary. So in our home, it’s this acknowledgement of, “You are 100% dealing with a baby and I’m 100% dealing with the cooking, and we have to split this moment up in order for us to get dinner on the table.”

Sean Pyles:

Well, do you have any other advice for how couples, or I guess anyone co-managing a household together, can find a more harmonious way to manage their finances?

Sara Rathner:

So another thing is once you divvy up those tasks during that money date, another really important thing is owning tasks that you agree to take on from start to finish. And this is where we talk about weaponized incompetence and all those psychological phrases that get thrown around on social media when you say you’re going to do something and you don’t do it and you’re, “Eh, it’s too hard.” No, it’s not.

Sean Pyles:

Just do it.

Sara Rathner:

Right. If you show your partner that you’re going to agree to do something and then you don’t do it to an agreed upon level of completion, you’re showing them that they can’t trust you.

So in your money date, not only do you talk about the major overarching tasks that you both need to complete, but you can break them down into subtasks so it doesn’t feel quite so intimidating. So if you’re the one to step up to own a task, that means you take care of it from start to finish, and it doesn’t mean you can’t ask for help if you get stuck. You are still partners, but you are just the one spearheading everything.

Sean Pyles:

Well, Sara, thanks for sharing your insights. I like hanging out in this corner with you. It’s cozy.

Sara Rathner:

I’ll bring a second blanket for next time-

Sean Pyles:

Thank you.

Sara Rathner:

… so we could build a fort together.

Sean Pyles:

I love it. And listener, if you want to check out Sara’s article, you can find a link to it in this episode’s show notes.

And now let’s check in on this month’s Nerdy question, which was what’s the best thing you spent money on this month? Last week, we heard from a listener who spent money on a third opinion from a doctor ahead of a major surgery and was able to find a more effective and less invasive way to resolve their pain. So hooray for taking charge of your own healthcare.

Sara Rathner:

And here’s what another listener texted us. “Hello. My favorite purchase so far is a used grand piano. I paid $4,000 and $1,000 to move it to my apartment on the third floor, no elevator, but it’s the best money I spent.” Wow. “I practice more than four times a week and it’s worth every penny.”

Sean Pyles:

Ugh, I love that this listener is spending money on something that is both a creative outlet and also likely a very beautiful thing to just have in their apartment. And I’m not going to pretend like spending $5,000 is nothing, it’s a significant chunk of change, but I’m willing to bet that they will get some good use out of it and it might just end up that they put some family photos on it eventually after the novelty of having a piano wears off, but still, it’ll be nice to look at.

Sara Rathner:

Also, I’ll say that having lived in a third-floor walk-up apartment, can I just say how impressed I am that it’s possible to get a grand piano up there? Because that was not what the staircase was like in the apartment building I was living in. Maybe you could hoist it through a window?

Sean Pyles:

Yes, I think you do have to do that. You take out the window. Sometimes you have to get a permit from the city. It can easily be $1,000 or more depending on where you are.

Well, listeners, we have so loved hearing from you and all of the great things that you are doing with your money. So to share the best thing that you spent money on last month, text us or leave a voicemail on the Nerd hotline at 901-730-6373. That’s 901-730-NERD, or email us a voice memo at [email protected].

Sara Rathner:

And while you’re at it, send us your money questions too. It is quite literally our job to answer them and we love to hear what situations you’re mulling over. So please tell us and we’ll try and solve these problems together.

Sean Pyles:

Well, before we get into this episode’s money question, we have an exciting announcement. We are running another book giveaway sweepstakes ahead of our next Nerdy Book Club episode.

Sara Rathner:

Our next guest is Jake Cousineau, author of How to Adult: Personal Finance for the Real World, which offers tips to young people on how to get started with managing their money.

Sean Pyles:

To enter for a chance to win our book giveaway, send an email to [email protected] with the subject “Book Sweepstakes” during the sweepstakes period. Entries must be received by 11:59 p.m. Pacific Time on May 17th. Include the following information: your first and last name, email address, zip code, and phone number. For more information, please visit our official sweepstakes rules page.

Now let’s get into my conversation with our co-host, Elizabeth Ayoola, about whether fiduciaries are all they’re hyped up to be.

We’re back and answering your money questions to help you make smarter financial decisions. And this episode’s question comes from Ian, who wrote us an email. Here it is. “Hi, team. I hear fiduciaries being peddled like some kind of miracle cure for financial planning, but I’m curious how being a fiduciary actually works. What is the enforcement mechanism? Is there a licensing body, like for nurses or doctors? What makes a fiduciary more trustworthy than someone who is making a promise that they totally have your best interest in mind? Cheers, Ian.”

Elizabeth Ayoola:

This is a good question to ask, especially if you’re trusting someone with your money. And I really like this topic because I recently covered it in a paraplanner course I’m taking. Sean, I know you’re also in the deep waters of coursework since you’re studying to become a certified financial planner professional, which is a fiduciary role. So you’re going to answer Ian’s question so we can test your knowledge.

Sean Pyles:

That is right.

Elizabeth Ayoola:

Sean Pyles:

A fiduciary is just a fancy term for someone who has an obligation, usually a legal or professional obligation, to put their client’s interests before their own. A fiduciary can be a doctor caring for your health, a family member managing someone’s estate, or in this case, a financial professional who is managing the personal finances of their clients.

Elizabeth Ayoola:

Okay. So in summary, a fiduciary prioritizes you and not their pockets.

Sean Pyles:

That is the idea and the hope, but there’s a little more to it than that, and I really have to hand it to this listener because I appreciate their skepticism about what it means to be a fiduciary because they are touted as the gold standard among financial advisors.

I also think we need to zoom out a little bit and talk about what it means to be a financial advisor because the term “financial advisor” is not regulated. Anyone can call themselves a financial advisor, even the sketchiest, hustle-culture peddlers on TikTok.

Elizabeth Ayoola:

I actually think we could do an entire episode on that, Sean. Right now there’s so many people sharing financial advice, and I’m afraid that people might not be doing enough vetting before taking these people’s financial advice, or even realizing that all advice shared doesn’t have their best interests at heart.

Sean Pyles:

Yeah. And as a side note, I’m not a fan of imposter syndrome, but the personal finance space is one where maybe more people should feel imposter syndrome because there are just too many people online without qualifications or experience telling others what to do with their money.

Elizabeth Ayoola:

I second that. And the wrong advice could really lead to great financial chaos for people, so they should absolutely be scared of sharing inaccurate or misleading advice.

Sean Pyles:

Totally. And if I’m being completely honest with myself, part of why I’m pursuing the CFP certification is to quell my own occasional imposter syndrome because I, as a professional in the personal finance space, want to get as much information as I can and I want to be as qualified as I can be to help others, but that’s just me holding myself to a very high standard that I think maybe other people should hold themselves to as well.

Elizabeth Ayoola:

And that’s why I like you, Sean. Okay, obviously there’s other reasons I like you too, but that’s exactly why I’m doing my qualification also because I want to share accurate advice with people. And I love to answer my friends and family’s finances questions when I can, so I want to make sure I actually know what I’m talking about.

Anyway, so back to our listener’s question. Ian wants to know how being a fiduciary actually works in the financial planning space. CFPs are a fiduciary, so how does that actually work in practice, Sean?

Sean Pyles:

Yeah, that’s a good question because Ian asked about licensing to affirm that someone is a fiduciary, and in the personal finance space, that usually means getting a CFP certification, which is the gold standard of education and conduct in the financial planning space. So please indulge me as I give you a sip of the Kool-Aid that I’ve been drinking during my CFP coursework, and I’ll explain what it means to be a certified financial planner professional/fiduciary.

Elizabeth Ayoola:

Come on. Tell us, Sean.

Sean Pyles:

Okay. So part of becoming a certified financial planner involves intensive education, passing a difficult exam, but then once you are certified, you have to act according to the Code of Ethics and Standards of Conduct that are outlined by the CFP Board. And there are three parts to this fiduciary duty that is also outlined by the Standard of Conduct.

So first, there’s a duty of loyalty, which states that a CFP professional has to put their client’s interests ahead of their own, like we talked about before. They also have to avoid, disclose, and manage conflicts of interest, and they must only act in the financial interest of the client, not themselves or the firm that they work for. They also have a duty of care, which basically mandates that the CFP professional has to be competent and do their best to help their clients meet their financial goals. Also, they have a duty to follow client instructions, where a CFP professional has to abide by the terms of the engagement with their clients.

Elizabeth Ayoola:

Wow, that is a lot, but honestly, it would give me confidence as a client to know that someone jumped through all those hoops for me.

Sean Pyles:

Yeah, and that’s really just scratching the surface, too. And the Standard of Conduct is a big part of why being a CFP is a big deal in the personal finance space.

Elizabeth Ayoola:

But here’s the thing, Sean, our listener, and to be honest, me too, is also wondering about enforcement. So let’s say a CFP professional decides to prioritize them making an extra dollar over what’s best for the client, and I don’t know, let’s say they push them into an investment or some kind of insurance product that isn’t actually a good fit for the client. What happens then? Do they call the cops? What do we do?

Sean Pyles:

The police are not involved in this unfortunately, but there is an enforcement mechanism at the CFP Board. If someone suspects that a CFP isn’t living up to their fiduciary responsibilities, they can file a complaint with the board and the board will investigate, and there are a number of disciplinary actions that it could take, including stripping someone of their certification.

The thing is, the onus is typically on the clients to file the complaints, and that’s part of why hiring a financial professional, hiring a CFP doesn’t mean that you can totally sit back and ignore your money. You still have to be engaged and monitor what’s going on.

Elizabeth Ayoola:

For sure, I learned that the hard way, so I try to learn things here and there. But thanks for explaining that.

I do have another question though. How would the client even know if they aren’t financially savvy or if they have a sketchy history? Are there some telltale signs?

Sean Pyles:

Yeah, this is the really tricky part, right? You’re going to this financial professional because of their expertise, so they probably know more about this topic than you do, and that can make it hard to know if they are BSing you or maybe more likely to violate their ethical duty later on. There are a couple of things that you can do though.

Before you even hire a financial professional, do your due diligence and shop around. I would recommend talking with a few different financial advisors before you decide which one you want to work with long-term. You can think of it like dating in that way. You want to get to know them and feel that you can trust them. And then once you are in this vetting process, I would say turn to our old friend Google and dig into each planner that you’re considering a little bit, like you would anyone that you’re dating. Verify that they actually have the certification that they say they do, and look and see if they’ve had any disciplinary actions that have been marked against them publicly. Also, you can just Google around and see if they’ve done anything else that you find suspicious or weird that you just aren’t on board with.

Elizabeth Ayoola:

Wow. I love those tips, Sean. And I also must say, when you said, “Your old friend Google,” it just reminded me about how long I’ve been in a long-term relationship with Google, but the tip’s definitely way more important. So basically, you’re telling us to put our investigator hat on. So okay, what’s the other thing you think people should do?

Sean Pyles:

Okay, so this might sound a little bit squishy, but go with your gut. If you talk with someone enough, you can probably tell if they aren’t confident in their grasp of the information they’re presenting. And even if they are, you might find that they just have a different money philosophy from you, which can signal that you guys are not compatible. For example, I once worked with a financial planner who suggested that I could take a 401(k) loan to solve a short-term cashflow issue that I had. And I personally happened to think that taking a loan against my own retirement for a problem that was going to work itself out anyway was an exceptionally bad idea, so I decided to work with another financial planner instead from that point on.

Elizabeth Ayoola:

Wow, that advice does not sound good, especially if it was suggested before exploring other alternatives that may not set you back for retirement. And I do understand that some people have to take out a loan against their 401(k), and that’s the only option that they have, but the downside is it might set you back, but I’m glad you went with your gut.

Sean Pyles:

Right. It wasn’t right from my circumstances or how I like to manage my money, and that’s what the bottom line was for me.

Now, so far, Elizabeth, we’ve been talking a lot about CFPs because that really is going to be the primary type of fiduciary that a lot of people looking for financial planning will encounter, but I want to go back to the idea that there are a lot of other people out there giving personal finance advice.

Elizabeth Ayoola:

Mm-hmm. People on TikTok, your nosy friends who are always getting in your business, the people interrupting my YouTube videos with their long-winded ads.

Sean Pyles:

Yes, but also accredited financial coaches and certified financial therapists. Both of those are fiduciaries, but they have different standards of conduct and enforcement mechanisms.

Elizabeth, I know that you have some experience working with financial therapists, so can you give us the rundown on what they do and why someone might benefit from working with one?

Elizabeth Ayoola:

I do, I do have experience with that, Sean. I am a wellness fanatic, that’s just a personal note, so I love the topic of financial therapy and also financial wellness. So essentially a financial therapist can help investors understand their worries and their fears around money. They also help you identify the feelings and the beliefs that you have around your money and your habits. Another way to put it is they help you identify and eliminate your money blocks, which are things getting in the way of you achieving your financial goals.

Sean Pyles:

And financial coaches are somewhere between a CFP and a financial therapist. They help people meet their financial goals, and they might be better suited to help those who aren’t super high-net-worth, don’t have a lot of investable assets. Accredited financial coaches also have a specific focus on diversity, equity, and inclusion, which is really important in the personal finance space, considering the racial and gender financial inequity in this country.

Elizabeth Ayoola:

Absolutely. They’re doing good work and we have a lot of work to do to close the gap, but as a woman and a Black woman at that, I hope we see more progress in coming years.

Sean Pyles:

So we’ve just run through a few different types of fiduciary financial professionals, and here’s my bottom line: if you are getting individualized financial advice, it’s probably for the best if that person is also a fiduciary because you know that that is a stamp of credibility, and it goes way beyond a financial influencer on TikTok telling you to sign up for their class and then peddling some investment account from a company that’s really just bankrolling their lifestyle.

Elizabeth Ayoola:

1,000%. I know me personally, I’m at a point where I’m growing wealth and I’m trying to make the right investment choices so I can see positive growth in the coming years. On that note, I would definitely go to a fiduciary if I was stuck trying to make a tough financial decision.

Sean Pyles:

Yeah. At the least, when you are receiving financial advice from someone, whether in person, on social media, or even on a podcast, I think people should ask themselves three questions: what is this person’s qualifications, how are they getting paid, and why are they doing this?

Elizabeth Ayoola:

I definitely think more people should ask those questions. But Sean, say more about that money part because that’s a big piece of the puzzle too.

Sean Pyles:

Yeah. Well, in the financial planning space, there are three main ways that people are compensated beyond a base salary. They can be fee-only, fee-based, and commission-based.

So when you meet with a fee-only advisor, they might charge you an hourly fee or a fee based on a certain percentage of your assets that they’re managing, maybe 1 or 2%. That’s pretty common. And fee-based is really similar, but there is a key difference, and that is that this advisor might get a commission from products that they sell you, like an insurance product or a specific investment account. And commission-based is exactly that: the advisor makes their money from selling financial products. So you can probably imagine why the commission-based pay structure gives some people pause.

Elizabeth Ayoola:

For sure. And then even if the advisor is a fiduciary, being commission-based could muddy the waters a little bit.

Sean Pyles:

Yeah. And for those who are really concerned about any conflicts of interest in the financial advisor space, fee-only might be the route where they feel most comfortable.

Elizabeth Ayoola:

Well, Sean, thank you for this rundown of what it means to be a fiduciary. Your coursework is courseworking, and I can see the studying is paying off. Do you have any final words?

Sean Pyles:

Yeah. I’d say that if you want a financial professional to help you with your finances, vet them thoroughly, shop around, and remember that at the end of the day, you have to be your own best advocate to get what you want from your money.

Elizabeth Ayoola:

Absolutely. And that’s all we have for this episode. Sean, thank you for educating we the people. Remember, we are here for you and we want to hear your money questions to help you make smarter financial decisions, so turn to the Nerds and call or text us your questions at 901-730-6373. That’s 901-730-NERD. You can also email us at [email protected], and also visit nerdwallet.com/podcast for more information on this particular episode. And remember to follow, rate, and review us wherever you’re getting this podcast.

Sean Pyles:

This episode was produced by Tess Vigeland and me. Sara Brink mixed our audio. And a big thank you to NerdWallet’s editors for all their help.

And here’s our brief disclaimer. We are not financial or investment advisors. This nerdy info is provided for general educational and entertainment purposes and may not apply to your specific circumstances.

Elizabeth Ayoola:

And with that said, until next time, turn to the Nerds.

Source: nerdwallet.com

Apache is functioning normally

April 23, 2024 by Brett Tams

Diversifying your assets is one of the best ways to create a sustainable, long-term investment strategy. And one of the ways you can do this is by buying gold.

Investing in gold and other precious metals is a great way to protect yourself against inflation. It also allows you to put your money in an asset that will likely continue to retain its value.

Despite the numerous benefits of investing in gold, many individuals remain uncertain about its viability as an investment and the process for getting started. In this article, we will outline a comprehensive guide on how to buy gold in 2024.

Why should I consider investing in gold?

With growing concerns of an impending recession, investing in gold has become increasingly relevant. This precious metal boasts a multitude of advantageous features that make it a valuable asset to any well-rounded investment portfolio. Here are four reasons why investing in gold is a wise choice:

Gold protects you from inflation: If you’re investing in the stock market, there’s a lot that’s outside your control. But gold is an asset you’ll always have some level of control over, regardless of what happens on Wall Street.
It retains its value: Because gold is much harder to obtain, it retains its value much longer. And you never have to worry about it decaying or losing its structure.
Gold is a high-demand product: There are many ways to use gold, and it tends to be a product that’s in high demand. This is especially true when economic conditions are tight.
Gold is an insurance policy: While some people purchase gold because they’re hoping to make a profit. Others like the security of owning gold and keep it as insurance in case of an economic downturn. Either strategy is an equally valid reason for gold investments.

How do I start investing in gold?

So now that you understand why gold is a good investment, it’s essential to know how to buy and sell gold, so you can get started. Listed below are five steps to make sure you get started on the right path.

Step 1: Decide What Type of Gold You Want to Buy

Start by deciding what kind of gold you would like to purchase. Each product will require a slightly different purchasing strategy, so you need to be clear on this right from the start.

Here are the main types of gold most people choose to invest in:

Gold bullion: When people think of owning physical gold, gold bullion is what usually comes to mind. It is a form of pure gold certified for weight and purity, typically in the form of bars.
Gold coins: A popular option for investors, gold bullion coins are easy to store due to their small size. They can be bought at a premium price and are readily available from reputable dealers.
Gold ETFs: For those not interested in directly owning gold, gold-based exchange-traded funds (ETFs) offer a convenient and cost-effective alternative. These shares can be bought and sold like stocks and are backed by a portfolio of gold-based securities.
Gold mutual funds: These mutual funds invest in companies involved in gold production, mining, and exploration. They may also invest in gold bullion, certificates, and derivatives.
Gold futures contracts: Gold futures are a type of futures contract allowing investors to buy or sell a specified amount of gold at a predetermined price and date in the future. They are best for experienced investors.
Gold jewelry: Accounting for 49% of global gold production, jewelry is a common form of gold ownership. However, it may not be the most profitable strategy, as retail jewelry prices come with substantial markups. Estate sales and auctions may offer better deals but require more time.
Gold mining stocks: With gold mining stocks, investors own a share in a gold mining company instead of the actual gold. These companies are large, global enterprises involved in the extraction and processing of gold ore. Investing in gold mining stocks is another way to profit from rising gold prices.
Gold IRAs: Similar to traditional retirement accounts, gold IRAs are backed by gold and other precious metals like silver, platinum, and palladium. They offer a unique investment opportunity for those looking to diversify their retirement portfolio. Here’s a list of the best gold IRA companies of 2024.

Step 2: Learn How Gold Prices Work

Before investing in gold, it’s essential to understand how gold prices work. The gold spot price, which reflects the cost of one ounce of gold, can fluctuate considerably based on market demand.

To ensure that you make wise investment decisions, research the market and stay up to date with its trends. In doing so, you’ll be poised to make the most of the opportunities presented by decreases in gold prices.

Step 3: Find a Trusted Seller

When investing in gold, you need to choose a trustworthy dealer. While purchasing gold online is convenient, be sure to exercise caution to avoid falling victim to scams.

To ensure that you purchase gold bullion or coins from a reputable source, consider consulting the U.S. Mint for a list of gold dealers in your area.

Once you have identified a potential dealer, make sure you evaluate their credibility. Gather information about their reputation through customer reviews and the Better Business Bureau.

It’s also a good idea to research the dealer’s buyback policies. Obtain a written copy of these policies and keep them in a safe place for future reference.

Step 4: Buy Physical Gold that You Can Sell

If you buy gold that is in demand, it will be easier when selling it at a later time. Stick to the most familiar gold coins and gold bars.

Gold Coins

The following are the most popular gold coins:

American Gold Eagle
Austrian Philharmonic
British Britannia
Canadian Maple Leaf
South African Krugerrand

Gold Bars

The most popular gold bullion bars include:

Credit Suisse
Perth Mint
Valcambi
Englehard
Johnson Matthey
PAMP Suisse

Step 5: Decide How You’ll Store the Gold

Finally, make sure you have a plan in place for storing your physical gold. Sticking several gold bars under your bed probably isn’t the wisest strategy. This puts you at greater risk of having your investment stolen.

Your best bet to store physical gold bars and coins is likely to purchase a safe for your home. You can also use a safe deposit box at a bank or rent a secure storage facility.

Conclusion

Investing in gold can be a rewarding journey, but only if you approach it with caution and foresight. First, decide the type of gold that aligns with your investment objectives, whether it be coins or bars, and make sure to source from a reputable dealer.

Additionally, consider the practical aspects of your investment strategy. For instance, if you opt for gold bars, consider the storage and security of your precious metal, and how you plan to sell it in the future. Gold bars can’t be easily divided, so take that into account.

Furthermore, you’ll need to factor in the rate of return on your gold investment. Ensure that the gold you purchase will not only keep pace with, but also surpass inflation, or you may end up with a loss in the long run.

And finally, avoid the common mistake of putting all your eggs in one basket, especially when it comes to gold investment. While gold and precious metals can be a lucrative component of your investment portfolio, they should never make up your entire investment strategy.

Frequently Asked Questions

Is gold a good investment?

Gold is a unique asset that doesn’t provide regular income in the form of cash flow, unlike other investments. However, owning gold can still have many advantages for your overall investment portfolio.

By including gold in your asset mix, you can diversify your investments and reduce your overall risk exposure. This is particularly important during times of economic uncertainty, such as a recession.

When other investments may perform poorly, gold has historically held its value, helping to protect and stabilize your wealth. This characteristic of gold makes it a useful tool for managing risk and preserving your wealth over the long term.

What is the best way to buy gold?

Acquiring gold can be a smart investment choice, but it’s essential to choose the right seller. Reputable sources include banks, investment firms, and online gold retailers.

To ensure you make a wise decision, do your due diligence and find a dealer with a good reputation, competitive pricing, and dependable customer support.

Furthermore, being aware of the current spot price of gold and market trends is crucial to making an informed purchase. Ultimately, the best form of gold to buy is the one that aligns with your investment objectives and needs.

How much gold should I buy?

Experts generally suggest investing 5% to 10% of your portfolio in gold. During economic downturns and periods of high inflation, some recommend allocating a larger portion.

The ultimate decision on how much to invest in gold should be based on personal financial objectives, comfort with risk, and available funds. As a diversification tool and a hedge against market instability, gold is a consideration worth making.

How much does gold cost per ounce?

Gold can experience significant price swings due to a multitude of factors. These include the ebb and flow of supply and demand, the fluctuation of currency exchange rates, and the instability of political climates.

The value of gold is expressed in U.S. Dollars and is most commonly reported in troy ounces, a unit equivalent to 31.1 grams. As of this writing, gold is priced at around $1875.00 per ounce.

What is the safest way to store gold?

For the ultimate protection of your gold investments, consider utilizing a secure depository, a bank safe deposit box, or an at-home safe.

Depositories provide comprehensive security and insurance coverage. They are an excellent option for safeguarding valuable assets.

Safe deposit boxes, located within banks, offer added protection with key-controlled access. An at-home safe, properly installed and maintained, can also provide a secure storage solution.

Source: crediful.com

Apache is functioning normally

April 23, 2024 by Brett Tams

Whether you’re decorating on a budget, trying to be a little more conscious of your consumption, or simply love the thrill of hunting for those amazing, one-of-a-kind finds, thrift-store shopping can be a fun and smart way to create a signature aesthetic for your home. In addition to saving money by thrifting, you can also feel good about keeping items from ending up in a landfill by giving them a second life as part of your decor. But how do you get the best deals, what kinds of pieces should you hunt for and how can you style them without your own home looking like a thrift store? We did some digging to find out.

Looking for striking home decor? This is where pros shop in Dallas-Fort Worth

The difference between thrift stores and consignment shops

Consignment and antique shops are great, but they tend to be pricier because their collections are curated. These stores do all the hunting down and fixing up for you, and that service is offset via higher price tags. While consignment shops are more likely to have highly sought after antiques from pedigreed brands, you can still certainly find hidden gems at nearly any thrift store — you just may have to put in more effort to find what you’re looking for. Balance the odds of what you want being there with the price range you’re willing to pay when deciding where to shop.

Getting what you need while giving back to the community

Many of your favorite causes run thrift shops to help fund their programs and services. Prime Thrift near Fair Park benefits American Veterans (AMVETS), Disabled American Veterans (DAV) and other local and national charitable organizations, while Out of the Closet in Oak Lawn benefits the AIDS Healthcare Foundation. Genesis Women’s Shelter, a nonprofit that provides safety, shelter and support for women and children who have experienced domestic violence, operates two thrift stores: one in Oak Lawn and another in South Oak Cliff. There are four Soul’s Harbor locations throughout the metroplex, with proceeds going toward its programs to help men break the cycle of homelessness and addiction. Some of these shops even have exclusive relationships with estate liquidators, increasing your chances of finding treasures among their wares.

If you’re looking for a bit more than just decor, check out your local ReStore, which benefits Habitat for Humanity. There, you can find actual building materials, such as tile, cabinets, wood flooring, windows, doors or even vintage brick. In addition to these, they also have plenty of new and vintage home furnishings, large appliances and more. With 10 locations across D-FW, it’s a convenient alternative to big-box stores when shopping for your next home design project.

Choose your shopping days wisely

For donation-based thrift stores, Mondays and Tuesdays are typically the best days to shop, because most people tend to drop off items early in the week after spending the weekend cleaning. Signing up for emails is a great way to stay on top of the latest finds and deals, but there’s just no substitute for going in regularly. It works the same with searching online, whether it’s eBay, Craigslist, or Facebook Marketplace. “I’m a huge fan of Facebook Marketplace” says Whitney Marsh, an interior designer and business owner who furnished her Oak Cliff coffee shop, B-Side, with thrifted finds. “I also really love Souls Harbor in Waxahachie,” Marsh notes.

Whitney Marsh, an interior designer and business owner, furnished her Oak Cliff coffee shop B-Side with thrifted finds, including this handmade tile she found for less than $100.(Whitney Marsh)

Have a strategy before you start shopping

There are two ways to go about hunting vintage pieces. Either have a piece or project in mind and know what you want to pay for it, or be able to spot a good deal. This can involve researching brands, pieces, and eras to be able to find your ideal mix of quality pieces that aren’t in demand. Marsh says that’s her strategy. “I know what I like, and I also know what brands are known for quality goods,” she explains. “I definitely have a style. I’m drawn toward leather furniture, solid wood, wool rugs and unique art.”

Marsh created this seating area using chairs thrifted from Soul’s Harbor and a unique brass ship she found through Facebook marketplace.(Whitney Marsh)

For example, you may love midcentury modern (MCM) pieces, but the popularity of decor from that era means there’s more demand, and unscrupulous sellers may assign that label to random items in order to get them to sell. You may find more success by researching some favorite brands or designers from the MCM era and looking for those specifically to avoid fake listings and inflated prices. Be aware that people will list items online with a famous brand name keyword to get more hits, such as saying a “Pottery Barn-style” rug or “MCM-style lamp.” If you’re shopping in person, don’t be afraid to ask the store’s staff about an item you’re looking for; they may have something similar that just hasn’t been put out yet. Or, they might be willing to take down your name and keep an eye out for items on your list — especially if you’re a regular customer.

Simple design rules to consider

In this area Marsh designed for a client, she paired a thrifted console with a modern lamp and abstract art to create balance.(Whitney Marsh)

Once you’ve found that unique piece you’ve been searching for, how do you style it? Thrifted pieces bring character into a space, but it is possible to have too much of a good thing, says Marsh. “I like to pair thrifted pieces with more high-end textiles. I love an old leather sofa that’s worn in against a very bold luxury wallpaper.” If you buy a well-worn piece and want to play up that lived-in aesthetic, try to surround it with items that are clean and modern. Too much rusticity can end up looking like neglect. Same goes for smaller items, such as pots, frames or books — space them out in designed vignettes throughout your home instead of clustering them all together. Also, keep in mind that pairing thrifted furniture is easier when they share some similar elements. For example, mismatched nightstands look more cohesive if they are roughly the same size and color.

Thrifting can be a way to save big, depending on when and where you shop, and what you’re looking for. “I definitely shop with a specific corner or space in mind. I also really only pull the trigger on things that seem like they’re good quality and the right price,” says Marsh. But if you’re patient, persistent and know what you want and what you’re willing to pay for it, it’s just a matter of time before you find it.

Source: dallasnews.com

Apache is functioning normally

April 23, 2024 by Brett Tams

Hey, I’ve just been featured on CNBC and I want to say hello to all of my new readers. You can read the CNBC article here – I made $40,000 a month from 3 income streams during a 4-month cruise around the world—here’s how If you are a new visitor – welcome to Making Sense…

Hey,

I’ve just been featured on CNBC and I want to say hello to all of my new readers.

You can read the CNBC article here – I made $40,000 a month from 3 income streams during a 4-month cruise around the world—here’s how

If you are a new visitor – welcome to Making Sense of Cents!

I have received many emails about how I was able to afford this trip. I have a free How To Start A Blog course that you can sign up for here. I also talk about this below and how I’ve been able to earn over $5,000,000 blogging over the years.

If you want to read more about my world cruise trip, I recommend reading Around-The-World Cruise With A Kid (25+ Countries In 4 Months!).

Here are some blog posts that you may find helpful and enjoy:

If you have any questions, please leave a comment below or send me an email.

Thanks for stopping by.

-Michelle Schroeder-Gardner

—-

In addition to reading the CNBC article linked above, I also want to talk about how I grew a blog that has earned me over $5,000,000. I know I will get a lot of questions, so I figured it’s best to lay it all out right here 🙂

What started as just a hobby turned into one of the most life-changing things I’ve ever done – that’s starting my blog, and learning how to make money with it.

Since learning how to monetize a blog over 10 years ago, I have now earned over $5,000,000 from my site. This is still hard for me to believe, and I’m the one who’s lived it!

In the beginning, all I was doing was tracking my own personal finance progress as I finished school and started paying off my student loans. Blogging was a very new concept to me at the time – I heard about it from a magazine – and people were just learning how to monetize blogs back in 2011.

Most bloggers started back then with display ads and sponsored posts, but the options have only increased.

Because of all of the new ways to make money blogging, like affiliate income and selling your own products, you can make somewhat passive income as a blogger.

Passive income is my favorite way to make money because it makes blogging even more flexible and something I can do as I work from home, travel, and work whenever I want.

Blogging has changed my life for the better, and I’m now earning thousands of dollars a month doing something I love.

Learning how to monetize a blog takes work and time, but it’s 100% possible to do. I started earning money after just six months of blogging, and I didn’t even set out to make money when I created Making Sense of Cents. Just think of the potential if you start out knowing that making money blogging is possible!

Starting my blog is one of the best things I’ve ever done for my work, personal, and financial life. And, I urge anyone who is interested to start a blog and learn how to monetize it.

How I earned my first income from blogging

Many of my readers have heard this story, but I love sharing it because I started out like many of you, except I had no idea that blogs could make money. When I started Making Sense in August of 2011, I simply wanted a way to keep track of my financial progress and meet others who had similar goals.

As I started getting to know other bloggers in the community, a blogger friend of mine connected me with an advertiser who was willing to pay me $100 for an advertisement.

I couldn’t believe someone would pay me $100 to advertise on my site!

While it wasn’t a lot of money, especially considering the amount of time and work I put towards my blog in those 6 months, it was very motivating to see that something I loved doing could actually make money.

After that first $100, I started doing a lot of research on how to monetize a blog, and my blogging income quickly grew from there.

One year after I started my blog, I was earning around $1,000 a month, and I was making around $10,000 monthly two years after I started Making Sense of Cents.

My income only continued to grow, and I am still earning a healthy income from this website today.

How To Start A Blog FREE Course

If you want to learn how to monetize a blog and you haven’t started your blog, then I recommend starting with my free blogging course How To Start A Blog FREE Course.

Here’s a quick outline of what you will learn in this free course:

Day 1: Reasons you should start a blog
Day 2: How to determine what to blog about
Day 3: How to create your blog – in this lesson, you will learn how to start a blog on WordPress, and my tutorial makes it very easy to start a blog
Day 4: How to monetize a blog – this is where you learn about the many different ways to make money blogging!
Day 5: My tips for earning passive income from your blog
Day 6: How to grow your traffic and followers
Day 7: Miscellaneous blogging tips that will help you be successful

This is delivered directly to your email inbox, and you will learn how to grow a blog from scratch.

Start with a plan for your blog

Sure, you can start on a whim, and that’s kind of what I did, haha.

But, I do think that creating a plan is a good idea if you want to learn how to monetize a blog. This can help you get an organized start, identify your blog’s niche, decide on your blogging goals, find opportunities for blogging income, and more.

It wasn’t until 2015 that I finally created a blogging plan (that’s 4 years after I started!), and my blog income grew significantly after that.

I credit that growth to creating a plan!

Having a plan would have been a huge help in the beginning, and I wish I would have started with one. I probably missed some income opportunities because I had no real plan or direction in the first couple of years.

Since creating a blogging plan, I became more focused on goals and motivated toward improving and building Making Sense of Cents.

Here are some questions that you may want to ask yourself when creating a plan for your blog:

What will you write about on your blog?
How do you want to make money with your blog?
What will you do to reach readers on your blog?
What are your goals for your blog?

Thinking about, researching, and answering these questions will help guide you on your journey and help you decide what to do next.

Write high-quality and engaging blog posts

Your blog’s content is extremely important. This will be what attracts your readers, has them coming back for more, earns you blogging income, and more.

Now, you don’t need to be an expert or need a degree to start talking about a subject, but you do need to be knowledgeable or interested in what you are talking about. And, always be truthful! This will show in your writing and actually help your readers.

To write high-quality content on your blog, here are some tips:

Figure out exactly what it is that you’d like to write about and why you think the content is important. Being passionate about a subject will give you the motivation to write content that people want to read. Just think about it: If you don’t enjoy writing your content, then why should you expect someone else to want to read it?
Ask your audience what they want you to write about. Many of my best ideas come from expanding on reader questions.
Research your blog topics by reading news articles, going to a library, searching for statistics and interesting facts, and more.
If your blog posts are more personal in nature, then dig deep and share your thoughts, and be personable in your writing – your readers want to hear your story!
Write long, helpful content. Sure, some great content may only be a few hundred words, but to be as helpful as possible, long content is usually the best. My content is usually over 2,000 words, and this article is around 5,000. Now, you don’t want to just write a lot of fluff content in order to get more words in – you want to actually be helpful!
Reread your content. I used to read my content 10 times or more before I would publish it. Now, I have an editor who makes sure I’m always publishing high-quality content.

Network, network, network

If you want to learn how to monetize a blog, then networking can be extremely helpful.

Networking can mean:

Making friends with other bloggers
Attending blogging conferences
Sharing content that other bloggers have written
Following other bloggers in your niche on social media
Signing up for other bloggers’ newsletters
Joining blogging groups on Facebook

Some bloggers don’t do any of these things and purely see other bloggers as competition. I don’t believe this is the correct way to approach blogging because you will hold yourself back immensely!

Networking is important because it can help you enjoy blogging (friends are nice to have, right?!), teach you new ideas (such as how to make money blogging or how to grow a blog), make valuable connections, and more.

Keep in mind that networking is even how I earned my very first $100 blogging. My blogging friend connected me with an advertiser, which helped changed my blogging journey.

I have learned a lot about blogging from the blogging community, and the people I’ve connected with have been a tremendous support as I’ve grown my blog.

Be prepared to put in a lot of hard work

Starting a blog is relatively easy. But, growing and learning how to monetize a blog takes a lot of work.

You’ll have to:

Start a blog, design it, create social media accounts, and more
Write high-quality blog posts
Attract an audience of readers
Monetize your blog
Continue learning about blogging
And more

Even when I was just a new blogger and had no plans of making money blogging, I was still spending well over 10 hours a week on Making Sense of Cents.

When I was working my full-time day job and earning an income from my blog, I was working around 40-50 hours a week on my blog on top of my day job!

Now that I blog full-time, my hours vary. Some months I hardly work, and there are other months that I may work 100 hours a week.

It’s not easy, and there’s always something that needs to be done.

But, I absolutely love blogging, which makes the hard work a little less tough.

How to monetize a blog: 4 different ways

There are many different ways you can monetize your blog, including:

Affiliate marketing
Advertisements and sponsorships
Display advertising
Create your own product, such as an ebook, course, physical or online products, and more

You could choose to monetize your blog using all of these methods, or even just one. It’s just a personal decision.

For me, I like to be diversified and monetize in many ways, so I do them all.

Below, I am going to dive a little deeper into each way to make money blogging.

1. Affiliate marketing

Affiliate marketing can be a great way to make money blogging because if there is a product or company that you enjoy, all you have to do is review the product and share a unique affiliate link where your readers can sign up or make a purchase.

In fact, this is my favorite way to monetize a blog. I enjoy it because it can be quite passive – I can create just one blog post and potentially earn an income from it years later. This is because even though a blog post may be older, I am still constantly driving traffic to it and readers are still purchasing through my affiliate links.

Affiliate marketing is a blog monetization method where you share a link to a product or company with your readers in an attempt to make an income from followers purchasing the product through your link.

Here are some quick tips so that you can make affiliate income on your blog:

Use the Pretty Link plugin to clean up messy-looking affiliate links. I use this for nearly all of my affiliate links because something like “makingsenseofcents.com/bluehost” looks much better than the long, crazy-looking links that affiliate programs usually give you.
Provide real reviews. You should always be honest with your reviews. If there is something you don’t like about a product, either don’t review the product at all or mention the negatives in your review.
Ask for a commission increase. If you are doing well with a particular affiliate program, ask to increase your commissions.
Build a relationship with your affiliate manager. Your affiliate manager can supply your readers with valuable coupons, commission increases, bonuses, and more.
Write tutorials. Readers want to know how they can use a product. Showing them how to use it, how it can benefit them, and more are all very helpful.
Don’t go overboard. There is no need to include an affiliate link 1,000 times in a blog post. Include them at the beginning, middle, and end, and readers will notice it. Perhaps bold it or find another way for it to stand out as well.

You can learn more about affiliate marketing strategies in my course Making Sense of Affiliate Marketing.

Advertisements and sponsorships example

2. Advertisements and sponsorships

Advertising on a blog is one of the first ways that bloggers learn how to monetize a blog. In fact, it’s exactly how I started!

This form of blogging income is when you directly partner with a company and advertise for them on your website or social media accounts.

You may be writing a review for them, a tutorial, talking about their product or company, taking pictures, and so on.

If you want to learn how to increase your advertising-income, I recommend taking my Making Sense of Sponsored Posts course.

Display advertising example

3. Display advertising

Display advertising is one of the easiest ways to make money blogging, but it most likely won’t earn you the most, especially in the beginning.

I’m sure you’ve seen display ads before. They may be on the sidebar, at the top of a post, within a blog post, and so on.

The ads are automatically added when you join an advertising network, and you do not need to manually add these ads to your blog.

Your display advertising income increases or decreases almost entirely based on your page views, and once you place the advertisement, there’s no direct work to be done.

If you want to learn how to monetize a blog through display advertising, then some popular networks include Adsense, MediaVine, and AdThrive.

Personally, I use AdThrive for my display advertising network. I don’t have many display advertisements on my blog, but it is easy income.

Sell your own product example

4. Sell your own products

Another popular way to monetize a blog is to create a sell your own products.

This could be an online product, something that you ship, and so on, such as:

An online course
A coaching program
An eBook
Printables
Memberships
Clothing, candles, artwork, hard copy books, and anything else you can think of

And the list goes on and on. I have seen bloggers be very successful in selling all kinds of things on their blogs.

What’s great about selling your own product is that you are in complete control of what you are selling, and your income is virtually unlimited in many cases.

I launched my first product about 5 years after I created Making Sense of Cents, which was a blogging course called Making Sense of Affiliate Marketing. I regret not creating something sooner because this has been an excellent source of income and has helped many people along the way.

Have an email list

If you really want to learn how to monetize a blog, I recommend that you start an email list from the very beginning.

I waited several years to start my email list, and that was a huge mistake!

Here’s why you need an email list right away:

Your newsletter is YOURS. Unlike social media sites, your newsletter and email subscribers are all yours, and you have their undivided attention. You don’t have to worry about algorithms not displaying your content to readers, and this is because they are your email subscribers. You aren’t fighting with anyone else to have them see your content.
The money is in your email list. I believe that email newsletters are the best way to promote an affiliate product. Your email subscribers signed up to hear what YOU have to write about, so you clearly have their full attention. Your email list, over any other promotional strategy, will almost always lead to more income and sales.
Your email subscribers are loyal to you. If someone is allowing you to show up in their inbox whenever you want, then they probably trust what you have to say and enjoy listening to you. This is a great way to grow an audience and a loyal one at that.
Email is a great way to deliver other forms of content. With Convertkit, I am able to easily create free email courses that are automatically sent to my subscribers. Once a reader signs up, Convertkit sends out all the information they need in whatever time frame I choose to deliver the content.

Attract readers

As a new blogger, you’ll want to find ways to attract a readership to your blog and your article.

No, you don’t need millions and millions of page views to earn a good living from blogging. In fact, I know some bloggers who receive 1,000,000 page views yet make less money than those with 100,000 monthly page views.

Every website is different, but once you learn what your audience wants, you can start to really make money blogging, regardless of how many page views you receive.

Having a successful blog is all about having a loyal audience and helping them with your content.

Even with all of that being said, if you want to learn how to monetize a blog, learning how to improve your traffic is valuable. The more loyal and engaged followers you have, the more money you may be able to make through your blog.

There are many ways to grow your readership, such as:

Write high-quality articles. Your blog posts should always be high-quality and helpful, and it means readers will want to come back for more.
Find social media sites to be active on. There are many social media platforms you can be active on, such as Pinterest, Facebook, Twitter, Instagram, TikTok, Youtube, and others.
Regularly share new posts. For most blogs, you should publish content at least once a week. Readers may forget about you if you go for weeks or months at a time without a blog post.
Guest post. Guest posting is a great way to reach a new audience, as it can bring new readers to your blog who will potentially subscribe to it.
Make sure it’s easy to share your content. I love sharing posts on social media. However, it gets frustrating when some blogs make it more difficult than it needs to be. You should always make sure it’s easy for readers to share your content, which means your social media icons should be easy to find, all of the info input and ready for sharing (title, link, and your username tagged), and so on. Also, you should make sure that when someone clicks on one of your sharing icons the title isn’t in CAPS (I’ve seen this too many times!).
Write better titles. The title of your post can either bring readers to you or deter them from clicking over. A great free tool to write better headlines is CoSchedule’s Headline tool.
Apply SEO strategies. SEO (search engine optimization) is not something I can teach in this small section, but I go over it below in another section.
Have a clean and user-friendly blog design. If you want more page views, you should make it as easy as possible for readers to navigate your blog. It should be easy for readers to find your blog homepage, search bar, blog posts, and so on.

Now, I also want to talk about helpful resources, courses, and more that can help you to learn how to grow your page views on your blog.

Below are some of my favorite blogging resources to help you improve your traffic:

Grow through SEO

SEO (search engine optimization) is how you get organic search traffic to your blog.

When you search a phrase on Google, you’ll see a bunch of different websites as the results. This is the result of these websites applying SEO strategies to their blog.

This is a great way for readers to find your blog, and SEO is important to pay attention to as you learn how to monetize a blog!

Below are some of my favorite SEO resources:

Stupid Simple SEO: This is my favorite overall SEO course, and one of the most popular for bloggers. I highly recommend taking it. I have gone through the whole course, and I constantly refer back to it.
Easy On-Page SEO: This is an easy-to-follow approach to learning on-page SEO so your articles can rank on Google. I have read this ebook twice, and it is super helpful.
Easy Backlinks for SEO: This ebook will show you 31 different ways to build backlinks, which are needed for SEO.
How To Get 50,000 Pageviews per Month With Keyword Research: This ebook shares the steps for keyword research so that you can get SEO traffic to your website.

Common questions about how to monetize a blog

Below, I’m going to answer some questions I’ve received about how to start a blog such as:

How many views do you need to monetize a blog?
How do beginner bloggers make money?
Why do bloggers fail?
How many posts should I have before I launch my blog?
How many times a week should I post on my blog?

How many views do you need to monetize a blog?

The amount of page views needed to make money blogging varies, and there is no magic number that you should be aiming for.

This is because it depends on so many factors, such as how you will monetize your blog, your niche, the number of email subscribers you have, the quality of your website, and more.

You may see success with 10,000 page views a month, or you may see success with over 100,000 page views a month. It simply depends on the factors above.

How do beginner bloggers make money?

Beginner bloggers can make money in many different ways, such as display advertising, affiliate marketing, creating their own products, and sponsorships.

You can start any of these right from the very beginning.

Display advertising is usually the easiest way to begin monetizing a blog, but the payoff is not very high, especially in the beginning when your page views are not high.

How many posts should I have before I launch my blog?

I recommend just launching your blog as soon as you have one blog post and a design. Building a huge backlog of blog posts isn’t usually needed, and it can prevent you from ever getting started!

How many times a week should I post on my blog?

The more blog posts you have, then the more traffic you may get. That’s because it’s more opportunities to show up in Google searches or share your posts on social media.

I recommend publishing a new blog post at least once a week. Anything less isn’t advised.

Publishing blog posts consistently is smart because readers know to expect regular content from you.

Why do bloggers fail?

Bloggers fail for many different reasons. These reasons may include:

Giving up too soon. It takes time to make money blogging, and sadly, many people give up just a few months into starting a blog.
Not publishing consistently. I recommend publishing content at least once a week, as described in the previous section. Some new bloggers may go months without publishing, and this will take them much longer to make money blogging as they are simply not dedicating enough time to their blog.
Not spending enough time learning about blogging. Blogging is not as easy as you may think. There is a lot to learn in order to make it work. You may need to learn about how to grow your blog’s traffic, how to monetize a blog, how to write high-quality content, and more.
Not having your own domain and self-hosting. If you want to make money blogging, I highly recommend owning your domain name and being self-hosted. The longer you put this easy step off, the longer it will most likely take for you to make money blogging. You can learn more at How To Start a WordPress Blog.

And much more. Blogging is like any business – there are things to learn, things to improve on, and more.

How do I start a blog?

If you have any other questions related to starting a blog, I recommend checking out What Is A Blog, How Do Blogs Make Money, & More. In this article, I answer more questions related to blogging such as:

How do I come up with a blog name?
What blogs make the most money?
How do you design a blog?
How many views do you need to make money blogging?
How many blog posts should I have before launching?
How do I get my blog noticed by Google?
How long until a blog makes money?
How do blogs make money?
How do bloggers get paid?

And more.

Please leave a comment if you have any questions.

Thanks for reading!

Source: makingsenseofcents.com