HousingWire Editor in Chief Sarah Wheeler sat down with Rick Arvielo, co-founder and CEO of New American Funding (NAF), to talk about AI, why he chose to start NAF Technology India and how to keep NAF innovative. This interview has been edited for length and clarity.
Sarah Wheeler: New American Funding is known for building rather than buying technology. Are you still in that mode?
Rick Arvielo: Yes, and as a matter of fact, we’ve really doubled down on the effort. I’ve always kind of led the charge in our tech build, and as we’ve gotten bigger, it’s just harder for me to devote the time to immerse myself in that. So within that last couple of years, we brought in some great leaders — we’ve been lucky to attract some top talent to New American Funding,
Another fairly material decision we made was about a year and a half ago, we made the decision to rely on some offshore assistance. But having some experience with that, I didn’t really want to find contract offshore providers. So we decided to open our own company in India: NAF Tech India. We have about 150 New American Funding employees over there now to help supplement our somewhat lofty tech build goal.
SW: What has that experience been like?
RA: It’s great! We’ve been using contractors here and there for some time just because it’s often a lower cost, but what we find is with contractors, oftentimes, they’ll give you their “A” players to get you into contract and then they move those people on to their next target. Then you’re left with people that don’t measure up to the initial bar. So, we just realized that the only way that we were going to control that world is to own it ourselves — and it’s quite an undertaking.
You’ve got to incorporate over there, you’ve got to get space and build it out, you’ve got to find the leadership and then start hiring staff. That took about a year, but we’ve been full force now for about a year.
The challenge with the U.S. really has a lot to do with the escalating pay scales [for tech workers] which is very hard to digest in a market like we’re in right now. It will have you second guessing your decision to build versus buy! But also, when you bring people in, it takes some time just to get them familiar with your tech stack. And if they then get attracted away by somebody wanting to pay them a little bit more, it’s just a big expense to digest.
So having that foothold in India, where they have vast expertise, and really have them part of New American Funding so we can indoctrinate them into our culture — something they care about as much as Americans — it’s been a fun exercise.
SW: Is it similar to just having another location?
I would say the only thing that’s a little different is the time zones. But we live in a virtual world anyway right now — most of our tech people don’t work in our corporate office, they’re working from wherever they are.
I think that the quality of engineer over there is really good. We’re now finding that we need to invest in bringing more product people into India so they’re intimately familiar with what we’re doing. So when they’re busy during our nighttime and they get stuck or need help, there’s somebody there that can answer those questions. We’re starting to build out that infrastructure now as well.
SW: What advantages does building this way gives you in this particular market?
RA: Cost efficiencies are probably the biggest advantage. There is a stark difference between what you have to pay a technician here in the United States and what you have to pay a technician in India. Not to take advantage of anyone. But, we’re privately funded — we’re not public, it’s just Patty and me — so we have to be very careful about the dollars we spend, especially in a real estate market that’s under pressure like ours is. So to go as hard and as fast as we want to go with our tech initiatives, we needed to bring on a lower cost resource to supplement and help us stay within our budget.
SW:Are you guys rolling out a lot of different products for them?
RA: Our goal is always to improve the experience for our loan originators and our consumers. Millennials are digital natives and Gen Z doesn’t know anything but a digital lifestyle experience. Our goal is to take that seriously and try to develop technologies for both our loan officers and our consumers, to give them a real-time experiences.
When I looked at the vendors that are out there that have done a lot of this — that comes with as many challenges as benefits, because technologies are changing quickly. And when you’re a vendor and you’ve invested over years to develop techn, and then this technology morphs and changes, a lot of times they find themselves painted into a corner because they have to support people that are already using their stuff. So our goal is to develop the foundation, and have the technical prowess to be able to pivot for our needs, and not the need of some vendors’ 100 customers.
SW: How is New American Funding leveraging AI?
RA: I think artificial intelligence can bring a lot to the table, to the extent it can be taught. That’s the beauty of AI — it’s a large language model and neural networks are so far beyond human beings, they can arrive at answers much more quickly and accurately. We do a lot of transactions, so we can take those transactions and teach a large language model more quickly than maybe a smaller competitor.
AI is so new, but we’re focused on getting the right people on the boat, to have the subject matter expertise so that they can bring these types of solutions and allow people time to become comfortable with the transition. It’s not that we want to replace their job — it has nothing to do with that, it has to do with making them more efficient. But creating this new ecosysem is a bigger effort than you would think. And it’s not just operations or marketing — it’s just about every part of the business where AI can make a difference. And you still need to be very careful massaging it into the organization so people aren’t defensive and they don’t feel threatened by it.
SW: How do you keep making sure you’re on the edge of innovation where it matters?
RA: For me, personally, I just find people better than me. I mean, don’t get me wrong, I have a lot of confidence, but I’m also 61 years old so I’m not the guy anymore to direct tech. I used to be, but today, it’s very important that I find people much better than I am: much more immersed, much more contemporary in the way they think, and bring them in to help make those decisions. And we’ve probably worked harder on that than just about anything else over the last few years.
New American Funding has always been what I call skinny at the top — it’s been me, Patty, Christy Bunce our president, and a handful of other people that we really rely on. And I needed to fill in puzzle pieces with people who really had that level of expertise and just a new perspective that was better, more relevant and younger than mine, to be honest with you.
And we’re blessed that we’ve been able to find those people and attract them to New American Funding, and they’re really making their mark. And we’re such a better business today than we were even a handful years ago, when I was in charge, because I just don’t know what they know. And I think that it was important for me to recognize that myself, and to be able to figure out a way to attract that top talent to New American Funding.
SW: What keeps you up at night?
RA: I think, to be blunt, not f*ing up. We’re 3,800 employees at New American Funding and those people rely on me to not screw it up and to make sure that I make the right fiscal decisions for our company, that we have the right vision, we invest the right money and execute in the right way, so that everyone can continue to do their work and earn their living and take care of their lives. So when I feel pressure, it really has more to do with that than anything else.
We don’t swing for the fences at New American Funding. We think things out. We’re very deliberate in our growth, because I don’t want to do something that jeopardizes the wherewithal in the business and put 3,800 souls at risk, especially in a market like this. We had an unprecedented run through the COVID years, obviously, but now is the time to really make wise decisions so you don’t have an undue impact on the organization.
Another month, another discouraging inflation report.
That was the main takeaway on Wednesday when the Labor Department announced the inflation figures for September. Prices rose 0.4% from August to September while annual consumer inflation remained untouched at August’s 3.7% rate. Core prices, which exclude food and energy costs, and shelter costs all rose in the month.
With inflation still off from the 2% target goal, the Federal Reserve still has some work ahead. And with rates already at a 22-year high, that could mean more pain to come for borrowers. But what about homebuyers and those looking to refinance their existing home? Below, we’ll break down what the new inflation report could mean for mortgage rates.
Start by exploring your mortgage rate options here to see what you could qualify for.
How mortgage rates could be affected by the new inflation report
Higher inflation — or even inflation that remains unchanged — is generally not good news for mortgage rates. With today’s mortgage rates the highest they’ve been since 2000 (currently hovering close to 8% for a 30-year mortgage), it’s unlikely that they will fall any time soon.
That said, it’s unlikely that they’ll increase in October either. Any significant bump in mortgage rates is unlikely to come before the Fed meets again on October 31 and November 1. A bump to the benchmark interest rate following that meeting, however, will likely cause mortgage rates to increase yet again.
Against this backdrop, homebuyers may want to lock in a rate today. While rates are significantly higher than what they were in recent years, they could still be better than what’s to come. And while an 8% mortgage rate is no one’s idea of a bargain, it could be significantly lower than what’s offered by the end of the year — or even in 2024.
“It has become increasingly evident that rates will be ‘higher for longer’ as economic resiliency persists, and the Fed remains committed to bringing inflation in line with its long-term target of 2%,” Kelly Miskunas, senior director of capital markets at Better, recently told CBS News. “Until the market can comfortably assume the hiking cycle is over, we may see mortgage rates continue to drift higher through the early part of 2024.”
With that understanding, homebuyers may want to act now. See what rates you could qualify for here now.
Other options
While mortgage rates of 3% or less are unlikely to re-emerge soon, there are still some ways that buyers can get a below-average rate now. Here are two to know:
Mortgage points:Mortgage points serve as a fee the buyer pays the lender to secure a lower rate (think: 8% without points and 7.75% with them currently). This fee can be paid upfront at closing or it can be rolled into the overall mortgage loan. While it won’t lower the rate dramatically, it could be worth it for some buyers, particularly those who are planning on staying in the home long enough to recuperate the costs of the points.
Adjustable-rate mortgages:Adjustable-rate mortgages are exactly what they sound like — mortgages with rates that can adjust over time. While these can, and likely will, increase over time, they can be a great alternative for those looking to secure the lowest rate possible now. Plus, if rates do eventually increase, homeowners could always refinance their remaining loan into a fixed-rate version.
The bottom line
Inflation that’s rising — or even staying steady — isn’t good news for homebuyers. But it could be a motivating factor for those considering purchasing a home now. If they wait, an additional rate hike or two could completely price them out of the market. And there are still some ways to reduce today’s high mortgage rates, primarily by buying mortgage points or by applying for an adjustable-rate mortgage. They’re not perfect alternatives, but they could afford the purchaser some time until rates eventually come down in the months and years to come.
The average American net worth varies due to many factors, with some people making far more than others. If you’re behind the national average, it may seem difficult to catch up, but whether you have bad credit or a lot of debt, you can still begin building your net worth by learning how to generate passive income.
Passive income is a great way to generate more income, pay down your debt, and start saving and investing for your future. Here you’ll learn what passive income is, as well as different ways to make passive income online and offline. With 25 passive income ideas, there is something for everyone.
25 Passive Income Ideas:
Write an E-Book
Start a YouTube Channel
Try Affiliate Marketing
Create a Blog
Sell Stock Photos and Videos
Create an Online Course
Make Sponsored Content
Invest in Dividend Stocks
Invest in REITs
Invest in Index Funds and ETFs
Try Peer-to-Peer Lending
Stake Cryptocurrency
Utilize High-Yield Savings Accounts
Buy Government Bonds
Invest in Art
Buy Property to Rent
Rent Out a Room in Your Home
Buy Domain Names
License Your Music
Design Custom Products
Rent Out Your Vehicle
Use Your Vehicle as Ad Space
Create an App
Flip Unique Items
Rent Out Your Parking Space
What Is Passive Income?
Passive income is a type of income that comes from sources other than your regular employment, and involves a more hands-off approach. Passive income isn’t a “get rich quick” scheme, though some companies make big claims about generating passive income without any work. Passive income does take work to set up, but the goal is that you can make money without managing it on a day-to-day basis.
You’ll generally do most of the work by setting up your source of passive income. While it may require some upkeep every now and then, like updating a product or maintaining a rental property, you’ll earn the majority of your income while pursuing other endeavors.
Like other sources of additional income, passive income is taxable, but when done correctly, you can make enough passive income to surpass your tax bill.
1. Write an E-Book
Whether you’re a writer or not, an e-book can be a fantastic way to generate passive income. We no longer live in a world where publishers are the gatekeepers of books, so you can self-publish a book that can generate passive income. Various websites let you self-publish books, like Amazon’s Kindle Direct Publishing, Apple Books, and Barnes & Noble. Some of these sites also offer print-on-demand services for customers who want physical copies.
You can write a nonfiction book if you’re knowledgeable about a certain subject, or you can write fiction if you have an interesting story idea. Although this can generate passive income, self-publishing can require a bit of an investment. You’ll need to pay for an editor and book cover designer, and you may also want to pay for advertisements. But if you can do the cover art and marketing on your own, you may be able to save some money.
2. Start a YouTube Channel
There are many ways to make money using social media, but YouTube is one of the best ways to make passive income. YouTube pays content creators to run ads on their videos. In order to qualify for the YouTube Partner Program, you’ll need at least 500 subscribers, three new videos within the last 90 days, and 3,000 watch hours within the last year. Previously, you needed 1,000 subscribers and 4,000 watch hours, but the policy was updated in June 2023 with lower requirements.
Like other sources of passive income, making money from YouTube will require an up-front investment of time and money. You need a stable internet connection, camera, microphone, computer, and editing software. You also need to make consistent videos to qualify for the partner program. You can eventually generate passive income by making evergreen videos, because people will watch old videos that bring in revenue—and the more videos you have on your channel, the more money you can make.
3. Try Affiliate Marketing
Affiliate marketing is when you share a link to a product or service, and the company gives you a percentage of any sales made through that link. You can share these links on your social media pages, blog, newsletter, or anywhere else that allows you to post a link. Affiliate marketing is one of the best online passive income opportunities, and you can combine it with any other online method we mention in this article.
One of the most popular affiliate link programs is Amazon Associates. Let’s say you have a YouTube channel where you review electronics, and you make a video reviewing a new TV or laptop. If you link to that product on Amazon with your affiliate link, you’ll receive a percentage of the sale each time someone uses your link.
This isn’t only limited to Amazon, either. Many companies offer affiliate links, so it can be advantageous to reach out to companies for products and services you use regularly to see if they have an affiliate program.
4. Create a Blog
There are a variety of ways to make money from writing a blog. Like YouTube, old blog posts can generate passive income even if people read the post months or years after you wrote it. If you create your own website to host your blog, you can integrate Google Ads and use affiliate links to make money online.
Platforms like Substack combine blogs and newsletters, so every time you write a new post, subscribers receive an email. You can have paid subscriptions on Substack, so users pay a monthly fee to read your posts, and you can have free posts that go out to non-paying subscribers as well.
5. Sell Stock Photos and Videos
If you’re a photographer or videographer, you can earn money for your photos and videos. There are many different websites that buy stock photos and videos, like Shutterstock, iStock, and Getty Images. One thing to consider is that the website gets exclusive rights to your images or videos, but on some sites you can make between 15% and 45% in royalties.
6. Create an Online Course
Many people have expertise in a certain area, and utilizing your knowledge and skills to create an online course is a great way to make passive income online. For example, you can create a course for how to knit, how to take amazing photos, or how to program an app. Websites like Kajabi and Teachable allow you to host and sell your courses.
You may need to invest some time and possibly money in marketing your course to ensure you find the right audience. Some course-hosting platforms like Skillshare also categorize courses by topic for better discoverability.
If you start gaining a following on social media platforms or through a blog, you may get the opportunity to do sponsored content. Companies want to ensure they target the right audience, so if you have followers who may buy their product or service, they’re more likely to sponsor a piece of content. This typically means you discuss their product in a video or write about it in a caption.
In order to generate passive income from a sponsored opportunity, the company will give you an affiliate link. This allows you to make money up front for the sponsored content as well as passive income from anyone who uses your link to buy the product or service.
This route for passive income may take some time because companies typically want people to have a decent following before sponsoring content.
8. Invest in Dividend Stocks
Stocks can be a great way to make money while also investing in your future. When you buy a stock, you buy a small portion of a company. If the stock price rises and you sell it at a higher price, you make a profit, but the stock can also drop in price and lose you money. Some, but not all, stocks offer dividends, which pay investors a dividend per share if the company has a profitable quarter.
When the stock pays out dividends, you can receive the payment directly from your brokerage or reinvest the dividends by buying more of the stock. Like other investments, this can compound and turn into a lot of money over time if the company continues to profit. As you invest in dividend stocks, keep in mind the companies can raise or lower the dividend percentage at any time.
Use MarketBeat’s dividend calculator to look up specific stocks and estimate dividend returns.
9. Invest in REITs
Real estate investment trusts (REITs) are another investment opportunity. Rather than investing directly in a property, you can invest in a REIT, which is a company that owns and manages real estate.
Similar to other investments, there is risk that comes along with investing in REITs. For example, there’s a possibility your REIT investments will lose money if there’s a drop in the housing market.
10. Invest in Index Funds and ETFs
Index funds and exchange-traded funds (ETFs) are some of the safest investments because they offer diversification. Rather than investing in one company, index funds and ETFs allow you to invest in multiple companies simultaneously.
Legendary investor and founder of Vanguard John Bogle was a major advocate for index fund investing. More specifically, he advised people to invest in the S&P 500, an index of the 500 largest companies in the United States. ETFs are slightly different because there are higher fees, but they allow you to invest in a group of stocks for a specific industry. For example, ARKK is an ETF that holds shares for companies that work on innovative technology.
There is still a risk when investing in index funds and ETFs, but they are often lower risk than other forms of stock investing.
11. Try Peer-to-Peer Lending
Another way to make passive income is to become your own type of “bank” by doing peer-to-peer lending, sometimes called P2P lending. Banks make money on loans by charging interest to customers, and P2P lending allows you to do the same thing. Websites like Prosper and Funding Circle allow everyday people to lend and borrow money with various interest rates.
12. Stake Cryptocurrency
Cryptocurrency investing is a highly volatile form of investing, making it especially high risk. Some cryptocurrency platforms allow you to “stake” your crypto, which is when you allow the platform to hold your crypto and lend it to other people. Similar to P2P lending, you make money off the interest.
Cryptocurrency lending and trading is also high risk because there is little to no regulation. Crypto platforms like Voyager have been known to offer extremely high returns and then go bankrupt, preventing them from paying back their users. In extreme cases, there are stories of fraudulent activity from crypto platforms. But if you have a high risk tolerance, this form of investing can be incredibly lucrative.
13. Utilize High-Yield Savings Accounts
A safer way to make passive income is to open up a high-yield savings account, which allows you to make money simply by holding it in your account. Banks use customer funds to lend out money, but unlike crypto staking, bank funds are backed by the U.S. government via the FDIC. This means that if, for some reason the bank doesn’t have the money when you want your funds, the government would provide the bank with the money to pay you up to $250,000.
Many banks and financial institutions offer high-yield savings accounts, with some offering an annual percentage yield (APY) of over 4%. So if you opened an account with a 4.5% APY and deposited $1,000, you would have $1,045 after a year.
People maximize their passive income by not touching this money because it compounds each year. So using that same example, in the second year, you would then earn 4.5% of the $1,045 rather than the original $1,000. And if you add to the savings account each month, you can make quite a bit of money over time.
14. Buy Government Bonds
Perhaps the safest way to earn passive income from investing is to buy government bonds. A government bond is basically a loan to the federal government that pays you back the original amount with interest over a certain period. The reason government bonds are so safe is because the government backs them. When buying a stock, it’s possible to lose your money if the company goes out of business. Bonds are safer because as long as the government exists, you’ll make your money back.
Although government bonds are very low risk, they also offer low returns. Depending on various factors, government bonds may offer a 3–5% return over two to 30 years. To put that into perspective, S&P 500 index fund investing offers an average return rate of over 7.5%[1] .
15. Invest in Art
Similar to stocks, you can also invest in artwork. One way to do this is to buy works of art that you believe will increase in value later. If you’re knowledgeable about art and can find pieces selling for below their value that you can sell later for a profit, you can make a bit of money. Websites like Masterworks allow you to buy shares of artwork with other investors so you take on less risk.
16. Buy Property to Rent
Many people generate passive income by purchasing properties to rent. If you can afford the initial investment of buying a single-family home or condo, you can then rent them out to tenants for a profit. For example, if you buy a house and your mortgage is only $1,000, you can make a profit by charging any amount over your mortgage cost.
In order to take advantage of the passive income aspect of renting, you may benefit from hiring an individual or company to manage the property. Property managers collect the monthly rent and take care of maintenance issues for a fee. Should you decide to invest in rental properties, it’s helpful to factor in the cost of potential home repairs before, during, and after tenants live there.
17. Rent Out a Room in Your Home
If you don’t have the money for a down payment or don’t want to take on the risk of purchasing a rental home, you can always make some extra income by renting out a room. If you have a spare room in your home, you can rent it out for a monthly fee. This is a great option for families whose children recently moved out.
You can use websites like Airbnb and VRBO to connect you with renters. Although many people use Airbnb for short-term rentals during vacations, you can also offer long-term rentals through the website. These sites also let you vet renters before they move in, so you have control over who rents the room.
18. Buy Domain Names
Buying domain names is a sort of investing, so it does come with some risk. People and businesses buy domain names to host their websites, so you can purchase a variety of inexpensive domain names in hopes of people buying them from you later for more. You can typically buy domain names for less than $10 through websites like GoDaddy, but if they don’t sell, you’ll need to pay the annual cost to keep the name.
While this may be a risky investment, people have made a lot of money flipping domain names. It was a big money-maker during the “dot com boom” in the 1990s, Help.com sold for $3 million and NFTs.com sold for $15 million in 2023. Many domains don’t sell for millions, but you may still be able to make a decent profit off domain names in high demand.
19. License Your Music
If you’re a musician, you can license your music in a similar way to selling stock photos and videos. Some websites like Music Vine pay musicians 30% for nonexclusive deals or more for an exclusive license. There are also websites like Epidemic Sound that market to YouTubers and filmmakers by offering a subscription service for royalty-free music.
20. Design Custom Products
For those who are artistically inclined, you can make money creating designs and selling them on websites that sell custom products. Websites like Redbubble, Teespring, and Society6 offer print-on-demand services for your artwork. These websites sell a wide range of products like T-shirts, coffee mugs, phone cases, and more. You get a percentage of the sale every time a customer goes to the website and chooses your design for any of these products
If you have old artwork you created in the past or simply feel like creating in your spare time, you can generate passive income as long as your art is hosted on these types of websites.
21. Rent Out Your Vehicle
Services like Uber and Lyft are popular side hustles, but you can make passive income by renting out your vehicle instead. When people are traveling or have their car in the repair shop, they often need a vehicle to get around. Rather than going to a rental car company, they can rent a vehicle through other websites like Turo or Getaround.
22. Use Your Vehicle as Ad Space
In addition to renting out your vehicle, you can make passive income by using your vehicle as ad space.
Websites like Wrapify connect businesses and drivers, and depending on how much of your car you’re willing to cover with ads, Wrapify will pay you between $181 and $452 per month. There are also sites like FreeCarMedia.com that pay you for wrapping your vehicle or simply advertising on your rear window.
23. Create an App
If you’re a programmer who can create an app, this may be the best way for you to make passive income. Whether it’s a fun game or an app that provides value and convenience, use your creativity and skills to generate income. Apple and Google allow developers to submit their apps, giving you a percentage of the sale each time someone buys the app.
24. Flip Unique Items
One of the oldest ways to generate passive income is to buy unique items, hold them, and sell them at a later date for a profit. If you’re knowledgeable about a certain type of item or are willing to learn, you can make a decent amount of money by buying and holding items.
This is ideal for people who like shopping at thrift stores or going to garage sales. You may find antique toys, memorabilia, sports trading cards, comic books, or other items for a low price that are either worth a lot of money now or will be in the future.
To sell the items or see how much items are selling for, you can use websites like eBay, OfferUp, Craigslist, or Facebook Marketplace.
25. Rent Out Your Parking Space
Some people are willing to pay for a good parking spot. If you have a space you’re not using or don’t mind giving up, you can make money renting it out—especially if you live in an urban area. Websites like SpotHero allow you to list your space.
What’s the Best Source of Passive Income?
The best source of passive income is unique to each individual. There are many options on this list, and some allow you to capitalize on different skill sets. For example, if you have expertise in certain subjects, the best sources of passive income may be online courses and e-books. If you have knowledge about stocks or are willing to learn, investing may be the best option.
When deciding which passive income sources are right for you, it may be beneficial to weigh out the pros, cons, and risks of each one. Remember that many of these options require an initial investment of money and time to get started. Consider your own risk tolerance and financial situation before going all in on any of these methods.
Do You Need Money to Make Passive Income?
While you’ll need money to get started with many passive income ideas, this isn’t the case for every method. For example, if you own a vehicle or have an extra room in your home, you can start renting them out. If you have a computer and internet connection, you have even more options.
Many people who make passive income succeed because they are willing to learn and can invest time into researching these topics. There’s a wealth of information online where you can learn how to excel at specific passive income opportunities like writing an e-book, succeeding as a YouTuber, or using affiliate links.
The Benefits of Multiple Streams of Income
Depending on your specific situation, you may want more than one source of passive income. Whether you’re already in a healthy financial situation or are trying to build your personal wealth and credit score, more income streams means more financial freedom.
The primary benefit of passive income is that you can make money with minimal effort. This means once you get one source of passive income rolling, you can begin adding others so you have multiple income streams that don’t require too much time or attention.
How Passive Income Can Help Improve Your Credit Score
A poor credit score can lead to many challenges—like making it difficult to get approved for new lines of credit, loans, and rental applications—and cost you a lot of money in interest in the long run. Passive income can help you fix your credit by allowing you to pay off your debts. Lenders also look at your total income, so making additional income can help with approvals for new lines of credit, which can also help improve your score. It’s important to know the current state of your credit health. You can get a free credit report card on Credit.com which breaks down your credit score factors and assigns a letter grade for each area, or sign up for our ExtraCredit® subscription for additional credit tools.
Inside: Are you looking for ways to make money quickly and easily? This guide has you covered with tips on how to double your money in 24 hours.
Doubling your money is an aspiration many investors feasibly target, and it’s critical to your future financial stability.
This enticing objective involves transforming a small amount of money and doubling it for tomorrow. You need cash fast, so that is why you are reading this post.
You will quickly learn there are easy ways to double money in 24 hours and others that over time you can be skilled at and easily double your cash.
Given that 58% of borrowers struggle to meet basic monthly expenses and 70% of borrowers are using loan money for rent and other basic expenses. 1
You want to learn how to double your money before you actually need to, so by inevitably secure financial confidence for upcoming expenses.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
How can I double my money quickly?
Doubling your money in less than 24 hours isn’t straightforward, but it is possible if you’re willing to take high risks.
These are popular methods to double your money:
Engagement in day trading. It’s risky but one of the fastest ways to double your investment.
Try your hand at gambling. Remember, the house typically has the upper hand. This is not recommended as you are more likely to lose more money than you prefer.
Consider investing in digital real estate. This is similar to real-life property flipping.
Most importantly, avoid get-rich-quick schemes; they’re mostly scams. So, do your homework before diving in!
20 Easy Ways to Double Money in 24 Hours
As inflation rises and people are struggling with their budgets, the question of how to double money in just 24 hours often comes up.
While it may sound like a lofty goal, there exist strategies that can significantly boost your financial growth in a surprisingly short time.
However, keep in mind these are not risk-free endeavors, and they each require a good understanding and judicious implementation to yield profitable results.
1. Invest in Stocks
If you’re hunting for opportunities to double your money fast – investing in stocks could be your ticket, especially with the current volatility.
Although there’s a risk factor involved, it’s a time-tested strategy for impressive returns. Learn how fast you can make money in stocks.
Honestly, one of the best ways to improve your net worth is learning how to invest in the stock market. Yet, many people shy away from the idea.
By not investing in stocks, you are slowing your pace to financial freedom. So, why not learn how to invest in stocks for beginners?
The choice entirely depends on your risk appetite, investment horizon, and personal preferences. Start by evaluating your risk tolerance. Personally, I can tell you this is one of the ways I double money in 24 hours consistently.
Motley Fool
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2. Options Trading
Options trading can double your cash in a mere 24 hours, thanks to its inherent rapid return benefits. However, with the potential for high returns, it also poses significant risks.
Options trading is an advanced strategy for buying stocks with an option contract. Thus, you get the right but not a duty to buy (call options) or sell (put options) a stock at a specific price.
It presents the possibility of doubling, tripling, or quadrupling your money.
This is an avenue to pursue if you want the potential for huge profits, but you must take this investing course to learn the proper way to trade options.
However, you run the high risk of losing the entire investment! So, this is risky for novice investors and you need a brokerage for this type of trading.
Trade & Travel
Learn to trade stocks with confidence.
Whether you want to:
Retire in peace without financial anxiety
Pay your bills without taking on a side hustle
Quit your 9-5 and do what you love
Or just make more than your current income….
Making $1,000 every.single.day is NOT a pie-in-the-sky goal.
It’s been done over and over again, and the 30,000 students that Teri has helped to be financially independent and fulfill their financial dreams are my witnesses…
3. Flip Items for Arbitrage
Retail arbitrage, essentially the practice of buying and reselling goods, is a beneficial way of doubling one’s money in a short time. This can be particularly effective by taking advantage of clearance sales in mainstream stores like Walmart and Kohl’s, and then reselling the products on online marketplaces.
Notable items often flipped include apparel, books, electronics, and toys. You can check a full list of popular items to flip.
According to the Flea Market Flippers, you can use a variety of platforms to sell your flipped items.
4. Rent Out Your Property
Renting out unused property or space can be a lucrative form of passive income. This may include a spare room, or underutilized sections like a garage, with various platforms facilitating such financial transactions like Neighbor or VRBO.
Another example is it is financially beneficial to rent out items, like a lawn mower which costs $500 but brings in $15-20 for each rental. Thus, paying for itself in a short amount of time.
Despite the potential risks associated with property investments, including unpredictability in the real estate market and tenant issues, leveraging a good understanding of the local market can make it quite possible to double your investment over time.
5. Become A Side Hustles Expert
Becoming a side hustle expert requires a clear understanding of your goals and the willingness to trade your time for money. You can identify profitable opportunities which can range from ridesharing to teaching English as a second language (ESL) online.
Honestly, this is best to set up BEFORE you are desperate for cash.
Patience is key as nurturing a side hustle often takes time before it becomes an efficient income-generating endeavor.
To help you out, here are specific side hustles based on your stage of life:
6. Rent Out Your Skills
Renting out your skills is a smart quick-fix to double your money within 24 hours. It’s all about capitalizing on what you can do best and offering it to those who need it.
Start by identifying a skill or knowledge you’re proficient in. Are you a wizard in web design? A maven of SEO?
Select the right platform. Websites like Fiverr, Freelancer.com, and TaskRabbit are excellent for freelancers.
Promote your services. Reach out to your networks or use social media to boost your visibility.
This is a great way to earn $300 fast if you know what you are doing.
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7. Deliver with DoorDah or GrubHub
Double your income in a day by delivering with platforms like DoorDash or GrubHub. As a courier, you get paid for each delivery – so the more you do, the higher your earnings.
With a smartphone and transportation, you can start making extra cash immediately. Some top delivery options:
Working with DoorDash
Serving with GrubHub
Remember, it’s all about completing as many deliveries as possible. Every order increases your day’s earnings, potentially doubling them if you put in enough hours.
8. Invest in Cryptocurrencies
Invest in cryptocurrencies like Bitcoin, Ethereum, and Bitcoin Cash holds the potential to double your money in 24 hours due to their volatile nature.
To start:
Keep tabs on crypto trends through monitoring websites or apps.
Buy popular or promising cryptocurrency during their low-cost phase.
The trick to doubling your funds is selling at peak prices.
Remember, trends can change rapidly, so only invest what you can afford to lose. For newbies, it’s beneficial to seek advice from a financial advisor knowledgeable in the crypto market.
9. Take Surveys
Looking to double your money in a day? Consider taking paid surveys. However, you will have to take quite a few surveys to make a significant amount of cash.
To boost your earnings:
Seek high paying surveys – Survey Junkie could bring in up to $3 per survey.
Use free time efficiently – complete quick tasks on Swagbucks.
Refer friends – earn 10% of their earnings on Swagbucks.
Remember, more effort equals higher rewards!
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10. Lend Money on Peer-to-peer platforms
Lending money on Peer-to-Peer (P2P) platforms can be a profitable strategy, offering a unique method for individuals to loan and borrow money without traditional financial institution interference.
Users can sign up as lenders on recognized P2P platforms like LendingClub, Prosper, and Upstart, and yield high-interest returns based on their borrower’s creditworthiness.
However, this process also poses risks such as potential defaults, making it important for the lenders to do their research and diversify their loans across multiple recipients.
11. Do Odd Jobs
Engaging in odd jobs is a practical approach to earning additional income. Whether it’s mowing neighbors’ lawns or offering handyman services, these simple tasks can often pay upward to $30 per hour.
Digital platforms, like TaskRabbit, even allow you to list your talents locally, extending your reach for potential earnings.
All in all, odd jobs provide an accessible door to financial gain without requiring a significant starting capital.
12. Selling High Demand Printables
Selling printables online is a viable way to generate income. It’s important to create a follower base or an email list to successfully promote and sell your products.
With strategic pricing and high-quality content, you could potentially double your initial investment in a short span of time.
Here are the digital products that sell on Etsy that are in high demand.
By creating high-demand printables, you can buy low, sell high, and double your money all within 24 hours!
13. Max Out you 401(k) Match
Maxing out your 401(k) match can double your money in no time. While this may not happen in 24 hours, it can happen the next time you get paid and greatly increase your retirement savings.
When you contribute to your 401(k) plan, your employer might match it by 50% or 100%. You will have to check your Human Resources department to see what your company offers.
Contribute the maximum amount your employer is willing to match. This is free money for you. For instance, if you’re making $100,000 and your employer’s match is up to 3.5% of your salary, put in at least $3,500.
Are you one of the 5 people making this costly mistake? 2
14. Sell Courses and Subscriptions
Selling courses and memberships online is a highly profitable low-risk venture that requires just a small initial investment of your time and money. Once the course is developed, it can continue to generate passive income every month.
Tools such as Podia or Teachable allow you to easily sell and manage your courses, while also offering additional benefits such as digital downloads, subscription plans, and an opportunity to begin selling directly to your followers.
15. Work for Employers
In case you haven’t heard, time is money. And you can trade your time for money at any point.
Working for employers often ensures a steady income which can be supplemented by various benefits.
One of the greatest advantages is the employer match on a 401(k) account, which allows employees to double their contributions effortlessly. This means that if an employee contributes 5 percent of their salary to the retirement account, the employer adds another 5 percent.
Expert Tip: Continually upgrade your skill set to increase your value to employers. More demanding or specialized tasks often command higher pay, propelling you towards your double-money goal quicker.
16. Sell Your Goods
Selling goods online provides a dynamic platform for entrepreneurs, allowing them to reach a wider audience. This involves identifying high-demand products, purchasing from a reliable supplier, and selling them on popular e-commerce platforms like Amazon, eBay, and Etsy.
Get involved in flea market flipping. Hunt for undervalued items at yard sales or flea markets and resell online. Facebook Marketplace could be a goldmine.
Unload used or vintage items. These platforms can help you earn huge profits, especially from expensive items. Don’t let seller fees deter you; big profits are still achievable.
Books are an easy sell. Buy used ones from local or online stores and sell them in different areas or on different platforms. Diversifying the categories you offer can potentially boost your profits.
Pricing is set considering the purchase cost, overheads, and the competitive market.
17. Invest in Collectibles
Investing in collectibles presents a thrilling opportunity to generate significant profit in a short span. The key is identifying profitable niches, such as vintage comic books, rare coins, or baseball cards.
The rarity and condition of an item directly influence the price it can command.
The strategy involves buying low, often from garage sales or online platforms like eBay or Etsy, and selling high. However, one must perform diligent research and be aware of market trends, as failure to do so can lead to risks.
18. Get Rid of Your Most Valuable Items
Selling your own possessions is an effective way to declutter your home while also generating a potential cash flow.
This is one way to accumulate over $1,000 in cash earnings.
This may not be what you want to do, but your possessions are worth money and it may be necessary.
19. Save Money and Increase It
You’ve heard it said: a penny saved is a penny earned. This principle isn’t just about saving but also growing your money as an effective way to double your income.
Here’s how:
First, begin with saving. The more you can put away, the better. Remember, your coffee can strategy may not earn interest, so consider a deposit into a savings account.
Next, let’s talk about compound interest. Suppose you invest $1000 at a 5% interest rate. After a year, your money grows to $1050. The next year, you earn interest on this increased amount. Over time, the effect snowballs, significantly augmenting your investment.
Lastly, protection against inflation is key. Always aim for an interest rate higher than the rate of inflation. This means, in real terms, your money is consistently growing.
Done right, these steps can effectively increase your savings rapidly.
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20. Game or Bet on A Sport
While it’s often overlooked, betting on sports or games could be a fast track to doubling your money in less than a day. This risky Vegas plan may be worth the potentially rewarding pursuit.
Beware – while some have been successful, this method is heavily debated due to the significant risk factors. As such you may be better off becoming a referee for youth sports, which is a popular side hustle for men.
Remember, it’s all fun and games until the cash is lost – don’t stake what you can’t afford to lose.
FAQ
Doubling $1,000 quickly calls for some calculated risks and smart choices.
One way is investing in stocks, potentially high-return yet high-risk assets. Another route could be starting a side hustle, like an online course or freelance work, where initial investment is low but returns could be impressive.
This is a hard ask given many people this month. However, doubling $3000 fast can be achieved through smart investments and income diversification.
Using online platforms and flipping high-demand items may yield quick profits. Additionally, utilizing skills for a freelance portfolio or selling an online course can quickly boost initial capital.
Doubling your $5000 swiftly may seem like a daunting task, but with strategic planning, connection establishment, and careful investments, it’s more achievable than you might think.
Here’s how you can try it:
Start by investing in stocks. Rapid-growth stocks or volatile currency pairs can double your money. Invest wisely based on market analyses.
Try real estate flipping. Buy undervalued properties, renovate, then sell.
Entrepreneurship is another avenue. Turn your skills or ideas into a profitable business.
Peer-to-peer lending platforms yield high return rates with the right borrower.
Playing the lottery or gambling could work, but highly risky.
Remember, to double up money quickly, ensure you are knowledgeable in your chosen method and anticipate potential downsides. Do comprehensive research first.
Is Doubling Money in 24 Hours Possible?
Yes, you, dear reader, can indeed double your money in 24 hours! It won’t be a cakewalk though, requiring specific skills, solid strategies, and of course a pinch – maybe a handful – of luck.
You could tap into high-growth potential fields like day trading, selling high-demand goods online, or capitalizing on your skills as a content creator. Remember, this quick win has its fair share of risks too.
Now, make sure to do proper due diligence and check the integrity of whatever way you choose to make more or dive into the gig economy.
Now, learn how to double 10k quickly.
Source
Federal Reserve Bank of St. Louis. “Fast Cash and Payday Loans.” https://research.stlouisfed.org/publications/page1-econ/2019/04/10/fast-cash-and-payday-loans#:~:text=However%2C%207%20of%2010%20borrowers,difficulty%20meeting%20basic%20monthly%20expenses. Accessed November 7, 2023.
Motley Fool. “1 in 5 Americans Are Making a Terrible 401(k) Mistake.” https://www.fool.com/investing/2018/02/09/1-in-5-americans-are-making-a-terrible-401k-mistak.aspx. Accessed November 7, 2023.
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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.
It’s time to deck the halls or at least start gathering everything you’re looking forward to adorning your space with before December inevitably sneaks up on us.
Whether your aesthetic consists of all things bright red and green or a neutral palette, Target has loads of decorations to get both you and your home in the holiday spirit. It just dropped a Christmas Shop brimming with indoor and outdoor decor like throw pillows, blankets, stockings, garlands, wreaths, and more from brands like Threshold, Joanna Gaines’ exclusive collection—Hearth & Hand with Magnolia—and Wondershop, Target’s in-house brand for all things holiday.
Keep scrolling to see the 12 home decor pieces we’re eyeing right now at Target—all under $35.
Target Holiday Decorations Under $35
Threshold Lit Village Christmas Stocking Holder, $30
Wondershop 30 by 18-Inch Buffalo Plaid ‘Merry’ Outdoor Mat, $10
Threshold Artificial Flocked Tree in Woven Basket, $10
Hearth & Hand With Magnolia Stripe Woven Throw Blanket, $20
Hearth & Hand With Magnolia 12-Inch Decorative Wooden Bead Garland, $15
Threshold Embroidered Winter Scene Faux Shearling Lumbar Pillow, $25
Wondershop 22-Inch Pre-Lit Flocked Mixed Pine Wreath, $20
Wondershop 10-Piece Battery Operated Ceramic Village Kit, $30
Hearth & Hand With Magnolia Chunky Rib Knit Christmas Stocking, $15
Wondershop 16 by 16-Inch Reversible String Lights Pillow, $10
Hearth & Hand With Magnolia ‘Tis the Season Christmas Wall Sign, $20
Threshold Lit Village Christmas Stocking Holder
When hanging your stockings by the chimney with care, don’t settle for just any old stocking holder. This Threshold Lit Village option offers spots for four stockings underneath a light-up village of red, white, and green-adorned homes. One shopper called it “perfect” for holding their entire family’s selection of stockings, whereas another person called it “magical” and “just as cute in person.”
Wondershop 30 by 18-Inch Buffalo Plaid ‘Merry’ Outdoor Mat
If you’re hosting several guests this holiday season, snag this $10 buffalo plaid outdoor mat so visitors can wipe their feet off at the door before entering. And if you have pets, this is also an opportune spot for your pup to wipe their paws before dragging unwanted dirt inside. At just $10, you should grab an extra to keep at the backdoor of your home as well, or opt for this jolly snowman motif instead.
Threshold Artificial Flocked Tree in Woven Basket
If you live in a smaller space like an apartment and don’t have a ton of room to spare for a 5-foot tree, this artificial one with flocked branches is a festive alternative. It comes in a woven basket with a flat base so you can place it on your coffee table, windowsill, or on the floor for some warm, welcomed holiday spirit. It’s available in three different sizes and can play host to a handful of your most treasured ornaments, and if you’re in need of a few, Target’s got you covered there, too.
Hearth & Hand With Magnolia Stripe Woven Throw Blanket
An easy way to jazz up your living space is with throw pillows and blankets like this striped woven throw from Joanna Gaines’ exclusive Target collection. Drape it over your armchair or couch for a pop of color in your living room, or lay it at the end of your bed to make your sleeping space extra cozy. It’ll also come in handy when it’s time to get situated in your favorite pajamas and hot cocoa for upcoming holiday movie nights. One shopper called the fringe-accented throw “lovely” and “high quality.”
Keep scrolling for more of our holiday decor favorites under $35 available at Target.
Hearth & Hand With Magnolia 12-Inch Decorative Wooden Bead Garland
Threshold Embroidered Winter Scene Faux Shearling Lumbar Pillow
Wondershop 16 by 16-inch Reversible String Lights Pillow
Hearth & Hand With Magnolia ‘Tis the Season Christmas Wall Sign
Hearth & Hand With Magnolia Chunky Rib Knit Christmas Stocking
Do you want to learn how to make money with a drone? Drones have become more and more popular recently. People use them not just for fun but also for jobs that need pictures and videos from up high. This means there’s a growing opportunity for people to start small businesses to make money with…
Do you want to learn how to make money with a drone?
Drones have become more and more popular recently. People use them not just for fun but also for jobs that need pictures and videos from up high. This means there’s a growing opportunity for people to start small businesses to make money with their drones.
I have had a drone for several years now, and it is so great to be able to take pictures from a different perspective with it. We’ve also used our drone for many purposes – such as inspecting a roof, looking at the top of our mast on our boat (at 68 feet tall, it’s nice to have a drone to check things!), for family pictures, and more.
Whether you fly drones for fun or as a pro, earning money with them can be straightforward. If you have the right knowledge and tools, you can make your hobby pay off and make income.
Below, I will be talking about how to make money with a drone, how to get started, the best drone to make money with, and more.
How To Make Money With A Drone
What is a drone?
A drone, also called an unmanned aerial vehicle (UAV), is a flying machine operated from a distance by a pilot (like you or me) with a remote control (such as your cell phone). Whereas before, helicopters were needed for pictures from high up in the air, drones have made it much easier for the average person to take photos and videos.
Drones are used for many things, like taking amazing pictures from the sky, delivering packages, and inspecting the top of buildings that are high off the ground.
Some popular drone brands like DJI have really good cameras and special features that make them easy to use too.
How much money can you make flying drones?
How much you can earn as a drone pilot depends on how much experience you have, what kind of services you sell, and how much demand there is for those services where you live.
According to Glassdoor, a drone pilot can make around $65,000 a year, with some making well over $100,000 each year.
Recommended reading: 18 Ways You Can Get Paid To Take Pictures
13 Ways To Make Money With A Drone
Below are 13 ways to make money with a drone. Whether you want to learn how to make money with drone videos or drone pictures, there are many ideas that you could try.
1. Stock photos
One great way to get started making money with your drone is by selling your drone photos on stock photo sites.
You can make passive income with a drone by taking aerial photos (such as of cities, the outdoors, and so much more) and selling them on stock photo websites such as Shutterstock, Getty Images, and DepositPhotos.
Customers buy stock photos for many different uses, such as on websites, in TV shows, in books, on social media, and in other places.
I buy stock photos all the time for my website and so do millions of other people. They are so nice and helpful to have!
You simply take drone photos, upload them onto a stock photo website (making sure to add relevant keywords), and then the stock photo site does the rest of the work to sell them to customers.
2. Real estate photos
As a drone pilot, you can sell real estate photography services to real estate agents which helps them show the properties that they are trying to sell.
By taking a picture of the property from different angles and heights, real estate agents can show a different view of the real estate that traditional photography can’t provide.
By selling property photography services with your drone, you’re selling a helpful service to real estate companies looking to stand out in a competitive housing market.
More and more homes are being sold with drone photos, and it makes sense – it can really show how great the surrounding area is around a home! Plus, a possible home buyer can see the whole home and property with a drone picture to get a better idea of what the home includes.
3. Building inspection services
Building and roof inspection services are always in high demand, as homeowners and building owners need to look for possible damages or maintenance issues.
Drone operators can inspect roofs and tall buildings safely and quickly with a drone. I personally know a few roof and building inspectors who regularly use drones to help them with their work. Instead of spending a ton of time climbing onto a roof (or going on one that may be dangerous to begin with), they can simply turn on their drone and take pictures in order to get a better idea of what is going on.
After all, drones can go where humans can’t, or at least where it’s risky, time-consuming, or expensive for humans to go.
This is what makes a drone so helpful when it comes to inspecting a building. Drones are so easy to use, and they can take a picture of a hard-to-reach location in just minutes.
Drones are used by others for inspection purposes as well, such as to inspect solar panels by solar installation companies, inspect bridges and wind turbines, as well as inspecting farmlands. A service related to this is that many times utility companies will use drones to inspect their power lines too!
4. Aerial photography and videography
Aerial photography and videography are popular for many different events, such as sports and concerts.
Sporting events and concerts typically pay for drone photos because it helps give them more images of the full picture of the event they are hosting as well as a different perspective. This can help them to sell more tickets in the future and gain more publicity.
5. Instagram
I follow quite a few Instagram accounts that mainly post amazing drone photos from around the world. These content creators are able to make money by building a following and partnering with companies for advertising.
6. YouTube videos
Starting a YouTube channel that shares your drone footage can also earn you income. As you gain subscribers and views, you can earn advertising income and sponsorship deals or paid collaborations.
On your YouTube channel, you may publish videos that include drone videos such as from your travels. Or, you may be teaching others how to use their drone. There are many different avenues you could try.
Recommended reading: How Much Do Twitch Streamers Make?
7. Aerial mapping and surveying
Drones can be used for mapping and surveying tasks, such as creating topographic maps, assessing land for development, and for agricultural inspections.
This is because with a drone you can map out large areas extremely quickly.
I did a quick Google search for the job “aerial mapping drone pilot” and found a lot of different openings too!
8. Drone delivery services
Drone delivery services are a pretty new market, with companies such as Amazon starting to use drones for package delivery.
Sounds pretty crazy, but it is a real thing!
While regulations are still constantly changing, drone delivery services may have some big openings for drone pilots who want to be some of the first.
9. Filmmaking
Drones have completely changed the filmmaking industry by allowing for unique camera angles and movements that were once impossible to achieve (or could only be done before with a helicopter).
Drone pilots can sell services in filmmaking and work on movie sets, TV commercials, and music videos.
10. Hotel photos and ads
Drone photos of hotels and Airbnbs can help to sell more rooms better because customers can see the surrounding area and what the whole building looks like.
This may help a person to see that there is a beach or a mountain nearby, or perhaps that it is close to the center of a city.
11. Wedding photography
More and more couples are wanting drone photography of their wedding. You can sell wedding photography services with your drone, which allows couples to capture their wedding day from different angles.
This could be an add-on if you are already a wedding photographer, or perhaps you can reach out to wedding photographers in your area and sell your services to them as an add-on.
12. Freelance jobs
Drone photographers can use freelance platforms such as Upwork, Fiverr, Droners.io, and PrecisionHawk to sell drone services to clients. By promoting your drone photography portfolio on these sites through creating a profile, you can find freelance jobs and make money.
I did a quick search and you can see examples of drone photographers selling their services on Upwork here to get an idea.
13. Renting drones
If you own multiple drones, you can possibly start renting them out to other drone pilots or people who simply want to take some drone photos.
There are many ways you can rent out your drone, such as to recreational users who want to try out flying a drone, content creators, photographers, researchers, for search and rescue operations, disaster relief, and so many more.
Getting Started With A Drone Business
Starting a drone business can be a great way to make money, especially if you enjoy playing around with drones.
As you read above, drones have been so helpful in many different areas, from real estate to movies, farming, and more.
Starting a drone business is probably simpler than you would think too.
What drone should you buy?
If you want to learn how to make money with a drone, then getting the right drone is helpful. Before buying a drone, think about your budget, the drone’s flight time (how long the drone can fly in the air on a battery charge), your skill level, and the type of services you want to sell.
Some of the best drones to make money with include:
Do you need a license for a drone business?
Yes, if you plan to operate a drone for commercial purposes, you should have a Remote Pilot Certificate from the Federal Aviation Administration (FAA). To get this certificate, you must:
Be at least 16 years old
Be able to read, speak, write, and understand English
Pass an aeronautical knowledge test
Be physically and mentally fit to operate a drone
Complete the FAA’s online application
Once you get your Remote Pilot Certificate, you are required to register your drone with the FAA and you will then get a unique identification number.
You can learn more about how to become a drone pilot on the FAA’s website here.
Do you need insurance to run a drone business?
Having insurance isn’t required by the law, but it’s a good idea to get it for your drone business.
Insurance helps protect you and your clients in case something goes wrong, such as if there is an accident or problems with the drone. Drones can be expensive, so insuring them can help to pay for them in case something happens (for example, you could crash them into a building or lose them in the water).
I have personally lost a drone in the water, and insurance gave me a new one right away, which was very nice.
How much does it cost to start a drone business?
The costs for starting a drone business include:
Drone – $300 to $10,000+
Laptop to edit your photos – $500 to $2,000+
Remote pilot certificate – $175
Drone insurance – $1,000 per year
Other expenses that you may have include a business license, advertising costs, office space, and more.
The amount that you spend to start your drone business will be higher or lower depending on your budget, what kind of drone business you plan on running, and more.
How To Improve Your Drone Skills And Training
Below is how you can become a better drone pilot and get good pictures and videos. Whether you’re a beginner or if you’ve been flying drones for years, the below can help you to improve your business.
Become a skilled pilot
To get really good at flying drones, you need to spend time learning and practicing. Flying a drone is not as simple as it looks – I know because I have had a drone for years, and I have a lot to learn yet. And, I still get nervous when flying it!
If you want to start a drone business, then I recommend taking a drone training course that will teach you everything from basics to advanced skills. There are a lot of features on a drone and it can be overwhelming to learn. A course can speed things up for you.
Also, practicing as much as you can is very helpful, which will help you get better at controlling it. Finding an open space can help you get more comfortable with flying it as well because you won’t be as worried about hitting something with your drone.
This will then help you with the next step – taking photos and videos with your drone.
Video and photography training
Once you’ve learned how to use your drone, the next step is to get better and better at taking pictures and videos with your drone.
You will want to learn as much as you can about your drone’s camera and the different settings that come with it. You should learn how to set up good shots, how to figure out what kind of lighting you need, how to frame pictures and videos, and more.
Here are some tips to improve your video and photography skills with your drone:
Take a course – Sign up for a photography or videography course to improve your knowledge of drone camera settings as well as framing and editing techniques. You can easily find a drone photography course online, such as on Udemy.
Practice regularly – The more you take videos and photographs with your drone, the better you will be.
Learn from others – I recommend joining online forums or drone pilot Facebook groups to talk with other drone photographers. This can help you to learn new tips that you may not have thought of.
If you get better at flying and taking good pictures or videos with your drone, you can start earning money. Of course, it will take time and lots of practice, though!
Frequently Asked Questions About How To Make Money With A Drone
Below are answers to common questions about how to make money with a drone.
Can I sell my drone photos?
Yes, you can sell your drone photos either part-time or even full-time. Many drone photographers earn money by selling their drone photos to people such as real estate agents, advertising companies, and more.
Are drone pilots in demand?
Drone pilots are in demand as drone technology has become easier to use and more affordable. Industries such as agriculture, construction, marketing, and even emergency response use drones for many different purposes.
Can you make good money with a drone? Is a drone business profitable?
Yes, you can make good money with a drone! You can make up to $200 an hour, and the average pay is around $65,000 per year. Profitability depends on factors such as your target customer and the services you sell.
What are the best drone pilot jobs for earning money?
Some of the best drone pilot jobs for making money include aerial footage, real estate photography, mapping and surveying, building inspection, and selling drone photos as a content creator (such as Instagram).
What freelance opportunities are available for drone pilots?
Some freelance jobs for drone pilots include aerial photography, land surveying, and inspecting buildings. You can sell your services through your website, social media, and online job marketplaces such as Upwork, Zeitview (formally known as DroneBase), and FlyGuys.
Is obtaining a Part 107 drone license necessary to earn with a drone? Can you make money with a drone without a license?
If you want to use your drone for a job in the United States, you’ll need a Part 107 license (this is informally known as the commercial drone license). It shows you know how to use your drone safely and follow the rules. Plus, some clients might ask you to have this license before they hire you too. If you are caught selling drone photography without a license, then you could face a fine of $1,100 from the FAA.
What DJI drones are recommended for making money?
Some DJI drones to look into include DJI Air 2S, DJI Mavic 3 Pro, and the DJI Mini 3.
What are the opportunities in drone training and consultation?
As more people use drones, there will be more need for drone training and advice. If you know a lot about drones, you can teach others or help businesses use drones in their work. This can be a good way to make money as well.
How To Make Money With A Drone – Summary
I hope you enjoyed this article on how to make money with a drone.
As you can see, there are many different ways to make money with a drone, such as:
Stock photos
Real estate photos
Building inspection services
Aerial photography
Instagram content
YouTube videos
Aerial mapping and surveying
Drone delivery services
Filmmaking
Hotel photos and ads
Wedding photography
Freelance jobs
Renting drones
Do you want to learn how to make money with a drone?
Mortgage rates climbed for the fifth consecutive week Thursday, following recent jobs and inflation reports that surged past forecasts and set expectations that decades-high interest rates could stay higher for longer.
The persistently higher mortgage rates are putting added strain on today’s would-be homebuyers who are also confronting elevated home prices due to a lack of inventory of homes for sale.
The 30-year fixed-rate mortgage averaged 7.57% in the week ending October 12, up from 7.49% the week before, according to data from Freddie Mac. A year ago, the 30-year fixed-rate was 6.92%. The last time rates were this high was in December 2000.
“The good news is that the economy and incomes continue to grow at a solid pace,” said Sam Khater, Freddie Mac’s chief economist. “But the housing market remains fraught with significant affordability constraints. As a result, purchase demand remains at a three-decade low.”
The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. The survey includes only borrowers who put 20% down and have excellent credit.
Mortgage rates have spiked during the Federal Reserve’s historic inflation-curbing campaign — and while a good deal of progress has been made, it is not yet as low as the Fed would like.
The Fed’s preferred inflation measure, the core Personal Consumption Expenditures index, is currently 3.9%, which is nearly double the Fed’s target of 2%. But it is the lowest annual increase that index has seen in two years and is a positive step toward the Fed’s target.
Rates ‘higher for longer’
“Last week’s jobs report exceeded investor expectations, with 336,000 net new jobs, resulting in a late-week surge in the 10-year Treasury yield and a bump in mortgage rates,” said Hannah Jones, senior economic research analyst at Realtor.com.
But the incursion by Hamas into Israel this weekend created geopolitical uncertainty that brought mortgage rates lower: Investors sought out the safety of the bond market, sending the yield on the 10-year Treasury note falling earlier this week.
Mortgage rates tend to track the yield on 10-year US Treasuries, which move based on a combination of anticipation about the Fed’s actions, what the Fed actually does and investors’ reactions. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. While the Fed does not set the interest rates that borrowers pay on mortgages directly, its actions influence them.
“Though the weekly movement settled from last week’s surge, rates remain near two-decade highs and more than 4 [percentage] points higher than two years ago,” said Jones.
“The Fed’s ‘higher-for-longer’ monetary policy keeps upward pressure on rates, making a descent unlikely until new data suggests that inflation is moving in the right direction.”
More applications for adjustable-rate mortgages
Even as rates were climbing last week, applications for mortgages ticked up slightly, mostly because of an increase in applications for adjustable-rate mortgages, or ARMs, according to the Mortgage Bankers Association.
“Mortgage applications increased for the first time in three weeks, pushed higher by a 15% jump in ARM applications,” said Bob Broeksmit, CEO of MBA. “With mortgage rates well above 7%, some prospective homebuyers are turning to ARMs to lower their monthly payment in the short term amidst these high mortgage rates.”
MBA’s average rate for a fixed-rate 30-year mortgage last week moved up to 7.67%, while the average rate for a 5/1 ARM, which has a fixed rate for the first five years and resets once per year after that, dropped to 6.33% from 6.49%. (Freddie Mac does not track average rates for adjustable-rate mortgages.)
Adjustable-rate mortgages accounted for 9.2% of all mortgages last week, according to MBA. That’s the highest share since November 2022, when rates on 30-year fixed rate loans also were over 7%.
Prospective buyers have had to get creative to prepare financially for homeownership, said Jones.
“Though buyers have shown signs of adjusting to the higher-rate environment, limited inventory has kept home prices elevated, cutting further into the buying power of shoppers hoping to find a suitable home,” she said.
While many repeat buyers can leverage their existing home equity in today’s expensive market, she said, younger homebuyers often have a harder time coming up with the money for a home purchase.
At today’s mortgage rate, a household typically needs an annual income of at least $120,000 to purchase a median-price US home, assuming a 20% down payment, Jones said.
loanDepot, the California-based lender targeting profitability next year, delivered its sixth consecutive quarterly loss in the third quarter of 2023, according to documents filed with the Securities and Exchange Commission (SEC) on Tuesday.
Total revenue declined as a result of lower origination volume. Still, there were financial improvements. Higher margins aided by an aggressive cost-cutting strategy shrunk expenses, narrowing loanDepot’s losses in the period. And more cost reductions are expected in the coming quarters.
The lender recorded a loss of $26.8 million in non-GAAP adjusted net income from July to September, compared to a $34.3 million loss in the previous quarter. By GAAP accounting standards, net loss in the third quarter was $34.2 million.
In a recent interview with HousingWire, CEO Frank Martell said the most likely period for a trajectory to profitability “is the spring selling season, as we get into next year and the market provides some lift. Right now, it’s ultra-low.”
To analysts, Martell confirmed profitability is expected as we get “into the second and third quarters of next year.”
The company’s total revenues decreased to $265.7 million in the third quarter, down from $271.8 million in the previous quarter. loanDepot had “lower pull through weighted lock volume partially offset by higher pull through weighted gain-on-sale margin.”
Meanwhile, total expenses decreased faster than revenues to $305.1 million in Q3, down from $330.1 million in Q2. Quarterly non-volume expenses decreased $18.7 million since the second quarter due to lower salaries and benefits resulting from reduced headcount and legal expenses. Headcount declined to 4,532 in Q3 from 4,683 in Q2.
In the quarter, the company also accrued $2 million of legal expenses related to the expected settlement of outstanding litigation. In August, the company agreed to settle a securities class action lawsuit for $3.2 million.
“We continue to aggressively reset our cost structure to address the impact of generationally low unit volumes as we maintain our focused execution of Vision 2025,” Martell said in a statement.
loanDepot also announced a $120 million annualized cost reduction target, including $100 million in non-volume related expenses – for example, vendor contract termination and renegotiation, optimized marketing spending and corporate real estate cost reductions. The company expects to achieve most of the savings by the end of Q1 2024.
loanDepot’s loan origination volume came in at $6.1 billion in the third quarter, down from $6.2 billion in the second quarter of 2023. The pull-through gain-on-sale margin was 2.93% in the third quarter, better than the 2.85% registered in the previous quarter.
Regarding its products, purchase loans comprised 71% of the total, down from 73% in the previous quarter. loanDepot recently rolled out a new down payment assistance program for Federal Housing Administration loan borrowers that enables them to put zero money down upfront.
Company executives project the fourth quarter volume between $4 billion and $6 billion. The pull-through gain-on-sale margin is expected to be between 2.40% and 2.80%.
Servicing
loanDepot’s unpaid principal balance increased to $143.9 billion as of Sept. 30, 2023, from $142.5 billion as of June 30, 2023. Servicing fee income rose to $118.7 million in Q3 2023 from $117.7 million in the previous quarter.
CFO David Hayes said that in the quarter, the company sold excess agency mortgage servicing rights related to unpaid principal balances totaling $12 billion, resulting in a gain of $4 million.
“This transaction allows us to monetize a portion of the asset while maintaining our direct servicing relationship with those customers,” Hayes said.
The lender said it had $717 million in cash at the end of September, down from the previous quarter’s $719 million.
Hayes said in a statement the company’s liquidity is due to cost reduction, margin expansion and effective capital management, which made the company end the quarter with “essentially unchanged” cash balances.
“We remain laser-focused on maintaining significant levels of liquidity as we work toward run-rate profitability,” Hayes said.
loanDepot is looking for acquisition opportunities. In September, the company appointed Dan Hanson to the newly-created role of executive director of enterprise partnerships and acquisitions as the company seeks to invest in profitable growth-generating initiatives.
Looking forward, Martell said the market will remain substantially similar to 2023 levels in 2024. “We believe that the factors that have impacted the industry in 2023, including lack of housing stock for sale as well as record low affordability, will be with us during 2024,” Martell told analysts.
Jeff Walsh, loanDepot’s president, said that the market correction at this point is “still greater than the capacity reduction.” It means that with the “rates being higher-for-longer scenario, you likely need a bit more capacity reduction” in the mortgage industry.
MILAN — Luxury online retailer Giglio.com will kick off the holiday selling season with its new lifestyle section, the company told WWD.
In addition to its high-end fashion and accessories, the Palermo, Sicily-based company on Monday will begin selling furnishing accessories, designer tableware, high-tech accessories, textiles, books and magazines from brands like Brunello Cucinelli, Versace Home, Etro Home and others.
The retailer said its international customer base amounted to 145,000 shoppers at the end of the first semester this year.
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In a statement sent to WWD, Giglio said the lifestyle division is key to its larger growth strategy. This year, the company released its new Android and iOS app and signed a partnership with Vestiaire Collective.
The retailer, which is publicly listed on Euronext, a regulated market organized and managed by Borsa Italiana, posted sales of 51.1 million euros in 2022, up 35 percent year-over-year.
“The diversification towards home decor is the result of a careful market analysis that has revealed how fashion, home decor, and design have synergies and complementarities that target a well-defined category of customers,” said Giglio.com president and chief executive officer Giuseppe Giglio, who hails from the family that started the boutique in the 1960s. Under Giglio SpA, the Giglio family runs six physical boutiques in Palermo.
In recent years, peer fashion e-commerce sites have tapped into the potential of interiors: LuisaViaRoma, Ssense, Mytheresa, Net-a-porter and Moda Operandi have all expanded into the home category in recent years.
For Giglio.com, growth last year was accomplished across geographies and especially outside Europe. The company generated 70 percent of its sales abroad, with non-European countries representing 50 percent of its total revenues. The U.S. and the Middle East, as well as Japan and South Korea, are among the best-performing areas, increasing in the double- and triple-digit range. For instance, business in the U.S. jumped 40 percent, only partially dented by a contraction in consumer confidence in the last quarter of the year, while South Korea and Taiwan increased 66 percent and 80 percent, respectively.
In 2022, the company improved its international user experience, debuting Korean and Japanese versions of its website. “The Far East is where our youngest clients are concentrated, they are real, digital-savvy Gen Z-ers embracing our platform via mobile and app,” Giglio said at the time.
In July 2022, it also debuted a Liquid blockchain-based bitcoin used as a token for loyalty programs geared at those geographies.
Texas-headquartered lender and servicerMr. Cooper pointed to a cybersecurity incident that forced the company to lock down certain technology systems including access to its online payment portal.
“On October 31, Mr. Cooper became the target of a cyber security incident and took immediate steps to lock down our systems in order to keep your data safe. Our systems remain locked down and we are working on a resolution as quickly as possible,” the company said in a statement on its website.
Mr. Cooper’s 8-K filing with the U.S. Securities and Exchange Commission (SEC) states that the company experienced a cybersecurity incident where an “unauthorized third party gained access to certain technology systems.”
The company does not believe this incident will have a material adverse effect on its business, operations or financial results.
Investigation is underway to determine if any data was compromised, notify impacted customers and provide identity protection services.
While the system is down, the company won’t be able to process customers’ payments and customers will not incur any fees, penalties or negative credit reporting related to late payments as they work to fix this issue, according to Mr. Cooper’s website.
The company didn’t respond to requests to comment on the ongoing investigation and when its systems will open. The company’s website still displayed a message on Nov. 3 from the day before that its systems remain locked down.
Mr. Cooper reported $275 million in net income in Q3, up from $142 million in Q2 and $113 million in Q3 2022.
The strong performance of Mr. Cooper’s servicing portfolio led to the improvement in its profitability, the firm said in its latest earnings call.
Mr. Cooper, as with most of the lenders in the industry, saw headwinds in its origination business.
Funded volume declined to $3.3 billion in Q3, down from $3.8 billion in Q2 and $5.7 billion in Q3 2022. Mr. Cooper ranked as the 26th largest lender in the country, according to Inside Mortgage Finance (IMF). The company came in as the second-biggest servicer in the U.S., IMF data showed.