In this episode, we dive into the evolving landscape of the gig economy, exploring its impact on business models both locally and globally. We also talked about the synergy between remote work and company culture, and how it makes companies adopt innovative ways to track efficiency of diverse work structures. We pivoted the discussion also to talk about the relationship between debt, consumer behavior, and interest rates. We explored how these elements intertwine and influence financial decisions at both individual and societal levels.
Meet the hosts:
1. Mike (The Sage) Ayala is an accomplished investor, speaker, and podcast host, who stands at the helm of Investing for Freedom, guiding busy professionals and entrepreneurs toward the path of genuine liberation and optimal living. 2. Ashish (Hostess with the Most-est) Nathu is a founder and CEO, entrepreneur, real estate investor, triathlete, and host of the Rich Equation Podcast. 3. Matt (Hero of Hospitality) Aitchison is a distinguished real estate investor, captivating speaker, and committed philanthropist. 4. Aaron (The Trend Spotter) Amuchastegui is a seasoned real estate virtuoso with a remarkable track record of over 1,000 house transactions, predominantly acquired through astute foreclosure purchases at courthouse auctions.
Welcome to episode 3 of The Kings Table Podcast, a captivating new show hosted by Ashish, Mike, Aaron, and Matt. Join us for an unfiltered, authentic experience as we gather weekly to delve into the raw discussions that drive our lives, businesses, economics, and the world.
Highlights:
04:16 – How working from home can enhance company culture and still get better results 10:50 – How do we track productivity for different working types for smaller businesses? 16:56 – How the US workforce compete with the global workforce 21:55 – Discussion around debt and how it is tied to consumer behavior and interest rates
Connect with us!
We eagerly await your feedback about the show! Kindly share your thoughts via text message at this number: (844) 447-1555.
Mike Ayala: Instagram: https://www.instagram.com/themikeayala/ YouTube: https://www.youtube.com/channel/UCoa4pNSAYxBM6nSn2jCrPYA Website: https://investingforfreedom.co/
College life is all about getting a great education, getting to know your roommates and classmates, exploring interests and activities, and forging your own adult identity. But it’s also a perfect time to establish some good money habits that will set the scene for success today and tomorrow.
From developing a budget to opening bank accounts, you’ll have ways to make your money work harder for you and grow over time so you can achieve your goals. And it can be pretty simple, too, so it won’t interfere with study sessions or hanging out at the student center.
Learn the 10 best strategies for good money management here.
10 Tips for Managing Your Money As a College Student
Here are 10 money management tips that help you spend less and save more both during and after college.
1. Setting up a Basic Budget
Budgeting may sound complicated, but making a budget is simply a matter of figuring how much is coming into your bank account each month and how much is going out, and making sure the latter doesn’t exceed the former.
To get started, you’ll want to list all of your sources of income, such as from a job or family contributions.
If you are going to be living off a fixed amount of money for each semester, say from summer earnings or money from your family, you may want to divide this lump sum by the number of months you need to make this money last.
Once you know how much you have to live on each month, you’ll want to make a list of fixed expenses that you will be responsible for paying, such as cell phone or car payment, or maybe even rent if you live off campus.
Next, you’ll want to subtract your fixed expense from your monthly spending allotment. This will give you the amount you have left over to cover variable expenses, such as eating out, buying clothes, and entertainment. You can then come up with target spending amounts for each category.
Doing your best to stay within these spending limits can help ensure that your money lasts until the end of the semester, and help you avoid running up costly credit card debt.
💡 Quick Tip: Banish bank fees. Open a new bank account with SoFi and you’ll pay no overdraft, minimum balance, or any monthly fees.
2. Opening up a Savings Account
You might feel like you don’t have enough income to start saving money yet, but even just putting a small amount away each month can add up over time.
For example, if you’re able to set aside $50 a month now, you may soon have a decent nest egg that can help pay for something fun, like a road trip over the next school break.
What’s more, being diligent about saving money each month can help cultivate a habit that will serve you later when you can afford to save more in your nest egg and also for retirement.
Ready for a Better Banking Experience?
Open a SoFi Checking and Savings Account and start earning 1% APY on your cash!
3. Buying Used Textbooks (and Selling Yours When Done)
Textbooks can be so expensive! Fortunately, there are a number of ways to save money here.
One option is to buy used whenever you can. You’ll want to be sure, however, that you are getting the version the professor wants. If you have an earlier edition, you might struggle to find the content if the book has since been modified. Getting the digital version of a book can also yield savings.
Another option is to rent what you need from a third-party bookseller, such as Amazon or Chegg. You can often rent textbooks for an entire semester for significantly less than buying new, and may even be able to highlight them.
For books that you purchase (new or used) that you won’t need to refer to in the future, consider selling them when you’re done to recoup some of the expense.
4. Using Credit Cards Sparingly
Credit card companies love college students, and many may try to lure you into applying for cards. You’ll want to proceed with caution, however.
While having a credit card as a student can be a good idea–for convenience, as a backup for emergencies, and to start building credit history (more on that below), you’ll want to be careful that you don’t run up credit card debt.
If you charge more than you can afford to pay off at the end of the month, you can end up paying a high-interest rate on the balance, which can make it even hard to pay off.
As a result, it can be easy for college students to find themselves digging a debt hole that can be hard to climb out of.
If you choose to sign up for a new card, you may want to look for a rewards credit card. These can let you rack up points you can use to get products or travel perks, but only charge what you can afford to pay back quickly.
If you choose to sign up for a new card, you may want to look for a rewards credit card that will let you rack up points you can use to get products or travel perks–and only charge what you can afford to pay back quickly.
5. Establishing Your Credit Score
A credit score is a three-digit number, typically between 300 and 850, designed to represent your credit risk, or the likelihood you will pay your bills on time.
Building your credit history might not seem like a priority when you’re still in school, but you’ll need it in the future if you want to finance a car, buy a house, or qualify for the best credit card offers. Your credit can even affect your job prospects and your ability to rent an apartment.
One good strategy is to use your credit card judiciously. If you make small purchases and regularly pay the balance off in full, you can avoid racking up interest charges but still get that boost to your credit score.
If you have student loans, you may also want to consider making small payments (even just $25 to $50) while you’re still in school to start paying down interest and have some positive repayment history on record.
If you start building a solid credit history now, you will likely be able to get better deals on lending products like mortgages, car loans, and credit cards in the future.
💡 Quick Tip: Are you paying pointless bank fees? Open a checking account with no account fees and avoid monthly charges (and likely earn a higher rate, too).
6. Finding Free Stuff
One highly effective way to stretch your money is to find freebies.
Facebook has groups where people can post items they no longer want. You might be able to score free clothes, furniture, or room decor.
Freecycle and NextDoor also have listings for things that people are giving away. You can also find free items on Craigslist (you’ll find the “Free” section under the “For Sale” heading on the main page for your city).
7. Learning to Cook and Eating out Less
You may find you get tired of cafeteria fare and ramen. At the same time, you may not want to don’t blow your budget on eating in restaurants every weekend.
If you have access to a kitchen, you might want to consider purchasing ingredients from your local supermarket and putting together some simple, tasty meals, instead of eating out. This can be a major way to save money on food.
If you’re not much of a cook, you may want to go to some food blogs and recipe sites like Allrecipes or Serious Eats to find some easy recipes and watch a few how-to videos. You could also find tons of cooking videos on YouTube.
Having some go-to recipes in your arsenal can pay off now, and also down the line when you’re working and living on your own (and don’t have to rely on expensive take-out or unhealthy fast food for dinner every night).
8. Starting an Emergency Fund
Starting an emergency fund or back-up savings fund is an important part of anyone’s long-term financial health.
Life can be unpredictable, and your emergency fund serves as a safety net that you can fall back on for those “rainy days” where you find yourself facing an unexpected expense or other financial setbacks.
Having an emergency fund can also help keep you from having to rely on credit cards to get through a financial challenge.
How much you should put aside for emergencies each month is up to you and your financial situation. The key is to start saving something each month, no matter how small the amount may initially seem.
When starting your emergency fund, it’s a good idea to fund the account regularly. Consider setting up an automatic transfer to your savings so you do not have to think about it.
Ideally, your emergency fund should also be set up in a separate savings account so you won’t be tempted to spend the money on something else.
9. Getting the Most out of Your Student ID
You may only think of your ID card as a form of identification and a way to get into college sporting events. But there are actually a number of additional benefits that come with a student ID, and many can help you save money.
You may find that businesses, especially those near universities, will offer students discounts when they show a student ID card.
Next time you go to the movies, shop for school supplies, or get a new haircut, it can be a good idea to ask if they offer any discounts for local college students.
In addition, many national and online retailers, including major clothing, sneaker, and computer brands, offer discounts to college students.
You may also be able to use your student ID to get a better deal on your cell phone plan and streaming services.
10. Getting Started with Investing
Investing when you’re young is one of the best ways to help your money grow over time.
That’s thanks to compound earnings, which means that any returns you earn are reinvested to earn additional returns. The earlier you start investing, the more benefit you gain from compounding.
Investing in the stock market also isn’t as complicated as you may think. You can open a retirement account, like a traditional or Roth IRA, or a brokerage account (for nonretirement investing) online, often with a minimal amount of money.
You may also be able to schedule automatic withdrawals from your bank account to your investment account each month.
It’s important to keep in mind, however, that all investments have some level of risk because the market moves up and down over time.
The Takeaway
College can provide a great opportunity to develop the money skills you’ll need after you graduate. By learning some basic money management techniques now, you can feel confident about your ability to handle your finances well after graduation.
In 10 years, you will likely thank yourself for putting in the effort to learn how to set and stick to a monthly budget, use credit cards wisely, save money, and build your credit score.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
Better banking is here with up to 4.50% APY on SoFi Checking and Savings.
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Do you want to learn how to get free clothes? There are many ways to get free clothes online and in-person, which means you can save money and have a new outfit. From online shopping to community groups and social media, there are many platforms where you can find free clothes for yourself and your…
Do you want to learn how to get free clothes?
There are many ways to get free clothes online and in-person, which means you can save money and have a new outfit.
From online shopping to community groups and social media, there are many platforms where you can find free clothes for yourself and your family. In this article, I will help you find free clothing both online and near you.
Whether you’re an expert bargain hunter or just learning the ropes, taking advantage of free outfits can be the key to sprucing up your wardrobe without spending a ton of money. Read on to learn more about how to get free clothes, discounts, and clever hacks to get free clothes while maintaining your budget.
Key Takeaways
Explore online platforms, like Facebook Buy Nothing groups, Craigslist, and Freecycle.org, for free clothing options.
Connect with friends and communities to organize clothing swaps.
Blogging or social media can lead to free clothing items and discounts.
How To Get Free Clothes
1. Facebook Buy Nothing Groups
If you’re looking for the easiest way to learn how to get free clothes, Facebook Buy Nothing groups can be one of the best options in your local area. These local groups on Facebook are part of the Buy Nothing Project, which aims to connect neighbors who are willing to give items away for free, including clothing.
I have given away many, many things in my Facebook Buy Nothing group, and I see lots of clothes given away all the time. You can find free clothes for women, men, children, and babies in your local Facebook Buy Nothing group.
To get started with Facebook Buy Nothing groups, simply search for a Buy Nothing group in your town or city. If you live in a large city, there might be multiple groups for different neighborhoods. Once you find the right group, send a request to join. You can start by searching “your city name Buy Nothing Group” as an example.
After you’ve been accepted into the group, you can start looking for free clothes. Keep an eye out for posts from group members offering clothing items they no longer need, and don’t hesitate to ask questions and state your interest in the items you like. When you find something you’d like to have, simply comment on the post to let the person know that you’re interested. The person may choose to gift the item to the first person who comments, or they might decide to draw names at random.
Another way you can learn how to get free clothes on Buy Nothing is by hosting a clothing round-robin. This is when people put together a box of clothes together that goes person to person. You can try items on in your home, take clothing you like, add to the box, and pass it along to the next person.
Facebook Marketplace may also have free clothing listed as well.
2. Look at Craigslist for free clothing
Craigslist has a free section on their website where you can find clothing and other items that people are giving away.
To get started, go to Craigslist.org and head to the free section of the website. Then type “clothes” or whatever specific article of clothing you are looking for in the Craigslist search bar.
Then when you find a free clothing listing that you like, simply click on the title or image to view more information about the offer and send an email to the person.
Note: For your safety, it is a good idea to meet the person in a public place and bring a friend along when you pick up the clothes.
3. Check Freecycle.org for clothing and shoes
Freecycle.org is a great resource for where to get free clothes online.
Freecycle is a nonprofit movement/website that allows members to give away and receive items for free in their local area. Freecycle is all about reducing waste and keeping items out of landfills.
To get started, create a free account on Freecycle.org and start looking at what is available in your area.
When you find something you like, simply respond to the listing, and the person will give you details on how to pick up the items.
For more content related to how to get free clothes, check out: 15 Awesome Ways To Get Free Stuff.
4. Organize a swap with friends to get free clothes
Setting up a clothing swap with friends and family is a fun way to refresh your wardrobe while also learning how to get free clothes.
Here are some steps to host a fun clothing swap:
Set a date and location – Choose a date and time that works for you and your friends. It’s a good idea to host the swap at your home or another comfortable space where everyone feels welcome. Make sure there is enough room for everyone to display and try on clothes.
Invite your friends – Create a guest list and send out invites. You can use social media, email, or text message to invite your friends. Make some ground rules for how the swap will work, and ask everyone to bring clean, gently used clothes that they no longer wear.
Prepare the space – Set up an area where friends can display their clothing items. This can be as simple as just using a dining room table or everyone sitting on the couch in the living room.
You can make it even more fun by asking everyone to bring snacks and food as well and make it more of a potluck.
I also recommend checking out the website Rehash. This is an online swap website where you can trade clothing with others online.
5. Birthday freebies
Many stores give you discounts or free stuff on your birthday when you sign up for their email lists or by joining customer loyalty programs.
These offers can be in the form of discounts, coupons, or even free items for a limited time.
Related: 31 Birthday Freebies You Should Sign Up For
6. Participate in sweepstakes and contests
If you want to learn how to get free clothes from companies, participating in sweepstakes and contests is a great option. Many stores and clothing brands have contests on their social media platforms, offering free clothing or clothing gift cards.
You can often find these by simply following your favorite stores and brands on social media – like Facebook, Twitter, and Instagram – to see when they hold a giveaway.
Another way to find sweepstakes and giveaways to enter is to search related hashtags on Twitter, Facebook, and Instagram. Many times, sweepstakes and giveaways are tagged with these hashtags in order to grow even more and so that people can find them. I used to enter giveaways all the time, and this is exactly how I would find giveaways to enter. Some hashtags to find free online clothing giveaways include:
#sweepstakes
#giveaway
#clothinggiveaway
#contest
7. Find money-making apps that will pay you in clothing gift cards
If you’re looking to add some new clothing to your wardrobe without spending a lot of money, you can try using money-making apps that give you free gift cards or PayPal cash.
This may include taking surveys and shopping online, you can earn points that can be redeemed for gift cards to popular clothing stores. Here are some apps to consider using for free gift cards:
Swagbucks is a popular site that rewards you for completing tasks, such as watching videos, taking surveys, and shopping online. You can earn points and redeem them for gift cards from popular stores, like Amazon, Target, Walmart, Adidas, and Under Armour, where you can purchase clothing.
American Consumer Opinion is a popular survey website where you can get paid around $1 to $5 (longer surveys pay more than shorter ones) for each survey you answer.
Branded Surveys is an online survey company that pays around from $0.50 to $5.00 per survey that you answer. Like with all survey companies that I recommend, it is free to join.
Fetch Rewards is a grocery rewards app where you can redeem your points for clothing gift cards. You scan your receipts from grocery shopping and earn points that can be exchanged for gift cards at various clothing stores, like American Eagle, Gap, Lululemon, Old Navy, and more.
Upside is a cell phone app that gives you cash back for using the gas stations that are listed in their app. You simply sign up for a free account, and then look at the Upside app to find gas stations located near you. With Upside, you can make up to $0.25 per gallon cash back at gas stations. You can then redeem your earnings for cash to your bank account, but also for free gift cards to H&M, Nike, Target, Walmart, and more.
Ibotta is an app where you can unlock rebates and rewards, go shopping, verify your purchases, and then get cash.
By using these apps, you can earn gift cards to clothing stores without spending a dime.
Related: 16 Real Ways To Earn Free Gift Cards (Amazon, Target, Visa)
8. Redeem credit card rewards points to put towards free gift cards for clothes
You can benefit from using your credit card rewards points to score free gift cards for clothes!
Many credit card issuers offer reward programs, which give you points for every dollar you spend. By accumulating these points, you can redeem them for various rewards, including gift cards to your favorite clothing stores.
The way that rewards credit cards work is that every time you use your credit card, you can earn points for spending money. Yes, spending money just like how you normally spend money.
Two rewards credit cards that I personally like include:
Note: Using credit cards for their rewards is only wise if you are a responsible credit card user. You do not want to add debt to your life to earn credit card rewards, as debt that gains interest is not free or worth it! You need to make sure you’re paying your credit card balance in full each month for the gift card rewards to be worth it so that you are not taking on debt that you don’t need.
9. Start a clothing blog or social media account
Starting a clothing blog or social media account can be a fun way to get free clothes to promote. By building a following, clothing brands may want to partner with you and give you free clothing.
To begin, choose a platform where you want to focus your time, such as starting a fashion blog or setting up an Instagram account. For example, if you’re passionate about taking pictures, Instagram can be a perfect platform for this. If you want to focus on writing, then a blog may be better. If you prefer video, then starting a YouTube channel or TikTok may be for you.
Next, you’ll want to focus on growing your audience. You can grow your following by regularly posting high-quality content and replying to comments.
Once you are ready, you can start reaching out to clothing brands for possible partnerships by sending emails or social media messages, telling them that you are interested in promoting their products and discussing how the collaboration can benefit the both of you. You may be asked to share statistics about your blog or social media account, including your follower count and engagement rate to show that the partnership would be worthwhile.
In addition to receiving free clothing, partnering with clothing companies can lead to other benefits, such as promo codes for your readers or even earning referral income for any purchases from followers made through your affiliate links.
You can learn how to start a blog in my free How To Start a Blog Course.
Note: Please keep in mind that being a trustworthy blogger or social media influencer means always disclosing when a post is sponsored or when you receive a product for free. Adding disclaimers is also the law when using affiliate links or sharing sponsored posts.
10. Get a job at a clothing store
When I was younger, I worked at a clothing store. If we beat our monthly sales goals, we were given a percentage of that in a gift card to the store. This was a great way to get free clothing!
Now, not all clothing stores have this perk, but you may be able to ask around and see if others do.
Another perk of working at a clothing store is the employee discount that you can get. As an employee, you typically receive a good employee discount – sometimes up to 50% off. This could be a great way for you to save money on clothes while earning a paycheck.
11. Reach out to a local nonprofit or charitable group
Many nonprofits or charitable groups offer free clothing to those in need.
Shelters, religious organizations, and other groups often have clothing banks available. Don’t be afraid to reach out to these organizations if you find yourself needing how to get free clothes for everyday or work.
12. School donation programs
Some schools and universities host clothing donation programs, which can help students who may be struggling financially.
You can keep an eye out for these events to get free clothes for yourself or your children. Schools might even have partnerships with local retailers, providing designer clothing at no cost, along with essentials.
I recommend reaching out to your school and asking what options are available for you.
13. Local yard sales
Yard sales are a great place to find cheap or even free clothes. Some homeowners may be willing to part with clothes for very cheap or free, especially towards the end of the day when they are packing up and they want to get rid of the items that are remaining.
14. Pregnancy and baby sample boxes
If you are pregnant, then you can probably get a free baby box filled with items you’ll want and need.
You typically get a free baby box when you create a baby registry. These boxes are often filled with free baby samples, such as a baby onesie, baby bottles, diapers, pacifiers, and more.
I got both the Amazon baby box and the Babylist baby box when I was pregnant, and they were both great and free! I simply created a registry through both sites (which is something that I was already doing), and I received the free baby box once someone purchased something off my baby registry.
In each, there was one baby onesie. So it wasn’t a lot of free baby clothing, but it was fun to receive and there were lots of other free items in the box as well.
Related: Best Baby Gear – Guide For New Parents
15. Refer friends to your favorite stores
Referral programs are offered by many online clothing companies, and this may get you some free clothing.
When you refer a friend to the website, both you and your friend often receive a discount or credit towards your next purchase. You can share your unique referral link with friends and family, or promote it on social media to reach a larger audience.
Some online stores which have a referral program include Lulus, Poshmark, ThreadUP, Stitch Fix, Rent The Runway, and many more.
Make the most of online shopping to get money to put towards clothes
When shopping online, there are ways that you can save money. While these won’t lead you to getting entirely free clothing, these tips can make clothing more affordable.
Use coupons and promo codes –Always keep an eye out for coupons and promo codes before making a purchase to save money on clothes. Websites, like Honey, often have promo codes available for online stores. This way, you can save on your purchases and have more money to put towards new clothes. You can install the Honey browser extension, which automatically finds and applies available coupon codes and promo codes when you shop online. Then shop like normal and when you’re ready to checkout, Honey will instantly find and apply the best coupon codes directly to your shopping cart.
Cash-back sites –Using cash-back sites is another smart way to save money on your apparel purchases. Rakuten offers cash back (up to 40% cash back!) for shopping at many different online retailers (they have thousands of options). Simply browse the Rakuten website, find stores you normally shop at, and earn a percentage of cash back for every purchase.
Loyalty programs –Signing up for loyalty programs can be a great way to earn points or rewards that can be put towards new clothes. Many clothing stores offer rewards programs for their customers. As a member, you can earn points with each purchase that can be redeemed for discounts or even free clothing items.
Shop at thrift stores and consignment shops –Thrift stores can be a great source of free or inexpensive clothes. There are even online thrift stores, such as ThredUP and OfferUp.
Frequently asked questions about how to get free clothes
Below, I answer common questions about ways to get clothing for free.
Where can I find free clothing giveaways?
One way to find free clothes that are being given away is to search for online giveaways and contests. You can find these by going to giveaway websites, or searching hashtags on Twitter and Instagram, such as #giveaway and #clothinggiveaway.
There are many if you want to learn how to get free clothes, such as reaching out to nonprofit organizations, shelters, and churches in your local area. You can also check out websites, like Freecycle.org or Craigslist, for listings of free clothing resources in your community. Also, joining local Facebook Groups for clothing swaps or free items may help you find free clothes near you.
How can I receive free clothes delivered to my door?
By participating in referral programs, product testing programs, or signing up for clothing site rewards, you can potentially receive free clothes delivered to your door.
How to get free items from SHEIN?
There are a few ways to get free Shein clothes, and this is a very popular question about how to get free clothes!
There is a Shein Free Trial Center where you may be able to test out outfits for free. You will have to write a product review for the item you get for free with the Shein product testing program.
There are also Shein giveaways on social media all the time that you can enter as well.
How do I manage to have a great wardrobe on a tight budget?
To have a great wardrobe on a tight budget, you may want to focus on versatile and timeless pieces that can be mixed and matched. This may include shopping sales, clearance sections, and secondhand stores to find affordable clothing items. You can also swap clothes with friends or attend clothing swap events to save money.
How can I get a lot of clothes with little money?
You can get a lot of clothes with little money by shopping at thrift stores, discount stores, and clearance sales.
How do I get free athletic wear?
Many running shoes have a product testing program for athletes and runners, such as the Saucony product testing program, Reebok product testing program, New Balance tester community, and the Nike product testing program.
These companies will need your shoe size and some other information from you before they can send you anything. There will most likely be an in-depth questionnaire for you to answer after you try the shoes.
In some cases, you will not be able to keep the shoes, just so you know.
How To Get Free Clothes Online Without Paying – Summary
I hope you enjoyed today’s article on my best tips and tricks on how to get free clothing. As you can see, there are many ways to get started!
Whether you are looking for free t-shirts, jeans, shoes, work clothes, or something else, there is plenty of free apparel if you look around.
With Facebook Buy Nothing groups, Craigslist, and Freecycle.org, you can connect with like-minded individuals and exchange items without needing to pay. Also, connecting with friends, family, and online communities by organizing clothing swaps, working with money-making apps that offer gift cards, and blogging or engaging on social media can lead to free clothing items as well.
Remember, when you maximize your online shopping by using loyalty programs, cash-back apps, referral programs, and coupons, you’ll have more money to put towards new clothing items.
Do you know how to get free clothes? What’s your favorite way?
Content is based on in-depth research & analysis. Opinions are our own. We may earn a commission when you click or make a purchase from links on our site. Learn more.
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Updated: August 15, 2023
5 Min Read
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GoodFinancialCents® has an advertising relationship with the companies included on this page. All of our content is based on objective analysis, and the opinions are our own. For more information, please check out our full disclaimer and complete list of partners.
Quality Verified
GoodFinancialCents® partners with outside experts to ensure we are providing accurate financial content.
These reviewers are industry leaders and professional writers who regularly contribute to reputable publications such as the Wall Street Journal and The New York Times.
Our expert reviewers review our articles and recommend changes to ensure we are upholding our high standards for accuracy and professionalism.
Our expert reviewers hold advanced degrees and certifications and have years of experience with personal finances, retirement planning and investments.
Why You Can Trust GoodFinancialCents®
GoodFinancialCents® partners with outside experts to ensure we are providing accurate financial content.
These reviewers are industry leaders and professional writers who regularly contribute to reputable publications such as the Wall Street Journal and The New York Times.
Our expert reviewers review our articles and recommend changes to ensure we are upholding our high standards for accuracy and professionalism.
Our expert reviewers hold advanced degrees and certifications and have years of experience with personal finances, retirement planning and investments.
About the Author
Jeff Rose, CFP® is a Certified Financial Planner™, founder of Good Financial Cents, and author of the personal finance book Soldier of Finance. He was a financial planner for 16+ years having founded, Alliance Wealth Management, a SEC Registered Investment Advisory firm, before selling it to focus on his passion – educating the masses on the importance of financial freedom through this blog, his podcast, and YouTube channel.
Jeff holds a Bachelors in Science in Finance and minor in Accounting from Southern Illinois University – Carbondale. In addition to his CFP® designation, he also earned the marks of AAMS® – Accredited Asset Management Specialist – and CRPC® – Chartered Retirement Planning Counselor.
While a practicing financial advisor, Jeff was named to Investopedia’s distinguished list of Top 100 advisors (as high as #6) multiple times and CNBC’s Digital Advisory Council.
Jeff is an Iraqi combat veteran and served 9 years in the Army National Guard. His work is regularly featured in Forbes, Business Insider, Inc.com and Entrepreneur.
In episode two of The Kings Table Podcast, we dive deeper into who we are. We talk about the power of knowledge consumption in the information age, share the books we are currently reading, and how to apply their wisdom. We also discuss time and how we intentionally allocate this finite resource to align with our chosen lifestyles.
Meet the hosts:
1. Mike (The Sage) Ayala is an accomplished investor, speaker, and podcast host, who stands at the helm of Investing for Freedom, guiding busy professionals and entrepreneurs toward the path of genuine liberation and optimal living. 2. Ashish (Hostess with the Most-est) Nathu is a founder and CEO, entrepreneur, real estate investor, triathlete, and host of the Rich Equation Podcast. 3. Matt (Hero of Hospitality) Aitchison is a distinguished real estate investor, captivating speaker, and committed philanthropist. 4. Aaron (The Trend Spotter) Amuchastegui is a seasoned real estate virtuoso with a remarkable track record of over 1,000 house transactions, predominantly acquired through astute foreclosure purchases at courthouse auctions.
In this episode we dived deeper into us and who we are a little bit more. We talked about how we delved into the power of knowledge consumption in the information age. We shared the books we are currently reading and how we apply the wisdom learned. We talked about the book, 10x Is Easier Than 2x: How World-Class Entrepreneurs Achieve More by Doing Less, and how we strive to achieve exponential growth while maintaining good relations with our loved ones. We also discussed time and how we intentionally allocate this finite resource to align with our chosen lifestyles. And lastly, we discussed the interplay between effort and results.
Highlights:
07:06 – Books we are currently reading and what we recommend. As we are in the information age, we talk about what each of us consume, how we consume it and how we do that proactively 29:55 – Roundtable question re: the book 10x Is Easier Than 2x — how the could’ve 10x’d and maintain good relations with wife and family. 35:06 – Time is finite and how they choose how to spend it as they make their lifestyle choices 44:38 – Effort vs results
Connect with us!
We eagerly await your feedback about the show! Kindly share your thoughts via text message at this number: (844) 447-1555.
Mike Ayala: Instagram: https://www.instagram.com/themikeayala/ Youtube: https://www.youtube.com/channel/UCoa4pNSAYxBM6nSn2jCrPYA Website: https://investingforfreedom.co/
Content is based on in-depth research & analysis. Opinions are our own. We may earn a commission when you click or make a purchase from links on our site. Learn more.
Quality Verified
GoodFinancialCents® partners with outside experts to ensure we are providing accurate financial content.
These reviewers are industry leaders and professional writers who regularly contribute to reputable publications such as the Wall Street Journal and The New York Times.
Our expert reviewers review our articles and recommend changes to ensure we are upholding our high standards for accuracy and professionalism.
Our expert reviewers hold advanced degrees and certifications and have years of experience with personal finances, retirement planning and investments.
Why You Can Trust GoodFinancialCents®
GoodFinancialCents® partners with outside experts to ensure we are providing accurate financial content.
These reviewers are industry leaders and professional writers who regularly contribute to reputable publications such as the Wall Street Journal and The New York Times.
Our expert reviewers review our articles and recommend changes to ensure we are upholding our high standards for accuracy and professionalism.
Our expert reviewers hold advanced degrees and certifications and have years of experience with personal finances, retirement planning and investments.
When I became an accredited investor, I found myself among an elite group with the financial means and regulatory clearance to access investments that many couldn’t. This opened doors to exclusive realms like hedge funds, venture capital firms, specific investment funds, private equity funds, and more.
Even though I had this “exclusive access” it took me awhile to start investing in alternative asset classes.
The Securities and Exchange Commission states that as an accredited investor, I possess a level of sophistication that equips me to craft a riskier investment portfolio than a non-accredited investor. While this might not be universally true for everyone, in my case, I had demonstrated the financial resilience to bear more risk (see barbell investing), especially if my investments took an unforeseen downturn.
One of the intriguing aspects I discovered was that investment opportunities for accredited investors aren’t mandated to register with financial authorities. This means they often come with fewer disclosures and might not be as transparent as the registered securities available to the general public.
The underlying belief is that my status as a sophisticated investor implies a deeper understanding of financial risks, a need for less disclosure on unregistered securities, and a conviction that these exclusive investment opportunities are apt for my funds.
On a personal note, as a practicing CFP®, I hadn’t always worked with accredited investors. Early in my career, I didn’t quite grasp the allure. But as time went on, I began to see the broader spectrum of investment options available to accredited investors.
As I learned more the clearer it became why this realm was so sought after. The variety and potential of these exclusive opportunities were truly eye-opening, reshaping my perspective on the world of investing.
Introduction to Accredited Investors
An accredited investor is an individual or a business entity that is allowed to trade securities that may not be registered with financial authorities. They are entitled to this privileged access because they satisfy one or more requirements regarding income, net worth, asset size, governance status, or professional experience.
The concept of an accredited investor originated from the idea that individuals or entities with a higher financial acumen or more resources are better equipped to understand and bear the risks of certain investment opportunities.
Historically, the distinction between accredited and non-accredited investors was established to protect less experienced investors from potentially risky or less transparent investment opportunities.
Regulatory bodies, such as the U.S. Securities and Exchange Commission (SEC), have set criteria to determine who qualifies as an accredited investor, ensuring that they have the financial stability and sophistication to engage in more complex investment ventures.
Criteria for Becoming an Accredited Investor
To be classified as an accredited investor, one must meet specific criteria set by regulatory bodies:
Criteria
Description
Income Requirements
An individual must have had an annual income exceeding $200,000 (or $300,000 for joint income with a spouse) for the last two years, with the expectation of earning the same or a higher income in the current year.
Net Worth Requirements
An individual or a couple’s combined net worth must exceed $1 million, excluding the value of their primary residence.
Professional Credentials
Recent updates have expanded the definition to include individuals with certain professional certifications, designations, or other credentials recognized by the SEC. Examples include Series 7, Series 65, and Series 82 licenses.
Business Entities
Entities, such as trusts or organizations, with assets exceeding $5 million can qualify. Additionally, entities in which all equity owners are accredited investors may also be considered accredited.
Best Investment Opportunities for Accredited Investors
Here’s a rundown of some of the top investment for accredited investors…
1. Fundrise
Minimum Investment: $500
Best for: Newbie Investors
Fundrise has revolutionized the real estate investment landscape. By democratizing access to real estate portfolios, it allows individuals to invest without the complexities of property management or the need for vast capital. The platform’s innovative approach provides exposure to a traditionally lucrative, yet often inaccessible, sector of the market
Through Fundrise, investors can access a diversified range of properties, from commercial ventures to residential units. The platform’s expert team curates these portfolios, ensuring a balance of risk and reward. With its user-friendly interface and transparent reporting, Fundrise has become a top choice for many venturing into real estate investments.
How it Works: Investors start by choosing a suitable investment plan on Fundrise. Once invested, the platform pools the funds with other investors and allocates them across various real estate projects. As these properties generate rental income or appreciate in value, investors receive returns in the form of dividends or appreciation.
Pros:
Diversified real estate portfolios.
User-friendly platform with transparent reporting.
Cons:
Limited liquidity compared to public markets.
Returns are dependent on real estate market performance.
2. Equitybee
Minimum Investment: $10,000
Best for: Experienced Investors
Equitybee offers a unique platform that bridges the gap between private companies on the cusp of going public and potential investors. This innovative approach provides a golden opportunity for investors to tap into the potential of startups and other private firms before they make their public debut.
The platform’s primary focus is on employee stock options. By allowing investors to invest in these options, they can potentially benefit from their appreciation as the company grows. With a vast array of companies, from emerging startups to established giants, Equitybee presents a diverse range of investment opportunities.
How it Works: Investors browse available stock options from various companies on Equitybee. Once they choose an option, they invest their funds, which are then used to purchase the stock options from the employees. If the company goes public or gets acquired, the investor stands to gain from the increased value of these stocks.
Pros:
Access to pre-IPO companies.
Diverse range of startups and established firms.
Cons:
Platform fee of 5%.
Potential risks associated with private market investments.
3. Percent
Minimum Investment: $500
Best for: Novice Investors
Percent stands as a beacon in the vast sea of the private credit market, illuminating a sector often overshadowed by traditional investments. This burgeoning market, valued at over $7 trillion, consists of companies borrowing from non-bank lenders. Percent offers a unique vantage point into this market, allowing investors to diversify their portfolios beyond typical stocks and bonds.
The allure of Percent lies in its ability to offer shorter terms and higher yields, combined with investments that are largely uncorrelated with public markets. This makes it an attractive proposition for those looking to step away from the volatility of traditional markets.
How it Works: Upon joining Percent, investors are presented with a plethora of private credit opportunities. After selecting an investment, funds are pooled with other investors and lent out to companies seeking credit. As these companies repay their loans, investors earn interest, providing a steady income stream.
Pros:
Access to the burgeoning private credit market.
Potential for higher yields.
Cons:
Requires understanding of private credit dynamics.
Less liquidity compared to public markets.
4. Masterworks
Minimum Investment: $10,000
Best for: Novice Investors
Masterworks paints a vivid picture of art investment, blending the worlds of finance and fine art. Traditionally, investing in art was a luxury reserved for the elite. However, Masterworks has democratized this, allowing individuals to buy shares in artworks from world-renowned artists.
The platform’s strength lies in its expertise. From authentication to storage, every facet of art investment is handled meticulously. This ensures that investors can appreciate both the beauty of their investments and the potential financial returns.
How it Works: After registering on Masterworks, investors can browse a curated selection of artworks. They can then purchase shares, representing a fraction of the artwork’s value. Masterworks takes care of storage, insurance, and eventual sale. When the artwork is sold, investors share the profits based on their ownership.
Pros:
Opportunity to diversify with fine art.
Managed by art experts.
Cons:
Art market can be unpredictable.
Long-term investment horizon.
5. Yieldstreet
Minimum Investment: $15,000
Best for: Advanced Investors
Yieldstreet stands at the intersection of innovation and alternative investments. It offers a smorgasbord of unique investment opportunities, ranging from art to marine finance. For those looking to venture beyond the beaten path of traditional stocks and bonds, Yieldstreet presents a tantalizing array of options.
The platform’s allure lies in its curated selection of alternative investments, each vetted by experts. This ensures that while investors are treading unconventional grounds, they’re not stepping into the unknown blindly.
How it Works: Investors begin by browsing through the diverse investment opportunities on Yieldstreet. After selecting their preferred asset class, their funds are pooled with other investors and allocated to the chosen venture. Returns are generated based on the performance of these assets, be it through interest, dividends, or asset appreciation.
Pros:
Wide range of alternative investments.
Potential for high returns.
Cons:
Some niches may be too specialized.
Requires a deep understanding of chosen investments.
6. AcreTrader
Minimum Investment: $10,000
Best for: Newbie Investors
AcreTrader, as its name suggests, brings the vast expanses of farmland to the investment table. It offers a unique opportunity to invest in agricultural land, combining the stability of real estate with the evergreen nature of agriculture. With the global population on the rise, the value of fertile land is only set to increase.
The platform meticulously vets each piece of land, ensuring only the most promising plots are available for investment. This rigorous process ensures that investors are planting their funds in fertile ground, poised for growth.
How it Works: Investors peruse available farmland listings on AcreTrader. After selecting a plot, they can invest, effectively owning a portion of that land. AcreTrader manages all aspects, from liaising with farmers to ensuring optimal land use. Investors earn from the appreciation of land value and potential rental income.
Pros:
Stable, tangible asset.
Potential for steady returns.
Cons:
Returns may be slower compared to other platforms.
Limited to U.S. farmland.
7. EquityMultiple
Minimum Investment: $5,000
Best for: Experienced Investors
Summary: EquityMultiple is a testament to the power of collective investment in the real estate sector. By leveraging the principles of crowdfunding, it offers a platform where multiple investors can pool their resources to finance high-quality real estate projects. This collaborative approach allows for diversification and access to projects that might be out of reach for individual investors.
The platform’s strength lies in its curated selection of real estate opportunities, ranging from commercial spaces to residential properties. With a team of seasoned real estate professionals at the helm, EquityMultiple ensures that each project is vetted for maximum potential and minimal risk.
How it Works: Upon joining, investors can explore a variety of real estate projects. After committing to a project, their funds are pooled with other investors to finance the venture. Returns are generated through rental incomes, property appreciation, or the successful completion of development projects.
Pros:
Diverse real estate opportunities.
Managed by real estate professionals.
Cons:
Market risks associated with real estate.
Longer investment horizons.
8. CrowdStreet
Minimum Investment: $25,000
Best for: Advanced Investors
CrowdStreet stands as a pillar in the commercial real estate investment domain. With its vast experience and industry connections, it offers a platform where investors can tap into prime real estate projects across the nation. From bustling urban centers to tranquil suburban locales, CrowdStreet provides a diverse range of investment opportunities.
The platform’s expertise ensures that each project is meticulously vetted, offering a blend of potential returns and stability. For investors looking to delve into commercial real estate without the hassles of property management, CrowdStreet is an ideal choice.
How it Works: After registration, investors can browse a myriad of commercial real estate offerings. Upon investing in a project, CrowdStreet manages the investment, providing regular updates and ensuring optimal project execution. Investors earn returns based on the project’s performance, be it through rentals, sales, or project completions.
Pros:
Access to prime commercial properties.
Established platform with a proven track record.
Cons:
High minimum investment.
Market dependency for returns.
9. Mainvest
Minimum Investment: $100
Best for: Newbie Investors
Mainvest offers a refreshing twist in the investment landscape, focusing on the heart and soul of the American economy: local businesses. From quaint cafes to innovative startups, Mainvest provides a platform where investors can support and benefit from the growth of small businesses in their communities.
The platform’s community-centric approach ensures that investments are not just about returns but also about fostering local economies. For those looking to make a difference while earning, Mainvest presents a unique opportunity.
How it Works: Investors can explore various local businesses seeking capital on Mainvest. By investing, they essentially buy a revenue-sharing note, earning a percentage of the business’s gross revenue until a predetermined return is achieved.
Pros:
Support and invest in local businesses.
Low minimum investment.
Cons:
Risks associated with small business investments.
Returns might be slower compared to other platforms.
10. Vinovest
Minimum Investment: $1,000
Best for: Novice Investors
Vinovest uncorks the world of wine investment, offering a blend of luxury, history, and financial growth. Fine wines have been a symbol of opulence for centuries, and Vinovest provides a platform where this luxury becomes an accessible investment.
With a team of wine experts guiding the way, the platform ensures that each wine is not just a drink but an investment poised for appreciation. From sourcing to storage, Vinovest handles every facet, ensuring the wine’s value grows over time.
How it Works: After signing up, investors set their preferences and investment amount. Vinovest then curates a wine portfolio based on these preferences, handling sourcing, authentication, and storage. As the wine appreciates, so does the investor’s portfolio.
Pros:
Unique investment opportunity in fine wines.
Managed by wine connoisseurs.
Cons:
Long-term holding for optimal returns.
Market influenced by external factors like climate.
11. Arrived Homes
Minimum Investment: $100
Best for: Novice Investors
Arrived Homes offers a fresh perspective on real estate investment, focusing on the charm of single-family homes. While skyscrapers and commercial complexes often dominate real estate discussions, single-family homes offer stability, consistent returns, and a touch of nostalgia.
The platform’s strength lies in its focus. By concentrating on single-family homes, it offers investors a chance to tap into a stable real estate segment, benefiting from both rental income and property appreciation.
How it Works: Investors browse available properties on Arrived Homes. After selecting a property, they can invest in shares, representing a portion of the home’s value. As the property is rented out, investors earn a share of the rental income. Additionally, any appreciation in property value benefits the investors.
Pros:
Low minimum investment.
Quarterly dividends.
Cons:
New platform with a shorter track record.
Limited to single-family homes.
12. RealtyMogul
Minimum Investment: $5,000
Best for: Novice to Experienced Investors
RealtyMogul stands tall in the commercial real estate investment landscape. It offers a platform where diversification meets opportunity, presenting a range of commercial properties for investment. From bustling office spaces to serene residential complexes, RealtyMogul provides a plethora of options for investors to expand their portfolios.
The platform’s prowess lies in its dual approach. Investors can either dive into non-traded REITs or make direct investments in specific properties. This flexibility ensures that both novice and experienced investors find opportunities that align with their investment goals.
How it Works: Upon joining RealtyMogul, investors can choose between REITs or direct property investments. Their funds are then channeled into these real estate ventures. Returns are generated through rental incomes, property sales, or successful project completions.
Pros:
Wide range of commercial properties.
Both REITs and direct investments available.
Cons:
Market risks inherent to real estate.
Higher minimums for direct investments.
The Future of Accredited Investing
The world of accredited investing is dynamic and ever-evolving. Emerging trends suggest a shift towards democratizing investment opportunities, with regulatory bodies considering more inclusive criteria for accredited investor status. This shift aims to balance the need for investor protection with the recognition that financial acumen can come from experience and education, not just wealth.
Furthermore, technological advancements are playing a pivotal role. The rise of blockchain and tokenized assets, for instance, is creating new avenues for investment and might reshape the landscape of opportunities available to accredited investors.
xAs the line between traditional and alternative investments blurs, the future promises a more integrated, inclusive, and innovative environment for accredited investors.
The Bottom Line – Top Investments for Accredited Investors
Understanding the role and opportunities of accredited investors is crucial in the modern financial landscape. While the distinction offers privileged access to unique investment opportunities, it also comes with increased risks and responsibilities.
As the world of investing continues to evolve, potential accredited investors are encouraged to stay informed, conduct thorough research, and seek professional advice. The realm of accredited investing, with its blend of challenges and opportunities, promises exciting prospects for those ready to navigate its complexities.
FAQs – Investment Options for Accredited Investors
Why is there a distinction between accredited and non-accredited investors?
The distinction is primarily for investor protection. Accredited investors are deemed financially savvy or stable enough to handle the risks associated with unregistered securities, which might be riskier and less transparent.
What investment opportunities open up for accredited investors?
Accredited investors gain access to a broader range of investment opportunities, including hedge funds, private equity, venture capital, certain private placements, and more.
Are investments for accredited investors riskier?
While not inherently riskier, these investments often come with less regulatory oversight and transparency, which can increase potential risks. It’s essential to conduct thorough due diligence before investing.
Do accredited investors have any advantages in the public stock market?
While the primary benefits of being an accredited investor pertain to private investment opportunities, the financial acumen and resources associated with accredited investors can also be advantageous in public markets, especially when considering more complex investment strategies.
About the Author
Jeff Rose, CFP® is a Certified Financial Planner™, founder of Good Financial Cents, and author of the personal finance book Soldier of Finance. He was a financial planner for 16+ years having founded, Alliance Wealth Management, a SEC Registered Investment Advisory firm, before selling it to focus on his passion – educating the masses on the importance of financial freedom through this blog, his podcast, and YouTube channel.
Jeff holds a Bachelors in Science in Finance and minor in Accounting from Southern Illinois University – Carbondale. In addition to his CFP® designation, he also earned the marks of AAMS® – Accredited Asset Management Specialist – and CRPC® – Chartered Retirement Planning Counselor.
While a practicing financial advisor, Jeff was named to Investopedia’s distinguished list of Top 100 advisors (as high as #6) multiple times and CNBC’s Digital Advisory Council.
Jeff is an Iraqi combat veteran and served 9 years in the Army National Guard. His work is regularly featured in Forbes, Business Insider, Inc.com and Entrepreneur.
Inside: Dreaming of ways to make money fast as a woman? Stop dreaming and take action. These are genius ways of making money online and at home.
Making money fast is crucial for maintaining a comfortable lifestyle, especially in the face of rising living costs. It can be the key to financial stability, providing additional funds to support and enjoy your lifestyle.
As a woman, you need to know how to make money fast.
This isn’t just about getting rich quickly. It’s about women gaining the freedom to live independently without financial constraints.
The feeling of financial security lessens stress; not having to worry over unexpected expenses plays a big role in your overall well-being.
This is what you want to do – make money fast!
Good news! You are in the right spot and I’ll show you my favorite ways to make money online.
Get into the right mindset, ladies! Making money fast isn’t just possible, but also liberating.
How can I make easy money ASAP?
Making easy money quickly can be achieved in various ways that utilize your skills and knowledge.
First and foremost, consider your own skills and expertise, and determine whether they could apply to jobs like cake baking, childcare, bookkeeping, house cleaning, or freelance writing.
This will tell you the easiest way for you to make money quickly. For me, I prefer to trade options in the stock market. Whereas someone else may choose babysitting or dog walking.
You need to find how to make money fast and we will help you with that decision.
Why Making Money Fast is Important
1. Makes it possible to live comfortably 2. Enables you to afford the best quality of life 3. Gives you the freedom to pursue your dreams 4. Gives you the freedom to live without financial constraints 5. Provides you with security and safety 6. Freedom to give back to your community 7. Freedom to choose how you spend your time 8. Opportunity to take risks and start a business 9. Provides you with a sense of power and control 10. Live without financial worry
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.
Are you passionate about words and reading?
If so, proofreading could be a perfect fit for you, just like it’s been for countless of readers! Learn how you can create a freelance business as a proofreader.
Check out this free workshop!
Bookkeeping is the most stable, reliable & simple business to own. This is how to make a realistic income -either part-time or full-time.
Find out TODAY if this is THE business you’ve been looking for.
How can I make a lot of money in hours?
Making income in a matter of hours for a woman is entirely feasible with a blend of freelancing, leveraging gig economy platforms, and capitalizing on your skills or assets. Here’s a quick guide for you:
Consider freelancing: Establish your writing, graphic design, or programming services on platforms like Fiverr or Upwork.
Dive into the gig economy: Sign up for TaskRabbit, Airbnb, or Turo to start earning.
Try online tutoring or content selling: Proficient in any subject or have strong graphic design skills? Go for tutoring or sell your content.
Indulge in buying & selling: If you’re good at purchasing low and selling high, then swap clothes or furniture, or even stocks.
Take online surveys or join market research groups on sites like Swagbucks for a rapid source of income.
Remember, time management is crucial for balancing multiple streams at once. Don’t forget to schedule wisely!
How to Make Money Fast as a Woman
No matter who you are, making money can be tough. But if you’re a woman, it can feel impossible.
From getting paid less than men for the same job to having a harder time getting promoted, the deck is often stacked against us.
Just so you know that making quick money in one day won’t happen overnight.
So, I’m going to tell you the best ways to make money fast as a woman.
1. Sell Services
Selling your skills or expertise is a fast, viable way to earn money. It’s all about utilizing what you already know to provide value to others.
Identify your marketable skills, such as cake baking, freelance writing, bookkeeping or even organizing spaces.
Brainstorm which of these services people could pay for.
Remember, you can tap into both physical tasks, like house cleaning or pet-sitting, and digital ones, like creating digital printables or offering consulting in your field of expertise.
Expert Tip: Launch your service with a few testimonials, helping to build trust with potential customers from the get-go.
2. Freelance
Freelancing is a savvy way for women to stack up earnings fast, offering flexibility and complete control over the workload. It’s a ticket to dodge conventional office politics and punch above your earning potential.
Start by identifying your freelance niche. You can be a writer, graphic designer, or anything you’re skilled at. Many people use their transferable 9-5 skills to side hustle.
Then, create your profile on platforms like Fiverr, Upwork or Guru – be sure to showcase your accolades.
Set your rates, then start connecting with clients looking for your talent.
Remember, success in freelancing is driven by quality and consistency. So, sharpen your skills and always exceed your client’s expectations.
Freelancing may start as a side gig, but with dedication, it can grow into a full-time job.
3. Become a Product Reviewer
Being a product reviewer is an intriguing job opportunity for those who enjoy sharing candid feedback about their experiences with various products.
As a product reviewer, you are required to assess products often sent to you from diverse companies.
Your role involves providing a comprehensive review that could range from making an unboxing video to writing a detailed article about the product’s features and performance.
This kind of job requires an unbiased perspective and the capacity to articulate your thoughts and experience in a detailed, user-friendly manner.
Companies value this form of direct feedback as it provides them with significant data about their product’s strengths and weaknesses as perceived by an end-user.
4. Virtual Assistants
As a woman, becoming a virtual assistant could be your fast lane to earning a substantial income.
This is especially a great option if you’re excellent in organization and time management along with the need for flexibility.
For many becoming a virtual assistant with no experience is possible. And very lucrative.
Finally, for your best shot at success in this field, taking a course to improve your learning curve is extremely helpful.
Potential to earn up to $43,000 per year.
5. Sell Your Crafts
Ladies, have you thought of turning your love for crafts into a profitable venture?
Find out what crafts are in demand. The higher the demand, the more profitable it would be to make and sell these crafts.
Remember, profitability hinges on what you sell and how much you sell. Happy crafting!
While you are limited on what you can earn by what you can make, it is possible to make money doing something you absolutely enjoy.
6. Stock Trading
Stock trading may seem daunting but it can be a quick route to financial independence, especially for women.
With the right tools, information, and mindset, you can swiftly navigate the market and amplify your earnings. In fact, this is something Teri Ijeoma did herself.
Educate yourself on the basics before you invest. This is exactly what I did and my investment has paid off.
Always be aware of the risks involved in stock trading and proceed cautiously. However, building up an investing education is a wise decision.
Learn how fast can you make money in stocks.
7. Babysit
Babysitting is a versatile side hustle offering flexible hours and good earning potential.
It’s an ideal opportunity if you’re seeking quick, extra income and enjoy children.
Obtain optional certifications like CPR and first aid to enhance your appeal. Visit platforms like Care.com, Sittercity, or Urbansitter to create your profile and connect with clients.
8. Transcriber
One field that remains highly overlooked is transcription.
A transcriptionist listens to audio files and converts them into written documents.
Gain a thorough understanding of the industry. Check out this free webinar to get the basics right.
Consider specializing in legal or medical transcription. These niches often fetch higher wages.
You could easily make $3000-$4000 monthly, working on your own schedule.
Remember, practice and precision can help you achieve a lucrative transcription rate.
9. House Cleaning
Cleaning can be a rewarding gig, especially if you like tidying spaces.
Despite recognizing the need for a clean home, many people often struggle to find the time or energy to routinely clean their homes. This is where the prospect of a housecleaning business arises.
Busy homeowners, parents juggling work and childcare, elderly individuals needing assistance, and even businesses needing regular cleaning services are all potential clients for a housecleaning business. This demand provides a consistent income flow for those offering cleaning services.
In fact, individuals transitioning into this field of work can negotiate their wages with clients, potentially earning more than $15 an hour based on the complexity and demands of the job.
10. Sell Printables on Etsy
Selling printables is an effective and lucrative method to generate passive income.
Once printables such as planners, calendars, and journals are designed, created, and listed for sale on platforms like Shopify or Etsy, they can consistently produce income without requiring continual input or maintenance.
According to several experts, one of the keys to making substantial profits from printables is to differentiate your products.
Building upon this idea of making money from printables, the free Printables Workshop by Gold City Ventures offers comprehensive insights into the process of creating and selling aesthetically pleasing printable products online. This accessible course can be an excellent starting point for beginners looking to navigate the printables market.
Selling printables on Etsy might be the perfect venture for you!
11. Dog Walking
Looking for a fun-filled way to make some quick bucks?
Dog walking could be the right side hustle for you, especially if you’re an animal lover.
Easy to find jobs for dog walking.
Suitable for people with flexible schedules.
Offers an active way to earn money.
Option to select your rates with platforms like Rover.
High demand especially due to increasing pet adoptions and busy pet owners.
You can work when you need to and not take clients when you don’t want too.
12. Make Money Blogging
Blogging is a popular and prevalent way to earn money. Many blog owners are women who want the flexibility to earn significant money at their own pace and schedule.
Earning money through blogging allows you to focus on something you’re passionate about. Any topic that can provide value to an audience can be blogged about. Targeting a niche that has been overlooked by existing blogs can increase your blog’s potential earnings.
Starting a blog doesn’t require formal training, but it does require a willingness and ability to write effectively for an audience.
By employing monetizing avenues, like affiliate marketing and advertising, a blogger can boost their earning significantly.
Despite the vast number of existing blogs, the industry is very accommodating toward new voices, especially female voices. Thus, knowing how to monetize a blog can offer women many opportunities.
Remember, blogging is not just about earning fast bucks, it also needs consistent efforts. It’s rewarding but can start slow.
13. Ride-Sharing
Ridesharing is an excellent opportunity for women looking to make fast money. With apps like Uber and Lyft, you can earn an income simply by offering transportation services.
Here are a few tips to increase your earnings:
Consider driving during peak hours, weekends, or during special events to cash in on higher demand.
Choose busy locations such as city centers and nightlife spots to increase your chances of getting rides.
Maintain good customer service and ensure safe driving to uphold your rating and receive more ride requests.
14. Office Cleaning
Considering the hustle and bustle of the daily grind, office cleaning can be an untapped treasure trove for women seeking quick cash. Given the high demand and flexible hours, it’s an ideal source of extra income.
You must identify office premises needing cleaning services. Reach out to the owners or management, and propose your services.
Think about offering your services to offices in your local area. It’s a fast way to make extra money while managing your other commitments.
15. eBay Arbitrage
Looking to earn some quick money? eBay Arbitrage could be the game-changer you need.
Aimed mostly at women who love shopping, it’s about buying products cheaply and selling them on eBay for a profit.
First, hunt for bargains in thrift stores, sales, or online markets.
Go with high-demand items; electronics, collectibles, or brand sneakers are a good start.
Then, create your eBay store and list your finds at a competitive but profitable price.
Track each item’s demand through keyword research and buyers’ reviews.
Remember to calculate potential profits inclusive of shipping costs and eBay fees.
Armed with the right strategies, you can start earning with eBay in no time!
16. Freelance Writing
Did you know your writing passion can become a quick buck-making engine? That’s right, freelance writing is a gold mine you ought to tap.
First, identify a writing niche you love. It’s easier to excel when you’re passionate about your work.
Continually hone your writing skills. The more you practice, the better you become and the more valuable your skills. Finally, don’t be shy to market your skills. Reach out to small businesses and startups—they often need freelance writers.
Remember, quality over quantity will earn you a solid reputation in the long run. Now, go turn those wordy wonders into wealth!
17. Online Surveys
Curious about making a quick buck? Engaging in online surveys can be a fast money-making method just for you!
You don’t earn a huge amount per survey but when taking multiple surveys, it will add up fast.
Here are the top legit survey platforms:
Use your free time wisely. Take surveys during work breaks or leisure hours.
Redeem points for PayPal cash or gift cards.
18. YouTube Channel Building
Building a YouTube channel can be an interesting and rewarding venture.
It provides an incredible platform to share your content, express your creativity, and engage with a global audience. Whether you want to showcase your talents, teach something unique or simply entertain, having a YouTube channel opens up many opportunities.
Effective engagement with your audience is vital.
Last but not least, patience is something you will need in abundance. Building a successful YouTube channel takes time, so don’t lose hope if you’re not seeing immediate results.
Remember, there’s no limit to what you can achieve with your YouTube channel. It all comes down to how creatively you can use this platform to engage with your audience and grow your presence.
19. Bookkeeper
In our increasingly digital age, online bookkeepers are in high demand, with more businesses choosing to move their financial operations to the online platform. This shift in business operations has created a robust opportunity for those trained in bookkeeping to tap into the market and earn income while working from the comfort of their homes.
To be successful as web-based bookkeeper, you need to be well-organized and have previous experience dealing with numbers. However, even without a formal accounting education, individuals can take advantage of online learning platforms like Bookkeepers.com to learn and sharpen their bookkeeping skills for free.
Becoming a virtual bookkeeper is not just a fantastic full-time job opportunity; it’s also an excellent side hustle for women and mothers proficient with numbers. It provides flexible hours and allows the freedom to work from anywhere, making it ideal for those juggling multiple responsibilities.
The financial compensation for an online virtual bookkeeper is quite significant. On average, bookkeepers can earn at least $50000 a year helping business owners manage their finance and bookkeeping online.
20. Start a Dropshipping Store
Dropshipping is a viable option with low startup costs that lets you run an online store without handling any physical products.
There is still plenty of time to get into the dropshipping business.
Start by deciding what products to sell. Find a niche you’re passionate about for a higher chance of success.
Remember, a successful dropshipping venture involves effective marketing as well. So invest time and effort into perfecting your advertising tactics.
21. Do Clerical Work
Clerical work offers flexible, remote opportunities for women to make quick money.
With adequate admin experience and internet access, you can explore roles like Virtual Assistant, Online Data Entry Professional, or Court Transcriptionist.
This is one of the best non phone work from home jobs.
Experts tip: Perfection and punctuality are key. Attention to detail and meeting deadlines can make you stand out.
22. Resell Clothes
Reselling clothes online is a savvy way to turn your clutter into cash, especially if you love digging for hidden gems.
It’s a popular method for fast cash flow, with Poshmark and Facebook Marketplace being perfect platforms. One of my friends is very successful with this!
Begin with your own closet, and sell kids clothes they have outgrown too.
Reinvest your earnings, by buying second-hand clothing to resell can boost your profits.
Don’t forget quality. Run a quick check for authenticity and brand labels.
Visuals sell. Stage items and capture high-res photographs.
Providing a great customer experience is key, ensuring prompt shipping and maintaining politeness.
Play your cards right, you could earn anywhere between $100 to $1,000 a month or even reach a six-figure yearly income.
23. Do Home-Based Child Care
Home-based child care is a viable option to earn money, leveraging the natural maternal instincts and caregiving skills of many women. It can be a lucrative side hustle and a means to financial independence.
This is especially a great avenue to pursue when you are already at home raising your own children.
Make sure to follow any state regulations about running a daycare out of your home.
Begin by determining the number of children you can handle at a time, taking care not to overbook.
24. Podcasting
Podcasting is a wonderful opportunity for delivering narratives. It enables you to weave compelling stories while inspiring, instructing, or simply entertaining your listeners.
The unique format of podcasting lets you connect with your audience on a personal level. They listen to your voice, engage with your thoughts, and feel a stronger connection to you.
By starting a podcast, you are joining an increasingly popular trend, with the global number of podcast listeners has grown to 464.7 million listeners in 2022 (source).
Podcasting also opens up doors for networking and collaboration. You can invite experts, artists, or like-minded individuals as guests on your show, thus expanding your network.
There’s a potential to earn from podcasting. With affiliate marketing, sponsorships, and advertising, the commercial possibilities of podcasting are extensive.
25. Merch by Amazon
“Merch by Amazon” is a print-on-demand service that allows you to design and sell your merchandise.
It’s a great money-making alternative as it offers massive exposure and doesn’t require any upfront costs.
One of the significant advantages of using Merch by Amazon for passive income is that you are not required to maintain inventory or deal with shipping. Amazon handles these aspects, allowing you to focus on the creation process and customer satisfaction.
Amazon’s royalty system ensures that you get paid instantly whenever your merchandise is purchased. This allows you to earn money passively with every sale.
When your designs meet the current market trends and the preferences of your customers, they are more likely to be popular, leading to an increase in sales, hence, higher passive income.
26. Become an Influencer
Becoming an influencer is a smart, quick way for women to make money. While most people just stumble upon becoming an influencer, you can decide to pursue this avenue.
With earning potential that is unlimited, this opportunity is flourishing, requiring no specific degree or job experience.
Remember, platforms like TikTok, Instagram and YouTube reward new, engaging creators.
Dedication and consistency could lead you to major earnings where you make thousands for each post.
27. Work as a Translator
Having mastery in more than one language opens up a world of opportunities, particularly in the realm of translation services. The ability to translate language effectively and accurately is a skill that’s in high demand in the current globalized world.
A top benefit of being a freelance online translator is the flexible work environment. You have the freedom to choose when, where, and how much you want to work. This flexibility for work-life balance is more appealing now than ever, especially in the unsteady job market.
Freelance translators also have access to a wider client base. Unlike full-time translators who work for specific organizations or agencies, freelance translators can work with various clients from all over the world, widening their potential income streams.
The need for translators is projected to grow substantially. In the United States alone, the U.S. Bureau of Labor Statistics reports that employment for interpreters and translators will increase by 20% from 2021 through 2031, which is much faster than the average for all occupations.
Among other freelance professions, translation can often provide a more stable income.
As most sectors including education, legal, business, medical, and technological firms continue to globalize, they regularly need translators to bridge the language gap, making freelance translation services a steady income source.
31. Become a Flipper
Becoming a flipper is a high-return, low-investment way to make money fast. It involves buying low and selling high, perfect for those wanting a profitable side hustle.
Here are actionable steps to kickstart your flipping journey:
Identify items to flip: Popular options include toys, clothes, electronics, books, and furniture. Pro-tip: Sell things you have around your house to start risk free.
Choose a selling platform: Sell locally via Facebook groups or Craigslist, use reselling apps like Decluttr, or open an online store on eBay.
Price it right: Pricing items competitively garners buyer interest and maximizes profit.
Learn more: Free webinars, like Flipper University and the Flea Market Flipper, offer insights for a successful flipping business.
Remember, flipping can be more than just a side hustle; it’s a potential full-time career.
32. Micro-Tasking
Micro-tasking offers a quick way for you to earn money by completing short and simple tasks.
As its popularity grows, so does the list of platforms where you can find micro-jobs. Here are the popular platforms.
This allows your the flexibility to work whenever you want. Plus no special skills or degrees are needed.
Just note… This is not a stable income source
Tips for Finding the Best Way for You to Make Money
As you can see, there are many different ways to make money fast as a woman.
You can find the best way for you by considering your skills, interests, and the amount of time you have available.
Here are some helpful tips to make sure you are earning money quickly.
1. Identify Your Skills and Offerings
You’re already gifted, let’s transform those skills into fast cash.
Make a list of your skills, passions, and expertise; you can tap into anything from programming to knitting.
That is where you want to start.
From personal experience, I can tell you it is way easier to work on a side hustle or business when you are passionate about the topic.
Remember, the digital world is your playground, so play, innovate and cash-in.
2. Research the Best Ways to Make Money
Now, that you know the skills and experience, look at the list above and determine which ones match up.
You will need to spend time watching a free webinar to learn more.
Compare different money-making ideas. From part-time jobs to freelancing, there’s a plethora of options. You need to pick what works best for you.
Remember, generating a consistent income requires effective strategies and the right mindset. So choose wisely!
3. Try Different Ways to Make Money – Not Just 9-5 Jobs
It’s vital to explore different money-making strategies as a woman for financial stability and independence.
Just because one avenue didn’t work out doesn’t mean you should throw in the towel.
Remember, the key to success is perseverance, so pick something you’re passionate about and stick to it. Try not to jump from one idea to another out of impatience; success takes time.
Also, as your revenue increases, start building a lifestyle business for passive income.
4. Focus on the Things You Are Good at
Unlock your financial potential by recognizing and utilizing things you’re excellent at.
To cash in fast:
Identify your standout skills. These could range from writing, fine arts, math, e-commerce to digital marketing or even passions such as sports and hobbies.
Assess the viability of earning via your skills. Research shows that the digital economy is filled with opportunities.
Exploit platforms that cater to your expertise. For freelance gigs, you can try platforms like Upwork, Fiverr, or Guru.
There are so many ways to make money online as a beginner. So, indulge in the digital playground, embrace exploration and innovation, and let your skills earn for you.
5. Find Opportunities That Allow You to Work Flexibly
You can choose when to work and when not to, rather than being constrained by a 9 to 5 workday. The flexibility to create your schedule means you can operate at your most productive times, whether that’s early in the morning or late at night.
Working from home or any location across the globe enables a better work-life balance, reducing stress and improving productivity. This is particularly beneficial for those who have families or are committed to other obligations.
When working for yourself, you may have the potential to earn more than traditional salaried roles.
Lastly, making a living from your passion is huge!
You are being paid to do what you love anywhere, anytime which is rare and precious.
6. Consider Specializing in a Niche Subject
Specializing in a niche subject can elevate your earning potential quickly, owing to smaller competition and a personalized audience.
Being a subject matter expert in a specific area can provide you with an edge over your competitors.
Specializing in a niche can help you stand out and garner a dedicated audience, ultimately leading to faster earnings.
Remember, the key to making money faster in your specialized area is persistence and patience. It may take time to build a strong following, but once you do, the financial rewards can be substantial.
Stick to your chosen area, continuously learn and improve, and consistently deliver high-quality content to make your mark in your chosen niche.
7. Take Advantage of Trending Opportunities
Jumping on trending opportunities can be a gold mine, especially for women who want to make money fast from home. These ever-evolving trends tap into various skill sets, interests, and experiences, potentially translating into a lucrative gig.
For many, it may have been TikTok when the company first started.
Remember, the digital world holds limitless potential. Just needing to innovate and execute your ideas!
8. Invest in the Right Tools and Equipment
The key to making money, either online or offline, is making an informed investment of your time into the right tools, equipment, and learning resources.
While this can initially seem like an expenditure rather than a money-making step, it is, in fact, a cornerstone of your financial growth strategy.
Investing time in learning and increasing your knowledge base is vital. This could mean spending your time reading about new insights in your area of work, attending webinars, or enrolling in online courses. The ROI of this proactive learning is immense.
Consider this an opportunity or a catalyst that speeds up your journey toward substantial income generation and financial freedom.
9. Commit to Consistent Efforts
Commitment to consistent efforts is the cornerstone of any successful endeavor, more so when running your own side hustle.
One of the fundamental principles for making money is the dedication to keep improving your craft, always learning, and always evolving.
This continual effort involves a long-term commitment to staying updated with the latest writing trends, styles, and industry standards.
With persistence and patience, the fruition of your investments will lead you toward the fulfillment of your financial dreams.
10. Utilize Social Media Platforms to Promote Your Business
Social media platforms are powerful tools for business promotion, and when used strategically, they can lead to fast monetary gains.
Understanding how to effectively utilize these platforms can drastically enhance your chances of making quick bucks.
Start by creating a robust online presence for your business on various social media platforms. Remember, consistency is key to building your brand.
Engage with your audience frequently and respond to their comments. This boosts engagement on your posts.
Post content that is engaging, relevant, and aligns with your business values.
Always monitor your performance using social media analytics to understand what works best for your audience.
Which side hustles for women have you tried?
Personally, here are the side hustles I have done or currently do:
Stock Trading as a swing trader
Online Content Creation
Social Media Influencer
Online Consulting
Pet Sitting or House Sitting
Teaching Dance Lessons
Personal Organizer
However, I know many people that have tried the ones listed above.
So ladies, which of these enticing hustles appeals to your skills and schedule the most?
FAQ
Stay-at-home moms have numerous opportunities to earn money from the comfort of their homes. Plus being able to bump up your household income while juggling parenthood is the perfect combination.
Find the best jobs for moms specifically!
Any of these opportunities requires dedication and consistent effort, but with time they can all yield substantial returns.
Thankfully, there are many ways for women to make money online.
Above we covered all of the interesting ways and many are online.
Remember, opt for an avenue that suits your skills, interests, and time availability.
Well. the answer to this will depend on who you speak with.
Personally, I find ways to build passive income with your side hustle as the best option. Then you aren’t trading your time for money.
As a woman, many opportunities are right at your fingertips. The most popular and profitable include:
Start a blog: With consistent readership, you can make thousands from ad revenue and sponsored content.
Virtual assistant: Services can fetch around $10-30/hour.
Social Media Management: Businesses are willing to pay up to $1000-2000 per month for proficient managers.
Bookkeeping: On average, freelance bookkeepers earn around $34/hour.
Selling products online: Sites like Etsy, Amazon FBA, or your own platform can earn you a substantial income with a successful shop.
Trading Stocks or Options: by improving your investing knowledge, you can quickly increase your net worth.
Remember – it all starts with a step. Your side hustle could turn into a full-time passion!
This is How to Make Money from Home as a Woman
In conclusion, as a woman, there are plenty of genius and fast ways for you to make money.
The article underlines the significance of grabbing the reins of your financial future.
Through the strategies shared – including investing in stocks, working from home, or using budgeting hacks, you can boost your income significantly.
One of the concepts, I’m big on is making sure you know how to make your money work for you.
With wise decisions and being open to possibilities, your financial independence is within reach.
Remember – the ball is in your court, so make sure to take that shot and score your financial goals. It’s high time to cash in on your potential!
Know someone else that needs this, too? Then, please share!!
Whether you’ve stockpiled them over the years or are just on the hunt for an innovative way to redefine your space, rugs might be the most versatile and underused weapons in the interior design toolkit. Read on to learn how you can unlock the full potential of your rental with a little help from the lowly, humble rug.
Upgrade your upholstery
Not all rugs are created equal. But the comfortable ones are great for repurposing into a chair or ottoman upholstery. If you’re working with a more durable fabric, think about reupholstering something like an ottoman. If the material is more comfortable and luxurious, think about applying it to a chair or barstool.
Be aware, that some fabrics will be easier to work with on a larger-scale project like this. If you’re a novice DIY-er or simply looking for a little extra guidance, make sure you know what you’re doing or reach out to someone at your local hardware store. There are also a number of YouTube videos that will help you based on the specific project you have in mind.
Throw some shade
On a smaller scale, an old or currently unused rug can also be repurposed into a lampshade. This striking design choice will act as a statement and conversation piece. Beyond that, applying rug material to a lampshade is a practical way to dim an overbearing light. Less light will penetrate through the shade with the extra rug covering it up.
Respect the wood around your apartment
If you have a near-new rug that’s just lying around with no place to go, take on a fun DIY project and turn that rug into a matching set of placemats and coasters. Lay your rug face down and draw out your plan on the bottom beforehand. Then, you can make all of your cuts confidently and know that your finished product will turn out exactly as planned.
Note: Do not try this with an old and well-worn rug. Dinner guests may find this off-putting.
Create the headboard of your dreams
Fabric headboards have been in vogue for a while and there’s no sign of that changing anytime soon. Create your own custom headboard by repurposing a rug into a uniquely upholstered and artistically inspired headrest. What better way to sleep at night than under one of your creations?
This project, like the chair and ottoman mentioned above, may require an elevated level of handiness, but again, your local hardware store and YouTube are your best friend for these larger DIY projects.
Think beyond the floor
Whether a rug is handmade, factory produced or anything in between, if you find it as aesthetically pleasing as a piece of art, you should treat it that way. Don’t be afraid to reframe the way you think about rugs. Some rugs are meant for more than the floor. Some rugs, (pause for dramatic effect) are meant to be used as art and displayed on the wall.
Large or small, there’s no limitation to the ways in which you can approach displaying your rugs as art. If you have a blank wall and a great-looking rug either lying around or awaiting in an online shopping cart, now’s the time to bring that piece of art to its full glory. Display that beautiful rug on the wall and enjoy the compliments that come your way for your design savvy and ingenuity.
Center yourself
Few activities align more with the principles of yoga than creating your own yoga mat. Channel your inner-DIY expert and create your own at-home yoga mat out of a lightly used or new rug. A roll-up-size rug can be a great alternative to a traditional (and expensive) yoga mat.
Because rugs absorb moisture more than the average yoga mat, it’s best to limit the use of your rug yoga mat to just yourself. That said, if you’re looking for a home yoga mat that is always ready for you when you need it, consider a rug.
Note: Regardless of the condition of the rug when you start its transformation into a yoga mat, it will be worth giving it as thorough of a clean as possible before putting it to use.
Pamper your pet
One great way to put an older rug to use is to repurpose it as a bed for your pet. Cat, dog, ferret, bunny or anything in between, it doesn’t matter. Your pet will love cozying down on something that feels like “people furniture” to them.
Do you know how your pets love scratching the things they aren’t supposed to? Use that to your advantage and create a custom scratching post for your cat out of your used carpet. Your feline friend already loves tearing into the material, so why not give them a designated place to do so? Save the rug you love now and let the cat go to town on one that has already served its purpose for you.
Don’t brush these tips under the rug
Regardless of the exact aesthetic, you wish to achieve, if you are looking for a change of scenery that doesn’t involve packing up and moving to a new place, consider throwing a rug at the problem. Whether you’re reupholstering a chair, creating coasters for your breakfast nook table or making a throne fit for a king for your furry friend, a simple rug can accomplish it all without asking you to break the bank.
A native of the northern suburbs of Chicago, Carson made his way to the South to attend Wofford College where he received his BA in English. After working as a copywriter for a couple of boutique marketing agencies in South Carolina, he made the move to Atlanta and quickly joined the Rent. team as a content marketing coordinator. When he’s off the clock, you can find Carson reading in a park, hunting down a great cup of coffee or hanging out with his dogs.
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Our expert reviewers review our articles and recommend changes to ensure we are upholding our high standards for accuracy and professionalism.
Our expert reviewers hold advanced degrees and certifications and have years of experience with personal finances, retirement planning and investments.
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GoodFinancialCents® partners with outside experts to ensure we are providing accurate financial content.
These reviewers are industry leaders and professional writers who regularly contribute to reputable publications such as the Wall Street Journal and The New York Times.
Our expert reviewers review our articles and recommend changes to ensure we are upholding our high standards for accuracy and professionalism.
Our expert reviewers hold advanced degrees and certifications and have years of experience with personal finances, retirement planning and investments.
Passive income refers to earnings derived from an enterprise in which a person is not actively involved on a daily basis.
Unlike active income, where earnings are directly linked to the amount of work performed, passive income flows whether you are working, sleeping, or vacationing.
As Robert Kiyosaki (2017) explains in his best-selling book “Rich Dad Poor Dad,” passive income can be a way to achieve greater financial independence.
Unlike the typical income that requires constant work, passive income typically flows with less hands-on involvement. However, this doesn’t mean no work is involved; it’s often the initial setup that demands considerable time, effort, or capital.
If you’re looking for more passive income ideas, click below:
Purpose and Importance
The purpose of passive income is broad, spanning from financial cushioning to the possibility of early retirement. By generating continuous revenue without daily effort, it offers a means to enhance one’s lifestyle, build financial security, or pursue other interests and hobbies.
The significance of passive income goes beyond mere monetary gain, as it also provides a pathway to greater control over one’s time, a diversified income stream, and potential long-term growth.
EXPERT TIP:
Consider starting small and gradually building your passive income portfolio.
By investing in a diverse array of income-generating opportunities tailored to your risk tolerance and financial goals, you can create a resilient and sustainable revenue stream.
As emphasized by many financial experts, including those mentioned in “The Intelligent Investor” by Benjamin Graham (2003), careful planning and consistent monitoring of your passive income sources can lead to greater financial freedom and control over your time.
This step-by-step approach allows you to learn and adapt, maximizing the potential benefits of passive income without overextending your resources.
How Passive Income Works
Table of Contents
Sources of Passive Income
Passive income can stem from various sources, such as rental properties, investments in stocks or bonds, a wide of array of apps, and royalties from intellectual properties like books or patents. Each source has its unique characteristics, risks, rewards, and requirements.
While some sources, like savings accounts interest, are readily accessible, others may need significant financial investment or specialized knowledge, like creating a successful blog that earns ad revenue.
Source of Passive Income
Characteristics
Risks
Requirements
Rental Properties
Steady Income, Property Growth
Market Fluctuations
Initial Investment, Maintenance
Dividend Stocks
Potential Growth, Regular Dividends
Market Volatility
Investment Capital
Peer-to-Peer Lending
Interest Earnings
Default Risk
Platform Registration
Royalties
Income From Intellectual Property
Contractual Risks
Creative Skills, Legal Agreements
Automation and Minimal Active Involvement
Passive income often involves an automated process where money is earned with minimal active involvement. This includes setting up businesses that run themselves or investing in dividend-paying stocks that provide regular income.
Though these may require substantial initial setup, the ongoing maintenance is often minimal. But it’s worth noting that these ventures must be monitored and sometimes adjusted to ensure continued success.
Tax Considerations
Tax implications for passive income differ from those of active income. Passive income may qualify for different tax rates or deductions, depending on jurisdiction and the type of income. For instance, rental income may be subject to specific property tax rules.
Understanding these rules or consulting a tax professional is vital to maximizing after-tax returns and compliance with tax laws. You can read more about here about how passive income is taxed.
Active vs Passive Income
Understanding the difference between active and passive income is essential for anyone looking to diversify their income streams and work towards financial stability or even independence.
What is Active Income?
Active income refers to earnings that require consistent and direct effort. This includes wages from a job, salaries, hourly payments, commissions, and tips. Essentially, active income requires trading time for money.
This type of income is what most people rely on to pay bills, purchase necessities, and maintain their current lifestyle. The major limitation of active income is its direct correlation to time; you can only work a certain number of hours in a day, thus capping your earning potential.
Passive Income Contrasted to Active Income
Contrastingly, passive income is earned with little to no daily effort to maintain, after the initial setup or investment. It includes revenue from rental properties, dividends, royalties, or even a business that doesn’t require daily involvement.
Passive income provides a means to break free from the time-for-money trade and opens doors to greater financial growth and freedom.
Comparison and Significance
The main distinction between active and passive income lies in the involvement and time required to generate revenue. While active income necessitates ongoing work, passive income aims to create sustainable income streams that flow regardless of daily activities.
Active income offers stability but often lacks scalability. Passive income, though requiring initial effort and possibly capital, offers the potential for long-term growth and diversification.
By combining both active and passive income streams, individuals can create a more resilient and flexible financial portfolio, allowing for the pursuit of broader life goals and interests, such as early retirement, travel, or investment in hobbies and personal development. The insights from Kiyosaki (2017) in “Rich Dad Poor Dad” emphasize this balanced approach to building wealth and achieving financial freedom.
The inclusion of both active and passive income in one’s financial strategy offers a multifaceted approach to wealth building. It’s an essential concept for anyone aiming to enhance financial security, diversify income, or explore new financial opportunities.
Feature
Active Income
Passive Income
Effort Required
Daily, consistent effort needed
Little to no daily effort after initial setup
Time Dependency
Directly tied to hours worked
Not tied to hours; can earn 24/7
Income Type
Wages, salaries, commissions, tips
Rental properties, dividends, royalties
Scalability
Limited by time and energy
Potential for growth without proportional time input
Financial Growth Potential
Often stable but limited in growth
Potential for long-term growth and diversification
Risks & Challenges
Job loss, income stability
Market risk, initial investment required
Benefits/Advantages/Pros of Passive Income
Financial Independence
Financial independence means having enough income to cover living expenses without needing to actively work. Passive income is often vital in this quest, allowing people to live comfortably without a regular paycheck. It offers an escape from the traditional work routine, opening doors to new opportunities, hobbies, or even early retirement.
“If you don’t find a way to make money while you sleep, you will work until you die.”
Warren Buffett
Flexibility and Freedom
The freedom granted by passive income extends to various life aspects. Whether it’s spending more time with family, traveling, or engaging in hobbies, the financial flexibility offered by passive income can significantly enhance life quality. It also provides an opportunity for strategic investments, exploring new ventures without the financial strain that might come without this income cushion.
Diversification of Income Streams
Having multiple income streams reduces the risk of financial hardship if one source diminishes or fails. By diversifying across various passive income avenues, financial stability is often enhanced.
Whether it’s investment in different market sectors, rental properties across various locations, or a mix of bonds and stocks, diversification is a fundamental risk management strategy in financial planning.
Potential Long-Term Growth
Some passive income sources offer potential for substantial long-term growth. Investments like stocks may appreciate over time, generating not only regular income but also an increase in underlying asset value. This growth potential can substantially contribute to financial goals, whether saving for children’s education, building retirement funds, or other long-term planning.
Benefit
Description or Example
Financial Independence
Reduced Dependence on Active Employment; Flexibility in Lifestyle Choices
Income Diversification
Spreading Income Sources; Reducing Financial Risk
Potential Long-Term Growth
Opportunity for Compounding Returns Over Time
Drawbacks/Disadvantages/Challenges/Limitations/Cons of Passive Income
Potential Risk and Volatility
The potential risks and volatility in passive income sources must not be overlooked. Market fluctuations can significantly impact investment returns, while real estate investments can be influenced by economic conditions and property market dynamics. Careful risk assessment and strategic planning are vital to mitigate these risks and ensure consistent income streams.
High Initial Investments or Skills Required
Some passive income streams necessitate significant initial investments or specific skills. Purchasing real estate, developing software, or creating a successful YouTube channel, for example, may require substantial money, time, and expertise.
These barriers must be considered and planned for, as they can deter or delay the successful implementation of a passive income strategy.
Regulatory and Compliance Challenges
Different passive income streams come with varying regulatory and legal considerations. Landlords must adhere to housing regulations, while stock investments may involve understanding complex financial laws. Failing to comply with these regulations can lead to legal troubles or financial losses. Professional guidance may often be required to navigate these complexities.
Maintenance Requirements
While often touted as ‘set and forget,’ passive income streams usually require ongoing attention. Whether it’s maintaining a rental property, adjusting an investment portfolio, or updating a mobile app, these tasks, though generally minor, are essential.
This continuous oversight ensures that passive income sources remain lucrative and aligned with financial goals.
Drawback
Description or Example
Potential Risk and Volatility
Subject to Market or Economic Changes
High Initial Investments
May Require Significant Capital or Effort to Start
Regulatory Challenges
Must Comply With Various Laws and Regulations
Maintenance Requirements
Ongoing Management or Oversight May Be Necessary
Building a Passive Income Portfolio
Choosing the Right Passive Income Streams
Identifying the right mix of passive income sources is a tailored process that considers individual risk tolerance, financial goals, and personal preferences. Whether it’s the stability of government bonds or the potential high returns of startup investments, these choices should reflect the individual’s unique circumstances. Proper research, planning, and professional advice can ensure a balanced portfolio that serves both current needs and future aspirations.
In Vanguard’s Four principles for successful investing they stress:
The best way to work toward an investment goal is to start by defining it clearly, take a level-headed look at the means of getting there, and then create a detailed, specific plan. Being realistic is essential to this process: Investors need to recognize their constraints and understand the level of risk they are able to accept.
Vanguard
Strategies and Planning
Creating a successful passive income portfolio isn’t just about choosing the right investments; it requires a well-thought-out strategy and continuous planning. Factors to consider include risk diversification, liquidity needs, time horizons, and long-term goals. Regularly reassessing and adjusting this strategy ensures that it stays aligned with evolving needs and market conditions, safeguarding the financial future.
Monitoring and Adjustments
Regular monitoring and necessary adjustments are key to maintaining a robust passive income portfolio. The landscape can change due to market conditions, new laws, or personal circumstances. Regular assessments and prompt adjustments ensure that the strategy remains relevant, meeting its objectives while maximizing potential returns.
The exploration of passive income is not a simple undertaking but rather a multifaceted approach to building a sustainable financial future. The understanding of various sources, the recognition of benefits, and the consideration of potential drawbacks are essential components in the effective management of passive income streams.
From aspiring to retire early to simply wanting a more flexible lifestyle, passive income provides opportunities and challenges worthy of thoughtful exploration and careful planning.
The Bottom Line – Passive Income Explained
Passive income might seem like a complex idea, but it’s really about making your money work for you instead of the other way around. From investments to side businesses, there are ways to create a steady stream of cash that doesn’t tie you down to a 9-to-5 grind. Mixing active income from your regular job with passive income can lead to a more relaxed and secure financial life.
It’s not a get-rich-quick scheme, but with some thought, effort, and patience, passive income can be a valuable part of your financial picture. Whether you’re aiming for early retirement or just some extra spending money, understanding passive income is a good first step.
FAQs – What is Passive Income?
What is Passive Income, and How Does It Differ from Active Income?
Passive income is earnings derived from investments, properties, or business ventures where a person is not actively involved daily. Unlike active income, where constant work is required, passive income generally flows with minimal ongoing effort, often after an initial setup phase.
Can Anyone Create a Source of Passive Income, or Does It Require Special Skills?
While some sources of passive income might require substantial initial investments or specialized skills, there are various opportunities available for different skill levels and financial capabilities. Proper research, planning, and sometimes professional guidance can help in successfully establishing a passive income source.
What Are Some Common Sources of Passive Income?
Common sources of passive income include rental properties, dividend-paying stocks, bonds, royalties from intellectual properties, and interest from savings accounts. The choice of sources often depends on individual risk tolerance, financial goals, and personal preferences.
Is Passive Income Taxed Differently Than Other Types of Income?
Yes, passive income may be subject to different tax rules depending on jurisdiction and the specific type of income. It’s advisable to consult with a tax professional to understand the applicable tax laws and ensure compliance.
About the Author
Jeff Rose, CFP® is a Certified Financial Planner™, founder of Good Financial Cents, and author of the personal finance book Soldier of Finance. He was a financial planner for 16+ years having founded, Alliance Wealth Management, a SEC Registered Investment Advisory firm, before selling it to focus on his passion – educating the masses on the importance of financial freedom through this blog, his podcast, and YouTube channel.
Jeff holds a Bachelors in Science in Finance and minor in Accounting from Southern Illinois University – Carbondale. In addition to his CFP® designation, he also earned the marks of AAMS® – Accredited Asset Management Specialist – and CRPC® – Chartered Retirement Planning Counselor.
While a practicing financial advisor, Jeff was named to Investopedia’s distinguished list of Top 100 advisors (as high as #6) multiple times and CNBC’s Digital Advisory Council.
Jeff is an Iraqi combat veteran and served 9 years in the Army National Guard. His work is regularly featured in Forbes, Business Insider, Inc.com and Entrepreneur.
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Ramon Casaus
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