Head on over to Heavenly Homemakers for a recipe for Homemade Healthy Gatorade.
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There’s no single way to get out of debt that’s best for everyone. Each individual case is as unique as you are.
It’s important to consider your situation when deciding which debt relief plan is the best option for you. To help you weigh those options, we have provided an overview of some of the major options here:
The debt that you carry (your credit utilization rate) makes up roughly one-third of your overall credit score. When you pay off debt, your credit score typically improves. This is especially true with revolving credit linesâsuch as credit cardsâwhere your balance is approaching or hovering around the maximum limit. You want to keep your utilization rate below 30% to avoid negative effects to your credit score.
However, reducing your debt can also lower your credit scoreâeven when itâs a good thing! For example, paying off a loan and closing that account may reduce your credit age or mix of accounts, which account for about 15% and 10% of your credit score, respectively.
The type of debt relief program you use can also positively or negatively affect your credit score. Debt settlement, for example, utilizes some tactics that generally have a more negative effect than other types of debt relief programs. Keeping in mind your current credit standing, the program itself and your credit needs will help you make the best choice.
Start by signing up for the free credit report card from Credit.com. This handy tool provides a letter grade for each of the five key areas of your credit for a quick snapshot of where you stand. You can also dig deeper into each factor to monitor what’s happening with your credit and find areas for improvement.
â Sign up for the free Credit Report Card now.
Once you have a clear picture of your credit history, you can choose one of the six main approaches to debt relief to help you get out of debt. These include the snowball/avalanche option, debt consolidation, credit counseling, debt management plans, debt negotiation/debt settlement and bankruptcy. Each option has its own advantages and drawbacks as well as its own impact on your credit score, both short term and long term.
|Debt Relief Option||Immediate Credit Impact||Long-Term Credit Impact|
|Debt Snowballs and Avalanches||None||Reliably Positive|
|Debt Consolidation||Small impact (positive or negative)||Minimal|
|Credit Counseling||None expected||None expected|
|Debt Management Plan (DMP)||Moderate impact (positive or negative)||Minimal|
|Debt Negotiation or Debt Settlement||Severe damange||Slow recovery|
|Bankruptcy||Severe damage||Slow recovery|
The debt snowball and debt avalanche approaches are simply methods of repaying your debts. The choice between snowball or avalanche often comes down to a matter of personal choice.
The debt snowball is when you pay off your debts one at a time, starting with the ones that have the lowest balance. This eliminates those debts from your credit record quickly.
The debt avalanche is when you pay off your debts one at a time, but you start with those that have the highest balances instead. While it takes longer to clear debt from your credit history, the debt you clear takes a larger chunk out of your overall balance owed.
As long as you stick to the minimum payments needed on all of your other credit accounts while you work to pay down your debt, this method has little immediate impact on your credit report and a reliably positive one long term.
Debt consolidation loans and balance transfer credit cards can help you manage your debt by combining multiple lines of credit under one loan or credit card. While this helps by making one payment out of several, it’s not a strategy that actually gets you out of debt. It’s more like a tool to help you get out of debt faster and easier.
Consolidation loans often offer lower interest rates than the original credit lines themselves, which enables you to pay off your debt faster. In addition, having one lower monthly payment makes it easier to avoid late or missed payments.
Balance transfer credit cards let you transfer debt from other cards for a minimal fee. These cards sometimes require that you pay off the balance transfer balance within a certain timeframe to avoid being charged interest. If you choose a balance transfer card, be sure you choose one with terms favorable to your situation and needs.
This form of debt relief has its own set of pros and cons. While it can improve your credit utilization ratio by paying off balances that are close to the credit limit, simply moving balances from one creditor to another doesn’t do a lot for your immediate scores. Transferring multiple debts to one balance transfer card may make your utilization rate higher, which could drop your score as well.
At the same time, opening a new account will require a hard inquiry, which will slightly negatively impact your credit score. A debt consolidation loan adds a new account to your credit report, which most credit scoring models count as a risk factor that may drop your score in the short term as well. On the other hand, adding a loan or credit card to your credit history could improve your credit mix. Youâll need to keep all these factors in mind when determining whether a debt consolidation loan or balance transfer credit card is right for you.
A credit counselor is a professional adviser that helps you manage and repay your debt. Counselors may offer free or low-cost consultations and educational materials. They often lead their clients to enroll in other debt relief programs such as a debt management plan, which generally require a fee and can affect your credit (see below for more information). Bes ure you fully understand the potential impact of any debt relief program suggested by a credit counselor before you sign up. Theyâre here to help, so donât be afraid to ask your counselor how a new plan could affect your credit.
Credit counseling can also help you avoid accumulating debt in the first place. By consulting a credit counselor about whether or not a line of credit is advisable given your current situation, for example, you can avoid taking on debt that will affect you adversely. Choosing a good credit counselor for your situation is essential for positive results.
A Debt Management Plan is typically set up by a credit counselor or counseling agency. You make one monthly payment to that agency, and the agency disburses that payment among your creditors. This debt management program can affect your credit in several ways, mostly positive.
While individual lenders may care that a credit counseling agency is repaying your accounts, FICO does not. Since FICO is the leading data analytics company responsible for calculating consumer credit risk, that means a DMP will not adversely affect your credit score. Of course, delinquent payments and high balances will continue to bring your score down even if you’re working with an agency.
When you agree to a DMP, you are required to close your credit cards. This will likely lower your scores, but how much depends on how the rest of your credit report looks. Factors such as whether or not you have other open credit accounts that you pay on time will determine how much closing these lines of credit will hurt your score.
Regardless, the negative effect is temporary. In the end, the impact of making consistent on-time payments to your remaining credit accounts will raise your credit scores.
Some creditors are willing to allow you to settle your debt. Negotiating with creditors allows you to pay less than the full balance owed and close the account.
Creditors only do this for consumers with several delinquent payments on their credit report. However, creditors generally charge off debts once they hit the mark of being 180 days past due. Since charged-off debts are turned over to collection agencies, it is important to try to settle an account before it gets charged off.
Debt settlement companies negotiate with creditors on your behalf, but their tactics often require you to stop paying your bills entirely, which can have a severe negative impact on your credit score. In general, debt settlement is considered a last resort and many professionals recommend bankruptcy before debt settlement.
Filing for bankruptcy will severely damage your credit score and can stay on your credit report for as long as 10 years from the filing date. However, if you are truly in a place of debt from which all other debt relief programs cannot save you, bankruptcy may be the best option.
Moreover, by working diligently to rebuild your credit after bankruptcy you have a good shot at improving your credit scores. Depending upon which type of bankruptcy you file forâChapter 7, Chapter 11 or Chapter 13âyou will pay back different amounts of your debt and it will take varying timelines before your credit can be restored.
Learning the difference between the three main types of bankruptcy can help you choose the right one. A qualified consumer bankruptcy attorney can help you evaluate your options.
Whichever method of debt relief you choose, the ultimate goal is always to pay off your debt. That way, you can save and invest for your future goals. For some, taking a hit to credit temporarily is worth it if it means being able to finally get their balances to zero.
By monitoring your credit with tools like our free Credit Report Card and keeping your financial situation in perspective, complete debt relief is not only possible but within reach.
The post Debt Relief & Credit: What You Need to Know appeared first on Credit.com.
Although enduring the pandemic has been stressful to say the least, I have learned a multitude of lessons Iâll never forget. One of the biggest is that, like it or not, Iâm not cut out to homeschool four kids while trying to work at home. Most of all, though, the pandemic has reinforced my feeling of gratitude for the life I live â and the life my family lives.
For example, when schools began shutting down and the whole country went into lockdown, neither my wife, Mandy, or I had to miss work or struggle to find childcare. When I work on my blog, my podcast, and other ventures in my home office, my wife already stays home with the kids and has done so for several years.
And when the economy stalled and the stock market dropped like a rock, we never had to wonder how weâd pay our bills or what the future might hold. After all, we have a fully stocked emergency fund, and have plenty of passive income streams that aren’t tied to an employer or the stock market on any given day.
The bottom line: The pandemic has reminded me all I have to be grateful for, including the peace of mind that comes with financial independence.
Anyway, part of me has always worried that my kids wouldn’t get to learn the same financial lessons I did â at least, not in the same way. Because of the situation we’re in, my kids have never really lived in a modest home, and they have never had to go without. They have never been in a situation where we are trying to stretch the groceries for another week until payday, and in fact, the pandemic has made us rely a lot more on takeout and food delivery than we normally do.
Regardless, I recently took some time on one of our homeschool days to map out what it takes to run and pay for a household for my kids.
On a giant whiteboard in my office, I created a list of most of our household bills â our mortgage payment, transportation expenses, phones, gas, insurance, utilities, and all of the taxes we pay. In another column, I wrote out a rough example of the amount of income it would actually take to cover those bills.
From there, I talked with the kids about our household wants, or stuff they prefer to have. My kids went ahead and added shoes to the list, an Xbox and some dolls.
At one point, the kids started asking questions about where the money for our bills actually comes from. I explained that, while I continue working on my podcast and blog and other business ventures, the majority of our income is mostly passive â as in, I am not actually working for it and I am no longer getting paid by an employer.
And in that moment, I began explaining to them my thoughts on financial independence â what it means to me, and how we actually got to that point.
While my kids were sick of dad teaching and barely listening by then, they did have some thoughts on financial independence. I explained to them that, if they could save a ton of their income in their early working years, they could invest in passive income streams they could rely on for decades after that.
We also talked about how secure it can feel to have enough money stashed away to get by, and to not have to rely on the whims of an employer or a J-O-B to stay alive.
All of this got me thinking about when I knew we were financially independent, and the “aha moments” I had along the way. After all, our journey to financial security didnât happen overnight, even though sometimes it does feel that way.
But before I share how I knew we didn’t need to worry about money, I want to explain what I think financial freedom really is, based on a note I wrote on my whiteboard for our kids.
For me, financial independence is not about making the most money you absolutely can, and it’s not about how much is in your bank account, the car you drive, or the size of your home.
Instead, financial independence is about choice.
Based on the way I interpret the FIRE movement, financial independence is about being able to choose where you work and what you work on, having the ability to spend your free time how you want, and living life on your own terms. It’s about not having to go to a job you hate, and to still have the money you need to pay bills and live comfortably, regardless.
Further, financial independence means being able to have the freedom of choice without any worry, without any stress, and without any anxiety â at least when it comes to paying bills.
So, what are the “aha moments” that helped me realize we had been blessed with all we need â that we are financially independent?
In reality, it has been a lot of small things over the last decade or so â things like being able to rent two hotel rooms or a large Airbnb each time we travel, and not having to worry whether we can afford it. After all, I have four kids, and my wife and I donât want to sleep in a hotel room stuffed six-people deep.
Another big moment we had was the first time my wife and I maxed out our old Roth IRA accounts while also fully funding our 401(k)s, which happened early in our marriage.
Then there was the year we started building our first “dream house,” which we lived in before the one we live in now. Our “starter home” was around 1,900 square feet and we lived there for quite a while. But we started building our 5,000 square foot dream house right before the birth of our second son â we even put in a pool shortly after that.
This was when we were in our early 30’s, and building at that time just seemed like a dream come true. We even started building our new home before we sold our old one, which was only possible because we had our financial ducks in a row.
Other key “aha” moments along our journey to financial independence included:
Funny enough, I sent my wife Mandy a text, for research purposes, asking when she first felt financially independent. Her answer was totally different than mine.
Mandy says that she felt like she no longer needed to worry about money when we reached one year of expenses in our emergency savings account.
I have to agree with her, because that milestone did give me a lot of peace of mind. After all, having 12 months of expenses in an emergency fund means a lot could go wrong with our finances and we would still have the time and space to figure it all out.
If you’re pursuing financial independence but progress feels slow, know that your path to financial freedom will have a lot of bumps along the way. If you’re like me, you might also find that you’re inching toward financial freedom in spurts, and that it doesn’t all hit you at once.
The key for those seeking FIRE is being on the lookout for those “aha moments” that tell you you’re on the right path. No matter what anyone says, you won’t become financially independent overnight. Instead, you’ll probably hit several different stages over the months and years it takes to get there.
Not only that, but you should strive to adopt the right mindset for FIRE. For the most part, this means being willing to think differently about how the world works and how it should work, and being open to going your own way.
What are the key principles of FIRE â or the key mindset changes that can get you there? Based on my personal experience, here’s what I think they are.
In my opinion, being grateful for what you have (and what God has provided) is one of the most important steps anyone can take. Even if things aren’t really going your way, and if life seems bleak and miserable at times, there is always something we can be grateful for.
With that said, I recommend being grateful and hungry â as in, don’t be so grateful that you become complacent and stop pushing for more in your life.
Continue to entertain the idea that there is always something else you can learn, more experiences you can have, and more wisdom to obtain by trying new things. And if you try something and fail, look for the lessons you can find in that failure and be grateful you had the chance to learn them.
Another key principle of achieving financial independence is being willing to share your goals with the world â loudly and without hesitation.
In your own life, you mightâve noticed that people who are pursuing FIRE can’t stop talking about it. This is because FIRE enthusiasts usually have one important thing in common: theyâre brave enough to put their bold intentions on display no matter what anyone thinks.
Let’s say you have the bold intention of achieving financial independence and retiring at 35. Why not take that goal and post it to your Facebook page? Start sharing it with your family, and don’t forget to tell your friends.
Chances are good that you’re probably going to get a lot more criticism than support from your peers, but who really cares?
Most people who pursue FIRE actually don’t care at all what other people think. That’s part of the reason theyâre able to live differently, save a large percentage of their income, and stop trying to keep up with the Joneses in the first place.
Finally, you have to make sure your future is bigger than your past â as in, don’t let your past mistakes define who you are today and who you can become.
I know from experience that it’s far too easy to focus on all of the mistakes you’ve made and opportunities you’ve missed out on. Trust me, Iâve made more than my share of bone-headed mistakes that couldâve easily derailed me, yet here I am.
The key for anyone pursuing FIRE is having some humility for the situation while never letting your past mistakes hold you back. You have to be willing to put yourself out there again and again, knowing you might fail. The thing is, every failure has a lesson, and sometimes those lessons lead you to something great right around the corner.
Maybe you skipped saving for retirement early in your career, and you feel behind from where you should be. Although you definitely missed out by not getting started early, you can only control the steps you take to reach your goal right now.
Perhaps you made a poor investment and lost money at one point, which is something most investors have done at least a few times. Instead of dwelling on that mistake, you have to learn to cut your losses, find the lesson in the mess, and move on.
Why? Because the alternative isnât moving forward, and that won’t get where you want to be.
The bottom line: Let go of the past and take stock of where you’re at now. From there, figure out a plan to reach your goals, and don’t stop until you get there.
The post FIRE: How to Find Your Aha Moments and the Key to Achieving FIRE appeared first on Good Financial CentsÂ®.
Donating plasma is a legit way to earn some extra cash while helping others. You only need 2-3 hours a week to donate plasma and make $300 to $400 a month.
The post Donating Plasma For Money: Best Places To Donate Plasma To Make $300-400 A Month appeared first on Bible Money Matters and was written by Lorraine Smithills. Copyright Â© Bible Money Matters – please visit biblemoneymatters.com for more great content.
Working remotely or online is a rapidly growing trend. Whether youâre out of work and need a new career, or you need a convenient way to make extra cash, find out how to make money online with this guide. Youâll discover the top industries, statistics about the rise of remote work and all the tips and tricks you need to get started today.
The dramatic increase of communication technologies has caused rapid growth in the number of remote workers. Currently, 70% of all professionals have worked remotelyÂ at least one day. Another survey by AND Co and Remote Year found that 55% of remote workers work full-time.
Many people who work online prefer it to traditional work. If you want to know how to make money online and want a happy, more productive work life, online work may be for you.
People who choose remote work come from many different industries and backgrounds. Online work can be performed from any location. These are just a few of the types of individuals who enjoy the freedom and flexibility of online work:
Many online jobs offer part-time or full-time options. Freelancers, in particular, have a great deal of flexibility when it comes to choosing the number of hours they want to work. Whether you need a full-time alternative career or are simply looking for an easy way to make additional income, there are ways to make money online for your particular situation.
You may be surprised at the variety of jobs available for online workers. The latest platforms, like Slack, are designed to help connect remote workers. And you donât have to be a software developer to find a great online career.
Some industries use jobs boards. These websites host diverse career, job and gig opportunities for nearly any skill level or experience set. You can browse these websites to find odd jobs whenever you need additional income. You can also look for a dedicated career and full-time employment on a site like FlexJobs.comÂ or by simply adding âremoteâ to a search on any job site. While there are many careers available, here are some common industries with online andremote work opportunities.
Web development is a career that easily transitions to an online position. Because all of the work is done via the Internet, itâs easy to conduct your work from home or any location. Youâll need experience developing websites to be successful.
Choose to start your own company and begin advertising immediately, or search for jobs in web development with an established business for a more stable and immediate paycheck.
Although this industry isnât necessarily online, itâs gained popularity in the past decade thanks to social media. Social media has made it far easier to market your business. These jobs rely on people to sell products or services to their friends, family and neighbors.
This career doesnât require any specialized experience, so itâs a great option for getting started with online work. Those who are most successful know how to create engaging social media posts, vlogs and other promotional materials. It may not begin paying immediately and is usually a part-time income source.
Writing is a popular way to earn income on your own time. If youâre a skilled writer who is excited about exploring new topics and writing dynamic blogs and web pages, youâll love a career as a content writer.
Finding a high-paying job can require some digging, but there are many content-writing job boards, companies and gig opportunities online. Content writers can also choose to launch their own business, which requires some patience, persistence and marketing skills.
Do you have an eye for grammar mistakes? Editing is a popular way to earn online for anyone with experience proofreading, correcting mistakes and refining content. Depending on your experience, editing positions typically pay better than writers. However, many editors are required to have previous experience or a degree in English or a related field.
Perhaps the most popular and trending industry is online teaching. Most of these positions are teaching English as a second language, but someone with a teaching certificate or experience can also find a position teaching another subject.
Check out companies that operate out of countries all around the world. Whether teaching adults or children in China, Brazil, South Korea, Russia or any other country, this field can be very rewarding. Prepare to plan around time zones and teach at odd hours.
Interested in sharing your opinions online? There isÂ aÂ diverse range of survey-taking positions that pay a small amount for every survey. The work may not pay as high as others, but it requires no experience and is easy to find. Testing apps, shopping surveys or surveys about website experiences are all available for anyone interested in filling out forms for some extra cash.
Just like traditional investmentÂ options, there is a diverse range of online investing opportunities. Use affiliate marketing, make online investments or shop for real estate online. Itâs a great way to flex your financial muscles, or you can take out a loanÂ to get started. Not only will you be working online, but you can also generate passive income.
Working online offers many great benefits compared to traditional careers. Whether youâre feeling stuck in an office or looking for a way to make some extra money in the evenings, here are some of the common benefitsÂ reported by online workers:
Of course, remote work isnât for everyone. There are some disadvantages to online work that can cause some people to feel less fulfilled with this career option. Some remote workers experience higher levels of stress, loneliness or an inability to meet personal deadlines. Without a community to keep you accountable, it can be difficult to stay productive.
Successful online workers are able to set their own schedules, be proactive when finding work and manage multiple schedules easily. If you have these skills, even a basic understanding of computers is all you need to start your new and exciting career.
Start your online job today. Itâs easy to get started, and most gigs donât require any additional equipment or software. Once youâve started earning additional income, leverage your savings with a high-yield savings account. With high interest, youâll see a greater return on your savings and can take advantage of your extra income today.
The post How to Make Money Online appeared first on Credit.com.
Cheap Ways to Keep Kids Entertained During Holiday Break is a post originally published on: Everything Finance – Everything Finance – Its all about Money!
During the winter, it can be difficult to keep our kids entertained. Depending upon where you live, it can be really hard to entice them to stay outside for any length of time. And during the holiday break, it seems to be even worse because they don’t have school work to keep them distracted. So, we have found some cheap ways to keep kids entertained during the holiday break and the winter. Some of these ideas won’t cost you a penny, while others may cost a tiny bit of money if you don’t already have items to work with.
If you ever went to a school science fair, I am sure you have seen a homemade volcano at least once in your life. While there are plenty of different ways to make a volcano, there is one that I ran across on accident that I prefer.
One of my favorite ways to keep my drains clear is with baking soda and hydrogen peroxide. The two of them create a chemical reaction that burns away all of the gunk that may be stopping up your drains. And when my kids were younger, they loved to watch me do it because it created a really cool effect.
Which gave me the idea to start using just those two ingredients (and sometimes food coloring when I want to get really crazy) to create homemade volcanoes for them. If you have some playdoh lying around, then that and a plate will do the trick for a volcano vessel.
Just have your kids create a volcano out of the playdoh on the plate, or even on an old piece of wood from the yard. Put a couple of spoonfuls of baking soda into the volcano. Add food coloring for effect, if desired. Then take the volcano outside and add baking soda until you start to see a reaction.
We have done this with snow also, and it was pretty cool to watch the eruption change the shape and color of the snow volcano. However you choose to create the volcano, the kids will love it and it shouldn’t cost you anything to create.
If you are anything like us, then you probably have some Legos lying around somewhere. In fact, we have two huge bins of them, so there is no shortage of Leg’s around here. During the holidays, one of our favorite things to do with the surplus of Legos is to create a Lego contest.
If you have a ton of them, then the contest can get fairly creative and elaborate. And, depending upon the ages of your children, the contest will vary also. However, some of our favorite Lego contests have been:
These are just a few ideas to get you started, so get creative and have fun!
Having a treasure hunt is always a crowd pleaser and is sure to keep kids entertained. Creating a treasure hunt is similar to the Lego contest, in that it can easily be varied based on the ages of your kids and the environment. If it is too cold outside, then you can keep the treasure hunt inside.
I like to create our treasure hunts so that they are both inside and outside, so the kids can get some fresh air. The easiest way to do this is to create a simple map and create clues to where you have hidden the treasure. The treasure can be anything, really. Hiding candy for pretend gold doubloons are always a favorite of our kids. But, you could also hide a deck of cards, a pair of warm fuzzy socks, or a small set of Legos.
I like to try and find things that we have lying around that the kids have forgotten about to hide as treasure. Sometimes I’ll throw a lollipop or piece of candy in the treasure also, for added excitement.
The treasure can be hidden in an old bag or something more elaborate like a plastic pirate treasure chest with a lock. If you use something like this, then they will have to find the key along the way before they get to the treasure. This is a ton of fun!
Making your own games can also be a lot of fun. Especially if you put the kids in charge of making them. We happen to have a couple of artists in our house who love creating and drawing, so this is a great plan for them.
Just give them some blank paper, scissors, and crayons, markers or colored pencils to get started. Then have them create their own Snakes and Ladders, Candy Land or Pin the Tail on the Donkey game. And it doesn’t even have to be a donkey, but any animal they’d like to pin the tail on.
Let them get creative and really work hard to create their own versions of the games. Once they are done, then comes the real fun for everyone. Making and playing these homemade games can keep kids entertained for hours. Which I am a huge fan of!
And last, but definitely not least, creating an obstacle course is always a ton of fun. We like to use things such as:
Creating an obstacle course is something that we usually prefer to create outside, just so there’s less chance of slamming into walls or furniture. But, it could be created indoors also, if the weather outside simply won’t comply.
Have your kids work on finding the raw materials around the house or yard to create the obstacle course with. Then have them create the obstacle course, which needs to be realistically doable. Then, you can time each kid running the obstacle course to see who the winner is.
After the course has been run a few times, then have the kids rearrange to create a completely different course. This is an activity that can not only keep them busy for hours but help burn out some energy and get them some fresh air. Bonus!
These are some fantastic, cheap ways to keep kids entertained!
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When it comes to the holidays and too much free time, there are many ways to keep kids entertained. And they don’t have to cost you very much if any, money. Use what you have at your disposal first, so you don’t have to buy anything extra. So, creating a volcano or an obstacle course might be great first choices. After you’ve tried those, I would suggest having your kids make their own games and a Lego contest, followed up by a massive treasure hunt. No matter which options you choose, your kids are sure to be entertained, which makes everyone’s life much easier.
What ideas do you have to help keep kids entertained during the holidays this year?
Cheap Ways to Keep Kids Entertained During Holiday Break is a post originally published on: Everything Finance – Everything Finance – Its all about Money!
Do you need to make more money starting yesterday? Perhaps you’ve got an unexpected expense and just need cash now. Or maybe your paycheck is accounted for before you even get it? I get it.Â The paycheck-to-paycheck cycle is the easiest situation to get yourself into and the hardest to get out of. Today let’s […]
The post How To Make $100 a Day Guaranteed in 2021 (40 Easy Ways To Make Money Online) appeared first on Incomist.
This page may include affiliate links. Please see theÂ disclosure pageÂ for more information. There are several ways to get free Google play credits if youâre interested in being able to get more apps for your Android Phone. If you find a lot of apps on Google Play that you like and want to get for free–or…
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Side hustles have always been a good way to earn more money and better your finances. With so many people in debt while wages have fallen flat, theyâve become especially popular over the past decade. Now, with the coronavirus pandemic, weâve seen them shoot ahead in popularity even further.
According to a recent survey by credit-building platform, Self, just over half of Americans plan to start a side hustle as a direct result of the pandemic. The numbers get really interesting when you break them down by age, too. The majority of Millennials (around 70%) plan to start a side hustle, while only a few â around 20% â of Boomers have the same idea.
Unless youâve been living under a rock, chances are you already know the heavy toll the pandemic has taken on the economy. Still, itâs worth taking a second look at the numbers. By May 2020, after everything shut down, the number of unemployed people in the U.S. shot up even higher than figures during the Great Depression. It ranged higher than 14 million unemployed people, compared to the Great Depressionâs peak of 8.8 million unemployed. The unemployment rate at its peak in 2020 was 16%.
Today the economy is reopening and the unemployment rate has gone back down, but still stands twice as high as normal â 8% â as of August 2020. Even if you are lucky enough to be back at work today, chances are good that youâre still not earning as much as you were before. Your hours mightâve been reduced, you mightâve missed out on pay raises, or you mightâve suffered a pay cut.
Everyone is seeing how important diversifying your income with a side hustle is right now.
If youâre still unemployed, the picture isnât any better. The extra $600 weekly unemployment assistance dropped off at the end of July, leaving many people with normal piddly paycheck amounts.
Finally, even if youâre one of the lucky ones whoâs been totally unaffected by all of this, at least youâve seen the devastation that can happen and maybe youâre spurred on to make sure that doesnât happen to you. No matter which segment you fall into, everyoneâs seeing how important diversifying your income with a side hustle is right now.
Whether you call them âside hustlesâ or not, people have been finding creative ways to earn a little extra on the side ever since economies have existed. But today, with COVID, some side hustles are more popular than others. Here are some of the most popular side gig options this year:
With so many people trying to keep their distance, one hot job thatâs been booming is food delivery workers â specifically, through apps like DoorDash, GrubHub, UberEats, Instacart, Shipt, and more. All you need is a car and a smartphone. And while your chances of being exposed to COVID are greater than if youâd found an online gig (please, avoid this one if youâre high-risk!), contact-free delivery options are making it a bit safer.
If youâre looking for a good way to boost your typing speed and listen to (potentially) interesting conversations, give transcription a try. You can find partner websites thatâll send you audio files or advertise your services in writerâs groups. All you have to do is type out the audio accurately and send your transcription back to the partner.
The startup cost on this side gig is low â all you need is a computer and internet, which you might already have if youâre reading this. Beyond that, a small investment in a foot pedal â a hands-free way to start and stop audio â keeps your hands on the keyboard so that you type faster and earn more money in the process.
The education system is a mess right now. Many kids are stuck at home and are falling behind in their studies. Parents are at their witâs end, and looking for ways to help their children grow and stay entertained. Thatâs where you come in. There are many opportunities to tutor students online, and if you and the other party is comfortable, you can even meet up in person for socially-distanced learning.
Even though normal travel isnât really a thing right now, there still are more people than ever travelling locally. Many people can only stay in their home so long without going stir-crazy, after all. A lot of pet sitters are finding that business is booming right now, and you can get in on the action, too.
Apps like Rover and Wag! make it easy to get started. Even if you canât watch someoneâs pup for them, you can still offer your services as a dog walker and get out of the house while still distancing yourself from other people.
Do you have an interesting story? Would you like to write about other people who do? If so, nowâs a great time to start your own blog or freelance writing side hustle. Blogging takes a lot of work and time before it really pays off, although if it does, you can earn a lot of money. Freelance writing might be more lucrative right off the bat, and you can even leverage your new blog as a way to showcase your writing to earn work with paid clients.
With so many people working entirely online these days, an entire new industry of workers have cropped up: virtual assistants. As a virtual assistant, your job may be as varied as the people who hire you. You might find sources for interviews, keep track of tasks in a database, answer reader emails, make graphics, write blog posts, and more. And since itâs entirely virtual, your potential client list is global.
This side hustle might not replace your day job, but if you have a few extra minutes while youâre watching TV, baking, or spending endless hours listening in on Zoom meetings, you can earn a bit more cash. There are a lot of places to earn money with surveys, so be sure to try your hand at more than one.
Techy skills are in demand right now, especially with so many people working online. If you know a bit of code â or want to learn â nowâs a great time to get started with this side hustle. You can find work through Fiverr and Upwork, or advertise independently elsewhere. If you know how to develop apps, see if you can come up with any ideas to make quarantine life easier for everyone â that would be a hit for sure.
The only option most local businesses have to reach potential customers these days is online. But the mom-and-pop pizza shop down the road probably isnât up to snuff when it comes to advertising on Google and social media. These skills are especially in demand right now, and there are many courses you can take to learn more and start this side hustle immediately.
Are you good at coming up with stories? If youâve got some time on your hands and you donât have any pressing money concerns, writing ebooks can be a great way to set up a passive income strategy thatâll keep paying you throughout the future. Just like with blogging, it can be a risky strategy since it may not pay off immediately. But if you have a passion for words, a creative imagination, and an entrepreneurial spirit, this could be a great side hustle for you.
Companies often arenât SEO experts, and they arenât social media experts either. But if you were raised alongside Instagram, Facebook, and Twitter, and love mastering the newest social media channels, this could be a great side hustle for you. Youâll need to learn how to work with brands and companies to represent them online so that they sell more products â and in turn, can pay you the big bucks.
Weâve covered some of the websites you can use to earn money during the pandemic right now, but it bears repeating here. Websites like TaskRabbit, Fiverr, and Upwork have many more opportunities than what weâve listed here.
For example, you could help with mowing lawns, helping someone move to a new house, delivering things from stores, designing printable PDFs, teaching someone how to play guitar, and more. The opportunities are endless, and itâs free to browse and see what small odd jobs are available in your area.
The year 2020 will probably go down in most peopleâs books as one of the worst on record. Itâs important to acknowledge the bad thatâs happening, but itâs also important to look forward, too. Even in the midst of all of this craziness, there is an opportunity for growth and a way to better your finances. No one can pinpoint when a pandemic will happen, but you can plan your financial response to big events like this.
The post Why Itâs the Year of the Side Hustle appeared first on Good Financial CentsÂ®.
This story originally appeared on FlexJobs.com. The year 2020 has certainly been one to remember. Between a global pandemic, economic uncertainty, and the unprecedented transition to working from home for millions of people all over the world, remote work has had a big year. Indeed, the world of work as we know it has dramatically shifted in the last 12 months. As we look forward to a new year and…