Who are ITIN borrowers? An ITIN is issued by the IRS to individuals who need to pay taxes, but are not eligible for a Social Security number. Some may have entered the country legally but overstayed their visas, while others may have crossed borders illegally. Regardless of their immigration status, Senko notes that many of … [Read more…]
A small, steady amount of inflation is a sign of a healthy economy. But when prices rise too much too quickly, it lessens purchasing power, straining consumers and businesses.
Fortunately, the Federal Reserve (aka, “the Fed”) has a tool in its back pocket that can help tamp down inflation — the federal funds rate. By raising this benchmark rate, the government influences other interest rates, including rates for consumer and business loans. This makes borrowing more expensive and can help cool the economy, bringing inflation under control.
That said, raising interest rates doesn’t lower the pace of price increases overnight. There are also some risks involved in raising the federal funds rate too aggressively. Here’s a closer look at how interest rates and inflation interact.
Key Points
• To help control inflation, the Federal Reserve may raise the federal fund rate, which typically raises the interest rates offered by financial institutions.
• Raising interest rates makes borrowing more expensive, which tends to reduce consumer and business spending.
• Higher interest rates also encourage saving, since consumers will typically see higher interest rates on their savings accounts.
• It can take time for the Fed’s interest rate hikes to effectively ease the price of goods and services, and there are other factors that can affect pricing.
• Potential downsides to rising interest rates may include an economic slowdown, increased unemployment, and an increase in the cost of financing government debt.
Inflation is generally defined as a sustained increase in the price of goods and services consumers regularly buy. While the inflation rate can be measured in a number of different ways, the Fed typically uses the Personal Consumption Expenditures Index (PCE) as its main measure of inflation. The PCE tracks changes in consumer spending on a wide range of goods and services.
The Fed has a stated goal of keeping inflation around 2% each year, as measured by the annual increase of the PCE index. To control inflation, the Fed will often take steps to influence interest rates. When interest rates are high, it costs more for consumers to use credit cards and take out mortgages and car loans. As a result, they typically start spending less. When demand for goods and services falls, it puts pressure on businesses to lower prices. Higher interest rates also help reduce spending by encouraging saving, as consumers benefit from higher yields on savings accounts.
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In the U.S., decisions on monetary policy are made by the Federal Open Market Committee (FOMC), which is made up of the Board of Governors of the Federal Reserve as well as five of the presidents of the 12 Federal Reserve banks. Congress has mandated the Fed to set monetary policy so as to promote maximum employment and stable inflation (generally around 2% annually).
The members of the FOMC meet regularly to discuss monetary policy, viewing various economic indicators such as the employment rate, inflation rate, and current interest rates. Based on these market factors, they set the country’s target interest rate, known as the federal funds interest rate (also known as the federal funds target rate).
The federal funds rate acts as a reference for the interest rates big commercial banks charge each other for the overnight loans. A change in the rate that banks charge each other for loans impacts other market rates (like the prime rate) and, consequently, interest rates offered by banks and other financial institutions to consumers and businesses.
When the Fed raises interest rates, it can have a number of effects on the economy, including:
• Reduced household spending. When interest rates on credit cards go up, consumers generally spend less on their cards. In order to afford credit card payments that now may be higher, they might also cut overall spending on goods and services.
• Slowdown in home sales. Higher rates on mortgages make it more expensive to buy a home. As a result, many consumers may decide to continue renting and hold off on purchasing a home.
• Sluggish business growth. When the cost of financing goes up, businesses may decide to hold off making large purchases or other investments in expansion and growth.
• Increased saving. Higher interest rates on savings accounts, especially high-yield savings accounts, incentivize saving, since account holders will earn a higher return on their balances.
• More foreign investment. Higher interest rates can attract foreign investors looking for better returns on their investments, which can increase demand for U.S. currency.
Recommended: APY vs Interest Rate
When the federal funds rate rises, it sets off a ripple of effects in the U.S. economy. It makes it more expensive for commercial banks to borrow from each other, more expensive for businesses to finance large projects, and more expensive for consumers to get mortgages and other types of loans. This ultimately leads to less borrowing, less spending, more saving (thanks to good interest rates on bank accounts), and less overall money in circulation. Altogether, this tends to have a cooling effect on the economy, which helps to lower inflation.
It’s important to keep in mind, however, that the impacts of monetary policy set by the Fed are generally not swift. It can take upwards of 12 months for a rate hike to wend its way through the economy and actually ease prices. It’s also important to keep in mind that there are many things that impact inflation — from supply chains to labor costs to consumer demand. Interest rates are only one influencing factor.
Recommended: 10 Ways To Save Money Fast
While raising interest rates can be an effective tool for fighting inflation, it is not without its drawbacks. Here’s a look at some of the potential downsides of raising interest rates.
• Economic slowdown: As borrowing becomes more expensive, businesses may delay expansion or cut back on hiring, leading to slower job creation. Consumer spending may also decline, resulting in reduced demand for goods and services. Over time, this can lead to a slowdown in gross domestic product (GDP) growth, potentially tipping the economy into recession.
• A rise in unemployment: As businesses face higher borrowing costs, they may reduce their workforce or halt new hiring to cut expenses. Industries that rely heavily on borrowing, such as construction and real estate, can potentially see significant job losses as investment slows.
• Rise in the government debt costs: When interest rates rise, the cost of servicing the U.S. government’s debt also increases. Higher interest costs can strain the government’s budget and reduce the funds available for other important programs, such as healthcare, education, and infrastructure.
Raising interest rates is a powerful tool used by the Federal Reserve, the central bank of the U.S., to control inflation, particularly in an overheating economy. By making borrowing more expensive and encouraging saving, higher interest rates reduce consumer spending and business investments, which can help cool demand and bring inflation under control.
However, this approach is not without its downsides, as it can lead to slower economic growth, increased unemployment, and higher government debt costs.
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The effects of interest rate hikes on inflation can take at least 12 months to materialize. Central banks raise rates to reduce borrowing and spending, which in turn lowers demand for goods and services, along with prices. However, it takes time for this chain of events to ripple through the economy. On top of that, inflation is influenced by numerous other factors (including global supply chains, energy prices, and labor markets), which can also delay the impact of rate hikes.
Yes, raising interest rates too aggressively can potentially cause a recession. Higher interest rates increase the cost of borrowing for consumers and businesses, which can reduce spending and investment. If rates rise too quickly or remain elevated for too long, the economy may slow significantly, leading to reduced consumer demand, lower business activity, and ultimately job losses. If economic output contracts for two consecutive quarters, it generally indicates a recession.
When interest rates rise, savings account holders typically benefit from higher returns. In response to rising benchmark rates set by the Federal Reserve, many (though not all) banks and credit unions will increase the interest rates they offer on savings accounts This can make saving more attractive than spending.
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SoFi members with direct deposit activity can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.
As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.50% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.50% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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After sustaining a 23-year high for over a year, the Federal Reserve has elected to slash the federal funds target rate by half a point, dropping from a range of 5.25%-5.50% to 4.75%-5%.
Lenders anticipated that the Fed would move to lower rates by some degree, and began adjusting mortgage rate offers ahead of the September 17-18 meeting: Rates fell 23 basis points in the week ending September 12. (A basis point is one one-hundredth of a percentage point.) This means that home shoppers who still find today’s rates out of budget shouldn’t expect more than modest drops in the coming days.
The Fed has held rates steady for the past 14 months in an effort to control inflation. Recent data shows that the economy is moving toward central bankers’ target inflation rate of 2% — the latest Consumer Price Index (CPI) report, a broad measure of price changes for goods and services in the U.S., shows that inflation slowed to 2.5% in August, down from 2.9% in July and 3% in June.
This data alone may have justified a softer cut of 25 basis points to keep inflation on a downward trajectory. However, job growth continued to slow in August, and a fairly weak July jobs report showed the rate of unemployment hitting a three-year high. Unemployment is a leading sign of recession, and the Fed’s decision to reduce rates by 50 basis points indicates that employment may have now eclipsed inflation as the Fed’s chief concern for the economy.
While this is good news for mortgage shoppers hoping to score a lower interest rate, the Fed’s aggressive move may reflect an effort to hold off “more rapidly deteriorating labor market conditions and weakening of the economy,” said Selma Hepp, chief economist and senior vice president at the housing data provider CoreLogic.
Lawrence Yun, chief economist at the National Association of Realtors (NAR), said that the Fed’s choice could be the result of both positive and negative factors. If an unsteady job market is the Fed’s primary motivation, it could mean that central bankers see the possibility of a recession. On the other hand, it could be a good sign “if the Fed has a solid belief that inflation is conquered, even as CPI remains at 2.5%.”
Falling interest rates are likely to signal changes across the housing market. Freddie Mac’s August 2024 Outlook projects that the labor market will continue to weaken into 2025. In this scenario, Freddie Mac outlines the probability that mortgage rates will trend downward in the coming months, leading to a “significant surge in demand, mainly from the first-time home buyers left at the margins,” as well as a small uptick in housing inventory as the rate lock-in effect loosens somewhat.
With an influx of buyers and inventory remaining tight, home prices are expected to rise 2.1% in 2024 and 0.6% in 2025. Fannie Mae’s August economic development report projects that mortgage rates will average 6% in 2025.
While Fed watchers are mostly inclined to believe that another cut will come at the November 6-7 meeting, any decision by central bankers will be informed by trends in new economic data as it emerges. One CPI report and two jobs reports will be released between now and then, and what they reveal about the rates of inflation, unemployment and job growth will be a major indicator of when and how the Fed may choose to shift rates.
Market traders were divided over predictions of what central bankers would do in the days leading up to this September meeting. Those currently shopping for a mortgage should remember that mortgage rates will continue responding to expectations of what the Fed will do, rather than waiting for central bankers to take action. If additional rate cuts are expected, we could see mortgage rates fall even further before the November meeting.
There’s no perfect way to time the market, and buyers holding out for mortgage rates to hit their lowest point will have to contend with greater competition and higher home prices. While it’s understandable to want to get the best deal, the “right time to buy” is determined by personal factors as much as economic ones.
If you can afford to move forward with your homebuying plans now and want to take advantage of refinancing later, you can benefit from strategically keeping your closing costs as low as possible, since you’ll have to pay them again when refinancing. For example, if you’re hoping to refinance in the next year or so, it wouldn’t make sense to pay for points that lower your mortgage rate at closing right now.
However, while it can be useful to think about your refinancing plans when considering your closing options, it’s not recommended that you commit to a mortgage you cannot comfortably afford with an expectation that you’ll refinance later. The lack of consensus among industry experts going into this meeting should underscore the fact that it’s too risky to rely on a concrete timeline of when rates will hit your specific target.
Source: nerdwallet.com
Do you want to learn how to make $400 fast? Making extra money can be really helpful for unexpected expenses or saving up. You might need it for rent, a car repair, or a medical bill. Or maybe you’re saving for something special and just want to earn a little more. Sometimes, you need quick…
Do you want to learn how to make $400 fast?
Making extra money can be really helpful for unexpected expenses or saving up. You might need it for rent, a car repair, or a medical bill. Or maybe you’re saving for something special and just want to earn a little more.
Sometimes, you need quick cash, and $400 can make a big difference. Finding ways to make money fast doesn’t have to be hard and can be done in many different ways that fit your skills and schedule.
Below are the best ways to make $400 fast.
Selling printables can be a great way to earn money quickly. Printables are digital products that buyers download and print at home. These can be anything from planners to party decorations to holiday cards.
The best part is you only need to create them once, and they can be sold many times.
After creating your printable, you’ll need a platform to sell it. Etsy is a popular choice because it’s easy to set up and lots of people shop there for printables. When listing your product, make sure to use good photos and detailed descriptions because this helps buyers find your printables.
I have several friends who make over $1,000 each month by selling printables, and they do it all from home! It’s a side hustle that I frequently think about starting.
You can learn more at How I Make Money Selling Printables On Etsy.
Do you want to make money selling printables online? This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.
Starting a blog can be a great way to make $400. It may not always be fast, but once you get your blog started, you may be able to make money and create new income streams.
To make money, you can place ads on your blog. You can also write sponsored posts or review products. Another way to earn is by promoting products you like through affiliate links. When someone buys a product through your link, you get a commission.
For me, I love blogging and I make over $400 a day online with my blog. I also get to work from home and have a flexible schedule, and I love it!
You can learn how to start a blog with my free How To Start a Blog Course (sign up by clicking here).
Taking online surveys is a simple way to make extra money. Many companies pay for your opinions to help improve their products. You can do this from home and on your own schedule.
It would take some time to make $400 by answering surveys, but it is easy and very flexible. Or, you could combine many of the side hustles on this list to reach your $400 goal faster.
The survey companies I recommend signing up for and the best paying survey sites include:
Many of the survey sites above give a sign-up bonus to new members and pay via free gift cards or cash to your PayPal account.
I have taken many, many surveys over the years, and I like how flexible they are to answer because you can answer them in your free time (such as when watching a TV show).
Got an old phone lying around? You can turn it into quick cash, many times up to (or over) $400. Many people don’t realize how much money is just sitting in their junk drawer. Phones, even ones that aren’t the latest model, can be worth quite a bit.
You can sell your old phone on:
And more!
You’ll want to remember to erase all your personal data before selling your phone. This is very easy, though, so don’t let it stop you from selling your phone.
Freecash is a website where you can make money by doing fun and easy tasks on your computer or phone. When you join Freecash, you can get paid to test apps, play games, and complete surveys.
I have personally earned $722 from this site, and I have received $720 in free Amazon gift cards. $302 of that was from playing Bingo on my phone through Freecash in just one week!
Click here to sign up for Freecash for free.
Bookkeeping can be a way to make money from home. You don’t need a college degree to start, and many online courses offer the training needed to get going.
Bookkeepers help businesses manage their finances. This includes tracking income, expenses, and creating reports.
Many businesses, big and small, need bookkeepers. As a result, there’s always a demand for this service. With hard work and dedication, you might earn around $40,000 a year or more.
I recommend signing up for the free training – How to start a profitable bookkeeping side hustle, that can generate $2,000 to $16,000 a month (part-time)!
You can also learn more at How I Made $10,000+ Monthly With A Bookkeeping Business Online.
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This free training will show you how to start a profitable bookkeeping side-hustle in the next 30 days—even if you have no prior experience!
Proofreading is a great way to make money quickly. Many writers need an extra set of eyes to catch mistakes in their work. As a proofreader, you’ll look for grammar, punctuation, and spelling errors. This job can be done from home, and you get to choose your own hours.
You can proofread all kinds of content. This includes articles, blog posts, books, student papers, and even advertising copy.
Due to the high demand for written content, there’s always a need for proofreaders. This makes it a stable way to earn money.
You can learn more at How To Start A Proofreading Business And Make $4,000+ Monthly.
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This free training teaches you how to start a proofreading side hustle (and how to earn $1,000+ per month!), even if you are brand new and don’t have any previous proofreading experience.
Selling your jewelry online can be a way to make $400 fast. If you have items like engagement rings, luxury watches, or necklaces you no longer wear, you can turn them into cash.
Start by choosing a reliable place to sell your jewelry. For example, websites like Worthy can help you sell jewelry like rings and necklaces.
You can learn more at Where To Sell Jewelry: 12 Best Places For Extra Money.
Affiliate marketing is a great way to make money online and it’s one of my favorite online business ideas. You can earn commissions by promoting products and services. When someone buys through your referral link, you get a percentage of the sale.
This is my favorite way to make money, as it can all be done online. I can make money while on a vacation or sleeping, and it’s easy to share links to products that you already use and believe in.
My favorite way to do affiliate marketing is by sharing links to products on a blog. You can learn more about this at Affiliate Marketing Tips For Bloggers – Free eBook.
Fiverr is a great way to make $400 fast by selling your skills online. You can sell services like writing, graphic design, or even voice-overs.
You can easily start freelancing by creating a free account on Fiverr. You’ll choose a username and set up your seller profile where you highlight your skills and what you can sell to clients.
Next, create your first gig. A gig is a service you provide. You can start small, with gigs priced at $5, and then increase your rates as you gain experience (yes, this means that you can earn more than $5 per service that you sell on Fiverr!).
Also, another site to look into if you want to freelance online is Upwork!
Pet sitting is a great way to make extra money if you love animals. Many people need help taking care of their pets when they’re at work or on vacation. This job usually involves feeding, playing with, and sometimes walking the pets.
You can start by signing up on dog walking websites and apps like Rover or Wag. These platforms connect pet sitters with pet owners. You can choose your working hours and set your rates.
We used to have a dog sitter (back when we had dogs), and we paid her $35 to watch each dog each night (she watched them in her own home). That means she was making $70 a night and we typically had her watching our dogs for 7 days or longer.
Selling handmade crafts on Etsy is a great way to make $400 fast. You can set up your own shop and start selling right away. People love unique, handmade items, and Etsy is the place to find them.
You can sell all kinds of things on Etsy, like jewelry, woodwork, soap, and knitted items.
Etsy charges a fee for each listing and a transaction fee when you make a sale, so you’ll want to make sure to price your items to cover these costs and still make a profit.
Selling lawn care services is a great way to make $400 quickly. If you have a lawn mower and some basic tools, you can sell your services to neighbors or people in your community.
Start by mowing lawns. You can charge around $30 to $50+ per lawn, depending on the size. If you mow just 8 to 10 lawns, you’ll reach $400 fast.
Babysitting is a way to make money fast. Many parents need someone to watch their kids for a few hours, so you can sell your help during weekends or evenings.
Tell your neighbors and friends that you are available to babysit, or even post in local parent Facebook groups. Let them know your rates and how they can reach you. You might be surprised by how many opportunities you get.
Babysitting rates can vary, but you can charge around $15 to $25 per hour, depending on where you live.
One of the fastest ways to make $400 is to drive for a rideshare service like Lyft or Uber. You get paid for each trip you complete, and you can work as much or as little as you want.
To make the most money, you can focus on driving during peak hours. These are the times when people need rides the most, like mornings and evenings, making it easier for you to get more trips.
Another tip is to drive during special events or on weekends. People usually need rides for events, and requests increase, which means more money for you.
Whenever I needed money fast, I would go through my closet and find clothes to sell. I did this a lot, especially when I was younger (and had more clothing, haha).
Selling clothes is a quick and easy way to make extra money. You probably have clothes in your closet that you don’t wear anymore. These might be items that don’t fit, are out of style, or just don’t suit you anymore. Instead of letting them take up space, you can sell them online.
There are many websites and apps where you can sell your clothes. Poshmark and ThredUp are popular choices. On Poshmark, you can create listings with photos and descriptions of your clothing. Once your item sells, you ship it to the buyer. ThredUp is more hands-off. You send your clothes to them, and they handle the selling process.
If you prefer selling in person, you can look for local consignment shops or secondhand stores. These places buy gently used clothes and resell them. You might not make as much money as selling online, but it’s fast and super easy.
You can learn more at 16 Best Places To Sell Clothes For Cash.
Becoming a virtual assistant (VA) is a great way to make $400 fast.
Virtual assistants help businesses with tasks they don’t have time for. This can include managing emails, scheduling appointments, and handling social media accounts.
You can set your own hours and work from home, which is one of the best parts of this job. Whether you want to work part-time or full-time, being a VA can give you flexibility.
As you gain experience, you can increase your rates. New VAs might start at $15 to $20 per hour, but experienced VAs can earn much more. You could make up to $50 per hour if you specialize in certain areas, for example.
You can learn more at Best Ways To Find Virtual Assistant Jobs.
Renting out your extra space is a great way to make extra money.
If you have a spare room in your house, you can list it on Airbnb. Many people need short-term rentals; you can charge by the night and this can add up quickly. Another way to make money with a spare room is to find a long-term renter. Back when I had spare bedrooms, I would actually rent out each room for $400.
You can even rent out your storage space, a parking spot, and more. A site to start with for this is Neighbor.
Donating plasma is a quick way to make some extra money. You can make around $200 a month by donating regularly. Some centers even have bonuses that can boost your earnings to $400 in your first month.
You can learn more at How To Make Money Donating Plasma.
Have gift cards you don’t plan to use? You can turn them into cash quickly. Many places will buy them from you and pay real money. This is an easy way to make some quick cash.
Some ways to sell gift cards include:
Joining a focus group can be a great way to make money quickly. Focus groups pay you for your opinion on products, services, or ads. These groups can be either online or in person. This makes them super flexible for any schedule.
Payment varies a lot, with some focus groups paying around $20 for a quick session, while others can pay up to $400 for more detailed feedback. The amount usually depends on the length and type of study. Even a one-hour session can earn you between $50 and $100.
I once did a focus group that paid me about $400 for just 75 minutes. That’s more than what most focus groups pay, but usually, you can expect to earn between $50 to over $100 per hour. The amount you get paid depends on how long the study is and what it’s about, but there are some studies that pay more.
One focus group company that I recommend is User Interviews. User Interviews recruits participants to answer surveys and share their feedback.
Selling video games can be a quick way to make money. If you have games you no longer play, why not turn them into cash?
You can sell your old video games in ways such as:
Selling power washing services can help you make $400 fast. Many people need their driveways, sidewalks, and houses cleaned.
You’ll need a power washer to get started. You can buy one or rent it from a local store.
You can advertise your services on social media or in your neighborhood and create flyers and business cards to hand out.
You can charge by the hour or by the job. Typical rates can be between $50 and $100 an hour. You can clean a driveway in just a couple of hours, so you can probably easily make $400 in one weekend.
Tutoring students can be a quick way to make $400. You can help kids with their homework, teach a language, or explain tough subjects like math and science. Many parents are willing to pay good money for someone who can help their children do better in school.
Online tutoring is flexible too because you can set your own hours and work from home. Websites like Tutor.com, Wyzant, and Preply are great places to start.
Tutoring can pay well too. Rates can range from $15 to $60 or more per hour, depending on the subject and your experience (for example, advanced subjects like calculus or test prep can pay even higher rates).
Freelance writing is a great way to make $400 fast with an online business. You can write for blogs, websites, magazines, and companies. Since you work for yourself, you get to choose which projects to take on.
Freelance writing pays well and beginners can earn around $50 per article, but as you gain experience, you can charge more. Some experienced writers make over $1,000 per 1000-word article.
I have been a freelance writer for years and I have definitely enjoyed it. It’s a fun online job where you can work from home and choose the subjects you want to write about.
If you love taking pictures, you can turn that hobby into cash by selling stock photos. Many websites let you upload your images for sale.
Some popular ones include Shutterstock, Adobe Stock, and Depositphotos. People such as businesses, bloggers, and marketers buy these photos for their own use. You can earn money each time someone downloads your photo.
You might not make $400 overnight, but your earnings can add up quickly with enough photos in your portfolio.
You can learn more at 18 Ways To Get Paid To Take Pictures.
Renting out your car can be a simple way to make extra cash. There are many platforms like Turo that let you rent your car to others.
You don’t have to do much. Just list your car, set the price, and wait for renters. These platforms handle insurance and payments, making it easier for you.
I have rented a car while on vacation on Turo several times, and I enjoyed it each time. It is an easy-to-use site!
Washing cars is a great way to make quick money.
You can start by selling your car washing services to neighbors, friends, and family. You can also make flyers and put them up around your community to let people know about your business.
Participating in a medical study can be a quick way to make $400. Many research studies pay volunteers for medical research.
You can find opportunities in local hospitals, universities, and clinics.
When my husband was younger, he took part in a few medical research studies to help us make extra money. He usually earned about $1,000 for a weekend of his time. These were very in-depth, though, with lots of blood work and needles (so you may want to ask about this if that makes you squeamish).
Recommended reading: 19 Best Places To Find Paid Research Studies
If you have any old furniture lying around, like a couch, coffee table, dresser, or dining set, then you can make quick cash by selling it.
You can start by listing your items or selling to places such as:
You can learn more at 15 Best Places To Sell Used Furniture For Cash.
You can make $400 fast by selling moving services. People always need help moving, whether it’s across town or to a new apartment.
You can start by advertising your services on social media and local websites like Craigslist and by letting your friends and family know you are available too.
You can charge by the hour or by the job. Some movers charge $50 an hour, so you could reach your goal quickly. Make sure you have the necessary tools and equipment, such as a dolly and packing supplies.
Driving for a delivery service is a great way to make some quick cash. There are many gig economy apps like DoorDash, Instacart, Uber Eats, and Grubhub that hire drivers to deliver food and groceries. You can sign up easily and start working in a few days.
You get to pick your own hours, making it a flexible job. This means you can work in the mornings, evenings, or weekends. Plus, you can make between $12 and $20 per hour and often get tips on top of that.
Transcribing audio files into text is a good way to make extra money. As a transcriptionist, you listen to audio recordings and type what you hear. This job requires good listening and typing skills.
You don’t need a lot to get started. Just a computer, internet access, and a pair of headphones will do.
Many companies pay per audio hour, not the time it takes you to transcribe. Rates can range from $15 to $30 per audio hour. Once you get the hang of it, you might earn $400 a month.
You can learn more at 18 Best Online Transcription Jobs For Beginners To Make $2,000 Monthly.
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In this free training, you will learn what transcription is, why it’s a highly in-demand skill, who hires transcriptionists, how to become a transcriptionist, and more.
Cleaning houses is a way to make $400 quickly.
People are always looking for help to keep their homes tidy. You can sell your cleaning services to friends, neighbors, or find clients online (you can post an ad on sites like Facebook Marketplace or Craigslist).
You don’t need much to start. Basic cleaning supplies like sponges, sprays, and rags will do, which is great.
You can charge per hour or per job. So, if you charge around $20 to $25 an hour, you can make $400 in just 2 days of work.
One quick way to make some cash is by selling your wedding dress.
You can get a good amount of money, especially if your dress is from a popular designer or in great condition.
There are several websites and stores that buy used wedding dresses. Or, if you want to sell locally, try visiting consignment shops. These stores may take your dress on consignment and pay you when it sells. Or, they might buy it outright, giving you money up front.
Junk removal can be a quick way to make $400. Many people need help getting rid of old furniture, appliances, or just clutter. You don’t need special skills, just some muscle and a vehicle to carry the junk.
You can find work by advertising on websites like Craigslist or Facebook Marketplace. Local community boards are also good places to post your services.
You can charge by the hour or by the job. Many junk removal services charge a minimum fee of around $100 to $150 per load (and go up from there depending on weight and size). With some hard work, it’s possible to reach the $400 mark in a day or two.
Hosting a garage sale is one of the quickest ways to make $400, especially if you have items you no longer use.
You can start by decluttering your home and picking out things like clothes, toys, furniture, kitchen items, and electronics that are just taking up space. The average household has hundreds of thousands of things (yes, that’s not a typo!), so there’s probably something you can sell.
Once you’ve gathered your items, pick a weekend to host your sale, preferably when the weather is nice. To attract more buyers, advertise your sale on social media, local community boards, and garage sale websites.
You can even team up with neighbors or friends to increase foot traffic. By the end of the weekend, you can easily reach your $400 goal while also clearing out clutter from your home!
Below are answers to common questions about how to make $400 fast.
You can make $400 in one day by selling more expensive items like old phones, laptops, or collectibles. If you have time to build a business, then you may want to try becoming a freelancer, such as with writing or graphic design.
For kids who want to make $400, you may want to try selling handmade crafts or old toys. Yard work, pet sitting, or babysitting are great ways to earn money quickly too.
Yes, there are fun ways for an 11-year-old to make $400 fast! You can walk dogs, set up a lemonade stand, or sell baked goods. You might also like creating and selling crafts or printables with help from a parent.
If you want to learn how to make $400 fast online, then selling items online is usually the fastest. You could list items from around your home, like furniture or old electronics, on Facebook Marketplace and possibly get paid the same day if you find a buyer quickly. If you want to eventually in the future make $400 in a single day online, then you could do things like blogging, freelance writing, and virtual assisting.
You can make $400 in a week by selling items on sites like eBay or Facebook Marketplace. You can also look for quick gig jobs (such as on the Craigslist gigs section where they list random odd jobs like handyman gigs), do freelance work, or sell services like tutoring or lawn care.
You can sell old phones, laptops, furniture, jewelry, or clothes to make $400.
I hope you enjoyed this article on how to make $400 fast.
Making $400 quickly is possible if you have the right plan. You can sell things you don’t need, sell your skills as a freelancer, take online surveys, and more.
There are lots of ways to reach your goal, and it’s important to pick something that works with your schedule and skills.
What do you think is the best way to make $400 fast?
Recommended reading:
Source: makingsenseofcents.com
What a difference a year makes.
While the mortgage industry has been purchase loan-heavy for several years now, it could finally be starting to shift.
A new report from Optimal Blue revealed that rate and term refinance volume increased nearly 110% in August from a month earlier, and 310% from the year before.
Driving the emerging trend is cheaper mortgage rates, which have finally begun to accelerate lower in recent months.
Assuming they continue on their newfound trajectory, there’s a good chance refis will be back en vogue in 2025 and beyond.
It has been a rough few years for loan officers and mortgage brokers, but it’s possible the worst is over.
As mortgage rates nearly tripled from sub-3% levels in early 2022 to over 8% last year, originators came up with the saying, “Survive ‘til 25.”
The idea was that if you could hang on and ride out the storm (of low lending volume) in 2024, you’d be rewarded in 2025.
And while that sometimes felt far-fetched, it looks like it could actually come to fruition, and perhaps even ahead of schedule.
The latest Market Advantage report from Optimal Blue found that mortgage refinances accounted for 26% of total home loan production, the highest share since March 2022.
At that time, you could still get a 30-year fixed in the 3% range. But rates ascended rapidly from there, basically wiping out all refinance activity in a matter of months.
So it’s pretty telling that refinance market share is now back to those levels and likely rising in coming months and years.
The 30-year fixed has fallen fairly dramatically after peaking at around 7.25% this May. It now stands at around 6% and looks poised to hit the 5s sooner rather than later.
Rates have a pretty strong tailwind right now with weakening economic data, higher unemployment, and a bunch of Fed rate cuts in the pipeline.
That could unleash millions of additional refinance candidates, including many of four million who took out a 6.5%+ rate mortgage since 2022.
While this is great news for the mortgage industry, and for recent home buyers, loan volume is still small potatoes relative to recent years.
If you look at the chart above, you’ll see the context of that 109% monthly increase and 310% annual surge.
The dark blue vertical line (rate and term refinance share) has gotten a lot wider, but is still just a tiny sliver of overall mortgage market volume.
But when you compare it to levels seen in 2021 and early 2022, it doesn’t take much to register big percentage gains.
When we include cash out refinances (orange line), which increased 8% on a monthly basis and over 20% annually, you get a respectable refinance share again.
And chances are this will only go up as more mortgages fall into the money for a refinance.
Lately, it’s mostly been VA loans that have benefited from a refinance because mortgage rates on such loans are the lowest.
But if rates continue on their merry may lower, you’ll start seeing more conforming loans benefit, which make up the lion’s share of the market.
It has been harder to make the math pencil on loans backed by Fannie Mae and Freddie Mac because of LLPAs (pricing adjustments). That could soon change.
While refis are finally having a moment, the same can’t be said of home purchase lending (light blue vertical line above).
Sure, it still holds a majority share of the mortgage market and likely will next year too, but it’s beginning to cede some of it back to refis.
And that’s troubling given the big drop in mortgage rates, which was supposed to get home buyers off the fence.
So far, the effect of lower mortgage rates has been muted, with purchase locks actually down 16% year-over-year and a staggering 45% since August 2019.
Optimal Blue blamed it on “continued affordability and inventory challenges,” with home prices out of reach for many despite the improvement.
Many expected home prices to surge when rates fell, but I’ve been arguing for a while that there’s no inverse relationship.
And in fact, home prices and mortgage rates can fall together if economic conditions warrant it.
Remember, there’s a reason the Fed is looking to cut its own fed funds rate more than 200 basis points (bps) over the next 12 months.
A slowing economy might be good news for mortgage rates, but not necessarily the housing market.
With home prices still at all-time highs nationally and affordability near all-time lows, it’s just not a great time to buy for many folks.
Sprinkle in uncertainty regarding the economy, the election, and even how they’ll pay real estate agent commission and it’s not so rosy anymore.
In other words, significantly lower mortgage rates might not amount to higher home prices, or a greater number of home sales just yet.
But given the timing of these lower rates (post peak home buying season), we won’t really know for sure until next spring.
That’s where the rubber meets the road.
Source: thetruthaboutmortgage.com
If you’re planning to purchase homeowners insurance, or renew your policy, your insurer may ask you to get a “4-point” inspection — one that assesses the home’s electrical, plumbing, roofing, and HVAC systems.
Insurers typically use this type of inspection, which is different from a standard home inspection, to determine how much risk they might assume if they issue a policy on an older home, or a home in an area that’s more vulnerable to natural disasters. But it can also be a useful tool for buyers and owners who want to identify potential safety hazards or other problems.
Read on for a look at how to prepare for a 4-point inspection, what you can expect the inspector to look for, and the steps you might take if the inspection raises some red flags.
Though there may be some overlap between 4-point inspections and full home inspections, each type of evaluation has a different primary purpose.
A full home inspection is a common part of the home-buying process. It is important because it could reveal a significant flaw in the property that might make a potential buyer want to renegotiate the home price, which could in turn affect the size of their home loan. Here’s how it works:
A licensed inspector provides a top-to-bottom evaluation of the entire property’s condition, including structural elements, major systems, and appliances. Homebuyers are then alerted to problems both big and small — from a leaky roof or moldy basement to a cracked window pane. Though a full inspection is generally not required by lenders, most real estate professionals recommend getting one. A full home inspection can cost around $300 or $400, but the price could be much higher for a larger home. The inspection may take two to three hours, or more, depending on the size of the property.
A 4-point home inspection is a more focused inspection that is sometimes required when an insurance company wants to be sure a home meets safety standards and is free of problems that might cause claims down the road. A 4-point insurance inspection isn’t always a required part of the home-buying process, but an insurer may ask for it if the home is older, or if it’s in an area that’s prone to flooding, high winds, or earthquakes. The time it takes to do a 4-point inspection, and the cost, are typically lower than a full inspection, but can vary based on the location, size, and age of the home.
Questions? Call (844)-763-4466.
A 4-point home inspection covers your home’s four major components:
The inspector will visually survey the roof’s condition and overall stability. This includes looking for signs of age, loose shingles or guttering, damaged materials, inadequate attic ventilation, and leaks inside the home that could indicate a problem. Insurance companies want to avoid paying expensive roof replacement costs, so the inspector also will check on the age of the roof, what it’s made of, and the shape (flat, gable, hip, etc.) to help determine how it will hold up.
Because electrical problems can be a fire hazard, the inspector will look at the home’s electrical panels, circuits, wiring, switches, and outlets to be sure everything is up to code and in good condition. If any part of the system is dated or damaged, the insurance company may require that it be repaired or replaced before issuing a homeowners policy.
This part of the inspection can include a check of the faucets, sinks, toilets, drains, water heater, showers, and tubs, as well as a look at the kind of pipes used in the home. Any signs of leaks or other water intrusion into the home could be a sign that the plumbing has deteriorated, is damaged, or wasn’t properly installed. If the pipes are made of older materials (such as galvanized steel or polybutylene), they may have to be replaced.
The inspector doing the 4-point insurance inspection also will test the heating, ventilation, and air conditioning (HVAC) system to be sure everything is functioning properly. This can include assessing how well each piece of the home’s climate control system has been maintained, how old the separate units are, and how much longer each can be expected to last. The inspector also may monitor the temperature and humidity in various rooms, check the duct work, check for proper airflow, and look for water damage or leaks.
Your role in preparing for a 4-point home inspection will vary depending on whether you’re already the homeowner (selling your property or renewing your insurance) or a potential homebuyer (looking for coverage on a home you plan to purchase).
If you’re a homebuyer, you can expect to:
• Find and hire a qualified inspector. (The rules for who can do a 4-point inspection for insurance purposes vary by location.)
• Schedule a time when the inspector can access the home (preferably when you can be there, too).
• Research common home-buying red flags.
• Pay for the inspection.
If you’re the homeowner, on the other hand, you’ll have to do all of the above, plus make sure the inspector has clear access to the necessary areas of your home. You should also be ready to provide documentation that shows the age and maintenance schedule for the systems and structures to be inspected.
You also may choose to:
• Fix or replace any missing or damaged shingles on your roof, and repair any problems inside or out.
Repair any leaky pipes, slow-draining sinks, etc., and clean up signs of water damage.
• Repair or replace any electrical issues, such as a dated electrical panel or wiring, damaged or dated outlets, exposed or loose wiring, etc., and bring everything up to code.
• Run your heater and air conditioner to be sure they work properly, replace dirty filters or damaged parts, and consider getting air ducts cleaned.
Recommended: The Ultimate Home Inspection Checklist
The requirements for home inspector certification vary by location, so it’s important to be sure the inspector you hire has the proper credentials for your area. Friends, family, or your real estate professional may be able to give you recommendations. You also can check out online reviews and ratings.
Once you’ve narrowed down your list of candidates, you can contact them for more information about their:
• Licensing and insurance
• Experience
• References
• Availability
• Cost and payment options
• Inspection process and what guidelines they follow
Inspection reports typically are divided into four sections (roof, electrical, HVAC, and plumbing) with detailed descriptions of what the inspector found, photos for visual backup, and checklists and/or tables further noting the age and conditions of the various systems. Inspectors also may include their recommendations regarding repairs or replacements.
A home either passes or fails a 4-point inspection — there’s no in-between or letter grade. If the home fails the inspection, it’s usually because the major components are outdated and/or showing significant wear and tear.
Though an insurer won’t necessarily cancel a homeowner’s current policy immediately upon seeing a failed report, it may require appropriate upgrades and repairs before renewing coverage or offering coverage to someone who plans to purchase the property. The results of the report may also affect the cost of insurance. (Because the inspection and appraisal are two separate parts of the home-buying process, however, a failed inspection won’t affect the appraised price or lead to an appraisal gap.)
If you’re hoping to buy a home that failed a 4-point inspection, you may have a few options to consider:
You can talk to the seller about lowering the price on the home or providing a repair allowance so you can make the necessary fixes.
You could see if the seller will make the required repairs, then get the inspector and insurance company to sign off on the work before moving forward with the deal.
You still may be able to get coverage on the home if you can get the repairs done during a time period specified by the insurer. Or you can see if a different carrier will offer you a policy.
If the home requires significant repairs or updates, you may be able to purchase a special policy (such as builder’s risk insurance or vacant property insurance) with a higher premium. When the work is complete, you can apply for a standard home insurance policy.
Recommended: How to Get a Mortgage Loan
If you own or are in the process of buying a home, an insurance company may require a 4-point inspection before providing a homeowners policy. This type of inspection can help insurers control their risk, because it’s designed to spot current and potential problems in four of the home’s major components: the roofing, plumbing, electrical, and HVAC systems.
Because mortgage lenders typically require that borrowers carry a sufficient homeowners policy, this type of inspection can be an important part of the home-buying process. And though it may seem like just one more hassle, it can also help homebuyers and homeowners avoid safety issues and expensive repairs in the future.
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A 4-point inspection could take anywhere from a half-hour to two hours or more. The time and cost will depend on the size, age, and condition of the home.
Yes, if you’re paying for it, you can and should try to attend the 4-point inspection (although it isn’t required).
If the property you own or hope to buy fails the 4-point inspection, you may still be able to obtain homeowners coverage — though you or the owner will likely have to make necessary repairs within a timeframe specified by the insurance company.
Photo Credit: iStock/Hispanolistic
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Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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Source: sofi.com
Do you want to learn how to make money baking? Baking can be more than just a fun hobby; it can also be a great way to make extra money from home. From selling dog treats and cakes to starting a YouTube channel for baking tips, there are many ways to turn your passion into…
Do you want to learn how to make money baking?
Baking can be more than just a fun hobby; it can also be a great way to make extra money from home. From selling dog treats and cakes to starting a YouTube channel for baking tips, there are many ways to turn your passion into profit. By exploring these opportunities, you can find a side hustle or a small business idea that fits your lifestyle and interests.
Whether you enjoy creating sweet treats or savory goodies, there’s a market for your baked goods. You don’t have to be a professional chef to make money baking; with some creativity and effort, you can start earning and sharing your delicious creations with others.
Below are the best ways to make money baking.
Selling dog treats is a fun way to make money. If you love dogs and baking, this is a perfect match. You can make treats from home and sell them online, at local markets, or even work at a dog treat bakery.
I have bought many dog treats over the years, and I think it’s a wonderful business and baking side hustle!
You can start by finding easy recipes, such as this free peanut butter dog treat recipe. You’ll want to use ingredients safe for dogs like peanut butter, pumpkin, and oats (don’t forget to label the ingredients in case some dogs have allergies), and you can find many recipes online that are easy to follow.
Packaging is important too when it comes to dog treats. You may want to use cute bags or boxes to make your treats look special.
To get customers, you can advertise your treats on social media, such as by posting pictures and videos of your baking process.
You can learn more about this topic at How I Make Up to $4,000 Per Month Baking Dog Treats (With Zero Baking Experience!). Plus, you can sign up for this free training workshop that will teach you how to start your own side hustle baking and selling dog treats.
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This free workshop will teach you how to start your own dog treat bakery business.
Selling custom cakes is a fun way to make money from home. People love ordering unique cakes for birthdays, weddings, and other special events. You can decorate cakes with different designs, colors, and themes to match any occasion.
To learn how to make custom cakes, you can start practicing your cake decorating skills by watching tutorials online or taking a class in person (there’s probably a company near you that teaches this skill!).
The better your cakes look, the more customers you’ll attract, so learning through trial and error and/or with tutorials and classes will go a long way.
To get customers, you can start social media accounts (I’ve seen several custom cake accounts on TikTok and Instagram, for example), and post in local Facebook groups (such as wedding groups or parent groups).
You can learn more about this at How To Make Extra Money By Starting A Home Bakery.
Hosting baking workshops can be a fun way to make money baking. You can invite people to your home or rent a small space. Teach them how to make cakes, cookies, or whatever you love to bake. They will pay to learn from you.
You can sell workshops for beginner or experienced bakers, and make your classes based on what people want to learn. You could even focus on themes like holiday baking or gluten-free recipes. This way, you can get more students interested.
You can share your workshops on social media and tell your friends to spread the word. You can also make flyers and put them in local stores or cafes (make sure to add pictures of your tasty baked goods to grab people’s attention).
Another idea is to host online workshops on sites like Skillshare and Udemy. This way, you can reach even more people who want to learn from the comfort of their own homes. Use video calls to teach and send out ingredient lists beforehand. You can even record the classes so participants can rewatch them later.
Starting a baking blog can be a fun way to share your passion for baking and make money at the same time.
With a blog, you can post recipes, share baking tips, and talk about your favorite tools and ingredients. This gives you a platform to connect with others who enjoy what you create (and recipes that they can recreate).
To begin, you’ll need to choose a niche (you can go wide or very specific – up to you). For example, you could focus on gluten-free baking, cake decorating, family meals, healthy meals, budget meal ideas, or bread recipes.
Once your blog is up and running, you can monetize it through affiliate marketing, ads, sponsored posts, and even selling your own products like ebooks or online courses.
Building a blog takes time and effort, but it can be a rewarding way to turn your baking passion into a steady income stream.
You can start a blog by using my free How To Start a Blog course.
You can learn more about this at How I Make $110,000 A Year As A Food Blogger.
You can make money from home by working as a freelance food photographer. This means taking pictures of food for things like blogs, magazines, and ads.
Bloggers often hire photographers to make and photograph recipes for their blogs, using professional photos to make their posts look great.
Some food photographers earn $50,000 a year, and some even make over $100,000 working with bloggers.
You can learn more about this at How To Become a Food Blog Photographer And Earn Over $50,000 Each Year.
Partnering with local cafes can be a great way to make money with your baking. Cafes look for fresh, homemade treats to sell to their customers, and many times the treats are made by local bakers.
I have a friend who does this as her full-time business – she has a home bakery business and she makes the most delicious treats. She sells them on her website, but also to local restaurants near where she lives.
You can start by visiting local cafes and talking to the owners. Bring samples of your best baked goods. This way, they can taste your work and see the quality for themselves.
Once you have a few interested cafes, you can set up a supply schedule. Decide how often you’ll deliver baked goods and how much you’ll charge. Make sure to keep track of orders and deliveries to avoid mistakes.
Building a good relationship with cafe owners is important, so you will want to be reliable and deliver on time. Happy cafe owners are more likely to keep ordering from you and might even recommend you to other businesses.
Creating a YouTube baking channel is an exciting way to share your passion for baking while making money.
I have watched many baking YouTube videos over the years so that I can learn how to make a recipe. Many people just love baking shows too!
With video content, you can teach others how to bake, demonstrate fun recipes, and build a community of baking enthusiasts who love your style.
You can start by choosing a specific niche for your channel – whether it’s cake decorating, gluten-free baking, or quick and easy desserts. This helps attract viewers who are interested in exactly what you have to offer.
High-quality videos are key, so invest in good lighting and a decent camera, but don’t stress – you don’t need to be a pro to get started. Many popular baking channels started with basic equipment like their cell phone and grew over time.
I have a friend who has a baking side hustle where she shares the recipes she’s made on her Instagram. Her recipes always look so good too!
Starting an Instagram baking account can help you make money from your baking skills through sponsored partnerships, affiliate marketing, and even by selling baked goods.
Instagram is perfect for visual content, so your beautifully decorated cakes, cookies, and pastries can really shine. Plus, it’s a great platform to connect with potential customers and others who love to bake.
Selling baked goods at farmers markets is a great way to make money. You can meet your customers face-to-face, which helps build a loyal customer base.
You can start by finding a local farmers market. You’ll need to know the rules and fees, which can usually be found on their website. Some markets may have special requirements for food sellers.
You could sell baked goods like cookies, muffins, bread, pies, and more.
There’s a small farmers market near where I live, and I try to go at least once a month to specifically buy bread from a home bakery that I love. They also sell dips and different kinds of butter for the bread too.
Selling baking ebooks is a great way to make money from your baking skills. With ebooks, you can share your favorite recipes and tips with a wide audience.
Creating an ebook takes some time. You’ll need to write down your recipes, take photos, and maybe even make some videos. Once it’s ready, you can sell it online.
Amazon Kindle Direct Publishing is a popular platform where you can sell your ebook. It’s easy to use, and many people have had success with it.
Another option is to sell your ebook on your own website. This way, you keep more of the money from each sale. You can also create a blog to attract readers who might be interested in your ebook.
Even though it takes some work to create an ebook, it can be a good source of income. Once it’s done, you can keep selling it without much extra effort.
I have personally bought several books with recipes from “normal” people like you and me. They are personally my favorite ways to get new recipes. In fact, one of the things I like to do on my travels is buy a cooking book from a local author so that I can recreate local meals when I’m at home!
Now that we have gone over 10 different ways to make money baking, I also wanted to talk about how you can get started with a new baking business.
When starting a baking business, you need to find your unique style, make your kitchen ready for baking, and get the equipment you need. These steps will help you turn your love for baking into a way to actually make money.
Note: The below won’t be everything that you need to do (or it may not be applicable to the bakery business idea that you are wanting), but it is a good start.
Finding your baking niche means deciding what type of baked goods you want to specialize in. You could focus on cupcakes, bread, cookies, or even custom cakes for special events. Think about what you love to bake and what you’re best at.
If you enjoy making gluten-free or vegan desserts, that could be your niche. Selling something unique will make your business stand out, and it will also attract customers looking for specific types of baked goods.
The equipment you need will depend on what you plan on selling. But, overall, here are some tips to get started.
Marketing your bakery business can go a long way and help you to make more money.
Your brand is your bakery’s personality so I recommend that you make a catchy name and logo. Think of colors and fonts that match the feel of your baked goods.
Social media can help you reach many people fast too. Start with platforms like Instagram and Facebook, and post pictures of your baked goods.
When you run a baking business, handling your money well is key. You must price your products right, keep track of your expenses, and understand tax rules.
To make a profit, you need to set your prices carefully. Start by figuring out the cost of ingredients, packaging, and any special tools. Then, add in your labor costs.
A simple way to price is to use this formula:
(Cost of Ingredients + Labor + Overhead) x Markup = Sale Price
For example, if it costs $5 to make a baked good and you want a 50% profit, your markup might be 2x. So, the baked good should be $10.
There are some legal things that you will want to think about, such as:
If you feel that this is over your head, I highly recommend finding a professional/expert in your local area to help you further.
Below are answers to common questions about how to make money baking.
To make money, you can bake custom cakes, cookies, cupcakes, and bread. Many people also have success with unique items like decorated sugar cookies or themed cupcakes. Dog treats are popular too!
Yes, baking can be profitable. By marking up your prices for profit and finding your niche, you can make a good income from your baked goods.
You can create a YouTube channel, start a baking blog, or sell baking ebooks. These options allow you to earn money even when you’re not actively baking.
Yes, it’s possible to make a living from baking. Many home bakers turn their passion into a full-time business by consistently selling high-quality products and building a loyal customer base.
The amount of money that a bakery makes per month varies widely, just like with any business. Factors like location, pricing, and customer base influence earnings. Some small bakeries might make a few hundred dollars a month, while others can make thousands.
Yes, you usually need a license or permit to sell homemade goods. Check your local government regulations for specific requirements. Food safety certifications might also be necessary.
You can sell custom cake services for special occasions like birthdays and weddings.
Yes, kids can make money by baking and selling treats. They can start small by selling to friends, family, and neighbors.
I hope you enjoyed this article on how to make money baking.
Baking can be a rewarding way to make extra income while doing something you love. Whether you’re selling dog treats, custom cakes, or starting a baking blog, there are many opportunities to turn your passion into a profitable side hustle or business.
I have many friends who have baking businesses, and it looks like so much fun. I have a friend who makes dog treats, a friend who sells baked goods online and in local cafes, a friend who decorates the most amazing cookies, and a friend who makes custom birthday cakes. They all seem to really love what they do, and it’s a skill that they learned over the years.
Are you interested in making money baking? Which baking business idea above do you think you’ll try?
Source: makingsenseofcents.com
Working with a professional real estate agent can make buying or selling a home easier. After all, they are likely to be well versed in the ins and outs of your area, how to best negotiate in the current market, and how to access any other resources (say, a home inspector) that you may need.
Working with a professional real estate agent can make buying or selling a home easier. After all, they are likely to be well versed in the ins and outs of your area, how to best negotiate in the current market, and how to access any other resources (say, a home inspector) that you may need.
While there may be some agents you hit it off with personally, this isn’t a friendship you’re pursuing but an important business relationship. It’s a collaboration that could impact both your finances and your stress level.
No matter which side of a real estate transaction you’re on (buying or selling), it can be wise to have the right professional in your corner. Eighty-nine percent of homes sold in the U.S. involve an agent or a Realtor®, according to a 2023 report. (Realtors are agents who belong to the National Association of Realtors, or NAR.)
If you’re on the hunt for an agent, it’s important to know what to ask to identify the right match. Read on to learn questions to ask, whether you’re buying or selling a property — or doing both at once. (This is a lengthy list of interview questions for real estate, so pick and choose the questions that resonate the most.)
Table of Contents
Key Points
• Interviewing realtors requires asking targeted questions to assess their suitability for your real estate needs.
• Experience, local market knowledge, and client load are critical factors to inquire about.
• Understanding a realtor’s team structure and communication methods is essential for collaboration.
• Specific questions about buying or selling processes help gauge a realtor’s expertise and alignment with your goals.
• Discussing contract terms and fees upfront avoids future misunderstandings and ensures financial clarity.
First, a bit about terminology: Not all real estate agents are Realtors, but for the purposes of this article, we’ll sometimes use the two terms interchangeably.
There are different options for interviewing Realtors. You could schedule an interview:
• Over the phone
• In person
• Virtually via Zoom or Skype.
You might aim to interview at least three agents for comparison’s sake, though you may choose to interview more or fewer.
Create a list of interview questions beforehand to help you stay on track, and begin researching a home loan so you will have a sense of your budget. By the time the interview process is over, you should understand:
• What the agent’s personality and character are like: Is this person supportive and positive? Do they sound rushed and distracted?
• What kind of services they offer and what experience they bring to the table.
• How much you’ll pay for their help.
You’ll learn about how to do this in more depth as you read on.
Recommended: Tips When Shopping for a Mortgage
Any real estate agent you choose to work with should have the professional qualifications you’re looking for. But it’s also important to get a sense of who they are as an individual to avoid personality clashes. Here are some questions to ask as you evaluate an agent who might help you buy or sell a home.
It helps to understand how long an agent you’re considering working with has been buying or selling homes. The median real estate experience of all Realtors is eight years, according to NAR.
Working with an agent who’s newer to the profession isn’t necessarily a bad thing. But one who’s more experienced may be more adept at handling any challenges that arise when buying or selling a home.
A Realtor who knows a particular area and its local housing market trends can offer an advantage when buying or selling. Ideally, you should work with an agent who understands the local market and what trends drive it.
The more informed they are, the better equipped they are to do things like comparative market analysis, which can give you a sense of how home prices in the area are trending. They will also likely know details like, say, which parts of town are more prone to flooding than others.
Recommended: Local Housing Market Trends: Popular neighborhoods, home prices, and demographics
The answer can give you an idea of how much time an agent will be able to dedicate to working with you. Especially if you ask the follow-up question, “And how many clients do you currently have?”
Keep in mind that you may not be working with your Realtor alone to finalize the purchase or sale of a home. Agents may have a team of individuals they work with, including office managers, personal assistants, or marketing directors, who may reach out to you during the process.
Asking who else you may be connected with can help you avoid surprises if you decide to enter into a working relationship with a particular agent.
Being able to communicate with an agent is important to keep the process moving. Plenty of Realtors email and text to keep in touch with clients. If you’re the kind of person who prefers phone calls or in-person meetings, it’s good to identify communication styles up front and make sure they are in sync.
Some real estate agents may choose to work exclusively with buyers, while others work only with sellers. And some can act as dual agents, representing both the buyer and seller in the same transaction. Dual agency is rare, and it’s illegal in several states. A dual agent can’t take sides or give advice.
The answer to this question will help you get a better idea of whether the agent is attuned to your side of a real estate transaction. Ideally, you want someone who is passionate about your deal, whether that’s finding the perfect house with a picket fence or selling the condo you’ve outgrown.
Asking this question can give you an idea of an agent’s overall success rate and the volume of transactions they handle.
The median number of residential transactions Realtors took part in per year in 2023 is 10. If you’re interviewing agents with closings well below that number, it could be a sign that they aren’t always successful in closing deals. If their number is much higher, it could mean they are super busy and you might not get as much attention as with another agent.
Once the seller and the buyer of a property have signed their purchase agreement, closing on a home can take anywhere from a week (for an all-cash offer) to a couple of months (for those involving a mortgage) to close. As of mid-2024, the average closing time on a house was 43 days after an offer was accepted, reports ICE Mortgage Technology, Inc.
Asking a Realtor what their average closing time is can give you an idea of how efficiently and diligently they work to satisfy their clients.
If their average closing time is closer to four or six months, for example, that could be a red flag, though some deals do wind up being more complicated than others.
Working with a Realtor means entering into a contract, and it’s important to know what that contract says. These documents may be more common when you work with a broker to sell a home, but there are also buyer’s agreements.
These ensure that if they invest the time scanning the market for you, scheduling walk-throughs, and negotiating on your behalf, you won’t then complete the deal with, say, a relative of yours who just got their real-estate license.
When you are selling a house, you’ll sign a document agreeing that the agent will handle the sale. Once you sign a contract you’re typically locked in to working with them unless they agree to release you.
The listing agreement will last for a set period, such as three or six months. From your perspective, shorter may be better so that you’re not trapped if you don’t like the agent’s services.
Closely connected to contracts is the topic of money. How does it change hands? What are you liable for? Historically, real estate agents worked on commission, and the fee was paid by the seller. Now, real estate commission fees are changing, and while sellers will still likely pay agents a commission, there is no guarantee that the seller will pay the buyer’s agent. If you’re buying, you’ll need to discuss a fee structure with an agent before you begin working together. It might be an hourly fee, or perhaps a flat rate. Some agents may request a percentage of the home price.
Recommended: Do You Still Need to Put a 20% Down Payment on a House?
If you’re selling your home, here are some questions to ask to help ensure that you partner with the right agent.
A real estate agent should have a clear plan for listing and marketing your home in a way that produces the greatest odds of success in selling it quickly and at your desired price point. Let the agent you are interviewing tell you about their strategy and the results it yields.
For instance, does the Realtor believe in listing at a low price in the hopes of starting a bidding war? If so, what kinds of prices has this achieved? Where will your listing be posted? Will videos be created? Will there be an open house?
These kinds of questions can help you see if you are impressed by and aligned with how a Realtor likes to market homes.
If you’re selling a home, staging it could help influence buyers’ perceptions of the property and potentially net you a higher sale price.
Staging is something you can do yourself, but your Realtor may have a staging company they work with to get the job done.
Asking about staging or small cosmetic updates, such as painting, can help you figure out what you’ll be responsible for to get your home ready for the market. There’s a price tag attached to all improvements, so you’ll want to know the numbers to be better prepared.
The use of digital tools such as virtual tours have made properties more accessible to more buyers. One survey by Zillow found that almost 40% of Millenials would be comfortable buying a home online vs. in person.
See if your agent plans to create a virtual tour, but you also want to be prepared for the majority of buyers who want to visit in person. Ask Realtors how many viewings they typically schedule in a day or a week, how often open houses will be scheduled, and how they’ll be marketed.
Now you’ve learned the questions to ask a Realtor when selling. How about the other side of the deal? Whether you’re shopping for a starter home or trading up, here are a couple of important questions to ask a potential real estate agent when preparing to buy a house.
If you’re a buyer, agents should be able to walk you through how this process works, what to do if the seller makes a counteroffer, and what you’ll need to do next if your offer is accepted. You also want to check if they have experience with successfully navigating bidding wars, which can happen in hot markets and with well-priced properties.
Also check that they can advise you on how much earnest money you might need to pay and how to find a good, affordable home inspector, as these are important aspects of the homebuying process.
This question will shed more light on a prospective agent’s network and experience. Agents may be able to offer recommendations for mortgage lenders. They may also be willing to communicate with your lender if there are questions about the property or the offer during underwriting.
You’re not obligated to use your Realtor’s recommended lender. In fact, it’s helpful to compare mortgage loan terms and interest rates from multiple lenders to find the option that best fits your needs.
Due diligence in the search for the right real estate agent may mean interviewing a few of them and not automatically going with a friend of a friend. It’s important to know how to interview a Realtor and which questions to ask, so you can pair up with the best possible professional as you navigate this major transaction.
If you’re a buyer, once you’ve found an agent, you can turn your attention to next steps: finding a home (and a home loan) that suits your needs.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% – 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It’s online, with access to one-on-one help.
SoFi Mortgages: simple, smart, and so affordable.
Having an agent to survey the available properties and recommend the ones that suit your needs could certainly save you time, and agents often have local market expertise and the inside scoop on properties that might be headed to market. An agent should also be well versed in the negotiation process (especially useful in a seller’s market) and able to help coordinate the many moving parts that lead to a closing.
It’s wise to have an idea of your budget before consulting a real estate agent. You can prequalify for a mortgage with a few lenders to get a sense of what you might be able to borrow. Also do research online about your desired town or neighborhood to get a sense of where you would like to live. And know your non-negotiables — minimum number of bedrooms, whether you prefer an old home or new construction, for example.
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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
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Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
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Source: sofi.com
“I would encourage him to, when he writes his rent check every month, look at what the delta is between his hypothetical new mortgage payment and what he’s paying for rent,” she said. By consciously putting that difference into savings, the client can gauge whether his budget could handle the increased cost without compromising his … [Read more…]
It’s now possible to activate all 5% category credit cards for the fourth quarter of 2024, including the Chase Freedom, Chase Freedom Flex, Discover IT, Citi Dividend, US Bank Cash+ and some smaller cards. In this post we’ll provide the activation link for each card and links to track your spend, along with strategies to help increase spend in these categories.
Dates: October 1st – December 31, 2024. Store purchases can usually be done until the last minute while online purchases should be given a buffer zone since the charge typically posts on the shipping date.
Activation Link / FAQ / Sample Stores & Exclusions / Our original post
With the Chase Freedom and Freedom Flex cards, activate to earn 5% back this quarter on up to $1,500 in spend at Paypal, McDonald’s, Pet Shops and Vet Services, Select Charities.
Tip: Click this link (login required) to check how far you are along the $1,500.
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With your Discover card, activate to earn 5% back this quarter on up to $1,500 in purchases at Amazon.com and Target.
Activate to earn 5% Cashback Bonus at Amazon.com and Target from 10/1/24 (or the date on which you activate 5%, whichever is later) through 12/31/24, on up to $1,500 in purchases. Amazon.com purchases include those made through the Amazon.com checkout, like digital downloads, Amazon Fresh orders, Amazon Local Deals, Amazon Prime subscriptions, and items sold by third party merchants through Amazon.com’s marketplace. This also includes purchases in-store at Amazon Go and Amazon Fresh. Purchases made online and in-store with Whole Foods Market are not included in the promotion. Amazon, the Amazon.com logo, the smile logo, and all related marks are trademarks of Amazon.com, Inc. or its affiliates. Target purchases include those made in-store at Target, Target.com, or through the Target app. Purchases from individual merchants and stand-alone stores within physical Target locations may not be eligible for this promotion. Purchases made online or through the Target app from Target affiliates, individual merchants, or stand-alone stores may not be eligible for this promotion, including, but not limited to, targetoptical.com and targetphoto.com. Target and the Bullseye Design are registered trademarks of Target Brands, Inc. Listed merchants are in no way sponsoring or affiliated with this program.
Tip: Login, then click this link to see you how far along the $1,500 you are.
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With your Dividend card, activate to earn 5% back this quarter at Restaurants and on Citi Travel. Citi is different than the other cards in that you have a $6,000 annual cap rather than a $1,500 quarterly cap. You can get 5% back on up to $6,000 in this quarter, you can save the entire amount for a different quarter, or you can use part up each quarter.
Activation link | Merchant List | Our Original Post
U.S. Bank Cash+ and Elan Max offer 5% cash back in two categories, up to $2,000 combined total per quarter. Keep in mind that Car Rentals was recently replaced with TV, Internet, and Streaming Services.
Here are the current options:
Tip: Login here, then scroll down and click on the red “View Your Cash+ History” button.
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The U.S. Bank Shopper Cash Rewards comes with a $95 annual fee and offers 6% cashback on your first $1,500 in combined eligible purchases each quarter with two retailers you choose. Options include Amazon, Apple, Best Buy, Home Depot, Lowe’s, Walmart, Target, and many more. You must enroll each quarter for two retailers.
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The Cash Rewards card from Bank of America offers 3% back on one selected category, up to $2,500 per quarter. If you don’t select anything it defaults to gas. Once you selected a category for one quarter, that remains your category in the future unless you change it. Each calendar month you can change it if you’d like, but you’re always limited to $2,500 for the entire quarter.
This category is especially lucrative for those who have Preferred Rewards status with Bank of America which can get you 5.25% back on one of these categories at the higher relationship level.
Lots of useful categories here. Important note: the Cash Rewards card also offers 2% back at grocery stores and wholesale clubs up to $2,500 per quarter, and that $2,500 limit combines with the Category Selection limit. After spending $2,500, you’ll earn 1% back on everything.
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This is on top of the regular 1% for a total earn of 6% back. (apparently no longer the case)
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the 5% program is ending on October 1st.
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Safe Credit Union Cash Rewards Visa card offers 5% this quarter on your choice of one category each quarter (with no apparent limit). This quarter the categories are:
Source: doctorofcredit.com