This article originally appeared on The Financially Independent Millennial and was republished with permission.
If investing is of interest to you, then you’ve probably heard about stocks vs. options. How can you make the best choice when deciding which investment strategy to use?
After all, investing comes with risk attached – learning how to navigate that risk and make sound investment decisions is the key to building a good investment portfolio.
Knowing as much as you can about options and stocks will mean you can make better investment choices. In this comprehensive guide, I’ll explain the differences between stocks vs. options in detail. Armed with this knowledge, you should be better prepared to achieve your financial targets.
What Are Stocks?
A stock means you own part of a company that has sold shares on an exchange. These shares that you can buy are known as stocks. When you buy shares, you’re then a shareholder of that company.
Every company has a certain number of shares available on the stock market. Those stocks can be bought and sold on the stock exchange. Each company decides how many shares can get bought and can raise or lower how many shares are available on the exchange at any time.
The stock market can rapidly change from one moment to the next based on many factors. Anyone trading in stocks must remain aware of how their stock is performing to minimize the risk of a loss.
Benefits of Stocks
The first benefit of investing in blue chip stocks (unlike options) is that most investors will build wealth, as stocks nearly always rise over a long period. Individual stock prices fluctuate daily, but investing in companies with a proven track record of growth and investments means in the long-term, your wealth will grow.
Investing in stocks is extremely easy these days, thanks to modern technology. You can get started with just a mobile phone and an internet connection with many apps doing a lot of the hard work for you. This ease of access makes stock trading appealing for many beginner investors.
It also means you can often start trading using small amounts. Learning to trade for a few dollars a month is a great way to build confidence and understand how it all works. Once you’re established, then you can gradually invest more!
Stocks are good assets to have as they are considered liquid. Liquid means they can be converted to cash quickly, unlike other assets such as real estate. And, this may good if a situation arose that required you to get cash fast.
Drawbacks of Stocks
Investing in stocks comes with risk attached. The biggest one is that the price could drop dramatically, and you lose all your investment. Stocks can vary wildly from one day to another. Therefore, experts recommend stocks as a long-term investment strategy, and you should plan to keep the money invested for at least five years.
Another way to avoid losing all your investment is by diversifying your portfolio. Don’t put all your money into one stock. Invest in a variety of stocks to spread the risk.
Other drawbacks of trading in stocks include fees, capital gains taxes, and commissions. Commissions and fees vary. Some brokers don’t charge any at all. Make sure to shop around before opening a brokerage account to find the best deals for you.
While investors can’t avoid taxes, the rate you pay does vary depending on several factors. How much profit you’ve made, your income, and how long you’ve held the stock affects Rates. Generally, any investments held for less than a year attract a higher rate—another good reason to own stocks long-term.
What Are Options?
An option is when you purchase the right to buy or sell an asset (typically a stock) for an agreed price and at an agreed time. The seller has no choice but to allow you to exercise the option. The buyer pays for the right (but not the obligation) to have the option to buy or sell an underlying security for an agreed price on or before an agreed date.
There are two types of options – call options, and put options.
Call Options
Call options are the most common. Investors who buy call options expect the stock price to end up above the strike price before the expiration. Profit gets made when investors can either sell the stocks on the open market for a higher amount than they paid or sell the option they originally bought for a profit.
Call Option Example
An investor may buy a call option on AAPL with a $120 strike price that expires 9/17/2021. The investor pays $6 for the call option (Options get sold in lots of 100, so the total is $600). If at expiration (9/17/2021) AAPL is trading at $130, the investor can either:
1 – Exercise the option by buying 100 shares of AAPL for $120 each and then sell them to the open market for $130 each making a net profit of $400 ($10/share gross profit – $6 premium * 100).
2 – Sell “to close” the call option before expiration for a profit.
Put Options
Investors buy put options as a way to insure against a downturn. For example, investors can sell an asset at a specific price within an agreed time (expiration). These options work the opposite way to a call option. Investors buy put options hoping the stock price will drop. Profit gets made when investors sell the underlying security at a higher price than it’s worth.
Related read: How to Sell Covered Calls for Monthly Income
Put Option Example
You buy put option on AAPL with a strike price of $100, expiring 9/17/2021. The cost of this put option is $20 ($0.20 * 100 shares). On expiration, if AAPL is trading at $95:
You can exercise the option and sell AAPL to the Put option seller for $100 each. Doing so will earn you $5 minus the original $0.20 premium, times 100 (net total $480).
Or
You can sell the put option at a higher price than you originally paid for it.
Benefits of Options
Investing in options usually costs less upfront than stock trading. And, this can be appealing if you’re starting to invest and don’t have much capital. You could get more for your money trading in options.
Trading in options can be more flexible than stocks. That’s because you’ve got several moves you can make when deciding how to play out your investment strategy.
You can exercise the option and buy the shares to add to your investment portfolio. Another option is to exercise the option and either buy or sell the shares at a profit. There are also various points through the process where you could sell the options contract to another investor.
One of the critical benefits of options is that the underlying stocks strike price is fixed. For the agreed period, the stock price agreed is the price you can buy or sell the stocks for up to the expiration date.
Drawbacks of Options
Options trading can be much more time-consuming than investing in stocks. You might want to exercise the option before expiration, which means keeping a close eye on the stock price. To help with this, you can set up alerts with most online brokers.
Some options strategies carry more risk than others. Some strategies are so risky that only experienced traders should attempt them. You must understand what you’re doing before making the trade. Make sure to do your research and don’t trade in anything you don’t fully understand.
Commissions, fees, and capital gains taxes can also be higher than the cost of trading in stocks. Keep in mind that the more you trade, the more your costs are going to be. Taxes are also higher on investments held less than a year, in some countries.
Stocks vs. Options: Making a Decision
When thinking about stocks vs. options, it’s entirely your choice as to which you prefer. Everyone has their investing style and appetite for risk that will drive their decision.
For beginner investors, or anyone preferring straightforward investing, stocks are usually the best choice. Options may become more appealing as you become a more experienced investor or if you prefer an investment that requires more active participation.
Don’t forget that you don’t have to stick with one or the other. There is no reason you can’t invest in both stocks and options should you want to. Just make sure you have a thorough understanding of any investment before going ahead with it.
Stocks vs. Options: Further Considerations
When considering stocks vs. options, keep in mind that they are intricately linked. You can hold both stocks and options for the same company. Plus, option prices get calculated based on the difference of the strike price and the current stock price, the implied volatility (IV), and the amount of time before expiration.
When planning your investment strategy, there are some questions you should ask yourself to determine how to proceed. What is your appetite for risk? Do you want to make long-term or short-term investments? Do you want to make a mix of investments? Where will you get the best return for the money you have available to invest?
Think about your answers to these questions. Don’t forget to keep in mind your financial goals and your current situation when making your decisions.
Ultimately, only you can decide which investment opportunities are best for you.
Importance of a Balanced Portfolio
Having a diverse and balanced portfolio is essential for achieving your financial goals and, ultimately, growing your wealth.
The best strategy balances the need for long-term returns while absorbing any economic shocks. For example, if all your money is in bank stocks and there’s a financial crisis, you could lose all your money. However, having a balanced portfolio means that although the asset values diminished, your other investments can help balance that loss until the market recovers.
Conclusion
Now that you understand the difference between stocks vs. options, you can make better financial decisions. Making the right choices now makes it much easier to reach your financial goals in the future!
A money market account is an interest-earning savings account, with some features of a checking account.
Saving money is the best way to prepare for unexpected life events and take control of your finances. But where is the best place to save your money?
If you’ve been researching different savings accounts, you may have wondered, “What is a money market account?” at some point. As of March 2023, interest rates for money market accounts are up to 4.45%,which is higher than normal.
Keep reading for a money market account definition, its benefits, and how it stacks up to other kinds of accounts.
In This Piece:
What Is a Money Market Account?
A money market account (MMA) is a type of savings account that earns interest at a bank or credit union. They are sometimes called money market deposit accounts (MMDAs).
MMA interest rates are usually higher than regular savings accounts and have some features of a checking account, like debit card and check-writing privileges, though there are more restrictions.
How Does a Money Market Account Work?
Money market accounts pay more competitive interest rates than a traditional savings account, with more access to your money than a high-yield savings account. They may also require a larger minimum deposit and balance than a traditional savings account.
As a hybrid between a savings and checking account, money market accounts have some unique features.
Interest: The interest rate offered by MMAs is typically higher than regular savings accounts. It is a variable rate, meaning it changes as the market changes.
Access to your money: Some MMAs come with a debit card and/or checks that you can use to make limited purchases.
Minimum balance: Money market accounts may have a required minimum balance, ranging from $0-$25,000. Each bank has different requirements, and they may scale for getting certain APYs.
Although money market accounts have some features of a checking account, they aren’t meant to be used as a replacement for a traditional checking account.
This is because money market accounts often limit you to six transactions per month. This includes withdrawals or payments by check, debit card, draft, or electronic transfer.
However, you can usually make an unlimited number of transactions in person or by ATM, mail, messenger, or telephone check.
Benefits of Money Market Accounts
Money market accounts are great for short-term savings goals, like an emergency fund. You’ll earn a higher interest rate than standard savings accounts while still being able to easily access your money if needed.
However, this type of account comes with its own set of restrictions. If you’re considering opening a money market account, consider these pros and cons.
Pros of Money Market Accounts:
Higher interest rates than traditional savings accounts
Safe place to keep money with insurance up to $250,000 per account owner
More access to your money than other savings accounts with debit card and check features
Cons of Money Market Accounts:
Lower interest rates than other accounts like high-yield savings accounts or CDs
Requires a higher minimum deposit and balance than traditional savings accounts
Monthly limit on number of transactions
Remember that every financial situation is different, and while a money market account may work well for one person, it may not be a good fit for another.
Money Market Account vs. Other Accounts
Money market account features overlap with different types of savings and checking accounts. The differences between these accounts may be important depending on your financial goals.
If you’re not sure if a money market account is best for you, see how they compare to other accounts.
Standard Savings Accounts
Interest type: Variable
Higher interest rates: No
Insured: Yes
Debit card/checks available: No
Minimum deposit/balance: Yes
The biggest difference between money market accounts and traditional savings accounts is access to a debit card and checks with an MMA.
Money market accounts also generally offer a higher interest rate than savings accounts. In February 2023, the average interest rate for an MMA was 0.48% and 0.35% for a traditional savings account, according to the Federal Deposit Insurance Corporation (FDIC). However, some banks like Discover and Ally are offering up to 3.4% on their MMAs.
The difference is not always that substantial, as MMA interest rates vary with the market. If you find that the interest rate for an MMA isn’t that much higher than your standard savings account, it may not be worth the higher minimum deposit and balance requirements.
High-yield Savings Accounts
Interest type: Variable
Higher interest rates: Yes
Insured: Yes
Debit card/checks available: No
Minimum deposit/balance: Yes
Money market accounts and high-yield savings accounts are very similar. Both offer higher interest rates than standard savings accounts and are insured. In March 2023, MMA and high-yield savings account interest rates were comparable.
One main difference is the addition of debit cards and checkbooks with an MMA, allowing you more access to your money than a high-yield savings account.
If you’re torn between the two options, make sure to compare interest rates, minimum deposit and balance requirements, potential fees, and transaction limits.
Checking Accounts
Interest type: Variable (or none)
Higher interest rates: No
Insured: Yes
Debit card/checks available: Yes (unlimited)
Minimum deposit/balance: Yes
While money market accounts have some features of checking accounts, they aren’t meant to replace a checking account. You still need a checking account for daily expenses, since MMAs are usually capped at six transactions per month.
Additionally, most checking accounts don’t earn interest, and if they do it’s a very low rate. These accounts work best when used together—one can’t replace the other.
Certificates of Deposit (CD)
Interest type: Fixed
Higher interest rates: Yes
Insured: Yes
Debit card/checks available: No
Minimum deposit/balance: Yes
A certificate of deposit (CD) and a money market account are both insured savings accounts that earn higher interest rates than standard savings accounts.
In fact, CDs can earn even higher interest rates than MMAs. They also have fixed interest rates, meaning your money will earn the same amount of interest during its life cycle.
In February 2023, the FDIC reported an average interest rate of 1.36% for a 12-month CD, with banks like Marcus by Goldman Sachs and Discover offering up to 4.5%.
However, the money you put into a CD gets locked up for a set period of time, usually months or even years. If you withdraw money early, you have to pay a penalty. This makes it the least flexible savings account option.
If you have extra money you’d like to safely invest, a CD is a great option. But if you prefer more accessibility to your money, a money market account is the better choice.
Money Market Funds
Interest type: Variable
Higher interest rates: Yes
Insured: No
Debit card/checks available: No
Minimum deposit/balance: Yes
It’s easy to get money market accounts and money market funds confused, or even think they’re the same thing. In reality, these accounts are very different.
Money market funds are offered by investment funds, not government securities like MMAs. This means while money market funds may have a higher interest rate, they’re not insured by the FDIC or the National Credit Union Administration (NCUA), so you could potentially lose money.
You will also have less access to your money with money market funds and may have to pay monthly maintenance or management fees.
Investing in a money market fund may be a good idea for someone who already has a large amount of savings built up in other accounts and is ready to diversify their assets.
Money Market Account FAQ
Still have questions about money market accounts? Check out the answers to these frequently asked questions regarding MMAs.
What Is the Interest Rate for a Money Market Account?
Money market account interest rates in February 2023 were 0.48% on average, but some banks are currently offering up to 3.4%. The interest rate on MMAs is variable, which means it can change depending on the market.
Are Money Market Accounts Safe?
Yes, money market accounts are a safe place to save your money. They are insured through your bank or credit union by either the FDIC or the NCUA.
Your money is insured up to $250,000 per depositor per account ownership category by both the FDIC and NCUA.
What Is the Typical Minimum Balance for a Money Market Account?
The minimum balance required for a money market account depends on the bank or credit union. Minimum balance requirements could be anywhere from $0 to $25,000 depending on the bank or current promotion.
Generally, you can expect MMAs to require a higher minimum balance than standard savings accounts, but you may be able to find an account with no balance requirements.
Some banks have one requirement for avoiding fees and another for securing a specific interest rate. Compare rates from different banks to find the best deal.
Is a Money Market Account a Savings Account?
Yes, a money market account is a type of savings account with certain privileges of a checking account, like a debit card and checkbook.
Money market accounts are a great way to safely earn interest while working toward a short-term savings goal. If you’re not sure that a money market account is a perfect fit for your savings goals, compare high-interest savings accounts.
Want to learn how to sell DVDs online and near you? Here’s how you can make extra money selling used DVDs.
Do you have a stack of DVDs taking up space in your home? If so, you can sell DVDs online as a way to declutter and put some extra cash in your pocket.
While you may no longer need or want the DVD, there are people still buying DVDs out there.
This guide on how to sell used DVDs includes tips on:
The best places to sell DVDs online
How to get started selling DVDs online
How to make the most money selling DVDs
How much you can earn selling used DVDs online
Here’s a step-by-step guide to help you get started and teach you how to sell used DVDs online.
Related content on ways to make extra money from home:
Best places to sell DVDs online
There are many online platforms and vendors where you can sell DVDs. Before choosing a platform, make sure to find out what fees and payment methods (for example, some may only pay via trade-in credit, whereas others may pay cash) each website provides, as well as what the customer reviews say.
Here are the most popular options for selling DVDs online.
1. eBay
eBay is one of the largest online marketplaces and lets you list both new and used DVDs. You can set your own prices and choose between auction-style listings or fixed-price listings. eBay is user-friendly and the site is easy to navigate and create listings.
My sister has sold on eBay plenty of times, and it is easy.
It’s important to accumulate positive feedback as you complete transactions because it will improve your ratings, which increases your visibility on the website.
2. Amazon
Selling new DVDs on Amazon can be a great way to get started.
Amazon has a massive reach and customer trust. Everyone knows what Amazon is!
Sellers can list DVDs as individual items or in bulk. You can choose between an individual seller account or a professional seller account.
For individual sellers, this account is best for people who are not selling regularly. You pay per-item fees for every sale. A professional seller account is different. You pay a monthly subscription fee to have this account and it’s designed for people who are selling regularly on Amazon. With this account, you can list an unlimited number of products.
With Amazon, you can choose between Fulfillment by Amazon (FBA) or Fulfillment by Merchant (FBM). Fulfillment by Amazon (FBA) means Amazon will store, pack, and ship your products to customers. Fulfillment by Merchant (FBM) means you have to handle the fulfillment process yourself and ship products to customers.
There is also the Amazon Trade-In program that you may want to try too.
3. Decluttr
Decluttr is a platform that buys and sells items, including new and used DVDs. The website and mobile app are incredibly easy to use.
All you have to do is scan the barcode of your DVDs and you’ll get instant price quotes. Decluttr stands out from the other platforms on this list because the app provides a quick valuation process. This makes it quick and easy to get an idea of how much you can earn for your DVDs.
Decluttr even provides you with a free shipping label, so all you have to do is pack the items in a box and ship them to Delcuttr. Decluttr covers shipping costs making the process easy for sellers.
Keep in mind that you are likely to receive lower profits since Decluttr is doing a lot of the work for you. You will likely earn more money if you decide to sell directly to consumers on a different platform. But, you’ll also have to do more work on other platforms.
4. Bonavendi
Bonavendi is a website that lets you compare different platforms for your used items like DVDs. Bonavendi works as a price comparison tool so you can see which site will pay you the most for your item.
To find out how much you can receive for a DVD, all you do is enter the barcode of the item you’re selling. A list pops up with each platform and how much each site offers for the DVD.
This saves you a ton of time and helps you make more profit since you’ll know which platform is best for selling your DVDs.
5. Facebook Marketplace
Facebook Marketplace is an easy way to list DVDs to sell to local buyers in your town or neighborhood. If you already have a Facebook profile (which most people do), you can start creating listings immediately on Facebook Marketplace and in local buy and sell groups. Simply provide accurate information on your listing and maintain good communication on the platform.
Make sure to choose a public and safe location for the exchange, like a police station parking lot. You may even consider bringing a friend along or letting someone know where you are meeting this person. This is important when using Facebook Marketplace because you are personally meeting up with a stranger from the internet and exchanging money.
Facebook Marketplace is a great option for people who do not want to deal with the hassle of shipping and want to sell an item as quickly as possible.
6. Etsy
If you have collectible DVDs, Etsy is a great place for selling your items to a niche audience. Etsy is known for selling items that are handmade, vintage, or unique. Keep this in mind when you consider selling DVDs on this platform. You probably can’t just sell a DVD without it being unique in some way (although, I did check Etsy and I did see just normal DVDs listed on the site).
DVDs that are a good fit for Etsy should have a unique or collectible aspect. This could be a DVD with special packaging, limited editions, or signed copies by a director or actor.
7. Craigslist
Craigslist is similar to Facebook Marketplace as it allows you to sell to local buyers. It’s quick and easy to list DVDs on Craigslist. It’s also important to have good communication and be responsive to emails about your items. People generally like to hear back quickly (the same day if possible).
Once you’ve connected with a buyer, determine where you will meet and what time. Make sure to choose a safe location like a police station or public space. You may even want to bring a friend or let someone know where you are meeting the person.
One idea for Craigslist is to simply list all of your DVDs in a single listing, which can make it easier instead of making separate listings for each DVD that you have.
8. SellDVDsOnline.com
Sell DVDs Online is a platform that allows you to sell DVDs directly to SellDVDsOnline.com. The process is easy.
To get started, all you have to do is enter the DVD’s UPC code, which is usually on the back of the DVD by the barcode. You’ll receive an instant price quote. Sell DVDs Online offers free shipping and you never come in contact with customers.
9. EagleSaver
Eagle Saver is a website that lets you sell books, CDs, DVDs, and games for cash. Eagle Saver has a free app so that you can scan your DVDs and value your items faster.
Benefits of selling DVDs on EagleSaver.com include getting paid quickly, risk-free quote guarantee, no fees, and free shipping. With EagleSaver.com, all orders qualify for a free FedEx shipping label, tracking number, and $100 of packing insurance.
10. Yard sale
Though yard sales aren’t online, they are a quick way to get rid of your DVDs and blu-ray movies. You can gather all of your DVDs into one place so buyers can browse through them quickly. Price them competitively at $1 for standard DVDs or $2 for special editions.
Then, organize your DVDs neatly so buyers can go through them without any problem. You may even want to consider offering bundle deals, like “Buy 5 DVDs for $3”. This can encourage garage sale buyers to buy more DVDs.
To sell more DVDs, you could even have a DVD player and TV set up so you can demonstrate that the DVDs are in working condition. This is going to help the buyer feel confident and make their purchase.
Make sure to promote your yard sale through local community groups, local yard sale apps, social media, and by placing signs around your neighborhood.
11. FYE
FYE is an entertainment retailer that sells new and used music, DVDs, video games, and more.
While their online store is not currently accepting used items, most of their store locations currently are. You can use their store locator to find a store near you. This can be an easy way to sell your items in person by simply bringing a big stack with you.
How to get started selling DVDs online
Now, we’ll talk about how to get started selling DVDs online, so you can start making money from selling DVDs ASAP.
1. Gather your DVDs together
Grab all of your DVDs and sort them into one area. Go through each DVD and make sure they are in good condition with intact cases and minimal scratches. Open up the case, of course, and make sure there is a DVD in there (sometimes they disappear over the years).
2. Research what is selling
Do research and find out which DVDs are in demand and what they are selling for. Some of the sites above will give you an idea of how much you can get for a used DVD.
3. Pick a platform to sell DVDs
One of the most important steps on this list is choosing a selling platform. For example, Bonavendi is a great tool for comparing different platforms and getting the best price on a DVD. Facebook Marketplace or a garage sale may mean selling an item very quickly, though, and in person.
4. Create DVD listings and set pricing
If you plan on selling the DVD yourself, you will need to create a listing for each DVD. Make sure the listing is accurate, detailed, and has clear photos of the DVD, case, and any special features.
Next, you will set a competitive price based on the research you do. Keep in mind the DVD’s condition, rarity, if it’s a set, and market demand when pricing the DVD.
5. Payment methods
Once you know which platform you’re going to use to sell DVDs, make sure there is a secure payment method for the platform. If you’re selling DVDs on Facebook Marketplace or Craigslist, expect to receive payment as cash or through a platform like Venmo.
Personally, I would not accept a check for a small payment such as a DVD from a person I met on Facebook Marketplace or Craigslist for example, as though are common scams.
6. Customer service
When selling used DVDs online, try to keep your reviews and ratings high on platforms by responding to questions and solving any problems (reading your reviews can also help you to improve your process). Remember, positive reviews are important for selling a lot of DVDs online so that future buyers can trust that your DVDs work. For example, if you have a lot of reviews that mention that the DVDs do not work, this may prevent other people from buying from you.
7. Shipping and packaging
Figure out how you want to ship, which carrier you want to ship with, and if you want to ship at all. You may prefer skipping shipping altogether and meeting customers in person to sell DVDs.
If you do decide to ship your DVDs, they need to arrive in good condition. Make sure to use proper packaging materials and be transparent about delivery times and shipping costs in your listing.
8. Keeping track of inventory
Whenever a DVD sells, take down the listing immediately if it isn’t done automatically. This is going to help you avoid any issues with other customers trying to buy the same item and save you time and headaches.
Best tips for selling DVDs online
Here is a list of the best tips for selling DVDs online.
Optimize your DVD listings by using high-quality images of your DVDs and writing clear and detailed descriptions
See what similar DVDs are selling for and set competitive pricing
Bundle similar titles and offer a deal to encourage buyers to buy more items at once
Be honest about the condition of the DVDs and disclose any scratches or missing items (like original cases or inserts)
Mention special edition DVDs and other collector’s items you have (if you have one of these)
Use multiple platforms to reach a broader audience
Provide tracking information to buyers
How much can you make selling DVDs online?
What you can earn from selling DVDs online depends on a few different factors, such as the condition of the DVDs, the rarity of the DVD, demand, which platform you use, and what’s trending in the DVD market.
Here are a few things that may impact how much money you can make from each DVD:
Condition – If your DVD is brand new, unopened, and wrapped in plastic still, the DVD may be able to be priced higher. However, if your DVD has scratches or dented cases, those things can impact pricing.
Market demand – If you have a DVD that is rare, a special edition, or a collector’s item, this DVD will sell for a higher price due to the rarity and increased demand for the item.
Platform – The platform you choose has a big impact on your profits. Some platforms have fees, some don’t, and others have more dedicated DVD collectors, while others don’t.
FAQs about selling used DVDs
Here are answers to common questions about selling used DVDs online and locally.
Are used DVDs worth anything?
Yes! You can actually make money selling used DVDs and blu-rays. If you have a DVD collection, you may want to think about going through it and seeing what movies you can sell. After all, with Netflix and Hulu being around, there’s a good chance that you haven’t touched your DVD collection in a long time.
How do I know if my DVD is valuable?
You can check some of the different websites that sell DVDs to see what they are selling for.
Where is the best place to sell DVDs? Where can I sell DVDs?
Some of the best places to sell DVDs online and locally include eBay, Amazon, Decluttr, Bonavendi, Facebook Marketplace, Etsy, Craigslist, SellDVDsOnline.com, Eagle Saver, and having a yard sale. A used bookstore may buy used DVDs as well. Some of the easiest online sites will work right from an ios or Android device too, meaning you can sell DVDs from your phone!
How much can you sell a used DVD for?
The amount you can sell a used DVD varies, but generally, you can earn about $0.50 to $20. It depends on what you are selling (for example, box sets or TV series usually will earn you more money).
You will want to think about costs for the different selling sites, as things like shipping fees can add up quickly.
You may receive money through PayPal, direct deposit, paper check, trade-in credit (yes, you may be able to trade in movies), store credit, or even cash by selling your old DVDs.
Is Decluttr a trusted site?
Yes, Decluttr is a trusted site to sell used DVDs online. You can even sell your used video games, textbooks, video game consoles, tablets, or old cell phones on this site too.
How much do pawn shops pay for DVDs?
Pawn shops usually pay around $0.50 to $5.00 for used DVDs.
Sell DVDs online – Summary
Now you can get started selling DVDs online and making extra money with this side hustle. Selling your used DVDs online has so many benefits, including decluttering, freeing up shelf space, and making extra cash for vacations or paying off debt.
If you’re no longer using your DVDs, put them to good use by selling them to people who want to buy them and use that money to reach your financial goals.
Have you ever sold DVDs online? What was your experience like?
If you have financial goals, you need a financial plan. Here’s how to make one.
August 16, 2023
Having a financial plan could play a key role in achieving major life goals. Why wait any longer? Start assessing your current situation, setting financial planning goals, and thinking about how the right Discover® savings account could help you focus more closely on your financial future today.
The Best Laid Plans
Before you make a financial, you need a clear picture of where you stand today. Tracking your income and expenses on a regular basis and assessing your net worth — total assets minus total debts — helps you see how much money you can commit to individual financial goals.
Your First Home
Home ownership is at the heart of the American dream. The biggest obstacle facing homebuyers is funding a down payment – now often at least 20% of a home’s purchase price. The good news is there are many down-payment options for first-time buyers. Check with banks in your area to see what special programs may be available to you.
If you intend to buy a house within five years, it might be a good idea to include saving for a down payment when creating your financial plan. A good way to save for a down payment may be through short-term saving vehicles, such as those available through a Discover Money Market Account or Certificate of Deposit (CD) to help pay for your first home.
Your Child’s Education
Ideally you should start saving for your child’s education as soon as — or even before — he or she is born. According to Bankrate, tuition and fees at four-year public colleges have increased by 179% over the last 20 years. Depending on your child’s age, you may want to consider investing your education dollars in stocks or stock mutual funds. While stocks can be riskier than other investments over short time periods, over the long-term they have historically produced the highest returns.
There are many other education savings options, and some, such as state-sponsored 529 college savings plans and the Coverdell Education Savings Account, offer tax advantages as well.
Your Retirement
When making a financial plan, a secure retirement is probably your most important long-term financial goal. According to Bankrate, the common guideline is to replace 80% of your final working year’s salary for each year you spend in retirement.
That’s why it’s important to start saving for retirement early in life and keep saving as much as you can throughout your working years. Opening a Discover IRA CD is one of the easiest — and most effective — ways to save for this important goal.
Get the Help You Need
Knowing the right financial moves to make and when to make them is a complicated job that most of us don’t have the resources to handle alone. Consider consulting a qualified financial professional who can help you keep your financial plan on track with your ever-changing needs. And be sure to familiarize yourself with all the different ways that Discover’s savings accounts can be at the center of your strategy. Their great rates and convenient account management options may be just what you’re looking for.
Discover®
Regardless of your time horizon, risk tolerance, or savings goal, you can always find the right savings vehicle for your needs at Discover®. Discover® offers an Online Savings Account to help you with your short-term savings goals, a full range of CDs and IRA CDs with terms from 3 months to 10 years as well Money Market Accounts that may be ideal for rounding out your overall savings strategy. Open a Discover® account online or call our 24-hour U.S-based Customer Service at 1-800-347-7000.
The article and information provided herein are for informational purposes only and are not intended as a substitute for professional advice.
Articles may contain information from third-parties. The inclusion of such information does not imply an affiliation with the bank or bank sponsorship, endorsement, or verification regarding the third-party or information.
* The article and information provided herein are for informational purposes only and are not intended as a substitute for professional advice. Please consult your tax advisor with respect to information contained in this article and how it relates to you.
Inside: Dreaming of ways to make money fast as a woman? Stop dreaming and take action. These are genius ways of making money online and at home.
Making money fast is crucial for maintaining a comfortable lifestyle, especially in the face of rising living costs. It can be the key to financial stability, providing additional funds to support and enjoy your lifestyle.
As a woman, you need to know how to make money fast.
This isn’t just about getting rich quickly. It’s about women gaining the freedom to live independently without financial constraints.
The feeling of financial security lessens stress; not having to worry over unexpected expenses plays a big role in your overall well-being.
This is what you want to do – make money fast!
Good news! You are in the right spot and I’ll show you my favorite ways to make money online.
Get into the right mindset, ladies! Making money fast isn’t just possible, but also liberating.
How can I make easy money ASAP?
Making easy money quickly can be achieved in various ways that utilize your skills and knowledge.
First and foremost, consider your own skills and expertise, and determine whether they could apply to jobs like cake baking, childcare, bookkeeping, house cleaning, or freelance writing.
This will tell you the easiest way for you to make money quickly. For me, I prefer to trade options in the stock market. Whereas someone else may choose babysitting or dog walking.
You need to find how to make money fast and we will help you with that decision.
Why Making Money Fast is Important
1. Makes it possible to live comfortably 2. Enables you to afford the best quality of life 3. Gives you the freedom to pursue your dreams 4. Gives you the freedom to live without financial constraints 5. Provides you with security and safety 6. Freedom to give back to your community 7. Freedom to choose how you spend your time 8. Opportunity to take risks and start a business 9. Provides you with a sense of power and control 10. Live without financial worry
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
Are you passionate about words and reading?
If so, proofreading could be a perfect fit for you, just like it’s been for countless of readers! Learn how you can create a freelance business as a proofreader.
Check out this free workshop!
Bookkeeping is the most stable, reliable & simple business to own. This is how to make a realistic income -either part-time or full-time.
Find out TODAY if this is THE business you’ve been looking for.
How can I make a lot of money in hours?
Making income in a matter of hours for a woman is entirely feasible with a blend of freelancing, leveraging gig economy platforms, and capitalizing on your skills or assets. Here’s a quick guide for you:
Consider freelancing: Establish your writing, graphic design, or programming services on platforms like Fiverr or Upwork.
Dive into the gig economy: Sign up for TaskRabbit, Airbnb, or Turo to start earning.
Try online tutoring or content selling: Proficient in any subject or have strong graphic design skills? Go for tutoring or sell your content.
Indulge in buying & selling: If you’re good at purchasing low and selling high, then swap clothes or furniture, or even stocks.
Take online surveys or join market research groups on sites like Swagbucks for a rapid source of income.
Remember, time management is crucial for balancing multiple streams at once. Don’t forget to schedule wisely!
How to Make Money Fast as a Woman
No matter who you are, making money can be tough. But if you’re a woman, it can feel impossible.
From getting paid less than men for the same job to having a harder time getting promoted, the deck is often stacked against us.
Just so you know that making quick money in one day won’t happen overnight.
So, I’m going to tell you the best ways to make money fast as a woman.
1. Sell Services
Selling your skills or expertise is a fast, viable way to earn money. It’s all about utilizing what you already know to provide value to others.
Identify your marketable skills, such as cake baking, freelance writing, bookkeeping or even organizing spaces.
Brainstorm which of these services people could pay for.
Remember, you can tap into both physical tasks, like house cleaning or pet-sitting, and digital ones, like creating digital printables or offering consulting in your field of expertise.
Expert Tip: Launch your service with a few testimonials, helping to build trust with potential customers from the get-go.
2. Freelance
Freelancing is a savvy way for women to stack up earnings fast, offering flexibility and complete control over the workload. It’s a ticket to dodge conventional office politics and punch above your earning potential.
Start by identifying your freelance niche. You can be a writer, graphic designer, or anything you’re skilled at. Many people use their transferable 9-5 skills to side hustle.
Then, create your profile on platforms like Fiverr, Upwork or Guru – be sure to showcase your accolades.
Set your rates, then start connecting with clients looking for your talent.
Remember, success in freelancing is driven by quality and consistency. So, sharpen your skills and always exceed your client’s expectations.
Freelancing may start as a side gig, but with dedication, it can grow into a full-time job.
3. Become a Product Reviewer
Being a product reviewer is an intriguing job opportunity for those who enjoy sharing candid feedback about their experiences with various products.
As a product reviewer, you are required to assess products often sent to you from diverse companies.
Your role involves providing a comprehensive review that could range from making an unboxing video to writing a detailed article about the product’s features and performance.
This kind of job requires an unbiased perspective and the capacity to articulate your thoughts and experience in a detailed, user-friendly manner.
Companies value this form of direct feedback as it provides them with significant data about their product’s strengths and weaknesses as perceived by an end-user.
4. Virtual Assistants
As a woman, becoming a virtual assistant could be your fast lane to earning a substantial income.
This is especially a great option if you’re excellent in organization and time management along with the need for flexibility.
For many becoming a virtual assistant with no experience is possible. And very lucrative.
Finally, for your best shot at success in this field, taking a course to improve your learning curve is extremely helpful.
Potential to earn up to $43,000 per year.
5. Sell Your Crafts
Ladies, have you thought of turning your love for crafts into a profitable venture?
Find out what crafts are in demand. The higher the demand, the more profitable it would be to make and sell these crafts.
Remember, profitability hinges on what you sell and how much you sell. Happy crafting!
While you are limited on what you can earn by what you can make, it is possible to make money doing something you absolutely enjoy.
6. Stock Trading
Stock trading may seem daunting but it can be a quick route to financial independence, especially for women.
With the right tools, information, and mindset, you can swiftly navigate the market and amplify your earnings. In fact, this is something Teri Ijeoma did herself.
Educate yourself on the basics before you invest. This is exactly what I did and my investment has paid off.
Always be aware of the risks involved in stock trading and proceed cautiously. However, building up an investing education is a wise decision.
Learn how fast can you make money in stocks.
7. Babysit
Babysitting is a versatile side hustle offering flexible hours and good earning potential.
It’s an ideal opportunity if you’re seeking quick, extra income and enjoy children.
Obtain optional certifications like CPR and first aid to enhance your appeal. Visit platforms like Care.com, Sittercity, or Urbansitter to create your profile and connect with clients.
8. Transcriber
One field that remains highly overlooked is transcription.
A transcriptionist listens to audio files and converts them into written documents.
Gain a thorough understanding of the industry. Check out this free webinar to get the basics right.
Consider specializing in legal or medical transcription. These niches often fetch higher wages.
You could easily make $3000-$4000 monthly, working on your own schedule.
Remember, practice and precision can help you achieve a lucrative transcription rate.
9. House Cleaning
Cleaning can be a rewarding gig, especially if you like tidying spaces.
Despite recognizing the need for a clean home, many people often struggle to find the time or energy to routinely clean their homes. This is where the prospect of a housecleaning business arises.
Busy homeowners, parents juggling work and childcare, elderly individuals needing assistance, and even businesses needing regular cleaning services are all potential clients for a housecleaning business. This demand provides a consistent income flow for those offering cleaning services.
In fact, individuals transitioning into this field of work can negotiate their wages with clients, potentially earning more than $15 an hour based on the complexity and demands of the job.
10. Sell Printables on Etsy
Selling printables is an effective and lucrative method to generate passive income.
Once printables such as planners, calendars, and journals are designed, created, and listed for sale on platforms like Shopify or Etsy, they can consistently produce income without requiring continual input or maintenance.
According to several experts, one of the keys to making substantial profits from printables is to differentiate your products.
Building upon this idea of making money from printables, the free Printables Workshop by Gold City Ventures offers comprehensive insights into the process of creating and selling aesthetically pleasing printable products online. This accessible course can be an excellent starting point for beginners looking to navigate the printables market.
Selling printables on Etsy might be the perfect venture for you!
11. Dog Walking
Looking for a fun-filled way to make some quick bucks?
Dog walking could be the right side hustle for you, especially if you’re an animal lover.
Easy to find jobs for dog walking.
Suitable for people with flexible schedules.
Offers an active way to earn money.
Option to select your rates with platforms like Rover.
High demand especially due to increasing pet adoptions and busy pet owners.
You can work when you need to and not take clients when you don’t want too.
12. Make Money Blogging
Blogging is a popular and prevalent way to earn money. Many blog owners are women who want the flexibility to earn significant money at their own pace and schedule.
Earning money through blogging allows you to focus on something you’re passionate about. Any topic that can provide value to an audience can be blogged about. Targeting a niche that has been overlooked by existing blogs can increase your blog’s potential earnings.
Starting a blog doesn’t require formal training, but it does require a willingness and ability to write effectively for an audience.
By employing monetizing avenues, like affiliate marketing and advertising, a blogger can boost their earning significantly.
Despite the vast number of existing blogs, the industry is very accommodating toward new voices, especially female voices. Thus, knowing how to monetize a blog can offer women many opportunities.
Remember, blogging is not just about earning fast bucks, it also needs consistent efforts. It’s rewarding but can start slow.
13. Ride-Sharing
Ridesharing is an excellent opportunity for women looking to make fast money. With apps like Uber and Lyft, you can earn an income simply by offering transportation services.
Here are a few tips to increase your earnings:
Consider driving during peak hours, weekends, or during special events to cash in on higher demand.
Choose busy locations such as city centers and nightlife spots to increase your chances of getting rides.
Maintain good customer service and ensure safe driving to uphold your rating and receive more ride requests.
14. Office Cleaning
Considering the hustle and bustle of the daily grind, office cleaning can be an untapped treasure trove for women seeking quick cash. Given the high demand and flexible hours, it’s an ideal source of extra income.
You must identify office premises needing cleaning services. Reach out to the owners or management, and propose your services.
Think about offering your services to offices in your local area. It’s a fast way to make extra money while managing your other commitments.
15. eBay Arbitrage
Looking to earn some quick money? eBay Arbitrage could be the game-changer you need.
Aimed mostly at women who love shopping, it’s about buying products cheaply and selling them on eBay for a profit.
First, hunt for bargains in thrift stores, sales, or online markets.
Go with high-demand items; electronics, collectibles, or brand sneakers are a good start.
Then, create your eBay store and list your finds at a competitive but profitable price.
Track each item’s demand through keyword research and buyers’ reviews.
Remember to calculate potential profits inclusive of shipping costs and eBay fees.
Armed with the right strategies, you can start earning with eBay in no time!
16. Freelance Writing
Did you know your writing passion can become a quick buck-making engine? That’s right, freelance writing is a gold mine you ought to tap.
First, identify a writing niche you love. It’s easier to excel when you’re passionate about your work.
Continually hone your writing skills. The more you practice, the better you become and the more valuable your skills. Finally, don’t be shy to market your skills. Reach out to small businesses and startups—they often need freelance writers.
Remember, quality over quantity will earn you a solid reputation in the long run. Now, go turn those wordy wonders into wealth!
17. Online Surveys
Curious about making a quick buck? Engaging in online surveys can be a fast money-making method just for you!
You don’t earn a huge amount per survey but when taking multiple surveys, it will add up fast.
Here are the top legit survey platforms:
Use your free time wisely. Take surveys during work breaks or leisure hours.
Redeem points for PayPal cash or gift cards.
18. YouTube Channel Building
Building a YouTube channel can be an interesting and rewarding venture.
It provides an incredible platform to share your content, express your creativity, and engage with a global audience. Whether you want to showcase your talents, teach something unique or simply entertain, having a YouTube channel opens up many opportunities.
Effective engagement with your audience is vital.
Last but not least, patience is something you will need in abundance. Building a successful YouTube channel takes time, so don’t lose hope if you’re not seeing immediate results.
Remember, there’s no limit to what you can achieve with your YouTube channel. It all comes down to how creatively you can use this platform to engage with your audience and grow your presence.
19. Bookkeeper
In our increasingly digital age, online bookkeepers are in high demand, with more businesses choosing to move their financial operations to the online platform. This shift in business operations has created a robust opportunity for those trained in bookkeeping to tap into the market and earn income while working from the comfort of their homes.
To be successful as web-based bookkeeper, you need to be well-organized and have previous experience dealing with numbers. However, even without a formal accounting education, individuals can take advantage of online learning platforms like Bookkeepers.com to learn and sharpen their bookkeeping skills for free.
Becoming a virtual bookkeeper is not just a fantastic full-time job opportunity; it’s also an excellent side hustle for women and mothers proficient with numbers. It provides flexible hours and allows the freedom to work from anywhere, making it ideal for those juggling multiple responsibilities.
The financial compensation for an online virtual bookkeeper is quite significant. On average, bookkeepers can earn at least $50000 a year helping business owners manage their finance and bookkeeping online.
20. Start a Dropshipping Store
Dropshipping is a viable option with low startup costs that lets you run an online store without handling any physical products.
There is still plenty of time to get into the dropshipping business.
Start by deciding what products to sell. Find a niche you’re passionate about for a higher chance of success.
Remember, a successful dropshipping venture involves effective marketing as well. So invest time and effort into perfecting your advertising tactics.
21. Do Clerical Work
Clerical work offers flexible, remote opportunities for women to make quick money.
With adequate admin experience and internet access, you can explore roles like Virtual Assistant, Online Data Entry Professional, or Court Transcriptionist.
This is one of the best non phone work from home jobs.
Experts tip: Perfection and punctuality are key. Attention to detail and meeting deadlines can make you stand out.
22. Resell Clothes
Reselling clothes online is a savvy way to turn your clutter into cash, especially if you love digging for hidden gems.
It’s a popular method for fast cash flow, with Poshmark and Facebook Marketplace being perfect platforms. One of my friends is very successful with this!
Begin with your own closet, and sell kids clothes they have outgrown too.
Reinvest your earnings, by buying second-hand clothing to resell can boost your profits.
Don’t forget quality. Run a quick check for authenticity and brand labels.
Visuals sell. Stage items and capture high-res photographs.
Providing a great customer experience is key, ensuring prompt shipping and maintaining politeness.
Play your cards right, you could earn anywhere between $100 to $1,000 a month or even reach a six-figure yearly income.
23. Do Home-Based Child Care
Home-based child care is a viable option to earn money, leveraging the natural maternal instincts and caregiving skills of many women. It can be a lucrative side hustle and a means to financial independence.
This is especially a great avenue to pursue when you are already at home raising your own children.
Make sure to follow any state regulations about running a daycare out of your home.
Begin by determining the number of children you can handle at a time, taking care not to overbook.
24. Podcasting
Podcasting is a wonderful opportunity for delivering narratives. It enables you to weave compelling stories while inspiring, instructing, or simply entertaining your listeners.
The unique format of podcasting lets you connect with your audience on a personal level. They listen to your voice, engage with your thoughts, and feel a stronger connection to you.
By starting a podcast, you are joining an increasingly popular trend, with the global number of podcast listeners has grown to 464.7 million listeners in 2022 (source).
Podcasting also opens up doors for networking and collaboration. You can invite experts, artists, or like-minded individuals as guests on your show, thus expanding your network.
There’s a potential to earn from podcasting. With affiliate marketing, sponsorships, and advertising, the commercial possibilities of podcasting are extensive.
25. Merch by Amazon
“Merch by Amazon” is a print-on-demand service that allows you to design and sell your merchandise.
It’s a great money-making alternative as it offers massive exposure and doesn’t require any upfront costs.
One of the significant advantages of using Merch by Amazon for passive income is that you are not required to maintain inventory or deal with shipping. Amazon handles these aspects, allowing you to focus on the creation process and customer satisfaction.
Amazon’s royalty system ensures that you get paid instantly whenever your merchandise is purchased. This allows you to earn money passively with every sale.
When your designs meet the current market trends and the preferences of your customers, they are more likely to be popular, leading to an increase in sales, hence, higher passive income.
26. Become an Influencer
Becoming an influencer is a smart, quick way for women to make money. While most people just stumble upon becoming an influencer, you can decide to pursue this avenue.
With earning potential that is unlimited, this opportunity is flourishing, requiring no specific degree or job experience.
Remember, platforms like TikTok, Instagram and YouTube reward new, engaging creators.
Dedication and consistency could lead you to major earnings where you make thousands for each post.
27. Work as a Translator
Having mastery in more than one language opens up a world of opportunities, particularly in the realm of translation services. The ability to translate language effectively and accurately is a skill that’s in high demand in the current globalized world.
A top benefit of being a freelance online translator is the flexible work environment. You have the freedom to choose when, where, and how much you want to work. This flexibility for work-life balance is more appealing now than ever, especially in the unsteady job market.
Freelance translators also have access to a wider client base. Unlike full-time translators who work for specific organizations or agencies, freelance translators can work with various clients from all over the world, widening their potential income streams.
The need for translators is projected to grow substantially. In the United States alone, the U.S. Bureau of Labor Statistics reports that employment for interpreters and translators will increase by 20% from 2021 through 2031, which is much faster than the average for all occupations.
Among other freelance professions, translation can often provide a more stable income.
As most sectors including education, legal, business, medical, and technological firms continue to globalize, they regularly need translators to bridge the language gap, making freelance translation services a steady income source.
31. Become a Flipper
Becoming a flipper is a high-return, low-investment way to make money fast. It involves buying low and selling high, perfect for those wanting a profitable side hustle.
Here are actionable steps to kickstart your flipping journey:
Identify items to flip: Popular options include toys, clothes, electronics, books, and furniture. Pro-tip: Sell things you have around your house to start risk free.
Choose a selling platform: Sell locally via Facebook groups or Craigslist, use reselling apps like Decluttr, or open an online store on eBay.
Price it right: Pricing items competitively garners buyer interest and maximizes profit.
Learn more: Free webinars, like Flipper University and the Flea Market Flipper, offer insights for a successful flipping business.
Remember, flipping can be more than just a side hustle; it’s a potential full-time career.
32. Micro-Tasking
Micro-tasking offers a quick way for you to earn money by completing short and simple tasks.
As its popularity grows, so does the list of platforms where you can find micro-jobs. Here are the popular platforms.
This allows your the flexibility to work whenever you want. Plus no special skills or degrees are needed.
Just note… This is not a stable income source
Tips for Finding the Best Way for You to Make Money
As you can see, there are many different ways to make money fast as a woman.
You can find the best way for you by considering your skills, interests, and the amount of time you have available.
Here are some helpful tips to make sure you are earning money quickly.
1. Identify Your Skills and Offerings
You’re already gifted, let’s transform those skills into fast cash.
Make a list of your skills, passions, and expertise; you can tap into anything from programming to knitting.
That is where you want to start.
From personal experience, I can tell you it is way easier to work on a side hustle or business when you are passionate about the topic.
Remember, the digital world is your playground, so play, innovate and cash-in.
2. Research the Best Ways to Make Money
Now, that you know the skills and experience, look at the list above and determine which ones match up.
You will need to spend time watching a free webinar to learn more.
Compare different money-making ideas. From part-time jobs to freelancing, there’s a plethora of options. You need to pick what works best for you.
Remember, generating a consistent income requires effective strategies and the right mindset. So choose wisely!
3. Try Different Ways to Make Money – Not Just 9-5 Jobs
It’s vital to explore different money-making strategies as a woman for financial stability and independence.
Just because one avenue didn’t work out doesn’t mean you should throw in the towel.
Remember, the key to success is perseverance, so pick something you’re passionate about and stick to it. Try not to jump from one idea to another out of impatience; success takes time.
Also, as your revenue increases, start building a lifestyle business for passive income.
4. Focus on the Things You Are Good at
Unlock your financial potential by recognizing and utilizing things you’re excellent at.
To cash in fast:
Identify your standout skills. These could range from writing, fine arts, math, e-commerce to digital marketing or even passions such as sports and hobbies.
Assess the viability of earning via your skills. Research shows that the digital economy is filled with opportunities.
Exploit platforms that cater to your expertise. For freelance gigs, you can try platforms like Upwork, Fiverr, or Guru.
There are so many ways to make money online as a beginner. So, indulge in the digital playground, embrace exploration and innovation, and let your skills earn for you.
5. Find Opportunities That Allow You to Work Flexibly
You can choose when to work and when not to, rather than being constrained by a 9 to 5 workday. The flexibility to create your schedule means you can operate at your most productive times, whether that’s early in the morning or late at night.
Working from home or any location across the globe enables a better work-life balance, reducing stress and improving productivity. This is particularly beneficial for those who have families or are committed to other obligations.
When working for yourself, you may have the potential to earn more than traditional salaried roles.
Lastly, making a living from your passion is huge!
You are being paid to do what you love anywhere, anytime which is rare and precious.
6. Consider Specializing in a Niche Subject
Specializing in a niche subject can elevate your earning potential quickly, owing to smaller competition and a personalized audience.
Being a subject matter expert in a specific area can provide you with an edge over your competitors.
Specializing in a niche can help you stand out and garner a dedicated audience, ultimately leading to faster earnings.
Remember, the key to making money faster in your specialized area is persistence and patience. It may take time to build a strong following, but once you do, the financial rewards can be substantial.
Stick to your chosen area, continuously learn and improve, and consistently deliver high-quality content to make your mark in your chosen niche.
7. Take Advantage of Trending Opportunities
Jumping on trending opportunities can be a gold mine, especially for women who want to make money fast from home. These ever-evolving trends tap into various skill sets, interests, and experiences, potentially translating into a lucrative gig.
For many, it may have been TikTok when the company first started.
Remember, the digital world holds limitless potential. Just needing to innovate and execute your ideas!
8. Invest in the Right Tools and Equipment
The key to making money, either online or offline, is making an informed investment of your time into the right tools, equipment, and learning resources.
While this can initially seem like an expenditure rather than a money-making step, it is, in fact, a cornerstone of your financial growth strategy.
Investing time in learning and increasing your knowledge base is vital. This could mean spending your time reading about new insights in your area of work, attending webinars, or enrolling in online courses. The ROI of this proactive learning is immense.
Consider this an opportunity or a catalyst that speeds up your journey toward substantial income generation and financial freedom.
9. Commit to Consistent Efforts
Commitment to consistent efforts is the cornerstone of any successful endeavor, more so when running your own side hustle.
One of the fundamental principles for making money is the dedication to keep improving your craft, always learning, and always evolving.
This continual effort involves a long-term commitment to staying updated with the latest writing trends, styles, and industry standards.
With persistence and patience, the fruition of your investments will lead you toward the fulfillment of your financial dreams.
10. Utilize Social Media Platforms to Promote Your Business
Social media platforms are powerful tools for business promotion, and when used strategically, they can lead to fast monetary gains.
Understanding how to effectively utilize these platforms can drastically enhance your chances of making quick bucks.
Start by creating a robust online presence for your business on various social media platforms. Remember, consistency is key to building your brand.
Engage with your audience frequently and respond to their comments. This boosts engagement on your posts.
Post content that is engaging, relevant, and aligns with your business values.
Always monitor your performance using social media analytics to understand what works best for your audience.
Which side hustles for women have you tried?
Personally, here are the side hustles I have done or currently do:
Stock Trading as a swing trader
Online Content Creation
Social Media Influencer
Online Consulting
Pet Sitting or House Sitting
Teaching Dance Lessons
Personal Organizer
However, I know many people that have tried the ones listed above.
So ladies, which of these enticing hustles appeals to your skills and schedule the most?
FAQ
Stay-at-home moms have numerous opportunities to earn money from the comfort of their homes. Plus being able to bump up your household income while juggling parenthood is the perfect combination.
Find the best jobs for moms specifically!
Any of these opportunities requires dedication and consistent effort, but with time they can all yield substantial returns.
Thankfully, there are many ways for women to make money online.
Above we covered all of the interesting ways and many are online.
Remember, opt for an avenue that suits your skills, interests, and time availability.
Well. the answer to this will depend on who you speak with.
Personally, I find ways to build passive income with your side hustle as the best option. Then you aren’t trading your time for money.
As a woman, many opportunities are right at your fingertips. The most popular and profitable include:
Start a blog: With consistent readership, you can make thousands from ad revenue and sponsored content.
Virtual assistant: Services can fetch around $10-30/hour.
Social Media Management: Businesses are willing to pay up to $1000-2000 per month for proficient managers.
Bookkeeping: On average, freelance bookkeepers earn around $34/hour.
Selling products online: Sites like Etsy, Amazon FBA, or your own platform can earn you a substantial income with a successful shop.
Trading Stocks or Options: by improving your investing knowledge, you can quickly increase your net worth.
Remember – it all starts with a step. Your side hustle could turn into a full-time passion!
This is How to Make Money from Home as a Woman
In conclusion, as a woman, there are plenty of genius and fast ways for you to make money.
The article underlines the significance of grabbing the reins of your financial future.
Through the strategies shared – including investing in stocks, working from home, or using budgeting hacks, you can boost your income significantly.
One of the concepts, I’m big on is making sure you know how to make your money work for you.
With wise decisions and being open to possibilities, your financial independence is within reach.
Remember – the ball is in your court, so make sure to take that shot and score your financial goals. It’s high time to cash in on your potential!
Know someone else that needs this, too? Then, please share!!
Wondering how quickly you can tap into your home’s equity as a new homeowner? Here’s the potential timeline.
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Right now, home equity levels are high for many homeowners across the nation. According to a recent Black Knight report, the average mortgage holder currently has about $199,000 in usable equity available to them.
There are numerous factors that have contributed to this — including a shortage in available home inventory and increased demand due to low mortgage rates during the pandemic. In turn, this is a great time to borrow against your home equity if you need to — and at a lower rate compared to credit cards or other loan products.
If you want to take advantage of your home equity, there are a few different options for doing so, including home equity loans, home equity lines of credit (HELOCs) and cash-out refinances. But if you’re a new homeowner, how quickly can you tap into your home’s equity — and what options do you have?
Learn more about your home equity options here now.
How quickly can you get a home equity loan after buying your home?
If you just bought your home and want to tap into your equity, here’s when you may be able to do so.
When can you take out a HELOC?
A home equity line of credit (HELOC) is one home equity loan option you have after you purchase a home. A HELOC works much like a revolving line of credit but it uses your home as collateral. This type of home equity loan allows you to borrow funds up to a pre-approved limit (typically up to 80% of the equity in your home) and pay the money back after a certain time.
HELOCs are popular because they provide the flexibility of accessing funds during the draw period. That makes them a good option for homeowners who will have varying financial needs over time or those who don’t want a lump sum loan.
So when can you borrow money with a HELOC? Well, it generally depends on the lender. While you can technically take out a HELOC as soon as you purchase your home, many lenders require you to own your home for at least a few months before you can qualify. And, you’ll also need to meet the lender requirements, including the minimum home equity requirement, to be approved — which is also likely to affect the timeline for when you can borrow against your home equity.
Find out the home equity loan terms you may qualify for here now.
When can you take out a home equity loan?
A home equity loan works like a second mortgage and provides you with a lump sum of money based on the equity you’ve built in your home. Unlike a HELOC, a home equity loan is a one-time borrowing arrangement with a fixed interest rate and fixed monthly payments. You can use a home equity loan for any number of purposes, but’s ideal for projects with a specific cost, like a kitchen remodel or debt consolidation.
In general, home equity loans can be pursued shortly after purchasing a home, often within the first year — but each lender has unique requirements for approval. Your credit score and equity in the home will still play a significant role in securing favorable terms, and most lenders will require you to have at least 15% to 20% equity in your home before you’re approved.
When can you take out a cash-out refinance?
A cash-out refinance differs from HELOCs and home equity loans. Rather than a second mortgage, a cash-out refinance replaces your existing mortgage with a new one that has a higher principal balance. The difference between the old and new mortgage amounts is taken as cash, which you can use for various purposes. This option allows you to take advantage of potentially lower interest rates on the new mortgage.
As with the other home equity options, the timeline for getting a cash-out refinance is highly dependent on the lender. However, a cash-out refinance is typically an option after you’ve gained substantial equity in your home, which generally happens after owning it for a few years.
It’s worth noting that cash-out refinances make the most sense to use if mortgage interest rates have dropped lower than when you first obtained your mortgage. Otherwise, you are trading in your low mortgage rate for a new loan with a higher rate, meaning you’re paying more overall for your loan.
Explore your refinancing options here now to learn more.
The bottom line
Home equity loans, HELOCs and cash-out refinances can all be viable solutions for harnessing the value of your home, and in certain cases, you may be able to access them just a few months after closing. But the decision to tap into your home’s equity should be made carefully — and at the right time. Be sure to weigh your financial goals, your home equity loan options and other factors before making any decisions.
Inside: Are you struggling to manage your money? Feeling overwhelmed with debt? If so, it’s time to take action and build better habits. This guide will teach you how to create a budget and start your savings. You need these financial tips for young adults.
The importance of sound financial advice for young adults cannot be overstated.
Often, a lacuna exists in our educational system where personal finance is concerned, leaving many young adults ill-equipped for the financial decisions that await them in their adult life.
Yet, you will encounter situations that require a sound understanding of budgeting, credit usage, investment, and an array of other financial tools without any formal education in these areas.
Financial advice can act as a compass, guiding you on a path to financial health and stability.
This early orientation can help you avoid the pitfalls of needless debt accumulation, poor money management, and inefficient financial choices like I made.
That is why it is of utmost importance to start imparting knowledge and financial habits to young adults as early as possible.
Why Financial Advice is Crucial for Young Adults
Money matters! Especially when you’re young and there’s a world of financial responsibilities unveiled before you.
Understanding financial basics early on is key to smart monetary decisions in the future. Here’s why you should consider this vital:
Knowledge Burst: Understanding finance terms, the implications, and their impacts arm you with knowledge for future decisions.
Saving for Later: Early investment in savings accounts or retirement funds can maximize your funds later in life.
Debts Control: Ensuring debts are paid off faster helps avoid excessive interest in the long run.
Investment: Stock or mutual fund investment can multiply your savings in the right condition.
Remember, your financial health requires deliberate action, start early!
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What is the best saving advice for young adults?
The best saving advice for young adults is to start early and save regularly.
This will help you build up a nest egg that you can use in the future.
Personally, this is my own regret as such it took me way too long to become financially sound.
Also, you want to be mindful of your spending and live within your means.
Best Financial Advice for Young Adults
When you’re in your 20s, the world feels like your oyster, ripe with opportunities and potential.
But among this plethora of choices, the most important decisions you make may very well relate to your finances.
While the excitement of earning and spending your hard-earned money can be exhilarating, it is crucial to remember that wise financial decisions made early on can set the stage for long-term financial success.
We have curated some of the best financial advice to help you make informed decisions and set the foundation for a secure financial future.
1. Create a Budget
Creating a budget can seem like a daunting task. However, once correctly accomplished, it can undeniably make your life a lot easier.
Below are some reasons to start budgeting from the start:
Money management: Knowing the ins and outs of your financial transactions helps manage your money efficiently. A budget gives you a clear snapshot of your income and expenses, allowing you to make strategic decisions about spending and saving. This level of control can be incredibly liberating and reassuring.
Financial discipline: Creating a budget encourages discipline when it comes to financial decisions. It can show you areas where you’re spending more than necessary, such as an underutilized gym membership, frequent dining out, or an unused streaming subscription. By addressing these expenses, you could easily save an additional $100 per month.
Alignment with goals: A budget can provide clarity and align your financial actions with your long-term goals. If you are side-tracked and lose sight of these ambitions, the budget serves as a potent reminder to guide you back to the right path.
Effective savings: A budget constitutes a robust tool that allows you to maximize your income and inculcate a savings habit. Essentially, it’s a roadmap that shows you, in real time, where you can minimize and direct those funds into savings. Those savings can then be invested toward achieving significant life goals more efficiently.
Stress reduction: Tracking income and expenditure can culminate in a stress-free financial life. For example, it helps manage unexpected emergencies or allows you to enjoy after-office drinks without any worries about overspending.
To simplify the job, various user-friendly budgeting apps are available.
These digital budgeting tools or apps offer handy features that can streamline tracking expenses and income. These tools can automatically categorize transactions, display visual charts of spending, and send alerts when you’re nearing the limit of a budget category.
Enjoy guilt-free spending and effortless saving with a friendly, flexible method for managing your finances.
Start Your Free Trial.
So, no more wondering where your money went.
With a budget in place, you get to tell your money exactly where to go, and this is an empowering shift from feeling out of control to feeling in control of your finances.
By making budgeting a consistent part of your financial routine, you adopt a proactive approach to your money, making your life easier, and your future brighter.
2. Manage Your Debt
As a young adult, managing your debt is incredibly crucial. Not only does it set the foundation for your financial future, but it also helps to keep your credit score healthy.
Here are some top-notch expert tips on how to effectively manage your debts:
Avoid credit cards whenever possible. Although credit card rewards may seem appealing, they can often lead to unwanted debts. Instead, try using cash, debit cards, or cash app cards.
Don’t finance purchases that depreciate in value over time. Rather than taking a loan for things like cars or other depreciable assets, save up and pay in full.
Minimize education-related costs. This can be achieved by going to in-state schools, considering trade school or community college, living off-campus, and exploring scholarships or work/study programs. Learn how to pay for college without loans.
Pay off your debts methodically. Consider strategies like the debt snowball or avalanche methods to strategically pay off your debts. Use a debt payoff app to find your debt free date.
Remember, being in debt can delay your financial goals.
So, learning to manage your debts early on in your life can have a significant impact on your future finances.
3. Invest Wisely
Investing wisely is a cornerstone of solid financial advice for young adults. It sets the foundation for a financially secure future.
Most people are terrified of the concept of investing and stay away from it, which is the worst decision possible.
Investing is about putting your money to work for you, expecting growth or income over time.
Consistently adding money to your investment portfolio can be more beneficial than staying away or trying to time the market.
Investing is ideally a long-term endeavor. Patience is key – you can’t expect to make big gains or reach your financial goals overnight. It’s a process of steady growth.
Simplicity is key for beginner investors. Buying and holding index funds is a good example of a simple and passive investment strategy. Or you can learn how to invest in stocks for beginners.
4. Educate Yourself about Savings and Investment Accounts
Understanding savings is a fundamental aspect of personal finance, yet many young adults ignore this.
Beginning an emergency fund, no matter how small is one of the oft-repeated mantras of personal finance experts.
Consistently making savings a non-negotiable monthly “expense” not only provides a safety net for emergencies but also contributes to various future goals such as retirement, vacation, or a down payment on a home.
A foundational aspect of mastering your finances involves learning self-control, reducing the tendency to make every purchase on credit, and understanding the importance of saving money before making a purchase.
Taking the initiative to read personal finance books and gain knowledge about managing money can greatly aid in controlling your financial future and making informed decisions about savings.
Starting saving for retirement early is essential to secure financial stability in the future.
Learn how much money should I have saved by 25.
5. Limit Your Expenses
Understanding how to limit expenses can be a game changer for your finances.
Track your daily expenses carefully, even the small ones like your morning coffee, as they can add up and provide crucial insights into your spending habits.
Keep your monthly costs, such as rent, as low as feasibly possible, as this will save you substantial amounts over time and accelerate your ability to invest in assets like a home. Learn the ideal household budget percentages.
This one makes the biggest different to spend less money…Categorize your expenses and set specific spending limits for each group, reviewing and adjusting these as needed to curb any overspending.
Regularly review your finances, specifically your bank and credit card statements, every two to three months to identify and eliminate any unnecessary expenditures.
6. Build Passive Income Streams
Okay, this one is my top financial tip!
Navigating the financial world requires strategy, and for young adults, generating passion income streams is a game-changer. With the decline of traditional 9-5 jobs, it’s crucial to adopt flexible financial strategies.
Start identifying your passions that can be monetized. Think about your hobbies, skills, or areas in which you’re an expert. It could be anything from blogging to tutoring or even food delivery services.
Find ways to make passive income. Remember, every bit of extra income counts, and data suggests diversifying income streams can secure your financial future.
Continuous learning is your power tool here. Aim to broaden your financial literacy, understand investing, explore various earning methods, and strengthen your entrepreneurial spirit.
While cutting expenses helps, growing your income using your passions gives you control over your financial destiny.
So, don’t hesitate in doubling up your day job with your passion-driven side hustles.
Expert tip: One of the best ways to make money online for beginners is a key place to start.
7. Create a Cash Reserve
Understand that surprise expenses can unsettle your financial plan, like a sudden car repair costing $700. Having a cash reserve will keep you financially stable through these unexpected turns.
Start an emergency fund: Alongside your regular savings, begin an emergency fund. Aim to save around three to six months’ worth of income.
Prioritize savings: Consider your savings as a non-negotiable expense. You’ll soon realize you’ve saved enough for significant objectives like a down payment on a home.
Build a rainy day fund: This larger $10k-50k rainy day account will help in those long-term expenses or job loss.
Combat inflation: Choose a money market account to preserve the value of your savings, while ensuring quick accessibility in emergencies.
Automation is key: If you’re forgetful, set up an automatic transfer that channels funds to your savings account immediately upon salary credit.
Building up cash reverses will help you to improve your liquid net worth and have less stress around money.
8. Learn About Taxes
Taxes seem complicated, huh? Well, not grasping tax basics can give you a run for your cash. So, get started young and you might save up a fortune in the long run
Start by understanding your salary. The chunk that you take home (net pay) isn’t the whole amount (gross pay) that your employer agreed on. Learn more about gross pay vs net pay.
If you’re self-employed, remember, you’ve got to handle income taxes, and also the full FICA bundle.
Do your bit of math now and avoid an unexpected cringer next April.
9. Consider a Term Life Insurance Policy
Getting a term life insurance policy while still relatively young is a smart financial move that any savvy young adult should consider early in their career.
This safety net serves multiple purposes, especially in ensuring the protection of your future family if for any reason you’re unable to provide for them.
Term life insurance policies are typically far more affordable for young adults. The research notably reveals that the younger an individual is, the more affordable the life insurance policy tends to be. Therefore, beginning this investment in your early years enables you to lock in a lower premium rate, thereby saving significant amounts in the long run.
A life insurance policy is an important piece of your financial planning puzzle. Remember, cost increases with age so act fast!
10. Take Action and Stay With It
Taking action and sticking with it is crucial in managing finances well.
First, you’ve got to get clear about your financial goals. Want to set up a passive income stream or travel? Make them specific, feasible, and measurable.
Once you’ve set your goals, break them down into bite-size pieces. For instance, calculate the costs and set quarterly goals. Make sure to these vision board supplies to keep your goals front and center.
Ultimately, this proactive approach coupled with persistence can help you efficiently manage your funds and stay financially healthy.
FAQ
Honestly, this is completely up to you.
The better bet would be to learn about financial management topics yourself.
Finding a fee-based financial advisor will be difficult when you have no significant assets. And then, when you do, a financial advisor can put a drag on your investing portfolio.
If you decide to work with a financial advisor, find a fee-only financial planner who provides unbiased advice – since they aren’t driven by commission.
Financial planning while young—especially in your 20s—is key to future success and financial security. Here are some steps to establish strong fiscal habits:
Firstly, map out your financial goals. Do you anticipate student loans, a mortgage, or potential investments?
Secondly, budget diligently to save more money early in your career.
Next, consider eliminating outstanding debt quicker by applying saved money from part-time or full-time employment.
Lastly, explore investments such as mutual funds and stocks for optimal use of leftover money after bills are paid.
Remember, according to a study of 30,000 college graduates, 70% never took a personal finance course—making self-education critical.
Use These Personal Financial Tips for Young Adults
In conclusion, managing personal finances is a vital skill that unfortunately is not emphasized enough in our educational institutions.
It’s critical for young adults – you – to learn this skill to establish a strong financial foundation for their future. Especially if you are determined to become financially independent.
This begins by developing a sense of self-control and understanding the importance of delayed gratification.
Regularly monitoring your income and expenses, and adjusting your lifestyle to live within your means, is a crucial habit.
Additionally, the importance of starting an emergency fund and saving for retirement cannot be overstated.
By incorporating these financial tips into their lives, young adults can steer clear of unnecessary financial stress and ensure a secure and financially healthy future.
Take this Advice about Money
It is crucial to understand not just the mechanics of money, but also, the long-term implications of your financial decisions.
Take control of your financial future today, and you are sure to reap the rewards in the years to come.
Discerning financial advice from trusted sources, instead of relying on potentially misleading external influences, is also key. Remember, the sooner you start, the better off you’ll be in the long run.
Remember the data-driven fact: small changes in your everyday expenses can have as big of an impact on your finances as getting a raise.
Know someone else that needs this, too? Then, please share!!
Studying abroad offers a unique opportunity to expand your cultural horizons, build valuable skills and prepare for the global workforce. More than 300,000 U.S. students study abroad each year, according to the State Department.
There isn’t one way to study abroad in college: Programs can vary by cost, length, level of cultural immersion and more. So you’ll have to do some research to see which is a good fit for your academic, personal and financial goals.
Follow these steps to tailor your study abroad experience.
Research study abroad programs (early!)
Begin researching study abroad options at least four to 12 months before when you’d like to start your program. This gives you time to apply for a passport, meet with an advisor and make a financial plan to pay for studying and living outside the U.S. Make sure to keep track of application requirements and deadlines as you do your research.
Students often study abroad during their sophomore or junior year of college, but there are exceptions. For example, some incoming students at New York University can apply to spend their entire first year of college at international campuses in England, Spain or Italy. Studying abroad earlier in your college career could mean more academic flexibility, since you won’t be scrambling to fulfill major requirements yet.
If you’re a high school student set on studying abroad in the future, consider applying to colleges that have robust programs. For example, Vermont’s Middlebury College offers 90 programs in more than 40 countries — and over half of its junior class studies abroad. And Pennsylvania State University has more than 300 programs across 50 countries.
Choose the right program for you
Whether it’s a summer language course in Beijing or a full semester of engineering classes in Sydney, taking classes in another country offers a wide range of experiences. The costs of studying abroad can vary widely, too, but you can use scholarships, grants and federal and private student loans for some programs.
With hundreds of options available, determine your top priorities to help narrow down the list. Start by defining your personal goals. Then, look at factors like program administration, academics, location, language of instruction and how your credits will transfer to your home institution.
Your college’s study abroad office — sometimes also called “education abroad,” “global education” or “international studies” — is a valuable resource. Study abroad advisors can help identify programs that align with your goals and academic requirements and guide you throughout the application and enrollment process.
Here are a few of the most common types of study abroad programs.
Exchange programs
Your home university may partner with an institution abroad and offer a student exchange program. Participating students usually pay their typical tuition and fees to their home university while studying abroad — which could be an in-state student rate — and enjoy much of the same financial aid they normally do, like federal student loans.
Exchange programs offer high levels of cultural immersion, since students take classes alongside full-time students at the partner university. Students can also expect support and guidance from their home and partner universities, since they’ve already established a relationship.
Faculty-led study abroad
Professors at your home university may lead study abroad trips. These programs usually last a few weeks, and take place during a school break. Instruction is typically similar to what you’d receive in the U.S. and the program may include prearranged travel. The price can vary depending on program lengths, location and more. Because these faculty-led programs often occur outside of the academic calendar, they typically cost extra on top of regular semester tuition. Financial aid may apply.
You’ll likely study alongside students from your home university, which may limit cultural immersion. Faculty-led programs could work for those who’ve never traveled abroad or want a shorter-term program in a specific academic area.
Direct enrollment at a foreign university
U.S. students may enroll directly at a foreign university for a period of time and still receive course credit at their home university. Students pay international tuition rates directly to the foreign school. This route may be more or less expensive than a prearranged exchange program, depending on the tuition you’re paying at your home university and what you’ll pay abroad. It also requires more research to determine if you’re eligible to enroll and receive academic credit.
This may be a good choice if you’re not interested in any of the options offered by your home college, if you aim to live and study among foreign students only or if you want a high level of independence.
Third-party study abroad programs
Third-party study abroad providers like Academic Programs International (API), Council on International Educational Exchange (CIEE) and DIS offer a variety of study abroad programs. These are good options if you’re looking to study alongside international students from different schools and countries, or if you want a unique experience not offered by other programs. The costs of these programs vary widely, but they tend to be more expensive.
On average, semesters abroad arranged by a third-party provider were $8,718 to $17,933 in 2019, according to research from study abroad program database GoAbroad.
Check with your home university’s study abroad office for a list of preapproved third-party providers and programs to ensure your credits will transfer.
Internships, research and volunteering
Studying abroad doesn’t always require studying. Some programs are designed around research, internship or volunteer opportunities. Sometimes, these types of study abroad programs can help you earn academic credit toward your degree. You may also enroll in related classes abroad while participating.
With this route, you’ll be immersed in the workplace and community of your country of study. Despite working, you may still need to pay for the program, in addition to flights and housing. Program costs can vary.
Apply
Once you’ve found a few study abroad programs that look compelling and you understand the costs, you’ll need to start the application process. This will look different depending on the program, but many applications include similar components: letters of recommendation, transcripts, personal essays and language requirements when applicable.
Just like the research process, it’s important to start your application early. Get organized and reach out to professors for letters of recommendation, if necessary, well before the deadline. You may also need to meet with an advisor at your school’s study abroad office.
Make your application stand out by demonstrating clear academic objectives, personal interest in the program and a strong transcript.
Secure funding
For costs you can’t cover upfront, prioritize aid you don’t need to pay back, like scholarships.
Private student loans can fill any funding gaps, but they should be a last resort. They don’t have the same protections and perks as federal loans.
Work-study and the need-based Pell Grant cannot be used for study abroad. However, the State Department’s competitive Benjamin A. Gilman International Scholarship Program is designed to help Pell recipients pay for international study. The top award is $5,000. Check out the full list of study abroad scholarships offered by the U.S. government and foreign governments on the State Department’s USA StudyAbroad website.
Plan your logistics
The logistics of moving to another country can be daunting, even when you have a study abroad coordinator helping you through the process. Note these important factors as you plan.
Passports and student visas
Keep track of relevant student visa requirements and deadlines. Depending on your country of study, visa processing can take from a few days to months. You may need to move quickly after getting accepted to a program.
You’ll likely need a U.S. passport in hand before applying for a visa. If you don’t have one already, plan for processing times of at least three months.
Housing
Housing is also important to consider before hopping on your international flight. Some programs will arrange an apartment, dorm or homestay on your behalf, while others will leave finding housing up to you — which can be difficult to do in advance.
Consider what matters most to you when deciding on housing. Living with a host family may offer you higher levels of cultural and language immersion, but a dorm or apartment could mean more flexibility and independence.
Study abroad budgets
Prepare a spending plan and budget to cover the day-to-day costs of your life abroad. This may include personal travel, emergency funds, international banking fees and other expenses outside of your typical student lifestyle. Consider applying to scholarships intended for study abroad that could help out with these types of expenses.
For some students, a study abroad credit card may help them avoid high transaction fees while earning travel points to cover flights and other expenses. But be wise with your spending. Not paying off the balance each month can lead to ballooning debt.
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Our expert reviewers review our articles and recommend changes to ensure we are upholding our high standards for accuracy and professionalism.
Our expert reviewers hold advanced degrees and certifications and have years of experience with personal finances, retirement planning and investments.
Passive income refers to earnings derived from an enterprise in which a person is not actively involved on a daily basis.
Unlike active income, where earnings are directly linked to the amount of work performed, passive income flows whether you are working, sleeping, or vacationing.
As Robert Kiyosaki (2017) explains in his best-selling book “Rich Dad Poor Dad,” passive income can be a way to achieve greater financial independence.
Unlike the typical income that requires constant work, passive income typically flows with less hands-on involvement. However, this doesn’t mean no work is involved; it’s often the initial setup that demands considerable time, effort, or capital.
If you’re looking for more passive income ideas, click below:
Purpose and Importance
The purpose of passive income is broad, spanning from financial cushioning to the possibility of early retirement. By generating continuous revenue without daily effort, it offers a means to enhance one’s lifestyle, build financial security, or pursue other interests and hobbies.
The significance of passive income goes beyond mere monetary gain, as it also provides a pathway to greater control over one’s time, a diversified income stream, and potential long-term growth.
EXPERT TIP:
Consider starting small and gradually building your passive income portfolio.
By investing in a diverse array of income-generating opportunities tailored to your risk tolerance and financial goals, you can create a resilient and sustainable revenue stream.
As emphasized by many financial experts, including those mentioned in “The Intelligent Investor” by Benjamin Graham (2003), careful planning and consistent monitoring of your passive income sources can lead to greater financial freedom and control over your time.
This step-by-step approach allows you to learn and adapt, maximizing the potential benefits of passive income without overextending your resources.
How Passive Income Works
Table of Contents
Sources of Passive Income
Passive income can stem from various sources, such as rental properties, investments in stocks or bonds, a wide of array of apps, and royalties from intellectual properties like books or patents. Each source has its unique characteristics, risks, rewards, and requirements.
While some sources, like savings accounts interest, are readily accessible, others may need significant financial investment or specialized knowledge, like creating a successful blog that earns ad revenue.
Source of Passive Income
Characteristics
Risks
Requirements
Rental Properties
Steady Income, Property Growth
Market Fluctuations
Initial Investment, Maintenance
Dividend Stocks
Potential Growth, Regular Dividends
Market Volatility
Investment Capital
Peer-to-Peer Lending
Interest Earnings
Default Risk
Platform Registration
Royalties
Income From Intellectual Property
Contractual Risks
Creative Skills, Legal Agreements
Automation and Minimal Active Involvement
Passive income often involves an automated process where money is earned with minimal active involvement. This includes setting up businesses that run themselves or investing in dividend-paying stocks that provide regular income.
Though these may require substantial initial setup, the ongoing maintenance is often minimal. But it’s worth noting that these ventures must be monitored and sometimes adjusted to ensure continued success.
Tax Considerations
Tax implications for passive income differ from those of active income. Passive income may qualify for different tax rates or deductions, depending on jurisdiction and the type of income. For instance, rental income may be subject to specific property tax rules.
Understanding these rules or consulting a tax professional is vital to maximizing after-tax returns and compliance with tax laws. You can read more about here about how passive income is taxed.
Active vs Passive Income
Understanding the difference between active and passive income is essential for anyone looking to diversify their income streams and work towards financial stability or even independence.
What is Active Income?
Active income refers to earnings that require consistent and direct effort. This includes wages from a job, salaries, hourly payments, commissions, and tips. Essentially, active income requires trading time for money.
This type of income is what most people rely on to pay bills, purchase necessities, and maintain their current lifestyle. The major limitation of active income is its direct correlation to time; you can only work a certain number of hours in a day, thus capping your earning potential.
Passive Income Contrasted to Active Income
Contrastingly, passive income is earned with little to no daily effort to maintain, after the initial setup or investment. It includes revenue from rental properties, dividends, royalties, or even a business that doesn’t require daily involvement.
Passive income provides a means to break free from the time-for-money trade and opens doors to greater financial growth and freedom.
Comparison and Significance
The main distinction between active and passive income lies in the involvement and time required to generate revenue. While active income necessitates ongoing work, passive income aims to create sustainable income streams that flow regardless of daily activities.
Active income offers stability but often lacks scalability. Passive income, though requiring initial effort and possibly capital, offers the potential for long-term growth and diversification.
By combining both active and passive income streams, individuals can create a more resilient and flexible financial portfolio, allowing for the pursuit of broader life goals and interests, such as early retirement, travel, or investment in hobbies and personal development. The insights from Kiyosaki (2017) in “Rich Dad Poor Dad” emphasize this balanced approach to building wealth and achieving financial freedom.
The inclusion of both active and passive income in one’s financial strategy offers a multifaceted approach to wealth building. It’s an essential concept for anyone aiming to enhance financial security, diversify income, or explore new financial opportunities.
Feature
Active Income
Passive Income
Effort Required
Daily, consistent effort needed
Little to no daily effort after initial setup
Time Dependency
Directly tied to hours worked
Not tied to hours; can earn 24/7
Income Type
Wages, salaries, commissions, tips
Rental properties, dividends, royalties
Scalability
Limited by time and energy
Potential for growth without proportional time input
Financial Growth Potential
Often stable but limited in growth
Potential for long-term growth and diversification
Risks & Challenges
Job loss, income stability
Market risk, initial investment required
Benefits/Advantages/Pros of Passive Income
Financial Independence
Financial independence means having enough income to cover living expenses without needing to actively work. Passive income is often vital in this quest, allowing people to live comfortably without a regular paycheck. It offers an escape from the traditional work routine, opening doors to new opportunities, hobbies, or even early retirement.
“If you don’t find a way to make money while you sleep, you will work until you die.”
Warren Buffett
Flexibility and Freedom
The freedom granted by passive income extends to various life aspects. Whether it’s spending more time with family, traveling, or engaging in hobbies, the financial flexibility offered by passive income can significantly enhance life quality. It also provides an opportunity for strategic investments, exploring new ventures without the financial strain that might come without this income cushion.
Diversification of Income Streams
Having multiple income streams reduces the risk of financial hardship if one source diminishes or fails. By diversifying across various passive income avenues, financial stability is often enhanced.
Whether it’s investment in different market sectors, rental properties across various locations, or a mix of bonds and stocks, diversification is a fundamental risk management strategy in financial planning.
Potential Long-Term Growth
Some passive income sources offer potential for substantial long-term growth. Investments like stocks may appreciate over time, generating not only regular income but also an increase in underlying asset value. This growth potential can substantially contribute to financial goals, whether saving for children’s education, building retirement funds, or other long-term planning.
Benefit
Description or Example
Financial Independence
Reduced Dependence on Active Employment; Flexibility in Lifestyle Choices
Income Diversification
Spreading Income Sources; Reducing Financial Risk
Potential Long-Term Growth
Opportunity for Compounding Returns Over Time
Drawbacks/Disadvantages/Challenges/Limitations/Cons of Passive Income
Potential Risk and Volatility
The potential risks and volatility in passive income sources must not be overlooked. Market fluctuations can significantly impact investment returns, while real estate investments can be influenced by economic conditions and property market dynamics. Careful risk assessment and strategic planning are vital to mitigate these risks and ensure consistent income streams.
High Initial Investments or Skills Required
Some passive income streams necessitate significant initial investments or specific skills. Purchasing real estate, developing software, or creating a successful YouTube channel, for example, may require substantial money, time, and expertise.
These barriers must be considered and planned for, as they can deter or delay the successful implementation of a passive income strategy.
Regulatory and Compliance Challenges
Different passive income streams come with varying regulatory and legal considerations. Landlords must adhere to housing regulations, while stock investments may involve understanding complex financial laws. Failing to comply with these regulations can lead to legal troubles or financial losses. Professional guidance may often be required to navigate these complexities.
Maintenance Requirements
While often touted as ‘set and forget,’ passive income streams usually require ongoing attention. Whether it’s maintaining a rental property, adjusting an investment portfolio, or updating a mobile app, these tasks, though generally minor, are essential.
This continuous oversight ensures that passive income sources remain lucrative and aligned with financial goals.
Drawback
Description or Example
Potential Risk and Volatility
Subject to Market or Economic Changes
High Initial Investments
May Require Significant Capital or Effort to Start
Regulatory Challenges
Must Comply With Various Laws and Regulations
Maintenance Requirements
Ongoing Management or Oversight May Be Necessary
Building a Passive Income Portfolio
Choosing the Right Passive Income Streams
Identifying the right mix of passive income sources is a tailored process that considers individual risk tolerance, financial goals, and personal preferences. Whether it’s the stability of government bonds or the potential high returns of startup investments, these choices should reflect the individual’s unique circumstances. Proper research, planning, and professional advice can ensure a balanced portfolio that serves both current needs and future aspirations.
In Vanguard’s Four principles for successful investing they stress:
The best way to work toward an investment goal is to start by defining it clearly, take a level-headed look at the means of getting there, and then create a detailed, specific plan. Being realistic is essential to this process: Investors need to recognize their constraints and understand the level of risk they are able to accept.
Vanguard
Strategies and Planning
Creating a successful passive income portfolio isn’t just about choosing the right investments; it requires a well-thought-out strategy and continuous planning. Factors to consider include risk diversification, liquidity needs, time horizons, and long-term goals. Regularly reassessing and adjusting this strategy ensures that it stays aligned with evolving needs and market conditions, safeguarding the financial future.
Monitoring and Adjustments
Regular monitoring and necessary adjustments are key to maintaining a robust passive income portfolio. The landscape can change due to market conditions, new laws, or personal circumstances. Regular assessments and prompt adjustments ensure that the strategy remains relevant, meeting its objectives while maximizing potential returns.
The exploration of passive income is not a simple undertaking but rather a multifaceted approach to building a sustainable financial future. The understanding of various sources, the recognition of benefits, and the consideration of potential drawbacks are essential components in the effective management of passive income streams.
From aspiring to retire early to simply wanting a more flexible lifestyle, passive income provides opportunities and challenges worthy of thoughtful exploration and careful planning.
The Bottom Line – Passive Income Explained
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Passive income might seem like a complex idea, but it’s really about making your money work for you instead of the other way around. From investments to side businesses, there are ways to create a steady stream of cash that doesn’t tie you down to a 9-to-5 grind. Mixing active income from your regular job with passive income can lead to a more relaxed and secure financial life.
It’s not a get-rich-quick scheme, but with some thought, effort, and patience, passive income can be a valuable part of your financial picture. Whether you’re aiming for early retirement or just some extra spending money, understanding passive income is a good first step.
FAQs – What is Passive Income?
What is Passive Income, and How Does It Differ from Active Income?
Passive income is earnings derived from investments, properties, or business ventures where a person is not actively involved daily. Unlike active income, where constant work is required, passive income generally flows with minimal ongoing effort, often after an initial setup phase.
Can Anyone Create a Source of Passive Income, or Does It Require Special Skills?
While some sources of passive income might require substantial initial investments or specialized skills, there are various opportunities available for different skill levels and financial capabilities. Proper research, planning, and sometimes professional guidance can help in successfully establishing a passive income source.
What Are Some Common Sources of Passive Income?
Common sources of passive income include rental properties, dividend-paying stocks, bonds, royalties from intellectual properties, and interest from savings accounts. The choice of sources often depends on individual risk tolerance, financial goals, and personal preferences.
Is Passive Income Taxed Differently Than Other Types of Income?
Yes, passive income may be subject to different tax rules depending on jurisdiction and the specific type of income. It’s advisable to consult with a tax professional to understand the applicable tax laws and ensure compliance.
About the Author
Jeff Rose, CFP® is a Certified Financial Planner™, founder of Good Financial Cents, and author of the personal finance book Soldier of Finance. He was a financial planner for 16+ years having founded, Alliance Wealth Management, a SEC Registered Investment Advisory firm, before selling it to focus on his passion – educating the masses on the importance of financial freedom through this blog, his podcast, and YouTube channel.
Jeff holds a Bachelors in Science in Finance and minor in Accounting from Southern Illinois University – Carbondale. In addition to his CFP® designation, he also earned the marks of AAMS® – Accredited Asset Management Specialist – and CRPC® – Chartered Retirement Planning Counselor.
While a practicing financial advisor, Jeff was named to Investopedia’s distinguished list of Top 100 advisors (as high as #6) multiple times and CNBC’s Digital Advisory Council.
Jeff is an Iraqi combat veteran and served 9 years in the Army National Guard. His work is regularly featured in Forbes, Business Insider, Inc.com and Entrepreneur.
A number of investors trade stocks and bonds through an investment broker. What is a broker? A broker — or brokerage firm — is the middleman between the buyer and seller and can help make a transaction go smoothly.
But an investment broker is not strictly necessary. Some companies offer a direct stock plan, allowing investors to purchase shares straight from the company without a broker.
In order to decide if you need an investment broker, it’s essential to know how a broker works, what exactly they do, and how to shop around for one that fits your needs.
What Is an Investment Broker?
Investment brokers enable individuals to buy and sell financial securities, like stocks or bonds, on an exchange market.
What does a broker do? Reputable brokers act as a boon to both buyers and sellers: They ensure that each party actually has the money to buy assets or the assets to sell.
Brokers settle trades by delivering securities and payments to each party, while also taking care of all the bookkeeping and tax-related documentation required. In many cases, going through a brokerage firm is the easiest and most accessible way for individuals to get started with investing. 💡 Quick Tip: Did you know that opening a brokerage account typically doesn’t come with any setup costs? Often, the only requirement to open a brokerage account — aside from providing personal details — is making an initial deposit.
Pros and Cons of Using an Investment Broker
As with any financial service, there are both benefits and drawbacks to using a brokerage firm to facilitate your trades.
Pros of Using a Broker
Accessibility
Thanks to the internet, you can open a brokerage account in minutes and start trading stocks as soon as your account is funded. That means employing a financial broker is one of the easiest ways to start an investment journey as quickly as possible.
Simplicity
When you buy and sell through a broker, a lot of the tedious footwork — like keeping tabs on your interest earnings for tax purposes — is taken care of for you. Depending on the type of brokerage firm you go with, you may also have access to professional financial advice and other advisory services that could help you make the most of your portfolio.
Cons of Using a Broker
Fees and Commissions
Although they’ll vary based on the specifics you choose and the type of account you open, some brokers charge maintenance fees and trade fees — also known as commissions — which can eat away at your nest egg. In fact, the average stock broker commission charged by brokerage firms is usually 1% to 2% of the value of the total transaction.
That said, you can minimize your investment fees, or even eliminate them, by shopping around for brokers with the lowest costs. For example, many online brokers offer no commission trading.
Required Portfolio Minimums
Although it’s not true of every brokerage firm, some require you to keep a minimum amount of money in your account to use their services. These minimums might be $1,000 or more, which can be a barrier to entry for some beginner investors.
Recommended: What Is Broker Call Rate?
Two Types of Brokerage Accounts
If you’re still asking yourself, what does a broker do?, it’s important to understand that not all brokers are created equal. There are many kinds of brokerage accounts to choose from. For instance, you may want to choose between a brokerage account vs. a cash management account, both of which are offered by brokerages.
The best product for you will depend on your individual financial goals and your budget. Here’s what you need to know to help make an informed decision.
1. Full-service Brokerage Accounts
Along with the ability to buy and sell assets, a full-service brokerage account might also include advice from human financial planners and portfolio management to help you make the best investment decisions possible.
However, these perks don’t come cheap. Full-service brokerage accounts and wealth-management companies usually calculate their charges as a percentage of your total portfolio, and may have account minimums as high as $250,000. They may also collect trade commissions and annual management fees.
2. Discount Brokerages
Discount brokers offer less consultation and guidance, allowing you to DIY your investment portfolio cheaply. Many have $0 account minimums and may charge less than $10 per trade — or even offer commission-free assets trading.
Both full-service and discount brokerages typically offer both cash and margin accounts. In a cash account, you’ll need the actual cash to buy your assets. In contrast, in a margin account, the broker will lend you some capital to make purchases, using the securities you already own as collateral. 💡 Quick Tip: If you’re opening a brokerage account for the first time, consider starting with an amount of money you’re prepared to lose. Investing always includes the risk of loss, and until you’ve gained some experience, it’s probably wise to start small.
Regulations for Investment Brokers
Investment brokers are regulated by the Financial Industry Regulatory Authority (FINRA). Brokers must register with FINRA, and they are required to follow a standard of conduct known as the suitability rule. Under this rule, brokers need to have suitable grounds for recommending particular investments to clients.
The rule also encompasses something called “know your customer,” which spells out the various steps brokers need to use to identify clients and their goals for savings, including making a reasonable effort to ascertain a client’s financial and tax situation when recommending investments.
Different Types of Investment Accounts
Aside from deciding what type of brokerage you’d like to do business with (and how much you’re willing to pay for financial services), you’ll also need to decide what type of investment account works best for your goals.
Maybe you’re investing for a shorter-term objective, like purchasing a house — or perhaps you’re trying to ensure you’ll have a comfortable retirement. Either way, specific investment account types, or “vehicles,” are designed to help you get there.
Recommended: Understanding a Taxable Brokerage Account vs an IRA
Taxable Brokerage Account
Think of this as a default investment vehicle. It may be a good choice if you’re looking to grow wealth and want to be able to add or withdraw funds on your own terms without waiting to reach a certain age or life circumstance. However, you pay taxes on earnings, so there are no tax advantages to this type of account. If you don’t make any specific investment vehicle choices when you open your brokerage account, this is most likely the one you’re getting.
Individual Retirement Account (IRA)
An individual retirement account, or IRA, is a type of investment account designed specifically for retirement goals and is available to self-employed people and those working for a company. IRAs carry specific tax incentives; for example, contributions to traditional IRAs are deductible, while Roth IRAs allow for tax-free distributions. However, you can’t access the funds without paying a penalty until you reach age 59 ½ or meet certain circumstantial requirements, such as purchasing your first home.
A broker may offer other savings or investment vehicles, such as a 529 college savings plan, a tax-incentivized plan to help people save for educational costs. For full details on the type of accounts available, it makes sense to check with your broker directly.
Alternatives to Investing With a Broker
Although using a broker to invest in the stock market might be a smart money move for some, there are other ways to get started with investing, including the following options.
Recommended: Buying Stocks Without a Broker
Automated Investing
Automated investment products, or robo-advisors, are platforms that utilize a combination of computer algorithms and human financial planners to create and manage diversified portfolios at low costs to users.
Your funds will be invested in a diversified portfolio, and the platform typically offers goal-planning tools and rebalancing services to help keep your funds moving in the right direction.
If you don’t want to pay the high prices for a full-service broker, but self-managing your portfolio makes you more than a little nervous, a robo-advisor may be right for you.
Buying Stocks and Fractional Shares Directly
Depending on whose stocks you’re interested in purchasing, you may be able to buy them directly from the issuer without needing to go through a brokerage firm.
It pays to read the fine print, however: Buying stocks directly may save you money on trade commissions, but you may also be subject to proprietary fees from the company or minimum purchase amounts. And if you’re buying fractional shares (fractions of shares of stock), you need to have an investment account, such as one with an online broker or robo-adviser.
Diversifying your assets can still be helpful for investors who buy stocks directly. If all of your investments are tied up in a single company, you may not be in a great position if that company begins to falter. In contrast, if you’ve invested in several different firms and other asset classes, you will likely have a wider margin for error.
Choosing Alternative Investments
Although the stock market is one of the most popular and generally low-effort ways to invest, there are plenty of other ways to try turning your money into more money.
You might consider exploring alternative investments. For example, you could invest in real estate and sell the property at a profit or turn a condo into a passive income source by putting it up for rent. Or you might invest in art; the value of paintings is not necessarily correlated with the behavior of the stock market, giving it the potential to rise even during a stock market crash.
That said, many alternative investments require significantly more time, work, and know-how than crafting a diversified portfolio of stock market assets. And as always, every investment involves risk. There’s no such thing as a sure thing.
Controlling Your Investments With SoFi
If you’ve decided stock market investments are the right move for you and your money, going through a broker can be a relatively simple and low-cost way to gain access to the market. However, if you’d rather avoid potential downsides, like fees or required account minimums, you may want to consider the option to invest directly. The choice is yours.
Ready to invest in your goals? It’s easy to get started when you open an investment account with SoFi Invest. You can invest in stocks, exchange-traded funds (ETFs), and more. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).
Invest with as little as $5 with a SoFi Active Investing account.
FAQ
What is the role of a stock broker?
A stock broker is a financial professional who buys and sells stocks on behalf of clients. A broker generally earns a fee or commission for their services.
How do brokers make money?
Brokers typically work on commission. The average stock broker commission is usually 1% to 2% of the value of the total transaction.
Why do people use brokers?
People use brokers to help them buy and sell stocks and bonds. Brokers also handle the necessary bookkeeping and tax-related documentation. For many individuals, using a broker is the easiest way to start investing.
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