Financial Goals

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It is no secret that the internet is changing how money is made forever.

This has caused a boom in many businesses and people the ability to make money online, which is a huge benefit for you!

This trend will only continue as technology improves. If it feels daunting to jump onto this new bandwagon right now, don’t worry; we have some tips that can help you double your 10k in the next few weeks or years.

I am going to show you how to double your money so that you can retire early, pay off debt and invest in the stock market.

A lot of people would say this is impossible, but I’m not just showing it–I’m proving it!

We all have said it takes money to make money and while that is true. It is easy to start doubling your money with just $10K.

What if, right now, you decided to double your 10K by the end of the year? Maybe, you want to hit a major goal and make a huge change in only 8 short weeks?

Making money is not a difficult task. Too often, people become impatient and think that they can simply make money without putting in the effort. This is not true.

Cash is a tool and nothing more. Once you understand this concept, you can begin to figure out how to make more money. Additionally, it’s important to appreciate that it takes time to make money – don’t expect to become a millionaire overnight.

Here is a realistic guide to help you work towards that goal.

Be sure to decide which strategic way to double $10k quickly works best for your personality.

The 10K of your dreams seems impossible.

How can I double $10000 fast?

There is no one-size-fits-all answer to this question, as the best way to double your money will vary depending on your individual circumstances and goals. However, some general tips include developing a growth mindset around money, finding ways to make more money, and investing in yourself and your skills.

Keep in mind that $10,000 is not a lot of money to double in a short period of time.

How long does it take to double 10k?

The answer to this question is dependent on a number of factors.

The most important factor is the amount of time it takes for your investments to double.

If you are investing in stocks, you can quickly double 10K with an options contract within 2-3 days. If you are looking at other avenues, it will depend on how you choose to double your money.

Typically, people start seeing results in approximately 4 to 6 months to double 10k.

If your eyes are set on this, then make sure to write down one of the millionaire quotes for motivation.

What to do with 10k?

Now that you’ve earned an extra 10k, you may be wondering what to do with it.

You could save it, spend it, or invest it, but there are a few other things you could do as well.

Here are some ideas on how to make the most of your money and grow it even more.

How can I Double my Money?

There are many ways you can double your money in a short amount of time.

I am passionate about exploring the best ways to make money online. In this article, I will share some tips on how you can double your money relatively quickly. However, please keep in mind that these are general ideas to get you started.

Specifically How to Double 10k Quickly?

If you are serious about how to double your 10k fast, you will need to dedicate time on a regular basis to the tasks needed to reach your ambition. The key is to do it daily in order to keep the momentum of your progress going.

Earning money is a mindset.

To double 10k quickly, learn how to change your mindset about money.

Although doubling $10,000 may seem difficult, it can be done with the right approach.

If you have $10,000 and want to double it within a month or a few months, here are a few realistic strategies to help you reach your goal.

Idea #1 – Swing Trading with Stocks

Swing trading is a technique that allows investors to hold onto stocks for a period of time, typically two to four days. During this time, the trader watches for specific price patterns and buys or sells shares based on their analysis.

One former assistant principal, Teri Ijeoma, changed her life when she left her job as an educator and become an active trader.

Check out: My Personal Trade and Travel Review

This type of trading can be very profitable if done correctly, as it allows the trader to make twice their investment in a short amount of time.

The key is you must learn how to invest in stocks for beginners. This is one step many people overlook when they are focused on doubling their money. Either you will get lucky or you will have a huge loss. Take time and become educated on swing trading stocks.

Related Reading: How Fast Can You Make Money in Stocks?

Idea # 2- Cryptocurrencies

Cryptocurrency is a digital or virtual asset that uses cryptography for secure transactions. Cryptocurrencies are growing in popularity and may become a major part of society. Bitcoin, the first and most well-known cryptocurrency, has seen its value skyrocket in recent years.

Cryptocurrencies are often unstable because they are not regulated by any government or financial institution, and thus their value can change rapidly. However, the potential for reward is high, making cryptocurrency an attractive investment option. Because of this, cryptocurrency investments are often seen as riskier than traditional investments, but also have the potential for greater returns.

Before investing in cryptocurrency, do your research and be sure you understand the risks involved. There are many educational resources available to help you get started.

Idea # 3 – Flip Items for a Profit

Retail arbitrage is a practice where an individual or company purchases a popular product at a discounted price and then resells it for profit at another online retailer. This can be done on marketplaces like Craigslist, eBay, and Facebook Marketplace.

This is a great way to make some extra money on the side. You need some time and a willingness to invest, but if you find the right deals, you can make a good return on your investment.

Many people have great success by flipping items from auctions, free groups, or local goodwill store.

Check Out: Flea Market Flipping

Idea #4 – Resell Products on Amazon FBA

Amazon FBA is a service for independent entrepreneurs who want to start their own e-commerce business. They can offer products on Amazon and work with Amazon directly to fulfill orders, collect payments, and provide customer service. By doing this, they don’t have to worry about the inventory and can focus on other aspects of their business.

This is another avenue for selling your flipping treasures.

There are a few ways to make money through reselling products. You can either find products to sell on Amazon or Ebay, or you can dropship products from a supplier. If you want to find your own products to sell, you’ll need to do some research on what is selling well and what prices are competitive. If you want to dropship, you’ll need to find a supplier and create an account with them.

Idea #5 – Start a Business or Invest in a Franchise Company

Starting a business is not easy. It requires a lot of work and effort, but if you’re willing to put in the time and effort it can be very rewarding.

Starting your own business is one of the most difficult things you can do, but it’s also one of the most rewarding. There are many different businesses you can start that have low overhead costs, so it’s a great way to get started.

Think of the things you enjoy doing or any hobbies you have. Look for business opportunities that line up with your interests. Then, it makes working much easier.

Here are great ways to make money on the side:

It is possible to make more money on your business than you make more money in your current job or career.

Idea # 6 – Real Estate Portfolio

Real estate is a recession-proof business.

There will always be people who need to rent or buy dwellings in boom or bust economic times.

Real estate can be a lucrative investment, but it is not without risk. A lot of people have invested in real estate and lost money, but an investor who does their research and finds a good deal can make a lot of money.

Idea # 7 – Increase Your Income

If you’re not happy with your current income, don’t worry! You can increase it this year.

This is the year that many experts are predicting will see the biggest wage growth in years. So start planning now and you could see a significant increase in your take-home pay.

More than likely, this could be your seed money of $10k to fund the start to doubling your money and making $20k.

Related Reading: How Much Do I Make Per Year?

Idea #8 – Advertise and Gain Clients

If you are a small business owner, then this one is for you. Start advertising as a way to gain more customers.

There are a number of ways to make your services more accessible and appealing to potential clients. One way is to spend money on promotions and advertising. Advertising can be effective in reaching your goals, surpassing your double your money goal of $20,000 in revenue.

There is no doubt that advertising your services will increase the number of customers you have. The more people who know about your business, the more likely they are to use it. And as we all know, the more customers you have, the quicker you earn more money.

It’s a simple equation: More customers equals more money.

Idea # 9 – Invest in Stock Market – ETFs & Index Funds

Investing in the stock market is a process that requires careful consideration and research. Index funds have become an increasingly popular investment option for many investors. ETFs are known as Exchange Traded Funds, which are also a popular investment option.

Both index funds and ETFs provide investors with the ability to invest in a diverse range of stocks, making them ideal for any investor who is looking to diversify their portfolio.

Investing in an index fund is one of the best ways to build wealth over time.

This is probably the slowest way to make money quickly in the stock market, but it comes with less risk.

With a mutual fund, you are essentially investing in many different stocks, which means that you get to choose how much your investments grow each day. This can be a great way to ensure that your money is working for you – and growing – even when you’re not able to actively monitor it yourself.

Just to know, investing in bonds will eventually double your money, but it will take more time as the rate of return is less.

Idea #10 – Start a Mining Farm

Cryptocurrency mining is a process by which new coins are introduced into the market. In order to do this, miners use computers to solve complex mathematical problems in order to receive rewards in the form of new coins. A cryptocurrency mining farm is a way to pool together multiple computers in order to increase the chances of solving these problems and receiving rewards.

Starting a mining farm is a process of investing in cryptocurrency or blockchain technology.

Mining farms can be started with as little as $500, and they are commonly used to mine cryptocurrencies like Bitcoin, Ethereum, and ZCash. Although the process of mining cryptocurrency is not always easy, it can be lucrative for those who invest in the process.

Starting a cryptocurrency mining farm can be lucrative, but it’s important to do your research first. The farm will require a lot of power and will have a rate of return of around 18% (source).

Idea #11 – Share Cash with P2P Loans

Peer-to-peer lending is the act of lending money to borrowers through a P2P lending website. These websites act as an intermediary between lenders and borrowers, and most sites allow you to lend money to a dozen or two applicants. The interest rate you earn on your loan depends on the P2P website you register with, but it typically falls between 3% and 36%.

When considering a P2P loan, it is important to remember that you are entrusting your money to a stranger. Because of this, it is crucial to take the time to review and assess as many applicants as possible in order to find someone who you feel is most likely to pay back their loan.

P2P loans can be arranged without any collateral or credit check.

Idea #12 – Buy Initial Public Offerings

When a company decides to go public, it sells shares of its stock to the public. This is a way for the company to get more money, and it also allows people who invest in the company early on to make a lot of money if the stock prices rise.

The share price of a company can be very volatile when it first goes public. This can lead to significant growth for the company as investors buy and sell shares rapidly. However, this volatility can also lead to losses if the share price falls abruptly.

You must know the underlying stock value before looking at IPOs as a way to double your money. Many current stockholders are required to hold their stocks for a certain number of days after the IPO. Typically, the stock price falls after the hold period expires.

Idea #13 – Make Money with Airbnb

There are a number of ways to make extra money, and renting out a room at Airbnb is one of them. You can also learn how to make money from home by becoming an Airbnb host.

By doing this, you can provide a valuable service to people who are looking for a place to stay, and you can also make some extra money on the side.

Learn how to start hosting with Airbnb today.

Idea #14 – Flip Some Furniture

Flip furniture is very trendy right now. There has been a recent resurgence in popularity for antique and vintage furniture, and people are buying pieces and restoring them themselves. This can be a great way to make additional money without spending a lot of money.

There are a number of ways to quickly turn a profit by flipping furniture.

Spend some time researching the best methods and finding a niche in the market that you can exploit. With a bit of hard work, you can easily double your investment in no time.

When you are looking for furniture to flip, it is important to do your research and become familiar with the different places you can find quality pieces at a low cost. Local antique stores will often have hidden treasures, so be sure to check them out. Additionally, watch for yard sale notices in your area; people are often willing to sell high-quality furniture at a fraction of the price. Finally, estate sales can be a great place to find unique furniture pieces that you can resell for a profit.

There are many ways to sell furniture, but when you are starting out, it is best to use popular platforms like Facebook Marketplace, NextDoor, Craigslist, and others. Once you have more experience, you may want to create a website and online storefront.

This can be a fun and lucrative way to grow your money.

Idea #15 – Pay Off Debt Strategy

This idea of getting out of debt may seem backward, but this is one of the fastest ways to find extra money in your budget.

There is no doubt that paying off your debt is one of the smartest things you can do for your financial future.

Not only does it reduce the amount of interest you are paying each month, but it also frees up more money to save and invest. Additionally, by paying off high-interest debt first, you are essentially making an investment with a very high return rate.

Once your debt is paid off, you can save your first $10000 which you can now use to quickly double to $20000. This will help you achieve your financial goals faster.

Idea #16 – Online Courses & Coaching Programs

Coaching is a huge business – reaching $11 billion in 2022 (source). People are actively searching for coaching and online courses for personal development.

Coaching programs are designed to provide guidance and support for individuals in order to improve their skills, knowledge, or habits. Coaching programs can take the form of one-on-one sessions or group sessions. Some coaching programs are designed for specific topics like career development, personal growth, or relationship issues.

If you don’t want to work one-on-one as a coach, you can create an online course that can be viewed at any time.

If you have passion, you can likely find people that want coaching.

Idea #17 – Buy a Fancy Car and Uber

You could buy a new, luxury car and become an Uber driver. This would allow you to make money while driving people around in your fancy car.

If you’re looking to make some extra money, driving a luxury car for Uber could be a great way to do it. Not only will you make more per trip, but you’ll also get to drive a nicer car. Keep in mind that if you drive full-time, you could easily double your $10,000 investment.

Driving a luxury car for Uber can get you up to 50% more fares. The extra money can be great for those looking to upgrade their lifestyle or simply want to make some extra cash on the side.

If you want to buy a fancy car and use it for Uber, make sure you have the appropriate insurance. This will protect you in case anything happens while driving.

Idea #18 – Learn a New Skill

A new skill can help to increase your income by allowing you to do things that you couldn’t do before. For example, learning how to code can allow you to start a new career in tech or programming.

Additionally, many skills have the potential to double your income quickly if you are able to find a way to use them in high-demand areas.

It is always a good idea to invest in learning new skills.

There are many places where you can learn, including online and in-person courses. The key to success is jumping in with both feet and really dedicating yourself to learning the skill set. Once you have it down, new opportunities for income will be available.

Idea #19 – Work More Overtime

Working overtime is a great way to earn extra money. You can earn up to double-time pay for working more than 8 hours in a day or 40 hours in a week.

Overtime is becoming more common, so be sure to ask your employer if you can work some extra hours.

In order to make $10,000 in one month from overtime, you would need to figure out how many extra hours per work you need to work.

Idea #20 – Some Gambling?

This is the RISKIEST option of all of them. And highly not recommended as a strategic way to double $10k quickly.

Gambling is a way to risk cash in the hopes of making more cash.

While it can be thrilling and exciting, it’s important to remember that gambling is also a form of entertainment that comes with risk. If you’re able to afford it, gambling can be a way to double your money- but be aware that you could also lose everything you put in.

What is the quickest way to double your money?

How to double your money quick is simple. You need to side hustle and start a business.

Also, the stock market is a simple way to double your money with the rule of 72.

Following billionaire morning routines can be helpful in setting up solid habits for success.

How can I double my money in 24 hours?

The answer to this question is simple… Doubling the money in 24 hours is not practical or doable. You might be able to double your money in 24 hours, but it’s also possible that you could lose everything in one day.

Pay attention to scams if you think you can double your money in 24 hours.

You are better off learning how to make 10k a month.

Which investments are the safest and which are the riskiest?

First of all, it depends on your education, experience, and background.

The best way for someone to double their income is by leveraging their time with the right strategies.

Investments that are considered safe are investments that have an average return on investment of about 8-12% per year. Investing in index funds and ETFs typically have a lower risk. Investing in individual stocks is riskier, but they have an average return on investment of about 10-75% per year.

The riskiest option is the idea that you don’t understand how to double your money and you could end up losing more money.

Best Way to Invest 10K

The best way to invest 10,000 is through stocks. Investing in stocks can be risky and make you lose money, but it also has a high potential for gaining value.

As such, this topic needs to be done in more depth to understand how investments in the stock market work. For now, here are some articles to start to understand the returns of stock investing.

Learn all of the ways you can learn how to invest 10k.

You must do your research on companies, know your risk tolerance, understand the volatility of the markets, and be wary of the news.

Which Strategic Ways on How to Double my Money Quickly will you Pick?

You can choose from many classic way and options, but here are a few that we think would be the most effective.

Thankfully, there are many ways to make money online. But when it comes to making a quick buck, which approach should you take?

In this post, we have outlined the 20 popular routes to double your $10k fast. Your retirement plan relies on your investment of 10k.

However, any of these options is a time-consuming process that takes a lot of hard work and dedication. So, you cannot quit halfway through when things get tough.

This is what you want to do in order to be financially secure and take care of all your needs.

Be successful in doubling your 10k by setting a deadline to make it happen.

Then, your next goal will be how to turn 10k into 100k.

Know someone else that needs this, too? Then, please share!!

Source: moneybliss.org

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While I no longer have debt after paying off my student loans, I am always striving to save more money, to save for retirement, to find financial motivation, and more.

Even with how much I love saving money, every now and then it can be easy to get unmotivated and want to SPEND ALL THE MONEY!

I’m sure I’m not alone either.

While many do choose to live a frugal life, it’s not always easy. Some have large amounts of debt to pay off, others find it hard to understand how to stick to a budget, and more.

Finding financial motivators will help you continue to work hard towards your goal, even when it seems impossible.

Without motivation, one might give up on a financial goal quite easily. This is why it’s so important to learn how to stay motivated.

Whatever your financial goal may be, there are many ways to stay motivated so that you can reach it. Here are my tips on how to stick to a budget and find financial motivation.

Make your financial goal visual.

Making your goal visual is a great way to find motivation. Having your financial goal displayed in front of you can make it that much realer, plus it’s nice to have a constant reminder of what you’re working towards.

Various ways to make your financial goal visual include:

  • Create a graphic that demonstrates your financial goal. An example of this would be if you are trying to pay off your house. You could have a picture of a house and section it into 100 pieces. Then, each time you reach a small payoff goal, you can color a piece in. I did some research and found a blog post about many other creative ways to do this on A Cultivated Nest.
  • Keep a picture of your goal on hand. Whether your goal is a vacation, an item you want, or something else, having a picture can help keep you reminded of it.
  • Start a blog. Blogging greatly helped me with my financial goals. I could easily look back to see how I was doing. Plus, I felt like I had to keep myself accountable and keep improving due to the fact that everything was public. If interested, you can start a blog for cheap with my easy tutorial.

Hang out with others who share the same financial goals as you.

Learning how to stick to a budget can be a hard task but spending time with others who share the same financial mindset as you can help.

I’m not saying you should unfriend anyone who is in a different financial spot than you, but I do think spending time with someone who you aren’t trying to Keep Up With The Joneses with can go a long way.

Related article: How To Live On One Income

Read and watch financial media.

Finance is all around you and it’s really not as boring as you may think. I read something related to personal finance every day and it’s not because I have a personal finance blog – it’s because I want to!

There are different ways to stay on top of financial media. You can watch the news, listen to financial podcasts, read personal finance blogs, read financial books, and more.

Set smaller goals in between.

Setting smaller goals in between can help a person stay motivated because it will help you keep your mind on your goal. Also, smaller goals can be a nice way to challenge yourself. Making it more of a game and a competition with yourself instead of a chore can go a long way.

For example: If your overall goal is to pay off $24,000 in debt in two years, then you might want to aim for $1,000 in debt payoff each month. This seems much more attainable than the $24,000 number, and this can help you stay motivated while still challenging yourself at the same time.

Keep track of your progress.

To stay motivated with your financial goals, you should review your progress every now and then. You might want to check in daily, weekly, or monthly, depending on what type of goal you have and what personally works for you.

Keeping track of your progress is a good idea because it can tell you what you need to do in order to reach your goal, if you are behind, or if you need to make a change.

I highly recommend you check out Personal Capital (a free service) if you are interested in gaining control of your financial situation. Personal Capital is very similar to Mint.com, but 100 times better as it allows you to gain control of your investment and retirement accounts, whereas Mint.com does not. Personal Capital allows you to aggregate your financial accounts so that you can easily see your financial situation, your cash flow, detailed graphs, and more.

Think about how you will feel in the end.

It can be hard to visualize the end when you’re just starting to learn how to stick to a budget.

One great way to stay motivated is to think about how you will feel later on and/or even when you’ve reached your financial goal.

How will you feel once you pay off your debt, save a certain amount of money, or reach whatever financial goal it is that you have? You should envision what your life will be like once you reach your goal, why you are trying so hard to reach it, and so on. A little daydreaming can go a long way every now and then.

For example: If your goal is debt payoff, then you may want to dream about what a debt free life would be like!

Still have fun.

Having financial goals doesn’t mean you have to be boring. You can still enjoy life, do many of the same things you usually do, and so on.

Remember to still have fun and enjoy life!

Related post: How To Be Frugal And Fun (And Not Boring)

What tips do you have on how to stick to a budget? How do you find financial motivation and what are your financial motivators? What financial goals are you working towards?

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Source: makingsenseofcents.com

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Some people who already receive Social Security benefits are automatically enrolled in Medicare when they turn 65. That’s not the case for everyone, though. People who haven’t started collecting Social Security will need to register for Medicare, but signing up doesn’t have to be challenging. Here’s what you need to know about enrolling in the government insurance program. If you’d like personalized retirement advice, consider working with a financial advisor. 

What Is Medicare?

Medicare is a federal health insurance program for people 65 and older, as well as those with disabilities and specific diseases. It’s intended to help provide affordable health care to people who have low incomes or limited resources either due to retirement or disability.

Medicare has three main parts:

  • Medicare Part A covers hospital expenses such as inpatient stays, hospice care and some home health care.
  • Medicare Part B covers medical expenses like doctors’ services, outpatient care, preventative care and medical supplies.
  • Medicare Part C, also known as Medicare Advantage, covers health care related to dental, vision and hearing.
  • Medicare Part D covers prescription drugs.

For most people, Part A is free and Part B requires you to pay a premium. The standard monthly premium in 2023 is $164.90. Parts C and D are accessed via a Medicare-approved plan for which you will also pay a monthly premium. These premiums will vary depending on the provider and plan you choose. 

When Are You Eligible for Medicare?

Leaving aside the minority of Medicare recipients with disabilities or diseases, most will become eligible to enroll in Medicare when they turn 65. You can sign up for Medicare three months before you turn 65.

That period starting three months before you turn 65 is called the Initial Enrollment Period. It lasts seven months, ending three months after the month in which you turn 65. If you miss this Initial Enrollment Period, you’ll have to pay a monthly late enrollment penalty that goes up the longer you wait.

If you sign up before the month in which you turn 65, your Medicare coverage will start the first of the month in which you turn 65. So if your birthday is June 16, and you sign up on May 15, your coverage will begin on June 1.

There’s also a General Enrollment Period each year from Jan. 1 to March 31. Again, your coverage will start the first of the month after you sign up and you may need to pay a late enrollment penalty if you don’t qualify for a Special Enrollment Period. You may qualify for a Special Enrollment Period if you missed your Initial Enrollment Period because of a natural disaster or emergency, got inaccurate or misleading information from your health plan or employer, as well as a few other extenuating situations. In such cases, you can fill out and submit a form to ask for a Special Enrollment Period.

Are You Automatically Enrolled in Medicare at Age 65?

According to the U.S. Centers for Medicare and Medicaid Services, if you live in the United States and are already getting Social Security payments, you’ll be automatically signed up for Part A and Part B of Medicare when you become eligible. So if you’re already claiming your Social Security benefits, you may automatically receive a packet with more information on Medicare a few months before you turn 65.

If you’re not yet getting Social Security benefits or aren’t eligible for them, you won’t be automatically enrolled and will need to complete an application or reach out to the Social Security Administration.

How to Enroll in Medicare

If you’re not already receiving Social Security benefits but need to enroll, there are a few steps to the process. First, make sure you know when your Initial Enrollment Period begins and ends so you can enroll in that time frame and avoid a penalty.

Second, you can sign up online at the Social Security website, which the official Medicare website notes is the fastest and easiest way to register.  You can also enroll by phone by calling the Social Security Administration at 1-800-772-1213. If you’d like to enroll in person, find your local Social Security office for the address and hours of operation.

Bottom Line

If you’re already receiving Social Security, you’ll likely be automatically enrolled in Medicare once you hit age 65. But if you haven’t yet started your Social Security payments yet, you’ll need to enroll in Medicare online, by phone or in person.

Retirement Planning Tips

  • If you’re not sure whether you’ve saved enough for retirement, our retirement calculator can help you get a better sense of where you stand. Use it to determine your estimated Social Security benefits, how much money you need to retire and how much annual income you’ll need in retirement.
  • A financial advisor can help you plan for Social Security, Medicare and retirement. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.

Photo credit: ©iStock.com/Cecilie_Arcurs, ©iStock.com/designer491, ©iStock.com/shapecharge

Source: smartasset.com

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Want to invest in a hot start-up company, join a market-beating private investment fund or back a potential blockbuster movie that could be your ticket to the Forbes Billionaire List? Chances are you can’t unless you’re already quite rich or significant investment expertise. But a recently passed House bill aims to change that by allowing individuals to take a test that could allow them to purchase such private securities.

A financial advisor can help you invest and integrate those holdings into a diversified portfolio. Speak with a financial advisor today.

About the Proposed Legislation

Right now, anyone who wants to purchase an unregistered security, such as shares in a hedge fund or private equity fund, needs to show that they’re what the Securities and Exchange Commission (SEC) considers an “accredited investor.” To qualify, you need a net worth of more than $1 million (not including your home), more than $200,000 a year in income ($300,000 if you’re married) or significant experience as an investment professional. Otherwise, your money is off-limits for private placements and other unregistered offerings.

The Equal Opportunity for All Investors Act of 2023 (H.R. 2797) would instruct the SEC to create an accredited investor certification exam that would allow investors to demonstrate they have the knowledge and understanding required to participate in the private market. The exam would be administered by the Financial Industry Regulatory Authority (FINRA).

“It is my firm belief that the accredited investor definition should not be tied exclusively to wealth,” one of the bill’s sponsors, Rep. Mike Flood, R-Neb., said in a statement. “Instead, we should unlock opportunities for knowledgeable investors that may not come from means.”

These Other Bills Could Impact Accredited Investors

The House recently passed two additional bills that would expand the definition of an accredited investor. Here’s a breakdown of each:

  • The Accredited Investor Definition Review Act (H.R. 1579) gives the SEC discretion to establish the necessary certifications, designations or credentials investors need to be accredited, and would require the commission to review those definitions every five years.
  • The Fair Investment Opportunities for Professional Experts Act (H.R. 835) would grant accredited investor status to individuals with certain licenses, or educational or professional backgrounds. “My legislation is about leveling the playing field,” said Rep. Bill Huizenga, R-Mich., sponsor of the investor definition review act. “Whether it’s in Kalamazoo or Portage, Benton Harbor or St. Joe, or Battle Creek or Springfield, investors should be able to support small business startups in their local community across southwest Michigan and around the nation.”

Besides meeting the requirement for net worth, income or professional investing experience, individuals also can qualify as an accredited investor under existing law if they are directors, executive officers or general partners of the company selling the securities or the company that’s the subject of the offering. Clients of a family office that qualifies as an accredited investor may also be considered accredited. And in the case of a private investment fund, someone the SEC defines as a “knowledgeable employee” of the fund may qualify as an accredited investor.

Bottom Line

The SEC restricts the sale of unregistered or private securities because those offerings typically don’t meet the commission’s standards for financial and regulatory disclosures. Instead, participation has been limited to financially sophisticated and wealthy investors with a reduced need for the protection provided by disclosure filings. New legislation that’s been approved in the House of Representatives would establish an exam that investors would need to pass before attaining “accredited” status. Meanwhile, other bills that are working their way through Congress would expand the definition of an accredited investor.

Investing Tips

  • While investing in unregulated securities can be complicated and risky, figuring out an investment strategy that relies on typical stocks, bonds, mutual funds and ETFs can be confusing, too. A financial advisor can help. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
  • Diversification is a key investment strategy to understand. Concentrating too much wealth in a few assets can leave your portfolio vulnerable and exposed to heightened volatility. SmartAsset’s asset allocation calculator can help you identify a mix of stocks, bonds and cash that’s suited to the level of risk that you’re willing to assume.

Photo credit: ©iStock.com/Chainarong Prasertthai, ©iStock.com/Marc Dufresne, ©iStock.com/recep-bg

Source: smartasset.com

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While retirement may be associated with leaving the workforce behind, most Americans plan to work past the age of 65. In fact, a 2022 study from the Transamerica Center for Retirement Studies found that around 57% of workers plan to work either full-time or part-time in retirement. Financial reasons and a desire to remain active were cited as the main motivators. Here are eight jobs that can keep you active, boost your income and let you work remotely.

If you’d like personalized help managing your finances in retirement, consider working with a financial advisor.

8 Great Work-from-Home Opportunities for Retirees

While there is a myriad of opportunities for retirees to work from home, what follows are some of best, who might be a good fit for the work and estimated pay, per salary.com as of May 1, 2023.

Bookkeeper —

Bookkeepers maintain a business’s financial records, including purchases, sales, invoices, payments and other transactions. The job will require a high level of accuracy. And it will likely take some technological savvy given that many, if not most, businesses use software to manage their finances.

Best for:

Organized and detail-oriented workers with a solid grasp of basic accounting principles.

Average salary: $42,854

Telehealth Nurse —

If you have a nursing degree but hope to transition to remote work, the growing demand for telemedicine may be a great opportunity for you.

Telehealth nurses “see” patients via email, phone and chat. They also videoconference and answer their questions, determine the next medical steps, conduct follow-up appointments and deliver medical treatments.

Best for:

This is good for people who already hold a nursing degree, of course. And in a remote environment, communication skills become more important than ever for treating patients with sensitivity.

Average salary: $85,045

Administrative Assistant —

You may think of an administrative assistant as someone who mans the reception desk, makes copies and orders more coffee. But the remote role has slightly different responsibilities. You can expect to answer phone calls and emails, schedule meetings and appointments and handle many of the things that keep a remote office running smoothly.

Best for:

This is good for people with excellent customer service and time management skills. Being able to multitask is a plus.

Average salary: $45,003

Paralegal —

Paralegals serve as assistants to lawyers, helping investigate and research legal cases, maintaining records, drafting correspondence and putting together documents for trials. The job descriptions for a paralegal will vary widely depending on the law firm, what type of law is practiced, its size and the paralegal’s own qualification level.

Best for:

Those who already have a certification or degree in paralegal studies—though the qualifications required to become a paralegal depend on the hiring firm and an actual degree or certification isn’t always necessary.

On the other hand, if this interests you, paralegal certification programs and associate’s degrees in paralegal studies can be relatively affordable and can require as few as 12-24 months of study.

Average salary: $58,630-117,990 (salary ranges widely vary)

Tutor

Tutoring is another job with a wide variety of possibilities, depending on the age and education level of the students, the subject or subjects taught and more. You can be a generalist who works with elementary school kids on any subject they need help with.

You can also be a specialist who works with college students on writing assignments, an ESL tutor who helps adults learn English, and all kinds of varieties in between. In the big picture, a tutor works with students outside of their classes to help them better understand and implement the concepts they’re learning.

Best for:

People who are patient, good at breaking complex concepts into simple ideas and steps and hold the required credentials. Some tutor positions only require a GED, while others may require a college degree in the subject you intend to specialize in, such as a bachelor’s degree in math for a math tutor.

Average salary: $42,422

Receptionist

A virtual receptionist serves the same role as a traditional, in-person receptionist: They ensure that all customer concerns are taken care of.

While there is some overlap with a virtual administrative assistant, a receptionist will be more focused on the customer side of the office than the administrative, answering phone calls and emails, helping customers who need assistance, scheduling appointments and more.

Best for:

This is good for those with good multitasking and people skills. And some technological savvy ensures that customers don’t slip through the cracks in a remote office.

Average salary: $41,704

Customer Service Representative

In a brick-and-mortar retail shop such as a hardware store, a customer service rep may be walking the floor, answering questions about what someone should buy for their upcoming home improvement project.

In a remote business, customer service representatives serve much the same purpose: answering customer questions, helping them with problems and troubleshooting any issues.

Best for:

People with patience, great communication skills and a solid knowledge base of the products or services being sold by their employer.

Average salary: $37,623

Transcriptionist

The transcriptionist job is a straightforward one: You simply type up recordings. Some transcriptionists work exclusively in one industry. For example, they can work in legal or medical industries, which necessitates a certain level of knowledge of the terminology used in that profession. Others may do general transcription work, typing up whatever is needed.

Best for:

This is good for fast and accurate typists looking for low-intensity work. While some may find this kind of work boring, the right person may find the audio or video they transcribe interesting and value the calm.

Average salary: $41,453

Things to Consider When Looking for Remote Jobs

Don’t Get Scammed

According to the Federal Trade Commission (FTC), a common scam is for a fake company to hire you. And then they send you a check to buy equipment with the caveat that you should send the extra money back. The check is bad and will be returned.

The FTC advises that you carefully review any job offers, only apply to jobs on legitimate websites and never rely on a “cleared” check your employer sends you.

Use Your Career Expertise

One of the best ways to find a new remote job is to use the skills you already have. You may be able to find a less demanding and remote version of your previous career. And going into this new job with your years of experience can be valuable to your employer. And it can potentially earn you a bigger starting salary.

For instance, if you had a career as an editor, you may be an excellent English tutor. You can help students understand the rules of grammar and how to improve their reading and writing skills.

Understand How Working Can Impact Your Social Security Benefits

Working can still be the right choice for you, but make you know how your benefits could be affected. According to the Social Security Administration, while you can work and still receive benefits, there’s a limit to how much you can earn before they begin to reduce your benefits if you’re not yet full retirement age.

In 2023, the limit is $21,240 for those under full retirement age. And it’s $56,520 for the year that you reach full retirement age.

Bottom Line

It’s common for retirees to continue working in retirement. It could be due to financial reasons or just finding ways to keep busy. However, you may not want to stay with the same career track you worked in previously. You may be looking for something less demanding, more flexible or a job you can do from home. But before you decide to work, do your due diligence in finding the right opportunities.

Retirement Tips

  • Consider working with a financial advisor to get the most out of all the benefits the SSA provides. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
  • The SmartAsset Retirement Guide offers a calculator to show you how much you need to save for retirement. It also has a retirement tax friendliness calculator to help you weigh various options if you are moving after your retirement.

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Source: smartasset.com

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Paying for a nursing home can seriously deplete your retirement savings. The government-funded Medicaid program can pay some or all nursing home costs, but it’s restricted to people of very limited financial means. You may be able to qualify for government assistance with nursing home costs, even if you control substantial wealth if you transfer nearly all your assets into an irrevocable trust. An irrevocable trust can protect your money from nursing home costs, but they have costs and drawbacks of their own, including permanently losing direct control of your assets. Talk to a financial advisor to learn about options for paying for long-term care.

Irrevocable Trust Basics

A trust is a legal entity many people create as part of an estate plan. The trust acts as a container for assets transferred into it by the grantor. A trustee is appointed to manage the assets in the trust for the benefit of one or more beneficiaries.

A trust can be revocable or irrevocable. You can make changes to a revocable trust after establishing it, including removing assets from the trust. Irrevocable trusts, however, cannot be changed after establishment. That means transferring assets to the trust is a one-way process. Once in, assets cannot be removed from an irrevocable trust.

Irrevocable Medicaid Trusts

Irrevocable trusts come in several varieties and can help with many different estate planning and other personal finance tasks. Medicaid trusts are the kind used to help reduce the impact of nursing home costs.

More specifically, Medicaid trusts are designed to help people qualify for Medicaid, the government health insurance program. Unlike Medicare, which is not means-tested, Medicaid is only available to people of limited financial means.

The program is administered by states, which determine their own Medicaid eligibility requirements in a variety of ways. In most, the annual income limit is $29,160 or less. This cap includes Social Security and pension benefits as well as wages and investment income. Financial resources such as bank accounts, investments, revocable trusts and real estate typically can’t total more than $2,000. People who have more income and more assets may have to spend their own assets to pay for nursing home care until their assets have declined to the point they meet the Medicaid caps.

An irrevocable Medicaid trust is designed to help someone qualify for Medicaid without having to deplete their own assets. After creating the trust, they can transfer in enough assets to bring them below Medicaid’s caps. Once they have done that, assuming they have followed the rules, Medicaid will pay some or all of their nursing home costs. In this way, an irrevocable trust can protect assets from nursing home costs.

Keep in mind that some people say it’s unethical to use trusts to shield your assets from Medicaid. Others believe it’s perfectly fine, considering the rules and laws set up around Medicaid. Ultimately, whether you use an irrevocable trust to protect your assets from nursing home costs will be based on your financial situation, as well as your thoughts and feelings on the ethics.

Limits of Irrevocable Trusts

Irrevocable trusts have a number of limitations that anyone planning to use one will want to keep in mind. These include:

  • One-way transfer. Assets placed in the trust can’t be taken out of the trust for as long as the grantor of the trust is alive.
  • Five-year limit. Assets must be transferred into the trust at least five years before the grantor seeks to acquire Medicaid eligibility. Irrevocable trusts can’t help at the last minute.
  • Medicaid doesn’t always pay all costs. A Medicaid patient in a nursing home still has to use their own income to pay for most nursing home costs. Medicaid will often pay for most and sometimes all of the costs, but patients usually shoulder some of the financial burden.
  • Not all nursing homes qualify. Medicaid only pays for care in certain approved nursing homes.

Other Ways to Protect Assets from Nursing Home Costs

An irrevocable trust is not the only tool available to help with nursing home costs. Here are some of the alternatives:

  • Long-term care insurance can cover some or all nursing home costs without having to consider Medicaid eligibility.
  • Medicaid-compliant annuities can be used to generate income that isn’t included in Medicaid’s income assessment.
  • A life estate transfers ownership of assets in your estate to a spouse, removing them from consideration when determining Medicaid eligibility.
  • Financial gifts to family members can reduce your net worth enough to meet Medicaid’s guidelines.

Bottom Line

An irrevocable trust can help you avoid having to use your own assets to pay for nursing home care by making you eligible for Medicaid. Medicaid can pay some or all of your costs, but only if you meet strict financial guidelines for income and assets. Transferring assets into an irrevocable trust, called a Medicaid trust, can help even people with significant assets meet these guidelines, But once assets are transferred to an irrevocable trust, they can’t be retrieved from the trust.

Tips for Long-Term Care Planning

  • A financial advisor can help you design a strategy for covering long-term care costs using an irrevocable trust, if appropriate, as well as other methods. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
  • Whether you are retired or still working, keeping a budget is a basic tool to help you for prepare for future needs such as paying for a nursing home. SmartAsset’s Budget Calculator can tell you how your spending stacks up to other people in your area.
  • If you thinking about purchasing long-term care insurance, be sure to review our picks for the top long-term care insurance providers of 2023.

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Mark Henricks
Mark Henricks has reported on personal finance, investing, retirement, entrepreneurship and other topics for more than 30 years. His freelance byline has appeared on CNBC.com and in The Wall Street Journal, The New York Times, The Washington Post, Kiplinger’s Personal Finance and other leading publications. Mark has written books including, “Not Just A Living: The Complete Guide to Creating a Business That Gives You A Life.” His favorite reporting is the kind that helps ordinary people increase their personal wealth and life satisfaction. A graduate of the University of Texas journalism program, he lives in Austin, Texas. In his spare time he enjoys reading, volunteering, performing in an acoustic music duo, whitewater kayaking, wilderness backpacking and competing in triathlons.

Source: smartasset.com