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Apache is functioning normally

September 8, 2024 by Brett Tams

If you own a small business that frequently issues invoices to customers and vendors, you may have encountered times when an invoice is late or goes unpaid. It can be frustrating and worrisome when expected income is unavailable, leaving your business short on cash flow for necessary expenses.

There are options like business lines of credit or short-term business loans to provide cash flow. But in this case, you might also consider invoice factoring to quickly access cash for your immediate needs. This type of financing allows you to leverage your unpaid invoices without applying for an actual loan.

Let’s walk through what invoice factoring is, how it works, and what business cases are a good fit for this type of funding.

What Is Invoice Factoring?

Invoice factoring, also known as accounts receivable factoring, is a form of small business financing in which you sell your unpaid invoices to a factoring company. The factoring company gives you a percentage of the invoice up front and pays you the rest of the invoice once it’s paid by the customer (minus fees charged by the factoring company).

With this type of financing, you no longer own the invoices — the factoring company does. As a result, it’s important to choose a reputable company that you can trust to treat your customers with respect.

What Is a Factoring Company?

A factoring company is a financial institution that purchases a business’s outstanding invoices at a discount to provide immediate cash flow. The factoring company then takes on the responsibility of collecting payments from the business’s customers.

Factoring companies can be independent firms or divisions within larger financial institutions such as banks or credit unions. They specialize in providing working capital to businesses with long receivables cycles or that need quick cash for operational expenses. By selling your invoices to a factoring company, you can receive up to 90% of the invoice value up front. The company pays you the remaining balance, minus a factoring fee, once the customer settles the invoice.

Factoring companies typically cater to industries with extended payment terms, such as manufacturing, trucking, and staffing agencies. These lenders evaluate the creditworthiness of the business’s customers rather than the business itself, making this an accessible funding option for businesses that have poor or limited credit.

How Does Invoice Factoring Work?

Invoice factoring involves selling your unpaid invoices to a factoring company, which then takes ownership of the invoices. Invoice factoring is technically not a business loan, as you are selling your invoices to the lender.

Factoring companies will pay you a percentage of the invoice amount up front, which reflects the advance rate. Advance rates are typically based on how risky the invoice factoring is for the factoring company.

Some industries, such as the medical industry, may be seen as higher risk, thus offering lower advance rates — often ranging from 60% to 80%. Other types of businesses, such as staffing agencies, may receive advance rates from 80% to 90%.

Once the factoring company receives full payment from your customers, they provide you with the remaining invoice amount minus a factoring fee.

Here’s a quick look at the steps involved in factoring invoices:

1. Choose a factoring company: It’s a good idea to shop around and pick a reputable company to work with.

2. Submit invoices: To apply for factoring, you’ll need to provide invoices for approval.

3. Receive advance: If approved, you’ll get an upfront payment (typically 60%–90% of invoice value).

4. Company collects payments: The factoring company collects payments from your customers.

5. Receive balance: After full payment is collected, you receive the remaining amount minus fees.

Recommended: Getting a Cash Flow Loan for Your Small Business

Recourse vs. Non-Recourse Factoring

You might be wondering: What happens if customers don’t pay their invoices?

With recourse factoring, the business is liable for paying the factoring company for any invoices that are left unpaid. This type of invoice factoring is most common because it’s less risky for the factoring companies.

With non-recourse factoring, the factoring company takes on most of the risk associated with unpaid invoices. Since the invoice factoring company is assuming more risk with non-recourse factoring, they may tack on a higher factoring rate. Carefully consider whether the higher rate is worth the cash advance amount and compare factoring companies to see what terms they offer.

Example of Invoice Factoring

To give you a better understanding of how invoice factoring works, let’s imagine you own a clothing store that sells large quantities of T-shirts to other companies.

1. Complete sale and issue invoice: You sell $100,000 worth of t-shirts and invoice your customer with a due date in 60 days. If you wait 60 days for repayment, your business could be left with a cash flow shortage, threatening the well-being of your operation. So, you decide to look into options to help manage cash flow.

2. Explore your options: You could use an online business loan or a credit card to get cash quickly. But your customers are reliable and pay invoices in a timely manner, so invoice factoring is a suitable option.

3. Sell to a factoring company: You sell the $100,000 invoice to a factoring company and agree to pay a flat factoring fee (sometimes called a factoring rate) of 5% of the invoice value per month. Within 24 hours, the factoring company provides you with 80% of the invoice amount. You now have $80,000 to supplement cash flow and regular business operations.

80% of $100,000 = $80,000

4. Collection of funds: The customer pays the factoring company within 30 days. Once it receives full repayment, the factoring company pays you for the remaining invoice amount ($20,000) minus the factoring fee of 5%.

$20,000 – $5,000 (5% of $100,000) = $15,000 back to you

Keep in mind that this hypothetical is an example to illustrate how invoice factoring may work in a practical situation. Different invoice factoring services may offer various terms and conditions, which can affect how much money you receive up front and the final payment amount.

Invoice Factoring Rates and Fees

Invoice factoring companies generally make money through the factoring rates and fees they charge. Typically, you will see invoice factoring structured with one of the following:

• Flat rate/fee: You pay a fixed percentage of the invoice to the factoring company. The rate doesn’t usually change — even if the customer pays late. Flat rates are generally less common than tiered or variable rates.

• Tiered or variable rate/fee: A percentage of the invoice amount is regularly charged until the factoring company receives full repayment. The longer invoices go unpaid, the more you’ll owe in factoring fees. For example, a factoring company may charge a factoring fee of 1% every 10 days until the invoice is paid; if it takes your customer 60 days to pay, the factoring company would keep roughly 6% of the invoice amount. Some factoring companies may increase the variable rate the longer repayment takes.

Factoring rates and fees can be affected by:

• The industry your business is in

• Your customers’ ability to pay their invoices

• The number and amounts of the invoices

• Your business’ stability and creditworthiness

Additional Fees

Some factoring companies may also charge additional fees, including:

• Application fees. These are charges for processing your application and setting up the account.

• Invoice processing fees. These fees help cover the cost of things like credit checks and record keeping.

• Service fees. These are charged in intervals to cover costs related to maintaining a current account with your factoring company.

• Automated Clearing House (ACH) or bank wire fees. When funds are transferred between banks, there may be fees passed on to you from the factoring company.

• Early termination fees. Some invoice factoring companies may charge a fee if you cancel your contract before the termination date.

• Due diligence fees. This covers the cost of verifying the creditworthiness of the customers paying the invoices.

Invoice Factoring vs. Invoice Financing

While they sound similar, invoice factoring and invoice financing are two different financial products.

With invoice financing, your invoices are used as collateral to receive a cash advance rather than sold to a factoring company. You receive access to a percentage of the invoice amount either in the form of a line of credit or loan. Like other types of business loans, you pay interest on the amount you borrow.

Another key difference between invoice factoring and invoice financing: With invoice financing, you and your business are still responsible for collecting payment from your customers. As a result, invoice financing allows you to retain control over your invoices and the collections processes, which may be more favorable if you prefer to deal with your customers directly.

Pros and Cons of Small Business Invoice Factoring

Invoice factoring can be a useful tool for business owners in certain situations. However, it’s important to carefully consider the pros and cons of factoring invoices to avoid unnecessary expenses or added stress for your business.

Pros of Invoice Factoring

• No collateral: With invoice factoring, your invoices serve as collateral. In most cases, you do not have to offer additional forms of collateral to be approved.

• Maintain healthy cash flow: You can receive immediate cash to cover expenses and maintain healthy cash flow between invoice payments.

• An option for those with lower credit scores: Even if you don’t have good enough credit to get a business loan, invoice factoring may still be an option. Invoice factoring companies generally focus more on the value of the invoices and the credit scores of the businesses that owe those invoices than on the credit score of your business.

• Outsource invoice collection: FFor some businesses, it may be helpful to pass the responsibility of collecting invoices to a factoring company so they can focus on other responsibilities.

• Spend on what you need: Unlike other types of small business loans (e.g., equipment financing), you aren’t restricted to spending the funds you receive on specific business expenses.

Cons of Invoice Factoring

• Factoring companies have control: After you sell invoices to a factoring company, they may interact with your customers directly. You’ll want to make sure that the company is reputable and behaves ethically in their dealings with customers.

• It’s typically expensive: With various fees and relatively high rates, invoice factoring can be costly — especially if customers delay payment.

• Recourse if unpaid: Since there’s no guarantee that an invoice factoring company will be able to collect on unpaid invoices, they may expect you to pay for or replace the invoice, possibly with additional fees.

• Approval may depend on customers: Invoice factoring companies want to ensure they will receive payment on the invoices they purchase from you. If your customers have a less-than-perfect repayment history, you may have a more difficult time getting approved.

Recommended: Working Capital Loans: Compare Top Options

How Do Businesses Qualify for Invoice Factoring?

Factoring companies evaluate a few different things to determine if a business is eligible for this type of financing.

• Invoices: Businesses must have outstanding invoices to sell to a factoring company, and the invoices should be from reputable clients with a history of timely payments.

• Client creditworthiness: Factoring companies focus on the likelihood of timely payments from your clients rather than the credit history of your business. Therefore, clients that consistently pay their invoices on time are a must.

• Business bank account: An established business bank account is essential to qualify for invoice factoring. Your business bank account will be used for the factoring company to deposit the advance and the remaining balance once the invoice is paid.

• Accounts receivable reports: Detailed and accurate accounts receivable reports are necessary to demonstrate your business’s invoicing practices and the payment behavior of your clients. These reports help factoring companies assess the risk involved.

While the primary focus is on the creditworthiness of clients, factoring companies also look for signs of business stability. They consider factors like time in business, industry, and overall financial health. It’s also important for businesses to ensure there are no existing liens on their receivables. Factoring companies need a clear right to collect on the invoices, so any existing liens or claims can disqualify the business.

You can improve your chances of qualifying by maintaining good relationships with your clients, ensuring they are creditworthy and have good payment histories. Keeping financial records organized and accurate is also important, as it makes the evaluation process smoother and faster.

Alternatives to Invoice Factoring

Invoice factoring is one of many options that can help businesses maintain cash flow and address funding needs. Here’s a look at some alternatives.

• Inventory financing: This type of financing is used to pay for products that will be sold at some time in the future. The inventory acts as collateral for the loan.

• Equipment financing: This is a type of loan used specifically to purchase machinery, vehicles, or other business-related equipment.

• SBA loans: These are small business loans backed by the U.S. Small Business Administration (SBA) and offered by banks and approved SBA lenders.

• Personal loans: An unsecured personal loan is based on your personal credit history (not business credit). Some, though not all, lenders will allow you to use funds from a personal loan for business expenses.

• Commercial real estate loans: This type of business loan is specifically designed for purchasing real estate for business use, such as an office space, warehouse, or storefront.

• Business line of credit: With this flexible form of business financing, you have access to a maximum amount of funding, or credit. You can borrow what you need (up to your credit limit) as you need it, and only pay interest on what you borrow.

• Online business loans: Online lenders offer loan options similar to those traditional banks offer but typically have a faster approval process and may have more options for people with lower credit scores.

• Merchant cash advance: This type of funding allows small businesses (“merchants”) to get a cash advance for business expenses in return for a portion of their future sales or receivables.

If you’re seeking financing for your business, SoFi can help. On SoFi’s marketplace, you can shop top providers today to access the capital you need. Find a personalized business financing option today in minutes.

With SoFi’s marketplace, it’s fast and easy to search for your small business financing options.

FAQ

What are the disadvantages of invoice factoring?

The disadvantages of invoice factoring include high fees, potential impact on customer relationships, loss of control over accounts receivable, and the requirement of having creditworthy clients.

What is the average rate for invoice factoring?

The average rate for invoice factoring ranges from 1% to 5% of the invoice value per month.

Who can use invoice factoring?

Generally, any business with outstanding invoices and creditworthy clients can use invoice factoring. However, this type of financing tends to be more common in industries like manufacturing, trucking, and staffing.

Photo credit: iStock/Jirapong

SoFi’s marketplace is owned and operated by SoFi Lending Corp. See SoFi Lending Corp. licensing information below. Advertising Disclosures: SoFi receives compensation in the event you obtain a loan through SoFi’s marketplace. This affects whether a product or service is featured on this site and could affect the order of presentation. SoFi does not include all products and services in the market. All rates, terms, and conditions vary by provider.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Source: sofi.com

Apache is functioning normally

September 8, 2024 by Brett Tams

If you’ve been skipping your federal student loan bills, or you have defaulted loans, your time is running out to get back on track without harsh consequences. Two key pandemic-era relief programs are set to expire on Sept. 30: the student loan on-ramp and the Fresh Start program.

Millions of borrowers are benefitting from the on-ramp or Fresh Start — and some may not know it. To check, log into your studentaid.gov account and review your monthly payment history and loan repayment statuses. If you have missed or late payments, you’re on the on-ramp. If you have a loan listed as in default, you’re benefiting from the Fresh Start program.

In either case, you need to act by Sept. 30. Here’s how.

Student loan on-ramp: Make a plan to deal with your bills

The student loan on-ramp began Oct. 1, 2023, and lasts until Sept. 30, 2024. It’s intended as a safety net for the “most vulnerable borrowers,” the White House said last summer.

The program is automatic for all borrowers who miss payments during this time — there is no enrollment process. During the on-ramp, you can’t fall into delinquency or default. Missed payments won’t be reported to credit bureaus.

Roughly 3 million borrowers have taken advantage of the on-ramp and were at least 30 days late on their loans as of June 30, according to Federal Student Aid office data.

If you’ve been skipping payments, make a plan for October. Otherwise, you could face harsh and costly consequences. Once a payment is 270 days late, you will enter student loan default. Debt collectors can garnish your wages and charge hefty fees.

Here are steps to take before the on-ramp expires:

Check your student loan accounts. Log into studentaid.gov, see how much you owe and update your contact and billing info. Your servicer can answer questions.
Choose a repayment plan. If you don’t select a repayment plan, you’re automatically enrolled in the standard 10-year repayment plan. For more affordable payments, consider an income-driven repayment (IDR) plan.
Consider a deferment or forbearance. If you won’t be able to afford payments for the foreseeable future, consider a student loan deferment or forbearance to pause payments for up to three years.

If you want to change repayment plans, note that only two IDR plans are currently available: SAVE and Income-Based Repayment (IBR).

Fresh Start program: Sign up ASAP to lock in defaulted loan relief

If your federal student loans were in default before the pandemic, take advantage of the Fresh Start program. About 7.5 million borrowers with defaulted loans are eligible.

You must enroll in the program by Sept. 30 to get out of default and lock in benefits, including:

Loans returned to “current” status on credit reports, and negative default marks removed.
Access to federal student aid and other government loans, like mortgages.
Access to flexible repayment plans and potential loan forgiveness.
Access to short-term relief, like deferment or forbearance.
Suspension of involuntary debt collection efforts.

If you miss the Sept. 30 deadline and let your loans stay in default, you could face harsh consequences. Debt collectors might garnish your paychecks and tax refunds. You may face steep collections fees. Your credit score could plummet, making it difficult to qualify for future loans, mortgages or even apartment rentals.

You can avoid that headache — and get back on track with an affordable repayment plan — by signing up for the Fresh Start program. Here’s how:

Submit a Fresh Start request. Fresh Start enrollment is free and can take less than 10 minutes. You can do it online on myeddebt.ed.gov, over the phone by calling 1-800-621-3115 or by sending a letter postmarked by Sept. 30.
Watch for servicer communication. After you sign up for Fresh Start, the government will transfer your payments from the Default Resolution Group to a federal student loan servicer. Your new servicer will contact you once your loans transfer over.
Choose a repayment plan after getting out of default. You’ll be automatically placed into the standard 10-year repayment plan, but about 80% of Fresh Start borrowers sign up for an IDR plan, according to the Education Department. Half of Fresh Start borrowers have $0 monthly payments under an IDR plan.

You can apply for an IDR plan within a week or so of your loan transfer.

Source: nerdwallet.com

Apache is functioning normally

September 8, 2024 by Brett Tams

That’ll see new opportunities and challenges for brokers and LOs looking ahead. “When rates come down, people will refinance for sure, and they’ll be more confident to go out there and buy a house,” Nguyen said. “I always advise my agents that they need to become a better loan officer because competition is going to … [Read more…]

Apache is functioning normally

September 8, 2024 by Brett Tams

Are you considering moving to Alabama? From the warm Southern hospitality in Birmingham to the affordable living in Huntsville, the state offers much to consider, including unpredictable weather and a slower pace of life. If you’re wondering, “Is Alabama a good place to live?”, this guide will give you a clear picture of what to expect.

Is Alabama a good place to live?

Alabama offers a mix of urban and rural living, with cities like Birmingham providing a hub for arts, dining, and nightlife, while places like Huntsville are known for their booming tech industry and proximity to nature with the Monte Sano State Park. If you’re considering renting in Alabama, you’ll find that cities like Auburn and Tuscaloosa have college-town vibes with affordable apartments and lively student populations. The Gulf Coast, particularly in Mobile and Gulf Shores, provides coastal living with seafood festivals and beach access, though the rental market can be competitive due to tourism. On the flip side, areas in the Black Belt region, such as Selma or Demopolis, might offer lower rents, but they also come with fewer job opportunities and amenities, making it crucial to research the specific area before making a move.

Alabama’s cultural scene is filled with arts, music, and history that reflects the state’s diverse heritage. From lively arts districts and live music venues to significant Civil Rights landmarks, Alabama offers a range of cultural experiences. Local festivals and events, such as Mardi Gras and the Sidewalk Film Festival, bring communities together. Whether you’re exploring museums or enjoying a local concert, Alabama’s cultural offerings provide a rich and varied experience.

Alabama state overview

Population	5,024,279
Biggest cities in Alabama	Huntsville, Birmingham, Montgomery
Average rent in Huntsville	$1,155
Average rent in Birmingham	$1,509
Average rent in Montgomery	$899

1. Pro: You’ll find affordable housing in the state

Alabama is known for its low cost of living, and housing is one of the biggest contributors to that affordability. Whether you’re looking to buy or rent, you’ll find that prices are significantly lower than the national average. For instance, in cities like Tuscaloosa, you’ll find the average rent to be $1,109 for a one-bedroom apartment whereas cities like Decatur have rent as low as $825. This affordability is one of the reasons why Alabama is a good place to live.

2. Con: Tornadoes can be frequent in the spring

Alabama is part of Dixie Alley, a region known for its high frequency of tornadoes, especially during the spring months. Tornado season can bring severe storms, and residents must be prepared with emergency plans and access to storm shelters. Cities like Birmingham and Tuscaloosa have experienced significant tornado events, and the unpredictable nature of these storms can be unsettling. While tornadoes are a serious concern, Alabama’s emergency response systems are well-developed, and many communities are equipped with sirens and alert systems to provide warnings.

Insider scoop: Many long-time residents keep a “go bag” ready during tornado season, stocked with essentials like batteries, a flashlight, and a weather radio, and some even have personal storm shelters installed on their property for added peace of mind.

3. Pro: Alabama has a strong university spirit

Alabama is home to several major universities, most notably the University of Alabama and Auburn University, both of which have deeply ingrained sports cultures. The rivalry between these two schools, particularly in football, is a central part of life in the state, with game days bringing entire towns to a standstill. Tailgating is a beloved tradition, with fans gathering hours before the game to enjoy food, drinks, and mingling. The university spirit extends beyond sports, influencing local businesses, communities, and even state pride, making it a great aspect of living in Alabama.

4. Con: The summers are brutal here

Summers in Alabama are known for their intense heat and humidity, often reaching temperatures in the high 90 degrees Fahrenheit with humidity levels to match. The oppressive heat can make outdoor activities challenging, especially in July and August, when even the evenings offer little relief. Air conditioning becomes a necessity, not a luxury, and residents often seek out indoor activities or water-related recreation to cope. The combination of heat and humidity also means that working outside or exercising requires careful planning to avoid heat-related illnesses.

Insider scoop: Savvy locals know to take advantage of the state’s many natural springs, like Blue Springs in Barbour County, which offer a refreshing escape from the heat with their consistently cool waters

5. Pro: The winters are pretty mild

Alabama’s winters are relatively mild, especially compared to the harsher climates of the northern U.S., making it a good place to live for those who dislike cold weather. Snowfall is rare, and when it does occur, it’s usually light and melts quickly. Temperatures during the winter months typically range from the mid-30s to the mid-50s, allowing residents to enjoy outdoor activities year-round.

6. Con: You’ll need a car to get around the state

Public transportation options in Alabama are limited, especially outside of the major cities, making car ownership a necessity for most residents. In rural areas, the lack of public transit and the spread-out nature of communities mean that even basic errands require driving. Traffic can be an issue in urban centers like Birmingham, where commuting by car is the norm. The state’s car-dependent culture also means that maintenance and fuel costs are a regular part of the budget, and having a reliable vehicle is essential.

7. Pro: Proximity to some great beaches

Alabama has great access to some of the most beautiful beaches in the Gulf Coast region, particularly in areas like Gulf Shores and Orange Beach. These beaches are known for their white sand and clear waters, making them popular destinations. The proximity to the coast means that weekend beach trips are a regular possibility, offering a quick escape from the hustle and bustle of daily life. In addition to the natural beauty, the coastal areas also have a variety of seafood restaurants, entertainment options, and outdoor activities, enhancing the beach experience.

Insider scoop: Locals know that if you visit the beaches during the off-season, especially in late September and October, you’ll enjoy fewer crowds, still-warm waters, and some of the best seafood deals at local restaurants, making for a more relaxed and affordable beach experience.

8. Con: Insects can be a nuisance here

The warm, humid climate of Alabama creates an ideal environment for a variety of insects, including mosquitoes, ticks, and cockroaches. Mosquitoes are particularly bothersome during the summer months, making outdoor activities less enjoyable without proper precautions like insect repellent. Ticks are another concern, especially in wooded or grassy areas, where they can pose health risks.

Insider scoop: Many locals swear by planting citronella and lavender around their homes to naturally repel mosquitoes, and for ticks, it’s common practice to keep a lint roller handy after spending time outdoors to quickly remove any that might have hitched a ride.

9. Pro: Enjoy one of the many unique festivals

Alabama is home to various festivals that reflect its diverse culture and traditions, providing something for everyone. The Mobile Mardi Gras, the oldest in the country, is a vibrant celebration featuring parades, costumes, and parties. The National Peanut Festival in Dothan highlights the state’s agricultural heritage, while the Hangout Music Festival in Gulf Shores attracts top musical acts from around the country. These festivals provide not only entertainment but also create a sense of community, adding to the reasons why Alabama is a good place to live.

10. Con: Rural isolation can be a thing

While Alabama offers plenty of small-town charm, rural areas can feel isolated, with limited access to amenities, healthcare, and entertainment. In more remote parts of the state, residents may need to drive significant distances to reach grocery stores, hospitals, or schools. Social opportunities can also be limited, especially for younger people or those new to the area, making it challenging to build a social network. The isolation can be a downside for those who prefer the convenience and activity of urban living, though it’s a trade-off for the peace and quiet of rural life.

Pros and cons of living in Alabama: Overview

Pros	Cons
Affordable housing	Tornado risks in the spring
Full of university spirit	Summers are hot and humid
The winters are mild	Heavy reliance on cars
Close proximity to beaches	There are a lot of insects
Unique festivals	Rural isolation throughout the state

Source: rent.com

Apache is functioning normally

September 8, 2024 by Brett Tams

When looking for funding for your small business, there are plenty of types of loans to consider, including term loans. A term loan provides a borrower with a lump sum of cash they repay on a fixed repayment schedule.

Term loans can be helpful for businesses looking to expand, buy more real estate, update equipment, or purchase more inventory in advance.

So, what are term loans exactly? Read on to learn more about small business term loans, their advantages and disadvantages, and the different types of term loans available.

What Is a Business Term Loan?

A business term loan is a type of small business financing that provides a lump sum of money up front you then pay back over a set period of time, called a term. Payments are often monthly but could be weekly, bi-weekly, or even quarterly.

Part of each payment goes toward the principal, lowering the remaining loan balance, and part goes toward interest. Interest rates on business term loans may be fixed or variable. Repayment terms can range anywhere from 12 months to 25 years, depending on the loan amount, lender terms, and the borrower’s creditworthiness.

Term loans aren’t just used for small businesses, though. Mortgage loans, auto loans, and student loans are also all types of term loans.

What Can a Term Loan Be Used For?

Common uses of term loans for businesses include:

• Buying real estate or upgrading property you already own (the real estate would likely serve as collateral)

• Buying new equipment or repairing equipment you already own (the equipment could serve as collateral)

• Restocking inventory

• Buying vehicles for work

• Meeting payroll and other expenses

• Covering employee wages

What Are Different Types of Business Term Loans?

Most small business owners factor in two things when considering term loans — the purpose of the loan and the term length (there are short-, intermediate-, or long-term business loans).

Payments may be higher with short-term loans than long-term loans, though this depends on how much the business borrows. When considering what your business can qualify for and pay back with its available cash flow, remember to factor in how the length of your loan term affects the payment amount.

Short-Term Loans

Short-term loans typically have a length of less than one year but can extend up to 18 months. Businesses that don’t qualify for a line of credit might find short-term loans helpful. Though these loans are typically easier to qualify for, they tend to have higher interest rates.

It’s important to note that short-term loans may come with a balloon payment, meaning the last payment is much larger than the rest. Keep this in mind when deciding whether a short-term loan is right for your business.

Recommended: The Cost of Capital

Intermediate-Term Loans

Intermediate loans typically have terms between one and three years. Because of their slightly longer payoff time, they may be an option if you’re hiring a new salesperson, for instance, and know there might be some lag time before they start bringing in revenue.

Like short-term loans, intermediate business term loans may also have a balloon repayment structure.

Long-Term Loans

Long-term loans typically have terms of five to 10 years, but they may extend up to 25 years. They typically require collateral, such as real estate or equipment, and may come with lower interest rates than short- and intermediate-term loans.

Long-term loans are often more difficult to qualify for, requiring proof of revenue and a solid credit history. However, they can provide helpful capital for business investments, making them a valuable option for established businesses planning for growth.

Recommended: Merchant Cash Advance for Bad Credit

How Do Business Term Loans Work?

Once you’ve determined the amount you need to borrow and the purpose, you can approach financial institutions to explore their available programs, interest rates, and loan terms.

You’ll also want to find out what documentation you’ll need to apply, what collateral might be required, and whether they can supply the funds on your timeline. Be sure to check what small business loan fees may apply.

Once you’ve evaluated the above factors, compare multiple lenders and choose the one that suits your needs. The loan application process typically happens online, but you may be able to apply in person if the loan is through a bank.

Rates and terms offered vary based on the lender, your personal and business credit history, your time in business, and your financial health and history. Pay particular attention to whether the loans you research are secured and how the interest rates are structured:

• Secured vs. unsecured loans: Secured loans require collateral or a personal guarantee, meaning that your assets will be used as payment if you can’t pay your loan. Unsecured loans do not require this collateral and are therefore riskier for the lender, so they often have higher costs and shorter terms than secured loans.

• Fixed vs. variable interest rates: A fixed interest rate remains stable over the entirety of the term loan. A variable interest rate fluctuates throughout the life of the loan, depending on the prime rate — the rate that commercial banks charge their most creditworthy borrowers.

If you’re approved for the loan, you are free to use the funds once disbursed. From there, you’d make regular payments based on the loan agreement.

Recommended: How to Check Your Credit Score for Free

Deciding If a Business Term Loan Is Right for You

It can be challenging to decide which kind of loan is the right fit for your business. There’s a lot to consider. Here are a few questions to ask before applying:

• Why do I need funding?

• How does this help me reach my business goals?

• How healthy are my business finances?

And if any of these apply to you, it may not be time to consider term loans just yet:

• Your business is new

• You have poor credit

Business Term Loans: Pros and Cons

Like any other loan, business term loans have advantages and disadvantages that are important to consider when deciding whether they’re right for you. Below, we’ve outlined the pros and cons of term borrowing to help you determine whether term loans are a good fit.

Advantages of Business Term Loans

Pros of term loans include:

• You may be able to borrow a large amount of money.

• Multiple types of term loan programs may be available when you look at different lenders.

• Interest rates are typically lower than credit cards, payday loans, and other short-term funding options.

• As you pay the term loan back on time, you can boost your business credit score.

Note: Check with your accountant or tax professional to see what tax benefits you may realize. Term loan interest may be tax-deductible.

Recommended: What Are the Tax Benefits of a Limited Liability Company (LLC)?

Cons of Term Loans

As with any financial product, there are downsides to consider, as well. Cons of term loans include:

• You may be able to borrow a large amount of money.

• Multiple types of term loan programs may be available when you look at different lenders.

• Interest rates are typically lower than credit cards, payday loans, and other short-term funding options.

• As you pay the term loan back on time, you can build your business credit score.

Note: Check with your accountant or tax professional to see what tax benefits you may realize. Term loan interest may be tax-deductible.

Recommended: What Are the Tax Benefits of a Limited Liability Company (LLC)?

Disadvantages of Business Term Loans

Cons of term loans include:

• You may be entering into a long-term debt.

• The loan application process may take longer than you’d like.

• Some business term loans come with prepayment penalties, which means you can’t prepay to reduce the amount of interest paid over the loan’s life.

• If your credit isn’t the best, the interest rates you’re offered may not be, either.

Recommended: Debt-to-Income Ratio

How to Apply for a Business Term Loan

Assess your business goals and lenders’ eligibility requirements as you choose the best option for your company. Here’s how:

1. Compare Small Business Term Loans

Comparing lenders’ terms can help improve your chances of qualifying for a loan. That way, you don’t spend valuable time applying for options for which you’re not eligible. On top of that, it helps keep you from overpaying on rates and fees or endangering your business cash flow with a repayment schedule that’s too aggressive.

2. Look at Each Lender’s Eligibility Requirements

It’s helpful to examine these requirements side by side:

• Personal and business credit

• Time in business

• Annual revenue

• Collateral

• Down payment

• Personal guarantee

3. Scrutinize the Lender’s Fees

Also look at the fees side by side:

• Interest rate and APR

• Origination fees

• Late payment fees

• Early payoff penalty

4. Review the Repayment Schedule

Important questions to ask:

• Are payments made daily, weekly, monthly, or quarterly?

• Are payments automatically deducted from a business bank account?

Many lenders have strict repayment terms for their business term loans, meaning you need to make sure you can meet those standards. That way, you don’t overdraft your accounts, accrue late fees, or damage your credit score.

Recommended: Long-Term Small Business Loans

5. Gather the Required Documents and Apply

When applying for a loan, documents often requested by lenders include:

• Bank statements (personal and business)

• Tax returns (personal and business)

• Business legal documents, including licenses and permits

• Personal identification

• Business plan

• Revenue statements

• Accounts receivable reports

• Accounts payable reports

Because the exact documentation required varies by lender and loan type (and whether collateral is involved), you’ll need to clarify what the lender you choose will need.

Also, it can be worthwhile to explore business grants since those do not need to be paid back.

Recommended: What Are Small Business Grants?

The Takeaway

When businesses seek funding, term loans are worth considering. With a business term loan, the company borrows a certain amount of money in a lump sum and then pays it back in regular installments at either a fixed or variable interest rate. Terms can range from short (even under a year) to long (perhaps as long as 25 years), with the funds used for a variety of purposes.

If you’re seeking financing for your business, SoFi can help. On SoFi’s marketplace, you can shop top providers today to access the capital you need. Find a personalized business financing option today in minutes.

With SoFi’s marketplace, it’s fast and easy to search for your small business financing options.

FAQ

What does “term loan” mean for a business loan?

Like other term loans, a business term loan provides a borrower with a lump sum of cash they repay on a fixed schedule over the set period of time, or term. The interest rate can be either fixed or variable.

What is an example of a term loan?

An example of a term loan is a small business loan of $50,000 from a bank that has to be paid over three years in monthly payments, with fixed interest.

What are the three main types of term loans?

There are short-term, intermediate-term, and long-term loans.

Photo credit: iStock/pikselstock

SoFi’s marketplace is owned and operated by SoFi Lending Corp. See SoFi Lending Corp. licensing information below. Advertising Disclosures: SoFi receives compensation in the event you obtain a loan through SoFi’s marketplace. This affects whether a product or service is featured on this site and could affect the order of presentation. SoFi does not include all products and services in the market. All rates, terms, and conditions vary by provider.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

SOSMB-Q324-020

Source: sofi.com

Apache is functioning normally

September 7, 2024 by Brett Tams

You probably like your home to be clean, but when it comes down to breaking out the mop and bucket, the vacuum cleaner, the wood polish, sponges, and bleach, do you really have the time or inclination to dive in?

If you feel like groaning just reading about tidying up, it could be worthwhile to hire a cleaning person or service.

There are many factors to consider when thinking about hiring out this task, and that’s where this guide will come in handy. Read on to learn:

• What’s the difference between a cleaning person and a cleaning service?

• How much does hiring a cleaning person or service cost?

• What are the pros and cons of hiring a cleaning person vs. a cleaning service?

• What are the alternatives to hiring a cleaning person or cleaning service for your home?

What Does a Cleaning Person or Service Do?

A cleaning person or service takes care of basic tasks such as dusting, vacuuming, sweeping, mopping, disinfecting the toilets, cleaning the sinks and bathtub/shower, and taking out the garbage.

There are typically add-on services available: laundry, changing the sheets, and doing the dishes for starters. Some of these could be included in the cost depending on the cleaning person or service.

“But, I can (or should) do all that myself!” you may be thinking. In which case, you are likely wondering: Is hiring a cleaning person worth it?

If a spic-and-span home is high on your checklist for maintaining a house, a little research can help determine if a cleaning person or service is right for you. Read on for more detail which can assist you as you make your decision.

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How Much Does a House Cleaner Cost?

The cost for hiring a cleaning person (or independent contractor) will depend on where you live, the size of your home, and how often they will come, but individual cleaners typically charge between $50 and $100 an hour.

Going with an individual generally costs less than hiring a cleaning service. However, they may not offer as many guarantees as a large company.

How Much Do Cleaning Services Cost?

Full-service cleaning companies can charge between $175 and $300 per visit. You can typically get a customized quote based on the size of your home and services you want before you hire a cleaning service. Some companies may have a minimum fee per visit. Generally the more frequently a service comes, the lower the cost per cleaning.

You can also hire a service for specialized, one-time cleaning services, such as after an event or before moving out or moving into a home.

Things to Consider When Hiring a Cleaning Person or Service

When deciding if hiring a house cleaner or cleaning service is worth it, you’ll benefit from addressing a few questions about your monetary situation, schedule, and level of desired cleanliness.

Your Budget

The first step in determining if you can afford a cleaning person or service is to set up a basic budget if you don’t already have one up and running.

If you’re wondering how to make a budget, consider using the 50/30/20 rule. This means putting 50% of the household income toward necessities or musts (which typically includes housing, utilities, food, and debt); 30% towards wants (like dining out and entertainment); and 20% on saving (including retirement) and debt payments beyond the minimum.

Once you see how much cash you have coming in and going out, you’ll be better able to assess if you can afford to pay for cleaning from that 30% that covers “wants.”

Recommended: What is the 50/30/20 Budget?

How Valuable Is Your Time?

A good way to decide whether hiring a house cleaner is worth it is to remember this saying: Time is money. If paying a professional $50 an hour frees you up to make $65 an hour while working, the cost might be worth it, since you’ll come out ahead financially.

Schedules (How Often Are You Home?)

If you work long hours at an office or other workplace, outsourcing your house cleaning will allow you to enjoy your time at home without having to clean. And if the cleaning person or team comes while you’re at work, you won’t have to worry about staying out of their way.

However, if you are someone who works from home, or you or your spouse are a stay-at-home parent, a cleaning person or service can potentially be disruptive.

How Often You Need Your House Cleaned

Frequency of cleaning will matter. While a service may charge less per cleaning if they come weekly vs biweekly or monthly, you’ll still likely save money by having your home cleaned less frequently.

Worth noting: Do you sometimes list your house for renters? If you rent out on Airbnb, you’ll be asked to adhere to Airbnb’s cleaning protocol standards. A cleaning crew is helpful for a quick turnaround between renters.

Cleaning Requirements

The price of a house cleaner or cleaning service can go up depending on what is required of them:

• Level of mess. Do you entertain frequently or have small children? It may take longer to clean up the aftermath. Or maybe you haven’t done a deep-clean in ages. That too may make cleaning take longer.

• Area of mess. Does the whole house always have to be cleaned? You can save money by only having the common areas and bathrooms tidied up.

• Pets. Vacuuming dog and cat hair can add many minutes to a cleaner’s timesheet.

• Are you a neat freak? A deep-clean or super detailed job will cost more than basic dusting, vacuuming, and mopping.

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How Good You Are At Cleaning

If you are a disciplined and effective cleaner who loves getting your place spotless, there may be no need to hire someone. That said, there might be times you get too busy to clean or want some help tidying up before the holidays or a houseguest’s arrival.

If you’re the kind of person who ignores dust bunnies or the sight of a broom stresses you out, perhaps you should outsource household tasks and enjoy some time elsewhere.

Get up to $300 when you bank with SoFi.

Open a SoFi Checking and Savings Account with direct deposit and get up to a $300 cash bonus. Plus, get up to 4.50% APY on your cash!

Cleaning Services vs Individual Cleaners: What’s the Difference?

An individual cleaning person typically costs less than a cleaning service. A cleaning person often works alone, while a cleaning service can be a crew of two, three, or more who clean simultaneously.

An independent cleaner generally keeps 100% of the earnings, while a portion of the money for a cleaning crew goes to the service provider.

There are other key differences between individual cleaners and cleaning services:

Pros of Hiring a House Cleaning Person

Here are some of the perks that can make a cleaning person worth it:

• Lower costs. An independent contractor can be less expensive than a cleaning service. Fewer workers can mean cheaper rates.

• Price flexibility. You may be able to negotiate cleaning add-ons more easily (and affordably) with an individual.

• Familiarity. The same person comes to your home every time. This can provide a sense of comfort and trust for you and your family.

• Personal recommendations. You can get referrals from someone you trust — a friend or a neighbor.

Recommended: 15 Creative Ways to Save Money

Pros of Hiring a Cleaning Service

If you’re considering getting help tidying up around the house, a cleaning service can be worth it. They come with several benefits:

• Vetted employees. Full-service cleaning companies typically check their employees’ backgrounds, so you don’t have to.

• Set standards. Many companies train their employees to uphold a certain level of cleaning criteria.

• Faster service. Since cleaning services are composed of crews, a team of workers can get the job done faster than an individual house cleaner.

• Customer service. If a job isn’t up to snuff, professional companies will deal with any complaints you may have.

Cons of Hiring a House Cleaning Person

• You’ll do the vetting. The responsibility of getting references and background checks on the cleaning candidate will fall to you.

• Longer cleaning time. Since a house cleaner usually works solo, they might not be as fast as a cleaning service with multiple workers.

• Unpleasant boss duties. If your cleaning person is not meeting your expectations, it will be up to you to address the problem and, possibly, terminate the arrangement.

• Inflexible schedule. If the contractor has a lot of clients, there could be fewer timeslot options available.

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Cons of Hiring a Cleaning Service

• Higher prices. A cleaning service generally costs more than an independent maid.

• Lack of familiarity. The company could send different people every time.

• Add-ons can be costly. Since the company sets the prices, you could spend a lot for a deep-clean of the fridge. A cleaning person, on the other hand, might not charge extra if they can get the job done within their hourly time frame.

Alternatives to House Cleaners or Cleaning Services

House cleaners and cleaning services are generally the route people take when hiring help, but there are a few other options:

• Gig-based workers. Apps and online services such as Taskrabbit and Fiverr feature a variety of folks willing to do odd jobs, including house cleaning. Whether they pursue this full-time or as a side hustle, you may well find affordable options.

• College students. If you live near a campus, check the online or physical job boards. Students are generally eager to make extra dough.

• Your kids. Shelling out for an allowance can be a lot cheaper than a cleaning service.

Tips for Saving Money on Cleaning Services

There are a few things you can do to potentially reduce the cost of a cleaning person or service:

• Shop around. It’s a good idea to interview more than one house cleaner or get estimates from multiple cleaning services.

• Make the terms clear. You’ll want to clarify exactly what tasks need to be done, so you won’t get charged for any unexpected add-ons.

• Consider a trial run. It can be a good idea to try out a house cleaner or cleaning service for a month or so before committing to a long-term agreement.

• Inquire about fees. It’s a good idea to ask about any potential extra fees so you don’t hit with any surprises. Some cleaning services may tack on a processing fee if you pay with a credit card vs. direct deposit.

• Look for promotional deals. Cleaning services will occasionally run specials. They may also offer package deals and referral bonuses.

• Tidy up before they come. Keeping your house orderly in between appointments allows the hired cleaner to perform more efficiently.

Recommended: How to Set and Reach Savings Goals

The Takeaway

If your messy home is stressing you out, a cleaning person or service can take some of the weight off your shoulders. As long as you can justify the extra expense, hiring a professional can make your home look great and improve your mood, plus leave you with more free time to enjoy your favorite pursuits.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.50% APY on SoFi Checking and Savings.

FAQ

Are individual house cleaners better than cleaning services?

Both are good options if you need help cleaning your house. Typically, a cleaning person can be cheaper and is someone you see regularly and can build a relationship with. A cleaning service, on the other hand, may be able to get the job done faster and may have more professional training and customer service.

Is it safe to hire a cleaning person or service?

To feel secure, it’s a good idea to get recommendations and references (and check them) for an individual cleaning person. Cleaning service companies generally vet their employees for you.

Should you hire a house cleaner if your house is not very dirty?

Whether to hire a cleaning person or not depends on how clean you want to keep your home, and how much time you are willing to personally spend on it. Even if you’re a regular duster, a house cleaner can help with larger tasks like cleaning the fridge and oven, heavy-duty vacuuming, and/or window washing.

Photo credit: iStock/Tatiana

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.

The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with direct deposit activity can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.50% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.50% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

SOBNK-Q324-064

Source: sofi.com

Apache is functioning normally

September 7, 2024 by Brett Tams

For today’s luxury real estate buyers, renderings and floor plans just don’t cut it anymore.

While glossy sales galleries complete with model units meant to attract wealthy buyers have been the norm for years, some savvy developers are now raising the bar, offering more than just a glimpse of what life will be like in their under-construction condos.

They’re granting buyers immediate access to exclusive amenities — think private docks, golf courses, and even concierge healthcare services — well before the homes are move-in ready.

And for buyers, the chance to “test-drive” these perks long before they settle in offers the ultimate in instant gratification.

Like Fancy Pants Homes’ content? Be sure to follow us on Google News

Million-dollar perks for buyers to enjoy before their luxury condos are even built

Photo credit: Binyan Studios / Olara

For example, one West Palm Beach condo is completing a dock on the Intracoastal Waterway this summer. The idea is for buyers to have the opportunity to get on the water and enjoy the excursions and seafaring experiences now, well in advance of the completion of their condo.

Down in Miami, another condo development is bundling residence purchases with golf access and other social memberships so their future residents can dine at the property’s onsite restaurant and watch their tower rise over the Greg Norman-designed, 18-hole championship golf course — which is already open for those who’ve signed on to buy condos in the building.

In West Palm Beach, a luxe condo building is attracting residents with wellness-centered amenities

Photo credit: Binyan Studios / Olara

Olara, a 275-unit luxury condo building that’s currently under construction in West Palm Beach, is already making some of its upscale amenities available to future residents.

Once completed, the 26-story waterfront building will offer an impressive suite of amenities, including a private marina, a 30,000-square-foot celebrity chef-helmed restaurant, and a wealth of wellness-centered amenities. That includes a world-class fitness center designed by The Wright Fit, large indoor and outdoor fitness spaces (like an open-air yoga deck and performance training zones), sauna, steam, and treatment rooms, meditation spaces, and so much more.

And while many of the spaces are still being built, Olara buyers already have access to a select number of amenities.

“Even while construction is underway, future residents of Olara can enjoy a number of amenities and services before move-in,” says Andrew Kurd, Co-Chief Investment Officer at Savanna, the company behind the luxury condominium project.

Olara has been seeing great feedback so far from buyers

Photo credit: Binyan Studios / Olara

Future Olara residents have already started taking advantage of their complimentary membership with Sollis Health, the premier healthcare concierge. They have access to both Sollis’ flagship location in the Palm Beach area and the health provider’s other locations around the country. And the response so far has been positive, Kurd tells us:

“Life at Olara is centered around a wellness-focused residential experience, and we’ve heard so many positive testimonials so far from buyers who have already begun taking advantage of their complimentary membership with Sollis Health through our exclusive partnership.“

“With so many different locations across the country including a convenient Palm Beach site, they have the services and expertise of some of the most highly acclaimed medical professionals at their fingertips, whether they need a flu shot or last-minute doctor visit.”

The private dock is almost complete

Photo credit: Binyan Studios / Olara

Soon to add to the list of ready-to-enjoy amenities is a dock on the Intracoastal Waterway that’ll allow Olara buyers to get on the water and enjoy the excursions and seafaring experiences now, well before their condo is even completed.

“We’re currently also on track to complete our private dock, which will include resident-only boat slips and two boats for exclusive use by residents right on the Intracoastal Waterway, and once it’s finished in the fall, it will serve as yet another ‘early’ amenity for our residents since they’ll be able to frequent the dock for private excursions such as fishing and even seafaring experiences to Palm Beach Island,” Andrew Kurd tells us.

“They’ll also appreciate being able to watch their future home rise from our boat on the water as it becomes part of West Palm Beach’s cityscape,” he added.

Over in Miami, another luxury condo building is banking big on golf

Photo credit: Shell Bay

Shell Bay, a world-class, 150-acre enclave in the Miami region, is taking a similar approach.

While their newest development, The Residences at Shell Bay — a 20-story, 108-residence condominium tower designed by famed Miami-based architect Kobi Karp — is currently being built, select luxe amenities are already being offered to buyers. And they’re banking on golf to attract residents.

Norma-Jean Callahan, Executive Director of Luxury Sales for The Residences at Shell Bay, explains:

“In South Florida, the undersupply and growing demand for golf has been well documented over the past few years. A last-of-its-kind opportunity, Shell Bay will be delivering the only new private course in 25 years to the Miami area with an 18-hole, Greg Norman-designed championship course,” Callahan says in an exclusive quote for Fancy Pants Homes.

Shell Bay buyers get instant access to the golf club — which includes a Greg Norman-designed championship course

Photo credit: MARCH / Shell Bay

“Once buyers have signed contracts for their residence and Golf Membership, they’ll gain instant access to our Golf Club including our training facilities while construction for the forthcoming Residences at Shell Bay is still underway,” Norma-Jean Callahan tells us.

“They can watch their future condo rise during each week’s round of golf.”

Shell Bay’s 18-hole, Greg Normal-designed Championship course is one of the longest in South Florida and also features a two-acre practice facility, including a nine-hole par three course.

But there are so many more perks to enjoy

Photo credit: Shell Bay

Other sporting and recreational amenities apart from the golf course include a private yacht club with a 48-slip marina and a premier racquet club including four Grand Slam tennis courts, pickleball courts, padel courts, a basketball court, batting cages, and a children’s discovery playground, among many other top-tier amenities.

“Shell Bay also offers access to other elevated amenities and services such as its Yacht Club featuring a private marina, a Racquet Club with all four Grand Slam surfaces with Pickle and Padel courts, and an Auberge spa,” says Callahan.

“Our future residents can enjoy comfort food favorites and signature weekly rotating dishes from our private, members-only restaurants helmed by Michelin-starred Chef Julien Jouhannaud.”

More stories

Luxury real estate flourishes amid Boca Raton’s economic boom

What the most expensive house in the U.S. could look like: the $295M Gordon Point estate in Naples, Flordia

26 Jaw-dropping Miami-area mansions that will make you want to move to Florida

Source: fancypantshomes.com

Apache is functioning normally

September 6, 2024 by Brett Tams

American Express has partnered with Knot (an Amex Ventures portfolio company) to launch a pilot test run of card of file at select merchants as Bloomingdale’s, Hilton and Macy’s. Cardholders that are included in the pilot are able to automatically add their ‘card-on-file’ at the participating merchants. This is the combination of two technologies:

Knot’s CardSwitcher™, which lets customers change their payment methods easily with different merchants without the need to enter their Card.
American Express proprietary technology, which enables customers to share their payment data securely with their permission

Can’t really see these sorts of things taking off if they are restricted to a single payment network/card issuer.

Source: doctorofcredit.com

Apache is functioning normally

September 6, 2024 by Brett Tams

Earning an MBA, or a Masters of Business Administration, degree can increase your salary, teach you specialized skills, and provide you with new career opportunities. But getting your MBA is expensive, with an average cost of $62,600 for a two-year program vs. $59,684 for a master’s degree in general. A degree from a top-tier school can be considerably more, with tuition and living expenses totaling $200,000 for the program.

Just how big of an MBA pay increase you’ll get in return depends on a number of factors, including the school you attend, the field you’re in, and your previous work experience. Here’s what to know about an MBA salary increase and how much you might expect to receive.

Value of an MBA Degree

An MBA degree can make you more marketable to employers, which can in turn help you land a better job and a higher salary, research shows. And while earning your degree can come with a hefty price tag, taking out MBA loans is one option to help you pay for it.

The median starting salary of recent MBA graduates in the U.S. is $120,000, according to the 2024 Corporate Recruiters Survey from the Graduate Management Admission Council (GMAC). That’s significantly more than the $69,320 starting salary of grads with a bachelor’s degree. Knowing how much you might earn could help you determine if an MBA is worth it.

An MBA can also help you advance in your career. The majority of employers in the GMAC survey said that MBA grads typically perform better and move up the ladder faster than other employees. That places them in high demand in the workplace. One-third of employers from across the globe reported that they plan to hire more MBA graduates in 2024 than they did in 2023.

Average Salary Increase with an MBA

Overall, MBA grads reported a median salary increase of 33% after earning their degree, according to the GMAC’s most recent Enrolled Students Report. Full-time MBA students had a 42% increase in salary, while those who worked and studied for their MBA at the same time said their salary increased by 29%.

However, the amount your salary might increase once you have an MBA depends on the field you’re in. Here’s a closer look.

Salary By Industry and Job Function

The following industries tend to pay well for those who have earned an MBA, making them some of the best jobs for MBA graduates.

Finance

Many MBA grads pursue a career in finance, and it can be lucrative. The average salary for an individual with an MBA in finance is $145,257, but the amount can be as much as $195,000, and that’s not counting possible commissions and bonuses.

Technology

Another hot field for those with an MBA is technology, especially as AI becomes more prevalent. The average salary for MBA grads in tech is about $118,000 a year. However, your MBA salary increase could run higher still and may even include a signing bonus.

Consulting

Those who work as consultants and have their MBA average about $83,797 annually, but the base pay can be as much as $117,000. A consultant’s salary may go up dramatically within a few years, especially if they work at a big firm.

Healthcare

Healthcare management is a popular job for MBA graduates. The average earnings are $88,000 per year, although it’s not uncommon for those in healthcare management to bring home a six-figure salary.

Marketing

After graduating with an MBA in marketing, your annual earnings will be approximately $130,721 on average, and they could be as much as $165,000. That’s well above the average marketing salary for those without a degree, which is $81,330.

Business

The salary for a business analyst with an MBA is $104,629 a year, although it can be as much as $128,000.

Accounting

If you earn an MBA in accounting, you could earn an average starting salary of $126,598. Your pay could even be as high as $166,000.

Factors Influencing MBA Salary Potential

In addition to the field you choose to work in, how much you’ll earn after getting your degree is influenced by such things as the MBA program you choose and your previous work history and salary.

These are the three major factors that can affect MBA salary potential.

School Reputation and Rankings

Although it’s likely to be pricier, going to a top-rated school to get your MBA can pay off in multiple ways. These schools tend to have robust networking programs and employer recruitment opportunities. Some colleges may help prospective graduates find internships and jobs. Also, grads from top 10 schools tend to earn more than those who attend other programs.

Before applying to an MBA program, do your research to see where recent alumni have ended up and which companies have recruitment relationships with the school. For instance, certain coveted employers might always attend a particular school’s job fairs. If a university has connections to companies you might be interested in working at, you may want to apply to their MBA program.

Specialization and Concentration

Every MBA program offers different classes, internships, and hands-on opportunities, and it’s important to look for ones tailored to your goals and career path. Choose a program with specialized concentrations in the field you’re most interested in. For instance, some MBA programs specialize in healthcare while others focus on finance.

If you’re currently in a field that you want to pivot out of — moving from marketing to consulting, say — an MBA could help with career change without going back to an entry-level job.

Work Experience and Performance

The more work experience you have, the more likely you are to score a higher salary once you get an MBA. This is especially true if that experience is relevant to the area of study you’re pursuing. Most people going for their MBA have about five years of experience on the job. And some MBA programs require students to have a certain number of years of work experience before they apply.

Your work performance is also a key factor in what you might earn after you obtain your degree. As mentioned above, employers in the GMAC survey found that MBA grads tended to be better performers on the job. High achievers are more likely to command a higher salary.

Maximizing Your MBA Salary Prospects

In addition to choosing the right MBA program, there are other steps you can take to land a good job and a higher salary when you graduate. Here are a few strategies that can help you get ahead.

• Take advantage of networking opportunities. Get to know your fellow classmates and connect with teachers and faculty members. Go to school gatherings, job fairs, and networking events. Find people who are in the field you’re in, and get to know them.Then make a point to stay in touch with the contacts you make. These people can be valuable resources over the course of your career.

• Apply for internships. Many MBA schools offer internship programs, and they typically expect students to take advantage of them if possible. An internship can give you real-world experience and also connect you to key contacts who may be able to help you find a job when the time comes.

• Seek out alumni. Make a list of the companies you’re interested in working for, and then search out any alumni of your school who work there. Ask to meet with them for coffee or an informational interview. Solicit their career advice. If you make a solid connection, they may keep you in mind for future job openings.

Choosing the Right MBA Program

It’s important to find an MBA program that fits your interests and goals. Look for programs that offer concentrations in the areas and fields you want to pursue. Then review the curriculum and the courses offered to make sure they appeal to you.

In addition, learn where graduates of the MBA program have ended up. What companies do they work for and what kinds of jobs do they have? You might even reach out to ask how they felt about the program and if they would recommend it.

Location

Where the school is located is also a prime consideration. If you’re working and going to school at the same time, you’ll need to find a program in your area. You could also explore top online MBA programs if you want to take advantage of a particular school’s offerings when you’re unable to attend it in person. These programs tend to cost $10,000 less than in-person ones, but you may miss out on networking opportunities.

If you’re a full-time student and you have the opportunity to move to attend school, you could choose an MBA program near the area where you hope to work. For instance, if you’d like to be employed in Silicon Valley, a school nearby might be a good choice for you. It may be easier to get an internship there as well as a job after graduation.

Cost

Of course, the cost of an MBA program is likely to be one of the most important factors in your decision. Beyond the tuition, find out the true cost of getting an MBA at any school you’re interested in. This includes living expenses, books, transportation, and so on.

How to Pay for Your MBA

There are a number of ways to pay for your MBA, such as scholarships, grants, and student loans. You may want to consider both federal and private student loans. Federal loans include Federal Direct PLUS loans for graduate students from the Department of Education. The maximum amount you can borrow with these loans is the cost of attendance, which is determined by the school minus any other financial aid you may have, and the loan’s interest rate is fixed.

Private student loans may have fixed or variable rates, and the MBA loan rates you might qualify for depend on your credit history, among other factors. These loans are offered by banks, credit unions, and online lenders. Be aware, though, that with private student loans, you will not have access to the same federal protections and programs you would with federal loans, including income-driven repayment plans. Also, if you refinance federal student loans with a private loan, you could pay more interest over the life of the loan, depending on its rate and term length.

Recommended: Scholarship Search Tool

The Takeaway

Earning an MBA may help you fulfill your career dreams and earn a higher salary. Research shows that the degree can increase your salary by about 33%, depending on such variables as the school you attend and the field you work in. But getting an MBA can be costly, averaging more than $60,000 for a two-year program, up to $200,000 for top-tier schools. So you’ll want to weigh the pros and cons.

If you decide that earning an MBA makes sense for you, there are ways to help cover the costs and develop a solid budget. You can explore all options, including scholarships, grants, and federal and private student loans, as well as refinancing your existing loans.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.

FAQ

What is the average starting salary with an MBA?

The median starting salary with an MBA is $120,000, according to the Graduate Management Admission Council’s 2024 Corporate Recruiters Survey. That’s far higher than the $69,320 starting salary of graduates with a bachelor’s degree.

Is an online MBA worth the investment?

Whether an online MBA program is worth the investment depends on the program you choose and what you hope to get out of it. Online programs offer greater flexibility and are typically less expensive than in-school programs. According to one estimate, online MBA programs tend to cost about $10,000 less. However, with an online program, you may not have access to all possible networking opportunities or the opportunity to speak with professors face to face. You may also feel less connected to the school and the overall experience.

How long does it take to recoup MBA program costs?

How long it takes to recoup MBA program costs is different for everyone, depending on the price of the program and the salary increase they enjoy after earning their degree. According to the Graduate Management Admission Council, it takes grads of two-year full-time MBA programs about three and a half years of working to recoup the cost. Those who enroll in online MBA programs recoup the cost in about two and a half years of work.

Photo credit: iStock/Xavier Lorenzo

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Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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Source: sofi.com

Apache is functioning normally

September 6, 2024 by Brett Tams

Are you looking for the best side hustles for moms? Being a mom is a full-time job, but that doesn’t mean you can’t make extra money on the side if you need to. Balancing work and family life can be tough, but finding a side hustle that fits your schedule can make it easier. Whether…

Are you looking for the best side hustles for moms?

Being a mom is a full-time job, but that doesn’t mean you can’t make extra money on the side if you need to. Balancing work and family life can be tough, but finding a side hustle that fits your schedule can make it easier.

Whether you need to make money to pay the bills, if you’re looking to save for a vacation, or if you simply want to save more money, there are many side hustles that may fit what you’re looking for.

I am a mom and I have done many of the side jobs listed below. Some can be part-time, others full-time, so there is probably something on the list below that can work for you.

Best Side Hustles for Moms

Below are the best side hustles for moms.

1. Blogging

Blogging is a great way for moms to make money from home. It is what I personally do so that I can work from home and spend more time with my daughter.

For me, blogging lets me travel whenever I want, work on my own schedule, make good money, write about topics I enjoy, and I really love having a blogging business.

I started Making Sense of Cents in 2011, and since then, I’ve made over $5,000,000 from my blog. When I began, I had no idea it would turn out to be one of the best jobs for stay-at-home moms. Now, I am extremely grateful for this – and it all started as a side hustle!

One way to earn money with a blog (and this is my favorite way) is through affiliate marketing. This means you recommend products and get paid when someone buys through your link. It’s like earning a commission for sharing products you use and enjoy.

Another way to make money is by placing ads on your blog. As your blog gets more visitors, you can earn money from the ads.

Writing sponsored posts is another option. Companies pay you to write about their products or services (it’s a good idea to choose products that you believe in and that fit your blog’s theme).

Blogging takes time and effort, but it can be very rewarding. You get to be creative, connect with others, and make money doing something you love.

You can learn more about how to begin in my free How To Start a Blog Course here.

2. Sell printables

Selling printables on Etsy can be a great side hustle for moms. You can make extra money by creating and selling digital items like planners, calendars, and worksheets.

All you need is a computer and some design software, and you can work on it at your own pace and from the comfort of your home.

You don’t have to spend any money to start selling printables either.

This is a great way to make money from home because you only need to create one digital file for each product, and you can sell it as many times as you want. You don’t have to print or ship anything. Instead, you create the digital file, and the customer downloads it and handles the rest after buying it from you.

You can learn more at How I Make Money Selling Printables On Etsy.

Do you want to make money selling printables online? This free training will give you great ideas on what you can sell, how to get started, the costs, and how to make sales.

3. Proofreading

Proofreading is a great way to make some extra money from home. If you have an eye for detail, you can get paid to spot errors in text.

You don’t need a special degree to start proofreading. Many online companies hire beginners and this means you can get started without lots of experience. Plus, you can build up your skills and portfolio as you go.

The pay can vary. Some proofreaders earn $1,000 a month, while others make six-figure incomes. It depends on how much you work and your experience level. You can do this full-time or just as a part-time gig.

I know several proofreaders (who are moms) who started proofreading as a side hustle, and now it’s their full-time job. So, you can spend as little or as much time as you want growing this job.

You can learn more at 20 Best Online Proofreading Jobs For Beginners (Earn $40,000+ A Year).

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This free training teaches you how to start a proofreading side hustle (and how to earn $1,000+ per month!), even if you are brand new and don’t have any previous proofreading experience.

4. Bookkeeping

Bookkeeping is a great side hustle for moms. It’s flexible and can be done from home.

Bookkeepers keep track of financial records for businesses. This includes recording transactions and balancing accounts.

Before you pass this by because you think you’re not qualified, you might be surprised to know that you don’t need to be an accountant or have any experience. Becoming a virtual bookkeeper is something you can learn from home.

You can learn more at How To Find Online Bookkeeping Jobs.

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This free training will show you how to start a profitable bookkeeping side-hustle in the next 30 days—even if you have no prior experience!

5. Print-on-demand

Print-on-demand is a great side hustle for moms.

You can create your own designs and sell them on items like T-shirts, coffee mugs, and tote bags. Websites like Etsy make it easy to set up your own shop.

There’s no need to buy supplies or handle shipping. The print-on-demand company (like Printify) takes care of that for you. This means you can focus on being creative and taking care of your family.

Many moms find this side hustle to be simple and rewarding. You can work on it during nap times or after the kids go to bed. If you love designing, this can be a perfect fit for you.

You can learn more at How I Make $1,500 Monthly With My Print-On-Demand Business.

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This freebie will teach you about print-on-demand as well as give you a list of 17 hot-selling products you can sell via print on demand.

6. Run a dog treat bakery

Starting a dog treat bakery can be a fun and profitable side hustle. You can begin this business right from your kitchen so it’s perfect for moms looking to make some extra money.

This side job can be very flexible. You can choose to keep it small and earn $500 to $1,000 a month. Or, if you have more time, you can scale it up and make even more.

You can learn more at How I Earned Up to $4,000 Per Month Baking Dog Treats (With Zero Baking Experience!).

Plus, you can sign up for this free training workshop that teaches you the small business plan for starting your own pet bakery.

7. Online survey taker

If you’re a mom looking to make some extra money from home, taking online surveys could be a side hustle.

Companies pay for your opinions on their products or services, which helps them improve and stay competitive. This side hustle is flexible, allowing you to fit it around your busy schedule, whether during nap times or after the kids go to bed.

No, you will not get rich taking surveys (this is not a lucrative side hustle, but it is very flexible!), but you may be able to earn around $50 to $100 per month by answering several surveys each week.

Surveys are almost always done online, and you’ll usually be answering multiple-choice questions or typing in quick answers about your daily life, like where you last shopped. To get started, you can sign up for several survey sites.

Some popular survey sites include:

American Consumer Opinion
Survey Junkie
Swagbucks
InboxDollars
Branded Surveys
Prime Opinion
Five Surveys
PrizeRebel
IncomeFindr
User Interviews

While some surveys pay just a few cents, others can pay up to $20 or more, depending on how detailed and complex they are. This makes it a convenient way for moms to earn a little extra income in their spare time.

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Swagbucks is a site where you can earn points for surveys, shopping online, watching videos, using coupons, and more. You can use your points for gift cards and cash.

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Once you complete five surveys, you’ve earned $5, which you can cash out using the payout options offered by the site (such as PayPal cash and free Amazon gift cards).

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Prime Opinion is a survey website that helps people to earn extra money by sharing their opinions at home. It’s a simple survey site to use: you share your thoughts, and they pay you for them.

8. Virtual assistant

A virtual assistant (VA) can do many tasks from home and this is a popular side hustle idea for moms. They may manage emails, set up appointments, create social media posts, handle customer service, and more. Many small businesses need help with these jobs.

Becoming a VA doesn’t require a lot of training. You just need good organizational skills and a reliable internet connection.

A big advantage of being a VA is flexibility. You can set your own hours and work when it’s best for you, so this makes it a perfect side hustle for busy moms.

You can learn more at Best Ways To Find Virtual Assistant Jobs.

9. Social media manager

Being a social media manager is a great side hustle for moms.

Many businesses need help with their social media accounts because they don’t have the time to keep up with posting and replying to messages, or they simply don’t have the expertise.

Tasks might include creating posts, scheduling them, and interacting with followers. Social media managers might also run ads and analyze their performance.

It’s a flexible job you can do from home, making it perfect for busy moms.

10. Affiliate marketing

Affiliate marketing is a great way for moms to make extra money.

With this side hustle, you promote products or services online. When someone buys through your link, you earn a commission.

You can get started by choosing products you like and trust. This makes it easier to talk about them. People will feel your enthusiasm and trust your recommendations.

Many moms start with their own blogs. You can write about things you know and enjoy. Topics like parenting, cooking, or fashion are good choices. You can add affiliate links in your blog posts where they fit naturally.

Social media is another place to use affiliate marketing. Sharing links on Instagram, Facebook, or Pinterest can reach a lot of people.

Affiliate marketing is flexible. You can do it at your own pace and schedule, so this is perfect if you have kids and need to work around their needs.

For me, I love affiliate marketing and I think it’s one of the best ways to make money online. I especially like how I can do work up front and make money years down the line from older blog posts. So, it is kind of like a form of semi-passive income.

If you want to learn more about affiliate marketing, I recommend signing up for Affiliate Marketing Tips For Bloggers – Free eBook.

11. Online tutoring

Online tutoring is a great side hustle for moms. You can teach different subjects from your own home and this flexible job allows you to set your own hours.

If you love math, science, or another subject, there are students looking for help. You don’t need to be a certified teacher, but having a good grasp of the subject is important.

Online tutoring also pays well. Average rates can range from $10 to $30 per hour, depending on the subject and your experience.

12. Pet sitting and dog walking

If you love animals, pet sitting and dog walking could be the perfect side hustle for you.

Pet sitting is when you look after a pet while the owner is away. This could mean feeding, playing with, and sometimes even staying overnight with the pet.

Dog walking is a bit different. You take dogs for walks, making sure they get exercise and fresh air.

Both of these jobs are flexible. You can take on as many or as few clients as you want. This makes it easy to balance with other responsibilities.

My husband’s mother is a dog walker and pet sitter on Rover (the popular dog walking app), and it always seems like she loves this side hustle. She really likes dogs, so it looks like fun to me.

You can learn more at 7 Best Dog Walking Apps To Make Extra Money.

13. Sell handmade crafts

Selling handmade crafts is a fun and creative way to make money as a mom. You can use your skills to create unique items that people love.

There are many types of crafts you can sell. Items like handmade jewelry, painted mason jars, or knit blankets can be very popular. If you’re good at sewing, you can make and sell upcycled clothing or custom pieces.

Selling classes or workshops is another option. If you’re skilled at a particular craft (like knitting), teaching others can be a rewarding side hustle.

You can learn more at 16 Best Things To Sell On Etsy To Make Money.

14. Transcribing

Transcribing is a great side hustle for moms working from home. This is where you transcribe audio files into text for clients.

To start, you only need a computer and good listening skills. Some companies hire beginners, so you don’t need experience.

The pay can vary. Some jobs pay per audio minute, while others pay per audio hour. Usually, though, you can make around $10 to $20 per hour.

Platforms like Rev, Scribie, and CrowdSurfWork are good places to begin.

Transcribing can be done at any time of day, making it flexible for moms. This makes it easy to fit around your family’s schedule.

You can learn more at 18 Best Online Transcription Jobs For Beginners To Make $2,000 Monthly.

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In this free training, you will learn what transcription is, why it’s a highly in-demand skill, who hires transcriptionists, how to become a transcriptionist, and more.

15. Photography

Photography can be a great side hustle for moms, and I personally know a few photographers who have very successful photography careers and are also mothers!

This is something you can learn, such as by shadowing another photographer or by taking classes in person or online. As you get better, you can sell your services to others. Portrait photography is a popular choice, such as with taking photos of families, kids, or even pets.

Event photography is another option. Birthdays, weddings, and parties usually need a photographer.

You can also sell your photos online. Websites like Shutterstock or Etsy allow you to earn money from your images. This way, you can work from home and on your own time.

You can learn more at 18 Ways To Get Paid To Take Pictures.

16. Clean homes

Cleaning homes can be a good side hustle if you enjoy tidying up. Many people need help keeping their houses clean but don’t have the time to do it themselves.

You can set your own hours, making it easy to fit into your daily schedule. You can start by selling your cleaning services to friends and family. Once you get some experience, you can expand your client base.

You don’t need much to start. Basic cleaning supplies and a positive attitude can go a long way. You can also charge by the hour or by the job, whichever works best for you and your clients.

I know several mothers who clean homes in their free time, and they like how they can find homes to clean that fit into their schedule (so, it can be flexible!).

17. Baby equipment rental

Renting out baby equipment can be a great way for moms to make extra cash. Many mothers likely already have a bunch of different baby items at home, so they can make money with them when they are not being used.

Platforms like BabyQuip help connect you with families who need baby gear when they travel. You can rent out items such as strollers, cribs, car seats, and even toys.

You earn money based on how often your items are rented. The more popular the equipment and the busier the travel season, the more you could earn.

Some top providers make over $10,000 a month by renting out baby gear (at this level, they are definitely buying things with the sole purpose of renting them out, though, and not just renting out things they have just laying around their homes).

18. Book author

As a mom, becoming a book author can be a great side hustle. You get to share your stories or knowledge while working from home.

You can write about anything that interests you. Whether it’s a children’s book, a novel, or a guide on something you know a lot about, there’s a place for your work. You could even write romance novels!

Income from book sales can vary. New authors might see $0 to $500 a month, while experienced authors can make between $1,000 and $10,000 per month.

Writing a book does take time and effort. You might need to write during nap times, after the kids go to bed, or when they are in school.

19. Real estate agent

Becoming a real estate agent can be a great side gig for moms. You get to help people buy, sell, or rent properties. You can set your own hours, which is perfect for balancing work and family time. Plus, the more properties you sell, the more money you can make.

You can start part-time and grow your business as you gain experience. Real estate agents usually earn commissions, so your income can vary. It’s possible to earn a lot if you work hard and build good relationships with your clients.

20. Travel agent

Being a travel agent from home is a great side hustle for moms. You help people plan their trips, find the best deals, and book their vacations.

It’s ideal for moms who love to travel and know how to find great deals. If you have experience planning trips, this can be a rewarding way to earn money.

21. Freelance writing

Freelance writing is a great side hustle for moms, and I think it’s one of the most realistic jobs for stay-at-home moms. It lets you work from home on your own schedule, so if you love to write, this could be a perfect fit.

You can write many things like blog posts, articles, or website content. The pay can start from around $50 per article but can go up to over $1,000. As you gain more experience, you might earn even more.

One big advantage of becoming a freelance writer is the flexibility. You can work when your kids are napping or busy with activities. This makes freelance writing great for busy moms.

You don’t need a lot to start either, which is nice. A computer and internet connection are enough.

I have been a freelance writer for years, and I think it’s a great way to make money as a mom.

You can learn more at 14 Places To Find Freelance Writing Jobs – (Start With No Experience!).

Time Management Tips for Moms

As you may have noticed above, there are a lot of different side hustles for moms.

But, how can you fit them into your already busy schedule?

I get it. Being a mom is hard work, and you may feel scattered already.

Managing time can be tough for moms who have a lot to handle. Here are some simple tips to help you stay organized and use your time wisely.

Creating a schedule

I recommend that you start by creating a weekly schedule. Write down everything you need to do, like work, family time, and personal tasks. You may want to use a planner or a digital app to keep it all organized.

Then, allocate specific times for your side hustle. It could be during your child’s nap time or after they’ve gone to bed. Consistency helps in sticking to your plan.

Don’t forget to schedule some “me time.” Whether it’s reading a book or going for a walk, taking breaks can help you recharge.

Review your schedule at the end of each week. Adjust what didn’t work and keep improving. This way, you’ll find a rhythm that suits you best.

Balancing work and family

Balancing work and family is important. I recommend that you set clear boundaries between work time and family time. Let your family know when you’ll be working on your side hustle so they can respect that time.

You may want to find activities for your children that don’t need constant supervision. This can give you pockets of time to focus on your tasks.

Another way is to prioritize tasks based on importance. Use to-do lists to keep track of what needs to get done. Tasks with tight deadlines should come first. For me, I have a constant to-do list on my phone, and I find that helps me remember everything as well as prioritize everything that I have going on.

To balance work and family, you will want to remember to have family activities. Movie nights or game days can strengthen family bonds and make up for the time you are working. Quality time with family is just as important as work.

Time management is about finding balance and being flexible. What works for one mom might not work for another, so keep adjusting until you find what works best for you.

Frequently Asked Questions

Below are answers to common questions about side hustles for moms.

How can moms make money on the side?

There are many ways for moms to make money on the side, such as starting a blog, selling handmade crafts, selling printables on Etsy, proofreading, bookkeeping, freelance writing, tutoring, dog walking, photography, and more.

What are some flexible ways for moms to earn money at home?

There are many ways for moms to earn money from home. They could start a bookkeeping business, sell online courses, start a blog, transcribe, or even work with print-on-demand services to sell custom-designed items.

Can you list creative side jobs for stay-at-home moms?

Some creative side jobs for moms include blogging, making and selling printables, baking (and selling) dog treats, graphic design, voice-over work, and starting a YouTube channel.

How do working moms find time for side jobs?

Working moms can find time for side jobs by finding small pockets of time during the day, like when the kids are napping or after they go to bed. Using a planner can help organize your time and set achievable goals to keep on track.

What’s the easiest side hustle for moms with no previous experience?

Taking online surveys or becoming a virtual assistant are great options for moms with no prior experience. These jobs are easy to start and require little to no training.

How can a stay-at-home mom make $2,000 a month?

To make $2,000 a month, a mom could sell multiple services like bookkeeping, proofreading, or selling a range of products such as printables and crafts. Combining several side hustles can help you reach this goal. Or, you could focus on a single side job and spend more time on it.

How can a SAHM be financially independent?

A mom can definitely become financially independent. This is possible by diversifying their income streams. They can sell products online, sell freelance services (like writing or bookkeeping), or even invest some time into building a successful blog or YouTube channel.

How To Find Side Hustles for Moms – Summary

I hope you enjoyed this article on the best side hustles for moms.

Finding the right side hustle can make a big difference for moms who want to earn extra money while still focusing on their families.

Many of the side hustles for moms above have a lot of flexibility, the chance to work from home, and the opportunity to do what you love.

Whether you start a blog, sell handmade crafts, or become a virtual assistant, there’s a side hustle that can fit into your busy life.

What do you think are the best side hustles for moms?

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Source: makingsenseofcents.com