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Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions. In this episode:

Understand how first-gen Americans can achieve financial success with tips for balancing cultural obligations and wealth-building strategies.

How can first-generation Americans grow their wealth and protect their money? How can you set financial boundaries with family and friends while staying committed to your long-term financial goals? Hosts Sean Pyles and Kim Palmer discuss the unique financial challenges faced by first-generation Americans and immigrant families to help you understand strategies for achieving financial independence. They begin with a discussion of tips and tricks on managing dual financial pressures of supporting oneself and one’s parents and breaking cycles of poverty through self-compassion and financial education.

Jannese Torres, host of the personal finance podcast Yo Quiero Dinero, joins Kim to discuss the importance of building a strong financial support network tailored to individual needs. They discuss strategies for identifying trustworthy financial advisors, setting and maintaining financial boundaries with family and friends, and gracefully declining costly invitations in favor of ensuring long-term financial success. This episode is essential listening for anyone navigating cultural and familial obligations while striving for financial independence.

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Episode transcript

This transcript was generated from podcast audio by an AI tool.

Sean Pyles:

Welcome to NerdWallet’s Smart Money podcast. I’m Sean Pyles.

Kim Palmer:

And I’m Kim Palmer.

Sean Pyles:

On Smart Money, we are all about answering your money questions, and today we’re tackling an important one: How can first-generation Americans grow their wealth and protect their money? Kim, in her role as the host of our regular book club series, is here to guide the conversation. So Kim, who are you talking with?

Kim Palmer:

I am speaking with Jannese Torres, author of the new book, Financially Lit!: The Modern Latina’s Guide to Level Up Your Dinero & Become Financially Poderosa. She is also the host of the personal finance podcast Yo Quiero Dinero, and we are joined by my fellow Nerd Melissa Lambarena, a writer on the credit cards team, who also serves as an English and Spanish language spokesperson here at NerdWallet.

Sean Pyles:

Sounds great. Well, I will let you all take things from here.

Kim Palmer:

Great. Thank you. Jannese, thank you so much for joining Melissa and me today.

Jannese Torres:

Thank you so much for having me. Excited to be here.

Kim Palmer:

Let’s start with what’s unique about money for first-generation Americans and immigrant families. You write about how money is often not talked about, for example. Can you share some of those financial challenges that first-generation Americans often face?

Jannese Torres:

Absolutely. So I think at its core, it can start with something as simple as the language barrier. For many first-gen kids, we could be the family translators, oftentimes in financial situations. And so it’s not uncommon for us to take on the responsibility of helping our parents file their tax returns, navigate balancing a checkbook, or any number of other financial tasks that, for folks who can speak English, it’s just so much easier to do that.

So that’s one thing. But then I think there’s a lot of, maybe I would call them cultural nuances, that make the financial industry and first-gen communities kind of be at odds in a way. And I think some of that comes from the fact that there is this lack of culturally competent education and information oftentimes. It’s really even really hard to find alternate language content from a banking institution or a financial institution.

And also, there’s a lot of trauma associated with finances, especially if your parents have come from another country where maybe the economic situation is not as stable. There’s a big mistrust of financial institutions. So a lot of those things can compound in a way that make us very fearful of money and also the institutions that control it.

Melissa Lambarena:

I can definitely relate to that as a first-generation American, having to help my parents with a lot of these, figuring out different documents and a lot of these financial questions. Another thing that impacts us is that we might have to save for our own future, but also support parents who lack retirement savings in the present. And this is something that you talk about in your book. What do you see or want for people who find themselves in this situation?

Jannese Torres:

Well, I think first off, it requires a lot of self-compassion because what I find is there can be a lot of resentment and frustration amongst first-gen kids who feel like, well, why didn’t mom and dad do better? And it’s like we have to have the context and understand that they couldn’t do what they didn’t know. It’s not like financial literacy information is pervasive regardless of where you’re from, but especially when you’re from an immigrant community.

And so I like to refer to the oxygen mask analogy, for especially first-gen kids, because at the end of the day, the foundation that you are building as a wealth builder is only going to be as stable as you make it. If you overextend yourself or just find yourself continuously helping everybody else, but at the expense of your own future self, then it’s just going to perpetuate this cycle of poverty and struggle and feeling like we keep working towards a goal that we never actually achieve.

So I do recommend that folks prioritize their own financial stability. But then also, if you know that you’re going to be in a position to have to financially take care of someone, start having those conversations early and often so that you can start to understand the scope of what that’s going to look like and then make a plan accordingly.

Kim Palmer:

In the foreword of your book, it notes that a lot of personal finance publishers really have a blind spot, and they’re mainly writing for wealthy, white older readers. When did you realize the need for a podcast and a book like yours, and what kind of questions do you get from listeners that they might not hear anywhere else?

Jannese Torres:

I’ve been consuming personal finance content since 2016. And after about three years, I realized that the voices just didn’t 100% resonate with my lived experience as a first-gen Latina. And so that’s when I decided to stick my foot in and decide to launch the podcast, which inevitably led to my opportunity to write this book.

It’s definitely been inspired by the numerous conversations that I’ve had on the podcast where folks feel a lot of imposter syndrome for wanting wealth, a lot of fear because there is that lack of knowledge and a lack of trustworthy resources that we can go to, to learn more about this information. And I have found that it really moves the needle when people can hear stories from folks that they can resonate with.

And that’s why I think it’s so important to have that cultural context when we’re talking about money. Because for example, I think a lot of the mainstream personal finance content is very individualistic-based, especially here in America. Whereas for a lot of communities of color, it’s not unheard of to have multigenerational households where people are contributing collectively towards financial goals.

And just the idea of the bootstraps narrative and picking yourself up and working hard, but just for yourself, it doesn’t really align with how we operate most often in our communities.

Melissa Lambarena:

And financial trauma is something that you approach in your book that is often not seen across many personal finance books. Is this something that is left out of other personal finance books, and how can people get to the root of their financial trauma to make progress on their financial goals?

Jannese Torres:

I mean, I think the whole conversation around mental health and money is something that it needs to be more prevalent. Because I’ve found time and time again that it doesn’t matter if you tell somebody what they should be doing, whether it’s budgeting, saving, or investing — if they have mental health issues and financial trauma, that is going to prevent them from taking those steps. And so getting to the root of your money beliefs is a critical part of this whole journey.

For me, it was really important to include that information in the book. One of the things that I do is I walk readers through understanding where those narratives that we have internalized come from. If you have a perception that wealth is somehow intrinsically bad or immoral, did you grow up in a household where maybe that was the messaging from a religious aspect? Or did you see your parents fighting over money, and so it makes you afraid to talk about it with your partner? All of those things are subconsciously impacting how we operate with money, and I think it’s important for folks to have that context because oftentimes there’s just this shame and guilt that we feel about us not being able to make progress. But you have to understand why you feel the way you do about money before you can start to change those narratives.

Kim Palmer:

I totally agree. I’m so glad that we’re having those conversations more now. I don’t know if you’ve noticed this too, but I do feel like in the personal finance space, people are willing to talk about the mental health side of things more. It seems like something that’s coming up more often.

Jannese Torres:

Absolutely. I think there is less of a stigma when it comes to just talking about mental health in general, but I think that has not necessarily been at the same pace depending on where you’re from. I think for especially communities of color, there still is a lot of stigma about first talking about mental health and then letting folks know that you might be working with a therapist.

So I think the more that we normalize these conversations, the less they’ll be taboo, and the more open that people can be. Because you often realize once you start talking to other folks, there’s a lot of people that are going through the same exact emotions, and it just helps you feel less alone when you know that there are safe spaces where you can talk about this.

Kim Palmer:

Yes, absolutely. You also write about the importance of making yourself more financially secure with multiple income streams. And I love your personal story with this, how your side hustle started with a blog. So I’d love if you can share how your own side hustle helped you after an unexpected job loss and why it’s so important to have those multiple income streams.

Jannese Torres:

So I consider myself an elder millennial. I graduated about six months before the Great Recession. And so even though I went to school and got a degree in order to “get the stable job,” I did not experience that as soon as I got into the workforce. I found a lot of folks having unexpected layoffs.

And seeing especially people who had dedicated 20, 30 years plus to a company and be walked out the door with nothing more than a thank you and a box to collect their things, I think that for me was a very jarring realization at a young age that maybe it’s just not so stable out here in the corporate world. I always had that in the back of my head that I did want to diversify my income.

And then when I got laid off in January of 2014, it was confirmation of all these feelings that I’d had about just not putting all your eggs in one basket when it comes to your financial stability. I had been dabbling with content creation with the blog in early 2013. And when I got laid off, I took a couple of months. Instead of rushing back to get another job, I decided to double down and really learn on how you could turn an online content-based blog into an actual business.

And so I started learning about things like affiliate marketing and brand partnerships and how do you put ads on your website. And so that led me down a rabbit hole of entrepreneurship, which led me into the personal finance space. It’s been a really interesting experience seeing how you can have the power to create your own income streams just with ideas that you come up with with your head.

I like to encourage folks to really take a look at their skill sets, whether those are personal or professional skills, and see how you can turn them into a side hustle. Because at the bare minimum, you’ll be able to make extra money to pay off debt or save and invest. Best-case scenario is you might be building your new career.

Kim Palmer:

For sure. And then, as you found, if your main job source or source of income disappears, you have that to fall back on.

Jannese Torres:

Absolutely. There’s just a sense of power that comes from knowing that nobody can mess with you financially, especially if you have different ways of making money.

Kim Palmer:

Yes, I love that.

Melissa Lambarena:

I think a lot of our listeners are going to be inspired by that story. It’s important to stay aware and just read up on what other people are doing out there. And on that note, some people might not want to quit their job if they enjoy what they do or they like having that security of a full-time job. In that situation, what are some options that people may have to create multiple income streams, and have you stumbled upon any success stories throughout your work?

Jannese Torres:

Well, I think that at the bare minimum, we should all be using some of our disposable income to invest. Because when it comes to making that sexy passive income that everybody wants to make, that’s the easiest way to do it. Creating an additional income stream through dividend investing and through capital gains, that’s number one. If you don’t have access to an investment account through your job, anybody who has earned income can open a traditional or a Roth IRA.

So just think about what those options are for you. It doesn’t have to be that you’re building a business. There’s folks who decide to purchase real estate, and that’s how they create a secondary income stream. There’s folks who decide not to buy physical real estate, but they can invest in REITs or real estate investment trusts and be getting paid monthly rental income just by being an investor.

There’s other ways to make money versus just starting a business. But I think it’s just, like I said before, not put all your eggs in a basket. And at the bare minimum, I think it’s really important, especially in this uncertain time that we’re living in, to think about bulking up your emergency funds just because it is taking longer for folks to find jobs if they do get laid off. And knowing that you don’t have to take the first offer and you have room to breathe and figure out what your next steps are, I think that’s something everybody should be thinking about.

Kim Palmer:

You also write about the importance of creating a support network for people when it comes to their money. Can you explain what exactly does that look like? How can we create that support network?

Jannese Torres:

Absolutely. So I did find myself at various points of my personal finance journey feeling unqualified to make decisions, whether it was thinking about am I ready to leave my job and take on entrepreneurship full time, or how do I start investing on behalf of my family, knowing that I want to be able to help them financially? And so in those scenarios, I needed a second opinion and I started working with a certified financial professional.

I’ve worked with an accountant now through my business. I have an attorney. So there’s different folks who are experts in their field who are going to be able to help you navigate moments where you just don’t feel like you have all the information that you need. And I think it’s important to know that you don’t have to figure all of this out alone, and oftentimes you probably shouldn’t.

Like in the case where I was thinking about creating an estate plan, I did not feel comfortable taking on some DIY template and hoping that that was going to pass the bar in the event that I needed to use it for legal purposes. And so in that instance, I decided to seek out an estate planning attorney to help me figure that out. So I think it’s just important for you to know there are people out here who can help answer these questions so that you don’t feel this overwhelming pressure to figure it all out yourself.

Kim Palmer:

For sure. One thing you write about, too, though is that it can be hard to know who you could trust, and you talk about the importance of boundaries and what to do when family members ask you for money. And today on social media, when there’s people who call themselves experts talking about all kinds of things, how do you decide who you can trust in this scenario when you’re trying to build your own support network like that?

Jannese Torres:

I think it’s important to trust, but verify. So not just taking all of your information from a single source. There’s so many different places to learn about personal finance that I like to diversify my education the same way that I like to diversify my income. Doing your due diligence, making sure that you are researching somebody just to understand what information is out there about them.

When we’re talking about financial professionals, there are certification boards and different places that you can look for, making sure that they are still in good standing. I like referrals too. There’s something about working with someone who has a direct relationship with someone that you know. That can be a good strategy. Also, going online and searching for reviews.

There’s no such thing as too much research when it comes to figuring out who you can trust. And I like to think that people naturally reveal themselves after a certain amount of time, so be on the lookout for that too.

Kim Palmer:

Yes. I like that phrase that you used about diversifying your education and your sources. That makes a lot of sense.

Melissa Lambarena:

It’s also important to gather support for your financial goals, and that’s something that you talk about in your book. Some family members or friends may not understand what we’re trying to do, and setting boundaries around money can help you fulfill those goals that you might have, whether it’s to save or get out of debt. What are some ways that you’ve had to navigate this and what advice can you share with our listeners?

Jannese Torres:

I think the first thing is to understand that it’s not going to be very productive to ask someone for directions to a place that they’ve never been. When I say that, I mean, if you were the first person to be investing in the stock market, it’s probably not going to be very productive to talk to your family about this if nobody’s doing it. And so just the idea that you can create your own community of support, I think it’s an important thing to consider.

Because most often we look to the people that we already know to validate what we’re trying to do and to understand, and it’s not necessarily their job. It’s your job to understand the mission that you’re on and then to rally the troops, if you will, create community, whether that’s in person or online. I have found an incredible community of entrepreneurs who support me from all over the world online.

And it’s the same thing with being a first-gen wealth builder. When you start talking about this stuff, you’ll naturally find the people who are aligned with where you are and where you’re trying to go. And so I think it’s just important that you don’t necessarily limit your scope for creating that community amongst the people that you already know. It might require you to be in new spaces and have conversations with new people.

Melissa Lambarena:

What about when it comes to setting boundaries around money? When family members say they want to go on vacation or those weddings come up or holidays, how do you navigate that in a culture that sometimes isn’t used to talking about money at times?

Jannese Torres:

Those scenarios are absolutely challenging. I don’t want to make it seem like it’s not going to be difficult to stand up to the people that you love and say, “You know what? I just can’t swing this. I’m working on other goals and this is just not at the top of my list.” You’re going to have to be okay with people not getting it. And unfortunately, sometimes that’s going to mean maybe offending somebody.

But at the end of the day, we have to develop a thick skin when it comes to staying true to what our values are and understanding that this short-term sacrifice is going to then allow you to potentially be in a position in the future where you can splurge, where you can actually be the one that’s treating your family to these awesome experiences because now you’ve put yourself in a financial position to be able to do so.

I think it’s just important to maintain that long-term perspective and to understand that not everybody’s going to get it, but it’s not necessarily for them to get.

Kim Palmer:

Yeah, and that’s really motivating too. I wanted to delve into some of your specific tips and why they matter. So I picked out a few to highlight. First, your practice your salary negotiation script idea. I love this one because it’s something my own dad also told me about. So tell us why that’s so important and why it can be helpful.

Jannese Torres:

Yeah. Well, at the end of the day, negotiation is an art form. It is a skillset that you have to hone in. You have to work it just like a muscle. And so I think oftentimes when folks even start thinking about negotiation, it’s usually in the context of a salary or a promotion. And that can feel very life or death for some people. It’s like, oh my god, if this doesn’t go right, what’s going to happen? And so I like to encourage folks to start with the basics.

Calling up your credit card company and seeing if you can negotiate a lower interest rate, or when your renewal term is coming up for a streaming service and they want to double your rate, give them a call and say, “You know what? I can’t do this. I’m only going to stay on if you guys can match the introductory rate that I already had.” You’d be surprised how often companies want to retain you as a customer and are willing to make those negotiations.

And so the more comfortable that you get with those small things, when there are bigger things at stake, whether that’s negotiating the price of a car or a house or your salary, you’re going to have more practice and you’re going to have more confidence because you’re going to have more of those wins under your belt.

Kim Palmer:

Yes, that is so true. The second one I wanted to highlight is applying the 50/30/20 budgeting rule. At NerdWallet, that’s also something that we talk about a lot. Can you explain why it works so well?

Jannese Torres:

Well, I think it’s a good baseline for a lot of people to understand where they should be with regards to their fixed and their variable expenses, as well as their savings goals. Now, the thing that makes it an eye-roll situation for a lot of people is depending on where you live, those percentages can be wildly different. If you live in a very high-cost-of-living area, it’s not uncommon for you to be spending 60, 70, maybe even 80% of your income on those fixed expenses.

And so I think it’s a good baseline for folks to set up their first budgets, but I don’t think that you should let it discourage you if you have to tweak those parameters. Because at the end of the day, budgeting is just like personal finance. It really is an individual-based journey, and you have to figure out the system that works best for you.

Kim Palmer:

And finally, you say create sinking funds, which I don’t think everyone is familiar with that term. So can you explain how sinking funds work?

Jannese Torres:

Sure. I love a good sinking fund, and I had no idea what they were until I started down the rabbit hole of personal finance. And essentially, you’re just creating buckets of money for specific purposes. I think most folks are familiar with an emergency fund, and an emergency fund is just a type of sinking fund that you’re saving specifically for emergencies. But I encourage people to think about all of those goals that you have, whether that’s buying a home or upgrading your car or taking a luxurious vacation.

We can create sinking funds for all of these different goals that we have, and that way your money is clearly earmarked for that purpose. It’s easier to see when you’re making progress towards those specific goals instead of having all of your savings in one pot and then hoping that you have allocated enough for all of the things that you want to do. There’s something very visual about being able to track your progress for those individual goals that makes it much easier for a lot of people to maintain that momentum versus just having a pot of money with no designated purpose.

Kim Palmer:

For sure. And also helps you stay organized, I think, and just make sure you’re on track.

Jannese Torres:

Absolutely.

Kim Palmer:

Well, thank you so much, Jannese. Do you have any closing thoughts to share with our listeners?

Jannese Torres:

Well, I like to always remind folks that personal finance and getting your money stuff together is a journey. It is a marathon. It is not a sprint. And so the best thing that you can do is just be a perpetual learner, a continuous student, and never be afraid to ask a question because this world is changing so often, so rapidly. So keep learning, keep growing, and keep applying what you learn.

Kim Palmer:

That is the perfect note to end on. Jannese Torres, thank you so much for joining us on Smart Money.

Jannese Torres:

Thanks so much.

Kim Palmer:

And that’s all we have for this episode. To share your thoughts on money, shoot us an email at [email protected].

Sean Pyles:

Visit nerdwallet.com/podcast for more info on this episode. And remember, you can follow the show on your favorite podcast app, including Spotify, Apple Podcasts, and iHeartRadio to automatically download new episodes.

Kim Palmer:

This episode was produced by Sean Pyles, Melissa Lambarena, and myself. Tess Vigeland helped with the editing. And a big thank you to NerdWallet’s editors for all their help.

Sean Pyles:

And here’s our brief disclaimer. We are not financial or investment advisors. This nerdy info is provided for general educational and entertainment purposes and may not apply to your specific circumstances.

Kim Palmer:

And with that said, until next time, turn to the Nerds.

Source: nerdwallet.com

Apache is functioning normally

Thinking of making Mount Rushmore State your new home? South Dakota is full of small towns, and cultural heritage, making it an appealing destination for newcomers. Whether you’re browsing homes for sale in Sioux Falls, considering renting in Rapid City, or exploring houses for rent in Spearfish, the state provides a mix of scenic landscapes and growing economic opportunities.

South Dakota at a glance

From the iconic landscapes of the Black Hills and Badlands to the wide-open prairies, the state has various outdoor recreation opportunities to explore. Its central location in the Midwest provides a peaceful lifestyle, yet residents are within driving distance of larger cities, where Sioux Falls is within a four hour drive to Minneapolis. South Dakota’s economy is robust, supported by thriving sectors such as agriculture, tourism, and manufacturing, with major corporations like Sanford Health and Poet headquartered in the state.

The cultural landscape of South Dakota is equally rich, featuring historical landmarks like Mount Rushmore and the Crazy Horse Memorial. The state is known for its unique food culture, including regional specialties like chislic and fry bread, reflecting its Native American and pioneer heritage. While the cost of living is generally low across the state, offering affordability in areas like Brookings and Aberdeen, some parts of South Dakota, can see higher living costs. Whether you’re drawn to its breathtaking landscapes or welcoming communities, South Dakota provides a great living experience.

1. There are extreme weather conditions here

South Dakota is known for its dramatic weather swings throughout the year. Summers can be scorching, with temperatures often climbing into the 90s, while winters are harsh and can see temperatures plummet well below zero, with significant snowfall in some areas. Tornadoes are also a risk, especially in the eastern part of the state, so having a plan for severe weather and appropriate gear for both extremes is crucial. Rapid weather changes are common, so it’s important to stay updated with local forecasts.

2. South Dakota has a sparse population density

South Dakota has one of the lowest population densities in the United States, meaning that towns and services are spread out over large areas. This results in long drives between communities and fewer immediate conveniences. While this contributes to a peaceful and less congested environment, it also means that residents need to be prepared for rural living with limited access to amenities and services. 

Insider scoop: For a smoother transition, consider planning trips to larger towns like Rapid City or Sioux Falls for stocking up on essentials and accessing specialized services, as these cities offer more robust amenities and shopping options.

3. Housing is affordable

South Dakota has a lower cost of living compared to many other states, particularly in terms of housing and utilities. Home prices are generally lower, with the median home sale price of $328,600, below the national median of $438,706. Renting is also affordable with the average rental rate for a one-bedroom apartment being $922 in Sioux Falls. Additionally, there is no state income tax, which can result in significant savings. 

4. There are plenty of outdoor activities

South Dakota’s diverse landscapes provide a wealth of recreational opportunities for outdoor adventures, making it an attractive option for those considering living in South Dakota. The Black Hills and Badlands offer excellent hiking, rock climbing, and scenic drives, while the Missouri River is ideal for fishing and boating. Additionally, national parks such as Mount Rushmore and Custer State Park provide ample opportunities for wildlife viewing and exploration. Whether you’re a seasoned adventurer or simply enjoy nature, South Dakota’s varied terrain promises something for everyone.

Insider scoop: For a unique experience, visit the Black Hills during the fall for the annual Buffalo Roundup at Custer State Park, where you can witness the dramatic sight of hundreds of bison being rounded up, and enjoy a local celebration with live music, food, and crafts.

5. South Dakota has a rural lifestyle

Much of South Dakota is characterized by its rural setting, with small towns and wide-open spaces dominating the landscape. Life here tends to be slower-paced with traditional values. While this can mean fewer amenities and a more close-knit environment, it also offers a unique charm and connection to nature. 

If you’re considering a move to South Dakota, it’s important to weigh the pros and cons to understand what the state has in store for you.

6. Be prepared for the wildlife encounters 

The state’s vast natural areas are home to a variety of wildlife, including bison, elk, deer, and prairie dogs. Living in close proximity to these animals means that encounters can occur, especially in rural and undeveloped areas. It’s important to be cautious and respectful of wildlife, particularly when hiking or camping. Understanding local wildlife behavior and taking precautions, such as securing food and being aware of your surroundings, can help ensure a safe experience.

Insider scoop: For a unique experience, consider joining a guided wildlife tour in Custer State Park. These tours offer a chance to see bison herds up close and learn from experts, providing both safety tips and fascinating insights into the region’s wildlife.

7. You’ll need a car to get around the state

Public transportation options are limited in South Dakota, particularly outside of major cities like Sioux Falls and Rapid City. Owning a vehicle is essential for navigating the state and accessing essential services, as distances between towns and amenities can be significant. Rural areas, in particular, require reliable transportation for daily activities and emergencies. 

8. The state has a rich cultural scene

South Dakota’s cultural offerings are diverse, reflecting its historical and Native American heritage. Key sites include the National Music Museum in Vermillion and the South Dakota Art Museum in Brookings. Festivals and events, such as the Sturgis Motorcycle Rally and Native American powwows, further add to the state’s cultural scene. 

9. Mount Rushmore is smaller than you think          

While Mount Rushmore is an iconic symbol of American history, visitors often find the monument smaller in person than they anticipated. The colossal granite faces of Presidents Washington, Jefferson, Roosevelt, and Lincoln are impressive but can appear smaller against the backdrop of the vast Black Hills. Despite its size, the monument offers a powerful and memorable experience, with plenty of educational exhibits and scenic views in the surrounding area.

Methodology

Population data sourced from the United States Census Bureau, while median home sale prices, average monthly rent, and data on affordable and largest cities are sourced from Redfin.

Source: rent.com

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A typical four-year degree can cost $115,000 or more, according to a 2023 College Board report. Borrowing money to pay for college adds to the total cost, due to interest.

To lower the overall cost of your education, consider making optional student loan payments while you’re in school or during your grace period. Even if you can only afford a small amount, every payment you make will decrease the amount of interest that accrues. You could save thousands over the life of your loan.

“Interest begins accruing on most private student loans and some federal student loans as soon as students receive the money, even if payments aren’t due,” says Jill Desjean, senior policy analyst with the National Association of Student Financial Aid Administrators.

🤓Nerdy Tip

There is one exception: If you qualify for federal subsidized Direct loans, the government covers the interest charges while you’re in school and during your grace period.

The impact of making student loan payments while in school

Paying even small amounts while you’re in school can add up. Consider this hypothetical example: Let’s say you take out $10,000 your first year of school at 6.53% interest on a 10-year repayment term. Here’s how different repayment amounts impact your total savings:

  • If you don’t make in-school payments, you’ll pay $141 per month once your repayment period starts. By the end of your repayment term, you’ll pay a total of $17,653.

  • If you pay $25 per month while in-school, you’ll pay $132 per month once your repayment period starts. By the end of your repayment term, you’ll pay a total of $17,161 — a savings of $492.

  • If you pay $50 per month while in-school, you’ll pay $116 per month once your repayment period starts. By the end of your repayment term, you’ll pay a total of $16,669 — a savings of $984.

  • If you pay $100 per month while in-school, you’ll pay $86 per month once your repayment period starts. By the end of your repayment term, you’ll pay a total of $15,686 — a savings of $1,967.

If you have multiple loans and can’t afford to make payments toward all of them, pay the one with the higher interest rate first, says Amy Lins, vice president of customer success with Money Management International, a non-profit financial education agency.

Making payments will also help you avoid the effects of capitalization — where interest is capitalized and added to your principal balance. Capitalization is typically what people mean when they talk about paying interest on your interest. By making payments while in college, you can cut down on the amount that’s capitalized, preventing your loan balance from ballooning out of control.

When should you skip in-school payments?

Depending on your circumstances, making in-school payments may not make sense. If you fit into one of the following groups, you may be better off deferring your payments until you leave school and your grace period ends.

You can adjust your budget

If you find that you can afford to pay $50 or more per month, you may need to rethink your budget and approach to borrowing.

“While making payments during school can save student loan borrowers money, the cheapest option is to not borrow at all because of loan origination fees,” Desjean says. “If you’re in a position to make payments on your loans during school, examine whether you can use that extra money to pay for school expenses directly without borrowing.”

Similarly, if you borrow money, the school will send you a check for the excess amount after covering your tuition and fees. You can use the cash to cover other education expenses, including your textbooks and meal plan. But according to Robert Farrington, founder of The College Investor, those excess dollars are an opportunity to reduce your debt.

“I would always encourage you to minimize lifestyle expenses,” he says. “Maybe get an extra roommate or anything you can do to save money, and then you can take that refund and put it right towards your student loan. Even if you wait until the end of the semester or the end of the academic year, I would throw it right back at your student loans ahead of time instead of keeping that.”

You’re pursuing loan forgiveness

If you’re planning on working as a teacher or for a non-profit organization, you may qualify for loan forgiveness under Public Service Loan Forgiveness (PSLF), so making extra payments may not make sense.

“If you’re working in public service and qualify for PSLF, you could end up a lot wealthier in life by paying as little as legally allowed on your loan and receiving loan forgiveness,” Farrington says. “If you know what direction you’re taking while in college, you can give yourself a head start.”

You have other debt

Your student loans may not be the only form of debt you have. And if you have other debt with higher rates, it may be financially wise to target the highest-interest debt first.

“If someone has accumulated credit card debt, for example, that’s likely to be at a much higher interest rate [than student loans],” says Lins. “And I would tackle that first to keep that credit card balance from growing.”

You have subsidized federal student loans

If you have subsidized federal student loans, which are available to students with financial need, interest does not accrue while you’re in school or during your six-month grace period. If you have this type of loan, your balance won’t be larger upon leaving school than it was when the loan was disbursed.

However, making in-school payments if you’re able can still help you in the long run, because interest will accrue on a smaller balance once you leave school.

Source: nerdwallet.com

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Nebraska, known for its warm Midwestern charm and welcoming communities, provides residents with urban centers and expansive rural landscapes. With a strong sports culture highlighted by the University of Nebraska Cornhuskers and a variety of outdoor recreational activities, Nebraska provides a fulfilling living experience. Whether you’re browsing homes for sale in Omaha, considering renting in Lincoln, or exploring houses for rent in Bellevue, here’s what you need to know before moving to Nebraska.

Nebraska at a glance

Living in Nebraska offers city life and serene rural landscapes, making it an appealing destination for a variety of lifestyles. Omaha, the largest city and a key economic hub, is known for its dynamic cultural scene, including the renowned Omaha Community Playhouse and the Henry Doorly Zoo. Lincoln, the capital, has a vibrant arts scene and lively college atmosphere, making it one of the best places to live in Nebraska.

Nebraska’s economy is diverse, with key industries such as agriculture, manufacturing, and healthcare driving growth. Major employers in the state include Berkshire Hathaway, Cargill, and the University of Nebraska Medical Center. The state’s affordable cost of living, particularly in smaller towns and rural areas, makes it an attractive option for those looking to enjoy a high quality of life without high expenses. Nebraska’s cultural scene is enriched by local festivals, historic sites, and outdoor activities, with attractions like the Sandhills and Scotts Bluff National Monument offering ample recreational opportunities. With its friendly residents and a wide array of activities, Nebraska provides a welcoming environment for newcomers.

1. Nebraska has some extreme weather

Nebraska experiences dramatic weather changes throughout the year, with scorching summers often reaching the 90s°F and frigid winters that can plunge well below freezing. The state also experiences severe weather conditions, including tornadoes in the spring and summer, which can bring heavy rain and high winds. Winter snowstorms can cause significant disruptions, so investing in good winter gear and staying updated on weather forecasts is essential.

Insider scoop: Prepare an emergency weather kit that includes essentials like a battery-powered weather radio, extra batteries, non-perishable food, and water. This preparation ensures you’re ready for unexpected weather events and can stay safe and informed throughout the year.

2. Get ready to explore the Sandhills

The Nebraska Sandhills are a picturesque region characterized by rolling sand dunes covered with lush grasslands, making it a haven for adventure. This expansive area covers about one-quarter of the state and offers opportunities for hiking, birdwatching, and scenic drives. The Sandhills are also home to a variety of wildlife, including deer and prairie chickens. Exploring this region provides a glimpse into Nebraska’s diverse natural beauty and offers a tranquil escape from urban life.

Travel tip: Visit the Sandhills during the spring or fall when the weather is mild and the wildlife is more active. For a unique experience, consider staying at a local ranch or lodge to fully immerse yourself in the natural beauty and tranquility of the region.

3. College football is a major part of life in Nebraska

College football, especially the University of Nebraska Cornhuskers, is deeply ingrained in Nebraska culture. The team’s games draw large crowds, and the atmosphere in Lincoln on game days is electric, with tailgating, community events, and enthusiastic fans. The Cornhuskers’ storied history and the team’s success have created a strong sense of local pride and community spirit. Embracing the football culture is a great way to connect with fellow residents and experience a central aspect of life in Nebraska.

4. Housing in Nebraska is affordable

The housing market in Nebraska is notably affordable, with a median home price around $306,800, which is lower than the national median of $442,451. Rental prices are also budget-friendly, with one-bedroom apartments generally ranging from $800 to $1,200 per month. This affordability extends to various cities, including Fremont, where the average rent is $985. This affordability makes homeownership and renting accessible for many. 

If you’re moving to Nebraska, you’ll want to weigh the pros and cons of living in the Cornhusker State to ensure that this state is right for you.

5. You’ll want to visit the historic attractions

Nebraska has several historic attractions that offer insights into its past, such as the Oregon Trail and the Pony Express National Historic Trails. These sites provide valuable historical context and opportunities to explore the state’s pioneer past. The Nebraska State Capitol in Lincoln is an architectural marvel with guided tours available, showcasing the state’s political history. 

Insider scoop: Visit the Nebraska History Museum in Lincoln, which offers interactive exhibits and detailed displays on the state’s history, including artifacts from the pioneer era.

6. Nebraska State Fair will give you a taste of the culture

The Nebraska State Fair, held annually in Grand Island, is a lively celebration of the state’s agricultural roots and community spirit. The fair features a range of activities, including livestock shows, carnival rides, and a diverse selection of food vendors. It also highlights Nebraska’s local culture with live music performances, arts and crafts, and 4-H exhibits. Attending the State Fair provides a fun and immersive experience into Nebraska’s traditions and social life.

7. The landscape is dominated by the Great Plains

Nebraska’s landscape is predominantly defined by the Great Plains, characterized by vast, open prairies and rolling grasslands. This flat terrain offers stunning, expansive views and is ideal for activities such as hiking, camping, and birdwatching. The Great Plains are integral to Nebraska’s agricultural success, contributing to its reputation as a leading producer of corn and soybeans.

8. The local cuisine is full of regional flavors

Nebraska’s local cuisine reflects its agricultural heritage, featuring dishes like Runza sandwiches, which are bread pockets filled with seasoned beef and cabbage. The state is also known for its high-quality beef, including Omaha steaks, which are a local delicacy. Foodies can enjoy regional specialties at local diners and farm-to-table restaurants, offering a taste of Nebraska’s culinary traditions. 

Insider scoop: Don’t miss out on trying a classic Nebraska-style barbecue at one of the state’s popular BBQ joints, where slow-cooked meats and unique regional sauces showcase local flavors.

9. You’ll want to invest in a car

In Nebraska, public transportation options are limited outside major cities like Omaha and Lincoln. Owning a car is essential for getting around, especially if you live in rural areas where public transit is sparse. Having a vehicle allows you to explore Nebraska’s wide-open spaces, visit smaller towns, and easily commute to work or other daily activities. Investing in a reliable car will enhance your mobility and convenience while living in Nebraska.

10. There’s plenty to do outside here

Nebraska offers abundant outdoor activities, from exploring the Sandhills and state parks to enjoying recreational activities along the Missouri River. Popular outdoor destinations include Chadron State Park, which provides opportunities for hiking and camping, and the Nebraska National Forest, known for its scenic trails and wildlife. The state’s open spaces and natural beauty make it ideal for those looking to engage in activities like fishing, birdwatching, and nature photography.

11. The wind can be intense

Nebraska’s flat terrain and open landscapes contribute to frequently strong winds, which can reach speeds of 20 to 30 mph or more. The wind can affect daily life, from making outdoor activities more challenging to impacting driving conditions on highways. It’s a good idea to secure outdoor items and be prepared for breezy conditions, especially during the spring and fall. 

Methodology

Population data sourced from the United States Census Bureau, while median home sale prices, average monthly rent, and data on affordable and largest cities are sourced from Redfin.

Source: rent.com

Apache is functioning normally

Finding and applying for low-income senior housing can feel like a daunting task, but it doesn’t have to be. There are various low-income senior housing options available through both government programs and the private market. This ApartmentGuide article will guide you on how to find these housing options, the qualifications needed, how to apply, and the different types of housing available for low-income seniors.

Whether you’re retiring in a downsized house for rent in Scottsdale, AZ, exploring senior living apartments in Naples, FL, or considering smaller rental communities in Asheville, NC, we’ll help you navigate the process. 

What is low-income senior housing?

Low-income senior housing is a type of housing specifically designed to be affordable for seniors who have limited financial resources. These housing options are often subsidized by government programs, which helps to reduce rent costs to levels that are manageable based on a tenant’s income. Eligibility for low-income senior housing typically depends on both age (usually 62 or older) and income level, with specific income limits varying by location and program.

Types of low-income senior housing options

There are several types of low-income senior housing options available, each offering different levels of affordability and services:

Public housing

Managed by local housing authorities, public housing can provide rental assistance for eligible low-income seniors. Rent is typically set at 30% of the tenant’s adjusted gross income, making it an affordable option for those with very limited means.

Section 8 housing

This federal program, also known as the Housing Choice Voucher Program, helps low-income seniors afford private rental housing by subsidizing a portion of their rent. Seniors with Section 8 vouchers can choose their housing from the private market, as long as the landlord accepts the voucher and the rent meets the program’s limits.

Senior apartments with income-based rent

Senior living apartments based on income are apartment communities specifically for seniors, where rent is calculated based on income. These apartments often include senior-friendly amenities and services, creating a supportive living environment. Eligibility criteria and rent calculations vary, so it’s important to research each option.

Benefits of low-income senior housing

Low-income senior housing offers several benefits:

  • Affordable rent: The primary benefit of low-income senior housing is the reduced cost, which can make it easier for seniors on fixed incomes to manage their finances without sacrificing other essentials like healthcare or groceries.
  • Access to senior-specific amenities: Many low-income senior housing communities offer amenities tailored to older adults, such as on-site healthcare services, recreational activities, and transportation options.
  • Community environment: These housing options often foster a sense of community among residents, providing opportunities for social interaction and support from neighbors who are in similar stages of life.
  • Safety and security: These housing options often provide enhanced security features, such as emergency call systems, secure entrances, and regular wellness checks, giving residents and their families peace of mind.
  • Independence: These housing options allow seniors to maintain a level of independence while still receiving support when needed.

How to find low-income senior housing

When beginning your search for low-income senior housing, it’s essential to know where to look. Here are some key resources to help you get started:

  • Government housing websites: Websites like the U.S. Department of Housing and Urban Development (HUD) provide valuable information on low-income housing options and eligibility requirements, including Section 202 Supportive Housing for the Elderly, which is specifically designed for low-income seniors. 
  • Local housing authorities: Your local or state housing authority can be a valuable resource for finding low-income senior housing. They manage public housing programs and often have information on other affordable housing options in your community.
  • Non-profit organizations: Many non-profits focus on providing housing assistance to seniors. Organizations like the National Council on Aging (NCOA) or local community groups can offer guidance and support in finding suitable housing. Also, AARP’s website has resources and articles discussing low-income senior housing options, including subsidized housing programs like Section 8 and public housing. 
  • Online apartment search tools: Websites dedicated to apartment searches often have filters that allow you to search specifically for low-income or senior housing in a location of your choice. These tools can help you compare options and find available units that meet your needs.

Research and compare your housing options

Once you’ve identified potential housing options, the next step is to research and compare them:

  • Check for availability: Contact each housing option to verify availability, as waitlists are common in low-income senior housing. Understanding current availability will help you manage expectations and plan accordingly.
  • Understand the application process: Each housing option may have a different application process. Take the time to understand what documentation is required, deadlines, and any fees associated with applying.
  • Visit potential housing communities: If possible, visit the housing communities you’re interested in. This will give you a better sense of the living environment, amenities, and the community atmosphere, helping you make an informed decision.

What to consider when choosing a location

Choosing the right location is crucial for your comfort and well-being. Consider the following factors:

  • Proximity to family, healthcare, and essential services: Being close to loved ones can provide emotional support and practical assistance. Access to healthcare facilities and essential services like grocery stores and pharmacies is also important.
  • The neighborhood environment: Evaluate your potential neighborhood and the overall environment. Also think about what amenities are important to you, such as parks, libraries, community centers, or places of worship. Being close to these resources can enhance your daily life and provide opportunities for social interaction and recreation.
  • Availability of transportation: Consider the availability of public transportation or other reliable transit options. This can be especially important if you don’t drive or prefer not to rely on personal vehicles.
  • Cost of living: While the housing itself may be affordable, consider the overall cost of living in the area, including groceries, utilities, and other necessities. Some areas may be more expensive than others, which could impact your budget.
  • Availability of support services: If you anticipate needing additional support, such as home care or meal delivery services, check whether these are readily available in the area. Some locations may offer more comprehensive support services than others.

How to apply for low-income senior housing

Preparing your application

Getting ready to apply for low-income senior housing requires careful preparation. Here’s how to ensure you’re fully prepared:

  • Gather necessary documentation: Collect all required documents, such as proof of income (e.g., Social Security statements, pension information), identification (driver’s license, birth certificate), and any other documentation specified by the housing provider. Having these ready in advance will streamline the application process.
  • Understanding the application requirements: Each housing option may have specific requirements. Carefully review the application instructions to ensure you meet all the criteria, such as income limits and age requirements. If you’re unsure about any part of the application, reach out to the housing provider for clarification.

Navigating the application process

Once you’ve prepared your documents and understood the requirements, it’s time to actually apply:

  • Fill out the application form: Complete the application form thoroughly and accurately. Pay close attention to detail, as errors or omissions can delay processing or result in a rejected application.
  • Submit additional documents as needed: In addition to the application form, you may need to submit extra documents, such as bank statements or medical records. Ensure all additional paperwork is included and correctly labeled.
  • Follow up on your application status: After submitting your application, it’s important to follow up with the housing provider to check the status. Regular follow-ups demonstrate your interest and can help keep your application moving through the process.

What to do if you’re put on the waitlist 

It’s common to be placed on a waitlist for low-income senior housing. Here’s how to handle that situation:

  • How waitlists work: Waitlists are often based on a first-come, first-served basis, but some housing providers may prioritize certain applicants, such as those with urgent needs. Understanding how the waitlist operates for the specific housing you’re applying to can help you manage expectations.
  • Tips for managing wait times and exploring alternative options: While on the waitlist, continue exploring other housing options. Applying to multiple locations can increase your chances of securing a place sooner. Additionally, keep in touch with the housing provider to stay informed about your position on the waitlist and any changes. 

4 tips to improve your chances of approval

To enhance your chances of securing low-income senior housing, consider these strategies:

  1. Ensure all paperwork is complete and accurate: Before submitting your application, review all paperwork to ensure accuracy and completeness. Simple mistakes can lead to delays or disqualification, so it’s crucial to be thorough.
  2. Get recommendations and references: Secure letters from previous landlords or community leaders. Strong references can bolster your application. Ask previous landlords, community leaders, or social workers to provide a letter of recommendation that speaks to your reliability as a tenant.
  3. Be proactive and persistent: Follow up regularly with housing authorities. Demonstrating your commitment by checking in with housing authorities or landlords can keep your application top of mind. Persistence can sometimes make the difference in a competitive housing market.
  4. Consider applying to multiple housing options: Expand your search to increase your chances of finding a place. Don’t limit yourself to one or two options. Apply to multiple low-income senior housing communities to broaden your opportunities. The more places you apply to, the better your chances of finding a suitable home.
The information contained in this article does not, and is not intended to, constitute legal or financial advice.  Readers are encouraged to seek professional financial or legal advice as they may deem it necessary.

Source: apartmentguide.com

Apache is functioning normally

If you want to earn extra money from home, did you know you can get paid to type? There are websites and companies that pay people to do typing jobs like transcription, data entry, and captioning. These jobs are great for anyone who likes to type and wants a flexible schedule. Whether you type quickly…

If you want to earn extra money from home, did you know you can get paid to type? There are websites and companies that pay people to do typing jobs like transcription, data entry, and captioning. These jobs are great for anyone who likes to type and wants a flexible schedule.

Whether you type quickly or just want to use your typing skills, there are opportunities for you. By checking out different websites that have typing jobs, you can find something that matches your skills and what you like to do.

Plus, since remote work is becoming more common, you can do these typing jobs from home, giving you the freedom to work when and how you want.

I have personally been getting paid to type for over 10 years now, and I think it’s one of the best ways to make an income (especially if you want a job where you work alone) – I get to work from home, I have no commute, I have a flexible schedule, and I love what I do!

Best Sites That Will Pay You To Type

Below are several sites that will pay you to type from home.

1. Amazon Mechanical Turk

Amazon Mechanical Turk (MTurk) lets you earn money by doing simple online tasks. You can sign up as a worker and pick tasks, known as Human Intelligence Tasks (HITs).

Tasks vary, and you may be able to find jobs related to transcription, writing, market research, labeling pictures, collecting data, and more.

You can search through many available tasks and choose the ones you like the most. Once you complete a task, your work gets reviewed. If it’s approved, you get paid. The pay for most tasks is small, usually between $5 and $10 per hour.

MTurk is flexible. You can work as much or as little as you want, so it’s a good option if you want to work from home or need a side hustle and you are wanting to find online typing jobs. Plus, you can work from anywhere with an internet connection.

2. TranscribeMe

TranscribeMe is a great option if you want to earn money typing with transcription work. It allows you to work from home and on your own schedule.

You don’t need experience to start with TranscribeMe. Anyone can join and start making money.

TranscribeMe pays about $15 to $22 per audio hour, and the average person makes around $250 a month on this site.

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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.

3. Rev

Rev is a popular website where you can get paid to type. You can work as a transcriptionist, captioner, or translator. It’s a flexible job that lets you work from home.

To start, you’ll need good English skills, a computer, and a reliable Internet connection.

The average person on Rev makes around $156 per month.

4. Upwork

Upwork is a good platform if you want to get paid for typing. This site connects freelancers with clients looking for different services, including typing jobs. You can find data entry, transcription, and even writing gigs on Upwork.

To get started, you’ll need to create a profile where you mention your typing skills, experience, and any relevant qualifications.

Applying for jobs on Upwork is easy. You just browse through the open jobs and submit proposals for the ones you are interested in (and make sure your proposals are personalized and highlight why you’re the best fit for the job).

5. Fiverr

Fiverr is a popular freelance marketplace where you can get paid to type by listing your services.

The services you provide can include data entry, transcription, freelance writing, and more – you get to decide.

You set your rates and wait for clients to hire you. The better your profile, the more likely you are to attract clients. Many freelancers start with lower rates to build up their reviews.

6. Babbletype

Babbletype is a company that hires freelancers for transcription and translation services.

You can work with Babbletype as a transcriptionist if you have strong language skills and can listen carefully. They are very selective in hiring, so you need to be good at what you do.

7. Clickworker

Clickworker is a great way to earn money by typing. You can do small tasks called microjobs. These tasks can be writing, translating, or data entry. You set your own hours and work from any computer with internet.

8. Microworkers

Microworkers is a platform where you can make money by doing small online tasks, such as typing jobs to data entry.

Signing up is easy and free, and once you register, you can choose from a list of tasks.

The tasks on Microworkers are usually quick to complete. You might find listings where you write short articles, fill out forms, or do some data entry. Most tasks pay a few cents to a few dollars.

9. FlexJobs

FlexJobs is a site for finding remote typing jobs. You can find many different typing gigs, from data entry to transcription. It’s good if you want to work from home and have good typing skills.

One cool thing about FlexJobs is that they screen their job listings. This means you only see legitimate opportunities. They do charge a subscription fee, but many users find it’s worth it for the quality of jobs.

10. GoTranscript

GoTranscript is a way to get paid for typing skills. This platform needs to fill online transcription jobs, where you listen to audio recordings and type them out.

You can earn around 84 cents per audio minute when freelancing on this site, and some top earners can make around $1,000 per month.

11. CastingWords

CastingWords is a popular platform where you can get paid to type. It’s a transcription service that lets you work from home and all you need is a computer and internet connection.

The pay varies depending on the quality of your work. You can earn between 8 cents and a bit over $1 per audio minute. Your grade determines how much you get paid.

12. Freelancer

Freelancer is a website where you can sign up and create a profile that displays your typing skills and the types of jobs you are looking for.

Clients can then browse profiles and find a freelancer for the job that they need done.

13. Scribie

Scribie is a platform where you can earn money by transcribing audio files. It’s perfect if you want flexible work that fits your schedule as you can choose when to work and which files to transcribe.

At Scribie, you’ll listen to audio recordings and type what you hear. This might include phone calls, interviews, or podcasts. Your earnings range from $5 to $20 per audio hour.

14. Hollywood Transcriptions

Hollywood Transcriptions is looking to hire for transcription work, captioning, and translation. They are looking for people who can type at least 65 words per minute and have excellent spelling and grammar skills.

To freelance for this company, you just need a computer, a foot pedal, and high-speed internet.

Best Jobs That Will Pay You To Type

Typing jobs can be a great way to earn money from home. In the previous section, we talked about the best sites where you can find typing jobs. Below, I want to talk about jobs where you can get paid to type.

Here are some popular options to get paid to type.

15. Start a blog

Starting a blog can be a fun way to make money by typing. You can write about anything you enjoy. Some people write about travel, food, or their hobbies.

I am a full-time blogger and I spend most of my day typing. I type blog posts (like this one that you are reading right now), I type emails, I type so that I can research, and more.

I created Making Sense of Cents in 2011, and since then I have earned over $5,000,000 with my blog. And, the majority of the work that I do is typing!

You can learn more at How To Start A Blog FREE Course.

16. Proofreader

Proofreaders check for grammar, spelling, and punctuation errors in writing such as books, articles, blogs, advertising copy, and more.

Proofreading can be a flexible side hustle or even a full-time job. You can work from home, set your own schedule, and choose the projects you want to work on. Plus, if you love reading and spotting errors, it might be a job you actually enjoy!

The demand for proofreaders is high because so much content is created every day. Many companies and writers need their work to be polished and error-free.

I have a wonderful proofreader for my blog (yes, Making Sense of Cents!). Even though I type all day long, I make plenty of mistakes and my proofreader helps to improve the quality of my content.

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.

17. Transcription

As you probably noticed earlier in this article, a lot of the sites that will pay you to type are transcription sites.

Transcription involves listening to audio or video files and typing out what you hear. Being a transcriptionist can be a good job if you’re looking for flexible work because you can set your own hours and work from home.

Transcriptionists can make around $10 to $20 per hour.

There are different types of transcription jobs: general, medical, and legal. General transcription usually pays less but is easier to get into. Medical and legal transcription may require special training but usually pays a little more.

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

18. Review books

Book reviewers can get paid to type at home by writing reviews for books they’ve read.

There are websites that will pay you to review books, and the payment varies by site. But usually, you get paid in cash through PayPal or bank transfer, or you might get a free book for your review.

Here are some book review sites to start with:

  • Kirkus Media is one place where you can get paid to review books. They review books in many genres and pay for honest reviews.
  • Reedsy Discovery is a site where you can review books before they are published. Authors pay for these reviews, and you get a tip from readers who appreciate your work.
  • Online Book Club also pays for book reviews. You start by receiving a free book, and after that, you get paid for each review.
  • BookBrowse focuses on genres like young adult, nonfiction, and graphic novels.
  • UpWork is another way to find book review gigs. Here, you can set your rates and find clients who need reviews.

You can learn more at 16 Best Ways To Get Paid To Read Books.

19. Virtual assistant

Virtual assistants (VAs) work from their home and can do many tasks by typing.

They manage social media accounts, edit content, schedule appointments, or handle email management. The tasks they do depend on what the client needs.

Virtual assistants can earn a good income. Starting pay is usually around $15 to $20 per hour, but some experienced VAs can make much more. Full-time VAs with steady clients can even earn over $10,000 a month.

I was a virtual assistant for several years, and I now have a virtual assistant who works for me. Almost everything is done online, and through typing!

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

20. Data entry

Data entry workers enter data into a computer system. This could include typing information from forms, updating databases, and organizing data.

One of the best parts is the flexibility. You can often find part-time, full-time, or freelance positions.

You can learn more at 15 Places To Find Data Entry Jobs From Home.

21. Freelance writing

Freelance writing is a good job to look into if you want to make money typing.

Freelance writers make money by writing articles, blog posts, and more for different clients. They can pick when they want to work and can work from anywhere.

I have been a freelance writer for years, and I really enjoy this way to make an income. It’s also great if you’re an introvert, as you can do everything right from a laptop and never have to speak to anyone (other than over email).

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

22. Translation

Translation jobs let you earn money by converting written text from one language to another. This is great if you are bilingual or even multilingual.

You can find translation work online, and there are many companies and agencies looking for freelance translators.

Translators usually handle documents, websites, and sometimes even books.

23. Online survey taker

If you’re looking to make some extra money from home, becoming an online survey taker could be a good option. Companies pay for your opinions about their products or services, and this info helps them improve.

Surveys are almost always done online, and you are either answering multiple choice questions or typing in quick answers that are about your life (such as, what is the last store you shopped at?).

To get started, you can sign up for multiple survey sites. Popular ones include:

  1. American Consumer Opinion
  2. Survey Junkie
  3. Swagbucks
  4. InboxDollars
  5. Branded Surveys
  6. Prime Opinion
  7. Five Surveys
  8. PrizeRebel
  9. IncomeFindr
  10. User Interviews

Some surveys pay just a few cents, while others can pay up to $20 or more, depending on the complexity (they are usually very easy to answer) and length (some may take 2 minutes to answer and others may be 30 minutes).

You can learn more at 20 Best Paid Survey Sites To Make $100+ Per Month.

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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.

Frequently Asked Questions

Below are answers to common questions you may have about how to get paid to type.

Can I make money by typing? Are there real online typing jobs?

Yes, you can make money by typing. There are many websites and companies that will pay you to type documents, transcribe audio files, or even enter data.

What does a typist do?

A typist is someone who types up documents, letters, reports, and other written materials for different clients or businesses. They might work from handwritten notes, audio recordings, or data that needs to be typed into a computer.

What are some legit online typing jobs?

Some legitimate online typing jobs include transcription, data entry, freelance writing, and translating.

How much does a fast typer get paid?

A person with a fast typing speed can earn anywhere from $10 to $30+ per hour, depending on the job. For example, transcription jobs might pay between $5 to $20 per audio hour. But a freelance writer can easily make $50 or more per hour.

Can I make money by typing on my phone?

Yes, you can make money by typing on your phone. Some apps and websites allow you to complete typing tasks directly from your mobile device for extra cash.

Can you get paid to type handwritten documents?

You can get paid to type handwritten documents by converting them into digital format. Clients sometimes need these types of jobs done and will ask for help on freelancing sites like Upwork and Fiverr.

Are there any ways for students to make money by typing?

Students can make money typing by doing transcription, data entry, or other typing jobs. Websites like Rev.com, TranscribeMe, and even freelance platforms like Fiverr can be great starting points.

How To Get Paid To Type – Summary

I hope you enjoyed this article on how to get paid to type.

Getting paid to type is a great way to earn extra money, whether you want a side job or a flexible work-from-home option. There are lots of opportunities, like transcription, data entry, freelance writing, and virtual assistant work.

With so many websites listing typing jobs, you can easily find something that matches your skills and schedule.

I have been getting paid to type for years and I really like it – you may too!

What do you think is the best way to get paid to type?

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Source: makingsenseofcents.com